Document:

Exhibit 10.7

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made as of [●], 2021 by and among Loyalty Ventures
Inc., a Delaware corporation (the “Company”) and Alliance Data Systems Corporation, a Delaware corporation (“ADS”).

 

RECITALS

 

WHEREAS,
the Holders collectively beneficially own an aggregate number of shares of Common Stock (as defined below) representing approximately
19% of the outstanding shares of Common Stock as of the date hereof; and

 

WHEREAS, the Parties desire to enter into an agreement
to provide for certain rights and obligations associated with ADS’ Common Stock ownership.

 

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

 

Article I

Definitions

 

For purposes of this Agreement, the following terms
have the meanings indicated:

 

“Additional
Piggyback Rights” has the meaning set forth in ‎Section 2.2(b).

 

“ADS” has the meaning set forth
in the preamble to this Agreement.

 

“Affiliate” means with respect
to any Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person, where “control” means the possession, directly or indirectly, of the power to direct the management and
policies of a Person whether through the ownership of voting securities, contract or otherwise.

 

“Agreement” has the meaning
set forth in the preamble to this Agreement.

 

“Automatic
Shelf Registration Statement” has the meaning set forth in ‎Section 2.1(a)(i).

 

“beneficial ownership” and related
terms such as “beneficially owned” or “beneficial owner” have the meaning given such terms in Rule 13d-3
under the Exchange Act and a Person’s beneficial ownership of Capital Stock shall be calculated in accordance with the provisions
of such rule.

 

“Block Trade” means an offering
and/or sale of Registrable Securities by the Holders on a block trade or underwritten basis (whether firm commitment or otherwise) without
substantial marketing efforts prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction.

 

     

     

    

 

“Board” means the Board of Directors
of the Company.

 

“Business Day” means any day
other than a day on which the SEC is closed.

 

“Capital Stock” means any and
all shares of common stock, preferred stock or other forms of equity authorized and issued by the Company (however designated, whether
voting or non-voting) and any instruments convertible into or exercisable or exchangeable for any of the foregoing (including any options
or swaps).

 

“Claims”
has the meaning set forth in ‎Section 2.8(a)(i).

 

“Common Stock” means the common
stock, par value $0.01 per share, of the Company and any and all securities of any kind whatsoever of the Company which may be issued
after the date of this Agreement in respect of, or in exchange for, such shares of common stock of the Company pursuant to a merger, consolidation,
stock split, stock dividend or recapitalization of the Company or otherwise.

 

“Common Stock Equivalents” means
(a) all securities directly or indirectly convertible into, or exchangeable or exercisable for (at any time or upon the occurrence
of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject), shares of
Common Stock, (b) all securities of the Company with voting rights or rights to appoint or designate for nomination individuals to
the Board and (c) all securities that cannot be purchased or otherwise acquired unless purchased or otherwise acquired with any of
the securities referenced in clause (a) or (b).

 

“Company” has the meaning set
forth in the preamble to this Agreement.

 

“Demand
Registration” has the meaning set forth in ‎Section 2.1(a)(i).

 

“Demand
Registration Request” has the meaning set forth in ‎Section 2.1(a)(i).

 

“Disclosure Package” means,
with respect to any offering of Registrable Securities, (i) the preliminary Prospectus, (ii) each Free Writing Prospectus, and
(iii) all other information, in each case, that is deemed, under Rule 159 under the Securities Act, to have been conveyed to
purchasers of Registrable Securities at the time of sale of such securities.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

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“Expenses”
means any and all fees and expenses incident to the Company’s performance of or compliance with ‎Article II, including,
without limitation: (i) SEC, stock exchange or FINRA registration and filing fees and all listing fees and fees with respect to the
inclusion of securities on Nasdaq or on any other securities market on which the Common Stock is listed or quoted; (ii) fees and
expenses of compliance with state securities or “blue sky” laws of any state or jurisdiction of the United States or compliance
with the securities laws of foreign jurisdictions and in connection with the preparation of a “blue sky” survey, including,
without limitation, reasonable fees and expenses of outside “blue sky” counsel and securities counsel in foreign jurisdictions;
(iii) printing and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred in connection with any
road show; (vi) fees and disbursements of counsel for the Company; (vii) with respect to each registration or underwritten offering,
the reasonable fees and disbursements of one counsel for the Holders, together with any local counsel, up to an aggregate amount of $100,000
per offering; (viii) fees and disbursements of its registered independent public accounting firm (including the expenses of any audit
and/or “comfort” letter and updates thereof) and fees and expenses of other Persons, including special experts, retained by
the Company; (ix) fees and expenses of any transfer agent or custodian; and (x) expenses for securities law liability insurance
and, if any, rating agency fees. For the avoidance of doubt, Expenses shall not include the amounts specified in ‎Section 2.5(b)(y) or
the fees or expenses of any underwriters’ counsel.

 

“FINRA” means the Financial
Industry Regulatory Authority, Inc. or any successor regulatory organization.

 

“Free Writing Prospectus” means
any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act relating to the Registrable
Securities included in the applicable Registration Statement that has been approved for use by the Company.

 

“Governmental Authority” means
any federal, national, foreign, supranational, state, provincial, county, local or other government, governmental, regulatory or administrative
authority, agency, instrumentality or commission or any court, tribunal, or judicial or arbitral body of competent jurisdiction.

 

“Holders” means ADS, together
with each transferee of ADS that acquires Registrable Securities from ADS other than pursuant to a registered offering or Rule 144
(but only for so long as such transferee holds Registrable Securities), and their respective successors and permitted assigns, in each
case provided such Person executes a joinder to this Agreement in form and substance reasonably satisfactory to the Company.

 

“issuer
free writing prospectus” has the meaning set forth in ‎Section 2.9.

 

“Law” means any U.S. or non-U.S.
federal, state, local, national, supranational, foreign or administrative law (including common law), statute, ordinance, regulation,
requirement, regulatory interpretation, rule, code or Order.

 

“Nasdaq” means the Nasdaq Stock
Market LLC.

 

“Order” means any order (temporary
or otherwise), judgment, injunction, award, decision, determination, stipulation, ruling, subpoena, writ, decree or verdict entered by
or with any Governmental Authority.

 

“Party” and “Parties”
means the parties to this Agreement.

 

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“Person” means any individual,
corporation, partnership, limited partnership, limited liability company, joint venture, syndicate, person (as defined in Section 13(d)(3) of
the Exchange Act), trust, association, entity, Governmental Authority or other organization of any kind.

 

“Piggyback
Request” has the meaning set forth in ‎Section 2.2(a).

 

“Piggyback
Shares” has the meaning set forth in ‎Section 2.3(a)(iii).

 

“Postponement
Period” has the meaning set forth in ‎Section 2.1(b).

 

“Prospectus” means the prospectus
included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference, or deemed to be incorporated by reference, into such prospectus.

 

“Public Offering” means an underwritten
public offering of the Shares pursuant to an effective Registration Statement, other than (i) pursuant to a Registration Statement
on Form S-4 or Form S-8 or any similar or successor form under the Securities Act or (ii) in connection with an offering
of subscription rights.

 

“Qualified Independent Underwriter”
means a “qualified independent underwriter” within the meaning of FINRA Rule 5121.

 

“Registrable Securities” means
(a) any Shares held by the Holders at any time (including those held as a result of, or issuable upon, the conversion or exercise
of Common Stock Equivalents), whether now owned or acquired by the Holders at a later time, (b) any Shares issued or issuable, directly
or indirectly, in exchange for or with respect to the Shares referenced in clause (a) above by way of stock dividend, stock split
or combination of Shares or in connection with a reclassification, recapitalization, merger, share exchange, consolidation or other reorganization
and (c) any securities issued in replacement of or exchange for any securities described in clause (a) or (b) above. As
to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (A) a Registration Statement
with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have
been disposed of in accordance with such Registration Statement or (B) such securities shall have been sold (other than in a privately
negotiated sale) in compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or
any successor provision thereto).

 

“Registration Statement” means
a registration statement of the Company on an appropriate form under the Securities Act filed with the SEC covering the resale of Registrable
Securities, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments,
all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement.

 

“Resale
Shelf Registration” has meaning set forth in ‎Section 2.1(e).

 

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“Rule 144” means Rule 144
under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Section 2.3(a) Sale
Number” has the meaning set forth in ‎Section 2.3(a).

 

“Section 2.3(b) Sale
Number” has the meaning set forth in ‎Section 2.3(b).

 

“Section 2.3(c) Sale
Number” has the meaning set forth in ‎Section 2.3(c).

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

“Shares” means shares of Common
Stock of the Company and any and all securities of any kind whatsoever of the Company which may be issued in respect of, or in exchange
for, such shares of common stock of the Company pursuant to a merger, consolidation, stock split, stock dividend or recapitalization of
the Company or otherwise.

 

“Shelf
Registrable Securities” has the meaning set forth in ‎Section 2.1(f).

 

“Shelf
Registration Statement” has the meaning set forth in ‎Section 2.1(f).

 

“Shelf
Underwriting” has the meaning set forth in ‎Section 2.1(f).

 

“Shelf
Underwriting Request” has the meaning set forth in ‎Section 2.1(f).

 

“Short-Form Registration”
has the meaning set forth in ‎Section 2.1(a)(i).

 

“Valid
Business Reason” has the meaning set forth in ‎Section 2.1(b).

 

“WKSI”
has the meaning set forth in ‎Section 2.1(a)(i).

 

Article II

Registration Rights

 

Section 2.1.     Demand
Registration.

 

(a)            (i) Subject
to Sections ‎2.1(b) and ‎2.3, the Holders shall have the right to require the Company to file one or more Registration
Statements covering all or any part of its Registrable Securities by delivering a written request therefor to the Company specifying the
number of Registrable Securities to be included in such registration and the intended method of distribution therefor (a “Demand
Registration Request”). The registration so requested is referred to herein as a “Demand Registration”. Any
Demand Registration Request may request that the Company register Registrable Securities on an appropriate form, including Form S-1
or on Form S-3 or any similar short-form registration available to the Company, including a Shelf Registration Statement (as defined
below) and, if the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”),
an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration
Statement”) (each, a “Short-Form Registration”). Demand Registrations will be Short-Form Registrations
whenever the Company is permitted to use any applicable short form.

 

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(ii)            The
Company, subject to Sections ‎2.3 and ‎2.6, shall include in a Demand Registration the Registrable
Securities of the Holders.

 

(iii)            The
Company shall, subject to ‎Section 2.1(b), use its commercially reasonable efforts to (x) no later than (A) thirty
(30) days following receipt of a Demand Registration Request for a Short-Form Registration and (B) forty-five (45) days following
receipt of a Demand Registration Request for a registration that is not a Short-Form Registration, file with the SEC a Registration
Statement for the registration under the Securities Act (including, without limitation, by means of a Shelf Registration Statement, as
defined below, if so requested and if the Company is then eligible to use such a registration) of the Registrable Securities which the
Company has been so requested to register, for distribution in accordance with such intended method of distribution, (y) once filed,
cause such Registration Statement to be declared effective as soon as practicable following the filing and (z) if requested by the
Holders, obtain acceleration of the effective date of the Registration Statement relating to such registration.

 

(b)            Notwithstanding
anything to the contrary in ‎Section 2.1(a), the Demand Registration rights granted in ‎Section 2.1(a) are
subject to the following limitations: (i) the Company shall not be required to effect more than five (5) total Demand Registrations
and Shelf Underwritings (as defined below) in the aggregate during the term of this Agreement or more than one Demand Registration (which
shall be deemed to include for these purposes any Shelf Underwriting, which are subject to this ‎Section 2.1(b) mutatis
mutandis) in any one hundred twenty (120)-day period (it being understood that a registration pursuant to a Piggyback Request (as
defined below) by the Holders shall not constitute a Demand Registration for the purposes of this ‎Section 2.1(b)); (ii) each
registration in respect of a Demand Registration Request made by the Holders must include, in the aggregate, net of underwriting discounts
and commissions (based on the Common Stock included in such registration by all holders participating in such registration), shares of
Common Stock having an aggregate market value of at least $35,000,000 (or a lesser amount if the Registrable Securities requested by the
Holders to be included in such Demand Registration constitute all of the Registrable Securities held by all Holders); and (iii) if
the Board, in its good faith judgment, after consultation with outside counsel to the Company, determines that any registration of Registrable
Securities should not be made or continued because it would require the Company to disclose material non-public information which, (A) would
be required to be made in any report or Registration Statement filed with the SEC by the Company so that such report or Registration Statement
would not be materially misleading, (B) would not be required to be made at such time but for the filing, effectiveness or continued
use of such report or Registration Statement and (C) the Company disclosing publicly would adversely affect any financing, acquisition,
merger or other material transaction or event involving the Company or otherwise have a material adverse effect on the Company (in each
case, a “Valid Business Reason”), then (x) the Company may postpone filing a Registration Statement relating to
a Demand Registration Request until five (5) Business Days after such Valid Business Reason no longer exists, but in no event for
more than ninety (90) days after the date the Board determines a Valid Business Reason exists and (y) in case a Registration Statement
has been filed relating to a Demand Registration Request, the Company may, to the extent determined in the good faith judgment of the
Board to be reasonably necessary to avoid interference with any of the transactions described above, cause such Registration Statement
to be withdrawn and its effectiveness terminated or suspend the use of such Registration Statement by the Holders or may postpone amending
or supplementing such Registration Statement until five (5) Business Days after such Valid Business Reason no longer exists, but
in no event for more than ninety (90) days after the date the Board determines a Valid Business Reason exists (such period of suspension,
postponement or withdrawal under this clause (iii), the “Postponement Period”). The Company shall give written notice
of its determination to suspend, postpone or withdraw a Registration Statement and of the fact that the Valid Business Reason for such
postponement or withdrawal no longer exists, together with a certificate of such determination signed by the Chief Executive Officer or
Chief Financial Officer of the Company, in each case, promptly after the occurrence thereof; provided, that the Company shall not
be permitted to suspend, postpone or withdraw a Registration Statement for more than an aggregate of ninety (90) days in any twelve (12)-month
period.

 

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If
the Company shall give any notice of suspension, postponement or withdrawal of any Registration Statement pursuant to clause (b)(iii) above,
the Company shall not, during the Postponement Period, register any Common Stock, other than pursuant to a Registration Statement on Form S-4
or S-8 (or an equivalent registration form then in effect). The Holders agree that, upon receipt of any notice from the Company that the
Company has determined to suspend, withdraw, terminate or postpone amending or supplementing any Registration Statement pursuant to clause
(b)(iii) above, the Holders will discontinue its disposition of Registrable Securities pursuant to such Registration Statement. If
the Company shall have withdrawn or prematurely terminated a Registration Statement filed under ‎Section 2.1(a)(i) (whether
pursuant to clause (b)(iii) above or as a result of any stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court), the Company shall not be considered to have effected an effective registration for the purposes of this
Agreement until the Company shall have filed a new Registration Statement covering the Registrable Securities covered by the withdrawn
or terminated Registration Statement and such Registration Statement shall have been declared effective and shall not have been withdrawn.
If the Company shall give any notice of suspension, withdrawal or postponement of a Registration Statement, the Company shall, not later
than five (5) Business Days after the Valid Business Reason that caused such suspension, withdrawal or postponement no longer exists
(but in no event later than forty-five (45) days after the date of the suspension, postponement or withdrawal), use its commercially reasonable
efforts to effect the registration under the Securities Act of the Registrable Securities covered by the suspended, withdrawn or postponed
Registration Statement in accordance with this ‎Section 2.1 (unless
the Holders shall have withdrawn such request, in which case the Company shall not be considered to have effected an effective registration
for the purposes of this Agreement).

 

(c)            In
connection with any Demand Registration, the Holders shall have the right to designate the lead managing underwriter in connection with
any underwritten offering pursuant to such registration.

 

(d)            The
obligation to effect a Demand Registration as described in this ‎Section 2.1 shall be deemed satisfied only when a Registration
Statement covering the applicable Registrable Securities shall have become effective (unless, after effectiveness, the Registration Statement
becomes subject to any stop order, injunction or other order of the SEC or other governmental agency, in which case the obligation shall
not be deemed satisfied) and, if the method of disposition is a firm commitment underwritten Public Offering, all such Registrable Securities
(less any reduced pursuant to ‎Section 2.3) have been sold pursuant thereto. Any request for a Demand Registration shall
not count against the limitations on the number of Demand Registrations required to be effected set forth in ‎Section 2.1(b) unless
the obligation to effect such Demand Registration is deemed satisfied.

 

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(e)            If
requested in writing by the Holders of a majority of all of the Registrable Securities, the Company shall prepare, file with the SEC and
use commercially reasonable efforts to have effective as promptly as practicable following the date of such request a Registration Statement
for the sale or distribution by the Holders of all of the Registrable Securities held by the Holders on a delayed or continuous basis
pursuant to Rule 415 of the Securities Act, including by way of an underwritten offering, block sale or other distribution plan (the
 “Resale Shelf Registration”), to be filed and declared effective under the Securities Act, and, if the Company is a
WKSI at the time of such Resale Shelf Registration, to cause such Resale Shelf Registration to be an Automatic Shelf Registration Statement,
and once effective, the Company shall use commercially reasonable efforts to cause the Resale Shelf Registration to remain effective (including
by filing a new Resale Shelf Registration, if necessary) for a period ending on the earliest of (i) the date on which all Registrable
Securities included in such registration have been sold or distributed pursuant to the Resale Shelf Registration, (ii) the date as
of which there are no longer in existence any Registrable Securities covered by the Resale Shelf Registration and (iii) an earlier
date agreed to in writing by the Company and the Holders. For the avoidance of doubt, nothing set forth herein shall require the Company
to file the Resale Shelf Registration or to keep effective the Resale Shelf Registration at any time during which the Company is ineligible
to use any applicable short-form registration; provided, that at such time, the Company shall use its commercially reasonable efforts
to become and remain qualified to use Short-Form Registrations and, upon the request of the Holders pursuant to this ‎Article II,
the Company shall prepare and file with the SEC a Registration Statement or Registration Statements on such form that is available for
the sale of the Registrable Securities that were to be otherwise sold or distributed under such Resale Shelf Registration.

 

(f)            In
the event that the Company files a shelf Registration Statement under Rule 415 of the Securities Act whether pursuant to a Demand
Registration Request or the Resale Shelf Registration and such registration becomes effective (such Registration Statement, a “Shelf
Registration Statement”), the Holders shall have the right at any time or from time to time to elect to sell pursuant to an
underwritten offering Registrable Securities available for sale pursuant to such Registration Statement (“Shelf Registrable Securities”),
so long as the Shelf Registration Statement remains in effect and only if the method of distribution set forth in the Shelf Registration
Statement allows for sales pursuant to an underwritten offering. The Holders shall make such election by delivering to the Company a written
request (a “Shelf Underwriting Request”) for such underwritten offering to the Company specifying the number of Shelf
Registrable Securities that the Holders desire to sell pursuant to such underwritten offering (the “Shelf Underwriting”).
The Company, subject to Sections ‎2.3 and ‎2.6, shall include in such Shelf Underwriting the Shelf Registrable Securities
of the Holders. The Company shall, as expeditiously as possible (and in any event within ten (10) days after the receipt of a Shelf
Underwriting Request), but subject to ‎Section 2.1(b), which shall apply mutatis mutandis to any Shelf Underwriting,
use its commercially reasonable efforts to facilitate such Shelf Underwriting. Notwithstanding the foregoing, if the Holders wish to engage
in a Block Trade off of a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down
from an already existing Shelf Registration Statement), then notwithstanding the foregoing time periods, (A) the Holders need to
notify the Company of the Block Trade Shelf Underwriting no later than 2:00 p.m. Eastern time five (5) Business Days prior to
the day such offering is targeted to commence and (B) the Company shall as expeditiously as possible use its commercially reasonable
efforts to facilitate such shelf offering (which may close as early as three (3) Business Days after the date it commences); provided,
that the Holders shall use commercially reasonable efforts to work with the Company and the underwriters prior to making such request
in order to facilitate preparation of the Registration Statement, Prospectus and other offering documentation related to the Block Trade.
For the avoidance of doubt, any party holding Additional Piggyback Rights (as defined below) shall not be entitled to receive notice of,
or to elect to participate in, a Block Trade or any Shelf Registration Statement or Prospectus to be used in connection with such Block
Trade. The Company shall, at the request of the Holders, file any Prospectus supplement or, if the applicable Shelf Registration Statement
is an Automatic Shelf Registration Statement, any post-effective amendments and otherwise take any action necessary to include therein
all disclosure and language reasonably deemed necessary or advisable by the Holders to effect such Shelf Underwriting, subject to ‎Section 2.1(b).
Notwithstanding anything to the contrary in this ‎Section 2.1(f), each Shelf Underwriting must include, in the aggregate,
net of underwriting discounts and commissions (based on the Common Stock included in such Shelf Underwriting by all participants in such
Shelf Underwriting), shares of Common Stock having an aggregate market value of at least $35,000,000 (or a lesser amount if the Registrable
Securities of the Holders to be included in such Shelf Underwriting constitute all of the Registrable Securities held by all Holders).

 

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Section 2.2.     Piggyback
Registration.

 

(a)            If
the Company proposes or is required to register any of its equity securities for its own account or for the account of any other stockholder
under the Securities Act (other than pursuant to (i) a Shelf Underwriting (which shall be governed by ‎Section 2.1
hereof) or (ii) registrations on Form S-4 or Form S-8 or any similar successor forms thereto), the Company shall give prompt
written notice of its intention to do so to the Holders, at least five (5) Business Days prior to the filing of any Registration
Statement under the Securities Act. Upon the written request of the Holders (a “Piggyback Request”), made within three
(3) Business Days following the receipt of any such written notice (which request shall specify the maximum number of Registrable
Securities intended to be disposed of by the Holders and the intended method of distribution thereof), the Company shall, subject to ‎Sections
2.2(c), ‎2.3 and ‎2.6 hereof, use its commercially reasonable efforts to cause all such Registrable Securities,
the holders of which have so requested the registration thereof, to be registered under the Securities Act with the securities that the
Company at the time proposes to register to permit the sale or other disposition by the Holders (in accordance with the intended method
of distribution thereof) of the Registrable Securities to be so registered, including, if necessary, by filing with the SEC a post-effective
amendment or a supplement to the Registration Statement filed by the Company or the Prospectus related thereto. There is no limitation
on the number of such piggyback registrations pursuant to the preceding sentence which the Company is obligated to effect. No registration
of Registrable Securities effected under this ‎Section 2.2(a) shall relieve the Company of its obligations to effect
Demand Registrations under ‎Section 2.1 hereof.

 

(b)            The
Company, subject to Sections ‎2.3 and ‎2.6, may elect to include in any Registration Statement and offering pursuant
to Demand Registration rights by any Holders, (i) authorized but unissued shares of Common Stock or shares of Common Stock held by
the Company as treasury shares and (ii) with the prior written consent, which shall not be unreasonably withheld or delayed, of the
Holders in the case of a registration pursuant to ‎Section 2.1, any other shares of Common Stock which are requested to
be included in such registration pursuant to the exercise of piggyback registration rights granted by the Company after the date hereof
and which are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this Agreement (“Additional
Piggyback Rights”); provided, that with respect to any underwritten offering, such inclusion shall be permitted only
to the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or arrangements, if any, entered into by
the Holders.

 

(c)            If,
at any time after giving written notice of its intention to register any equity securities and prior to the effective date of the Registration
Statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration
of such equity securities, the Company may, at its election, give written notice of such determination to the Holders and (i) in
the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection
with such abandoned registration, without prejudice, however, to the rights of the Holders under ‎Section 2.1 and (ii) in
the case of a determination to delay such registration of its equity securities, shall be permitted to delay the registration of such
Registrable Securities for the same period as the delay in registering such other equity securities.

 

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(d)            The
Holders shall have the right to withdraw their request for inclusion of their Registrable Securities in any Registration Statement pursuant
to this ‎Section 2.2 by giving written notice to the Company of its request to withdraw; provided, that such request must
be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with
respect to such registration.

 

(e)            Notwithstanding
anything contained herein to the contrary, the Company shall, at the request of the Holders, file any Prospectus supplement or post-effective
amendments, or include in the initial Registration Statement any disclosure or language, or include in any Prospectus supplement or post-effective
amendment any disclosure or language reasonably deemed necessary or advisable by the Holders.

 

Section 2.3.    Allocation
of Securities Included in Registration Statement.

 

(a)            If
any requested registration made pursuant to ‎Section 2.1 (including a Shelf Underwriting) involves an underwritten offering
and the managing underwriter of such offering shall advise the Company that, in its view, the number of securities requested to be included
in such underwritten offering by the Holders, the Company or any other Persons exercising Additional Piggyback Rights exceeds the largest
number (the “‎Section 2.3(a) Sale Number”) that can be sold in an orderly manner in such underwritten
offering within a price range acceptable to the Holders, the Company shall use its commercially reasonable efforts to include in such
underwritten offering:

 

(i)            first,
all Registrable Securities requested to be included in such underwritten offering by the Holders; provided, that if the number
of such Registrable Securities exceeds the ‎Section 2.3(a) Sale Number, the number of such Registrable Securities
(not to exceed the ‎Section 2.3(a) Sale Number) to be included in such underwritten offering shall be allocated
on a pro rata basis among the Holders, based on the number of Registrable Securities then owned by each such Holder requesting inclusion
in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion;

 

(ii)            second,
to the extent that the number of Registrable Securities to be included pursuant to clause ‎(i) of this ‎Section 2.3(a) is
less than the ‎Section 2.3(a) Sale Number, any securities that the Company proposes to register; provided,
that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clause ‎(i) totals
no more than the ‎Section 2.3(a) Sale Number; and

 

(iii)            third,
to the extent that the number of Registrable Securities to be included pursuant to clauses ‎(i) and ‎(ii) of
this ‎Section 2.3(a) is less than the ‎Section 2.3(a) Sale Number, the remaining
Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting
that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback
Shares”), based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate
number of Piggyback Shares owned by all Persons requesting inclusion; provided, that the number of such securities when aggregated
with that number of Registrable Securities to be included pursuant to clauses ‎(i) and ‎(ii) totals
no more than the ‎Section 2.3(a) Sale Number.

 

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(b)            If
any registration or offering made pursuant to ‎Section 2.2 involves an underwritten primary offering on behalf of the
Company and the managing underwriter shall advise the Company that, in its view, the number of securities requested to be included in
such underwritten offering by the Holders, the Company or any other Persons exercising Additional Piggyback Rights exceeds the largest
number (the “‎Section 2.3(b) Sale Number”) that can be sold in an orderly manner in such underwritten
offering within a price range acceptable to the Company, the Company shall include in such underwritten offering:

 

(i)            first,
all equity securities that the Company proposes to register for its own account;

 

(ii)            second,
to the extent that the number of Registrable Securities to be included pursuant to clause ‎(i) of this ‎Section 2.3(b) is
less than the ‎Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten
offering shall be allocated on a pro rata basis among the Holders, based on the number of Registrable Securities then owned by each such
holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all such Holders requesting inclusion;
provided, that the number of such remaining Registrable Securities when aggregated with that number of equity securities to be
included pursuant to clause ‎(i) totals no more than the ‎Section 2.3(b) Sale Number;
and

 

(iii)            third,
to the extent that the number of Registrable Securities to be included pursuant to clauses ‎(i) and ‎(ii) of
this ‎Section 2.3(b) is less than the ‎Section 2.3(b) Sale Number, the remaining
Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting
that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the number
of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all
Persons requesting inclusion; provided, that the number of such securities when aggregated with that number of Registrable Securities
to be included pursuant to clauses (i) and (ii) totals no more than the ‎Section 2.3(b) Sale Number.

 

(c)            If
any registration pursuant to ‎Section 2.2 involves an underwritten offering that was initially requested by any Person(s) requesting
that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights and the managing underwriter
shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering exceeds the
number (the “‎Section 2.3(c) Sale Number”) that can be sold in an orderly manner in such underwritten
offering within a price range acceptable to the Company, the Company shall include in such underwritten offering:

 

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(i)            first,
the shares requested to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting
that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the aggregate
number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned
by all such Persons requesting inclusion, up to the ‎Section 2.3(c) Sale Number;

 

(ii)            second,
to the extent that the number of Piggyback Shares to be included pursuant to clause ‎(i) of this ‎Section 2.3(c) is
less than the ‎Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten
offering shall be allocated on a pro rata basis among the Holders requesting that Registrable Securities be included in such underwritten
offering pursuant to the exercise of piggyback rights pursuant to ‎Section 2.2, based on the aggregate number of
Registrable Securities then owned by each Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned
by all such Holders requesting inclusion, up to the ‎Section 2.3(c) Sale Number; provided, that the
number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clause ‎(i) totals
no more than the ‎Section 2.3(c) Sale Number; and

 

(iii)            third,
to the extent that the number of Piggyback Shares and Registrable Securities to be included pursuant to clauses (i) and (ii) of
this ‎Section 2.3(c) is less than the ‎Section 2.3(c) Sale Number, the remaining
Registrable Securities to be included in such underwritten offering shall be allocated to shares the Company proposes to register for
its own account; provided, that the number of such securities when aggregated with that number of Registrable Securities to be
included pursuant to clauses ‎(i) and ‎(ii) totals no more than the ‎Section 2.3(c) Sale
Number.

 

(d)            If,
as a result of the proration provisions set forth in clauses ‎(a), ‎(b) or ‎(c) of this ‎Section 2.3,
the Holders shall not be entitled to include all Registrable Securities in an underwritten offering that the Holders have requested be
included, the Holders may elect to withdraw its request to include Registrable Securities in the registration to which such underwritten
offering relates or may reduce the number requested to be included; provided, that (x) such request must be made in writing
prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration
and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction, the Holders shall no longer
have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of
the Registrable Securities so withdrawn or reduced.

 

Section 2.4.     Registration
Procedures. Whenever the Holders request that any Registrable Securities be registered pursuant to ‎Section 2.1
or ‎Section 2.2, subject to the provisions of
those Sections, the Company will use its commercially reasonable efforts to effect the registration and the offer and sale of such Registrable
Securities in accordance with the intended method of disposition thereof as soon as reasonably practicable, and shall, in connection with
any such request, other than during any Postponement Period, use commercially reasonable efforts to:

 

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(a)            prepare
and file with the SEC a Registration Statement on an appropriate registration form of the SEC for the disposition of such Registrable
Securities in accordance with the intended method of disposition thereof, which registration form (i) shall be selected by the Company
and (ii) shall, in the case of a shelf registration, be available for the sale of the Registrable Securities by the selling Holders
thereof and such Registration Statement shall comply as to form in all material respects with the requirements of the applicable registration
form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its commercially reasonable
efforts to cause such Registration Statement to become effective and remain continuously effective for such period as the Holders shall
request, and no less than one hundred eighty (180) days, (provided, that as far in advance as reasonably practicable before filing a Registration
Statement or Prospectus or any amendments or supplements thereto, or comparable statements under securities or state “blue sky”
laws of any jurisdiction, or any Free Writing Prospectus related thereto, or before sending a response to an SEC comment letter prior
to any such filing, the Company will furnish to counsel for the Holders participating in the planned offering and to one counsel for the
managing underwriter, if any, copies of reasonably complete drafts of all such documents proposed to be filed (including all exhibits
thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC),
which documents will be subject to the reasonable review and reasonable comment of such counsel (including any reasonable objections to
any information pertaining to the Holders and their plan of distribution and otherwise to the extent necessary, if at all, to complete
the filing or maintain the effectiveness thereof), and make the Company’s representatives reasonably available for discussion of
such document and make such changes in such document concerning the Holders prior to the filing thereof as counsel for the Holders or
underwriters may reasonably request, and the Company shall consider in good faith the changes reasonably and timely requested by such
counsel and shall not file any Registration Statement or amendment thereto, any Prospectus or supplement thereto or any Free Writing Prospectus
related thereto to which the Holders or the underwriters, if any, shall reasonably and timely object); provided, that notwithstanding
the foregoing, in no event shall the Company be required to file any document with the SEC that, in the reasonable view of the Company
or its counsel, contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary
to make any statement therein not misleading;

 

(b)            (i) prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith and
such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such Registration Statement effective for the period
specified in paragraph ‎(a) above and comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities covered by such Registration Statement and any Prospectus so supplemented to be filed pursuant to Rule 424
under the Securities Act in accordance with the Holders’ intended method of disposition set forth in such Registration Statement
for such period and (ii) provide reasonable notice to the Holders and the managing underwriter(s), if any, to the extent that the
Company determines that a post-effective amendment to a Registration Statement would be appropriate;

 

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(c)            furnish,
without charge, to the Holders and each underwriter, if any, of the Registrable Securities such number of copies of such Registration
Statement, each amendment and supplement thereto (in each case including all exhibits), the Prospectus, each Free Writing Prospectus utilized
in connection therewith, in each case, in all material respects in conformity with the requirements of the Securities Act, and other documents,
as the Holders and underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities
owned by the Holders (the Company hereby consenting to the use in accordance with all applicable Laws of each such Registration Statement
(or amendment or post-effective amendment thereto) and each such Prospectus or Free Writing Prospectus by the Holders and the underwriters,
if any, in connection with the offering and sale of the Registrable Securities covered by such Registration Statement or Prospectus);

 

(d)            register
or qualify the Registrable Securities covered by such Registration Statement under the securities or “blue sky” Laws of such
jurisdictions as the Holders or, in the case of a Public Offering, the managing underwriter reasonably shall request and do any and all
other acts and things which may be reasonably necessary or advisable to enable the Holders to consummate the disposition in such jurisdictions
of the Registrable Securities beneficially owned by them; provided, that the Company shall not for any such purpose be required
to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified, to subject itself
to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction;

 

(e)            promptly
notify the Holders and each managing underwriter, if any: (i) when the Registration Statement, any pre-effective amendment, the Prospectus
or any Prospectus supplement related thereto, any post-effective amendment to the Registration Statement or any Free Writing Prospectus
has been filed with the SEC and, with respect to the Registration Statement or any post-effective amendment, when the same has become
effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the Registration Statement
or the Prospectus related thereto or for additional information, including copies of any and all transmittal letters and other correspondence
with the SEC and all correspondence (including comment letters and a copy of the Company’s draft responses thereto), from the SEC
to the Company relating to such Registration Statement or any Prospectus or any amendment or supplement thereto (but not, for the avoidance
of doubt, any documents incorporated by reference therein); (iii) of the issuance by the SEC of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; or (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state
 “blue sky” Laws of any jurisdiction or the initiation of any proceeding for such purpose;

 

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(f)            if
at any time (i) any event or development shall occur or condition shall exist as a result of which the Disclosure Package, as then
amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances existing when the Disclosure Package is delivered to a purchaser, not misleading,
or (ii) it is necessary to amend or supplement the Disclosure Package to comply with Law, the Company will promptly notify the Holders
and each managing underwriter, if any, and promptly prepare and file with the SEC (to the extent required) and furnish to the Holders
and each underwriter, if any, such amendments or supplements to the Disclosure Package as may be necessary so that the statements in the
Disclosure Package, as so amended or supplemented, will not, in the light of the circumstances existing when the Disclosure Package is
delivered to a purchaser, be misleading, or so that the Disclosure Package will comply with Law;

 

(g)            make
generally available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of a Registration
Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158;

 

(h)            (i) list
the Registrable Securities covered by such Registration Statement on Nasdaq or any other national securities exchange selected by the
Company, if the listing of such Registrable Securities is then permitted under the rules of such exchange and (ii) comply (and
continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation
all corporate governance requirements;

 

(i)            cause
its officers, employees and registered independent public accounting firm (in the case of the registered independent public accounting
firm, subject to any applicable accounting guidance regarding their participation in the offering or the due diligence process) to participate
at reasonable times and for reasonable periods in, make themselves reasonably available, supply such information as may reasonably be
requested and to otherwise facilitate and cooperate with, the preparation of the Registration Statement and Prospectus and any amendments
or supplements thereto, taking into account the Company’s reasonable business needs;

 

(j)            provide
and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such Registration Statement not
later than the applicable effective date of such Registration Statement and, in the case of any secondary equity offering, provide and
enter into any reasonable agreements with a custodian for the Registrable Securities;

 

(k)            if
the offering is underwritten pursuant to a Demand Registration Request, then at the request of the Holders, (i) enter into such customary
agreements (including underwriting agreements in customary form) and take all such other customary actions as the Holders reasonably request
in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Holders of the Registrable
Securities which are to be distributed by any underwriters shall be a party to any such underwriting agreement), (ii) have members
of its management participate in due diligence sessions and, in the case of marketed offerings, support the marketing of the Registrable
Securities covered by the registration (including, without limitation, participation in investor calls and “road shows”),
and (iii) furnish to the underwriters a customary legal opinion and disclosure letter from counsel to the Company and customary comfort
letters from the registered independent public accounting firm retained (and brought down to the closing under the underwriting agreement);

 

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(l)            (i) obtain
an opinion from the Company’s counsel and a “comfort” letter and updates thereof from the independent public accountants
who have certified the Company’s financial statements (and/or any other financial statements) included or incorporated by reference
in such Registration Statement, in each case, in customary form and covering such matters as are customarily covered by such opinions
and “comfort” letters (including, in the case of such “comfort” letter, events subsequent to the date of such
financial statements) delivered to underwriters in underwritten Public Offerings, which opinion and letter shall be dated as of the dates
such opinions and “comfort” letters are customarily dated and otherwise reasonably satisfactory to the underwriters and (ii) furnish
to each underwriter a copy of such opinion and letter addressed to such underwriter;

 

(m)            deliver
promptly to counsel for the Holders and to each managing underwriter, if any, copies of all correspondence between the SEC and the Company,
its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the Registration Statement,
and, make reasonably available for inspection by counsel for the Holders, by counsel for any underwriter participating in any disposition
to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by the Holders or any such
underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of
the Company’s officers, directors and employees to supply all information reasonably requested by any such counsel for the Holders,
counsel for an underwriter, accountant or agent in connection with such Registration Statement;

 

(n)            in
connection with the preparation and filing of each Registration Statement registering Registrable Securities under the Securities Act,
and before filing any such Registration Statement or any other document in connection therewith, include in such documents any comments
reasonably and timely made by the Holders or their legal counsel; participate in, and make documents available for, the reasonable and
customary due diligence review of underwriters during normal business hours, on reasonable advance notice and without undue burden or
hardship on the Company;

 

(o)            use
commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement,
or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension
is issued, to use its commercially reasonable efforts to promptly obtain the withdrawal of such order or suspension and to notify the
Holders of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose;

 

(p)            comply
with the Securities Act, the Exchange Act and any other applicable rules and regulations of the SEC and reasonably cooperate with
the Holders in the disposition of its Registrable Securities in accordance with the method of distribution described in the Prospectus
included in any Registration Statement, such cooperation to include the endorsement and transfer of any certificates representing Registrable
Securities (or a book-entry transfer to similar effect) transferred in accordance with this Agreement and delivery of any necessary instructions
or opinions to the Company’s transfer agent in order to cause the transfer agent to allow Shares to be sold from time to time as
permitted by Law;

 

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(q)            ensure
that any Free Writing Prospectus utilized in connection with any registration covered by ‎Section 2.1 or ‎Section 2.2
complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby,
is retained in accordance with the Securities Act to the extent required thereby, will not conflict with a related Prospectus, Prospectus
supplement and related documents and, when taken together with the related Prospectus, Prospectus supplement and related documents, will
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading;

 

(r)            cooperate
with the managing underwriters, if any, the Holders and their respective counsel in connection with the preparation and filing of any
applications, notices, registrations and responses to requests for additional information with FINRA, Nasdaq or any other national securities
exchange on which the Shares are listed;

 

(s)            pay
the applicable Expenses;

 

(t)            cooperate
with the Holders and the managing underwriter, if any, to facilitate the timely preparation and delivery of book-entry shares or certificates
not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued
in such denominations and registered in such names in accordance with the underwriting agreement at least two (2) Business Days prior
to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the instructions of
the Holders at least two (2) Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar
of Registrable Securities to release any stop transfer orders in respect thereof (and, in the case of Registrable Securities registered
on a Shelf Registration Statement, at the request of the Holders, prepare and deliver book-entry shares or certificates representing such
Registrable Securities not bearing any restrictive legends and deliver or cause to be delivered an opinion or instructions to the transfer
agent in order to allow such Registrable Securities to be sold from time to time);

 

(u)            cause
the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental
agencies or authorities as may be necessary to enable the Holders or the underwriters, if any, to consummate the disposition of such Registrable
Securities; and

 

(v)            take
all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such
Registrable Securities.

 

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To
the extent the Company is a WKSI at the time any Demand Registration Request is submitted to the Company and such Demand Registration
Request requests that the Company file an Automatic Shelf Registration Statement on Form S-3, the Company shall file an Automatic
Shelf Registration Statement which covers those Registrable Securities which are requested to be registered in accordance with ‎Section 2.1(e).
The Company shall use its commercially reasonable efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405
under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective.

 

If the Company does not pay the filing fee covering
the Registrable Securities at the time the Automatic Shelf Registration Statement is filed, the Company agrees to pay such fee at such
time or times as the Registrable Securities are to be sold. If the Automatic Shelf Registration Statement has been outstanding for at
least three (3) years, at the end of the third year the Company shall refile a new Automatic Shelf Registration Statement covering
the Registrable Securities to remain effective for a period ending on the earliest of (i) the date on which all Registrable Securities
included in such registration have been sold or distributed pursuant to the Automatic Shelf Registration Statement, (ii) the date
as of which there are no longer in existence any Registrable Securities covered by the Automatic Shelf Registration Statement and (iii) an
earlier date agreed to in writing by the Company and the Holders. If at any time when the Company is required to re-evaluate its WKSI
status the Company determines that it is not a WKSI, the Company shall use its commercially reasonable efforts to refile the shelf Registration
Statement on Form S-3 and, if such form is not available, Form S-1 and keep such Registration Statement effective during the
period during which such Registration Statement is required to be kept effective.

 

If the Company files any shelf Registration Statement
for the benefit of the holders of any of its securities other than the Holders, and the Holders do not request that its Registrable Securities
be included in such Shelf Registration Statement, the Company agrees that it shall include in such Registration Statement such disclosures
as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by
identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such shelf Registration
Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

The
Company may require as a condition precedent to the Company’s obligations under this ‎Section 2.4 that each participating
Holder as to which any registration is being effected furnish the Company such information regarding such seller and the distribution
of such securities as the Company may from time to time reasonably request; provided, that such information is necessary for the
Company to consummate such registration and shall be used only in connection with such registration.

 

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The
Holders agree that upon receipt of any notice from the Company of the happening of any event of the kind described in paragraph ‎(f) of
this ‎Section 2.4, the Holders will discontinue the Holders’
disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until the Holders’
receipt of the copies of the supplemented or amended Prospectus contemplated by paragraph ‎(f) of
this ‎Section 2.4 and, if so directed by the Company, will deliver
to the Company (at the Company’s expense) all copies, other than permanent file copies, then in the Holders’ possession of
the Prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. In the event the Company
shall give any such notice, the applicable period mentioned in paragraph ‎(a) of
this ‎Section 2.4 shall be extended by the number of days during
such period from and including the date of the giving of such notice to and including the date when each participating holder covered
by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by paragraph ‎(e) of
this ‎Section 2.4.

 

Section 2.5.     Registration
Expenses.

 

(a)            The
Company shall pay all Expenses with respect to any registration or offering of Registrable Securities pursuant to ‎Article II,
whether or not a Registration Statement becomes effective or the offering is consummated. Notwithstanding the foregoing, the Company shall
not be required to pay for any Expenses of any registration begun pursuant to the terms of this Agreement if the Demand Registration request
is subsequently withdrawn at the request of the Holders (in which case the Holders shall bear such expenses).

 

(b)            Notwithstanding
the foregoing, (x) the provisions of this ‎Section 2.5 shall be deemed amended to the extent necessary to cause these
expense provisions to comply with state “blue sky” laws of each state in which the offering is made and (y) in connection
with any underwritten offering hereunder, the Holders shall pay all underwriting discounts and commissions and any transfer taxes, if
any, attributable to the sale of such Registrable Securities, pro rata with respect to payments of discounts and commissions in accordance
with the number of shares sold in the offering by the Holders.

 

Section 2.6.     Certain
Limitations on Registration Rights.

 

In
the case of any registration under ‎Section 2.1 involving an underwritten offering, or, in the case of a registration
under ‎Section 2.2, if the Company has determined to enter into
an underwriting agreement in connection therewith, all securities to be included in such underwritten offering shall be subject to such
underwriting agreement and no Person may participate in such underwritten offering unless such Person (i) agrees to sell such Person’s
securities on the basis provided therein and completes and executes all reasonable questionnaires, and other customary documents (including
custody agreements and powers of attorney) which must be executed in connection therewith; provided, that all such documents shall be
consistent with the provisions hereof and (ii) provides such other information to the Company or the underwriter as may be necessary
to register such Person’s securities.

 

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Section 2.7.     Limitations
on Sale or Distribution of Other Securities; Coordination.

 

(a)            The
Holders agree, (i) to the extent requested in writing by a managing underwriter, if any, of any underwritten Public Offering pursuant
to a registration or offering effected pursuant to ‎Section 2.1 or ‎2.2 (except in the case of a Block Trade,
unless the Holders have the option to participate in such Block Trade pursuant to this Agreement or otherwise), not to sell, transfer
or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Common Stock, or any other equity
security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other
than as part of such underwritten Public Offering) during the time period reasonably requested by the managing underwriter, not to exceed
sixty (60) days or such shorter period as the managing underwriter shall agree to; provided, that such shorter period shall apply to the
Holders (and the Company hereby also so agrees (except that the Company may effect any sale or distribution of any such securities pursuant
to a registration on Form S-4 or Form S-8, or any successor or similar form); and (ii) to the extent requested in writing
by a managing underwriter of any underwritten Public Offering effected by the Company for its own account (including without limitation
any offering in which one or more holders is selling Common Stock pursuant to the exercise of piggyback rights under ‎Section 2.2
hereof), it will not sell any Common Stock (other than as part of such underwritten Public Offering) during the time period reasonably
requested by the managing underwriter, which period shall not exceed ninety (90) days or such shorter period as the managing underwriter
shall agree to; provided, that such shorter period shall apply to the Holders.

 

(b)            The
Company hereby agrees that, to the extent requested in writing by a managing underwriter, if any, in connection with an offering pursuant
to Sections ‎2.1 or ‎2.2, the Company shall not sell, transfer, or otherwise dispose of, any Common Stock, or any
other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company
(other than as part of such underwritten Public Offering, a registration on Form S-4 or Form S-8 or any successor or similar
form), until a period of sixty (60) days (or such shorter period to which the underwriter shall agree) shall have elapsed from the pricing
date of such offering; and the Company shall so provide in any registration rights agreements hereafter entered into with respect to any
of its equity securities.

 

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Section 2.8.     Indemnification.

 

(a)            Indemnification
Rights.

 

(i)            In
the event of any registration or offer and sale of any securities of the Company under the Securities Act pursuant to this ‎Article II,
the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by law, the Holders,
their Affiliates and, as applicable, their respective directors, officers, employees, stockholders, members or general and limited partners
in the offering or sale of such securities (and their respective directors, officers, employees, stockholders, members or general and
limited partners), underwriter or Qualified Independent Underwriter, if any, in the offering or sale of such securities, each officer,
director, employee, stockholder, managing director, affiliate, representative, successor, assign or partner of such underwriter or Qualified
Independent Underwriter, or any such underwriter or Qualified Independent Underwriter within the meaning of the Securities Act, from and
against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened)
and expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s consent, which
consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities Act
or otherwise in respect thereof (collectively, “Claims”), insofar as such Claims arise out of or are based upon (i) any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such securities were
registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact
contained in any preliminary, final or summary Prospectus or any amendment or supplement thereto, together with the documents incorporated
by reference therein, or any Free Writing Prospectus utilized in connection therewith, or the omission or alleged omission to state therein
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading or (iii) any violation by the Company of any federal, state or common law rule or
regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such registration,
and the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such Claim as such expenses are incurred; provided, that the Company shall not be liable
to any such indemnified party in any such case to the extent such Claim arises out of or is based upon any untrue statement or alleged
untrue statement of a material fact or omission or alleged omission of a material fact made in such Registration Statement or amendment
thereof or supplement thereto or in any such Prospectus or any preliminary, final or summary Prospectus or Free Writing Prospectus in
reliance upon and in strict conformity with written information furnished to the Company by or on behalf of such indemnified party specifically
for use therein. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made
by or on behalf of such indemnified party and shall survive the transfer of such securities by the Holders.

 

    21

     

    

 

(ii)            The
Holders shall indemnify and hold harmless (in the same manner and to the same extent as set forth in ‎Section 2.8(a)(i))
to the extent permitted by law, the Company, its officers and directors, and each Person controlling the Company within the meaning of
the Securities Act with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission
of any material fact from, such Registration Statement, any preliminary, final or summary Prospectus contained therein, or any amendment
or supplement thereto, or any Free Writing Prospectus utilized in connection therewith, if such statement or alleged statement or omission
or alleged omission was made in reliance upon and in strict conformity with written information furnished to the Company or its representatives
by or on behalf of the Holders, specifically for use therein, and the Holders shall reimburse such indemnified party for any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses
are incurred; provided, that the aggregate amount which the Holders shall be required to pay pursuant to this ‎Section 2.8
(including pursuant to indemnity, contribution or otherwise) shall in no case be greater than the amount of the net proceeds received
by the Holders upon the sale of the Registrable Securities pursuant to the Registration Statement giving rise to such Claim; provided,
further, that such Holders shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement
or Prospectus or amendment thereof or supplement thereto, or any Free Writing Prospectus utilized in connection therewith, such Holders
have furnished in writing to the Company information expressly for use in such Registration Statement or Prospectus or any amendment thereof
or supplement thereto or Free Writing Prospectus which corrected or made not misleading information previously furnished to the Company.

 

(iii)            Indemnification
similar to that specified in ‎Sections 2.8(a)(i) and ‎2.8(a)(ii) (with appropriate modifications)
shall be given by the Company and the Holders with respect to any required registration or other qualification of securities under any
applicable securities and state “blue sky” laws.

 

(iv)            If
for any reason the foregoing indemnity is unavailable, unenforceable or is insufficient to hold harmless an indemnified party under Sections
‎2.8(a)(i), ‎2.8(a)(ii) or ‎2.8(a)(iii), then each applicable indemnifying
party shall contribute to the amount paid or payable to such indemnified party as a result of any Claim in such proportion as is appropriate
to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to
such Claim. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party
or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable
Law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate
to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as
any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant
to this ‎Section 2.8(a)(iv) were to be determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in the preceding sentences of this ‎Section 2.8(a)(iv).
The amount paid or payable in respect of any Claim shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation. Notwithstanding anything in this ‎Section 2.8(a)(iv) to the contrary, no
indemnifying party (other than the Company) shall be required pursuant to this ‎Section 2.8(a)(iv) to contribute
any amount greater than the amount of the net proceeds received by such indemnifying party from the sale of Registrable Securities pursuant
to the Registration Statement giving rise to such Claim, less the amount of any indemnification payment made by such indemnifying party
pursuant to Sections ‎2.8(a)(ii) and ‎2.8(a)(iii). In addition, neither the Holders nor any Affiliate
thereof shall be required to pay any amount under this ‎Section 2.8(a)(iv) unless such Person or entity would
have been required to pay an amount pursuant to ‎Section 2.8(a)(ii) if it had been applicable in accordance
with its terms.

 

    22

     

    

 

(v)            The
indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which
any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation
made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party.

 

(vi)            The
indemnification and contribution required by this ‎Section 2.8 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred;
provided, that the recipient thereof hereby undertakes to repay such payments if and to the extent it shall be determined by a court of
competent jurisdiction that such recipient is not entitled to such payment hereunder.

 

(b)            Notice
of Claim; Defense of Claims.

 

(i)            Any
Person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of
any action or proceeding with respect to which a Claim may be made pursuant to this ‎Section 2.8, but the failure
of any indemnified party to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs
of this ‎Section 2.8, except to the extent the indemnifying party is materially and actually prejudiced thereby
and shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under this ‎Article II.

 

(ii)            In
case any action or proceeding is brought against an indemnified party and such indemnified party shall have notified the indemnifying
party of the commencement thereof (as required above), the indemnifying party shall be entitled to participate therein and, unless in
the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties
may exist in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the
extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to
such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation;
provided, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding
within twenty (20) days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so;
(ii) if such indemnified party who is a defendant in any action or proceeding which is also brought against the indemnifying party
reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are
not available to the indemnifying party or which may conflict with those available to another indemnified party with respect to such Claim;
or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional
conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but
with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to the extent any indemnified party or
parties reasonably shall have made a conclusion described in clause (ii) or (iii) above) and the indemnifying party shall be
liable for any expenses therefor. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement
or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such
action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from
all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any indemnified party.

 

    23

     

    

 

Section 2.9.     Free
Writing Prospectuses. Other than a Prospectus relating to Registrable Securities included in a Registration Statement, an “issuer
free writing prospectus” (as defined in Rule 433 under the Securities Act) prepared by the Company or other materials prepared
by Company, the Holders represent and agree that they (a) will not make any offer relating to the Registrable Securities that would
constitute an issuer free writing prospectus or that would otherwise constitute a Free Writing Prospectus, and (b) will not distribute
any written materials in connection with the offer or sale pursuant to a Registration Statement of Registrable Securities, in each case,
without the prior written consent of the Company and, in connection with any Public Offering, the underwriters.

 

Section 2.10.     Information
from and Obligations of the Holders. The Company and the Holders hereby acknowledge and agree that, unless otherwise expressly agreed
to in writing by the Holders, for all purposes of this Agreement, the only information furnished or to be furnished to the Company by
the Holders for use in any such Registration Statement, Prospectus, or any Free Writing Prospectus, are statements specifically relating
to (i) the beneficial ownership of Shares by the Holders and their Affiliates and (ii) the name and address of the Holders and
all information required to be disclosed in order to make such information not contain a material misstatement of fact or necessary to
cause such Registration Statement or Prospectus not to omit a material fact with respect to the Holders necessary in order to make the
statements therein not misleading.

 

Section 2.11.     Rule 144.
With a view to making available the benefits of certain rules and regulations of the SEC that may permit the resale of the Registrable
Securities without registration, the Company agrees to use its commercially reasonable efforts to:

 

(a)            make
and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities
Act, at all times during the term hereof;

 

(b)            file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
at all times from and after the date hereof; and

 

(c)            so
long as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement
of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act and (ii) unless otherwise
available via the SEC’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or
regulation of the SEC allowing such Holder to sell any such securities without registration.

 

    24

     

    

 

Section 2.12.     Assistance
with Transfers. In connection with any sale or transfer of Registrable Securities by any Holder, including any sale or transfer pursuant
to Rule 144 and other rules and regulations of the SEC that may at any time permit a Holder of Registrable Securities to sell
securities of the Company to the public without registration, the Company shall, to the extent allowed by law, take any and all action
necessary or reasonably requested by such Holder in order to permit or facilitate such sale or transfer, including, without limitation,
at the sole expense of the Company, by (i) issuing such directions to any transfer agent, registrar or depositary, as applicable,
(ii) delivering such opinions to the transfer agent, registrar or depositary as are customary for the transaction of this type and
are reasonably requested by the same, and (iii) taking or causing to be taken such other actions as are reasonably necessary (in
each case on a timely basis) in order to cause any legends, notations or similar designations restricting transferability of the Registrable
Securities held by such Holder to be removed and to rescind any transfer restrictions with respect to such Registrable Securities; provided,
however, that such Holder shall deliver to the Company, in form and substance reasonably satisfactory to the Company, representation letters
regarding such Holder’s compliance with such rules and regulations, as may be applicable. In addition, the Company, at its
sole expense, shall use commercially reasonable efforts to remove any restrictive legend on any shares of Common Stock that are Registrable
Securities upon request by the Holder if (A) such shares of Common Stock are sold pursuant to an effective registration statement
or (B) a registration statement covering the resale of such shares of common Stock is effective under the Securities Act and the
applicable Holder delivers to the Company a representation letter agreeing that such shares of Common Stock will be sold under such effective
registration statement. Furthermore, at the request of any Holder, the Company shall use its commercially reasonable efforts to assist
such Holder with respect to any potential private transfer of any Common Stock held by such Holder and its Affiliates, including (i) entering
into customary confidentiality agreements with any prospective transferees, (ii) affording to such Holder, its Affiliates and any
prospective transferees and their respective counsel, accountants, lenders and other representatives, reasonable access during normal
business hours to the properties, books, contracts and records of the Company and (iii) providing reasonable availability of appropriate
members of senior management of the Company to provide customary due diligence assistance in connection with any such transfer; provided,
however, that any such investigation shall be conducted in such a manner as not to interfere unreasonably with the Company’s business
and operations and the Company may in its sole discretion restrict access to competitively sensitive or legally privileged documents or
information.

 

Article III

Miscellaneous

 

Section 3.1.     Termination.
This Agreement shall terminate when the Holders collectively beneficially own less than 5% of the then-outstanding Common Stock; provided,
however, that ‎Section 2.7 and ‎Section 2.8
shall survive any termination hereof.

 

Section 3.2.     Severability.
If any provision of this Agreement shall be determined to be illegal and unenforceable by any court of law, the remaining provisions shall
be severable and enforceable in accordance with their terms.

 

Section 3.3.     Remedies.
In the event of actual or potential breach by the Company or any Holder of any of its obligations under this Agreement, each Holder or
the Company, as applicable, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this Agreement without the need to post any bond. The Company
and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by
it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect
of such breach, it shall waive the defense that a remedy at law would be adequate.

 

    25

     

    

 

Section 3.4.     Governing
Law; Waiver of Jury Trial.

 

(a)            This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts
of laws that would direct the application of the laws of another jurisdiction.

 

(b)            THE
PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANOTHER IN ANY MATTER WHATSOEVER
ARISING OUT OF OR IN RELATION TO OR IN CONNECTION WITH THIS AGREEMENT. FURTHER, NOTHING HEREIN SHALL DIVEST A COURT OF COMPETENT JURISDICTION
OF THE RIGHT AND POWER TO GRANT A TEMPORARY RESTRAINING ORDER, TO GRANT TEMPORARY INJUNCTIVE RELIEF, OR TO COMPEL SPECIFIC PERFORMANCE
OF ANY DECISION OF AN ARBITRAL TRIBUNAL MADE PURSUANT TO THIS PROVISION.

 

Section 3.5.     Adjustments
Affecting Registrable Securities. The provisions of this Agreement shall apply to any and all shares of capital stock of the Company
or any successor or assignee of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect
of, in exchange for or in substitution for the Registrable Securities, by reason of any dividend, split, reverse split, combination, recapitalization,
reclassification, merger, consolidation or otherwise in such a manner and with such appropriate adjustments as to reflect the intent and
meaning of the provisions hereof and so that the rights, privileges, duties and obligations hereunder shall continue with respect to the
capital stock of the Company as so changed as well as the capital stock of any other entity received in connection with such transaction.

 

Section 3.6.     Binding
Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and
assigns and each Holder and its successors and assigns. For the avoidance of doubt, each Holder, to the extent not a direct party to this
Agreement, shall be a third party beneficiary of this Agreement. The rights to cause the Company to register Registrable Securities under
this Agreement may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities and such
transferee delivers to the Company a duly executed joinder to this Agreement in form and substance reasonably satisfactory to the Company.
The Company shall not be permitted to assign this Agreement without the prior written consent of ADS other than by operation of law in
connection with a merger or a similar transaction contemplated by, and subject to, ‎Section 3.5.

 

Section 3.7.     Notices.
All notices or other communications that are required or permitted hereunder shall be in writing and shall be deemed to have been given
if (a) personally delivered, (b) sent by nationally recognized overnight courier, (c) sent by registered or certified mail,
postage prepaid, return receipt requested or (d) email, addressed as follows:

 

    26

     

    

 

if to the Company:

 

Loyalty
Ventures Inc.

7500 Dallas Parkway, Suite 700

Plano, Texas 75024

Attention: General Counsel

Email:  generalcounsel@loyalty.com

    investorrelations@loyalty.com

 

if to the Holders:

 

Alliance
Data Systems Corporation

7500 Dallas Parkway, Suite 700

Plano, Texas 75024

Attention: General Counsel

Email:  generalcounsel@alliancedata.com

    investorrelations@alliancedata.com

 

or to such other address as the party to whom notice is to be given
may have furnished to such other party in writing in accordance herewith. Any such communication shall be deemed to have been received
(i) when delivered, if personally delivered, (ii) on the date sent if delivered by e-mail on a Business Day, or if not sent
on a Business Day, on the first Business Day thereafter, (iii) the next Business Day after delivery, if sent by nationally recognized
overnight courier, and (iv) on the fifth (5th) Business Day following the date on which the piece of mail containing such communication
is posted, if sent by first-class mail.

 

Section 3.8.     Modification;
Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly executed by the Company and ADS.
No course of dealing between the Company and the Holders (or any of them) or any delay in exercising any rights hereunder will operate
as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement
will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and
every provision of this Agreement in accordance with its terms. Any determination, consent or approval of, or notice or request delivered
by, or any similar action of, the Holders pursuant to this Agreement shall be made or given by ADS and shall be valid and binding upon
all Holders to the same extent as if made or given directly by such Holders.

 

Section 3.9.     Entire
Agreement. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes
all prior and contemporaneous agreements and understandings of the parties in connection therewith.

 

Section 3.10.     Counterparts.
This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument,
but all such counterparts taken together shall constitute but one agreement.

 

[Signature page follows]

 

    27

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date first above written.

 

	 	ALLIANCE DATA SYSTEMS CORPORATION
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	LOYALTY VENTURES INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Registration Rights Agreement]Exhibit 10.8

 

Execution

 

Certain
identified information has been excluded from the exhibit as such information would likely cause competitive harm to the registrant
if publicly disclosed. Such exclusions have been marked with a [****].

 

LOYALTYONE, CO.

 

-and-

 

BANK OF MONTREAL

 

 

 

AMENDED
AND RESTATED PROGRAM PARTICIPATION
AGREEMENT

 

 

 

Dated as of November 1, 2017

 

    

     

    

 

TABLE OF CONTENTS

 

AMENDED AND RESTATED PROGRAM PARTICIPATION AGREEMENT

 

	ARTICLE 1 RIGHT TO ISSUE	1
	1.1 	 	Participation in Program	1
	 	(a) 	Right to Issue	1
	 	(b) 	Issuance by Bank Affiliates and Others	1
	 	(c) 	Third Party Offers and Vendor Programs	2
	 	(d) 	Employee Incentive AM	2
	 	(e) 	Approval of Offers	3
	 	(f) 	Mutual Funds	3
	 	(g) 	 New Products	3
	 	(h) 	Agricultural Products	3
	1.2 	 	Termination of Right to Issue for OARS (Other Additional Retail
Services)	3
	1.3	 	Protection of AM Program	4
	1.4  	 	Injunctive Relief	4
	1.5	 	Contests	4
	1.6	 	Agreements Regarding Special Arrangements	5
	ARTICLE 2 EXCLUSIVITY	6
	2.1 	 	Intentionally Deleted	6
	2.2	 	Exclusivity for BankCards	6
	2.3 	 	Targeting	6
	2.4	 	Exclusivity in Favour of LM	6
	2.5	 	No Other Exclusivity	6
	ARTICLE 3 AM PROGRAM	6
	3.1	 	The AM Program	6
	3.2 	 	Terms and Conditions of the AM Program.	7
	3.3 	 	Treatment of Collectors	7
	ARTICLE 4 TERM OF AGREEMENT	7
	4.1	 	Term	7
	4.2	 	Program-Related Rights of Termination of the Bank	9

 

    

     

    

 

	4.3 	 	Program-Related Rights of Termination by LM	9
	4.4	 	Termination for Cause	9
	4.5 	 	Effect of Termination	10
	4.6	 	Force Majeure	12
	4.7	 	Limitation of Liability	13
	4.8	 	Implementation of Transfer Period	13
	ARTICLE 5 PAYMENTS	16
	5.1	 	BankCard Fees	16
	5.2	 	Non-BankCard Fees	16
	5.3	 	Fee Adjustment	16
	5.4	 	Taxes	16
	5.5 	 	Payment Dates and Payment of Initial Monthly Payment	16
	5.6 	 	Agreements with Other Sponsors	17
	5.7 	 	Annual Payment	17
	5.8	 	Interest	17
	5.9	 	General Provisions as to Payment	17
	5.10 	 	Characterization of AM for Multi-Use Cards	18
	ARTICLE 6 BANK REQUIREMENTS	19
	6.1	 	Services Contingency Plan	19
	6.2 	 	Insurance	19
	6.3	 	Personnel Screening	19
	6.4	 	Information Security Requirements and Physical Security Requirements	19
	ARTICLE 7 INTENTIONALLY DELETED	19
	ARTICLE 8 PROGRAM DESIGN	19
	8.1	 	Bank’s Obligations	19
	 	(a)	 General	19
	 	(b)	 BankCards	20
	 	(c) 	Minimum Award Amount.	20
	 	(e) 	Enhanced Flight Reward Benefit	20
	 	(f) 	Other BankCard Features	20
	 	(g)	BankCard Bonus Offers	20

 

    

     

    

 

	8.2 	 	Co-Branded Cards	21
	8.3	 	BankCard Award	22
	 	(a)	 Award Amount	22
	 	(b) 	Definitions	22
	 	(c)	 Major Changes to BankCard	22
	 	(d) 	Notice	22
	 	(e) 	LM Approval	22
	 	(f)	 Other Changes	22
	8.4	 	Retail Services	22
	 	(a) 	Existing Retail Services Offers	22
	 	(b) 	Definitions	22
	 	(c) 	Major Retail Changes	22
	 	(d) 	Notice	22
	 	(e)	 LM Approval	22
	 	(f) 	Other Changes	22
	8.5		Additional Bank Rights and Obligations	22
	 	(a) 	No Point Conversions	22
	 	(b)	 Multi Award Programs	22
	 	(c) 	New Loyalty Programs	21
	 	(d) 	No Limits on Section 2.4	22
	8.6		Cancellation of BankCard AM	22
	 	(a) 	Cancellation of BankCard AM	22
	 	(b) 	“Not in Good Standing”	22
	 	(c) 	Limits on Cancellation	23
	 	(d) 	Restoration of Cancelled AM	23
	 	(e) 	Collector Communications	23
	 	(f) 	Financial Arrangements	23
	 	(g) 	Indemnity	23
	8.7	 	Additional Bank Obligations for BankCards	23
	8.8 	 	Additional Bank Obligations for Retail Services	23
	8.9	 	Banking and Credit Card Program for Sobeys	23
	8.10	 	Industry Change	23
	8.11		Satisfaction Survey; Active Collectors	23

 

    

     

    

 

	ARTICLE 9 MARKETING	24
	9.1 	 	Definitions	24
	9.2		BMO Retail Services Marketing Commitment	24
	9.3	 	BMO BankCard Marketing Commitment	25
	9.4 	 	BankCard and Retail Services Marketing	25
	9.5		Advertising	25
	9.6	 	National Roll-Out	25
	9.7	 	Marketing Advisory Board	25
	9.8	 	LM Marketing Commitment	26
	9.9		Data Exchange	26
	9.10 	 	Additional LM Marketing Obligations	26
	ARTICLE 10 OPERATIONS AND ADMINISTRATION	26
	10.1		AM Accounts	26
	10.2 	 	Customer Credits	26
	10.3 	 	Collector Communications	27
	10.4 	 	Customer Service	27
	10.5 	 	Interfaces	27
	ARTICLE 11 INTELLECTUAL PROPERTY AND CONFIDENTIALITY	28
	11.1 	 	Trade Marks and Copyrights	28
	11.2 	 	Data Ownership and Access	28
	11.3		Confidentiality	28
	11.4 	 	Reporting	29
	ARTICLE 12 REPRESENTATIONS, WARRANTIES AND MISCELLANEOUS OBLIGATIONS	29
	12.1 	 	Representations and Warranties	29
	12.2		Other Commitments	30
	12.3		Product Liability	30
	12.4		Entire Agreement	30
	12.5 	 	Nature of Relationship; Third Party Beneficiaries	30
	12.6		Rights Reserved	30
	12.7	 	Notices	31

 

    

     

    

 

	12.8 	 	Exclusion	31
	12.9	 	Miscellaneous	31
	12.10 	 	Public Announcements	31
	12.11 	 	Effectiveness of this Agreement	31

	 	Satisfaction Survey; Active Collectors	1

 

Annexes, Exhibits and Schedules: [****]

 

    

     

    

 

AMENDED
AND RESTATED

 

PROGRAM PARTICIPATION AGREEMENT

 

THIS AMENDED AND RESTATED PROGRAM PARTICIPATION
AGREEMENT is made as of November 1, 2017 (the “Effective Date”) between LoyaltyOne, Co. and Bank of
Montreal.

 

RECITALS:

 

A.          The
Parties entered into the 2013 PPA dated as of January 1, 2013 and now wish to amend and restate the 2013 PPA in its entirety, except
as expressly provided in Section

12.11 hereof.

 

B.          
Capitalized terms used herein have the meanings set out in Annex A, and the rules of interpretations set out in Annex A apply
to this Agreement.

 

NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE
1

RIGHT TO ISSUE

 

		1.1	Participation in Program.

 

(a)          Right
to Issue. Subject to the provisions hereof, LM hereby grants the Bank a right to issue AM in Canada to Customers of the Bank or,
subject to Section 1.1(b), any Bank Affiliate during the period commencing on the Launch Date and ending (but subject to Section 4.5):
(i) with respect to Retail Services, on termination of the Retail Services Term, (ii) with respect to BankCards, on termination of the
BankCard Term, and (iii) with respect to all Categories, on the Termination Date. Except as otherwise expressly stated herein, such right
is exclusive to the Categories and the Bank will ensure that no Bank Party will issue AM otherwise than in connection with the provision
by it in Canada to a Customer of services falling entirely within the scope of a Category. The Bank shall ensure that no Bank Party issues
AM otherwise than as expressly provided in this Section 1.1.

 

(b)           Issuance by Bank Affiliates and Others. All AM issued by, or in respect of the activities of, a Bank Affiliate shall be
conclusively deemed for all purposes hereof to have been issued by the Bank, and the Bank shall be responsible for ensuring that each
Bank Affiliate complies with all provisions hereof as if it was a party hereto with LM. For greater certainty, any reference herein to
the Bank being obligated to do or not do any matter or thing, shall be deemed to include the obligation of the Bank to ensure that each
other Bank Party does or does not do the particular matter or thing, and any reference to the Bank being entitled to any right, matter
or thing, shall be deemed to include a reference to any Bank Affiliate being entitled to such right, matter, or thing, but only for so
long as such Bank Affiliate continues to be a Bank Affiliate. Notwithstanding the foregoing or anything else contained herein, if at
any time or from time to time the Bank or any Bank Affiliate wishes to issue AM in connection with the activities of a Bank Affiliate
which does not operate under a name which includes either “Bank of Montreal”, “BMO”, or any other trade-mark
commonly associated with the Bank as of the date hereof, the Bank must obtain LM’s prior written consent, which shall not be unreasonably
withheld; provided that no such consent shall be required for the issuance of AM (i) by any Bank Affiliate listed in Schedule 1.1(b)
hereto or (ii) in connection with any business of a Bank Affiliate which was, immediately prior to the proposed issuance of AM by such
Bank Affiliate, carried out by the Bank and in respect of which the Bank issued AM as permitted hereunder; but in the case of clause
(ii), if LM believes that the name of such Bank Affiliate conflicts with another Sponsor or its exclusivity (such as, for example, by
incorporating the name or style of a competitor of a Sponsor), the Bank will, in good faith, discuss the matter with LM to determine
what solutions might be available. The Bank will not issue AM in respect of the activities or the goods and services of any Person (including
any Affiliate of the Bank) which is not a Bank Affiliate nor otherwise permit or authorize any such Person to issue AM itself.

 

     

    - 2 -

    

 

(c)              
Third Party Offers and Vendor Programs. Except with LM’s prior written consent, which in the case of Original Retail
Services, will not be unreasonably withheld, the Bank will not issue AM in respect of Retail Services by reference to or in connection
with any particular Person, or the goods, services or activities of any particular Person (other than a Bank Party), including as part
of a promotion or offer designed to encourage the obtaining of goods or services by reference to any particular Person. By way of example,
but without limiting the foregoing, the Bank would be in breach of this Section 1.1(c) if it issued AM to Customers in connection with
car loans to acquire cars manufactured by one particular automobile manufacturer (as opposed to any such manufacturer). For greater certainty,
however, the issuance of AM by the Bank in connection with the use of a BankCard does not, by itself, constitute the issuance of AM in
connection with the activities of another Person, notwithstanding that the BankCard may have been used to acquire goods or services from
some other Person. If LM has consented to a particular program, the Bank may charge the applicable other Person a fee or other compensation
for each such AM issued by the Bank, so long as (i) such fee or other compensation is not, directly or indirectly, less (or effectively
less) than $[****] or more (or effectively more) than $[****] per
AM (and if the Bank charges such other Person a fee or other compensation in connection with the issuance of such AM that is not measured
on a per AM basis, the Bank shall, acting reasonably, determine the net effective amount per AM to which such fee or other compensation
is equivalent and use such equivalent amount for purposes of this Section 1.1(c)), (ii) without limiting Section 11.3, no disclosure is
made to such other Person of the actual amounts payable hereunder in connection with the issuance of AM, including the Non-BankCard Fee,
and (iii) no such other Person is a Sponsor or an Affiliate, franchisee or dealer of a Sponsor, or a competitor of a Sponsor in respect
of goods or services for which such Sponsor is authorized to issue AM. At LM’s request from time to time (but no more than once
per calendar year) the Bank shall provide LM with a certificate signed on behalf of the Bank by an officer to the effect that the Bank
has been in compliance with the previous sentence during the period since the last such certificate (or in the case of the first such
certificate, since the date hereof), or if not, particulars thereof.

 

(d)               Employee
Incentive AM. In addition to the rights granted elsewhere in this Section 1.1, the Bank may issue AM during the Term to any
employee in Canada of a Bank Party pursuant to AM-related employee incentive programs established and operated by such Bank Party
(such AM is referred to as “Employee Incentive AM”). For each such AM issued by the Bank in a particular month, the Bank
will pay LM, as soon as possible and in any event not later than the last Business Day of the next following month, the then
effective Non-BankCard Fee. However, AM issued by the Bank pursuant to any such program shall not be considered AM for purposes of
Section (a) of Schedule 8.8 and shall be subject to Section 5.5(f). Any such right to issue AM is non-exclusive and may therefore be
granted by LM to any other Person. Schedule 1.1(d) sets out the provisions relating to the Bank’s employee recognition and
rewards program.

 

     

    - 3 -

    

 

 (e)               
Approval of Offers. Intentionally deleted.

 

(f)               
Mutual Funds. Without limiting Section 1.1(c), the Bank may not provide bonus or tactical AM offers in connection with mutual
funds or otherwise promote the sale thereof by reference to any particular Person, unless the mutual funds in question are owned and operated
by the Bank or any of its Affiliates or such bonus or tactical offers are applied to all mutual funds then sold by the Bank or its Affiliates
(whether or not owned and operated by the Bank or any of its Affiliates). This Section 1.1(f) is not intended to expand the rights the
Bank may otherwise have hereunder to issue AM in connection with mutual funds.

 

(g)              
New Products. If at any time the Bank wishes to add additional financial services to Retail Services, it may request permission
from LM to do so. LM agrees to consider any such request in good faith, to respond as soon as practicable in the circumstances to such
request, and to use reasonable efforts to respond within 90 days unless not practicable. LM has no obligation to approve any such request
and any such approval may be subject to such additional terms and conditions as LM may specify.

 

(h)              
Agricultural Products. If at any time, the Bank elects (and is entitled hereunder) to issue AM in connection with any Restricted
Farm Products on or after July 1, 2002, it must first provide LM with 90 days prior written notice of its intention to launch the related
offer of AM in connection therewith. For greater certainty, the foregoing portions of this Section 1.1(h) do not preclude the Bank from
offering AM to farmers, or targeting offers of AM to farmers, in connection with general financing products that are available to other
Small Businesses as well. Notwithstanding anything else contained herein, the Bank may not issue AM in connection with the leasing to
Small Businesses or, without limitation, farmers, of farm, garden or lawn care equipment at any time.

 

1.2             
Termination of Right to Issue for OARS (Other Additional Retail Services).If at any time LM has entered into or
provided an agreement, letter of intent, term sheet or similar arrangement or document (whether or not binding) with another Person under
which such Person is granted or it is contemplated that they will be granted exclusivity or other rights with respect to all or any part
of the goods or services included in OARS, such that the Bank’s continuation of issuance of AM in connection with such OARS would
be in breach of such rights, LM may notify the Bank thereof and 90 days after receiving such notice, the Bank will cease to issue (and
will no longer have the right to issue) AM hereunder in connection with such OARS. LM confirms that it is its strong preference to work
with the Bank with respect to any OARS, and to enter into arrangements with the Bank formalizing a continuing right to issue AM in connection
with such matters on an exclusive basis, in exchange for the Initial Monthly Payments and similar payments on a mutually agreeable basis,
and in the event LM does not reach agreements with the Bank with respect thereto, to first seek to enter into such agreements with third
parties who are not competitors of the Bank with respect to Core Original Retail Services. The Bank acknowledges, however, that the foregoing
sentence is intended solely to record LM’s preference, but does not and is not intended to provide any legally enforceable rights
in favour of the Bank, whether in the nature of a first right of refusal, right to negotiate, or otherwise whatsoever, and LM may engage
in negotiations with and reach agreements with any third party regarding such matters without notice or other commitments to or in favour
of the Bank.

 

     

    - 4 -

    

 

1.3             
Protection of AM Program. The Bank will ensure that no Bank Party issues, gives or otherwise distributes Coupons,
calls, options or other rights with respect to or convertible into AM except as expressly permitted herein; provided however that the
Bank may issue documents in the form of coupons which merely evidence the availability at the Bank of certain AM offers, but are not themselves
convertible, exchangeable or redeemable into AM. The Bank acknowledges that one of the intrinsic and essential characteristics of the
AM Program is that LM shall at all times maintain control over AM and that any unauthorized sale, exchange, redemption, distribution or
other disposition or use of AM, Coupons, calls, options or other rights with respect thereto, would impair the AM Program. The Bank therefore
agrees to co-operate with LM as reasonably necessary to prevent attempts to effect any such unauthorized sale, exchange, redemption, distribution
or other disposition or use. For greater certainty, the Bank agrees that no Bank Party, nor any of its employees or agents, will attempt
to sell, exchange or redeem any AM, but will utilize AM solely for the purpose of requesting LM to credit AM to AM Accounts, all as contemplated
in this Agreement; provided that this sentence shall not prohibit any such employee or agent from becoming a Collector and exercising
his or her rights as such.

 

1.4             
Injunctive Relief. Each Party acknowledges that the provisions of this Article 1, Article 2, and of Article
11 and Sections 3.1(a), 8.1, 8.3, 8.4, 8.5(b), 8.5(c) and Sections 4.1(b), 5.1(a), 5.2 and 5.3 of Schedule 8.10, are only such as are
reasonably necessary for the protection of each Party’s rights under or in respect of the AM Program. Each Party agrees that there
is no adequate remedy at law for the irreparable injury that would result from violation of such provisions and that injunctive or similar
relief shall be available to a Party aggrieved by any such violation. The provisions of this Section 1.4 shall not limit any other rights
that an aggrieved Party may have at law or in equity.

 

1.5             
Contests. During the Term, the Bank may conduct contests from time to time offering AM as a prize, subject
to the following terms and conditions:.

 

		(i)	Each such contest must either relate to a Category (and to goods and services within
such Category) in respect of which the Bank is then offering (and entitled to offer) AM or promote the Bank’s participation in the
AM Program generally.

 

		(ii)	The goods or services in question must be solely those of a Bank Party, and, without
limiting Section 1.1(c), may not relate to or refer to any other Person.

 

		(iii)	Any reference to AM or any other trade-mark or other intellectual property of LM in
connection with any such contest shall comply with the terms hereof and any licence agreement between the Bank and
LM relating to the use of intellectual property.

 

     

    - 5 -

    

 

		(iv)	The Bank shall ensure that all such contests comply with all federal, provincial
and local laws and regulations and applicable industry standard and self-regulatory codes.

 

		(v)	The Bank shall, prior to the commencement of any such contest, submit to LM for
its review and approval, copies of all advertising, contest rules and regulations, a summary of the contest rules and all other promotional
materials in connection therewith. The Bank shall not publish or distribute any such advertising, rules or other promotional materials
in respect of which LM has notified the Bank in writing of its objections. Where required to disclose the value of the AM offered as the
prize or prizes in any such contest, the Bank shall disclose only such value as LM shall specify. The Bank shall not be required to submit
any such materials to LM in respect of any contest that is substantially similar to a contest in respect of which the Bank has previously
submitted materials to which LM has not objected in writing.

 

		(vi)	Without limiting the foregoing, the Bank shall indemnify LM and each of its Representatives
and hold them harmless from and against [****]. [****]. For greater certainty, any AM issued pursuant to a contest permitted by this Section
1.5 shall constitute Non-BankCard AM or BankCard AM (and to the extent constituting Non-BankCard AM, shall be deemed to have been issued
in connection with a particular Category of Retail Services) depending on the nature of the goods or services in respect of which such
contest primarily relates. The Bank acknowledges that LM has no obligation to review the Bank’s material for accuracy or compliance
with Applicable Laws, standards or codes, assumes no responsibility for such compliance and LM’s failure to comment on any such
materials shall not affect or reduce any of the Bank’s other obligations hereunder. The Bank assumes all responsibility for such
compliance, and without limitation, the Bank maintains sole responsibility to ensure that advertising material does not contain any statements,
claims or representations that are misleading or inaccurate or that are not supported by adequate and proper tests and are otherwise in
compliance with Applicable Laws, standards or codes.

 

1.6              Agreements
Regarding Special Arrangements. The Exhibits hereto set out agreements which the Parties have entered into relating
to this Agreement. All matters set out in such Exhibits constitute binding agreements between the Parties in accordance with their
terms. The Parties may at any time enter into additional such agreements and upon execution of any such agreements by both Parties,
they shall be deemed to be appended as additional Exhibits hereto.

 

     

    - 6 -

    

 

ARTICLE
2

EXCLUSIVITY

 

		2.1	Intentionally Deleted.

 

		2.2	Exclusivity for BankCards. [****].

 

		2.3	Targeting. [****].

 

		2.4	Exclusivity in Favour of LM. [****].

 

		2.5	No Other Exclusivity. [****].

 

ARTICLE
3

AM PROGRAM

 

		3.1	The AM Program.

 

(a)              
Schedule 3.1 sets out certain features of the AM Program. LM shall not change any such feature of the AM Program so as to materially
adversely affect Customers, in either case without the Bank’s prior written approval, such approvals not to be unreasonably withheld
or delayed. Every notice of a proposed change shall be in writing and sent by pre-paid courier service to the Head, North American Retail
Payments at 12th Floor, 55 Bloor Street West, Toronto, Ontario M4W 3M5, with a copy to Vice President & Deputy General Counsel, Personal
 & Commercial Banking Canada at 20th Floor, First Canadian Place, Toronto, Ontario M5X 1A1. The Bank’s written approval
of any such change shall be deemed to have been given if, within 20 Business Days after the later of the date on which LM notifies the
Bank of the change in question or the date on which LM provides the Bank with such additional information concerning the change in question
as the Bank may have requested, acting reasonably, the Bank does not notify LM of the Bank’s disapproval of such change. If within
the time limited in the previous sentence the Bank notifies LM of the Bank’s disapproval of the change in question, then the Bank
shall, at the request of LM meet and confer with LM with regard to the reasons for the Bank’s disapproval with a view to achieving
a resolution of LM’s request and the Bank’s concerns within 20 Business Days at the earliest opportunity, both parties acting
reasonably. Notwithstanding the foregoing provisions of this Section 3.1(a), the Bank’s approval shall not be required for any such
change (including any suspension or termination of all or part of the AM Program, generally or in any part or parts of Canada) if LM determines,
acting reasonably, after receiving legal advice, that, unless such change is made, there is a reasonable likelihood that LM, a Sponsor
or the operation of the AM Program will be in violation of Applicable Law or subject to prosecution or civil proceedings. LM shall provide
the Bank with a copy of or opportunity to review such opinion no less than five days prior to implementing any change in the AM Program
contemplated as a result of the advice contained in such opinion. Changes made to the AM Program in response to a possible violation of
Applicable Law shall be only those which are necessary to alleviate such possible violation.

 

With respect to such changes, LM shall minimize (in the context of
addressing the particular violation of Applicable Law) the impact of such changes insofar as the Bank is concerned.

 

(b)              
[****]..

 

     

    - 7 -

    

 

3.2             
Terms and Conditions of the AM Program. Subject to the provisions of Section 3.1 and this Section 3.2, LM shall determine
the form, scope and content of the Terms and Conditions in its sole discretion, and may effect any additions, deletions or other modifications
thereto as it may determine in its sole discretion. Prior to effecting any such addition, deletion or modification which will substantially
alter the rights of the Customers, LM will advise the Bank thereof.

 

3.3             
Treatment of Collectors. Except as otherwise provided herein or with LM’s prior written approval, the Bank
will not, and will ensure that no Affiliate of the Bank will (i) impose terms, conditions, fees or expenses on Customers or any other
Persons in connection with any offer of AM which, individually or taken as a whole, are different than the Bank or its Affiliates imposed
on their Customers prior to their offer of AM or impose on their Customers which do not or cannot receive AM, (ii) charge Customers any
fees or other charges or expenses in connection with the issuance of AM, or (iii) with respect to the Retail Services Category, require
Collectors to choose between AM and some other benefit; provided that the Bank may require Collectors to make such a choice in connection
with Short Term Programs with appropriate value comparisons (as determined by LM, acting reasonably) between AM and such other benefits,
so long as it obtains LM’s consent thereto, not to be unreasonably withheld.

 

ARTICLE
4

TERM OF AGREEMENT

 

		4.1	Term.

 

(a)               The
term of this Agreement commenced on September 25, 1991 and, unless earlier terminated in accordance herewith, shall continue until
both the BankCard Term and the Retail Services Term have ended. Upon termination of both the BankCard Term and the Retail Services
Term, this Agreement shall be deemed to have terminated and such date shall be the effective date of termination hereof,
notwithstanding that certain provisions hereof may survive such termination, whether pursuant to Section 4.5, or as otherwise
expressly provided herein. For greater certainty, upon termination of this Agreement in accordance herewith, both the BankCard Term
and the Retail Services Term shall terminate, and if both the BankCard Term and the Retail Services Term shall have terminated, then
this Agreement shall be conclusively deemed to have terminated on the date of the last of any such termination.

 

     

    - 8 -

    

 

(b)              
[******].

 

(c)              
If at any time the Bank gives LM any notice contemplated by Section 4.1(b), or for any other reason the BankCard Term, the Retail
Services Term or this Agreement otherwise terminates (except for termination of this Agreement under Section 4.4 [Termination for Cause])
then, until 90 days prior to the effective date of termination of the BankCard Term, the Retail Services Term, or this Agreement, as applicable,
the Bank shall, and shall cause each of its Representatives to, maintain in confidence the fact that the BankCard Term, the Retail Services
Term or this Agreement will terminate, or any matter relating thereto, and in particular, but without limitation, shall not make any public
announcements concerning such termination or its withdrawal from the AM Program, except:

 

		(i)	with the consent in writing of LM;

 

		(ii)	if disclosure is required by Applicable Law, in which case Section 11.3(b) shall apply
mutatis mutandis; or

 

		(iii)	if such information becomes generally available to the public other than as a result
of disclosure by the Bank or any of its Representatives.

 

Unless such information becomes generally
available to the public other than as a result of disclosure by LM or any of its Representatives, until such 90th day, LM shall not disclose
the fact of any such termination or any matter relating thereto to its Collectors, other than any Collectors which are professional advisers
or consultants to LM and are advised of the confidential nature of such information, or other Representatives of LM, or Sponsors or prospective
Sponsors, including, as part of any communication to its Collectors, and to the extent that LM discloses any circumstances relating to
such termination to any other Sponsor or prospective Sponsor, it shall use its best efforts to obtain the commitment of such actual or
prospective Sponsor to keep such information confidential.

 

(d)               Within
30 days of the Parties becoming aware that this Agreement, the BankCard Term or the Retail Services Term will expire or terminate
for any reason, the Parties shall meet and attempt to negotiate in good faith a Customer communication plan and any other relevant
outstanding issues with respect to such expiration or termination. Should either (i) the Parties fail to reach such agreement within
120 days of the date of such expected termination or expiration (the “Expected Termination Date”), or (ii) there
be insufficient time to complete such negotiations within 120 days of the Expected Termination Date, then notwithstanding anything
in this Agreement, including, without limitation, Section 2.3 or Schedule 2.4, beginning 90 days prior to the Expected Termination
Date: (A) the Bank may notify any Customers, whether holders of AM BankCards or not, of any Competing Program which the Bank will
offer to Customers following the Expected Termination Date as well as market, advertise or promote such Competing Program to the
public; and (B) LM shall be entitled to notify Collectors about alternative cards offering AM, provided that in any such
notifications, each of Bank and LM will advise Customers or Collectors, as the case may be, of any ability of holders BankCards to
earn and be issued AM following termination or expiration.

 

     

    - 9 -

    

 

4.2             
Program-Related Rights of Termination of the Bank. If any of the following events or circumstances shall occur or
exist, the Bank shall, at any time after the occurrence and during the continuance thereof, have the right to terminate this Agreement
upon written notice to LM:

 

		(a)	the AM Program ceases to operate (other than as a result of a force majeure as
defined in Section 4.6(b)) and LM is not making all reasonable efforts to recommence operations; it being agreed that for the purposes
of this clause (a) and Section 4.6, the term “ceases to operate” shall mean the inability on the part of LM, for a period
of 30 consecutive days, to issue or redeem AM; or

 

		(b)	at any time, on 30 days’ notice to LM, if LM has intentionally carried out
any fraudulent or illegal conduct that materially affects the Bank’s financial position in respect of the AM Program.

 

4.3             
Program-Related Rights of Termination by LM. LM may terminate the Bank Card Term or Retail Services Term in the circumstances
set out in Schedules 8.7 and 8.8, respectively.

 

4.4             
Termination for Cause. Either Party (the “Notifying Party”) may, at any time and upon at least
one Business Day’s prior written notice to the other Party (the “Defaulting Party”), terminate this Agreement
if any of the following events or circumstances shall occur and be continuing:

 

		(a)	the Defaulting Party defaults in the payment when due of any amount owing to the
Notifying Party hereunder and such default continues for a period of 20 Business Days following receipt by the Defaulting Party from the
Notifying Party of notice of such default;

 

		(b)	the Defaulting Party, which, in the case of the Bank, includes any Bank Party, defaults
in the performance or observance of any obligation hereunder or under any document delivered pursuant hereto (including any trade-mark
licence and/or registered user agreement and/or participation agreement), other than any obligation referred to in Section 4.4(a) or Schedule
10.4, and such default continues for a period of 30 Business Days following receipt by the Defaulting Party from the Notifying Party of
notice of such default; or

 

		(c)	the Defaulting Party makes an assignment for the benefit of
its creditors, is adjudged bankrupt, files or consents to the filing of a petition in bankruptcy, consents to the appointment of a receiver
(which term as used in this Section 4.4(c) shall include a receiver-manager, a sequestrator, a liquidator, or any other official having
powers similar to those of a receiver, sequestrator or liquidator) of itself or of all or substantially all of its property; or if the
Defaulting Party shall propose a compromise or arrangement under the Companies’ Creditors Arrangement Act (Canada) or the
Winding-up and Restructuring Act (Canada); or a receiver is appointed without its consent of itself or of all or substantially
all of its properties and is not discharged within l20 days of such appointment; or the Defaulting Party ceases to maintain its corporate
existence or has any resolution passed therefor (other than as a result of an amalgamation).

 

     

    - 10 -

    

 

		4.5	Effect of Termination.

 

(a)              
Upon and notwithstanding termination of this Agreement, the following provisions shall apply:

 

		(i)	The Bank will ensure that no Bank Party issues AM following termination except as
provided in Section 4.5(a)(ii).

 

		(ii)	Notwithstanding termination, a Bank Party may, in accordance with Section 4.5(d),
during the six month period subsequent to termination, issue any AM (not previously issued) in respect of which BankCard Issuance Fees
or Retail Issuance Fees, as applicable, were paid prior to termination. In addition, and without limiting Section 4.5(c), notwithstanding
termination of the Retail Services Term or the BankCard Term (whether or not coincident with termination of this Agreement), for any reason
other than a termination pursuant to Section 4.3, the Bank may continue to issue AM in accordance with this Agreement in respect of any
Categories for which AM was issued prior to such termination, but only during the first 12 months following termination of this Agreement;
provided however that, for greater certainty (A) the Bank shall continue to pay LM in accordance with Sections 5.1, 5.2 and 5.5 all Fees
with respect to each such AM so issued by it after termination of this Agreement, and shall pay the Initial Monthly Payments for such
Categories for each month in such 12 month period in accordance with Section 5.5(a) (provided, however, that for purposes of this Section
4.5(a)(ii), the Initial Monthly Payments for such Categories for each such month shall be the greater of such amount as the Bank shall
estimate to LM prior to the beginning of each such month, and an amount equal to the actual amount payable by the Bank for issuances of
AM during the immediately preceding month), and (B) the Bank may apply any AM BankCard Credit Amount or AM Retail Services Credit Amount
resulting from payments during such 12-month period, not only as a credit to reduce amounts that would thereafter otherwise be payable
pursuant to Section 5.5(b), but also as a credit against any related Initial Monthly Payments payable during such 12-month period, and
upon any such reduction, the AM BankCard Credit Amount and the AM Retail Services Credit Amount shall be correspondingly reduced. If at
the end of such 12 month period, there is still any such AM BankCard Credit Amount or AM Retail Services Credit Amount resulting from payments
during such 12 month period which has not been so applied, LM shall forthwith refund the amount thereof to the Bank and the AM BankCard
Credit Amount and the AM Retail Services Credit Amount shall be reduced to nil.

 

     

    - 11 -

    

 

		(iii)	Except to the extent required in connection with the issuance of AM in accordance
with Section 4.5(a)(ii), the Bank shall ensure that no Bank Party will, following the Termination Date, hold itself out as a Sponsor in
the AM Program.

 

		(iv)	The Bank shall ensure that each Bank Party will, following termination, provide
LM with such information and assistance as LM shall reasonably request with respect to AM which have been issued by a Bank Party or redeemed,
or which are claimed by a Collector to have been so issued or redeemed.

 

		(v)	The termination of this Agreement shall not affect or discharge any obligation
of either Party outstanding on the Termination Date or the Bank’s obligation pursuant to Sections 1.1(d) [Employee Incentive AM],
5.1, 5.2, 5.3 and 5.5 to pay Fees or other amounts subsequent to the Termination Date in respect of AM issued at any time by a Bank Party.

 

		(vi)	Each Party shall cease to utilize the other Party’s intellectual property
after the expiry of the period contemplated in clause (ii) above.

 

		(vii)	Notwithstanding the termination of this Agreement, the provisions of Sections 1.3
[Protection of AM Program], 4.5 [Effect of Termination], 4.7 [Limitation of Liability], 5.4 [Taxes], 10.2 [Customer Credits], 11.2 [Data
Ownership and Access], 11.3 [Confidentiality] and 12.8 [Exclusion] shall survive termination indefinitely.

 

(b)             In
the event that either the BankCard Term or the Retail Services Term (but not both) shall have terminated, Section 4.5(a) shall apply
to AM with respect to BankCards or Retail Services, as applicable, on the following basis:

 

		(i)	clauses (i), (ii) and (iv) of Section 4.5(a) shall apply mutatis mutandis to AM
with respect to BankCards or Retail Services, as applicable; and

 

		(ii)	notwithstanding such termination of the BankCard Term or Retail Services Term,
as applicable, each Party shall continue to be subject to this Agreement in all other respects.

 

(c)             In
order to determine, for the purposes of Section 4.5(a)(ii), the number, if any, of AM in respect of which a Fee was paid prior to termination,
the following provisions will apply:

 

		(i)	the aggregate number, if any, of AM that the Bank Parties shall be
                                                          entitled to issue with respect to BankCards pursuant to the first sentence of Section 4.5(a)(ii) shall be the aggregate of the
                                                          individual results obtained when each AM BankCard Credit
Amount (or portion thereof) then still outstanding as at the Termination Date (or the date of termination of such Category, as applicable)
is divided by the Issuance Fee which was in effect during the month in which such AM BankCard Credit Amount was accrued pursuant to Section
5.5(d); and

 

     

    - 12 -

    

 

		(ii)	the aggregate number, if any, of AM that the Bank Parties shall be entitled to issue
with respect to Retail Services pursuant to Section 4.5(a)(ii) shall be the aggregate of the individual results obtained when each AM
Retail Services Credit Amount (or portion thereof) then still outstanding as at the Termination Date (or the date of termination of the
Retail Services Term, as applicable) is divided by the Issuance Fee which was in effect during the month in which such AM Retail Services
Credit Amount was accrued pursuant to Section 5.5(e).

 

(d)             For
the purposes of Section 4.5(c), on-going applications of AM BankCard Credit Amounts and AM Retail Services Credit Amounts pursuant to
Sections 5.5(d) and (e), respectively, shall occur on a first-in, first-out basis so that older AM BankCard Credit Amounts (if any) and
older AM Retail Services Credit Amounts (if any) shall be reduced before newer amounts of the same.

 

	4.6	Force Majeure.

 

(a)             Failure to perform any obligation under this Agreement, or the occurrence or existence of an event or circumstance under Section
4.2 or 4.4, as a result of force majeure shall not constitute non-compliance or a default or a cause for termination under this Agreement
for the purposes of Section 4.2 or 4.4. Neither Party shall be under any liability to the other as a result of any delay or default in
carrying out its obligations hereunder which is due in whole or in part to any force majeure. Notwithstanding the foregoing, force majeure
shall in no event exempt any Party from any obligation to pay, or excuse any failure to pay, any amount payable hereunder when due. A
Party who contends that its obligation is suspended or its performance is otherwise excused by reason of force majeure must give prompt
written notice to the other Party specifying the condition or event constituting the same.

 

(b)             For
the purposes hereof, “force majeure” shall mean any of the following: lightning, storms, earthquakes, floods, droughts, fires,
explosions, expropriation, action of any government or governmental body or court, acts of God or any other cause, whether similar to
or dissimilar from the foregoing, beyond the control of the Party seeking to take advantage of force majeure and affecting performance
by such Party.

 

(c)             Notwithstanding
the foregoing paragraphs of this Section 4.6, if any force majeure is such that it causes the AM Program to cease to operate (within
the meaning specified in Section 4.2(a)), then the Bank’s payment obligations under Section 5.5(a) shall be suspended,
commencing on the date of commencement of such cessation for a period equivalent to the period during which such cessation
continues. Upon such cessation stopping, the Bank’s payment obligations under Section 5.5(a) shall revive forthwith. If a
force majeure which causes the AM Program to cease to operate occurs which either Party relies upon, and such force majeure
continues for a period of 270 consecutive days, then the other Party may provide such Party with not less than 30 days prior written
notice of its intention to terminate this Agreement, and this Agreement shall terminate effective upon the expiry of such 30 day
period unless, prior thereto, such force majeure (or such Party’s reliance thereon under this Section 4.6) has ceased.

 

     

    - 13 -

    

 

	4.7	Limitation of Liability.
[****].

 

	4.8	Implementation of Transfer Period.

 

(a)            
During any Transfer Period (as defined in Section 4.8(h)), the Bank may, at its own expense and provided that LM and the Bank have
agreed on the applicable pricing under Section 4.8(g), notify its Customers who are Collectors that they may, by notice to either LM or
the Bank, elect to transfer any AM issued by the Bank and then outstanding in their AM Account (“Bank AM”) to any other award
program which the Bank then has in effect or plans to introduce. If any such Collector who has been so notified by the Bank in accordance
with this Section 4.8(a), notifies LM in writing during the Transfer Period of their wish to make such a transfer, LM will cancel all
of such Collector’s Bank AM and will facilitate the transfer thereof in accordance with the following. Any such notice from a Collector
shall be in form acceptable to LM, acting reasonably and shall provide, at a minimum, an express statement by the Collector that they
wish their Bank AM to be so transferred and understand that upon such transfer their Bank AM will be cancelled and they will have no further
rights with respect to such AM.

 

(b)             LM shall determine the number of Bank AM at any time during the Transfer Period outstanding in the AM Account of any Collector
based on the total number of Bank AM issued by the Bank to such Collector, and the number thereof which have been redeemed, and shall
determine the number thereof which have been redeemed on a proportionate basis comparable to that provided for in Section 5.1(c).

 

(c)             In
addition to accepting the written notice of Collectors in accordance with Section 4.8(a) above, LM will also accept notice from the Bank
as to which Collectors who have been notified by the Bank in accordance with Section 4.8(a), wish to have their Bank AM so transferred.
In giving any such notice, the Bank will only reference Collectors who have actually notified the Bank in writing of their wish to have
their Bank AM so transferred, and in particular, may not rely on any negative options, whereby the failure of a Collector to notify the
Bank that they do not want their Bank AM so transferred is deemed to constitute their consent to such a transfer. If the Bank gives any
such notice to LM, LM shall be entitled, at its own expense, to verify the accuracy of the information contained therein and the Bank
shall co-operate reasonably with LM in that regard, including providing LM access to all or any group identified by LM of the actual
responses provided by Collectors who have responded to the Bank. Any such notice from the Bank shall be given by the Bank at its own
expense, and shall be in such electronic or computer readable form as LM, acting reasonably, shall approve at the time in question, the
intention being that the form used must be easily readable by LM’s computer systems.

 

     

    - 14 -

    

 

(d)             If
an Insolvency Event (as defined below) has occurred and is continuing and LM fails to cancel a Collector’s Bank AM or facilitate
the transfer thereof to the extent required under this Section 4.8 or fails to comply with any of its other obligations under this Section
4.8, and in either event has not cured such failure within 5 Business Days of the Bank notifying LM of such failure, referring to this
Section 4.8 and requiring that such failure be cured, the Bank shall be entitled to direct LM’s database outsourcer (currently
ADS Alliance Data Systems, Inc.) to take such action on behalf of LM, and LM hereby irrevocably consents to the Bank so directing such
outsourcer, provided that any such direction to such outsourcer shall be in writing and a copy thereof shall be concurrently provided
to LM and provided further that any expenses incurred by the Bank in so directing any such outsourcer or paying any amounts which such
outsourcer requires to be paid in connection with performing the actions directed by the Bank, shall be for the Bank’s own account
and must be paid by the Bank. The only information which the Bank shall be entitled to obtain from such outsourcer shall be such information
as the Bank requires in order to provide the notices described in Section 4.8(a), and apart from such information, the Bank shall not
be entitled to receive any information from such database outsourcer regarding LM or its Collectors.

 

(e)             
[****].

 

(f)              Before
making any announcement of the type referred to in Section 4.8(a) above, the Bank shall, at its own expense, put in place and establish
all electronic and other interfaces between LM (or its outsourcer, as determined by LM) as shall be necessary or desirable to allow and
facilitate to the greatest extent reasonably practicable in the circumstances the easy transfer of data between LM (or such outsourcer,
as applicable) and the Bank to allow for such a transfer of AM. All such interfaces must be approved of by LM, acting reasonably.

 

(g)            The
Bank shall reimburse LM for any out-of-pocket costs incurred by LM in connection with the matters contemplated by this Section 4.8.
In addition, for each transaction whereby Bank AM of a particular Collector are transferred to a Bank program as contemplated by
this Section 4.8, the Bank will pay LM such amounts as the Bank and LM agree upon in advance of the Bank providing any notices under
Section 4.8(a). The Parties shall negotiate with each other at the time in question in good faith regarding the settling of such
amounts, it being acknowledged that the amounts to be paid by the Bank may differ depending on whether LM is notified by Collectors
in writing, or the Bank provides the notice to LM referred to in Section 4.8(c). The Bank shall not be entitled to provide any such
notices under Section 4.8(a) or otherwise transfer AM of its Customers, and LM shall have no obligation hereunder to cancel any
Collector’s Bank AM or facilitate the transfer thereof, in either event until such time as the amount to be paid has been
settled in accordance with the foregoing. All such amounts to be paid by the Bank in respect of transactions which take place in any
month, shall be payable by no later than the 15th day of the following month. Notwithstanding Section 5.9(b) hereof, if any of the
Bank AM being transferred by LM in a particular transaction are not BankCard AM, the Bank may deduct from any amounts otherwise
payable to LM under this Section 4.8(g) in respect of such transaction (the “gross amount”), an amount equal to the
lesser of (i) the gross amount and (ii) an amount equal to the net aggregate cash amount initially deposited to LM’s reserve
fund in respect of the eventual redemption of such Bank AM which are not BankCard AM, to the extent such amounts are still on
deposit therein, all as determined by LM, acting reasonably. If, at the time in question, LM is not able to determine with
reasonable accuracy which Bank AM in a particular Collector’s account are BankCard AM and which are not BankCard AM, LM and
the Bank shall work together in good faith to determine a mechanism to make such determinations.

 

     

    - 15 -

    

 

(h)             For
purposes of this Section 4.8, the “Transfer Period” shall be the earlier to occur of either (i) the last three months of
an Orderly Wind-down Period (as defined below) (or if the Orderly Wind-down Period is less than three months long, the entire Orderly
Wind-down Period); provided that if at any earlier time in an Orderly Wind-down Period, LM has become routinely unable to redeem AM for
any period in excess of 5 Business Days, for any reason other than force majeure (as defined in Section 4.6), the Transfer Period shall
thereupon commence and last until the earlier of the expiry of three months, and the expiry of the Orderly Wind-down Period; or (ii)
the period from the occurrence of an Insolvency Event to and including the earlier of (A) the expiry of three months from such occurrence
and (B) the time when an Insolvency Event ceases to be continuing. For purposes of this Section 4.8, if at any time LM publicly announces
that, effective as of a certain date specified in such announcement, LM shall cease to permit the issuance of AM, and that effective
as of a later date also specified in such announcement, LM shall cease to permit the redemption of AM, an “Orderly Wind-down Period”
shall commence as of the date so specified in such announcement on which LM shall cease to permit AM to be issued, and shall continue
until the date so specified in such announcement on which LM shall cease to permit the redemption of AM. LM shall give the Bank as much
prior notice of any such public announcement as reasonably practicable in the circumstances. For purposes of this Section 4.8, an “Insolvency
Event” shall occur if (i) proceedings are commenced by LM for its dissolution, liquidation or winding up; (ii) LM shall make an
assignment in bankruptcy for the benefit of its creditors or files or consents to the filing of a petition in bankruptcy; (iii) any Person
commences proceedings against LM seeking its bankruptcy and either LM has not taken any steps to oppose such proceedings within 10 days
of LM receiving notice of such commencement, or such proceedings have not been dismissed or otherwise successfully defended within 60
days of LM receiving notice of such commencement; (iv) LM is adjudged or declared bankrupt or insolvent and either LM has not taken any
steps to oppose such adjudgement or declaration within 10 days of LM receiving notice thereof, or such adjudgement or declaration is
not reversed or set aside within 30 days; or (v) the AM program ceases to operate (within the meaning of Section 4.2(a) hereof), other
than as a result of force majeure (as defined in Section 4.6(b)) or the occurrence of an Orderly Wind-down Period, and LM is not making
all reasonable efforts to recommence operations, but in any event shall not include the making of any proposal by LM under the Bankruptcy
and Insolvency Act (Canada) or making of any proposal or seeking of an arrangement under the Companies’ Creditors Arrangement Act
or any comparable law.

 

     

    - 16 -

    

 

ARTICLE
5

PAYMENTS

 

	5.1	BankCard Fees.
[****]..

 

	5.2	Non-BankCard Fees.
[****]..

 

	5.3	Fee Adjustment.
[****]..

 

5.4           Taxes. The
Bank shall, within the time prescribed by Applicable Law, pay all Taxes, whether now or hereafter in effect, which are or become payable
by the Bank under Applicable Law in respect of any amount payable by the Bank hereunder.

 

	5.5	Payment Dates and Payment of Initial Monthly Payment.

 

		(a)	The Bank will, on or before the first Business Day of each month:

 

		(i)	during the BankCard Term, pay LM an amount equal to the Initial Monthly Payment for
BankCards for such month; and

 

		(ii)	during the Retail Services Term, pay LM an amount equal to the Initial Monthly Payment
for Retail Services for such month.

 

Each such payment shall be non-refundable,
shall be considered the minimum fee payable hereunder for the applicable Category and shall not depend upon the number of AM which any
Bank Party has issued or may issue.

 

(b)            The
Bank will pay LM the amount payable pursuant to Section 5.1 with respect to BankCard AM issued in a particular month as soon as practicable
and, in any event, not later than the last Business Day of the month following such particular month. If the amount so payable with respect
to BankCard AM issued in a particular month is equal to or less than the Initial Monthly Payment for BankCards payable pursuant to Section
5.5(a) on the first Business Day of such month, such amount will be deemed to have been paid; and if such amount exceeds the Initial
Monthly Payment for BankCards so payable, the Bank will pay to LM an amount equal to the excess on or before the payment day determined
pursuant to the preceding sentence.

 

(c)             The
Bank will pay LM the amount payable pursuant to Section 5.2 with respect to Non-BankCard AM issued in a particular month as soon as practicable
and, in any event, not later than the last Business Day of the month following such particular month. If the amount so payable with respect
to Non-BankCard AM issued in a particular month in connection with Retail Services is equal to or less than the Initial Monthly Payment
for Retail Services payable pursuant to Section 5.5(a) on the first Business Day of such month, such amount will be deemed to have been
paid; and if such amount exceeds the Initial Monthly Payment for Retail Services so payable, the Bank will pay to LM an amount equal
to the excess on or before the payment day determined pursuant to the preceding sentence.

 

     

    - 17 -

    

 

(d)             If
the amount payable pursuant to Section 5.1 with respect to AM issued in a particular month in a Fiscal Year is less than the Initial
Monthly Payment for BankCards payable for such month, such differential amount (the “AM BankCard Credit Amount”) will,
from time to time, be applied (and, to the extent so applied, will be reduced) as a credit to reduce the amounts which would thereafter
otherwise be payable pursuant to Section 5.5(b); provided that all such credits for the BankCard Category shall terminate, in the case
of each of the first three Fiscal Years in the BankCard Term, on the earlier of the last day of the Fiscal Year and the termination of
the BankCard Term, and in the case of the remaining Fiscal Years in the BankCard Term, on the termination of the BankCard Term.

 

(e)             If
the amount payable pursuant to Section 5.2 with respect to AM issued in a particular month in a Fiscal Year is less than the Initial
Monthly Payment for Retail Services payable for such month, such differential amount (the “AM Retail Services Credit Amount”)
will, from time to time, be applied (and, to the extent so applied, will be reduced) as a credit to reduce the amounts which would thereafter
otherwise be payable pursuant to Section 5.5(c); provided that all such credits for the Retail Services Category shall terminate, in
the case of the Fiscal Years in the Retail Services Term, on the termination of the Retail Services Term.

 

(f)              For purposes of this Section 5.5, any Employee Incentive AM issued in any month shall be deemed to have been issued in connection
with Retail Services (unless the circumstances are such that it is manifestly clear that such AM relate to BankCards, in which case they
shall be deemed to have been issued in connection with the BankCards); provided that in any event, any Employee Incentive AM which may
be counted for such purposes as having been issued in any month in connection with any particular Category shall not be applied to the
Initial Monthly Payment for such Category and the Bank shall pay the Issuance Fee therefor without taking into account any Initial Monthly
Payment or any credits described in this Section 5.5.

 

	5.6	Agreements with Other Sponsors. LM agrees that,
from and after the Effective Date, it will not enter into any agreement with any Sponsor which does not comply with the provisions of
Schedule 5.6.

 

	5.7	Annual Payment. Intentionally Deleted.

 

	5.8	Interest. If any Party shall default in the payment
when due of any amount (including interest) payable to the other Party hereunder, such defaulting Party shall pay to the other Party
interest calculated daily and compounded monthly at a rate per annum equal to the Prime Rate. All such interest shall be payable on the
last Business Day of each month.

 

	5.9	General Provisions as to Payment.

 

(a)             The
Bank shall ensure that all amounts payable by it hereunder are received by and available to LM in same day funds, not later than 11:00
o’clock a.m. (Toronto time) on the due date, by deposit to such account with the Bank as LM shall specify in writing or that irrevocable
payment instructions are transmitted to any other financial institution for the account specified from time to time by LM in a written
notice to the Bank for payment on the due date.

 

     

    - 18 -

    

 

(b)             The
Bank’s obligation to pay the amounts payable by it hereunder shall be absolute and unconditional and shall not, except as otherwise
permitted by the succeeding sentences in this paragraph (b), be subject to any abatement, deduction, set-off or withholding for any reason
whatsoever, including, by reason of any counterclaim, present or future Taxes, or otherwise whatsoever. The Bank shall have the right
to withhold any Taxes required as a result of any enactment of Applicable Law occurring after September 25, 1991 which requires the Bank
to do so provided (i) the Bank shall have first notified LM of the requirement to withhold such Taxes from any payment due to LM hereunder,
(ii) the Bank remits such withholding to the appropriate revenue authority pursuant to such Applicable Law within the time periods prescribed
by such Applicable Law and provides evidence, satisfactory to LM, that it has so remitted such Taxes, and (iii) the Bank co-operates
with LM, as LM may reasonably require, in any reasonable dispute by LM with any relevant authority as to the requirement for such withholding.
The Bank hereby agrees that LM shall, provided it acts reasonably, have the right to contest any alleged requirement that the Bank withhold
Taxes from any amount due to LM hereunder either in its own name or in the name of the Bank, and any refunds the Bank receives of any
such withheld Taxes shall be forthwith paid to LM by the Bank.

 

(c)             LM
agrees to provide the Bank with such reasonable information on its invoices and other billings to the Bank as the Bank may reasonably
request regarding federal and provincial goods and services taxes payable to enable the Bank to claim any input tax or similar credits
available to the Bank with respect to such taxes.

 

(d)             Unless
specifically directed otherwise by the Bank at the time of payment, payments received by LM from the Bank may be applied by LM to amounts
owing hereunder by the Bank in such order of application as LM may select.

 

(e)             LM
represents that at the time that any payment is made to it pursuant to this Agreement, it will be the beneficial owner and will not be
acting as agent, nominee or mere fiduciary of any other person in respect of any such payment. Following any event or circumstance that
would result in the statements in this Section 5.9(e) being untrue, LM shall forthwith notify the Bank in writing of any such change.

 

5.10         Characterization of AM for Multi-Use Cards. If a particular BankCard can also be used for other purposes (for example, as a debit or stored value card), then AM issued in connection with the issuance or use of such card shall be characterized as BankCard AM or Non-BankCard AM, in accordance with this Section 5.10:

 

		(i)	to the extent any such AM is issued in connection with the use of such BankCard
as a credit or charge card, it shall be considered BankCard AM and such AM shall be considered to have been issued in connection with
the BankCard Category;

 

     

    - 19 -

    

 

		(ii)	to the extent any such AM is issued in connection with the use of such card in
some other fashion (including as a debit or stored value card), then such AM shall be considered to be Non-BankCard AM; and

 

		(iii)	if the Bank wishes to issue any AM in connection with any such multi-use card, where
it is unclear whether such AM will be issued as contemplated in clause (i) or clause (ii) (for example, AM issued simply on the issuance
of any such multi-use card), such AM shall be considered Non-BankCard AM unless otherwise agreed by the Parties in writing.

 

ARTICLE
6

BANK REQUIREMENTS

 

	6.1	[****].

 

	6.2	[****].

 

	6.3	[****].

 

	6.4	[****].

 

ARTICLE 7

INTENTIONALLY DELETED

 

ARTICLE
8

PROGRAM DESIGN

 

	8.1	Bank’s Obligations.

 

(a)             General. The Bank shall use its best efforts to design, develop and implement marketing programs in respect of each Category
to promote awareness of the AM Program among Customers, to maximize the issuance of AM to Customers and otherwise maximize the benefits
of the AM Program to itself, LM and all Sponsors. All Bank marketing programs relating to the promotion of the AM Program shall be available
for LM’s prior review. All uses by the Bank of any intellectual property of LM, including any of its trademarks or logos, and any
description of the AM Program in any materials produced or distributed by the Bank, must be pre-approved by LM and, without limitation,
must comply with LM’s graphic standards.

 

(b)            BankCards.
Throughout the BankCard Term, the Bank shall make available for issuance throughout Canada, and shall issue, at least three types of
AM BankCard, as follows:

 

		(i)	one BankCard intended for use by individuals for
purchases of goods and services for personal use featuring an Award Amount of $[****] and which has
no Cardholder Fee (the “No-Fee BankCard”);

 

		(ii)	one BankCard intended for use by individuals for
purchases of goods and services for personal use featuring an Award Amount of $[****]; and

 

     

    - 20 -

    

 

		(iii)	one BankCard intended for use by Persons for purchases
of goods and services for use in business featuring an Award Amount of $[****], it being understood
that such BankCard will not be launched until a mutually agreed-upon date after the Effective Date.

 

(c)          Minimum Award Amount. [****].

 

(d)          Coalition
Program. [****].

 

		(e) 	Enhanced Flight Reward Benefit.

 

		(i)	From the Effective Date until December 31, 2017,
the Bank shall, in accordance with the terms set out in Schedule 8.1(e)(i), make available at least two AM BankCards intended for use
by individuals for purchases of goods and services for personal use and one AM BankCard intended for use by individuals for purchases
of goods and services for use in business, each having the features described in Schedule 8.1(e)(i) (the “Existing Flight Reward
Benefit”). [****].

 

		(ii)	Beginning November 1, 2017, the Bank may notify Customers of the discontinuance
of the Existing Flight Reward Benefit and beginning January 1, 2018 the Bank shall make the features described in Schedule 8.1(e)(ii)
available to holders of the WE BankCard.

 

   (f)           Other
BankCard Features. The Bank shall have the sole and exclusive right to establish the terms of any agreements with cardholders, rates
of interest and credit limits. Subject to the provisions of Section 8.3, the Bank may, in its sole discretion, introduce, modify or withdraw,
any feature associated with a BankCard from time to time.

 

(g)          BankCard
Bonus Offers. The Bank may from time to time offer AM by way of bonus in connection with the use of an AM BankCard based on such
factors as the Bank may, in its discretion, determine from time to time including, without limitation, first use and annual aggregate
Net Purchase Amount, subject to the following provisions:

 

		(i)	The Bank may offer BankCard AM by reference to a specific Person that is a Sponsor
on prior notice to LM but without LM’s prior written consent, provided that the Bank:

 

		(A)	provides LM with details of each offer prior to implementing the offer;

 

		(B)	establishes a separate code approved by LM for the offer to permit LM to track
the issuance of BankCard AM issued by the Bank in connection with the offer; and

 

		(C)	ceases to issue BankCard AM in connection with the offer as soon as practicable
(and in any case not later than 90 days) following notice from LM that such Person has ceased to be a Sponsor;

 

     

    - 21 -

    

 

		(ii)	The Bank shall not, without LM’s prior written consent, offer BankCard AM
by reference to a specific Person (including any merchant) that is not a Sponsor or by reference to specific goods or services; if LM
has consented to a particular offer, then the Bank may charge the other Person a fee or other compensation for each BankCard AM issued
by the Bank in connection with the offer, so long as:

 

		(A)	the fee or other compensation is not, directly or
indirectly, less (or effectively less) than $[****] or more (or effectively more) than $[****]
per BankCard AM (and if the Bank charges the other Person a fee or other compensation in connection with the issuance of such BankCard
AM that is not measured on a per AM basis, then the Bank shall, acting reasonably, determine the net effective amount per AM to which
the fee or other compensation is equivalent and use the equivalent amount for purposes of this Section); and

 

		(B)	without limiting Section 11.3, the Bank does not disclose to the other Person the
actual amounts payable by the Bank under this Agreement in connection with the issuance of BankCard AM;

 

		(iii)	the Bank shall not impose an additional fee on holders of AM BankCards in connection
with any bonus offer of BankCard AM related to the use of a BankCard without the prior written consent of LM;

 

		(iv)	for each BankCard AM issued by the Bank in connection with the offer, the Bank shall
pay LM in accordance with the provisions of Section 5.1 the BankCard Issuance Fee in effect at the time such BankCard AM is issued, at
the times specified in Section 5.5, unless, in connection with an offer made under Section 8.1(g)(i), the Sponsor has agreed in writing
with LM to pay to LM an amount per BankCard AM issued by the Bank in connection with the offer that is equal to the amount that the Sponsor
is required to pay LM for AM issued by the Sponsor pursuant to the agreement by which the Sponsor is licensed to issue AM, in which case
the Bank shall not be liable to pay to LM the Issuance Fee in respect of any BankCard AM issued by the Bank in connection with the offer;
and

 

		(v)	the Bank shall comply with such directions and guidelines as LM may reasonably
require in connection with the promotion, duration and administration of the offer.

 

8.2             
Co-Branded Cards. If the Bank issues a BankCard (in this Section 8.2, referred to as “Card”) on or after
the Launch Date to a Person who immediately prior to the Launch Date was not a holder of a BankCard and such Person requests that such
Card be registered in the AM Program, the Card issued to such Person shall be co-branded (i.e., shall have the AIR MILES logo as well
as any logo of the Bank desired by the Bank). The Bank shall issue such a co-branded Card to each of its existing Card holders who choose
to add the AM feature to his Card upon the earlier of (i) the date that a new Card would be issued to such holder in accordance with
the Bank’s regular card replacement cycle and (ii) the second anniversary of the Launch Date. In addition, any debit or stored
value cards issued by the Bank after the date hereof and which provide for the issuance of AM shall also be co-branded with the AIR MILES
logo. All such co-branded cards shall be in a form satisfactory to each of the Bank and LM and shall be consistent with any agreement
between the Parties relating to trade-marks and copyrights.

 

     

    - 22 - 

    

 

		8.3	BankCard Award.

 

(a)              
Award Amount. [****]..

 

(b)              
Definitions. [****].

 

(c)              
Major Changes to BankCard. [****].

 

(d)              
Notice. [****].

 

(e)              
LM Approval. [****].

 

(f)               
Other Changes. [****].

 

		8.4	Retail Services.

 

(a)              
Existing Retail Services Offers. [****].

 

(b)              
Definitions. [****].

 

(c)              
Major Retail Changes. [****].

 

(d)              
Notice. [****].

 

(e)              
LM Approval. [****]..

 

(f)               
Other Changes. [****]..

 

		8.5	Additional Bank Rights and Obligations.

 

(a)              
[****].

 

(b)             
 [****].

 

(c)              
 [****].

 

(d)              
[****].

 

		8.6	Cancellation of BankCard AM.

 

(a)              
Cancellation of BankCard AM. At the direction of the Bank, LM shall cancel BankCard AM previously issued by the Bank to
a Collector who is the holder of the AM BankCard and who is Not in Good Standing at the date of the direction. When directing LM to cancel
any BankCard AM, the Bank shall follow the procedures agreed to by the parties from time to time. The Bank shall not direct LM to cancel
BankCard AM issued to Collectors who were Not in Good Standing prior to the Effective Date.

 

(b)               “Not
in Good Standing”. For the purposes of this Section 8.6, a Collector who is the holder of an AM BankCard who has a minimum
payment that remains unpaid for three or more billing periods or whose AM BankCard has been suspended from further activity or has
been cancelled is Not in Good Standing. The Bank may at any time and from time to time change the definition of “Not in Good
Standing”. The Bank shall provide reasonable advance notice to LM of every such change.

 

     

    - 23 - 

    

 

(c)              
Limits on Cancellation. LM shall not be required to cancel a number of BankCard AM issued to a particular Collector that
is greater than the number of AM standing to the credit of the Collector’s AM Account at the date of receipt by LM from the Bank
of the direction to cancel, with the result that LM shall not be required to reduce the total number of AM standing to the credit of the
Collector’s AM Account to less than zero.

 

(d)              
Restoration of Cancelled AM. The Bank shall re-issue all BankCard AM issued to a Collector in connection with the use of
an AM BankCard which the Bank has directed LM to cancel if and when the Collector restores to good standing the AM BankCard in accordance
with such procedures and within such time as the Bank may determine in its discretion. The Bank may at any time and from time to time
change such procedures and times. The Bank shall provide reasonable advance notice to LM of every such change.

 

(e)              
Collector Communications. The Bank shall be responsible for all communications with Collectors in respect of whom the Bank
has directed LM to cancel any BankCard AM, including all associated costs and expenses. The Bank shall notify each such Collector of the
cancellation of any BankCard AM previously issued to such Collector at the time and in the manner agreed upon by both parties. LM shall
refer all Collector inquiries relating to the cancellation of BankCard AM to the Bank using the messages agreed upon by both parties.
LM shall display the message agreed upon by both parties to identify the cancellation of BankCard AM in the transaction detail of Collector
summary statements.

 

		(f)	Financial Arrangements.

[****].

 

(g)              
Indemnity. [****].

 

8.7             
Additional Bank Obligations for BankCards. The Bank shall comply with the provisions of Schedule 8.7.

 

8.8             
Additional Bank Obligations for Retail Services. The Bank shall comply with the provisions of Schedule 8.8.

 

8.9             
Banking and Credit Card Program for Sobeys. The Bank has entered into a banking and credit card program agreement
(the “Program Agreement”) with Sobeys Capital Incorporated (“Sobeys”), with services under the Program
Agreement (collectively, the “Program Services”) commencing on or about September 9, 2010. Certain of the Program Services
will be associated with Sobeys’ loyalty program (any such loyalty program referred to as “Club Sobeys”), which
when used may result in a Customer receiving the currency of the Club Sobeys program (“Points”), and certain of the
Program Services will be associated with the AM Program, which when used may result in a Customer receiving AM. These arrangements are
described in Schedule 8.9.

 

8.10         
Industry Change. LM and the Bank shall comply with the provisions of Schedule 8.10. For greater certainty, all Bank
obligations with respect to BankCards set out in this Article 8 are subject to the provisions of Schedule 8.10.

 

8.11         
Satisfaction Survey; Active Collectors.LM and the Bank shall comply with the provisions of Schedule 8.11.

 

     

    - 24 - 

    

 

ARTICLE
9

MARKETING

 

9.1          
Definitions. For the purposes of Sections 9.2 and 9.3, expenditures by the Bank on any advertisement that promotes
the ability to collect AM in connection with both Retail Services and AM BankCards shall be divided equally between the RS Marketing Amount
commitment and the BankCard Marketing Amount commitment.

 

		9.2	BMO Retail Services Marketing Commitment.

 

(a)              
During each Fiscal Year during the Retail Services Term, the Bank will, in addition to and without limiting any of its other obligations
hereunder, spend an amount equal to at least the RS Marketing Amount at such time to actively promote its participation as a Sponsor offering
AM in respect of Retail Services, including building awareness of the Bank as a Sponsor in respect of Retail Services and the ability
to collect AM at the Bank for Retail Services. If the Retail Services Term ends before the expiry of any such Fiscal Year, the Bank will
only be required to spend a portion of such RS Marketing Amount equal to the portion of the Fiscal Year in question up to and including
the date of termination of the Retail Services Term. Efforts by the Bank to promote its participation as a Sponsor in respect of Retail
Services shall, at a minimum, include each of the following:

 

		(i)	including a prominent reference to the participation of the Bank in the AM Program
(including the AM logo) on all statements and other similar communications sent to Customers of Retail Services provided such statements
or other communications relate to goods or services for which such Customers have earned AM, and on the BMO.com internet website operated
by the Bank or any successor or similar website hereafter operated by the Bank, but only on such portions thereof which refer to any Retail
Services in respect of which the Bank is then issuing AM; (and without limiting Section 8.1, the Bank shall submit the designs for such
statements and communications to LM for review and approval before production and publication);

 

		(ii)	placing AM decals on either a door or window (or if none, other prominent location)
of each physical location of the Bank and of any other Bank Party in Canada from which any goods or services are offered in respect of
which AM is being issued, including all Bank retail branches (except to the extent that to do so would breach the terms of any lease in
respect of such facility in effect on the date hereof), prominently displaying posters in each such location, containing a prominent reference
to the ability to earn AM, continuously throughout the year and having AM brochures available in each such location communicating ways
to collect AM in respect of Retail Services for which the Bank is then issuing AM, (without limiting Section 8.1, the Bank shall submit
the designs for such posters and brochures to LM for review and approval before production
and publication); and

 

     

    - 25 - 

    

 

		(iii)	directing, through sales process design and training, all Bank staff serving Customers
for Retail Services to identify and use opportunities where it would be appropriate to ask Customers if they are Collectors or otherwise
promote the Bank’s involvement of the AM Program or to communicate to such Collectors the potential of earning AM through the Bank
and encourage them to sign up for relevant AM offers.

 

		(iv)	Expenditures by the Bank will only count towards the RS Marketing Amount required
under this Section 9.2(a) to the extent such amounts are spent in bona fide out-of-pocket payments by the Bank to third parties (which
may include LM) in each case or bona fide internal cross charges imposed by other portions of the Bank or any other Bank Party at no more
than market rates.

 

(b)              
[****].

 

(c)              
[****].

 

(d)              
The Bank will consult regularly with LM on the development of AM related product initiatives and promotions and will involve LM
on such matters to the extent reasonably possible in the circumstances. LM shall work with the Bank on such matters and attempt to provide
advice on steps the Bank may take to improve the effectiveness thereof.

 

(e)              
The Bank will, within 30 days following the end of each calendar quarter, provide a detailed written report to LM as to the expenditures
made by the Bank during such quarter in connection with the matters referred to in this Section 9.2 and the other steps taken by the Bank
to comply with its obligations under this Section 9.2, including the steps taken in connection with its obligations under Section 9.2(a)(i),
(ii) and (iii). Within 60 days after the end of each Fiscal Year, the Bank will provide LM with a summary of the marketing expenditures
of the Bank in the Fiscal Year.

 

9.3             
BMO BankCard Marketing Commitment. [****].

 

9.4             
BankCard and Retail Services Marketing. [****].

 

9.5             
Advertising. Each of the Parties shall be free to advertise the AM Program, subject to the provisions hereof, in
any advertising media selected by it. All advertising carried out under the AM Marketing Program in Quebec shall, to the extent reasonably
appropriate, be in English and French.

 

9.6             
National Roll-Out. The Bank’s AM-based programs will be made available by it throughout Canada and LM will
provide appropriate support to enable AM Collector enrolment throughout Canada as and from the Launch Date.

 

9.7             
Marketing Advisory Board. The Bank shall be entitled to be a member of the Marketing Advisory Board at all times
during the Term. The purpose of the Marketing Advisory Board shall be to provide advice on marketing initiatives and to share ideas and
experiences with respect to the AM Program.

 

     

    - 26 - 

    

 

		9.8	LM Marketing Commitment.

[****].

 

		9.9	Data Exchange. The Parties shall comply with their obligations set out in Schedule 9.9.

 

		9.10	Additional LM Marketing Obligations. LM shall comply with the following:

 

(a)              
For any data file provided to any Person who has been granted the right to issue AM in respect of any retail banking products or
services, LM will remove the names of any Customers who earned AM in respect of a Retail Service from for a period of one (1) year beginning
on the date on which such Person first offers such product or service.

 

(b)              
Any marketing by third parties using LM’s channels must be pre-approved by LM and LM will not itself, and will not allow
any third party using LM channels, to disparage any BankCard or Retail Service, or assert that a third party’s products or services
are superior to any BankCard or Retail Service.

 

ARTICLE
10

OPERATIONS AND ADMINISTRATION

 

10.1         
AM Accounts. LM shall maintain in its books and records, in respect of each Customer that is a Collector, an AM Account
in which LM shall record all credits and debits of AM accruing in favour of or utilized by the Collector. Each Party shall maintain all
support and accounting systems and records and shall dedicate sufficient management personnel and operating employees to fulfil its obligations
under this Article Ten.

 

		10.2	Customer Credits.

 

(a)               For
each issuance by a Bank Party of AM to any Collector other than as described in Section 10.2(b), the Bank shall forthwith notify LM
of such issuance, which notification shall include notification as to the Collector’s name and Collector number, the number of
AM issued and all such other details as LM may reasonably require from time to time (such details to be communicated by LM to the
Bank as soon as practicable) and including, starting on January 1, 2001 (or, in the case of offer code by individual product offer
and location code, by no later than December 31, 2001) for each Non-BankCard AM, Sponsor code (by line of business), offer code (by
individual product offer or specific promotional bonus) and location code, except in each case to the extent the provision of such
information by the Bank would be illegal or violate any agreements with customers to which the Bank is a party. LM shall credit such
Collector’s AM Account with the notified number of AM. The Bank represents and warrants to LM that, to the best of the
Bank’s knowledge, the provision of such information by the Bank to LM, including the separation of chequing and savings
account balance based AM earned, will not be illegal or violate any such agreement. To the extent nonetheless, that the Bank
determines that it may only provide such information with the consent of a Collector, the Bank will use all reasonable efforts to
obtain such consent, consistent with its approach generally to the obtaining of similar consents for other purposes from its
Customers. Nothing contained in this Section 10.2(a) shall (i) prohibit the Bank from amending the terms of its agreements with its
Customers from time to time, even if to do so would create a restriction applicable to the provision of information to LM that did
not exist prior thereto, so long as any such amendment by the Bank is made generally and not with a focus specifically related to
the provision of information to LM or information of the type which would otherwise have been provided to LM, or (ii) require the
Bank to provide information to LM where provision of such information would be illegal. [****].

 

     

    - 27 - 

    

 

(b)              
In connection with the issuance of AM to any Customer in connection with the use of such Customer’s BankCards, the Bank will
forthwith notify LM of such issuance, which notification shall include notification as to the Customer’s name and Collector number,
the number of AM issued and all such other details as LM may reasonably require from time to time (such details to be communicated by
LM to the Bank as soon as practicable) and including, starting on the Product Launch Date, the offer code for the Award Amount associated
with the Customer’s BankCard. The Bank will also provide LM from time to time with the Collector numbers of those Collectors
who, in the determination of the Bank, are eligible to obtain the Flight Reward Benefit referred to in Schedule 8.1(e)(i) or 8.1(e)(ii),
as applicable.

 

		10.3	Collector Communications.

 

(a)              
[****].

 

(b)              
The Bank shall ensure that the AM brand name and trade-mark are used when identifying AM on its BankCard statements.

 

10.4         
Customer Service. [****].

 

		10.5	Interfaces.

 

(a)              
The Bank and LM shall maintain electronic interfaces between each other to accommodate recording, statementing and redemption of
AM and Collector set-up all as outlined in this Agreement and as may be further required for the efficient functioning of the AM Program.
Without limiting the generality of the foregoing, such electronic interfaces and systems shall be such as to ensure the timely recording
of all credits, debits and transfers of AM to or from AM Accounts and to accommodate the redemption of AM and the enrolment of Customers
in the AM Program.

 

(b)               The
Bank may not utilize any paper based means to issue or record the issuance of AM except with LM’s prior approval, which
approval shall not be unreasonably withheld. The incremental costs occasioned by any such paper based means shall be paid by the
Bank unless such paper based means are used as a result of LM’s inability to accept electronic interfaces provided all
electronic interfaces proposed or used by the Bank are not of an unusual sort and type. LM will take such security precautions as it
considers appropriate to protect the value and integrity of all such paper based means approved by it. Each Party shall bear its own
information processing costs internal to its operations and each shall co-operate as necessary to ensure that each Party’s
systems are compatible with the other’s system.

 

     

    - 28 - 

    

 

ARTICLE 11

INTELLECTUAL PROPERTY AND CONFIDENTIALITY

 

11.1         
Trade Marks and Copyrights. The Parties acknowledge that they have entered into such trade mark licence agreements
and agreements with respect to the protection of any copyright of either of the Bank or LM in any materials or documents as are reasonably
necessary in the judgement of each Party (acting reasonably) including agreements relating to all trade marks of the Bank and LM which
are to be or have been licensed by the Bank to LM or by LM to the Bank and any agreement as LM shall reasonably require in order to protect
its copyright in any enrolment kit to be distributed by LM to Customers, provided, however, that (i) LM may require any Bank Affiliate
in respect of whose activities the Bank issues AM hereunder to sign a licence agreement substantially similar to the licence agreement
signed by the Bank, or to become Party to that licence agreement, and (ii) LM may require the Bank and such Bank Affiliate to comply with
its trademark usage manual from time to time in effect. In addition, but without limitation, the Bank may not use the name “Air
Canada” or any variation thereof or any other trade-marks or business styles of Air Canada in its marketing or promotional materials
relating to the AM Program, and the Bank acknowledges that the Air Canada name will not appear on the same page as the name of the Bank
in any marketing or promotional materials produced by LM.

 

11.2         
Data Ownership and Access. Except as otherwise set out in this Agreement, as between LM and the Bank, LM will have
ownership of all data collected or received by LM from any source other than the Bank. LM will provide the Bank with access to its Collector
data base at pricing in accordance with Schedule 11.2, but in any event to be cost effective to the Bank (within the meaning set out in
Section 10.3). The Bank will comply with the provisions of Schedule 11.2 in connection with any access to information from LM’s
Collector database. LM will not segregate or identify in any LM database Customers participating in the AM Program (as opposed to other
Collectors) when providing such information to others. LM will not disclose to anyone (other than a Bank Party) the names of those Collectors
who are Customers; provided that so long as LM is complying with paragraph (e) of the Database Principles as in effect on July 1, 2001,
it will not be in breach of this Section 11.2. LM will not sell the AM Program customer list to any Financial Institution in respect of
any Category during the Term for so long as, in the case of any Retail Services Category, the Retail Services Term has not terminated,
and in the case of the BankCard Category, the BankCard Term has not terminated.

 

		11.3	Confidentiality.

 

(a)               Each
Party shall, and shall cause each of its Representatives to, hold in confidence and not use in any manner whatsoever, other than as
expressly contemplated by this Agreement, any Confidential Information of the other Party. Forthwith following the termination of
this Agreement, each Party shall (and shall cause each of its Representatives to) promptly, following a request therefor from the
other Party, return to the requesting Party, and/or destroy, all copies of any tangible items (other than this Agreement), if any,
which are or which contain Confidential Information of the requesting Party, including any summaries or analyses containing or
analysing any such Confidential Information, provided that if to destroy any such material would breach any Applicable Law, the
Party in question may return such material to the other Party, and if to return such material would breach any Applicable Law, the
Party shall retain such material in confidence thereafter until such time as it may, under Applicable Law, return and/or destroy
same, at which time it will do so and confirm having done so to the other Party.

 

     

    - 29 - 

    

 

(b)              
Notwithstanding the foregoing, neither Party shall be obligated in respect of the disclosure of any Confidential Information where
such disclosure is required by Applicable Law. In such event, the Party so required to disclose shall, as soon as possible in the circumstances,
notify the other Party of such requirement to disclose, so that the other Party may, if it wishes to, take action to challenge such requirement.
In addition, LM shall be entitled to disclose the terms of this Agreement for financing purposes and the existence and duration of this
Agreement to potential Sponsors for the purposes of obtaining greater participation in the Program, provided in each case that Persons
to whom disclosure is made agree to keep all matters so disclosed confidential, and shall also be entitled to disclose the names and other
information regarding Customers to the extent it does so in compliance with paragraph (e) of the Database Principles as in effect on July
1, 2001.

 

11.4         
Reporting. In addition to any other reports required by this Agreement, LM will provide the Bank with collector-level
summary information to help the Bank understand Collectors’ overall involvement with the AM Program and trending with respect thereto.
The objectives of the reporting are to:

 

		(a)	support the Bank’s measurement of the level of success of the Retail Services
program redesign; and

 

		(b)	provide information that will allow the Bank to initiate future adjustments to
the use of AM.

 

LM will work with the Bank to develop
monthly and quarterly reports containing the information required to support the above objectives. The content and format of the reports
will be prepared by LM and reviewed by the Bank to ensure that the information provided satisfies the Bank’s objectives. The report
content and format will be completed and approved no later than 90 days from the date hereof.

 

ARTICLE
12

REPRESENTATIONS, WARRANTIES
AND MISCELLANEOUS OBLIGATIONS

 

12.1          Representations
and Warranties. Each Party represents and warrants to the other Party that it is duly subsisting under the laws of the
jurisdiction of its corporate governance, that it has power and capacity to execute and deliver this Agreement and to perform its
obligations hereunder, that all necessary action to authorize the execution and delivery of this Agreement and the performance of
its obligations hereunder have been taken, and that this Agreement constitutes a legal, valid and binding obligation of the Party
enforceable against it in accordance with its terms. LM further represents that it is not a non-resident of Canada for the purposes
of the Income Tax Act (Canada), and agrees that until termination of this Agreement, LM shall remain resident in Canada for such
purposes.

 

     

    - 30 - 

    

 

		12.2	Other Commitments.

 

(a)              
[****].

 

(b)              
[****].

 

(c)              
[****].

 

12.3         
Product Liability. [****].

 

12.4          Entire
Agreement. Except as provided in Section 12.11, this Agreement (including the Annexes, Schedules and Exhibits hereto),
together with any documents or instruments required to be entered into hereunder, constitutes the entire agreement between the
Parties, and except as stated in this Agreement and in such documents and instruments, contains all of the representations,
warranties and undertakings of the Parties. In particular, this Agreement supersedes any confidentiality agreement, term sheet and
any agreement providing the Bank with exclusive negotiating rights, executed prior to the date hereof. There are no oral
representations, warranties or undertakings between the Parties of any kind. This Agreement may not be amended or modified in any
respect except by written instrument signed by both Parties.

 

12.5         
Nature of Relationship; Third Party Beneficiaries. The relationship between LM, on the one hand, and the Bank and
its Bank Affiliates, on the other, shall be that of independent parties, and neither LM nor the Bank (nor any of its Bank Affiliates),
nor any of their respective Representatives or other agents, contractors and employees, shall under any circumstances be, or be deemed
to be, partners of or joint venturers with one another. Neither Party nor their respective Representatives or other agents, contractors
and employees shall have any right to enter into any contract or commitment in the name of the other, or to incur an obligation, create
any liability or bind the other in any respect whatsoever. No other Person, including other Sponsors, may rely upon or enforce any provision
hereof, and in particular, but without limitation, none of the rights accruing to any Party are held in trust for any other Person.

 

12.6         
Rights Reserved. Title to the AM Program, the rights represented by AM and all rights related thereto are reserved
at all times to LM. LM’s title to such rights is subject to the participation rights granted to the Bank hereunder which include
only the right to issue AM to Collectors upon the understanding that the Collector’s sole right with respect to AM is to present
AM to LM for redemption as contemplated by the Terms and Conditions.

 

     

    - 31 - 

    

 

12.7         
Notices. Any notice, certification or other communication required or permitted to be given hereunder shall be in
writing and shall be (i) delivered personally, (ii) sent by prepaid courier service in either case to the address set out opposite the
signature of the Parties below; or (iii) sent by email to an email address set out opposite the signature of the Parties below. A notice
is deemed to be given and received (A) if sent by personal delivery, same-day courier or email, on the date of delivery if it is a Business
Day and the delivery was made prior to 4:00 p.m. (local time in place of receipt) and otherwise on the next Business Day, provided that
in the case of notice by email, notice shall be deemed not to be given and received unless the recipient acknowledges receipt by return
email, or (B) if sent by overnight courier, on the next Business Day. Any Party may change any particulars of its address for notice by
notice to the other in the manner aforesaid.

 

12.8         
Exclusion. LM shall have no liability to the Bank, any Bank Party or any other Person whatsoever (including any Collector)
for any loss, damage or expense suffered or incurred, whether directly or indirectly, as a result of any delay (other than inordinate
delay) by LM in crediting AM to an AM Account, or in effecting any redemption or transfer of AM.

 

12.9          Miscellaneous.
This Agreement shall enure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns.
Neither Party may assign any of its rights or obligations hereunder without the prior written consent of the other Party except that
LM may assign any of its rights hereunder for the purpose of financing. This Agreement shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. This Agreement may be executed in two
or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same
agreement. Each Party shall be responsible for its own legal fees and other expenses incurred in connection with the negotiation of
this Agreement or the performance of any of its obligations hereunder.

 

12.10     
Public Announcements. Any public announcement regarding the Bank’s involvement in the AM Program shall be subject
to the Bank’s and LM’s prior written approval.

 

12.11     
Effectiveness of this Agreement. [****].

 

[signature page follows]

 

     

     

    

 

 

IN WITNESS WHEREOF this Agreement
has been executed by the Parties by  their authorized signing officers as of the Effective Date.

 

	LoyaltyOne, Co.

Suite 200, 351 King Street East Toronto, 

Ontario M5A
0L6

	LOYALTYONE, CO.

		By:	/s/
                                            Bryan A. Pearson
	Attention:    President, AMRP	Name:	Bryan
                                            A. Pearson
	Email: Blair.Cameron@loyalty.com
	Title:	President
 & CEO 

Alliance Data| LoyaltyOne

  

with a copy to:

 

	LoyaltyOne, Co.

	By:	/s/ Blair Cameron
	Suite 200, 351 King Street East Toronto,	Name:	Blair Cameron
	 Ontario MSA 0L6	Title:	President

AIR MILES® Reward Program

	Attention:    Legal Services	 
	Email: legalservices@loyalty.com	 

 

	Bank of Montreal

                                                                  55
                                            Bloor Street West 

12th Floor,

	BANK OF MONTREAL

	Toronto, Ontario

 M4W 3M5	By:	 
	Attention: Head,

 North American Retail Payments	Name:

Title:	Cameron Fowler

Group Head, Canadian Personal & Commercial Banking
	Email: Jennifer.Hawkins@bmo.com		

 

with a copy to:

 

	Bank of Montreal 

Legal Group	By:	 
	First Canadian Place, 20th Floor Toronto, 

Ontario
    M5X 1A1	Name:

        Title:
	Name: Jennifer Hawkins

Head, North American Retail Payments
	Attention: Vice-President and Deputy General Counsel, Canadian Personal & Commercial Banking		

Email: Jolie.Lin@bmo.com

 

     

     

    

 

IN WITNESS WHEREOF this Agreement
has been executed by the Parties by their authorized signing officers as of the Effective Date

  

	LoyaltyOne, Co.

Suite 200, 351 King Street East Toronto, 

Ontario M5A
0L6

	LOYALTYONE, CO.

		By:	
	Attention:    President, AMRP	Name:	Bryan
                                            A. Pearson
	Email:   Blair.Cameron@loyalty.com	Title:	President
                                            & CEO

Alliance Data| LoyaltyOne

 

with a
copy to:

 

	LoyaltyOne, Co.

	By:	
	Suite 200, 351 King Street East Toronto,	Name:	Blair Cameron
	Ontario M5A 0L6	Title:	President

AIR MILES® Reward Program

	Attention:    Legal Services	 
	Email:   legalservices@loyalty.com	 

 

	Bank of Montreal

                                                                  55
                                            Bloor Street West 

12th Floor,

	BANK OF MONTREAL

	Toronto, Ontario 

M4W3M5	By:	/s/ Cameron Fowler
	Attention: Head, North American Retail Payments	Name:	Cameron Fowler
	Email: Jennifer.Hawkins@bmo.com	Title:	Group Head, Canadian Personal & Commercial Banking

 

with a copy to:

 

	Bank of Montreal Legal Group	By:	/s/ Jennifer Hawkins
	First Canadian Place, 20th Floor Toronto, 

Ontario
    M5X 1A1	Name:

Title:	Jennifer Hawkins

Head, North American Retail Payments
	Attention: Vice-President and Deputy General Counsel, Canadian Personal & Commercial Banking		

Email:
Jolie.Lin@bmo.com

 

     

     

    

 

LOYALTYONE, CO. 

 

- and -

 

BANK OF MONTREAL

 

 

 

First
Amendment

to

Amended
and Restated Program Participation Agreement

 

 

Dated as of April 23, 2018

 

     

     

    

 

FIRST AMENDMENT TO AMENDED AND RESTATED

PROGRAM PARTICIPATION AGREEMENT

 

This agreement (this “Amendment”)
is made as of April 23, 2018 between LOYALTYONE, CO. and BANK OF MONTREAL.

 

RECITALS:

 

A.       The
Parties entered into the Amended and Restated Program Participation Agreement made as of November 1, 2017, (the “Agreement”),
pursuant to which the Bank participates in the AIR MILES® Reward Program operated by LM;

 

B.       The
Parties now wish to further amend the Agreement;

 

C.       Capitalized
terms used but not defined herein have the meanings set out in Annex A to the Agreement or in Section 12.2(a) of the Agreement, whether
defined directly therein or incorporated therein by reference, and the rules of interpretations set out in Annex A apply to this Amendment.

 

NOW THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE
1

AMENDMENTS

 

1.1       Section
12.2(b). Section 12.2(b) is hereby amended by adding the following words immediately after the words “Reserve Fund”
in the third sentence of Section 12.2(b): 

 

“,
other than any security interest that is granted by LM in favour of any securities intermediary in the Permitted Investments that are
held with such securities intermediary to secure such securities intermediary’s customary fees and expenses and the unpaid purchase
price of any securities purchased by or on behalf of LM”.

 

1.2       Appendix 1 to Schedule
12.2. Appendix 1 to Schedule 12.2 to the Agreement is hereby deleted in its entirety and replaced with a new Appendix 1 that
is attached to this Amendment as Schedule 1.2.

 

ARTICLE
2

CONFIRMATION

 

2.1       Confirmation.
All other terms and conditions of the Agreement, as amended by this Amendment, shall remain in full force and effect except as amended
hereby.

 

     

     

    

 

IN WITNESS WHEREOF this
Amendment has been executed by the Parties by their authorized signing officers as of the date first above-mentioned.

 

	 	LOYALTYONE, CO.

 

		By:	/s/
                                            Bryan A. Pearson
	 	Name:	Bryan A. Pearson
	 	Title:	President & CEO 

Alliance Data | LoyaltyOne

 

		By:	/s/
                                            Blair Cameron
	 	Name:	Blair Cameron
	 	Title:	President, AIR MILES® Reward Program

 

	 	BANK OF MONTREAL

 

		By:	/s/
                                            Cam Fowler
	 	Name:	Cam Fowler
	 	Title:	President, North American Personal and Business
                                            Banking

 

		By:	/s/
                                            Jennifer Hawkins
	 	Name:	Jennifer Hawkins
	 	Title:	Head, North American Retail Payments

 

     

     

    

 

Schedule 1.2

 

Appendix 1 to Schedule 12.2

With Respect to Permitted Investments,
Investment Concentration Limits and Maturity Limits below, this Appendix 1 to Schedule 12.2 shall be automatically updated to be consistent
with the Investment Policy of Alliance Data Systems Corporation (“ADS”) upon notice from ADS to the Bank that ADS’
Board of Directors has updated its Investment Policy.

 

[****]

 

     

     

    

 

 

LOYALTYONE, CO.

 

-and-

 

BANK OF MONTREAL 

 

SECOND
AMENDMENT 

TO

AMENDED
AND RESTATED PROGRAM PARTICIPATION AGREEMENT

 

DATED AS OF APRIL 20, 2021

 

     

     

    

 

SECOND AMENDMENT TO AMENDED AND RESTATED 

PROGRAM PARTICIPATION AGREEMENT

 

This Second Amendment to the Amended and Restated
Program Participation Agreement (this “Second Amendment”) effective as of April 28, 2021 (the “Effective Date”)
is entered into by and between Bank of Montreal (“Bank”) and LoyaltyOne, Co. (“LM”), and constitutes
an amendment to and modification of the Amended and Restated Program Participation Agreement dated as of November 1, 2017 by and between
Bank and LO ( the “Agreement”) and as amended by the First Amendment to the LO Agreement dated as of April 23, 2018.
BMO and LM are sometimes hereinafter referred to collectively as the “Parties” and individually as a “Party”.

 

Whereas,
Bank and LM have entered into an Amended and Restated Program Participation Agreement dated November 1, 2017, pursuant to which the Bank
participates in the AIR MILES Reward Program operated by LM; and

 

Whereas,
Bank issues BankCards to its customers where AIR MILES reward miles can be earned; and,

 

Whereas,
the Parties now wish to further amend the Agreement; and,

 

Whereas,
capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Agreements.

 

Now
Therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree
to the following:

 

		1.	Prior Agreements. The terms set forth in this Second Amendment shall apply as of the Effective
Date.

 

		2.	Amendments.

 

		a.	The Agreement is hereby amended by adding the following after Section 8.1(b)(iii):

 

“(iv) effective November 2, 2020, the BankCard referred
to in Section 8.1(b)(i) herein intended for use by individuals for purchases of goods and services for personal use featuring an Award
Amount of $[****]:

 

		(a)	will feature an Award Amount of $[****] instead of an Award Amount of $[****] ; and

		(b)	the Bank will provide an AM earn accelerator equivalent to three (3) times the standard earn rate when
such BankCard is used at participating partner locations (“Coalition Accelerator”), it being understood and agreed
that:

 

     

     

    

 

		(i)	participating partners will be selected at the Bank’s sole discretion; and

		(ii)	the BankCard Issuance Fee for extra AM awarded as part of a Coalition Accelerator shall be capped at
$[****], subject to the provisions of Schedule 5.3, for the duration of the BankCard Term;

 

(v) effective May 3, 2021, the BankCard referred to in
Section 8.1(b)(ii) herein intended for use by individuals for purchases of goods and services for personal use featuring an Award Amount
of $[****];

 

		(a)	will feature an Award Amount of $[****] instead of an Award Amount of $[****]; and

		(b)	the Bank will provide a Coalition Accelerator, it being understood and agreed that:

		(i)	participating partners will be selected at the Bank’s sole discretion; and

		(ii)	the BankCard Issuance Fee for extra AM awarded as part of a Coalition Accelerator shall be capped at
$[****], subject to the provisions of Schedule 5.3, for the duration of the BankCard Term;

 

(vi) [****]; and

 

(vii) for the BankCard referred to in Section 8.1(b)(ii)
herein, [****].”

 

		b.	The Agreement is hereby amended by adding the following after Section 8.1(e)(ii):

 

“(iii) Beginning on a date mutually agreed upon
by the Parties (the “New Flight Reward Benefit Date”), the Parties will make changes to the features described
in Schedule 8.1(e)(ii), to be reflected in a revised Schedule 8.1(e)(iii) to be mutually agreed upon by the Parties (the “New
Flight Reward Benefit”), available to the holders of the WE BankCard, whereupon the features described in Schedule 8.1(e)(ii)
shall be discontinued.”

 

		c.	Schedule 8.1(e)(ii) of the Agreement is hereby amended by deleting section (d)(iv) in its entirety and
replacing it with the following:

 

“[****].”

 

		3.	Incorporation of the Agreement. The terms and conditions of the Agreement shall continue
in full force and effect, except to the extent they are expressly superseded or modified by or inconsistent with the terms and conditions
of this Second Amendment, in which event, the Second Amendment shall control.

 

[REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF this Amendment has been executed by the Parties
by their authorized signing officers as of the date first above-mentioned.

 

	LOYALTYONE, CO.

	 
	 	 	 
	By:	/s/Blair Cameron	 

	Name:	Blair Cameron	 
	Title:	President, AMRP	 

 

	By:	/s/ Mitchell Merowitz	 

	Name:	Mitchell Merowitz	 
	Title:	SVP Corporate & Legal Affairs	 

 

	BANK OF MONTREAL	 

 

	By:	/s/Jennifer Douglas	 

	Name:	Jennifer Douglas	 
	Title:	Head, North American Retail & Small Business Payments 	 

 

	By:	/s/Andras Lazar	 

	Name:	Andras Lazar	 
	Title:	VP Product, Partnership & Innovation BMO	 

 

     

     

    

  

LOYALTYONE, CO.

 

-and-

 

BANK OF MONTREAL 

 

THIRD
AMENDMENT 

TO

AMENDED
AND RESTATED PROGRAM PARTICIPATION AGREEMENT

 

DATED AS OF July 12, 2021

 

     

     

    

 

THIRD AMENDMENT TO AMENDED AND RESTATED 

PROGRAM PARTICIPATION AGREEMENT

 

This Third Amendment to the Amended and Restated
Program Participation Agreement (this “Third Amendment”) effective as of July 12, 2021 (the “Effective
Date”) is entered into by and between Bank of Montreal (“Bank”) and LoyaltyOne, Co. (“LM”),
and constitutes an amendment to and modification of the Amended and Restated Program Participation Agreement dated as of November 1, 2017
by and between Bank and LO, as amended (the “Agreement”). BMO and LM are sometimes hereinafter referred to collectively
as the “Parties” and individually as a “Party”.

 

Whereas,
Bank and LM have entered into the Agreement, pursuant to which the Bank participates in the AIR MILES Rewards Program operated by LM;
and

 

Whereas,
Bank issues BankCards to its customers where AIR MILES points can be earned; and,

 

Whereas,
the Parties now wish to further amend the Agreement; and,

 

Whereas,
capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Agreements.

 

Now Therefore,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to the following:

 

1. Prior Agreements.
The terms of the Agreement and the terms set forth in this Third Amendment shall as of the Effective Date continue to govern the BankCard
benefits pursuant to the Agreement.

 

2. Amendments.

 

		a.	The Agreement is hereby amended by adding the following after Section 8.1(b)(vii):

 

[****].”

 

		b.	The Agreement is hereby amended by deleting Section 8.1(b)(vii)(b) in its entirety and replacing it
with the following:

 

“(b) [****]”

 

		c.	[****]

 

		d.	[****]

 

     

     

    

 

3. Incorporation of the Agreement. The
terms and conditions of the Agreement shall continue in full force and effect, except to the extent they are expressly superseded or modified
by or inconsistent with the terms and conditions of this Third Amendment, in which event, the Third Amendment shall control.

 

4. Governing Law. This Third Amendment
will be interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. The parties
must submit to the jurisdiction of the courts of the Province of Ontario.

 

IN WITNESS WHEREOF this Amendment has been executed by the Parties
by their authorized signing officers as of the date first above-mentioned.

 

	LOYALTYONE, CO.	 

	 	 	 
	By:	/s/ Blair Cameron	 

	Name:	Blair Cameron 	 
	Title:	President, AIR MILES® Reward Program 	 

 

	By:	/s/ Mitchell Merowitz	 

	Name: 	Mitchell Merowitz 	 
	Title: 	SVP, Corporate and Legal Affairs 	 
	 	 	 

	BANK OF MONTREAL	 

 

	By:	/s/Adrian Lang	 

	Name:	Adrian Lang	 
	Title:	Head, Operations and Small Business Solutions

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