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Exhibit 4.9  

EXHIBIT B  

        CUSIP
No.:                    

 
 

AFFINITY GROUP, INC.    
    
    SERIES B 9.0% SENIOR SUBORDINATED NOTE DUE 2012    
    

	No.	 	$                    

        AFFINITY
GROUP, INC., a Delaware corporation (the "Company", which term includes any successor entity), for value received promises
to pay to                        or registered assigns, the principal sum of $
[                        ] on February 18, 2012. 

        Interest
Payment Dates: February 15 and August 15, commencing August 15, 2004. 

        Record
Dates:    February 1 and August 1. 

        Reference
is made to the further provisions of this Note contained on the reverse hereof and the Indenture (as defined), which will for all purposes have the same effect as if set forth
at this place. 

        This
Note shall not be valid or obligatory for any purpose until the certificate of authentication hereon shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers. 

        IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officers. 

	 	 	AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

          
 Name:

Title:
	

 	
 	

By:	
 	

          
 Name:

Title:

Dated:

1

 

Certificate of Authentication  

        This is one of the Series B 9.0% Senior Subordinated Notes due 2012 referred to in the within-mentioned Indenture. 

	 	 	THE BANK OF NEW YORK,

as Trustee
	

 	
 	

By:	
 	

          
 Authorized Signatory

Dated:

2

 

'

 
 

(REVERSE OF SECURITY)    
    
    9.0% SENIOR SUBORDINATED NOTE DUE 2012    
    

        1.    Interest.    AFFINITY GROUP, INC., a Delaware corporation (the
"Company") promises to pay interest on the principal amount of this Note at the rate per annum shown
above. Interest on the Notes will accrue from the most recent date on which interest has been paid or, if no interest has been paid, from the date of the original issuance of the Notes. The Company
will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 15, 2004. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 

        The
Company shall pay interest on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful from time to time on
demand at the rate borne by the Notes. 

        2.    Method of Payment.    The Company shall pay interest on the Notes (except defaulted interest) to the Persons who
are the registered Holders at the close of business on February 1 or August 1 immediately preceding the Interest Payment Date (whether or not such day is a Business Day) even if the
Notes are cancelled on registration of transfer or registration of exchange after such Record Date. Holders must surrender Notes to a Paying Agent to collect principal payments. Payments of principal,
premium, if any, and interest will be made (on presentation of such Notes if in certificated form) in money of the United States that at the time of payment is legal tender for payment of public and
private debts; provided, however, that the Company may pay principal, premium, if any, and interest by
check payable in such money. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder's registered address. 

        3.    Paying Agent and Registrar.    Initially, The Bank of New York, a New York banking corporation (the
"Trustee"), will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the
Holders. The Company or any of its Subsidiaries or Affiliates may act as Paying Agent or Registrar. 

        4.    Indenture.    The Company issued this Note under an Indenture, dated as of February 18, 2004 (the
"Indenture"), by and among the Company, the Guarantors and the Trustee. This Note is one of a duly authorized issue of Notes of the Company designated
as its Series B 9.0% Senior Subordinated Notes due 2012 (the "Exchange Notes") issued in exchange for the initial Series A 9.0% Senior
Subordinated Notes due 2012 (the "Initial Notes" and, together with the Additional Notes and the Exchange Notes,
the "Notes") and evidencing the same continuing indebtedness as the Initial Notes. Capitalized terms herein are used as defined in the Indenture unless
otherwise defined herein. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb) (the "TIA"), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the Notes are subject
to all such terms, and Holders are referred to the Indenture and the TIA for a statement of them. The Notes are general unsecured Obligations of the Company. 

        5.    Subordination.    The Notes are unsecured obligations of the Company and subordinated in right of payment, in
the manner and to the extent set forth in the Indenture, to the prior payment in full in cash of all Senior Indebtedness of the Company, whether outstanding on the date of the Indenture or thereafter
created, incurred, assumed or guaranteed. Each Holder by his acceptance hereof agrees to be bound by such provisions and authorizes and expressly directs the Trustee, on his behalf, to take such
action as may be necessary or appropriate to effectuate the subordination provided for in the Indenture and appoints the Trustee his attorney-in-fact for such purposes. 

3

 

        6.    Guarantee.    The obligations of the Company hereunder are guaranteed on a senior subordinated basis by the
Guarantors. Each Guarantee by a Guarantor is subordinated in right of payment to all Senior Indebtedness of such Guarantor to the same extent that the Notes are subordinated to Senior Indebtedness of
the Company. 

        7.    Redemption.    

        Except
as set forth in this Section 7, the Company may not redeem the notes. 

        (a)    Optional Redemption.    The Company may redeem the Notes, at its option, in whole at any time or in part from
time to time, on and after February 15, 2008 at the following Redemption Prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest, if any, to the
redemption date, if redeemed during the twelve-month period beginning on December 15 of each year listed below: 

	Year
 
	 	Percentage
	 
	2008	 	104.500	%
	2009	 	102.250	%
	2010 and thereafter	 	100.000	%

        (b)    Optional Redemption Upon Public Equity Offerings.    The Company may redeem in the aggregate up to 35% of the
aggregate principal amount of Notes originally issued at any time and from time to time prior to August 15, 2007 at a Redemption Price equal to 109.00% of the aggregate principal amount so
redeemed, plus accrued and unpaid interest, if any, to the Redemption Date out of the Net Proceeds of one or more Equity Offerings; provided that 

        (1)   at
least 65% of the principal amount of Notes originally issued remains outstanding immediately after the occurrence of any such redemption and 

        (2)   any
such redemption occurs within 60 days following the closing of such Equity Offering. 

        8.    Notice of Redemption.    Notice of redemption under paragraphs of this Note will be mailed at least
30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder's registered address. 

        Except
as set forth in the Indenture, if monies for the redemption of the Notes called for redemption shall have been deposited with the Paying Agent for redemption on such Redemption
Date, then, unless the Company defaults in the payment of such Redemption Price plus accrued interest, if any, the Notes called for redemption will cease to bear interest from and after such
Redemption Date and the only right of the Holders of such Notes will be to receive payment of the Redemption Price plus accrued interest, if any. 

        9.    Offers to Purchase.    The Indenture provides that, after certain Asset Sales and upon the occurrence of a
Change of Control, and subject to further limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the procedures set forth in the
Indenture. 

        10.    Denominations; Transfer; Exchange.    The Notes are in registered form, without coupons, in denominations of
$1,000 and integral multiples thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not
register the transfer of or exchange of any Notes or portions thereof selected for redemption. 

4

 

        11.    Persons Deemed Owners.    The registered holder of a Note shall be treated as the owner of it for all purposes. 

        12.    Unclaimed Money.    If money for the payment of principal or interest remains unclaimed for two years, the
Trustee and the Paying Agent will pay the money back to the Company. After that, Holders entitled to money must look to the Company for payment as general creditors unless an "abandoned property" law
designates another person. 

        13.    Legal Defeasance and Covenant Defeasance.    If the Company at any time deposits with the Trustee U.S. legal
tender or U.S. Government Obligations sufficient to pay the principal of and interest on the Notes to redemption or maturity and complies with the other provisions of the Indenture relating to
defeasance, the Company will be discharged from certain provisions of the Indenture and the Notes (including certain covenants, but excluding its obligation to pay the principal of and interest on the
Notes). 

        14.    Amendments, Supplements, and Waivers.    Subject to certain exceptions, the Indenture or the Notes may be
amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or Event of Default or
noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any
Holder, the parties thereto may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes in addition to or
in place of certificated Notes or make any other change that does not adversely affect in any material respect the rights of any Holder. 

        15.    Restrictive Covenants.    The Indenture imposes certain limitations on the ability of the Company and its
Subsidiaries to, among other things, incur additional Indebtedness, make payments in respect of its Capital Stock, enter into transactions with Affiliates, create dividend or other payment
restrictions affecting Restricted Subsidiaries, sell assets, create liens, issue capital stock, enter into sale and lease-back transactions, make certain Investments, merge or consolidate
with any other Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets. Such limitations are subject to a number of important qualifications and
exceptions. The Company must annually report to the Trustee on compliance with such limitations. 

        16.    Successor Entity.    When a successor entity assumes, in accordance with the Indenture, all the obligations of
its predecessor under the Notes and the Indenture, and immediately before and thereafter no Default exists and certain other conditions are satisfied, the predecessor entity will be released from
those obligations. 

        17.    Defaults and Remedies.    Events of Default are set forth in the Indenture. If an Event of Default (other than
an Event of Default pursuant to Section 6.01(f) or (g) of the Indenture with respect to the Company) shall have occurred and be continuing, then the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Notes then outstanding, may declare to be immediately due and payable the entire principal amount of all the Notes then outstanding plus accrued interest
to the date of acceleration subject to the provisions of the Indenture. In case an Event of Default specified in Section 6.01(f) or (g) of the Indenture occurs with respect to the
Company, such principal amount, together with premium, if any, and interest with respect to all of the Notes, shall be due and payable immediately without any declaration or other act on the part of
the Trustee or the Holders. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity reasonably satisfactory to it. 

        18.    Trustee Dealings with Company.    The Trustee under the Indenture, in its individual or any other capacity, may
make loans to, accept deposits from, and perform services for the Company, and 

5

 

may
otherwise deal with the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 

        19.    No Recourse Against Others.    As more fully described in the Indenture, no director, officer, employee,
stockholder or incorporator, as such, of the Company shall have any liability for any obligation of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

        20.    Authentication.    This Note shall not be valid until the Trustee or Authenticating Agent manually signs the
certificate of authentication on this Note. 

        21.    Governing Law.    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES TO THE INDENTURE HAS
AGREED TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

        22.    Abbreviations and Defined Terms.    Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act). 

        23.    CUSIP Numbers.    Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders. No representation is made as to the accuracy of such numbers as printed on the Notes and
reliance may be placed only on the other identification numbers printed hereon. 

        24.    Indenture.    Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the
Indenture, as the same may be amended from time to time. 

        The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture, which has the text of this Note in larger type. Requests may be made to: Affinity
Group, Inc., 2575 Vista Del Mar Drive, Ventura, California 93001, Attention: Thomas Wolfe. 

6

 
 
 

FORM OF GUARANTEE    
    

        Each Guarantor (capitalized terms used herein have the meanings given such terms in the Indenture referred to in the Note upon which this notation is endorsed)
hereby unconditionally guarantees on a senior subordinated basis (such guarantee being referred to herein as the "Guarantee") the due and punctual
payment of the principal of, premium, if any, and interest on the Notes, whether at maturity,
by acceleration or otherwise, the due and punctual payment of interest on the overdue principal, premium and interest on the Notes to the extent lawful, and the due and punctual performance of all
other obligations of the Company to the Holders or the Trustee, all in accordance with the terms set forth in Article 10 of the Indenture. 

        The
obligations of each Guarantor to the Holders and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture, and are
expressly subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness of each Guarantor, to the extent and in the manner provided in Article 11 of the
Indenture. 

        This
Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Notes upon which this Guarantee is noted shall have been executed by the
Trustee under the Indenture by the manual signature of one of its authorized officers. 

        This
Guarantee shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. 

        This
Guarantee is subject to release upon the terms set forth in the Indenture. 

	 	 	[                        ]
	

 	
 	

By:	
 	

          
 Name:

Title:

7

 
 
 

ASSIGNMENT FORM    
    

        If you the Holder want to assign this Note, fill in the form below and have your signature guaranteed: 

        I
or we assign and transfer this Note to: 

	

	

	

 (Print or type name, address and zip code and

social security or tax ID number of assignee)

        and
irrevocably
appoint                                        
                                 , agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 

	Date:	 	          
	 	Signed:	 	          
 (Sign exactly as your name appears on the other side of this Note)

	Medallion Guarantee:	 	          
	 	 

8

 
 
 

[OPTION OF HOLDER TO ELECT PURCHASE]    
    

        If you want to elect to have this Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, check the appropriate
box: 

	 	Section 4.13	 	o	 	 
	 	Section 4.18	 	o	 	 

        If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, state the
amount you elect to have purchased: 

	$	 	          
	 	 
	

Date:	
 	

          
	
 	

          
 NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration
or enlargement or any change whatsoever and be guaranteed by the endorser's bank or broker.
	Medallion
Guarantee:                                       
                         	 	 

9

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AFFINITY GROUP, INC. SERIES B 9.0% SENIOR SUBORDINATED NOTE DUE 2012

(REVERSE OF SECURITY) 9.0% SENIOR SUBORDINATED NOTE DUE 2012

FORM OF GUARANTEE

ASSIGNMENT FORM

[OPTION OF HOLDER TO ELECT PURCHASE]QuickLinks
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Exhibit 10.2  

 
 

PHANTOM STOCK AGREEMENT    
    

        THIS AGREEMENT, made and entered into as of the        day
of                        , 200    by and between  Affinity Group, Inc., a Delaware corporation (the "Company") and                        (the "Executive");
 

 
 

WITNESSETH    
    

        WHEREAS, the Company proposes to employ the Executive in the operations of the Company and the Company is desirous
of affording Executive incentives, in the form of phantom stock of the Company, in connection therewith; 

        NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the Company and
Executive hereby agree as follows: 

 
 

ARTICLE I    
    
    EMPLOYMENT    
    

        Section 1.1.    Employment.    The Company hereby employs the Executive
as                        of the Company to
perform such duties and discharge such functions in and about the business and affairs of the Company, or one or more of its subsidiaries, as the board of directors of the Company may from time to
time determine. Executive agrees, during the term hereof, to diligently and in good faith perform and discharge such duties and functions and Executive shall devote all of his working time, energy and
ability exclusively to the performance of his duties hereunder. Executive shall not directly or indirectly engage or participate in the operations or management of, or render any services to, any
other businesses or enterprises. 

        Section 1.2.    Basic Compensation.    The Company agrees to pay Executive a base annual salary and annual
bonus (or such other amount as may be from time to time determined by the board of directors of the Company) (collectively the "Basic Compensation"). Basic Compensation payable under this section
shall be payable in accordance with such practices and procedures as are generally applicable to other employees of the Company. 

        Section 1.3.    Fringe Benefits.    While Executive is in the employ of the Company, the Company agrees to
provide to Executive such benefits as may be provided by the Company from time to time to its similarly situated employees. 

        Section 1.4.    Severance.    If the Company terminates the employment of the Executive without Cause, the
Company shall (i) make a lump sum severance payment equal to the greater of (a) one year of Basic Compensation or (b) 3 weeks of Basic Compensation per year of continuous
employment and (ii) pay to the Executive the amount of the bonus, if any, accrued or earned to the date of such termination under section 1.5 hereof. Such severance payment shall be made
within 30 days after the determination of the amount of the accrued bonus calculated pursuant to the provisions of section 1.5 hereof. It is agreed that any termination of employment is
without prejudice to any other remedy to which the Company may be entitled, either by law, in equity or under this Agreement. 

        In
addition to the foregoing, if, during the period of three (3) years following a Change of Control, the Company terminates the employment of the Executive without Cause or if
the Executive terminates employment with the Company for Good Reason, the Company shall, at its expense, continue providing to Executive, for the period of three (3) years following a Change of
Control, the same life and health insurance benefits as provided to Executive immediately prior to such termination. 

        The
Company has the absolute right to terminate this Agreement, and the employment of the Executive hereunder, for Cause without any further obligation to the Executive in respect of
severance 

 

payments
to the Executive hereunder. For purposes of this Agreement, Cause includes, but is not limited to the following: 

	(i)
	Executive's
breach of the terms of this Agreement or any other legal obligation to the Company; or

	(ii)
	Executive's
fraud, dishonesty, negligence, misconduct or other deliberate action which causes injury to the Company or any of its subsidiaries or to their respective
reputations or an act of the Executive involving moral turpitude or a serious crime. 

        The
Executive shall not be entitled to severance under this section 1.4 if the employment of the Executive is terminated for any of the following reasons: 

	(i)
	the
Executive terminates this Agreement at any time;

	(ii)
	death
of the Executive;

	(iii)
	the
Disability of the Executive. 

        Section 1.5.    Bonus.    The Company adopts, from time to time, formal written bonus programs for certain of
its executives. Such written bonus programs, if adopted and if extended to the Executive, shall be in addition to the Basic Compensation payable under section 1.2 hereof. The amount of the
bonus will be determined on mutually agreed-upon objectives. The Company reserves the absolute right to amend, replace or terminate, from time to time, any such written bonus program and
to determine the extent of its application, all without any liability to the Executive. The bonus, if any, payable under this section 1.5 shall be paid in accordance with the terms of the
formal written bonus program adopted by the Company. 

        Section l.6.    Term.    The term of this Agreement shall commence on                  ,
200    and
continue through                  , 20    ; provided, however, that Executive shall have the continuing option to immediately terminate the
employment provided by section 1.1 hereof by giving two weeks' notice thereof to the Company and the Company shall have the continuing option to immediately terminate the employment provided by
section 1.1 hereof by giving written notice thereof to Executive which notice may be effective immediately. Upon any such termination, all of the rights and obligations set forth in this
Article I shall terminate provided, only, that the Company shall pay to Executive the severance, if any, payable under section 1.4 hereof. 

 
 

ARTICLE II    
    
    PHANTOM STOCK INTEREST    
    

        Section 2.1.    Award of Phantom Stock Interest.    The Company hereby awards the Phantom Stock Interest to the
Executive. 

        Section 2.2.    Payment of Phantom Stock Interest.    The Company shall pay, and Executive shall be entitled to
receive, the cash value of the Phantom Stock Interest, which shall be paid as follows: 

	(i)
	one-third
thereof within 30 days of the determination of such cash value in accordance with the provisions of section 4.3 hereof, and

	(ii)
	one-third
thereof on the first anniversary of the Determination Date, and

	(iii)
	one-third
thereof on the second anniversary of the Determination Date. 

        Section 2.3.    Beneficiary.    Executive may designate (by filing with the Company a written beneficiary
designation form in form reasonably acceptable to the Company) one or more primary beneficiaries or contingent beneficiaries to receive all or a specified part of the cash value of the Phantom Stock
Interest which, at the time of Executive's death, may remain unpaid under this 

2

 

Agreement
and Executive may change or revoke any such designation from time to time. No such designation, change or revocation shall be effective unless executed by Executive and accepted by the
Company during Executive's lifetime. Each such designation, change or revocation shall be effective under this Agreement until changed or revoked in the manner specified herein. No such change or
revocation shall require the consent of any beneficiary theretofore designated by Executive. If Executive fails to designate a beneficiary, or designates a beneficiary and thereafter revokes such
designation without naming another beneficiary, or designates one or more beneficiaries and all such beneficiaries so designated fail to survive Executive, then the beneficiary of the Phantom Stock
Interest, or the part thereof as to which Executive's designation fails, as the case may be, shall be the representative of Executive's estate. Unless Executive has otherwise specified in the
beneficiary designation, the beneficiary or beneficiaries designated by Executive shall become fixed as of Executive's death so that, if a beneficiary survives Executive but dies before the receipt of
all payments due such beneficiary, such remaining payments shall be payable to the representative of such beneficiary's estate. 

        Section 2.4.    Benefits Not Transferable.    Neither Executive nor any beneficiary hereunder shall have any
transferable interest in the payments due hereunder nor any right to anticipate, alienate, dispose of, pledge or encumber the same prior to actual receipt thereof, nor shall the same be subject to
attachment, garnishment, execution following judgment or other legal process instituted by creditors of Executive or any such beneficiary provided that the unpaid cash value of Executive's Phantom
Stock Interest and any payments due hereunder shall at all times be subject to set-off for debts owed by the Executive to the Company or its affiliates. 

        Section 2.5.    Nature of the Company's Obligation.    The Company shall maintain a record of the Phantom Stock
Interest but the Company shall not be required to segregate any funds or other assets to be used for the payment of benefits under this Agreement and no such record shall be considered as evidence of
the creation of a trust fund, an escrow or any other segregation of assets for the benefit of Executive or any beneficiary of Executive. The obligation of the Company to make the payments described in
this Agreement is an unsecured contractual obligation of the Company only, and neither Executive nor any beneficiary of Executive shall have any beneficial or preferred interest by way of trust,
escrow, lien or otherwise in and to any specific assets or funds. Executive specifically acknowledges that the Phantom Stock Interest to be awarded pursuant to the terms of this Agreement are not
securities in the Company and do not create any right in the equity or capital of the Company or any of its affiliates. Executive and each beneficiary of Executive shall look solely to the general
credit of the Company for satisfaction of any obligations due or to become due under this Agreement, it being expressly acknowledged by the Executive that the obligations of the Company hereunder are
junior and subordinate in right of payment to the obligations of the Company to its or the Company's lenders. If the Company should, in its sole discretion, earmark or set aside any funds or other
assets to pay benefits hereunder, the same shall, nevertheless, remain and be regarded as part of the general assets of the Company subject to the claims of its general creditors (and shall not be
considered to be held in a fiduciary capacity for the benefit of Executive or any beneficiary hereunder), and neither Executive
nor any beneficiary of Executive shall have any legal, beneficial, security or other property interest therein. Upon delivery by the Company to Executive of the consideration as provided in
section 2.2, the rights and obligations of the Company and Executive under this Article II shall terminate and Executive shall have no other or further rights under this Article or in
respect hereof. 

 
 

ARTICLE III    
    
    COVENANT NOT TO COMPETE    
    

        Section 3.1.    Covenant Not to Compete.    Executive hereby covenants that, for a period of  eighteen months next following the
Determination Date (or such shorter period for which the Company continues to be owned or operated by the Parent or
its affiliates), Executive shall not be engaged or interested in any business which competes, directly or indirectly, with the publication or membership 

3

 

businesses
of the Company or any subsidiary of the Company (whether as a proprietor, partner with another, shareholder, agent or consultant of, employee of or lender to, another) in the recreational
vehicle, camping, outdoor living or other markets then served by the Company or such subsidiary, except as a proprietor, partner, shareholder, employee or consultant in or to the Company or any entity
controlled by, controlling or under common control with the Company, provided that if the employment of Executive is terminated by the Company without Cause, the foregoing covenant shall not apply
(without affecting the obligations hereinafter contained in this section 3.1 in respect of disclosures or solicitations by Executive) unless the Executive shall have been paid severance
pursuant to section 1.4 hereof. Executive agrees that he will not at any time disclose to any person or other entity who or which is, or reasonably may be expected to be, in competition with
the Company or its affiliates, any confidential information or trade secrets of the Company, any subsidiary of the Company or any of their respective affiliates, the contents of any customer lists of
the Company, any subsidiary of the Company or any of their respective affiliates or the general needs of the customers or other contracting parties with the Company, any subsidiary of the Company or
any of their respective affiliates, provided, however, the foregoing shall not prevent Executive from responding to the request of a governmental agency or pursuant to a court order or as otherwise
required by law. For a period of one year following the Determination Date, Executive agrees not to offer employment to, not to discuss the nature of any prospective employment opportunities with, and
not to otherwise solicit any employee of the Company or such subsidiary (or any person who was an employee of the Company or such subsidiary within 180 days of the Determination Date) on his
own behalf, on behalf of any employer of the Executive, on behalf of any entity with which the Executive is acting as a consultant or with which the Executive is then otherwise affiliated. 

        Section 3.2.    Remedies.    Recognizing that a breach of the covenant contained in section 3.1 would
cause the Company irreparable injury and the damages at law would be difficult to ascertain, Executive consents to the granting of equitable relief by way of a restraining order or temporary or
permanent injunction by any court of competent jurisdiction to prohibit the breach or enforce the performance of the covenants contained in section 3.1. The invalidity or unenforceability of
any provision of this Article or the application thereof to any person or circumstance shall not affect or impair the validity or enforceability of any other provision or the application of the first
provision to any other person or circumstance. Any provision of this Article that might otherwise be invalid or unenforceable because of contravention of any applicable law, statute or governmental
regulation shall be deemed to be amended to the extent necessary to remove the cause of such invalidation or unenforceability and such provision as so amended shall remain in full force and effect as
a part hereof. 

 
 

ARTICLE IV.    
    
    DEFINITIONS AND GENERAL PROVISIONS    
    

        Section 4.1.    Definitions.    As used in this Agreement, the following terms shall have the respective
meanings set forth below: 

        Accounting Period:    If the Determination Date falls on December 15th through December 31st, inclusive, the
Fiscal Year of the Company in which the Determination Date falls; if the Determination Date falls on January 1st through June 14th, inclusive, the Fiscal Year of the Company ending
immediately prior to the date on which the Determination Date falls; if the Determination Date falls on June 15th through December 14th, inclusive, the Rolling Four Fiscal Quarters
ending immediately prior to the date on which the Determination Date falls. 

        Base Cost:    $                  , less an amount
equal to dividends or other distributions made by the Company to the Parent (it
being understood that amounts paid by the Company to the Parent pursuant to any tax allocation agreement between such parties, amounts paid as management fees and amounts paid as repayment of
principal, premium or interest on indebtedness of the Company to the Parent or 

4

 

to
any affiliate of the Parent shall not be considered dividends or other distributions for the purposes hereof, it being the intention of the parties hereto that only dividends or distributions in
respect of the equity ownership of the Parent in the Company be deducted for the purpose of calculating Base Cost). 

        Company Value:    If the Determination Date is occasioned by the sale of all or substantially all of the Operating Assets of the
Company and its subsidiaries, the remainder of (x) the sum of (i) the net after-tax consideration received in the sale of all or substantially all of the Operating Assets and
(ii) Current Assets minus (y) the sum of (i) the Base Cost, (ii) Operating Liabilities not assumed by the purchaser or transferee and (iii) Liabilities other than
Operating Liabilities. If any of such consideration shall have been paid in notes or other securities, the Company shall, by resolution of its board of directors, establish a value therefore, which
value shall be conclusively binding upon the parties hereto and, in establishing the value of debt securities, in addition to such other considerations as the board of directors of the Company may
deem relevant, the amounts payable thereunder shall be discounted to their present value on the basis of such discount rate as is deemed appropriate by the board of directors. 

        If
the Determination Date is occasioned by the sale of all or substantially all of the equity interests in the Company or subsidiaries of the Company, Company Value shall be the
remainder of (x) the net after-tax consideration received in such sale of equity interests minus (y) the sum of (i) the Base Cost and (ii) any Liabilities not
assumed by such purchaser or transferee. 

        If
the Determination Date is occasioned by the sale of the equity interests of the Parent, Company Value shall be the remainder of the pre-tax consideration received minus
(y) the sum of (i) the Base Cost and (ii) any Liabilities not assumed by such purchaser or transferee for which shareholders of the Parent continue to be liable after the closing
of such sale. 

        If
the Determination Date is occasioned by an event other than a Sale, Company Value shall be the remainder of (x) the sum of (i) the Formula Operating Asset Value and
(ii) Current Assets minus (y) the sum of (i) Base Cost and (ii) Liabilities other than Operating Liabilities provided, however, that if a Sale is consummated within
180 days after the Determination Date, Company Value shall be determined as if the Determination Date had been occasioned by the Sale. 

        Change of Control:    A "Change of Control" will be deemed to have occurred at such time as (a) the Existing Holders,
individually or in the aggregate, shall cease to beneficially own (as defined under Rule 13(d)(3) or any successor rule or regulation promulgated under the Securities Exchange Act of 1934),
directly or indirectly, 50.1% or more of the voting equity interests of the Company, (b) there shall be consummated any consolidation or merger of the Company or the Parent in which the Company
or the Parent, as the case may be, is not the continuing or surviving corporation or pursuant to which the voting equity interests of the Company or the Parent would be converted into cash, securities
or other property, other than a merger or consolidation of the Company or the Parent in which the holders of the voting equity interests of the Company or the Parent, as the case may be, outstanding
immediately prior to the consolidation or merger hold, directly or indirectly, at least a majority of the voting equity interests of the surviving corporation immediately after such consolidation or
merger, (c) there is a sale, lease or transfer of all or substantially all of the assets of the Company or the Parent to any person or group (as such term is defined in Section 13(d)(3)
of the Securities Exchange Act of 1934), or (d) the shareholders of the Company or the Parent shall approve any plan or proposal for the liquidation or dissolution of the Company or the Parent,
as the case may be. 

        Current Assets:    The sum of (x) cash, marketable securities, prepaid items and inventory as reflected on the books and
records of the Company and its subsidiaries on a consolidated basis after the elimination of any intercompany accounts; (y) the market value of notes receivable of the Company (other than
intercompany receivables); and (z) the accounts receivable of the Company and its subsidiaries (other than intercompany accounts receivable) subject to such allowance for bad or 

5

 

doubtful
accounts receivable as is reflected on the books of the Company, all as determined in accordance with generally accepted accounting principles. Current Assets and Liabilities shall be
determined as of the last day of the Accounting Period. 

        Determination Date:    The date of any of the following events: (i) termination of the Executive's employment, whether by
death or otherwise, (ii) a Sale, or (iii)                       , 20    . 

        Disability:    The physical or mental incapacity of Executive for a period of more than 60 consecutive days, the determination
of which by the board of directors of the Company shall be conclusive on the parties hereto. 

        Existing Holders:    Stephen Adams, his spouse and lineal descendants and trusts for the exclusive benefit of any of the
foregoing persons and any affiliate of Stephen Adams. 

        Fiscal Quarter:    The fiscal quarter of the Company ending on the last day of the calendar quarter. 

        Fiscal Year:    The fiscal year of the Company as the case may be, ending on the last day of the calendar year. 

        Formula Operating Asset Value:    The product
of                        (            ) and Operating Profit of the
Company for the
Accounting Period. 

        Good Reason:    The occurrence of one or more of the following events, without Executive's written consent, within three
(3) years following a Change in Control (or before the Change in Control if the occurrence is directly connected to the Change in Control and the Change in Control occurs): (a) the
Executive is assigned any duties inconsistent with Executive's position (including status, offices, titles and reporting requirements), authorities, duties or any other responsibilities as in effect
immediately prior to the announcement of the Change in Control, (b) a reduction in base compensation or in any bonus plan from the amounts in effect immediately prior to the announcement of the
Change in
Control, or (c) Executive is required to be located outside the same metropolitan area as Executive's office location immediately prior to the announcement of the Change in Control. 

        Liabilities:    All obligations (whether absolute, accrued or contingent, choate or inchoate) of the Company and/or its
subsidiaries (other than intercompany obligations) determined in accordance with generally accepted accounting principles provided that (i) if the Determination Date is occasioned by a Sale,
the obligation of the Company (or the Parent) for the payment of federal and state income taxes arising from a Sale shall be considered a liability whether or not such liability is required to be
reflected as a liability in accordance with generally accepted accounting principles, (ii) the liability of the Company for deferred revenues shall not be considered a liability whether or not
such liabilities are required to be reflected as a liability in accordance with generally accepted accounting principles, and (iii) the liability of the Company, the Parent or any subsidiary of
the Company (x) in respect of this Agreement or any similar agreement or (y) to purchase its equity securities (or warrants for such securities), whether under a "put" agreement or
otherwise, shall not be considered a Liability for purposes hereof. Liabilities shall be determined by the chief financial officer of the Company (or the Independent Accountant) as provided in
section 4.3 hereof. Liabilities shall be determined on a consolidated basis provided, however, that there shall be eliminated any intercompany Liabilities. 

        Operating Assets:    The real and personal properties, tangible and intangible, used in the regular ongoing operation of the
Company and its subsidiaries, as the case may be which would be acquired by a purchaser of such entities (or the assets thereof) in order to continue the uninterrupted operation of the business
thereof in substantially the manner as theretofore operated but excluding therefrom cash, investments, accounts and notes receivable, inventories, prepaid items and similar assets which would not
normally be acquired by a purchaser in an asset acquisition (or for which special adjustment to the purchase price would be made). 

6

 

        Operating Liabilities:    Any Liability or other obligation (whether absolute, accrued or contingent, choate or inchoate) which
would be required to be assumed by a buyer of all or substantially all of the assets of the Company and its subsidiaries in order to continue, uninterrupted, the business operations of the Company
unless, in connection with such assumption, there would customarily be made an adjustment to the purchase price for such assets. Operating Liabilities do not include (i) indebtedness for money
borrowed or guarantees of any such indebtedness, (ii) refinancings of indebtedness of the kind referred to in clause (i) above, (iii) indebtedness in respect of any subscription
agreement, stock or warrant "put" or "call" agreement, phantom stock agreement or similar obligation in respect of an equity or other interest in the Parent measured by an increase in the equity value
of the Parent and (iv) current payables. 

        Operating Profit:    With respect to any Accounting Period (i) the net income of the Company derived from the ongoing
business operations of such entity or entities for such period plus (ii) interest, federal and state income taxes [or any provision for such taxes], depreciation,
amortization, financing costs, management fees and 90% of aircraft expenses. Operating Profit shall be
determined on the accrual method of accounting and in accordance with generally accepted accounting principles consistently applied, provided that (i) in no event shall tradeout or barter
transactions or extraordinary items of revenue or expense (including revenue or expense from non-operating investments, revenue or expense from the sale or purchase of Operating Assets or
entities or revenue or expense not derived from business operations) be reflected in net income and (ii) amounts paid or received in settlement of (or payment of judgments in respect of)
litigation which did not arise in the ordinary course of the business operations of such entity or entities or any of their respective subsidiaries, shall not be reflected in net income (it being
understood that subsidiaries of the Company do have litigation, such as the litigation in CTC), which shall be considered litigation in the "ordinary course" of business operations). If there has
occurred a Sale of Operating Assets within the Accounting Period and, in such Sale, not all of the Operating Assets have been sold, provided that the net proceeds of such Sale have been received by
the Company prior to the date on which Current Assets and Liabilities of the Company are calculated as herein provided, the net income relating to such Operating Assets shall be deleted from the
calculation of Operating Profit. If there has occurred a purchase of Operating Assets, the income from which is reflected in the Accounting Period only partially, the Operating Profit with respect to
such Operating Assets shall be adjusted, on a historical pro forma basis, to reflect Operating Profit for the complete Accounting Period. 

        Parent:    Affinity Group Holding, Inc., a Delaware corporation, or such other entity which holds in excess of 80% of the
issued and outstanding equity securities of the Parent. 

        Phantom Stock Interest:    The cash equivalent of        percent
(        %) of Company Value. 

        Rolling Four Fiscal Quarters:    Four consecutive Fiscal Quarters. 

        Sale:    The sale of all or substantially all of the Operating Assets of the Company and the subsidiaries of the Company, the
sale of all of the equity interests in the Company, the sale in one transaction (or a series of related transactions) of more than 65% of the equity interests in the Parent, the sale of all of the
equity interests in the subsidiaries of the Company (except, in any of the foregoing cases, to an entity controlled by, controlling or under common control with the Parent). 

        Section 4.2.    Withholding Taxes.    The Company may withhold from any payment to be made under this Agreement
(and transmit to the proper taxing authority) such amount as it may be required to withhold under any federal, state or other law. 

        Section 4.3.    Administration.    The Company and its executive officers shall have full power to interpret,
construe and administer this Agreement, including authority to determine any dispute or claim with respect thereto. The determination of the Company in any matter, made in good faith, shall be binding
and conclusive upon Executive and all other persons having any right or benefit hereunder. 

7

 

Unless
Executive shall give notice to the Company objecting to the Company's calculation of Current Assets, Liabilities, Operating Liabilities or Operating Profit for any period (or any other
calculation to be determined for the purposes of this Agreement) within thirty days after notice of the determination thereof by the Company, such calculation shall conclusively be deemed to have been
accepted by the parties hereto. The cash value of the Phantom Stock Interest shall be set forth in a certificate of the chief financial officer of the Company, the determination of which shall be made
within 150 days of the Determination Date and shall be conclusive and binding upon the Executive provided that, if the Executive shall disagree with the amount of the Current Assets,
Liabilities, Operating Liabilities or Operating Profit as determined by the chief financial officer of the Company (written notice of which shall be given by the Executive within 30 days of the
receipt of such determination by the chief financial officer), Current Assets, Liabilities, Operating Liabilities or Operating Profit shall be determined by the independent certified public
accountants of the Company or, if the Company has not then engaged a firm of independent certified public accountants, any "big six" firm of public accountants selected by the Company (the
"Independent Accountant"). The Independent Accountant shall determine the Current Assets, Liabilities, Operating Liabilities or Operating Profit of the Company within 30 days after its
appointment and shall be instructed to deliver to the Company and the Executive a written report of its determination of the amount of such Current Assets, Liabilities, Operating Liabilities or
Operating Profit. 

        The
cost of the accounting services performed by the Independent Accountant shall be borne by the Company (but the cost thereof shall be considered a liability of the Company for
purposes of determining Liabilities) unless the amount of the Current Assets, Liabilities, Operating Liabilities or Operating Profit as determined by the Independent Accountant is the same as the
amount determined by the Company's chief financial officer (or is an amount which results in a lower value for the Executive of the Phantom Stock Interest or the bonus payable under
section 1.5), in which event the entire cost of the services of the Independent Accountant shall be borne by the Executive and shall be deducted by the Company from the Phantom Stock payment to
be made pursuant to section 2.2 hereof or the bonus payable under section 1.5, as the case may be. 

        Any
of the obligations of the Company hereunder may be performed by an affiliate of the Company and such performance by an affiliate shall be deemed to satisfy any such obligation of the
Company hereunder. 

        Section 4.4.    Notices.    All notices, requests and other communications from any of the parties hereto to
the other shall be in writing and shall be considered to have been duly given or served when personally delivered to any individual party, an executive officer of any corporate party, or on the first
day after the date of deposit with Federal Express for next day delivery, postage prepaid, or on the third day after deposit in the United States mail, certified or registered, return receipt
requested, postage prepaid, or on the date of telecopy, fax or similar telephonic transmission during normal business
hours, provided that the recipient has specifically acknowledged by telephone receipt of such telecopy, fax or telephonic transmission; addressed, in all cases, to the party at his or its address set
forth below, or to such other address as such party may hereafter designate by written notice to the other party: 

	(i)
	If
to the Company to: 

2575
Vista Del Mar Drive

Ventura, CA 93001

Attn: Stephen Adams 

	(ii)
	If
to Executive to: 

                                        
            

                                         
           

                                         
            

        Section 4.5.    Binding Effect.    The provisions of this Agreement shall not give Executive any rights to
continue to be employed or otherwise retained by the Company or any affiliate thereof. Except as so 

8

 

provided,
this Agreement shall be binding upon and inure to the benefit of the parties hereto, the respective successors and assigns of the Company and the beneficiaries, personal representatives and
heirs of Executive. 

        Section 4.6.    Controlling Law.    This Agreement shall be construed, and the legal relations between the
parties determined, in accordance with the laws of the state of incorporation of the Company. 

        Section 4.7.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original without the production of the others, but all of which together shall constitute one and the same instrument. 

        Section 4.8.    Entire Agreement.    This Agreement contains the entire understanding of the parties with
respect to the subject matter hereof and may not be varied, modified or amended except by a writing signed by the parties to be charged. The making, execution and delivery of this Agreement by the
parties hereto have been induced by no representations, statements, warranties or agreements of the other except those herein expressed. 

        Section 4.9.    Headings.    The division of this Agreement into sections and paragraphs and the titles
assigned thereto is only a matter of convenience for reference and shall not define or limit any of the terms or provisions thereof. 

        IN WITNESS WHEREOF, the individual party has hereunto set his hand and the corporate party has caused these presents to be executed by a
proper officer thereunto duly authorized all as of the day and year first above written. 

	 	 	AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

    

	 	 	 	 	Its:	 	    

	

 	
 	

9

QuickLinks

PHANTOM STOCK AGREEMENT

WITNESSETH

ARTICLE I EMPLOYMENT

ARTICLE II PHANTOM STOCK INTEREST

ARTICLE III COVENANT NOT TO COMPETE

ARTICLE IV. DEFINITIONS AND GENERAL PROVISIONS

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