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Exhibit 10.16
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PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD
AGREEMENT UNDER THE LOYALTY VENTURES INC.
2021 OMNIBUS INCENTIVE PLAN
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THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”), made as of [GRANT DATE] (the “Grant Date”) by and between Loyalty Ventures Inc. (the “Company”) and [PARTICIPANT NAME] (the “Participant”) who is an employee of the Company or one of its Affiliates, evidences the grant by the Company of an award of restricted stock units (the “Award”) to the Participant and the Participant’s acceptance of the Award in accordance with the provisions of the Loyalty Ventures Inc. 2021 Omnibus Incentive Plan (the “Plan”).  The Company and the Participant agree as follows:
1.Basis for Award.  The Award is made under the Plan pursuant to Sections 6(e) and 6(f) thereof.
		2.	Award.

(a)The Company hereby awards to the Participant, in the aggregate, [SHARES GRANTED] Restricted Stock Units which shall be subject to the conditions set forth in the Plan and this Agreement.
(b)Restricted Stock Units shall be evidenced by an account established and maintained for the Participant, which shall be credited for the number of Restricted Stock Units granted to the Participant.  By accepting this Award, the Participant acknowledges that the Company does not have an adequate remedy in damages for the breach by the Participant of the conditions and covenants set forth in this Agreement and agrees that the Company is entitled to and may obtain an order or a decree of specific performance against the Participant issued by any court having jurisdiction.
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(c)Except as provided in the Plan or this Agreement, prior to vesting as provided in Section 3 of this Agreement, the Restricted Stock Units will be forfeited by the Participant and all of the Participant’s rights to Stock or cash underlying the Award shall immediately terminate without any payment or consideration by the Company, in the event of a Participant’s termination of employment as provided in Section 4 of this Agreement below.
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(d)Dividend Equivalent Rights.  If the Company pays any cash dividend on its outstanding Stock for which the record date occurs after the Grant Date, the Committee will credit the Participant’s account as of the dividend payment date in an amount equal to the cash dividend paid on one share of Stock multiplied by the number of Restricted Stock Units under this Agreement that are unvested as of that record date (“Dividend Equivalents”).  Such Dividend Equivalents will be subject to the vesting requirements of Section 3 of this Agreement below, and no Dividend Equivalents will vest or be paid to the Participant unless and until the corresponding Restricted Stock Unit vests and is settled.
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(e)Rights as Stockholder.  The Participant shall have no rights as a stockholder with respect to any Restricted Stock Unit until he or she shall have become the holder of record of such 

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Stock, and except as otherwise provided in this Agreement or the Plan, no adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date upon which the Participant shall become the holder of record thereof.
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3.Vesting.  Subject to Sections 2 and 4 of this Agreement, the restrictions on the Award will lapse upon determination by the Company’s Board or the Committee that the performance metric set forth on Schedule 1 attached to this Agreement has been met at or above the threshold level and the number of Restricted Stock Units constituting the Award will be adjusted to the payout level achieved from 50% to 150%; if the threshold has not been met, all Restricted Stock Units constituting the Award will be forfeited; following adjustment, the Award will vest with respect to (a) 33% upon the day of the first anniversary of the Grant Date, (b) an additional 33% upon the day of the second anniversary of the Grant Date; and (c) the final 34% upon the day of the third anniversary of the Grant Date, provided, that, the Participant is then employed by the Company or an Affiliate.  Notwithstanding the foregoing, subject to the limitations of the Plan, the Committee may accelerate the vesting of all or part of the Award at any time and for any reason.  As soon as practicable after the Award vests and consistent with Section 409A of the Code, payment shall be made in Stock (based upon the Fair Market Value of the Stock on the day all restrictions lapse) and cash in the amount of any Dividend Equivalents credited to the Participant’s account with respect to such shares of Stock.  The Committee shall cause the Stock to be electronically delivered to the Participant’s electronic account with respect to such Stock free of all restrictions.  Pursuant to Section 11 of this Agreement, the cash and/or the number of shares delivered shall be net of the amount of cash and/or the number of shares withheld for satisfaction of Tax-Related Items (as defined below), if applicable.
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4.Termination of Employment.  Unless otherwise determined by the Committee at time of grant or thereafter or as otherwise provided in the Plan, any unvested portion of any outstanding Award held by a Participant at the time of termination of employment or other service for any reason will be forfeited upon such termination. 
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5.Participant.  Whenever the word “Participant” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiaries, the executors, the administrators, or the person or persons to whom the Restricted Stock Units and Dividend Equivalents may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or persons.
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6.Adjustments; Change in Control. 
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(a)In the event that the Committee determines that any dividend or other distribution (whether in the form of cash, Stock or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase or exchange of Stock or other securities, liquidation, dissolution, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of  the number and kind of shares that may be issued in respect of Restricted Stock Units.  In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding sentence) affecting the 

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Company or any Affiliate or the financial statements of the Company or any Affiliate or in response to changes in applicable laws, regulations, or accounting principles.
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(b)In connection with a Change in Control, the Committee may, in its sole discretion, accelerate the vesting and/or the lapse of restrictions with respect to the Award.  If the Award is not assumed, substituted for an award of equal value, or otherwise continued after a Change in Control, the Award shall automatically vest prior to the Change in Control at a time designated by the Committee.  Timing of any payment or delivery of shares of Stock under this provision shall be subject to Section 409A of the Code.
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(c)All outstanding Restricted Stock Units and Dividend Equivalents (if any) shall immediately vest upon a termination of employment by the Company or an Affiliate without Cause, within twelve months after a Change in Control.
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7.Clawback.  Notwithstanding anything in the Plan or this Agreement to the contrary, in the event that the Participant breaches any nonsolicitation, noncompetition or confidentiality agreement entered into with, or while acting on behalf of, the Company or any Affiliate, the Committee may (a) cancel the Award, in whole or in part, whether or not vested, and/or (b) require such Participant or former Participant to repay to the Company any gain realized or payment or shares received upon the exercise or payment of, or lapse of restrictions with respect to, such Award (with such gain, payment or shares valued as of the date of exercise, payment or lapse of restrictions).  Notwithstanding anything in the Plan or any Agreement to the contrary, if any of the Company’s financial statements are required to be restated due to errors, omissions, fraud, or misconduct, the Committee may, in its sole discretion but acting in good faith, direct the Company to recover all or a portion of any Award or any past or future compensation from any Participant or former Participant with respect to any fiscal year of the Company for which the financial results are negatively affected by such restatement, including through cancellation of an Award or repayment of any gain realized (with such gain valued as of the date of exercise, payment or lapse of restrictions). Such cancellation or repayment obligation shall be effective as of the date specified by the Committee. Any repayment obligation may be satisfied in shares of Stock or cash or a combination thereof (based upon the Fair Market Value of the shares of Stock on the date of repayment) and the Committee may provide for an offset to any future payments owed by the Company or any Affiliate to the Participant if necessary to satisfy the repayment obligation; provided, however, that if any such offset is prohibited under applicable law, the Committee shall not permit any offsets and may require immediate repayment by the Participant.
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8.Compliance with Law.  Notwithstanding any of the provisions in this Agreement or in the Plan, the Company will not be obligated to issue or deliver any Stock to the Participant hereunder, if the exercise thereof or the issuance or delivery of such Stock shall constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority.  Any determination in this connection by the Committee shall be final, binding and conclusive.  The Company shall in no event be obliged to register any securities pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to cause the issuance or delivery of Stock pursuant thereto to comply with any law or regulation of any governmental authority.
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9. No Right to Continued Employment or Service.  Nothing in this Agreement or in the Plan shall be construed as giving Participant, any employee or other person the right to be retained in the employ or service of the Company or any Affiliate, nor shall it interfere in any way with the 

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right of the Company or any Affiliate to terminate Participant’s employment or service, any employee’s employment or other person’s service at any time.  Participant acknowledges and agrees that the continued vesting of the Restricted Stock Units granted hereunder is premised upon attainment of the conditions set forth herein and vesting of such Restricted Stock Units shall not accelerate upon termination of employment or service for any reason unless specifically provided for herein.
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10. Representations and Warranties of Participant.  The Participant represents and warrants to the Company that:
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(a)Agrees to Terms of the Plan.  The Participant has received a copy of the Plan and has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions.  In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control.  All capitalized terms not defined herein shall have the meaning ascribed to them as set forth in the Plan.  
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(b)Cooperation.  The Participant agrees to sign such additional documentation as may reasonably be required from time to time by the Company.  
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(c)No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Stock.  The Participant should consult with the Participant’s own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan or this Award.
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11.Responsibility for Taxes.  The Participant acknowledges that, regardless of any action taken by the Company or, if different, the Affiliate that employs the Participant (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  The Participant further acknowledges that the Company and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of shares of Stock acquired pursuant to the Award and the receipt of any Dividend Equivalents; and (b) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result.  Furthermore, if the Participant has become subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
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Prior to any relevant taxable or tax withholding event, as applicable, the Participant will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, the Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by: (i) requiring a cash payment from the Participant; (ii) withholding from the Participant’s wages or other cash compensation paid to the Participant by the Company and/or the Employer, (iii) withholding from the proceeds of the sale of Stock acquired pursuant to the 

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Award, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s behalf pursuant to this authorization without further consent); and/or (iv) withholding from the shares of Stock subject to the Restricted Stock Units, provided, however, that if the Participant is a Section 16 officer of the Company under the Securities Exchange Act of 1934, as amended (“Exchange Act”), then the Participant may elect the form of withholding from the alternatives above in advance of any tax withholding event, and in the absence of the Participant’s timely election, the Company will withhold in shares of Stock, or the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) may determine that a particular method be used to satisfy any withholding obligations for Tax-Related Items.
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The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Stock.  If the obligation for Tax-Related Items is satisfied by withholding in shares of Stock, the Participant is deemed, for tax purposes, to have been issued the full number of shares of Stock subject to the vested Restricted Stock Units, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items.
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The Company may refuse to issue or deliver the Stock, the proceeds of the sale of Stock or cash in the amount of any Dividend Equivalents if the Participant fails to comply with his or her obligations in connection with the Tax-Related Items.
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12.Notice.  Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to Participant’s address as recorded in the records of the Company.
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13.Governing Law; Choice of Venue.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without regard to its conflict of law principles.
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For purposes of litigating any dispute that arises under this grant or the Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Texas, agree that such litigation shall be conducted in the courts of Collin County, Texas, or the federal courts for the United States for the Eastern District of Texas, where this grant is made and/or to be performed.
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14.Electronic Transmission and Participation.  The Company reserves the right to deliver any notice or Award by email in accordance with its policy or practice for electronic transmission and any written Award or notice referred to herein or under the Plan may be given in accordance with such electronic transmission policy or practice.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or any third party designated by the Company.
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15.Country - Specific Provisions.  The Award shall be subject to any special terms and conditions set forth in the appendix to this Agreement for the Participant’s country (the “Appendix”).  Moreover, if the Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Appendix constitutes part of this Agreement.
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16.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan or the Award, or on the Restricted Stock Units and on any Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
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17.Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
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18.Waiver.  The Participant acknowledges that a waiver by the Company of breach of any provision of the Agreement shall not operate or be construed as a waiver of any other provision of the Agreement, or of any subsequent breach by the Participant or any other Participant.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
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	LOYALTY VENTURES INC.
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By: /s/ Cynthia L. Hageman
Cynthia L. Hageman
Executive Vice President, General Counsel and Secretary
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PARTICIPANT
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[PARTICIPANT NAME]
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APPENDIX TO THE
TIME-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT 
UNDER THE LOYALTY VENTURES INC.
2021 OMNIBUS INCENTIVE PLAN
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This Appendix contains additional (or, if so indicated, different) terms and conditions that govern the Award if the Participant is or becomes located outside of the United States of America (the “U.S.”).  All capitalized terms not defined herein shall have the meaning ascribed to them as set forth in the Plan or the main body of this Agreement, as applicable. To the extent there are any inconsistencies between these additional terms and conditions and those set forth in the Agreement, these additional terms and conditions shall prevail.
If Participant is a citizen or resident of a country other than the one in which he or she is currently working, is considered a citizen or resident of another country for local law purposes, or transfers employment or residency to another country after the Award is granted, the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to the Participant.
ALL COUNTRIES
Nature of Grant.  In accepting the Award, the Participant acknowledges, understands and agrees that:
		a)	the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended, or terminated by the Company at any time, to the extent permitted by the Plan;

		b)	the grant of the Award is exceptional, voluntary and occasional and does not create any contractual or other right to receive future awards, or benefits in lieu of awards, even if awards have been granted in the past;

		c)	all decisions with respect to future awards, if any, will be at the sole discretion of the Company;

		d)	the Participant’s participation in the Plan is voluntary;

		e)	the Award and any Stock or cash underlying or acquired pursuant to the Award, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

		f)	the future value of the Stock underlying the Award is unknown, indeterminable and cannot be predicted with certainty;

		g)	unless otherwise agreed with the Company, the Award is not granted as consideration for, or in connection with, the service the Participant may provide as a director of any Affiliate;

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		h)	no claim or entitlement to compensation or damages shall arise from forfeiture of any portion of this Award resulting from termination of the Participant’s employment relationship (for any reason whatsoever and regardless of whether later found to be invalid or in breach of applicable laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any);

		i)	except as otherwise stated in the country specific provisions below, for purposes of the Award, the Participant’s employment relationship will be considered terminated as of the date the Participant is no longer actively providing services to the Company or any Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of applicable laws in the jurisdiction where the Participant is employed  or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant’s right to vest in the Award, if any, will terminate effective as of such date and will not be extended by any notice period (e.g., the Participant’s period of employment would not include any contractual notice period or any period of “garden leave” or similar period mandated under the applicable laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Award (including whether the Participant may still be considered to be providing services while on a leave of absence);

		j)	unless otherwise provided in the Plan or by the Company in its discretion, the Award and the benefits under the Plan evidenced by this Agreement do not create any entitlement to have this Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Stock or this Award; and

		k)	neither the Company, the Employer nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the U.S. dollar that may affect the value of the Award or of any amounts due to the Participant pursuant to the  Award or the subsequent sale of any shares of Stock acquired under the Plan.

Data Privacy Information and Consent.  
		a)	Data Collection and Usage.  The Company and the Employer may collect, process and use certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Restricted Stock Units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the purposes of implementing, administering and managing the Plan.  The legal basis, where required, for the processing of Data is the Participant’s consent.

		b)	Incentive Plan Administration Service Providers.  The Company transfers Data to Fidelity Brokerage Services LLC and its affiliated companies (“Fidelity”), an independent service provider based in the United States, which is assisting the Company with the implementation, administration and management of the Plan.  In the future, the Company may select a different service provider and share Data with such other 

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			provider serving in a similar manner. The Participant acknowledges and understands that Fidelity will open an account for the Participant to receive this Award and to receive and trade shares of Stock, if any, acquired under the Plan. The Participant may be asked to agree on separate terms and data processing practices with the service provider, with such agreement being a condition to the Participant’s ability to participate in the Plan.

		c)	International Data Transfers. The Company and its service providers are based in the United States. Participant’s country or jurisdiction may have different data privacy laws and protections than the United States.  In the absence of appropriate safeguards, such as standard data protection clauses, the processing of the Participant’s Data in the United States or, as the case may be, other countries might not be subject to substantive data processing principles or supervision by data protection authorities.  In addition, the Participant might not have enforceable rights regarding the processing of the Participant’s Data in such countries. The Company’s legal basis, where required, for the transfer of Data is Participant’s consent.

		d)	Data Retention. The Company will hold and use the Data only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax and security laws.

		e)	Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Participant is providing the consents herein on a purely voluntary basis.  If the Participant does not consent, or if the Participant later seeks to revoke the Participant’s consent, the Participant’s salary from or employment and career with the Employer will not be affected; the only consequence of refusing or withdrawing the Participant’s consent is that the Company would not be able to grant this Award or other awards to the Participant or administer or maintain such awards.  

		f)	Data Subject Rights. The Participant may have a number of rights under data privacy laws in the Participant’s jurisdiction.  Depending on where the Participant is located, such rights may include the right to (i) request access or copies of Data the Company processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrictions on processing of Data, (v) portability of Data, (vi) lodge complaints with competent authorities in the Participant’s jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, Participant may contact his or her local human resources representative.

By accepting the Award and indicating consent via the Company’s online acceptance procedure, the Participant is declaring that he or she agrees with the data processing practices described herein and consents to the collection, processing and use of Data by the Company and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a European (or other non-U.S.) data protection law perspective, for the purposes described above.
Language.  The Participant acknowledges and represents that he or she is proficient in the English language or has consulted with an advisor who is sufficiently proficient in English, as to allow the Participant to understand the terms of the Agreement and any other document related to this Award and/or the Plan. If the Participant has received the Agreement, or any other document related to 

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this Award and/or the Plan translated into a language other than English and the meaning of the translated version is different than the English version, the English version will control.
Insider Trading Restrictions/Market Abuse Laws.  The Participant acknowledges that the Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions including, but not limited to, the United States and Participant’s country of residence, which may affect the Participant’s ability to accept, acquire, sell or otherwise dispose of Stock, rights to Stock (e.g., Restricted Stock Units) or rights linked to the value of Stock during such times the Participant is considered to have “inside information” regarding the Company as defined in the laws or regulations in the applicable jurisdictions.  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is his or her responsibility to comply with any restrictions and the Participant should consult his or her personal legal advisor on this matter. 
Foreign Asset / Account and Exchange Control Reporting Obligations.  The Participant may be subject to certain foreign asset and/or account reporting requirements and/or exchange control restrictions, reporting requirements or repatriation obligations related to the Award and participation in the Plan.  Such requirements and restrictions may be triggered by the grant of the Award, the opening of a brokerage account in connection with the Plan, the acquisition of shares of Stock or dividends paid on the Stock or cash proceeds from the sale of the shares of Stock, or other activities or transactions related to the Plan.  The Participant acknowledges that it is his or her responsibility to be compliant with any applicable requirements, and the Participant should consult his or her personal tax or legal advisor with any questions about such requirements.
AUSTRALIA
Tax Information.  The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions in that Act).
Securities Law Information.  Any information given by or on behalf of the Company is general information only.  The Participant should obtain financial product advice from an independent person who is licensed by the Australian Securities and Investments Commission (“ASIC”) to give advice about participating in the Plan.
The grant of Restricted Stock Units under the terms of the Plan and the Agreement does not require disclosure under the Corporations Act 2001 (Cth) (the “Corporations Act”). No document provided to the Participant in connection with participation in the Plan (including this Agreement):
		●	is a prospectus, product disclosure statement or other disclosure document for purposes of the Corporations Act; or 

		●	has been filed or reviewed by a regulator in Australia (including ASIC).

The Participant should not rely on any oral statements made in connection with his or her participation in the Plan.  The Participant should rely only upon the statements contained in this Agreement when considering whether to participate in the Plan.  
In the event that shares of Stock are issued to the Participant under the Plan, the value of any shares of Stock will be affected by the Australian / U.S. dollar exchange rate, in addition to fluctuations in value caused by the fortunes of the Company.  

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If the Participant offers any shares of Stock for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law.  The Participant should consult with his or her personal legal advisor prior to making any such offer to ensure compliance with the applicable requirements.
BELGIUM
No country-specific provisions apply.
BRAZIL
Compliance with Law.  In accepting the Award, the Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with the vesting and settlement of the Award, the sale of any Stock acquired under the Plan and the receipt of any dividends.
Nature of Grant.  The following provision supplements the “Nature of Grant” provision of the Appendix:
In accepting the Award, the Participant understands and agrees that (i) he or she is making an investment decision, and (ii) the value of the underlying Stock, if any, is not fixed and may increase or decrease over the vesting period without compensation to the Participant.
CANADA
Termination of Employment.  The following provision replaces Section 4 of the Agreement:
Unless otherwise determined by the Committee at time of grant or thereafter or as otherwise provided in the Plan, any unvested portion of any outstanding Award held by a Participant at the time of termination of employment will not vest, and will be forfeited, upon such termination, except to the extent provided under the Canada specific “Nature of Grant” provision of the Appendix below.
Nature of Grant.  The following provision replaces subsection (i) of the “Nature of Grant” provision of the Appendix:
For purposes of the Award and the Participant’s right (if any) to earn, seek damages in lieu of, or otherwise be paid any portion of the Award, whether in cash or in Stock (and any related Dividend Equivalents), pursuant to this Agreement, the Participant’s employment relationship will be considered terminated as of the date that is the earlier of (i) the date the Participant’s employment with the Employer is terminated, whether by the Participant, by the Employer, or by way of contractual frustration, or (ii) the date the Participant receives notice of termination (either written or otherwise), regardless of any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under local law. For greater certainty, Participant will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which Participant’s right to vest terminates, nor will Participant be entitled to any compensation for lost vesting. Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, Participant’s right to vest in the Award, whether in cash or in Stock (and any related Dividend Equivalents), if any, will terminate effective upon the expiration of Participant’s minimum statutory notice period, and Participant will not earn or be entitled to pro-rated vesting if the vesting 

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date falls after the end of Participant’s statutory notice period, nor will Participant be entitled to any compensation for lost vesting. 
The following provisions apply for Participants resident in Quebec: 
Language Consent. The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée.  Les parties reconnaissent avoir expressement souhaité que la convention [“Agreement”], ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou liés, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.
Data Privacy.  The following provision supplements the “Data Privacy” provision of the Appendix:
To the extent necessary for the purposes of administering the Plan, the Participant hereby authorizes the Company and the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan.  The Participant further authorizes the Company, any Affiliate and the administrator of the Plan to disclose and discuss the Plan with their advisors.  The Participant further authorizes the Company and any Affiliate to record such information and to keep such information in the Participant’s employee file.
Securities Law Information.  The Participant acknowledges that he or she is permitted to sell the Stock acquired under the Plan through the designated broker appointed by the Company, provided the sale of the Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed (i.e., at the time of this Award, the Nasdaq Stock Market).
FRANCE
Award Not Tax-Qualified.  The Participant understands that the Award is not intended to be French tax-qualified.
Language Consent.  By accepting the Agreement, the Participant confirms having read and understood the documents relating to this grant (the Plan and the Agreement) which were provided in English language.  The Participant accepts the terms of those documents accordingly.
Consentement Relatif à la Langue Utilisée.  En acceptant le Contrat, la Participant confirme avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat) qui ont été communiqués en langue anglaise.  La Participant accepte les termes de ces documents en connaissance de cause.

Appendix - 12

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GERMANY
No country-specific provisions apply.
HONG KONG
Representations and Warranties of Participant.  The following provision supplements Section 10 of the main body of the Agreement:
Any shares of Stock received at vesting are accepted by the Participant as a personal investment.  In the event that an Award vests in whole or in part and shares of Stock are issued to the Participant (or the Participant’s heirs) within six months of the date of grant, the Participant (or the Participant’s heirs) agrees that the shares of Stock will not be offered to the public or otherwise disposed of prior to the six-month anniversary of the date of grant.  
Securities Law Information.  WARNING: The contents of this Agreement have not been reviewed by any regulatory authority in Hong Kong.  The Participant is advised to exercise caution in relation to the offer.  If the Participant is in any doubt about any of the contents of this Agreement, Participant should obtain independent professional advice.  Neither the grant of the Award nor the issuance of Stock upon vesting of the Award constitutes a public offering of securities under Hong Kong law; the Award and the shares of Stock are available only to employees of the Company and its Affiliates.  The Agreement, including this Appendix, the Plan and other incidental communication materials distributed in connection with the Award (i) have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, and (ii) are intended only for the personal use of each eligible employee of the Company and its Affiliates and may not be distributed to any other person.
ITALY
Plan Document Acknowledgement.  By accepting the Award, the Participant acknowledges that the Participant has received a copy of the Plan and the Agreement and has reviewed the Plan and the Agreement, including the Appendix, in their entirety and fully understands and accepts all provisions of the Plan and the Agreement, including the Appendix. The Participant further acknowledges that the Participant has read and specifically and expressly approves the following sections of the Agreement: Section 2: Award; Section 3: Vesting; Section 4: Termination of Employment; Section 7: Clawback; Section 10: Representations and Warranties of Participant; Section 11: Responsibility for Taxes; Section 12: Notice; Section 13: Governing Law and Choice of Venue; Section 14: Electronic Transmission and Participation; Section 15: Country-Specific Provisions; and Section 16: Imposition of Other Requirements.
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Appendix - 13

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JAPAN
No country-specific provisions apply.
LUXEMBOURG
No country-specific provisions apply.
NETHERLANDS
No country-specific provisions apply.
POLAND
No country-specific provisions apply.
SOUTH KOREA
No country-specific provisions apply.
SPAIN
Nature of Grant.  This provision supplements the “Nature of Grant” provision of the Appendix:
In accepting the Award, the Participant consents to participation in the Plan and acknowledges that Participant has received a copy of the Plan.
The Participant understands and agrees that, as a condition of the grant of the Award, if the Participant’s employment terminates, unless otherwise provided in the Agreement or by the Company, any unvested portion of the Award shall be forfeited without entitlement to the underlying cash or Stock, if any, or to any amount as indemnification in the event of a termination, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause, individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985.  
The Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant the Award to individuals who may be employees of the Company or an Affiliate.  The decision is limited and entered into based upon the express assumption and condition that any Award will not economically or otherwise bind the Company or any Affiliate, including the Employer, on an ongoing basis, other than as expressly set forth in the Agreement.  Consequently, the Participant understands that the Award is granted on the assumption and condition that the Award shall not become part of any employment or service agreement (whether with the Company or any Affiliate, including the Employer) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever.  Furthermore, the Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from the grant of the Award, which is gratuitous and discretionary, since the future value of the Award and the underlying Stock, if any, is unknown and unpredictable.  The Participant also understands that the grant of the Award would not be made but for the assumptions and conditions set forth hereinabove; thus, the Participant understands, acknowledges and freely accepts that, should any or all of the assumptions be 

Appendix - 14

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mistaken or any of the conditions not be met for any reason, the grant of the Award and any right to the underlying shares of Stock, if any, shall be null and void.
Securities Law Information.  No “offer of securities to the public”, as defined under Spanish law, has taken place or will take place in the Spanish territory with respect to the Award.  No public offering prospectus has been nor will be registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) (“CNMV”).  Neither the Plan nor the Agreement constitute a public offering prospectus and they have not been, nor will they be, registered with the CNMV.
UNITED KINGDOM
Responsibility for Taxes. The following supplements Section 11 of the main body of the Agreement: 
Without limitation to Section 11 of the main body of the Agreement, the Participant agrees that the Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by Her Majesty’s Revenue and Customs (“HMRC”) (or any other tax authority or any other relevant authority).  The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax–Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant’s behalf.
Notwithstanding the foregoing, if the Participant is an executive officer or director (as within the meaning of Section 13(k) of the Securities and Exchange Act of 1934, as amended, the terms of the immediately foregoing provision will not apply.  In the event that the Participant is such an executive officer or director and the income tax is not collected from or paid by the Participant within ninety (90) days of the end of the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected income tax may constitute a benefit to the Participant on which additional income tax and national insurance contributions may be payable.  The Participant acknowledges that he or she will be responsible for reporting and paying any income tax due on this additional benefit directly to the HMRC under the self-assessment regime and for paying the Company or the Employer, as applicable, for the value of any employee national insurance contributions due on this additional benefit.

Appendix - 15​

Exhibit 10.17

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EMPLOYEE COVENANTS AGREEMENT
(VP OR ABOVE)
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WHEREAS, in reliance upon employee’s commitment to comply with this Employee Covenants Agreement (“Agreement”), Loyalty Ventures Inc. (“LVI”) or any entity directly or indirectly controlling, controlled by, or under direct or indirect common control with LVI (each, an “Affiliate”) wishes to employ employee in a position of trust and confidence that involves access to Confidential Information (defined below), valuable business relationships and goodwill, and/or specialized training, which would give employee an unfair advantage in the marketplace if employee’s conduct was not subject to the limitations provided in this Agreement;
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WHEREAS, LVI and employee wish to enter into this Agreement for the benefit of: (i) employee; and, (ii) LVI, any Affiliate that employs employee, and any Affiliate that has a legitimate business interest in the protections provided through this Agreement due to employee’s interaction with Affiliate or access to the Confidential Information or customers of Affiliate (collectively referred to herein as “Loyalty Ventures”);
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WHEREAS, it is understood that for purposes of this Agreement, “Loyalty Ventures Business” means the line of business that Loyalty Ventures is engaged in, or is demonstrably planning or preparing to engage in, during employee’s employment, that employee has involvement with or access to Confidential Information about, and that Loyalty Ventures remains engaged in at the time of enforcement; by way of illustration and not limitation, Loyalty Ventures’ Business is currently understood to include (i) providing loyalty programs and related awards including  digital, online, and mobile point-of-sale consumer solutions, and (ii) providing marketing, analysis, data and support services and products related to the foregoing products and services for Loyalty Ventures customers; the nature of Loyalty Ventures’ Business is within the United States as well as international in scope, and is not limited to a particular geographic area.
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NOW, THEREFORE, in consideration of employee’s employment and the wages and other benefits received through such employment, any bonus and/or eligibility to participate in incentive compensation plans if such apply to employee, and the mutual covenants of the parties to this Agreement provided below, the parties agree as follows:
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	1)	Confidential Information.

		a)	In this agreement, “Confidential Information” refers to an item of information or a compilation of information in any form (tangible or intangible) related to Loyalty Ventures’ Business that employee first acquires or gains access to during or as a result of employee’s employment or other association with Loyalty Ventures if Loyalty Ventures has not authorized public disclosure of it and it is not readily available through proper means to the general public or third parties who are under no obligation to keep it confidential.	

		b)	Confidential Information shall be presumed to include (without limitation) the following items of non-public information:	

		i)	customer lists and records of customers and customer contact information, as well as customer communications, private customer contract terms, unique customer preferences and historical transaction data;	

		ii)	private bids, proposals, quotes, requests for proposal, and related analyses; financial records and analysis, and related non-public data regarding Loyalty Ventures’ financial performance;	

		iii)	business plans and strategies, forecasts and analyses;	

		iv)	unpatented inventions and related information, patent applications, technological innovations, originally created and/or customized software (including but not limited to features, specifications, and source code), blueprints, design details and specifications, formulas, and research and development information regarding products and services of Loyalty Ventures;	

		v)	internal business methods, procedures, techniques, processes, know how, systems and innovations; marketing plans, research and analyses; pricing information, and underlying pricing-related variables 	

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			such as costs, volume discounting options, and profit margins not publicly published;	

		vi)	joint venture, partnership, and business (stock and asset) sale and acquisition opportunities identified by Loyalty Ventures and related analyses;	

		vii)	management evaluations of Loyalty Ventures’ resources/assets (such as technology, real estate, and employee job performance); and	

viii)private contract terms with vendors and suppliers, and analysis of vendor and supplier business opportunities.
Due to its special value and utility as a compilation, a confidential compilation of information by Loyalty Ventures will remain protected even if individual items of information in it are public. Private disclosure of Confidential Information to parties Loyalty Ventures is doing business with for business purposes shall not cause the information to lose its protected status as Confidential Information under this Agreement.

		c)	Information that belongs to a third party and is entrusted to Loyalty Ventures in confidence (“Third Party Confidential Information”) will be treated as Confidential Information and handled by employee in strict compliance with the agreement under which it is entrusted to Loyalty Ventures and in accordance with any applicable laws and regulations related to the confidentiality of such information (such as, but not limited to, laws governing confidentiality of personally identifiable information).	

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	2)	Employee’s Nondisclosure Obligations.

		a)	Employee will hold all Confidential Information in confidence and trust for the benefit of Loyalty Ventures. Employee will not engage in any copying, use or disclosure of Confidential Information beyond that which is: authorized in the course of employee’s duties for Loyalty Ventures, undertaken for the benefit of Loyalty Ventures, and conducted in strict compliance with Loyalty Ventures’ policies and procedures concerning the handling of such information. Employee will use reasonable care and diligence to prevent the unauthorized destruction, copying, or publication of Confidential Information. The foregoing will apply during employee’s term of employment and for so long thereafter as the information at issue continues to qualify as Confidential Information under this Agreement. Information that would qualify as a Loyalty Ventures’ trade secret absent this Agreement will remain protected as a trade secret of Loyalty Ventures for as long as it qualifies as a trade secret and no provision of this Agreement will be construed to eliminate or reduce these protections. The purpose of the foregoing restriction is the protection of Loyalty Ventures’ Confidential Information, and it shall not be construed or applied broadly as a general restraint of trade or covenant not to compete. Employee’s nondisclosure obligations under this Agreement shall not be construed to prohibit use of generally available knowledge, skill and education that is not specific to Loyalty Ventures but instead knowledge generic to the industry or profession.	

		b)	In the event employee is served with a subpoena, court order or similar legal mandate requiring the disclosure of Confidential Information, employee will provide Loyalty Ventures reasonable notice and opportunity to intervene and protect its Confidential Information prior to disclosure unless such notice is prohibited by law.	

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	3)	Loyalty Ventures Intellectual Property.

		a)	All inventions, developments, designs, discoveries, innovations, business methods, improvements, ideas, know how, copyright eligible works, trade secrets and other forms of legally protectable intellectual property (“Proprietary Developments”) that employee conceives, creates, discovers or develops related to Loyalty Ventures’ Business during Employee’s employment shall be considered “work made for hire” and the property of Loyalty Ventures.	

		b)	Employee hereby fully and finally assigns to LVI or its nominee all right, title and interest in and to any and all Proprietary Developments discovered, conceived, created, or made by employee (alone or with others) during employment (whether during regular working hours or not), that either: (i) relate to Loyalty Ventures’ Business or its actual or demonstrably anticipated research and development, (ii) were developed or discovered with the assistance of Confidential Information, tools, equipment, personnel or other resources of Loyalty Ventures, or (iii) are suggested by, related to, or result from any work performed by employee for Loyalty Ventures (hereafter “Loyalty Ventures’ Proprietary Developments”); provided, however, that nothing herein shall be construed to create or require the assignment of an invention that cannot be lawfully assigned by agreement under any applicable law that controls as to employee.	

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		c)	Employee agrees to promptly disclose in writing to Loyalty Ventures all Loyalty Ventures’ Proprietary Developments that employee conceives, creates or develops during employment. Employee agrees, upon request and without compensation but at no expense to employee, to carry out the intent and purpose of the assignment of Loyalty Ventures’ Proprietary Developments covered in this Agreement by: (i) executing oaths, declarations, assignments, powers of attorney and other papers; (ii) communicating to Loyalty Ventures all facts known to employee relating to Loyalty Ventures’ Proprietary Developments, and the history thereof; and (iii) complying with requests of Loyalty Ventures for perfecting title to Loyalty Ventures’ Proprietary Developments, and for securing, maintaining and enforcing protection for Loyalty Ventures’ Proprietary Developments.	

		d)	Employee shall not be entitled to use Loyalty Ventures’ Proprietary Developments for employee’s benefit or the benefit of anyone except Loyalty Ventures without written permission from Loyalty Ventures and then only subject to the terms of such permission. Employee acknowledges that nothing herein is intended to give employee any rights to, ownership interest in, or license with respect to, any of the Confidential Information, any Loyalty Ventures’ Proprietary Developments, or any patent, trademark or copyright. Employee waives any moral rights which employee may have with respect to Loyalty Ventures’ Proprietary Developments and agrees not to assert same.	

		e)	Employee acknowledges and agrees that all records of Loyalty Ventures’ Proprietary Developments and Confidential Information (in any form, tangible or intangible) that employee acquires during employment shall be considered the property of Loyalty Ventures. Employee assigns to Loyalty Ventures any all rights and interests employee may have in such records.	

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	4)	Protective Covenants

Employee agrees that confidentiality obligations and other provisions of this Agreement are insufficient standing alone to protect Loyalty Ventures’ trade secrets and other Confidential Information because some activities would by their nature lead to the undetectable and/or inadvertent use of trade secrets and other Confidential Information and cause irreparable harm to Loyalty Ventures’ business relationships and goodwill. Accordingly, employee agrees to comply with the additional reasonable and necessary restrictions (“Protective Covenants”) below to prevent such activities.

		a)	Definitions.	

		i)	“Competitor” means any organization, entity or person who is engaged in Loyalty Ventures’ Business or is preparing to engage in Loyalty Ventures’ Business.	

		ii)	“Covered Customer” means a customer of Loyalty Ventures that employee had material contact or interaction with (directly or through persons under employee’s supervision) on behalf of Loyalty Ventures, or had access to Confidential Information about, in the Look Back Period. Material contact will be presumed to have occurred if employee participated in communications with the customer or received commissions or other beneficial credit for business Loyalty Ventures conducted with the customer. For purposes of the Protective Covenants, where permitted by law, a customer shall include a specifically identified customer prospect that Loyalty Ventures is actively pursuing in a demonstrable way when employee’s employment ends.	

		iii)	“Covered Employee” means an employee that employee worked with or gained knowledge of through employment with Loyalty Ventures. Where permitted by law, an individual who resigns from employment with Loyalty Ventures will also be treated as a Covered Employee for purposes of the Protective Covenants for a period of 90 days after the individual’s employment with Loyalty Ventures ends.	

		iv)	“Look Back Period” means the last two (2) years of employee’s employment with Loyalty Ventures, or whatever lesser period of time employee may have been employed with Loyalty Ventures, including any period of employment with a  predecessor entity that is now a part of Loyalty Ventures through merger, acquisition, or otherwise.	

		v)	“Restricted Area” means the geographic territory that falls within employee’s assigned area of responsibility and/or expected scope of knowledge related to Loyalty Ventures’ Business. Except where employee is expressly assigned a smaller geographic area of responsibility and has commensurately limited access to Confidential Information, employee’s assigned area of responsibility and expected scope of knowledge related to Loyalty Ventures’ Business will be presumed to be the state employee resides in, 	

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			and each additional state in the United States or equivalent in a foreign country where Loyalty Ventures does business, or plans to do business, that employee was provided Confidential Information about or had business related involvement with, directly or indirectly, in the Look Back Period.	

		vi)	“Solicit” (or “solicitation”) means to engage in acts or communications that are intended to or can reasonably be expected to induce or encourage a particular responsive action (such as buying a good or service or terminating a relationship), regardless of which party first initiates contact.	

		b)	Garden Leave.  Employee is required to provide a minimum 90 days notice of resignation or intent to leave the employ of LVI or any Affiliate. Once notice of resignation has been given by the employee, LVI may excuse the employee from the performance of the employee’s duties and/or exclude the employee from any premises of LVI or any Affiliate. Base salary and other contractual benefits shall continue to be paid or provided to the employee for no more than 90 days from the date of the notice or resignation, subject to the terms of any governing agreements or plans. During any period where the employee is excused from their duties and/or excluded from LVI’s premises, employee shall not without prior written consent of LVI, contact either directly or indirectly any clients, customers, suppliers, contractors, or other employees of LVI or any Affiliate. During this period and at all times under this Agreement, employee shall conduct themself with good faith and duty of loyalty towards LVI and its Affiliates. This paragraph shall be referred to as the “Garden Leave.” LVI’s rights under this provision may be modified or waived in a writing signed by an authorized officer of LVI; no delay or failure to assert rights or remedies shall be construed as a waiver by LVI or any Affiliate.	

		c)	Customer Nonsolicit. During employment and for a period of twelve (12) months thereafter, employee will not, for the benefit of a Competitor, directly or through others, (i) solicit or assist in soliciting competing business from any Covered Customer, or (ii) knowingly encourage or induce a Covered Customer to stop or reduce doing business with Loyalty Ventures. This paragraph shall be referred to as the “Customer Nonsolicit.”	

		d)	Employee Nonsolicit. During employment and for a period of twelve (12) months thereafter, employee will not, for the benefit of a Competitor, directly or through others, (i) solicit or knowingly induce any Covered Employee of Loyalty Ventures to leave the employment of Loyalty Ventures, or (ii) assist a Competitor in hiring a Covered Employee. This paragraph shall be referred to as the “Employee Nonsolicit.”	

		e)	Prohibited Interference. During employment and for a period of twelve (12) months thereafter, employee will not, directly or through others, solicit or knowingly induce or encourage a supplier, vendor, or referral source of Loyalty Ventures to stop or reduce doing business with Loyalty Ventures. This paragraph shall be referred to as the “Prohibited Interference Clause.”	

f)Customer Goodwill Protection. During the period of the Customer Nonsolicit restriction, employee will not capitalize on employee’s familiarity with a Covered Customer for the benefit of a Competitor by participating in the acceptance or servicing of competitive business with a Covered Customer. This paragraph shall be referred to as the “Goodwill Protection Clause.”
		g)	The restrictions in the Customer Nonsolicit, Employee Nonsolicit, Prohibited Interference, and Customer Goodwill Protection clauses are understood to be reasonably limited by geography to those locations and/or places of       business where the individual shielded from solicitation or interference (such as a customer) is located and available for solicitation or interference. However, if a different form of geographic limitation is required under applicable law for the restriction to be enforceable then the Restricted Area shall be deemed so limited.	

The Protective Covenants do not prohibit general advertising that is not targeted at Loyalty Ventures’ customers or employees such as advertisements directed to the general public or “help wanted” ads. They do not prohibit a passive and non-controlling ownership of less than 2% of the stock in a publicly traded company. The Protective Covenants will not be construed to generally prohibit employee’s employment in an entire industry or business sector, or to be an unreasonable restraint on employee’s ability to earn a living.
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	5)	Return of Loyalty Ventures Property.

		a)	All memoranda, notes, lists, records, e-mails, computer files and other documents and information (and all copies, versions, and translations thereof) made or compiled by the employee or made available to the employee concerning or related to Loyalty Ventures and its business activities (“Company Records”) shall be the property of Loyalty Ventures.	

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		b)	Employee agrees to return to Loyalty Ventures all Company Records, Confidential Information, documents, materials, computer hardware and software, supplies, calling or credit cards, keys, passes, cell phones, tablets, pagers and any other property or data that is the property of Loyalty Ventures or was provided by Loyalty Ventures for employee’s use as an employee of Loyalty Ventures when employee’s employment ends or earlier if requested by Loyalty Ventures. The return of such items shall be made at or before the time of termination of employment or, if that is not possible, as soon thereafter as is possible at the sole expense and responsibility of Loyalty Ventures.	

		c)	Employee’s obligation to return all Confidential Information and Company Records shall include returning all copies (including backup copies), reproductions, reprints and translations thereof, whether written, electronic or otherwise, in the possession of, or under the control of, the employee, without retaining any copies. Employee will cooperate in providing Loyalty Ventures access to all places and devices where or through which any Confidential Information has been transported or stored that are within employee’s control to confirm that employee’s obligation to return all Confidential Information (without retaining any copies) has been complied with.	

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	6)	Injunctive Relief.

Employee agrees that damages alone would not be an adequate remedy for the irreparable harm to Loyalty Ventures that would result from violation of this Agreement, and that Loyalty Ventures shall be entitled to injunctive relief to secure specific performance and/or similar equitable remedy if a violation or threatened violation occurs. Employee hereby consents to the granting of such relief to enforce the provisions of this Agreement, and agrees that Loyalty Ventures may enforce its rights under this Agreement by bringing suit for injunctive relief or specific performance without payment of  bond or security (provided that if a bond is required for injunctive relief to issue a bond of $1,000 shall be presumed sufficient). In the event that any restriction on employee herein is found to be unenforceable as written due to overbreadth, the restriction shall nonetheless be enforced to such lesser extent as the court (or arbitrator if applicable) deems reasonable and enforceable to accomplish the intent of the parties and the protection of Loyalty Ventures to the maximum extent allowed by law. In the event employee violates a post-employment restriction provided for in this Agreement that is limited by time, the time applicable to such restriction shall be extended by one day for each day employee is found to have been in violation of such restriction up to a maximum extension that is equal in length to the length of restraint originally provided for (an “Equitable Extension Period”) unless this provision would make the restriction unenforceable under applicable law.
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	7)	Loyalty and Conflicting Obligations.

During employment, employee shall have a duty of loyalty to Loyalty Ventures that includes the obligation to comply with Loyalty Ventures’ policies regarding avoiding conflicts of interest (such as competitive activities), reporting potential conflicts of interest, and informing Loyalty Ventures of any business opportunities related to its line of business that employee becomes aware of in a timely manner so that it may take advantage of such business opportunities wherever possible. Employee is under no binding legal obligations (by contract or otherwise) that would prevent employee from performing the duties of employee’s position with Loyalty Ventures, and if subject to any limiting obligations they have been identified in a writing submitted to Loyalty Ventures simultaneous with the execution of this Agreement.
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	8)	Protected Conduct

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Nothing in this Agreement prohibits employee from opposing or reporting to the applicable law-enforcement agency (such as the Securities and Exchange Commission) any conduct that employee reasonably and in good faith believes is a violation of law, requires notice of approval from Loyalty Ventures before doing so, or prohibits cooperating in an investigation conducted by such a government agency. Employee is given notice that pursuant to the 2016 Defend Trade Secrets Act: (1) no individual (consultant, contractor or employee) will be held criminally or civilly liable under federal or state trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the legal proceeding, if the individual files any document containing the trade secret under seal, and does not disclose 

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the trade secret, except as permitted by legally binding order.
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	9)	General.

		a)	Independent Legal Advice. Employee acknowledges that employee has been advised by Loyalty Ventures to obtain independent legal advice, and has had an opportunity to obtain such advice, with respect to the Agreement.	

		b)	Entire Agreement. This is the entire agreement and supercedes all prior agreements and understandings, whether oral or written, between the parties with respect to the subject matter hereof. This Agreement may not be amended except by the written agreement of the parties hereto. Employee expressly warrants that no promise or agreement that is not herein expressed has been made to employee in executing this Agreement and that employee is not relying upon any statement or representation of Loyalty Ventures not expressly contained in this Agreement. The introductory provisions of this Agreement (including “Whereas” clauses) are a material and substantive part of this Agreement.	

		c)	No Waiver / Survival.  Loyalty Ventures’ rights under this Agreement can only be modified or waived in a writing signed by an authorized officer of Loyalty Ventures; no delay or failure to assert rights or remedies shall be construed as a waiver by Loyalty Ventures. The post-employment restrictions applicable to employee under this Agreement shall survive the termination of employment regardless of the cause of the termination or which party terminates the relationship. This Agreement will be deemed to continue in effect despite any changes in terms and conditions of employee’s employment (including, but not limited to, changes in compensation, promotions, transfers, relocations, and changes in job duties).	

		d)	Severability. Each covenant by employee contained in this Agreement shall be independent and severable from the others. The presence of a claim or cause of action by employee against Loyalty Ventures, whether meritorious or not, shall not constitute a defense to the enforcement of employee’s obligations under this Agreement. If a restriction provided for in this Agreement cannot be enforced as written due to overbreadth (such as time, scope of activity, or geography) within the jurisdiction of the relevant court or arbitrator, the court or arbitrator will (for purposes of that jurisdiction) enforce the restrictions to such lesser extent as is allowed by law and/or reform the restriction to protect Loyalty Ventures’ legitimate business interests. If, despite the foregoing, a provision contained in this Agreement is determined to be void, illegal or unenforceable, then it shall be severed and the other provisions contained herein shall remain in full force and effect as if the provision that was determined to be void, illegal, or unenforceable had not been contained herein.	

		e)	Assignment and Beneficiaries. Employee’s obligations under this Agreement are personal in nature and cannot be assigned or transferred without the consent of Loyalty Ventures. This Agreement shall automatically inure to the benefit of LVI, and its subsidiaries, affiliates, successor(s), and assigns, without the need for any further action by employee. Employee acknowledges that LVI and all Affiliates that constitute Loyalty Ventures shall have the right to enforce this Agreement to protect their interests without such treatment imputing employer status on to any entity that is not otherwise characterized as employee’s employer in LVI records. Employee acknowledges that the obligations of any one Loyalty Ventures entity to employee may be satisfied by another Loyalty Ventures entity without the need for employee’s consent. Employee expressly agrees to the assignment of this Agreement and all rights and obligations hereunder, including, but not limited to, an assignment in connection with any merger, sale, transfer or acquisition consummated by Loyalty Ventures, or relating to a change in ownership of all or part of its assets or the assets of its subsidiaries, affiliates or divisions.	

		f)	Governing Law / Choice of Forum. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas without regard to any choice of law rules of Texas or another state to the contrary; provided, however, that any agreement to arbitrate between the parties (if there is one) will be controlled by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. and federal law. Subject to the limitations contained in any arbitration agreement between the parties (if there is one), the parties expressly consent to the exclusive jurisdiction and venue in the United States District Court for the Eastern District of Texas, Sherman/Plano Division, or the District Courts of Collin County, Texas, and all applicable appellate courts.  Accordingly, any action or proceeding brought by either party that is based on, or derives from, this Agreement will be brought in such courts.	

		g)	Employment at Will / Preservation of Rights / Presumptions. Employee agrees and acknowledges that employee’s employment may be terminated at any time, with or without cause. Nothing in this Agreement or 	

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			in any policy statement or manual shall be construed to limit Loyalty Ventures’ right to terminate this employment relationship at any time. Nothing in this Agreement shall be construed to eliminate or diminish any rights or remedies Loyalty Ventures would have concerning the protection of its interests absent this Agreement. To overcome a presumption provided for in this Agreement, employee must present clear and convincing evidence, and if a presumption provided for in this Agreement would make a term of this Agreement unenforceable then it shall be severed and deemed inapplicable to that term.	

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[Signature page follows]
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IN WITNESS WHEREOF, Loyalty Ventures and employee have entered into this Agreement as of the date employee executes this Agreement (reflected below) unless employee is entering into this Agreement as part of employee’s original hiring, transfer or promotion into a new position in which case this Agreement is understood to be made and effective as of the first day of employee’s employment in such new position (whether reduced to writing on that specific date or not).
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Loyalty Ventures Inc.Employee
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Authorized SignatureEmployee’s Signature
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Printed NamePrinted Name
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TitleDate

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