Document:

Subscription Agreement dated as of October 17, 2005

 Exhibit 10.16 
  

			
		  	SUBSCRIPTION AGREEMENT (this “Agreement”),
dated as of October 17, 2005 between
AFFINION GROUP HOLDINGS, INC.,
a Delaware Corporation, (the “Company”) and NATHANIEL J. LIPMAN (“Investor”).

 WHEREAS, Investor desires to purchase certain shares of the Company’s common stock;
and 
 WHEREAS, pursuant to the Purchase Agreement made and entered into as of the 26th day of July, 2005, by and among Affinion
Group, Inc. (f/k/a Affinity Acquisition, Inc.) (“Affinity”), the Company (f/k/a Affinity Acquisition Holdings, Inc.) and Cendant Corporation, the Company will acquire all of the equity interests in Cendant Marketing Group, LLC
(formerly Cendant Membership Services Holdings LLC) and Cendant International Holdings Limited (the “Transaction”); 
 WHEREAS, the Company is willing to sell the Company’s common stock to Investor on the terms and conditions provided below. 
 NOW, THEREFORE, in consideration of the promises and of the mutual covenants contained in this Agreement, the parties hereby agree as follows: 
 1. Subscription. Investor hereby subscribes for and offers to purchase as of the closing of the Transaction (the “Closing”) [Item 1(a) on the Signature Page] shares of the Company’s
common stock, par value $0.01 per share, (the “Shares”) at the purchase price of $[Item 1(b) on the Signature Page] per Share for the aggregate amount indicated in Section 2 of this Agreement. 
 2. Tender of Consideration. Investor hereby irrevocably tenders this Agreement, and on the Closing will be deemed to pay $[Item 2 on the
Signature Page], by means of a dollar-for-dollar reduction of the Payments payable to Investor under the Retention Letter (as such terms are defined in Section 3), as aggregate consideration for the Shares. 
 3. Retention Letter. Investor is a party to a letter agreement with Cendant Marketing Group, LLC or its affiliate, as amended through
June 28, 2005 (the “Retention Letter”). Notwithstanding the timing of the payments set forth in the Retention Letter (the “Payments”), Investor hereby acknowledges that: 
 (a) Investor will receive, on or about the Closing, [Item 1(a) on the Signature Page] Shares, representing a portion of the
Payments equal to $[Item 2 on the Signature Page]); 
 (b) Investor will receive, on or about the Closing, an amount of
the Payments in cash equal to $[Item 3 on the Signature Page]; 
 (c) all amounts payable to Investor are subject to
applicable withholding. 

 4. Risk of Forfeiture. Notwithstanding anything to the contrary contained herein, consistent with
the Retention Letter, to the extent Investor’s employment with the Company terminates for Cause (as defined in Investor’s employment agreement with Affinity dated as of July 26, 2005) or due to Investor’s resignation prior to the
first anniversary of the Closing, Investor shall immediately forfeit to the Company [Item 4 on the Signature Page] Shares, and the Company may reflect any such forfeiture on its share records without any further action required by Investor.
Investor, upon purchasing the Shares, shall be deemed to appoint, and does so appoint by execution of this Agreement, the Company and each of its authorized representatives as Investor’s attorney(s) in fact to (a) effect any forfeiture by
Investor to the Company of [Item 4 on the Signature Page] Shares pursuant to this Section 4, (b) effect any transfer to the Company of any Shares that are repurchased by the Company pursuant to Section 5 of the Management Investor
Rights Agreement (as defined below), and (c) execute such documents as the Company or such representatives deem necessary or advisable in connection with any such transfer or forfeiture. 
 5. Representations and Warranties of Investor. Investor hereby represents and warrants to the Company as follows: 
 (a) Investor is a “United States Person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code, meaning
that Investor is a citizen or resident of the United States; 
 (b) Investor understands that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), and that this sale is being made in reliance on one or more exemptions for private offerings; 
 (c) The Shares for which Investor hereby subscribes are being acquired solely for Investor’s own account and for investment only.
Investor is not purchasing the Shares with a view to or for the resale, distribution, subdivision or fractionalization thereof and Investor has no plans to enter into any contract, undertaking, agreement or arrangement for any such purpose. Investor
understands and agrees that the Company shall have no obligation to recognize the ownership, beneficial or otherwise, of such Shares of anyone other than Investor and that no such Shares shall be transferable except upon the conditions set forth in
the Management Investor Rights Agreement by and among the Company and its stockholders, dated as of the date of this Agreement, a copy of which previously has been reviewed by Investor with counsel of his choice prior to becoming a party thereto
(the “Management Investor Rights Agreement”); 
 (d) Investor (i) has adequate means of providing for
Investor’s current needs and possible contingencies, and Investor has no need for liquidity in his investment in the Company, (ii) can bear the economic risk of losing his entire investment in the Company, (iii) has, alone or together
with a Purchaser Representative (as defined in Rule 501(h) of the Securities Act), such knowledge and experience in financial and business matters that Investor is capable of evaluating the relative risks and merits of this investment; and
(iv) is an “Accredited Investor” within the meaning of Section 5(g). 
 (e) Investor acknowledges
that he has been provided with such information as he deems necessary to evaluate the merits and risks of investing in the Shares and has been 

  

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afforded the opportunity to ask such questions as he deemed necessary, and to receive answers from, representatives of the Company concerning the merits and
risk of investing in the Shares; 
 (f) In making the decision to invest in the Company, Investor has relied solely upon
independent investigations made by Investor. No representations or warranties, oral or otherwise, have been made to Investor or any party acting on Investor’s behalf that are inconsistent with the written materials which have been supplied to
Investor by the Company. 
 (g) To qualify as an Accredited Investor, Investor must satisfy at least one of the following
alternative criteria: 
 (i) Investor is a natural person whose individual net worth (or joint net worth with Investor’s
spouse) is in excess of $1,000,000 (net worth or joint net worth includes the equity in one’s home); or 
 (ii) Investor
is a natural person whose individual income (not joint income with Investor’s spouse) in each of the prior two years was in excess of $200,000 or whose joint income with Investor’s spouse in each of the prior two years was in excess of
$300,000, and who has a reasonable expectation of reaching at least the same income level in the current year; or 
 (iii)
Investor is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a person with such knowledge and experience in financial and business matters that he or she is
capable of evaluating the merits and risks of an investment in the Shares; or 
 (iv) Investor is one of our directors or
executive officers; or 
 (v) Investor is an entity in which all of the equity owners are Accredited Investors. 
 6. Transferability. Investor agrees not to transfer or assign this Agreement or any of Investor’s interest in this Agreement or in the
Company except as allowed by the terms of the Management Investor Rights Agreement, and further agrees that the assignment and transferability of the Shares acquired pursuant hereto shall be allowed only in accordance with applicable law and the
terms of the Management Investor Rights Agreement. 
 7. Revocation. Investor agrees that Investor will not cancel, terminate or
revoke this Agreement or any agreement made in connection with this Agreement. 
 8. Further Representations and Warranties of
Investor. 
 (a) Authority. Investor has full power, legal right and authority to execute, deliver and perform the
terms of this Agreement and to consummate the transactions contemplated by this Agreement and no consent of any third party not previously obtained is required to do so. The execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement have been duly and validly authorized by all requisite action and no other proceedings on the part of Investor are necessary to authorize this 

  

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Agreement or to consummate the transactions so contemplated. This Agreement has been duly and validly executed and delivered by Investor and, assuming this
Agreement has been duly authorized, executed and delivered by the other parties hereto, constitutes a valid and binding agreement of Investor, enforceable against Investor in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing
(regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (b) No Conflicts. The execution,
delivery and performance by Investor of this Agreement and any other agreement, certificate or document executed by Investor in connection with this Agreement, and the transactions (and the consummation of the transactions) contemplated by this
Agreement and any related agreements will not: (i) violate or conflict with any laws, rules or regulations of any government authority having jurisdiction; or (ii) result in the breach of, or constitute a default (with or without notice or
lapse of time, or both) under, or require any consent under, any provision of (x) any debt instrument, indenture, mortgage agreement or other instrument or arrangement to which Investor is a party or (y) any judgment, order or decree by
which Investor is bound. 
 9. Representations and Warranties of the Company. 
 (a) Authority. The Company has full power, legal right and authority to execute, deliver and perform the terms of this Agreement,
to issue the Shares in accordance with the terms and subject to the conditions of this Agreement, to consummate the transactions contemplated by this Agreement and no consent of any third party not previously obtained is required to do so. The
execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement have been duly and validly authorized by all requisite action and no other proceedings on the part of the Company are necessary to
authorize this Agreement or to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by the Company and, assuming this Agreement has been duly authorized, executed and delivered
by the other parties hereto, constitutes a valid and binding agreement of the Company, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a
proceeding at law or in equity). 
 (b) No Conflicts. The execution, delivery and performance by the Company of this
Agreement and any other agreement executed by the Company in connection herewith, and the transactions (and the consummation of the transactions) contemplated by this Agreement and any related agreements will not: (i) violate or conflict with
any laws, rules or regulations of any government authority having jurisdiction; or (ii) result in the breach of, or constitute a default (with or without notice or lapse of time, or both) under, or require any consent under, any provision of
(x) any debt instrument, indenture, mortgage agreement or other instrument or arrangement to which the Company is a party or (y) any judgment, order or decree by which the Company is bound. 
  

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 (c) Capitalization. After giving effect to the transactions contemplated to take
place on the Closing, the capitalization of the Company will be as set forth on Attachment A. Upon issuance, the Shares will be duly authorized and validly issued, fully paid and nonassessable. 
 10. Miscellaneous. 
 (a) All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to (i) the Company c/o Apollo Management
V, L.P., 9 West 57th Street, New York, New York 10019, Attention: Marc Becker and (ii) Investor at his home
address most recently on file with the Company. 
 (b) Notwithstanding the place where this Agreement may be executed by any
of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the State of Delaware. 
 (c) This Agreement, the Management Investor Rights Agreement and the Retention Letter (as defined on the Signature Page) constitute
the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by all parties. 
 (d) Whenever required by the context hereof, the singular shall include the plural, and vice-versa. Any gender-specific reference applies to the other gender as context requires. 
 (e) All covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof and transfer of
any Shares. 
 11. Legends. All certificates evidencing Shares owned by Investor or its respective transferees permitted hereunder
shall in addition to any other legend required by contract or applicable law bear a legend in substance as follows: 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO ANY STATE OR BLUE SKY SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A MANAGEMENT INVESTOR RIGHTS AGREEMENT DATED AS OF
[            ] AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE OTHER PARTIES NAMED THEREIN. THE TERMS OF SUCH MANAGEMENT INVESTOR RIGHTS AGREEMENT INCLUDE AMONG OTHER
THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 
  

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 SIGNATURE PAGE 
 Investor: Nathaniel J. Lipman (full name in which ownership of the Shares is to be registered) 
  

	Item 1(a):	Number of Shares to be delivered to Investor at or about the Closing: 205,000 

  

	Item 1(b):	Price per Share: $10 

  

	Item 2:	Consideration for the Shares: $2,050,000 

  

	Item 3:	Cash payment to be received at or about the Closing (before withholding): $3,050,000 

  

	Item 4:	Shares subject to forfeiture pursuant to Section 4: 153,000 

 Investor’s Social Security Number or other Taxpayer Identification Number: 
  

			
	 INVESTOR

		
	By:	 	 /s/ Nathaniel J. Lipman

	 Name:
	 	 Nathaniel J. Lipman

 The foregoing Subscription Agreement is accepted and agreed to by the Company as of the date
set forth below. 
  

			
	 AFFINION GROUP HOLDINGS, INC.

		
	By:	 	 /s/ Robert G. Rooney

	 Name:
	 	 Robert G. Rooney

	 Title:
	 	 Executive Vice President

 Date of Acceptance by the Company: _____________, 2005 
  

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 ATTACHMENT A 
 [TO COME]Subscription Agreement dated as of January 2, 2006

 Exhibit 10.17 
  

			
		    	SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of January 2, 2006 between AFFINION GROUP HOLDINGS, INC., a Delaware Corporation, (the
“Company”) and MAUREEN O’CONNELL (“Investor”).

 WHEREAS, Investor has entered into an Employment Agreement dated as of December 1,
2005 with Affinion Group, Inc.; 
 WHEREAS, Investor desires to purchase certain shares of the Company’s common stock; and

 WHEREAS, the Company is willing to sell the Company’s common stock to Investor on the terms and conditions provided below.

 NOW, THEREFORE, in consideration of the promises and of the mutual covenants contained in this Agreement, the parties hereby agree
as follows. 
 1. Subscription. Investor hereby subscribes for and offers to purchase 25,000 shares of the Company’s common
stock, par value $0.01 per share, (the “Shares”) at the purchase price of $10 per Share for the aggregate amount indicated in Section 2 of this Agreement. 
 2. Tender of Consideration. Investor hereby irrevocably tenders this Agreement, and agrees to pay $250,000 in immediately available funds as
aggregate consideration for the Shares. 
 3. Representations and Warranties of Investor. Investor hereby represents and warrants to
the Company as follows: 
 (a) Investor is a “United States Person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code, meaning that Investor is a citizen or resident of the United States; 
 (b) Investor understands that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), and that this sale is being made in reliance on one or more exemptions for private offerings; 
 (c) The Shares for which Investor hereby subscribes are being acquired solely for Investor’s own account and for investment only. Investor is not
purchasing the Shares with a view to or for the resale, distribution, subdivision or fractionalization thereof and Investor has no plans to enter into any contract, undertaking, agreement or arrangement for any such purpose. Investor understands and
agrees that the Company shall have no obligation to recognize the ownership, beneficial or otherwise, of such Shares of anyone other than Investor and that no such Shares shall be transferable except upon the conditions set forth in the Management
Investor Rights Agreement by and among the Company and its stockholders, dated as of October 17, 2005, a copy of which previously has been reviewed by Investor with counsel of her choice prior to becoming a party thereto (the
“Management Investor Rights Agreement”); 

 (d) Investor (i) has adequate means of providing for Investor’s current needs and possible
contingencies, and Investor has no need for liquidity in her investment in the Company, (ii) can bear the economic risk of losing her entire investment in the Company, (iii) has, alone or together with a Purchaser Representative (as
defined in Rule 501(h) of the Securities Act), such knowledge and experience in financial and business matters that Investor is capable of evaluating the relative risks and merits of this investment; and (iv) is an “Accredited
Investor” within the meaning of Section 5(i). 
 (e) Investor acknowledges that she has been provided with such information as
she deems necessary to evaluate the merits and risks of investing in the Shares and has been afforded the opportunity to ask such questions as she deemed necessary, and to receive answers from, representatives of the Company concerning the merits
and risk of investing in the Shares; 
 (f) In making the decision to invest in the Company, Investor has relied solely upon independent
investigations made by Investor. No representations or warranties, oral or otherwise, have been made to Investor or any party acting on Investor’s behalf that are inconsistent with the written materials which have been supplied to Investor by
the Company; 
 (g) Investor understands that the Shares cannot be sold unless (i) registered or qualified under the Securities Act or
applicable state securities laws or (ii) an exemption from such registration or qualification is available; and 
 (h) Investor
understands that the Company will rely upon the accuracy and truth of the representations and warranties made by Investor herein and Investor consents to such reliance. 
 (i) To qualify as an Accredited Investor, Investor must satisfy at least one of the following alternative criteria: 
 (i) Investor is a natural person whose individual net worth (or joint net worth with Investor’s spouse) is in excess of $1,000,000 (net worth or joint net worth includes the equity in one’s home); or 
 (ii) Investor is a natural person whose individual income (not joint income with Investor’s spouse) in each of the prior two years was in excess of
$200,000 or whose joint income with Investor’s spouse in each of the prior two years was in excess of $300,000, and who has a reasonable expectation of reaching at least the same income level in the current year; or 
 (iii) Investor is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is
directed by a person with such knowledge and experience in financial and business matters that she is capable of evaluating the merits and risks of an investment in the Shares; or 
 (iv) Investor is one of our directors or executive officers; or 
  

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 (v) Investor is an entity in which all of the equity owners are Accredited Investors. 
 4. Transferability. Investor agrees not to transfer or assign this Agreement or any of Investor’s interest in this Agreement or in the
Company except as allowed by the terms of the Management Investor Rights Agreement, and further agrees that the assignment and transferability of the Shares acquired pursuant hereto shall be allowed only in accordance with applicable law and the
terms of the Management Investor Rights Agreement. 
 5. Revocation. Investor agrees that Investor will not cancel, terminate or
revoke this Agreement or any agreement made in connection with this Agreement. 
 6. Further Representations and Warranties of
Investor. 
 (a) Authority. Investor has full power, legal right and authority to execute, deliver and perform the terms of this
Agreement and to consummate the transactions contemplated by this Agreement and no consent of any third party not previously obtained is required to do so. The execution and delivery of this Agreement and the consummation of the transactions
contemplated by this Agreement have been duly and validly authorized by all requisite action and no other proceedings on the part of Investor are necessary to authorize this Agreement or to consummate the transactions so contemplated. This Agreement
has been duly and validly executed and delivered by Investor and, assuming this Agreement has been duly authorized, executed and delivered by the other parties hereto, constitutes a valid and binding agreement of Investor, enforceable against
Investor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (b) No Conflicts. The execution, delivery and performance by Investor of this Agreement and any other agreement, certificate or document executed by Investor in connection with this Agreement, and the
transactions (and the consummation of the transactions) contemplated by this Agreement and any related agreements will not: (i) violate or conflict with any laws, rules or regulations of any government authority having jurisdiction; or
(ii) result in the breach of, or constitute a default (with or without notice or lapse of time, or both) under, or require any consent under, any provision of (x) any debt instrument, indenture, mortgage agreement or other instrument or
arrangement to which Investor is a party or (y) any judgment, order or decree by which Investor is bound. 
 7. Representations and
Warranties of the Company. 
 (a) Authority. The Company has full power, legal right and authority to execute, deliver and perform
the terms of this Agreement, to issue the Shares in accordance with the terms and subject to the conditions of this Agreement, to consummate the transactions contemplated by this Agreement and no consent of any third party not previously obtained is
required to do so. The execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement have been duly and validly authorized by all 
  

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 requisite action and no other proceedings on the part of the Company are necessary to authorize this Agreement or to
consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by the Company and, assuming this Agreement has been duly authorized, executed and delivered by the other parties hereto,
constitutes a valid and binding agreement of the Company, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies
generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

 (b) No Conflicts. The execution, delivery and performance by the Company of this Agreement and any other agreement executed by the
Company in connection herewith, and the transactions (and the consummation of the transactions) contemplated by this Agreement and any related agreements will not: (i) violate or conflict with any laws, rules or regulations of any government
authority having jurisdiction; or (ii) result in the breach of, or constitute a default (with or without notice or lapse of time, or both) under, or require any consent under, any provision of (x) any debt instrument, indenture, mortgage
agreement or other instrument or arrangement to which the Company is a party or (y) any judgment, order or decree by which the Company is bound. 
 (c) Capitalization. The capitalization of the Company in effect as of November 16, 2005 is as set forth on Attachment A. Upon issuance, the Shares will be duly authorized and validly issued, fully
paid and nonassessable. 
 8. Miscellaneous. 
 (a) All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to (i) the Company
c/o Apollo Management V, L.P., 9 West 57th Street, New York, New York 10019, Attention: Marc Becker and
(ii) Investor at her home address most recently on file with the Company. 
 (b) Notwithstanding the place where this Agreement may be
executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the State of Delaware. 
 (c) Nothing in this Agreement shall confer upon Investor any right to continue as an employee of, or other service provider to, the Company or any of its
subsidiaries or affiliates or interfere in any way with the right of the Company, its subsidiaries or its affiliates, as the case may be, in its sole discretion, to terminate Investor’s employment or service relationship or to increase or
decrease Investor’s compensation at any time. Nothing in this Agreement shall entitle Investor to participate in any future offering of Shares or to participate in any particular compensation program. 
  

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 (d) This Agreement and the Management Investor Rights Agreement constitute the entire agreement between
the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by all parties. 
 (e) Whenever
required by the context hereof, the singular shall include the plural, and vice-versa. Any gender-specific reference applies to the other gender as context requires. 
 (f) All covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof and transfer of any Shares. 
 9. Legends. All certificates evidencing Shares owned by Investor or its respective transferees permitted hereunder shall in addition to any other
legend required by contract or applicable law bear a legend in substance as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO ANY STATE OR BLUE SKY SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A MANAGEMENT INVESTOR RIGHTS AGREEMENT DATED AS OF OCTOBER 17, 2005, AS MAY BE AMENDED, RESTATED OR SUPPLEMENTED FROM TIME TO TIME, AMONG
THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE OTHER PARTIES NAMED THEREIN. THE TERMS OF SUCH MANAGEMENT INVESTOR RIGHTS AGREEMENT INCLUDE AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT WILL BE FURNISHED
WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 
  

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 SIGNATURE PAGE 
  

			
	Investor:	 	Maureen O’Connell (full name in which ownership of the Shares is to be registered).
		
	Item 1(a):	 	Number of Shares to be delivered to Investor: 25,000
		
	Item 1(b):	 	Price per Share: $10.00
		
	Item 2:	 	Consideration for the Shares: $250,000
	
	Investor’s Social Security Number or other Taxpayer Identification Number:
                    

  

			
	INVESTOR
		
	By:	 	 /s/ Maureen O’Connell

	Name:	 	Maureen O’Connell

 The foregoing Subscription Agreement is accepted and agreed to by the Company as of the date
set forth below. 
  

			
	AFFINION GROUP HOLDINGS, INC.
		
	By:	 	 /s/ Nathaniel J. Lipman

	Name:	 	Nathaniel J. Lipman
	Title:	 	Chief Executive Officer

 Date of Acceptance:
                    , 2006 
  

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 ATTACHMENT A 
 Affinion Group Holdings, Inc. 
 CAPITALIZATION AS OF NOVEMBER 16, 2005 
  

				
	 Authorized Shares
	  		
	 Common
	  	 	50,000,000
	 Preferred
	  	 	1,000,000
		  	 	 
	 Total Authorized
	  	 	51,000,000
		
	 Price per share of Common Stock:
	  	$	10.00

  

					
	 	  	Preferred	  	Common
	 Owner
	  		  	
			
	 Affinion Group Holdings, LLC
	  		  	27,500,000
			
	 Cendant Corporation
	  	125,000	  	
			
	 Management
	  		  	936,850
		  	 	  	 
	 TOTAL
	  	125,000.00	  	28,436,850
		  	 	  	 

  

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