Document:

Securityholder Rights Agreement

 Exhibit 4.16 
 EXECUTION COPY 
  
  

 
 SECURITYHOLDER RIGHTS
AGREEMENT 
 AMONG 
 AFFINION GROUP HOLDINGS, INC., 
 AFFINION GROUP HOLDINGS LLC,

 GENERAL ATLANTIC PARTNERS 79, L.P., 
 GAP-W, LLC, 
 GAPSTAR, LLC, 

GAPCO GMBH & CO. KG, 
 GAP COINVESTMENTS III, LLC, 
 GAP COINVESTMENTS IV, LLC 

AND 

THE HOLDERS HERETO 
 DATED JANUARY 14, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Section 1.
	  	Definitions	  	 	1	  
			
	 Section 2.
	  	Certain Transfers	  	 	7	  
			
	 Section 3.
	  	Transfers; Additional Parties	  	 	12	  
			
	 Section 4.
	  	Information Rights; Confidentiality	  	 	15	  
			
	 Section 5.
	  	Notices	  	 	16	  
			
	 Section 6.
	  	Representations and Warranties	  	 	16	  
			
	 Section 7.
	  	Miscellaneous Provisions	  	 	19	  

 SECURITYHOLDER RIGHTS AGREEMENT dated as of January 14, 2011 (this
“Agreement”), among AFFINION GROUP HOLDINGS, INC., a Delaware corporation (the “Company”), AFFINION GROUP HOLDINGS, LLC (“Apollo”), GENERAL ATLANTIC PARTNERS 79, L.P.
(“GAP 79”), GAP-W, LLC (“GAP-W”), GAPSTAR, LLC (“GapStar”), GAPCO GMBH & CO. KG (“GAPCO”), GAP COINVESTMENTS III, LLC (“GAP Coinvest
III”) AND GAP COINVESTMENTS IV, LLC (“GAP Coinvest IV”, and together with GAP 79, GAP-W, GapStar, GAPCO and GAP Coinvest III, “General Atlantic”) and the Holders party hereto. 

WHEREAS, in connection with the consummation of the Agreement and Plan of Merger, dated as of January 14, 2011, by and among
Affinion Group, Inc., Webloyalty Holdings, Inc. and the other parties thereto, as it may be amended, supplemented, restated or otherwise modified from time to time (the “Merger Agreement”), the Holders are receiving shares of Common
Stock (as defined below). 
 NOW, THEREFORE, in consideration of the premises and of the mutual consents and
obligations hereinafter set forth, the parties hereto hereby agree as follows: 
 Section 1. Definitions. 

As used in this Agreement: 
 “Affiliate” of the Company, Apollo or General Atlantic means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Company, Apollo or General Atlantic, respectively. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control
with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of Securities or any partnership or other ownership interest, by contract or otherwise) of a
Person. The term “Affiliate” shall not include at any time any portfolio companies of (i) Apollo Management V, L.P. or its affiliates or (ii) General Atlantic LLC or its affiliates. 

“Affiliate” of a Holder means: (i) any member of the immediate family of an individual Holder, including parents,
siblings, spouse and children (including those by adoption); the parents, siblings, spouse, or children (including those by adoption) of such immediate family member, and in any such case any trust whose primary beneficiary is such individual Holder
or one or more members of such immediate family and/or such Holder’s lineal descendants; (ii) the legal representative or guardian of such individual Holder or of any such immediate family member in the event such individual Holder or any
such immediate family member becomes mentally incompetent; and (iii) any Person controlling, controlled by or under common control with a Holder. As used in this definition, the term “control,” including the correlative terms
“controlling,” “controlled by” and “under common control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of Securities
or any partnership or other ownership interest, by contract or otherwise) of a Person. 
 “Agreement” has the
meaning ascribed to such term in the introductory paragraph hereof. 

 “Apollo” has the meaning ascribed to such term in the introductory
paragraph hereof. 
 “Apollo Group” means investment funds managed by Apollo Management V, L.P., a Delaware
limited partnership, Apollo Global Management, LLC, a Delaware limited liability company, or any of their respective Affiliates. 
 “Asset Acquirer” means a Person who enters into a legally binding contract to purchase assets in a Dragged Asset Sale. 

“beneficially owned”, “beneficial ownership” and similar phrases have the meaning ascribed to such
terms in the Registration Rights Agreement. 
 “Board” means the Board of Directors of the Company and any duly
authorized committee thereof. All determinations by the Board required pursuant to the terms of this Agreement to be made by the Board shall be binding and conclusive, if made in good faith. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New York, New York are
authorized or obligated by Law or executive order to close. 
 “Closing Date” has the meaning ascribed to such
term in the Merger Agreement. 
 “Common Stock” means the common stock of the Company, par value $.01 per
share. 
 “Company” has the meaning ascribed to such term in the introductory paragraph hereof. 

“Confidential Information” has the meaning ascribed to such term in Section 4(b). 

“Consulting Agreements” means, collectively, (i) that certain amended and restated consulting agreement, dated as
of the date of this Agreement, between the Company, on the one hand, and each of Apollo Management V, L.P., on the other hand and (ii) that certain letter agreement, dated as of the date of this Agreement, between Apollo Management V, L.P. and
General Atlantic LLC (in each case, as it may be amended, supplemented, restated or otherwise modified from time to time). 

“Control Disposition” means a Transfer which would have the effect of transferring to a Person or Group a number of
shares of Common Stock such that, following the consummation of such Transfer, such Person or Group possesses the voting power to elect a majority of the Board (whether by merger, consolidation or sale or Transfer of Common Stock). 

“Drag-Along Notice” has the meaning ascribed to such term in Section 2(b)(ii). 

“Drag-Along Percentage” means a fraction (expressed as a percentage), the numerator of which is the total number of
issued and outstanding shares of Common Stock that Apollo or General Atlantic (together with its respective Affiliates), as applicable, desires to Transfer in the Drag-Along Transaction and the denominator of which is the total number of issued and
outstanding shares of Common Stock beneficially owned by Apollo or General Atlantic (together with its respective Affiliates), as applicable, at the time immediately prior to such Drag-Along Transaction. 

  
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 “Drag-Along Right” has the meaning ascribed to such term in
Section 2(b)(i). 
 “Drag-Along Shares” has the meaning ascribed to such term in
Section 2(b)(ii). 
 “Drag-Along Transaction” has the meaning ascribed to such term in
Section 2(b)(i). 
 “Dragged Asset Sale” has the meaning ascribed to such term in
Section 2(b)(vii). 
 “Dragged Asset Sale Holder” has the meaning ascribed to such term in
Section 2(b)(vii). 
 “Dragged Asset Sale Notice” has the meaning ascribed to such term in
Section 2(b)(viii). 
 “Dragged Asset Sale Right” has the meaning ascribed to such term in
Section 2(b)(vii). 
 “Dragged Holder” has the meaning ascribed to such term in
Section 2(b)(i). 
 “Encumbrances” means any direct or indirect encumbrances, lien, pledge,
security interest, claim, charges, option, right of first refusal or offer, mortgage, deed of trust, easement, or any other restriction or third-party right, including restrictions on the right to vote equity interests, in each case, other than as
created pursuant to this Agreement, the WL Stockholder Agreement, the Registration Rights Agreement or the MIRA. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 “GAP 79” has the meaning ascribed to such term in the introductory paragraph hereof. 

“GAPCO” has the meaning ascribed to such term in the introductory paragraph hereof. 

“GAP Coinvest III” has the meaning ascribed to such term in the introductory paragraph hereof. 

“GAP Coinvest IV” has the meaning ascribed to such term in the introductory paragraph hereof. 

“GapStar” has the meaning ascribed to such term in the introductory paragraph hereof. 

“GAP-W” has the meaning ascribed to such term in the introductory paragraph hereof. 

“General Atlantic” has the meaning ascribed to such term in the introductory paragraph hereof. 

“General Atlantic Group” means General Atlantic LLC and its affiliated investment partnerships. 

“Government Entity” means any federal, national, supranational, state, provincial, Commonwealth, local or foreign or
similar government, governmental subdivision, regulatory or administrative body or other governmental or quasi-governmental agency, tribunal, commission, court, judicial or arbitral body or other entity with competent jurisdiction. 

  
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 “Group” has the meaning ascribed to such term in Section 13(d)(3) of
the Exchange Act. 
 “Holders” means the holders of the issued and outstanding Securities of the Company who
are parties hereto, other than the Company, Apollo, General Atlantic and their respective Affiliates. 

“Indebtedness” means, with respect to any Person, (a) all indebtedness of such Person, whether or not contingent,
for borrowed money, and (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar debt instruments. 
 “Law” means any federal, national, supranational, state, provincial, Commonwealth, local or foreign or similar law, statute, ordinance, rule, regulation, code, order, writ, judgment,
injunction, directive, guideline or decree enacted, issued, promulgated, enforced or entered by a Government Entity or Self-Regulatory Organization (including, for the sake of clarity, any policy statement or interpretation that has the force of law
with respect to any of the foregoing, and including common law). 
 “Major Stockholder” means (i) Apollo
and each of its Transferees; and (ii) General Atlantic and each of its Transferees, in each case, so long as such Person beneficially owns, together with its Affiliates, a number of issued and outstanding shares of Common Stock equal to at
least 50% of the number of shares of Common Stock issued to General Atlantic and its Affiliates on the Closing Date. 

“Merger Agreement” has the meaning ascribed to such term in the recitals. 

“MIRA” means that certain Management Investor Rights Agreement, dated as of October 17, 2005, among the Company,
Apollo and the other parties thereto (as it may be amended, supplemented, restated or otherwise modified from time to time). 

“Option” means the options issued to Holders pursuant to the Stock Award Plan, the Stock Incentive Plan (each, as it may
be amended, supplemented, restated or otherwise modified from time to time), or any other option plan approved by the Company. 

“Permitted Transfer” means: 
 (a) in the case of any Holder who is an individual, a Transfer of shares of Common Stock to a trust or estate planning-related entity for the sole benefit of such Holder; 

(b) in the case of any Holder that is a partnership, (i) a Transfer of shares of Common Stock to its limited, special
and general partners or their equivalents as a pro rata distribution by such partnership to its partners or equivalents and (ii) a Transfer of shares of Common Stock made to any of such Holder’s Affiliates; and 

(c) in the case of any Holder that is a corporation, company or limited liability company, (i) a Transfer of shares
of Common Stock to its shareholders or members, as the case may be, as a pro rata distribution by such Person to its shareholders or members and (ii) a Transfer of shares of Common Stock made to any of such Holder’s Affiliates.

  
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 “Person” shall be construed broadly and shall include, without limitation,
an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a Government Entity. 

“Potential Participant” has the meaning ascribed to such term in Section 4(b). 

“Public Sale” means any sale, occurring simultaneously with or after an initial public offering, of Common Stock to the
public pursuant to an offering registered under the Securities Act, to the public pursuant to Rule 144(k) promulgated thereunder or to the public in the manner described by the provisions of Rule 144(f) promulgated thereunder, other than an offering
relating to employee incentive plans. 
 “Qualified Public Offering” means an underwritten public offering of
Common Stock by the Company pursuant to an effective registration statement filed by the Company with the Securities and Exchange Commission (other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act, pursuant to which the
aggregate offering price of the Common Stock actually sold in such offering is at least $75 million. 
 “Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof (as it may be amended, supplemented, restated or otherwise modified from time to time), by and among the Company and the parties thereto, attached hereto
as Annex II. 
 “Related Parties” has the meaning ascribed to such term in
Section 7(t). 
 “Representatives” has the meaning ascribed to such term in
Section 4(b). 
 “Required Voting Percentage” means all of the following: (i) a majority of
the issued and outstanding shares of Common Stock owned by the Holders as of the date the vote is taken, (ii) the vote of the issued and outstanding shares of Common Stock owned by Apollo and any member of the Apollo Group and (iii) the
vote of the issued and outstanding shares of Common Stock owned by General Atlantic and any member of the General Atlantic Group. 
 “Rule 144” has the meaning ascribed to such term in Section 3.3(d). 
 “Securities” means, with respect to any Person, such Person’s “securities” as defined in Section 2(1) of the Securities Act and includes such Person’s capital
stock or other equity interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such Person’s capital stock or other equity or equity-linked interests, including
phantom stock and stock appreciation rights. 
 “Securities Act” means the Securities Act of 1933, as amended,
and the rules and regulations thereunder. 
 “Self-Regulatory Organization” means the Financial Industry
Regulatory Authority, the American Stock Exchange, the National Futures Association, the Chicago Board of Trade, the NYSE, the NASDAQ Stock Exchange, any national securities exchange (as defined in the

  
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Exchange Act), any other securities exchange, futures exchange, contract market, any other exchange or corporation or similar self-regulatory body or organization. 

“SPV Affiliate” means, with respect to Apollo, any Affiliate of Apollo Management V, L.P. or Apollo Global Management,
LLC, or, with respect to General Atlantic, any Affiliate of General Atlantic LLC, in each case whose direct or indirect interest in the shares of Common Stock constitutes more than 50% (by value) of the equity Securities portfolio of that Affiliate.

 “Stock Award Plan” means the Affinion Group Holdings, Inc. 2007 Stock Award Plan, as it may be amended,
supplemented, restated or otherwise modified from time to time. 
 “Stock Incentive Plan” means the Affinion
Group Holdings, Inc. 2005 Stock Incentive Plan, as it may be amended, supplemented, restated or otherwise modified from time to time. 
 “Stockholder Agreement” means the Stockholder Agreement, dated as of date hereof, among the Company and the parties thereto, as it may be amended, supplemented, restated or otherwise
modified from time to time. 
 “Subsidiary” means, with respect to any Person, any corporation, association,
partnership, limited liability company or other business entity of which 50% or more of the total voting power or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person, or (c) one or more
Subsidiaries of such Person. 
 “Tag-Along Acceptance Notice” has the meaning ascribed to such term in
Section 2(a)(ii). 
 “Tag-Along Notice” has the meaning ascribed to such term in
Section 2(a)(i). 
 “Tag-Along Offerors” has the meaning ascribed to such term in
Section 2(a)(i). 
 “Tag-Along Percentage” means, with respect to any Person at the time of an
event, a fraction (expressed as a percentage) the numerator of which is the total number of issued and outstanding shares of Common Stock beneficially owned by (x) if such Person is an individual, such Person and (y) if such Person is not
an individual, such Person and its Affiliates, in each case at such time, and the denominator of which is the aggregate number of issued and outstanding shares of Common Stock beneficially owned by (a) the Transferring Holder (or by any of its
Transferring Affiliates), (b) all Holders who have timely delivered a Tag-Along Acceptance Notice at such time, (c) all stockholders who have timely delivered a tag-along acceptance notice pursuant to Section 4(d)(ii) of the
Stockholder Agreement, (d) all stockholders who have timely delivered a tag-along notice pursuant to Section 2(a)(i) of the MIRA, (e) all stockholders who have timely delivered a tag-along notice pursuant to Section 2(b) of the
Wyndham Securityholder Rights Agreement and (f) all other stockholders having a right to tag-along pursuant to the terms of any other agreement, in each case with respect to the Transfer of Common Stock giving rise to the Tag-Along Right, the
tag-along right pursuant to Section 4 of the Stockholder Agreement, the tag-along right pursuant to Section 2 of the MIRA, tag-along 

  
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right pursuant to Section 2(b) of the Wyndham Securityholder Rights Agreement or tag-along right pursuant to the terms of any other agreement, as the case may be. 

“Tag-Along Right” has the meaning ascribed to such term in Section 2(a)(ii). 

“Tag-Along Shares” has the meaning ascribed to such term in Section 2(a)(i). 

“Tag Along Transaction” has the meaning ascribed to such term in Section 2(a)(i). 

“Transfer” means any direct or indirect sale, assignment, transfer, conveyance, gift, bequest by will or under intestacy
Laws, pledge, hypothecation or other Encumbrance, or any other disposition, of the stated security (or any interest therein or right thereto, including the issuance of any total return swap or other derivative whose economic value is primarily based
upon the value of the stated security) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any interest therein) whatsoever, or any other transfer of beneficial ownership of
the stated security, with or without consideration and whether voluntarily or involuntarily (including by operation of law). Notwithstanding anything to the contrary set forth herein, transfers of an interest in any member of the Apollo Group (other
than any SPV Affiliate) or in the General Atlantic Group (other than any SPV Affiliate) shall not be deemed to be a Transfer. 

“Transferee” means any Person to whom a Holder has transferred shares of Common Stock pursuant to a Transfer.

 “Transferring Affiliate” has the meaning ascribed to such term in Section 2(a)(i). 

“Transferring Holder” has the meaning ascribed to such term in Section 2(a)(i). 

“WL Stockholder Agreement” means the Stockholder Agreement, dated as of May 12, 2005 (as it may be amended,
supplemented, restated or otherwise modified from time to time), by and among Webloyalty Holdings, Inc. and the parties thereto. 
 “Wyndham Securityholder Rights Agreements” means that certain Securityholder Rights Agreement, dated as October 17, 2005 (as it may be amended, supplemented, restated or otherwise
modified from time to time), among the Company, Apollo and Cendant Corporation, the successor in interest of which is Wyndham Worldwide Corporation. 
 Section 2. Certain Transfers. 
 (a) Tag-Along
Transaction. 
 (i) Before the completion of a Qualified Public Offering, if any Holder, Apollo or General
Atlantic proposes to Transfer (each, a “Transferring Holder”) to another Person or Persons (collectively, the “Tag-Along Offerors”), in a transaction or series of related transactions (the “Tag-Along
Transaction”), shares of Common Stock representing, in the aggregate, more than 5% of the shares of Common Stock beneficially owned by the Transferring Holder(s), then, at least 10 Business Days prior to the closing of such proposed
Transfer, any such Transferring Holder shall deliver a written notice (the “Tag-Along Notice”) to each Holder. 

  
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Such Tag-Along Notice shall (A) set forth (1) the total number of shares of Common Stock proposed to be Transferred (the “Tag-Along Shares”), (2) the total number
of shares of Common Stock beneficially owned by the Transferring Holder and each Affiliate of such Transferring Holder proposing to Transfer shares of Common Stock in such Tag-Along Transaction (each a “Transferring Affiliate”),
(3) the name and address of the Tag-Along Offerors, (4) the proposed amount and type of consideration (including, if the consideration consists in whole or in part of non-cash consideration, such information available to the Transferring
Holder as may be reasonably necessary for the Company to properly analyze the economic value and investment risk of such non-cash consideration) and (5) the terms and conditions of payment that the Transferring Holder and its Transferring
Affiliates intend to accept; and (B) indicate that the Tag-Along Offerors have been informed of the Tag-Along Rights provided for in this Section 2(a) and have agreed to purchase shares of Common Stock from the Holders, Apollo and/or
General Atlantic (and their respective Affiliates), as applicable, in accordance with the terms hereof. 
 (ii)
Each Holder shall have the right (the “Tag-Along Right”), exercisable by delivering a written notice (the “Tag-Along Acceptance Notice”) to the Transferring Holder within 10 Business Days after delivery of the
Tag-Along Notice, to Transfer to the Tag-Along Offerors and substitute for Tag-Along Shares held by the Transferring Holder, as a condition to such proposed Transfer of Tag-Along Shares by the Transferring Holder or its Transferring Affiliates, up
to the number of shares of Common Stock equal to the number of Tag-Along Shares multiplied by such Holder’s Tag-Along Percentage (rounded down to the nearest whole share), at a price per share equal to the same price per share of Common Stock
proposed to be paid by the Tag-Along Offerors and otherwise on substantially the same terms and conditions set forth in the Tag-Along Notice. 
 (iii) The Transferring Holder (and its Transferring Affiliates) shall not Transfer any Common Stock to the Tag-Along Offerors unless each Holder that delivered a timely Tag-Along Acceptance Notice is
permitted to Transfer simultaneously therewith, and substitute for Tag-Along Shares held by the Transferring Holder (or its Transferring Affiliates), the number of shares of Common Stock equal to the number of Tag-Along Shares multiplied by such
Holder’s Tag-Along Percentage (rounded down to the nearest whole share), at a price per share equal to the same price per share of Common Stock proposed to be paid to the Transferring Holder (and its Transferring Affiliates) and otherwise on
substantially the same terms and conditions set forth in the Tag-Along Notice. 
 (iv) If all such Transfers of
shares of Common Stock to the Tag-Along Offeror are not consummated within 120 days from delivery of the Tag-Along Notice, the provisions of this Section 2(a) shall again become effective with respect to the proposed Transfer of shares of
Common Stock. 
 (v) Notwithstanding anything to the contrary in this Agreement, this Section 2(a) shall
not apply to (A) Permitted Transfers or (B) Transfers of shares of Common Stock made in a Qualified Public Offering. 
 (b) Drag Along Option. 

  
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 (i) Before the completion of a Qualified Public Offering, if Apollo, or,
following the fifth anniversary of the date of this Agreement, General Atlantic (for so long as it is a Major Stockholder), is the Transferring Holder and the Offered Shares to be Transferred are to be Transferred to an unaffiliated third party in a
transaction or series of related transactions, whether by sale of stock, merger, consolidation or otherwise, comprise 80% or more of the shares of Common Stock beneficially owned by such Transferring Holder and its Affiliates (a “Drag-Along
Transaction”), then, Apollo and/or General Atlantic, as applicable, shall have the right (the “Drag-Along Right”) to require each Holder (a “Dragged Holder”) to Transfer, in the Drag-Along Transaction, the
number of shares of Common Stock beneficially owned by such Dragged Holder multiplied by the Drag-Along Percentage (rounded down to the nearest whole share). 
 (ii) To exercise its Drag-Along Right, Apollo and/or General Atlantic, as applicable, shall deliver written notice of such Drag-Along Transaction (the “Drag-Along Notice”) to the Company
and each Dragged Holder. Such Drag-Along Notice shall disclose in reasonable detail the number of shares of Common Stock to be subject to the Drag-Along Transaction (the “Drag-Along Shares”), the proposed price, the other proposed
terms and conditions of the proposed Drag-Along Transaction (including copies of the definitive agreements relating thereto) and the identity of the prospective purchaser. For the avoidance of doubt, the terms and conditions of the proposed
Drag-Along Transaction must be substantially the same for the Transferring Holder and the Dragged Holder, including the identical form and amount of consideration for the shares of Common Stock, but excluding any payments under the Consulting
Agreements made as a result of any Drag-Along Transaction. 
 (iii) The Persons purchasing the shares of Common
Stock pursuant to a Drag-Along Transaction shall be entitled to require each Dragged Holder to provide representations and warranties regarding (A) its power, authority and legal capacity to enter into such Transfer of shares of Common Stock;
(B) its valid right, title and interest in such shares of Common Stock and the Transferring Holder’s ownership of such shares of Common Stock; (C) the absence of any Encumbrances on such shares of Common Stock; and (D) the
absence of any violation, default or acceleration of any agreement or instrument pursuant to which such Dragged Holder or the assets of such Dragged Holder are bound as the result of such sale; provided that the representations to be provided
by each Dragged Holder and the Transferring Holder shall be substantially identical other than with respect to the applicable governing Law with respect to its power, authority and legal capacity to enter into such Transfer of shares of Common
Stock. 
 (iv) With respect to any Drag-Along Transaction, Apollo and/or General Atlantic, as applicable, and
each Dragged Holder shall use their reasonable best efforts to effect the Drag-Along Transaction as expeditiously as practicable, including delivering all documents necessary or reasonably requested in connection with such Drag-Along Transaction,
voting in support of such transaction and entering into any instrument, undertaking or obligation necessary or reasonably requested in connection with such Drag-Along Transaction (as specified in the Drag-Along Notice). Subject to the terms and
conditions of this Section 2(b) and without limiting the generality of the foregoing, the Company and each Dragged Holder shall take or cause to be taken all actions, and do or cause to be done, on behalf and in respect of the Company, all
reasonably requested actions consistent with this Section 2(b) in connection with any Drag-Along Transaction. In addition, (A) each Transferring Holder and each Dragged 

  
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Holder shall pay its pro rata share (based on the percentage of the proceeds for the shares of Common Stock actually received by the Transferring Holder or such Dragged Holder, as
applicable, as compared to the aggregate proceeds for the shares of Common Stock actually received by all Dragged Holders and the Transferring Holder) of the reasonable expenses (if any) incurred by the Transferring Holder and each of the Dragged
Holders (or any of their respective Affiliates) in connection with the Drag-Along Transaction; and (B) each Transferring Holder and each Dragged Holder shall join on a pro rata basis (based on the percentage of the proceeds for the
shares of Common Stock actually received by the Transferring Holder or such Dragged Holder, as applicable, as compared to the aggregate proceeds for the shares of Common Stock actually received by all Dragged Holders and the Transferring Holder),
severally and not jointly, in any indemnification or other obligations that are specified in the Drag-Along Notice, except for (x) any indemnification of any Transferring Holder or any of its Affiliates, (y) any indemnification with
respect to the representations and warranties given by any other Dragged Holder pursuant to Section 2(b)(iii) and (z) any indemnification of any Transferee or any other party related to such Drag-Along Transaction (including escrow
agents, investment bankers or other agents or advisors) with respect to an aggregate amount in excess of the proceeds actually paid to such Dragged Holder (after deducting any expenses paid by such Dragged Holder pursuant to clause (A) of this
sentence) in respect of such Dragged Holder’s shares of Common Stock in connection with such Drag-Along Transaction (provided that, with respect to any Options, warrants or other rights to purchase or subscribe for shares of Common Stock
exercised or converted into shares of Common Stock by a Dragged Holder following the delivery of the applicable Drag-Along Notice, such proceeds shall only include the amount by which the aggregate proceeds actually received exceeds the aggregate
exercise or conversion price actually paid by such Dragged Holder in respect of such Options, warrants or rights). 
 (v) If requested by Apollo and/or General Atlantic, as applicable, each Dragged Holder will, immediately prior to the consummation of the Drag-Along Transaction, exercise and/or convert, as applicable,
such number of Options, warrants or other rights to purchase or subscribe for shares of Common Stock into shares of Common Stock as is required so that a sufficient number of shares of Common Stock are available to Transfer the applicable number of
Drag-Along Shares beneficially owned by such Dragged Holder; provided that any Dragged Holder that holds such Options, warrants or other rights to purchase the exercise or conversion price per share of which is greater than the per share
price at which the Drag-Along Shares are to be Transferred, may, in place of such exercise or conversion, submit to irrevocable cancellation thereof without any liability for payment of any exercise or conversion price with respect thereto.

 (vi) Upon the closing of the sale of any shares of Common Stock pursuant to this Section 2, the Dragged
Holders shall deliver at such closing, against payment of the purchase price therefor, certificates representing their shares of Common Stock to be sold, duly endorsed for Transfer or accompanied by duly endorsed stock powers, and evidence of the
absence of Encumbrances with respect thereto and of such other matters as are deemed reasonably necessary by the Company for the proper Transfer of such shares on the books of the Company. 

(vii) If Apollo and/or General Atlantic, as applicable, has satisfied the conditions necessary to exercise the Drag-Along
Right with respect to a Drag-Along 

  
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Transaction, then before the completion of a Qualified Public Offering, in connection with a sale of all or substantially all of the consolidated gross assets (excluding cash) of the Company and
assumption of all or substantially all of the consolidated gross liabilities (excluding Indebtedness) of the Company to an unaffiliated third party (a “Dragged Asset Sale”), Apollo and/or General Atlantic, as applicable, shall have
the right (the “Dragged Asset Sale Right”) to require each Holder (a “Dragged Asset Sale Holder”) to vote to approve such Dragged Asset Sale. 

(viii) To exercise its Dragged Asset Sale Right, the Transferring Holder must deliver written notice of such proposed
Dragged Asset Sale (the “Dragged Asset Sale Notice”) to the Company and each Dragged Asset Sale Holder. Such Dragged Asset Sale Notice shall disclose in reasonable detail the proposed price, the other proposed terms and conditions
of the proposed Dragged Asset Sale (including copies of the definitive agreements relating thereto) and the identity of the prospective Asset Acquirer. 
 (ix) The Asset Acquirer shall be entitled to require each Dragged Asset Sale Holder to provide representations and warranties regarding (A) its power, authority and legal capacity to vote its shares
of Common Stock in favor of such Dragged Asset Sale; (B) its valid right, title and interest in such shares of Common Stock and the Dragged Asset Sale Holder’s ownership of such shares of Common Stock; (C) the absence of any
Encumbrances on such shares of Common Stock; and (D) the absence of any violation, default or acceleration of any agreement or instrument pursuant to which such Dragged Asset Sale Holder or the assets of such Dragged Asset Sale Holder are bound
as the result of such sale, provided that the representations to be provided by each Dragged Asset Sale Holder and any Transferring Holder shall be substantially identical other than with respect to the applicable governing Law with respect
to its power, authority and legal capacity to vote its shares of Common Stock in favor of such Dragged Asset Sale. 
 (x) Subject to the terms and conditions of this Section 2(b), the Company (in the case of any Dragged Asset Sale) agrees that it shall use its reasonable best efforts to effect the Dragged Asset
Sale, as expeditiously as practicable, including delivering all documents necessary or reasonably requested in connection with such Dragged Asset Sale, and entering into any instrument, undertaking or obligation necessary or reasonably requested in
connection with such Dragged Asset Sale (as specified in the Dragged Asset Sale Notice). Subject to the terms and conditions of this Section 2(b) and without limiting the generality of the foregoing, the Company shall take or cause to be
taken all actions, and do or cause to be done, on behalf and in respect of the Company, all reasonably requested actions consistent with this Section 2(b) in connection with any Dragged Asset Sale, as applicable. In addition, (A) each
Transferring Holder and each Dragged Asset Sale Holder shall pay its pro rata share (based on the percentage of the proceeds actually received by the Transferring Holder or such Dragged Asset Sale Holder, as applicable, as compared to the
aggregate proceeds actually received by all Dragged Asset Sale Holders and the Transferring Holder) of the reasonable expenses (if any) incurred by the Transferring Holder and each of the Dragged Asset Sale Holders (or any of their respective
Affiliates) in connection with the Dragged Assets Sale; and (B) each Transferring Holder and each Dragged Asset Sale Holder shall join on a pro rata basis (based on the percentage of the proceeds actually received by the Transferring
Holder or such Dragged Asset Sale Holder, as applicable, as compared to the aggregate proceeds actually received by all 

  
 11 

 
Dragged Asset Sale Holders and the Transferring Holder), severally and not jointly, in any indemnification or other obligations that are specified in the Drag Asset Sale Notice, except for
(x) any indemnification of any Transferring Holder or any of its Affiliates, (y) any indemnification with respect to the representations and warranties given by any other Dragged Asset Sale Holder pursuant to Section 2(b)(ix) and
(z) any indemnification of any Transferee or any other party related to such Dragged Assets Sale (including escrow agents, investment bankers or other agents or advisors) with respect to an aggregate amount in excess of the proceeds actually
paid to such Dragged Asset Sale Holder (after deducting any expenses paid by such Dragged Asset Sale Holder pursuant to clause (A) of this sentence) in respect of the assets sold in such Dragged Assets Sale. 

(xi) Notwithstanding anything to the contrary in this Agreement, for the avoidance of doubt, this Section 2(b)
shall not apply to (A) Permitted Transfers, (B) Transfers of shares of Common Stock made in a Qualified Public Offering or (C) Transfers of assets by the Company or any of its Subsidiaries to (1) any of Apollo, Apollo’s
Affiliates, or Apollo’s or Apollo’s Affiliates’ respective portfolio companies or (2) to any of General Atlantic, General Atlantic’s Affiliates, or General Atlantic’s or General Atlantic’s Affiliates’
respective portfolio companies. 
 Section 3. Transfers; Additional Parties. 

3.1 Restrictions; Permitted Transfers. 
 Without the consent of the Company, no Holder shall Transfer any shares of Common Stock or securities convertible into or exchangeable into or exercisable for shares of Common Stock (including Options,
warrants, restricted stock or restricted stock units). The preceding sentence shall apply with respect to all shares of Common Stock and securities convertible into or exchangeable into or exercisable for shares of Common Stock (including Options,
warrants, restricted stock or restricted stock units) held at any time by a Holder, regardless of the manner in which such Holder initially acquired such shares of Common Stock or securities convertible into or exchangeable into or exercisable for
shares of Common Stock (including Options, warrants, restricted stock or restricted stock units). Notwithstanding the foregoing, in addition to Permitted Transfers, the following Transfers by a Holder shall be permitted at any time: 

(a) (i) in the case of shares of Common Stock, with respect to a Public Sale in connection with the exercise of piggy-back
registration rights in accordance with the Registration Rights Agreement or (ii) subject to the Registration Rights Agreement, a Public Sale of Common Stock; 

(b) to: (i) a guardian of the estate of such Holder, (ii) an inter-vivos trust primarily for the benefit of such
Holder; (iii) an inter-vivos trust whose primary beneficiary is one or more of such Holder’s lineal descendants (including lineal descendants by adoption); (iv) the spouse of such Holder during marriage and not incident to divorce; or
(v) one or more of such Holder’s Affiliates; 
 (c) to any individual Holder by: (i) a guardian of
the estate of such Holder; (ii) an inter-vivos trust whose primary beneficiary is such Holder or one or more of such Holder’s 

  
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lineal descendants (including lineal descendants by adoption); (iii) the spouse of such Holder during marriage and not incident to divorce; or (iv) such Holder’s lineal
descendants; 
 (d) with the consent of the Company, by any Holder to a qualified retirement plan sponsored by
the Holder (including with respect to a qualified retirement plan referred to in this Section 3.3(d), to participants, alternate payees and beneficiaries to the extent required by Law and the provisions of such plan); 

(e) to a trust, to any successor trust or successor trustee; 

(f) any Transfer permitted pursuant to Section 2(a) or required pursuant to Section 2(b); and

 (g) with the consent of the Company, by any Holder to other Persons for tax planning purposes. 

Notwithstanding the foregoing clauses (a) through (g), before the completion of a Qualified Public Offering, each Holder agrees that it shall not,
and shall not permit its Transferees (if any), to Transfer directly or indirectly any Common Shares or any other securities of the Company to the Persons identified on Schedule I attached hereto. 

3.2 Additional Parties. 
 (a) As a condition to the Company’s obligation to effect a Transfer of shares of Common Stock permitted by this Agreement on the books and records of the Company (other than a Transfer to Apollo or
General Atlantic or of any of their respective Affiliates, the Company or any Subsidiary of the Company), the Transferee shall be required to become a party to this Agreement by executing (together with such Person’s spouse, if applicable) an
Adoption Agreement in substantially the form of Annex I or in such other form that is reasonably satisfactory to the Company. 
 (b) In the event that any Person acquires shares of Common Stock from (i) a Holder or any Affiliate or member of such Holder’s Group or (ii) any direct or indirect Transferee of a Holder,
such Person shall be subject to any and all obligations and restrictions of such Holder hereunder, as if such Person was such Holder named herein. 
 3.3 Securities Restrictions; Legends. 
 (a) No shares of
Common Stock shall be transferable except upon the conditions specified in this Section 3.3, which conditions are intended to insure compliance with the provisions of the Securities Act. 

(b) Each certificate representing shares of Common Stock shall (unless otherwise permitted by the provisions of paragraph
(d) below) be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE 

  
 13 

 
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY 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 SECURITYHOLDER RIGHTS AGREEMENT DATED AS OF JANUARY 14, 2011 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”), AND THE
OTHER PARTIES NAMED THEREIN. THE TERMS OF SUCH SECURITYHOLDER 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.” 
 (c) The holder of any shares of Common Stock by acceptance thereof agrees, prior to any
Transfer of any such shares, to give written notice to the Company of such holder’s intention to effect such Transfer and to comply in all other respects with the provisions of this Section 3.3. Each such notice shall describe the
manner and circumstances of the proposed Transfer. Upon request by the Company, the holder delivering such notice shall deliver a written opinion, addressed to the Company, of counsel for the holder of such shares, stating that in the opinion of
such counsel (which opinion and counsel shall be reasonably satisfactory to the Company) such proposed Transfer does not involve a transaction requiring registration or qualification of such shares under the Securities Act. Such holder of such
shares shall be entitled to Transfer such shares in accordance with the terms of the notice delivered to the Company, if the Company does not reasonably object to such Transfer and request such opinion within 15 days after delivery of such notice,
or, if it requests such opinion, does not reasonably object to such Transfer within 15 days after delivery of such opinion. Each certificate or other instrument evidencing any such transferred shares of Common Stock shall bear the legend set forth
in Section 3.3(b) above unless (A) such opinion of counsel to the holder of such shares (which opinion and counsel shall be reasonably acceptable to the Company) states that registration of any future Transfer is not required by the
applicable provisions of the Securities Act or (B) the Company shall have waived the requirement of such legends. 
 (d) Notwithstanding the foregoing provisions of this Section 3.3, the restrictions imposed by this Section 3.3 upon the transferability of any shares of Common Stock shall cease
and terminate when (i) any such shares are sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act, or (ii) after a Qualified Public Offering, the holder of such shares has met the
requirements for Transfer of such shares pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”). Whenever the restrictions imposed by this Section 3.3 shall terminate, the holder of any shares as to which
such restrictions have terminated shall be entitled to receive from the Company, without expense, a new certificate not bearing the restrictive legend set forth in paragraph (b) above and not containing any other reference to the restrictions
imposed by this Section 3.3. 

  
 14 

 Section 4. Information Rights; Confidentiality. 

(a) Financial Statements and Notices. At the request of any Holder, the Company shall deliver to such Holder
unaudited quarterly balance sheets and statements of operations and cash flows to each Holder, so long as it owns shares of Common Stock, within a reasonable time after the end of such quarter, and in no event later than 45 days after the end of
such quarter. The Company shall provide prompt notice to any Holder of any material event or transaction required to be disclosed by the Exchange Act. 
 (b) Confidentiality. Each Holder agrees to, and shall cause its Affiliates, and its and their respective directors, officers, employees, agents, advisors and representatives
(“Representatives”) to, (i) hold confidential all information they may have or obtain concerning the Company or any of its Subsidiaries and their respective assets, business, operations, financial performance or prospects or
the arrangements among the Holders and the Company (“Confidential Information”) and (ii) not use such Confidential Information except, with respect to clause (ii), in connection with evaluating and monitoring its investment in
the Company or exercising its rights and fulfilling its obligations with respect thereto (including, for the avoidance of doubt, the right to conduct a sale process with respect to the sale of its shares of Common Stock so long as such Holder
(x) complies with clause (i) of this sentence and (y) requires each potential participant in such sale process (a “Potential Participant”) to whom Confidential Information is provided to enter into a customary
confidentiality agreement (to which the Company is a third-party beneficiary) with respect to such sale process that requires such Potential Participant and its Representatives to hold confidential, use only for the purposes of evaluating a purchase
of shares of Common Stock from the Holder, and to return or destroy at the conclusion of the sale process (unless such Potential Participant enters into a definitive agreement with such Holder whereby such Potential Participant will become a Holder
upon consummation of the transactions contemplated by such agreement) any Confidential Information received by such Potential Participant or its Representatives); provided, however, that the term “Confidential Information”
does not include information that (A) is already in such party’s possession, provided that such information is not known by such Holder to be subject to another confidentiality agreement with or other obligation of secrecy to any
Person, (B) is or becomes generally available to the public other than as a result of a disclosure, directly or indirectly, by such party or such party’s Representatives in violation of this Section 4(b), (C) is or becomes
available to such party on a non-confidential basis from a source other than any of the parties hereto or any of their respective Representatives, provided that such source is not known by such party to have made such information available to
such party in violation of a confidentiality agreement with or other obligation of secrecy to any Person or (D) is received in the course of a commercial arrangement between such Holder or any of its Affiliates, on the one hand, and the Company
or any of its Affiliates, on the other hand (which confidential information shall be governed by the provisions governing such commercial arrangement). Notwithstanding the foregoing, nothing herein shall prevent any party hereto from disclosing
Confidential Information (1) upon the order of any Government Entity, (2) upon the request or demand of any Government Entity having jurisdiction over such party, (3) to the extent required by Law, (4) to the extent necessary in
connection with any suit, action or proceeding relating to this Agreement or the exercise of any remedy hereunder, and (5) to such party’s Representatives that need to know such information and who agree to keep such information
confidential on the terms set forth in this Section 4(b) (it being understood and agreed that, in the case of clause (1), 

  
 15 

 
(2) or (3), unless prohibited by Law or any Government Entity, such party shall notify the other parties hereto of the proposed disclosure as far in advance of such disclosure as practicable and
use reasonable efforts to ensure that any information so disclosed is accorded confidential treatment, when and if available). The provisions set forth in this Section 4(b) shall terminate with respect to a given Holder on the second
anniversary of the date such Holder ceases to own shares of Common Stock. 
 (c) Non-Solicitation. Each
Holder agrees that, without the Company’s prior written consent, neither the Holder nor any of its Affiliates will directly or indirectly (i) divert or attempt to divert any business or customer of the Company or any of its Affiliates; or
(ii) solicit any employee of the Company or any of its Affiliates (x) for employment by the Holder or any of its Affiliates, or (y) to provide consulting or other services to or on behalf of the Holder or any of its Affiliates;
provided, however, no Holder or any of its Affiliates shall be prohibited from employing any such person who initiates employment-related discussions with the Holder or any of its Affiliates on his or her own initiative in response to
a published general solicitation regarding employment opportunities not specifically targeted at such person, without any direct or indirect solicitation by the Holder or any of its Representatives. The provisions set forth in this
Section 4(c) shall terminate with respect to a given Holder on the second anniversary of the date such Holder ceases to own shares of Common Stock. 
 Section 5. Notices. In the event a notice or other document is required to be sent hereunder to the Company or to the Holder, such notice shall be in writing and shall be deemed duly given
(a) on the date of delivery if delivered personally or by electronic mail sent with a request for delivery receipt, upon written electronic confirmation of delivery, or if by facsimile, upon written confirmation of receipt by facsimile,
(b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if
delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth in Annex I. The Company or the Holder may effect a change of address for purposes of
this Agreement by giving notice of such change to the Company, and the Company shall, upon the request of any party hereto, notify such party of such change in the manner provided herein. Until such notice of change of address is properly given, the
addresses set forth on Annex I shall be effective for all purposes. 
 Section 6. Representations and Warranties.

 (a) Representations and Warranties of the Holders. Each Holder, as to itself and not jointly, hereby
represents and warrants to the Company as of the date hereof that: 
 (i) Organization. If such Holder is
an entity, such Holder is duly formed, validly existing, and in good standing under the Laws of the jurisdiction of its creation, formation or organization and there is no pending or, to the knowledge of such Holder, threatened action for the
dissolution, liquidation, insolvency, or rehabilitation of such Holder. 
 (ii) Authority. Such Holder has
the power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery, 

  
 16 

 
and performance by such Holder of this Agreement has been duly authorized by all necessary action of such Holder; and this Agreement has been duly executed and delivered by such Holder and is the
legal, valid and binding obligation of such Holder enforceable against such Holder in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, receivership, conservatorship, reorganization, liquidation,
moratorium, or similar events affecting such Holder or its assets, or by general principles of equity. 
 (iii)
No Consents; No Violations. (A) No authorization, approval or other action by, and no notice to or filing with, any Government Entity or Self-Regulatory Organization or any other Person is required for the due execution, delivery, and
performance by such Holder of this Agreement or the consummation of the transactions contemplated hereby (other than (x) such as has been obtained, given, effected or taken prior to the date hereof, (y) consents, authorizations, approvals
or filings required to be obtained or made by, or notices given to, any Government Entity or Self-Regulatory Organization to the extent having jurisdiction over the Company, as to which such Holder makes no representations or warranties and
(z) routine filings that are informational in nature and made in the ordinary course of business); and (B) the execution, delivery, and performance of this Agreement and the performance by such Holder of its obligations hereunder do not
and will not result in any breach, violation or contravention of (1) if such Holder is an entity, such Holder’s organizational documents, (2) any Law applicable to such Holder, (3) any order, writ, injunction, judgment, decree or
award of any Government Entity or Self-Regulatory Organization to which such Holder or any of its properties is subject or (4) any mortgage, contract, agreement, deed of trust, license, lease or other instrument, arrangement, commitment,
obligation, understanding or restriction of any kind to which such Holder is a party or by which any of its properties is bound, except for breaches, violations and contraventions, if any, as would not reasonably be expected to have, individually or
in the aggregate, a material adverse effect on the financial condition, results of operations, business, properties or assets of such Holder. 
 (iv) Investment Related Representations and Warranties. 

a. Such Holder is acquiring the shares of Common Stock for his or its own account, for investment and not with a view to
the distribution thereof or any interest therein in violation of the Securities Act or applicable Securities Laws. 
 b. Such Holder understands that (A) the shares of Common Stock have not been registered under the Securities Act or under any state Securities Laws, and are being offered and sold in reliance under
federal and state exemptions for transactions not involving a public offering and (B) the shares of Common Stock must be held by such Holder indefinitely unless a subsequent Transfer thereof is registered under the Securities Act and applicable
Law or is exempt from such registration. 
 c. Such Holder further understands that the exemption from
registration afforded by Rule 144 (the provisions of which are known to such Holder) depends on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales of the shares of Common Stock acquired hereunder
in limited amounts. Such Holder further understands that the Holder has no right to compel the Company to disclose any information for purposes of complying with Rule 144. 

  
 17 

 d. Such Holder (A) is an “accredited investor” (as defined
in Rule 501(a) of Regulation D under the Securities Act or (B) has a preexisting personal or business relationship with the Company, its Subsidiaries or certain members of the Board or officers of the Company, which is of a nature and duration
sufficient to make such Holder aware of the character, business acumen and general business and financial circumstances of the Company, its Subsidiaries and/or such members of the Board or officers of the Company, if any. 

e. The Company has made available to such Holder or its representatives all agreements, documents, records and books that
such Holder has requested relating to an investment in the Common Stock being acquired by the Holder. Such Holder has had an opportunity to ask questions of, and receive answers from, Persons acting on behalf of the Company, concerning the terms and
conditions of this investment, and answers have been provided to all such questions to the full satisfaction of such Holder. Such Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the risks
and merits of the investment in the shares of Common Stock and to suffer a complete loss of such investment. 

f. Such Holder has no need for liquidity in its investment in the shares of Common Stock. Such Holder can bear the
economic risk of investment in the shares of Common Stock and has such knowledge and experience in financial or business matters to be capable of evaluating the merits and risks of the investment in the shares of Common Stock. Such Holder has
consulted with its professional, tax and legal advisors with respect to the federal, state, local and foreign income tax consequences of such Holder’s participation as a Holder of the Company. 

g. Such Holder understands that there is no public market for the shares of Common Stock and that the transferability of
the shares of Common Stock is restricted. 
 (b) Representations and Warranties of the Company. The
Company hereby represents and warrants to the Holders as of the date hereof that: 
 (i) Organization. The
Company is a corporation validly existing and in good standing under the Laws of Delaware and there is no pending or, to the knowledge of the Company, threatened action for the dissolution, liquidation, insolvency, or rehabilitation of the Company.

 (ii) Authority. The Company has the power and authority to carry on its business as now conducted, to
own or hold under lease its properties, and to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by the Company of this Agreement has been duly authorized by all necessary action;
and this Agreement has been duly executed and delivered by the Company and is the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, receivership, conservatorship, reorganization, liquidation, moratorium, or similar events affecting the Company or its assets, or by general principles of equity. 

  
 18 

 (iii) No Consents; No Violations. (A) No authorization, approval
or other action by, and no notice to or filing with, any Government Entity or Self-Regulatory Organization or any other Person is required for the due execution, delivery, and performance by the Company of this Agreement or the consummation of the
transactions contemplated hereby (other than (x) such as has been obtained, given, effected or taken prior to the date hereof, (y) consents, authorizations, approvals or filings required to be obtained or made by, or notices given to, any
Government Entity or Self-Regulatory Organization to the extent having jurisdiction over the Holders, as to which the Company makes no representations or warranties and (z) routine filings that are informational in nature and made in the
ordinary course of business); and (B) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby do not and will not result in any breach, violation or contravention of (1) its
certificate of incorporation or its by-laws, (2) any Law applicable to the Company, (3) any order, writ, injunction, judgment, decree or award of any Government Entity or Self-Regulatory Organization to which the Company or any of its
properties is subject or (4) any mortgage, contract, agreement, deed of trust, license, lease or other instrument, arrangement, commitment, obligation, understanding or restriction of any kind to which the Company is a party or by which any of
its properties is bound, except for breaches, violations and contraventions, if any, as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the financial condition, results of operations,
business, properties or assets of the Company and its Subsidiaries, taken as a whole. 
 Section 7. Miscellaneous Provisions. 

(a) Headings. The heading references herein and the table of contents hereof are for convenience purposes only and
shall not be deemed to limit or affect any of the provisions hereof. 
 (b) SPV. Each Holder that is an
entity that was formed for the sole purpose of acquiring (directly or indirectly) shares of Common Stock or that has no substantial assets other than (direct or indirect interests in) the shares of Common Stock agrees that (i) certificates of
shares of its common stock or other instruments reflecting equity interests in such entity (and the certificates for shares of common stock or other equity interests in any similar entities controlling such entity) will note the restrictions
contained in this Agreement on the Transfer of shares of Common Stock as if such shares of common stock or other equity interests were shares of Common Stock and (ii) no such shares of common stock or other equity interests may be transferred
to any Person directly or indirectly (including through derivative securities) other than in accordance with the terms and provisions of this Agreement as if such shares or equity interests were shares of Common Stock. 

(c) No Other Stockholder Arrangements. No Holder shall enter into any stockholder agreements or arrangements of any
kind with any Person with respect to any securities of the Company on terms inconsistent with the provisions of this Agreement (whether or not such agreements or arrangements are with other Holders or with Persons that are not parties to this
Agreement), including agreements or arrangements with respect to the acquisition or Transfer of any securities of the Company in a manner inconsistent with this Agreement. 

(d) Governing Law; Jurisdiction. This Agreement shall be governed by,

  
 19 

 
enforced under and construed in accordance with the Laws of the State of Delaware, without giving effect (to the fullest extent provided by Law) to any choice or conflict of law provision or rule
thereof which might result in the application of the Laws of any other jurisdiction. Each of the parties hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the Delaware State Chancery Court located in
Wilmington, Delaware, or (in the event that such court denies jurisdiction) any federal or state court located in the State of Delaware for any litigation arising out of or relating to this Agreement (and agrees not to commence any litigation
relating thereto except in such courts) and further agrees that service of any process, summons, notice or document by U.S. registered mail shall be effective service of process for any litigation brought against it in any such court. Each party
hereby irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of this Agreement in the Delaware State Chancery Court located in Wilmington, Delaware, or (in the event that such court denies
jurisdiction) any federal or state court located in the State of Delaware and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such litigation brought in any such court has been
brought in an inconvenient forum. 
 (e) Construction. When a reference is made in this Agreement to an
Article, Section or Exhibit, such reference shall be to an Article or Section of, or an Exhibit to, this Agreement unless otherwise indicated. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined
therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute
defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by
waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. 

(f) Binding Effect. This Agreement shall be binding upon the Company, Apollo, General Atlantic, the Holders, any
spouses of the Holders, and their respective heirs, executors, administrators and permitted successors and assigns. 
 (g) Amendment. This Agreement may be amended, supplemented or modified from time to time by an instrument in writing signed by the parties having the Required Voting Percentage, provided,
(i) that this Agreement may be amended by the Company without the consent of any Holder to cure any ambiguity or to cure, correct or supplement any defective provisions contained herein, or to make any other provisions with respect to matters
or questions hereunder as the Company may deem necessary or advisable so long as such action does not affect adversely the interest of any Holder, (ii) any such amendment, supplement or modification that by its terms affects the rights or
obligations of any Holder in a manner that is materially adverse and substantially different relative to other Holders shall not be enforceable against such 

  
 20 

 
Holder without the written consent of such Holder, and (iii) the written consent of the Company shall be required, in the event that any such amendment, supplement or modification imposes a
burden or obligation on the Company or adversely affects a benefit or right of the Company under this Agreement. 

(h) Termination. This Agreement shall terminate automatically upon: (i) the dissolution of the Company upon
the vote of the Required Voting Percentage, (ii) upon the occurrence of any event which reduces the number of Holders to one in accordance with the terms hereof, or (iii) the consummation of a Control Disposition. Any Holder who disposes
of all of his, her or its shares of Common Stock in conformity with the terms of this Agreement shall cease to be a party to this Agreement and shall have no further rights hereunder but shall remain subject to Section 4(b)
(Confidentiality) and Section 4(c) (Non-Solicitation) and shall not be released from any liability incurred hereunder prior to the date it ceases to own any Common Stock. 

(i) Spouses. The spouses of the individual Holders are fully aware of, understand and fully consent and agree to
the provisions of this Agreement and its binding effect upon any community property interests or similar marital property interests in the Common Stock they may now or hereafter own, and agree that the termination of their marital relationship with
any Holder for any reason shall not have the effect of removing any Common Stock of the Company otherwise subject to this Agreement from the coverage of this Agreement and that their awareness, understanding, consent and agreement are evidenced by
their signing this Agreement. Furthermore, each individual Holder agrees to cause his or her spouse (and any subsequent spouse) to execute and deliver, upon the request of the Company, a counterpart of this Agreement, or an Adoption Agreement
substantially in the form of Annex I or in a form satisfactory to the Company. 
 (j) Specific
Performance; Remedies. Any Transfer or attempted Transfer in breach of this Agreement shall be void and of no effect. In connection with any attempted Transfer in breach of this Agreement, the Company may hold and refuse to Transfer any Common
Stock or any certificate therefor, in addition to and without prejudice to any and all other rights or remedies which may be available to it or the Holders. Each party to this Agreement acknowledges that a remedy at law for any breach or attempted
breach of this Agreement will be inadequate, agrees that each other party to this Agreement shall be entitled to specific performance and injunctive and other equitable relief in case of any such breach or attempted breach and further agrees to
waive (to the extent legally permissible) any legal conditions required to be met for the obtaining of any such injunctive or other equitable relief (including posting any bond in order to obtain equitable relief). 

(k) Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need
not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same agreement. It shall not be necessary in making proof of this Agreement to produce or account for more than one such
counterpart. The failure of any Holder to execute this Agreement does not make it invalid as against any other Holder. 
 (l) Severability. Whenever possible, each provision of this Agreement will 

  
 21 

 
be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, and such invalid, illegal or otherwise unenforceable provisions shall be null and void as to
such jurisdiction. It is the intent of the parties, however, that any invalid, illegal or otherwise unenforceable provisions be automatically replaced by other provisions which are as similar as possible in terms to such invalid, illegal or
otherwise unenforceable provisions but are valid and enforceable to the fullest extent permitted by Law. 
 (m)
Further Assurances. Each party hereto shall cooperate and use their respective reasonable best efforts to take or cause to be taken all appropriate actions and do, or cause to be done, all things necessary or appropriate, including the
execution of any additional documents or instruments of any kind and the taking of all such other actions as such party may reasonably be requested to take by the other party hereto from time to time, consistent with the terms of this Agreement in
order to effectuate the provisions and purposes of this Agreement. 
 (n) Extensions; Waivers. No course
of dealing between the Company, or its Subsidiaries, and the Holders (or any of them) or any delay in exercising any rights hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of
the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

(o) WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OR ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHT OR
REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS ENTERED INTO IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREIN. 
 (p) Registration Rights Agreement. Each of the parties hereto (a) shall be bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and
(b) hereby adopts the Registration Rights Agreement with the same force and effect as if it were originally a party thereto. 
 (q) Entire Agreement. This Agreement and the Registration Rights Agreement set forth the entire agreement of the parties hereto as to the subject matter hereof and supersedes all previous
agreements among all or some of the parties hereto, whether written, oral or otherwise, as to such subject matter. For the avoidance of doubt, this Agreement amends and restates the WL Stockholder Agreement. Unless otherwise provided herein, any
consent 

  
 22 

 
required by the Company may be withheld by the Company in its sole discretion. 
 (r) No Third Party Beneficiaries. Except as otherwise expressly provided herein, no Person not a party to this Agreement, as a third party beneficiary or otherwise, shall be entitled to enforce any
rights or remedies under this Agreement. 
 (s) Adjustments. If, and as often as, there are any changes in
the Common Stock or securities convertible into or exchangeable into or exercisable for shares of Common Stock as a result of any reclassification, recapitalization, stock split (including a reverse stock split) or subdivision or combination,
exchange or readjustment of shares, or any stock dividend or stock distribution, merger or other similar transaction affecting shares of Common Stock or such securities, appropriate adjustment shall be made in the provisions of this Agreement, as
may be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Common Stock or such securities as so changed. 

(t) No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding
the fact that certain of the Holders may be partnerships or limited liability companies, each Holder covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement
shall be had against any of the Company’s, Apollo Group’s, General Atlantic Group’s or any Holder’s former, current or future directors, officers, agents, Affiliates, general or limited partners, members, managers or stockholders
or any former, current or future directors, officers, agents, Affiliates, employees, general or limited partners, members, managers or stockholders of any of the foregoing, as such (collectively, the “Related Parties”), whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred
by any of the Related Parties, as such, for any obligation or liability of the Company, Apollo Group, General Atlantic Group or any Holder under this Agreement or any documents or instruments delivered in connection herewith for any claim based on,
in respect of or by reason of such obligations or liabilities or their creation; provided, however, nothing in this Section 7(t) shall relieve or otherwise limit the liability of any Holder, as such, for any breach or
violation of its obligations under such agreements, documents or instruments. 
 (u) Additional Shares. In
the event additional shares of Common Stock are issued by the Company to a Holder at any time during the term of this Agreement, either directly or upon the exercise or exchange of Securities of the Company exercisable for or exchangeable into
shares or Common Stock, such additional shares of Common Stock, as a condition to their issuance, shall become subject to the terms and provisions of this Agreement. 

(v) Assignment. Notwithstanding anything to the contrary contained herein, but subject to Section 3.2,
(i) Apollo may assign its rights or obligations, in whole or in part, under this Agreement to any member of the Apollo Group or one or more of Apollo’s Affiliates; and (ii) General Atlantic may assign its rights or obligations, in
whole or in part, under this Agreement to any member of the General Atlantic Group or one or more of General Atlantic’s Affiliates. 

  
 23 

 *  *  *  *  * 

  
 24 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and
year first written above. 
  

			
	AFFINION GROUP HOLDINGS, INC.
		
	By:	 	/s/ Nathaniel Lipman
		 	Name: Nathaniel Lipman
		 	Title: Chief Executive Officer

[Signature Page to Securityholder Rights Agreement] 

 
			
	AFFINION GROUP HOLDINGS, LLC
		
	By:	 	/s/ Marc Becker
		 	Name: Marc Becker
		 	Title: Manager

 [Signature Page to
Securityholder Rights Agreement] 

 
			
	GAPCO GMBH & CO. KG
	By:	 	GAPCO Management GmbH,
		 	its General Partner
		
	By:	 	/s/ William E. Ford
		 	Name: William E. Ford
		 	Title: Managing Director
	
	GAP COINVESTMENTS III, LLC
		
	By:	 	/s/ William E. Ford
		 	Name: William E. Ford
		 	Title: Executive Managing Member
	
	GAP COINVESTMENTS IV, LLC
		
	By:	 	/s/ William E. Ford
		 	Name: William E. Ford
		 	Title: Executive Managing Member
	
	GAPSTAR, LLC
		
	By:	 	/s/ William E. Ford
		 	Name: William E. Ford
		 	Title: Managing Member

 [Signature
Page to Securityholder Rights Agreement] 

 
			
	GAP-W, LLC
	By:	 	General Atlantic GenPar, L.P.,
		 	its Manager
		
	By:	 	General Atlantic LLC,
		 	its General Partner
		
	By:	 	/s/ William E. Ford
		 	Name: William E. Ford
		 	Title: Chief Executive Officer and Managing            Director
	
	GENERAL ATLANTIC PARTNERS 79, L.P.
	By:	 	General Atlantic LLC,
		 	its General Partner
		
	By:	 	/s/ William E. Ford
		 	Name: William E. Ford
		 	Title: Chief Executive Officer and Managing            Director

[Signature Page to Securityholder Rights Agreement] 

 
	
	 HOLDERS (as evidenced by their execution of an
 Adoption Agreement attached hereto)

 [Signature Page to
Securityholder Rights Agreement] 

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”), dated as of January 14, 2011, is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy
of which is attached hereto (the “Securityholder Rights Agreement”), by the undersigned (“Undersigned”) executing this Adoption. By the execution of this Adoption, the Undersigned agrees as follows: 

1. Agreement. The Undersigned hereby adopts the Securityholder Rights Agreement with the same force and effect as if it were originally a party thereto.

 2. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to the Undersigned at the address listed
beside the Undersigned’s signature below. 
  

							
	WEBLOYALTY HOLDINGS, INC.	 		 	Address for Notices:
				
	By:	 	/s/ Todd Siegel	 		 	c/o Affinion Group, Inc.
	Name:	 	Todd Siegel	 		 	6 High Ridge Park
	Title:	 	Executive Vice President	 		 	Stamford, CT 06905
		 		 		 	Attn: Todd Siegel

 ADOPTION AGREEMENT 

This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as
of January 14, 2011, a copy of which is attached hereto (the “Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee
agrees as follows: 
 1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion
Group Holdings, Inc., a Delaware corporation (the “Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights
Agreement and are used herein with the same meanings set forth therein. 
 2. Agreement. Transferee (i) agrees that the
securities acquired by Transferee shall be bound by and subject to the terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if
he were originally a party thereto. 
 3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall
be given to Transferee at the address listed beside Transferee’s signature below. 
 4. Joinder. The spouse of the
undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the
Securityholder Rights Agreement, to the terms of the Securityholder Rights Agreement. 
  

							
	Fernandes Family Trust A dated June 25, 1999	 		 	Address for Notices:
				
	By:	 	/s/ Lori Fernandes	 		 	129 Quarter Horse Lane
	Name:	 	Lori Fernandes	 		 	Fairfield, CT 06824
	Title:	 	Trustee	 		 	Telephone: (203) 255-1736
	Date:	 	1/14/11	 		 	Email: rick.fernandes@webloyalty.com

 ADOPTION AGREEMENT 

This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as
of January 14, 2011, a copy of which is attached hereto (the “Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee
agrees as follows: 
 1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion
Group Holdings, Inc., a Delaware corporation (the “Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights
Agreement and are used herein with the same meanings set forth therein. 
 2. Agreement. Transferee (i) agrees that the
securities acquired by Transferee shall be bound by and subject to the terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if
he were originally a party thereto. 
 3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall
be given to Transferee at the address listed beside Transferee’s signature below. 
 4. Joinder. The spouse of the
undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the
Securityholder Rights Agreement, to the terms of the Securityholder Rights Agreement. 
  

							
		 		 	Address for Notices:
				
	By:	 	/s/ Richard Fernandes	 		 	129 Quarter Horse Lane
	Name:	 	Richard Fernandes	 		 	Fairfield, CT 06824
	Date:	 	1/14/11	 		 	Telephone: (203) 255-1736
		 		 		 	Email: rick.fernandes@webloyalty.com
		 		 	
				
	By:	 	/s/ Lori Fernandes	 		 	
	Name:	 	Lori Fernandes	 		 	
	 Title:
	 	Spouse	 		 	
	Date:	 	1/14/11	 		 	

 ADOPTION AGREEMENT 

This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as
of January 14, 2011, a copy of which is attached hereto (the “Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee
agrees as follows: 
 1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion
Group Holdings, Inc., a Delaware corporation (the “Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights
Agreement and are used herein with the same meanings set forth therein. 
 2. Agreement. Transferee (i) agrees that the
securities acquired by Transferee shall be bound by and subject to the terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if
he were originally a party thereto. 
 3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall
be given to Transferee at the address listed beside Transferee’s signature below. 
 4. Joinder. The spouse of the
undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the
Securityholder Rights Agreement, to the terms of the Securityholder Rights Agreement. 
  

							
		 		 	Address for Notices:
				
	By:	 	/s/ Vincent D’Agostino	 		 	45 Turkey Hill Road South
	Name:	 	Vincent D’Agostino	 		 	Westport, CT 06880
	Date:	 	January 14, 2011	 		 	Telephone: (203) 254-9860
		 		 		 	Email: dagostinov@yahoo.com
		 		 	
				
	By:	 	/s/ Nicolys A. D’Agostino	 		 	
	Name:	 	Nicolys A. D’Agostino	 		 	
	 Title:
	 	Spouse	 		 	
	Date:	 	January 14, 2011	 		 	

 ADOPTION AGREEMENT 

This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as
of January 14, 2011, a copy of which is attached hereto (the “Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee
agrees as follows: 
 1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion
Group Holdings, Inc., a Delaware corporation (the “Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights
Agreement and are used herein with the same meanings set forth therein. 
 2. Agreement. Transferee (i) agrees that the
securities acquired by Transferee shall be bound by and subject to the terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if
he were originally a party thereto. 
 3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall
be given to Transferee at the address listed beside Transferee’s signature below. 
 4. Joinder. The spouse of the
undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the
Securityholder Rights Agreement, to the terms of the Securityholder Rights Agreement. 
  

							
	D’Agostino Family Trust A Date 4/8/99	 		 	Address for Notices:
				
	By:	 	/s/ Vincent D’Agostino	 		 	45 Turkey Hill Road South
	Name:	 	Vincent D’Agostino	 		 	Westport, CT 06880
	Title:	 		 		 	Telephone: (203) 254-9860
	Date:	 	January 14, 2011	 		 	Email: dagostinov@yahoo.com

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 		 	Address for Notices:
					
	By:	 	/s/ Gary R. Cacace	 		 		 	2422 Pine Grove Ct.
	Name:	 	Gary R. Cacace	 		 		 	Yorktown Heights, NY 10598
	Title:	 		 		 		 	
	Date:	 	Jan. 20, 2011	 		 		 	
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	/s/ Betsy Cacace	 		 		 	
	Name:	 	Betsy Cacace	 		 		 	
	Title:	 		 		 		 	
	Date:	 	Jan. 20, 2011	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 		 	Address for Notices:
					
	By:	 	/s/ Eli L. Chalfin	 		 		 	32 Meadowlark Rd.
	Name:	 	Eli L. Chalfin	 		 		 	Rye Brook, NY 10573
	Title:	 		 		 		 	
	Date:	 	1/26/11	 		 		 	Attn: Eli Chalfin
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 		 	Address for Notices:
					
	By:	 	/s/ Robert E. Danielson	 		 		 	1 Weatherly Dr. #201
	Name:	 	Robert E. Danielson	 		 		 	Mill Valley, CA 94941
	Title:	 		 		 		 	
	Date:	 	1-27-11	 		 		 	Attn:
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
		 		 	Address for Notices:
				
	By:	 	/s/ Donald Devine	 		 	Webshares, LLC
	Name:	 	Donald Devine	 		 	350 Willow St.
	Title:	 	Manager, Webshares, LLC	 		 	Southport, CT 06890
	Date:	 	1/20/11	 		 	Attn: Manager
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Martin Isaac	 		 	Martin Isaac
	Name:	 	Martin Isaac	 		 	50 Skating Pond Road
	Title:	 		 		 	Trumbull, CT 06611
	Date:	 	1/26/11	 		 	Attn: [_______________________________]
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Jeff Kendall	 		 	25 Hart Lane
	Name:	 	Jeff Kendall	 		 	Weston, CT 06883
	Title:	 		 		 	
	Date:	 	2/2/11	 		 	Attn: [_______________________________]
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Jussi Ketonen	 		 	3072 Stelling Drive
	Name:	 	Jussi Ketonen	 		 	Palo Alto, CA 94303
	Title:	 		 		 	
	Date:	 	Jan. 20, 2011	 		 	Attn: [_______________________________]
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	/s/ Rachel Ketonen	 		 		 	
	Name:	 	Rachel Ketonen	 		 		 	
	Title:	 		 		 		 	
	Date:	 	Jan. 20, 2011	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Tamra Lichtman	 		 	Tamra Lichtman
	Name:	 	Tamra Lichtman	 		 	58 Hartcroft Road
	Title:	 		 		 	Stamford, CT 06903
	Date:	 	1/19/11	 		 	Attn: [_______________________________]
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	/s/ Scott Lichtman	 		 		 	
	Name:	 	Scott Lichtman	 		 		 	
	Title:	 		 		 		 	
	Date:	 	1/19/11	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Mark Negley	 		 	Mark Negley
	Name:	 	Mark Negley	 		 	323 Smith Ridge Rd.
	Title:	 		 		 	New Canaan, CT 06840
	Date:	 	1/27/11	 		 	Attn: Mark Negley
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Alexander M. Sherman	 		 	5 Spruce St.
	Name:	 	Alexander M. Sherman	 		 	Westport, CT 06880
	Title:	 	VP	 		 	
	Date:	 	1/26/11	 		 	Attn: Alex Sherman
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Joseph A. Somma	 		 	23 E. Lake Rd.
	Name:	 	Joseph A. Somma	 		 	Trumbull, CT 06611
	Title:	 	Senior Architect	 		 	
	Date:	 	1-20-11	 		 	Attn: [_______________________________]
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Shane H. Spitzer	 		 	3130 Vera Avenue
	Name:	 	Shane H. Spitzer	 		 	Los Angeles, CA 90034
	Title:	 		 		 	
	Date:	 	1/25/11	 		 	Attn: Shane Spitzer
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:	 		 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Patrick Toland	 		 	164 Park Avenue
	Name:	 	Patrick Toland	 		 	Palo Alto, CA 94306
	Title:	 		 		 	
	Date:	 	1/25/11	 		 	Attn: [_______________________________]
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	/s/ Kristina Toland	 		 		 	
	Name:	 	Kristina Toland	 		 		 	
	Title:	 		 		 		 	
	Date:	 	1/25/11	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ Michael Weller	 		 	1457 Pitman Avenue
	Name:	 	Michael Weller	 		 	Palo Alto, CA 94301
	Title:	 		 		 	
	Date:	 	1/24/2011	 		 	Attn: Mike Weller
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	/s/ D. Kathryn Weller	 		 		 	
	Name:	 	D. Kathryn Weller	 		 		 	
	Title:	 		 		 		 	
	Date:	 	1/24/2011	 		 		 	

 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholder Rights Agreement dated as of January 14, 2011, a copy of which is attached hereto (the
“Securityholder Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

1. Acknowledgement. Transferee acknowledges that Transferee is acquiring certain securities of Affinion Group Holdings, Inc., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Securityholder Rights Agreement. Capitalized terms used herein without definition are defined in the Securityholder Rights Agreement and are used herein with the same meanings
set forth therein. 
 2. Agreement. Transferee (i) agrees that the securities acquired by Transferee shall be bound by and subject to the
terms of the Securityholder Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Securityholder Rights Agreement with the same force and effect as if he were originally a party thereto. 

3. Notice. Any notice required as permitted by the Securityholder Rights Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge
its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the securities referred to above and in the Securityholder Rights Agreement, to the terms of the Securityholder Rights
Agreement. 
  

									
	[UNDERSIGNED]	 		 	Address for Notices:
				
	By:	 	/s/ John Zablocki	 		 	42 Alberta Street
	Name:	 	John Zablocki	 		 	Fairfield, CT 06825
	Title:	 		 		 	
	Date:	 		 		 	Attn:
			
	[UNDERSIGNED’S SPOUSE (IF APPLICABLE)]	 		 	
					
	By:	 	 	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	
	Date:Stockholder Agreement

 Exhibit 4.17 
 EXECUTION COPY 
  
  

 
 STOCKHOLDER AGREEMENT

 Among 
 AFFINION GROUP HOLDINGS, INC., 
 AND 

THE HOLDERS PARTY HERETO 
 DATED JANUARY 14, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Section 1.	  	Definitions	  	 	1	  
	Section 2.	  	Board of Directors	  	 	8	  
	Section 3.	  	Stockholder Meetings; Actions Requiring Special Approval	  	 	12	  
	Section 4.	  	Transfer Restrictions; Permitted Transfers	  	 	12	  
	Section 5.	  	Preemptive Rights	  	 	21	  
	Section 6.	  	Representations and Warranties	  	 	23	  
	Section 7.	  	Additional Agreements	  	 	25	  
	Section 8.	  	Assignment	  	 	28	  
	Section 9.	  	Company Governing Documents	  	 	28	  
	Section 10.	  	Miscellaneous Provisions	  	 	28	  

  
 i 

 THIS STOCKHOLDER AGREEMENT, dated as of January 14, 2011 (this
“Agreement”), is entered into by and among AFFINION GROUP HOLDINGS, INC., a Delaware corporation (the “Company”) and each of the Holders of the Company that are parties hereto (each a
“party,” and collectively, the “parties”). 
 WHEREAS, each party deems it to be in the
best interest of the Company and the parties that provision be made for the continuity and stability of the business and policies of the Company, and, to that end, the Company and the parties hereby set forth their agreement with respect to the
Common Shares now owned or hereafter owned by them. 
 NOW, THEREFORE, in consideration of the promises and of the mutual
consents and obligations hereinafter set forth, the parties hereby agree as follows: 
 Section 1. Definitions.

 As used in this Agreement: 
 “Adoption Agreement” means an Adoption Agreement in the form attached hereto as Exhibit A. 
 “Affiliate” means, with respect to any Person, any other Person, directly or indirectly, through one or more intermediaries, Controlling, Controlled by, or under common Control with, such
Person. Notwithstanding the foregoing, the term “Affiliate” shall include any investment fund, the sole owner of which is or, if not the sole owner, the primary investment managers of which are, (x) with respect to Apollo, Apollo
Management V, L.P., Apollo Global Management, LLC or their respective Affiliates (including their respective successors and Subsidiaries, but excluding their respective portfolio companies) and (y) with respect to General Atlantic, General
Atlantic LLC or its Affiliates (including its and their respective successors and Subsidiaries, but excluding its and their portfolio companies). 
 “Agreement” has the meaning ascribed to such term in the Recitals. 
 “Apollo” means Affinion Group Holdings, LLC, a Delaware limited liability company, and each of its Affiliates. 
 “Asset Acquirer” means a Person who enters into a legally binding contract to purchase assets in a Dragged Asset Sale. 

“beneficially owned”, “beneficial ownership” and similar phrases have the meaning ascribed to such
terms in the Registration Rights Agreement. 
 “Board” means the Board of Directors of the Company. 

“Board Rights” mean all rights of any Person to nominate Directors to the Board as set forth in Section 2(d) of
this Agreement. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New
York, New York are authorized or obligated by Law or executive order to close. 

 “By-Laws” means the by-laws of the Company, in substantially the form
attached hereto as Exhibit B, as they may be amended or supplemented from time to time. 
 “Certificate of
Incorporation” means the certificate of incorporation of the Company, in substantially the form attached hereto as Exhibit C, as it may be amended or supplemented from time to time. 

“Closing Date” has the meaning ascribed to such term in the Merger Agreement. 

“Commission” means the Securities and Exchange Commission or any other Federal agency at the time administering the
Securities Act. 
 “Common Shares” means the shares of Common Stock of the Company, par value $0.01 per share.

 “Company” has the meaning ascribed to such term in the introductory paragraph hereof. 

“Confidential Information” has the meaning ascribed to such term in Section 7(c). 

“Consent Actions” has the meaning ascribed to such term in Section 3(c). 

“Consulting Agreements” means, collectively, (i) that certain amended and restated consulting agreement, dated as
of the date of this Agreement, between the Company, on the one hand, and each of Apollo Management V, L.P., on the other hand and (ii) that certain letter agreement, dated as of the date of this Agreement, between Apollo Management V, L.P. and
General Atlantic LLC (in each case, as it may be amended, supplemented, restated or otherwise modified from time to time). 

“Control,” and its correlative meanings, “Controlling,” and “Controlled,” means the
possession, direct or indirect, or the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Director” means a member of the Board. 
 “Drag-Along Notice” has the meaning ascribed to such term in Section 4(c)(ii). 
 “Drag-Along Percentage” means a fraction (expressed as a percentage), the numerator of which is the total number of issued and outstanding Common Shares General Atlantic or Apollo
(together with its respective Affiliates), as applicable, desires to Transfer in the Drag-Along Transaction and the denominator of which is the total number of issued and outstanding Common Shares held by General Atlantic or Apollo (together with
its respective Affiliates), as applicable, at the time immediately prior to such Drag-Along Transaction. 
 “Drag-Along
Right” has the meaning ascribed to such term in Section 4(c)(i). 
 “Drag-Along Shares” has the
meaning ascribed to such term in Section 4(c)(ii). 

  
 2 

 “Drag-Along Transaction” has the meaning ascribed to such term in
Section 4(c)(i). 
 “Dragged Asset Sale” has the meaning ascribed to such term in
Section 4(c)(viii). 
 “Dragged Asset Sale Holder” has the meaning ascribed to such term in
Section 4(c)(viii). 
 “Dragged Asset Sale Notice” has the meaning ascribed to such term in
Section 4(c)(ix). 
 “Dragged Asset Sale Right” has the meaning ascribed to such term in Section
4(c)(viii). 
 “Dragged Holder” has the meaning ascribed to such term in Section 4(c)(i).

 “Encumbrances” means any direct or indirect encumbrances, lien, pledge, security interest, claim, charges,
option, right of first refusal or offer, mortgage, deed of trust, easement, or any other restriction or third-party right, including restrictions on the right to vote equity interests, in each case, other than as created pursuant to this Agreement,
the Registration Rights Agreement, the MIRA or the WL Securityholder Rights Agreement. 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 
 “Excluded
Securities” has the meaning ascribed to such term in Section 5(b). 
 “GAAP” has the meaning
ascribed to such term in Section 7(a)(i). 
 “General Atlantic” means the investment partnerships
sponsored by General Atlantic LLC that were stockholders of Webloyalty Holdings, Inc. immediately preceding the acquisition of Webloyalty Holdings, Inc. by Affinion Group, Inc., which investment partnerships, for the avoidance of doubt, are General
Atlantic Partners 79, L.P., GAP-W, LLC, GapStar, LLC, GAPCO GmbH & Co. KG, GAP Coinvestments III, LLC and GAP Coinvestments IV, LLC. 
 “Government Entity” means any federal, national, supranational, state, provincial, Commonwealth, local or foreign or similar government, governmental subdivision, regulatory or
administrative body or other governmental or quasi-governmental agency, tribunal, commission, court, judicial or arbitral body or other entity with competent jurisdiction. 
 “Holders” means the holders of Common Shares who are parties hereto as set forth in Schedule I hereto, as the same may be amended or supplemented from time to time. 

“Indebtedness” and its correlative meaning “Indebted,” means, with respect to any Person, (a) all
indebtedness of such Person, whether or not contingent, for borrowed money, and (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar debt instruments. 

“Independent Director” means a Director who qualifies as “independent” within the meaning of the rules of the
NASDAQ Stock Market or the NYSE, as applicable, with respect to the Company, Apollo and the WL Stockholders, in each case, as if the Company, Apollo or the WL Stockholders were listed on the NASDAQ Stock Market or the NYSE, as applicable.

  
 3 

 “Information Rights” means the rights set forth in Section 7(a)
of this Agreement. 
 “Initial Public Offering” means the consummation of an initial underwritten public
offering of Common Shares pursuant to an effective registration statement filed by the Company with the Commission (other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act. 

“Inspection Rights” means the rights set forth in Section 7(b). 

“Law” means any federal, national, supranational, state, provincial, Commonwealth, local or foreign or similar law,
statute, ordinance, rule, regulation, code, order, writ, judgment, injunction, directive, guideline or decree enacted, issued, promulgated, enforced or entered by a Government Entity or Self-Regulatory Organization (including, for the sake of
clarity, any policy statement or interpretation that has the force of law with respect to any of the foregoing, and including common law). 
 “Major Stockholder” means Apollo, General Atlantic and each of their respective Transferees (a) with respect to all Sections other than Section 2, so long as such Person
beneficially owns, together with its Affiliates, a number of issued and outstanding Common Shares equal to at least 50% of the number of Common Shares issued to General Atlantic and its Affiliates on the Closing Date (subject to adjustment for any
reclassification, recapitalization, stock split (including a reverse stock split), or subdivision or combination, exchange or readjustment of shares, or any stock dividend or stock distribution, merger or other similar transaction) and (b) with
respect to Section 2, so long as such Person owns, together with its Affiliates, a number of issued and outstanding Common Shares equal to the lower of (i) at least 50% of the number of Common Shares issued to the WL Stockholders on the
Closing Date (subject to adjustment for any reclassification, recapitalization, stock split (including a reverse stock split), or subdivision or combination, exchange or readjustment of shares, or any stock dividend or stock distribution, merger or
other similar transaction) or (ii) 10% of the issued and outstanding Common Shares; provided, that for purposes of clause (b) of this definition, in the case of General Atlantic, Common Shares owned by any other Persons that were
stockholders of Webloyalty Holdings, Inc. immediately preceding the acquisition of Webloyalty Holdings, Inc. by Affinion Group, Inc. shall be deemed to be owned by General Atlantic and its Affiliates. 

“Management Director” has the meaning ascribed to such term in Section 2(d)(i). 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of the date hereof, by and among the
Company, Apollo, WL Merger Holdings, LLC, WL Merger Sub, Inc. and Webloyalty Holdings, Inc. (as it may be amended, supplemented, restated or otherwise modified from time to time). 

“MIRA” means that certain Management Investor Rights Agreement, dated as of October 17, 2005, among the Company,
Apollo and the other parties thereto (as it may be amended, supplemented, restated or otherwise modified from time to time). 

“Multiple Nominee Termination Event” has the meaning ascribed to such term in Section 2(d)(ix). 

  
 4 

 “New Investor” has the meaning ascribed to such term in Section
5(a)(iii). 
 “NYSE” means the New York Stock Exchange. 

“Offered Securities” has the meaning ascribed to such term in Section 5(a)(i). 

“Offered Shares” has the meaning ascribed to such term in Section 4(b)(i). 

“party” has the meaning ascribed to such term in the introductory paragraph hereof. 

“Permitted ROFO Transfer” has the meaning ascribed to such term in Section 4(b)(v). 

“Permitted Transfer” means: 
 (a) in the case of any Holder who is an individual, a Transfer of Common Shares to a trust or estate planning-related entity for the sole benefit of such Holder; 

(b) in the case of any Holder that is a partnership, (i) a Transfer of Common Shares to its limited, special and
general partners or their equivalents as a pro rata distribution by such partnership to its partners or equivalents and (ii) a Transfer of Common Shares made to any of such Holder’s Affiliates; and 

(c) in the case of any Holder that is a corporation, company or limited liability company, (i) a Transfer of Common
Shares to its stockholders or members, as the case may be, as a pro rata distribution by such Person to its stockholders or members and (ii) a Transfer of Common Shares made to any of such Holder’s Affiliates. 

“Person” shall be construed broadly and shall include an individual, a partnership, a limited liability company, a
corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, a Self-Regulatory Organization and a Government Entity. 
 “Potential Participant” has the meaning ascribed to such term in Section 7(c). 
 “Preemptive Offer Acceptance Notice” has the meaning ascribed to such term in Section 5(a)(ii). 
 “Preemptive Offer Notice” has the meaning ascribed to such term in Section 5(a)(i). 
 “Preemptive Offer Period” has the meaning ascribed to such term in Section 5(a)(i). 
 “Preemptive Rights” means the rights set forth in Section 5 of this Agreement. 
 “Preemptive Rights Holder” means the (i) Major Stockholders and (ii) each Principal WL Stockholder, who, together with its Affiliates, holds a number of Common Shares equal to
50% or more of the Common Shares issuable to such Principal WL Stockholder on the Closing Date. 

  
 5 

 “Preemptive Rights Proportion” means a fraction (expressed as a percentage)
the numerator of which is the total number of issued and outstanding Common Shares beneficially owned by a Preemptive Rights Holder and any of its Affiliates, in each case at the time the Company proposes to issue any Offer Securities, and the
denominator of which is the total number of Common Shares issued and outstanding at such time. 
 “Principal WL
Stockholder” means each of General Atlantic, Richard Fernandes, the Fernandes Family Trust A dated June 25, 1999, Vincent D’Agostino and the D’Agostino Family Trust A dated 4/8/99. 

“Proposed Offer” has the meaning ascribed to such term in Section 4(b)(ii). 

“Public Sale” means any sale, occurring simultaneously with or after an Initial Public Offering, of Common Shares to the
public pursuant to an offering registered under the Securities Act, to the public pursuant to Rule 144 promulgated thereunder, other than an offering relating to employee incentive plans. 

“Qualified Public Offering” means an underwritten public offering of Common Shares by the Company pursuant to an
effective registration statement filed by the Company with the Commission (other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act, pursuant to which the aggregate offering price of the Common Shares actually sold in
such offering is at least $75 million. 
 “Reconvened Meeting” means a meeting of the Board or the
stockholders, as the case may be, that (i) has been properly called in accordance with the By-Laws (including by given proper notice of such meeting) as if such meeting was not an adjourned meeting and (ii) has the same agenda as a
previously convened meeting that was adjourned due to the lack of a quorum. 
 “Refused Securities” has the
meaning ascribed to such term in Section 5(a)(iii). 
 “Registration Rights Agreement” means that
certain Registration Rights Agreement, dated as of the date hereof (as it may be amended, supplemented, restated or otherwise modified from time to time), among the Company and the parties thereto, attached hereto as Annex II. 

“Related Parties” has the meaning ascribed to such term in Section 10(g). 

“Representatives” have the meaning ascribed to such term in Section 7(c). 

“Right of First Offer” has the meaning ascribed to such term in Section 4(b)(ii). 

“ROFO Acceptance Notice” has the meaning ascribed to such term in Section 4(b)(iii). 

“ROFO Acceptance Period” has the meaning ascribed to such term in Section 4(b)(iii). 

“ROFO Notice” has the meaning ascribed to such term in Section 4(d)(i). 

“ROFO Offerees” has the meaning ascribed to such term in Section 4(b)(i). 

  
 6 

 “Rule 144” means Rule 144 under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Self-Regulatory Organization” means the Financial Industry Regulatory Authority, the American Stock Exchange, the
National Futures Association, the Chicago Board of Trade, the NYSE, the NASDAQ Stock Exchange, any national securities exchange (as defined in the Exchange Act), any other securities exchange, futures exchange, contract market, any other exchange or
corporation or similar self-regulatory body or organization. 
 “SPV Affiliate” means, with respect to Apollo,
any Affiliate of Apollo Management V, L.P. or Apollo Global Management, LLC, or, with respect to General Atlantic, any Affiliate of General Atlantic LLC, in each case whose direct or indirect interest in the Common Shares constitutes more than 50%
(by value) of the equity securities portfolio of that Affiliate. 
 “Subsidiary” means, with respect to any
Person, any corporation, association, partnership, limited liability company or other business entity of which 50% or more of the total voting power or equity interests (including partnership interests) entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such
Person, or (c) one or more Subsidiaries of such Person. 
 “Tag-Along Acceptance Notice” has the meaning
ascribed to such term in Section 4(d)(ii). 
 “Tag-Along Notice” has the meaning ascribed to such term
in Section 4(d)(i). 
 “Tag-Along Offerors” has the meaning ascribed to such term in
Section 4(d)(i). 
 “Tag-Along Percentage” means, with respect to any Person at the time of an
event, a fraction (expressed as a percentage) the numerator of which is the total number of issued and outstanding Common Shares beneficially owned by (x) if such Person is an individual, such Person and (y) if such Person is not an
individual, such Person and its Affiliates, in each case at such time, and the denominator of which is the aggregate number of issued and outstanding Common Shares beneficially owned by (a) the Transferring Holder (or by any of its Transferring
Affiliates), (b) all Holders who have timely delivered a Tag-Along Acceptance Notice at such time, (c) all stockholders who have timely delivered a tag-along acceptance notice pursuant to Section 2(a)(ii) of the WL Securityholder
Rights Agreement, (d) all stockholders who have timely delivered a tag-along notice pursuant to Section 2(a)(i) of the MIRA, (e) all stockholders who have timely delivered a tag-along notice pursuant to Section 2(b) of the
Wyndham Securityholder Rights Agreement and (f) all other stockholders having a right to tag-along pursuant to the terms of any other agreement, in each case with respect to the Transfer of Common Shares giving rise to the Tag-Along Right,
tag-along right pursuant to Section 2 of the WL Securityholder Rights Agreement, tag-along right pursuant to Section 2 of the MIRA, tag-

  
 7 

 
along right pursuant to Section 2(b) of the Wyndham Securityholder Rights Agreement or tag-along right pursuant to the terms of any other agreement, as the case may be. 

“Tag-Along Right” has the meaning ascribed to such term in Section 4(d)(ii). 

“Tag-Along Shares” has the meaning ascribed to such term in Section 4(d)(i). 

“Tag-Along Transaction” has the meaning ascribed to such term in Section 4(d)(i). 

“Termination Event” has the meaning ascribed to such term in Section 2(d)(ix). 

“Transfer” means any direct or indirect sale, assignment, transfer, conveyance, gift, bequest by will or under intestacy
Laws, pledge, hypothecation or other Encumbrance, or any other disposition, of the stated security (or any interest therein or right thereto, including the issuance of any total return swap or other derivative whose economic value is primarily based
upon the value of the stated security) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any interest therein) whatsoever, or any other transfer of beneficial ownership of
the stated security, with or without consideration and whether voluntarily or involuntarily (including by operation of law). Notwithstanding anything to the contrary set forth in this Agreement, transfers of an interest in Apollo or any of its
Affiliates (other than any SPV Affiliate) or in General Atlantic or any of its Affiliates (other than any SPV Affiliate) shall not be deemed to be a Transfer. 
 “Transferee” means any Person to whom a Holder has transferred Common Shares pursuant to a Transfer. 
 “Transferring Affiliate” has the meaning ascribed to such term in Section 4(d)(i). 
 “Transferring Holder” has the meaning ascribed to such term in Section 4(b)(i). 
 “WL Securityholder Rights Agreement” means that certain Securityholder Rights Agreement, dated as of the date hereof, among the Company, Apollo, General Atlantic and the holders party
thereto (as it may be amended, supplemented, restated or otherwise modified from time to time). 
 “WL
Stockholders” means the stockholders of Webloyalty Holdings, Inc. immediately preceding the acquisition of Webloyalty Holdings, Inc. by Affinion Group, Inc., who are Holders under this Agreement. 

“Wyndham Securityholder Rights Agreements” means that certain Securityholder Rights Agreement, dated as October 17,
2005 (as it may be amended, supplemented, restated or otherwise modified from time to time), among the Company, Apollo and Cendant Corporation, the successor in interest of which is Wyndham Worldwide Corporation. 

Section 2. Board of Directors. 
 (a) General. Subject to applicable Law and the terms of this Agreement, the Board shall have the sole right to manage the business and affairs of the Company and shall have

  
 8 

 
all powers and rights necessary, appropriate or advisable to effectuate and carry out the purposes and business of the Company. Regular meetings of the Board shall be held after the end of each
fiscal year and at least once every fiscal quarter, in each case, at such times and places as shall be designated from time to time by the Board. Written notice of each regular meeting of the Board shall be given to each Director at least five
Business Days before the date of such meeting. 
 (b) Quorum. A quorum for the transaction of business at
any meeting of the Board shall consist of (i) a majority of the total number of Directors then in office and (ii) at least one Director nominated by each Major Stockholder; provided that in the event a meeting of the Board is adjourned for
a lack of quorum because a Director nominated by such Major Stockholder has not appeared at a duly called meeting for which such Director received proper notice, the absence of such Director shall not prevent a quorum at a Reconvened Meeting
provided that a majority of the total number of Directors then in office are in attendance. 
 (c)
Actions of Board. Subject to applicable Law and the terms of this Agreement, all matters before the Board shall require a majority of the votes of the Directors present at a meeting in which there is a quorum. Each Director shall be entitled
to cast one vote. In the absence of a quorum for any such meeting, a majority of the Directors present thereat may adjourn such meeting from time to time until a quorum shall be present. Any action required or permitted to be taken at any meeting of
the Board may be taken without a meeting if all of the Directors consent thereto in writing. 
 (d)
Composition. The Board shall consist of eleven members; provided, that, (x) the Board may increase the size of the Board to the extent required by the rules of the exchange on which the Common Stock is listed, if any, to allow a majority
of the Directors to be Independent Directors or to permit the full exercise of all rights provided in this Section 2(d) and (y) the Board may decrease the size of the Board following a Termination Event or Multiple Nominee
Termination Event but not to a number below the greater of (A) the number of Directors on the Board immediately following such event and (B) the aggregate number of Directors that Persons have the right to nominate in accordance with this
Section 2 after giving effect to such event. Subject to Section 8(a), each Major Stockholder agrees to vote all its Common Shares on matters subject to the vote of such Major Stockholder and to take all other necessary or
desirable actions within its control (whether in such Major Stockholder’s capacity as a Major Stockholder or otherwise, including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents
in lieu of meetings), and the Company will, as promptly as practicable, take all necessary and desirable actions within its control (including calling special meetings of the Board and the Major Stockholder), so that each Director shall be appointed
or elected from nominees determined as follows: 
 (i) the individual holding the office of Chief Executive
Officer of the Company from time to time (the “Management Director”) shall serve as a Director; 

(ii) each Major Stockholder shall have the right to nominate one Director; 

  
 9 

 (iii) each Major Stockholder who, collectively with its Affiliates, owns at
least 18% of the issued and outstanding Common Shares shall have the right (together with its Board Rights Transferees, if any) to nominate a second Director; 
 (iv) each Major Stockholder who, collectively with its Affiliates, owns at least 24% of the issued and outstanding Common Shares shall have the right (together with its Board Rights Transferees, if any)
to nominate a third Director; 
 (v) each Major Stockholder who, collectively with its Affiliates, owns at least
34% of the issued and outstanding Common Shares shall have the right (together with its Board Rights Transferees, if any) to nominate a fourth Director; 
 (vi) each Major Stockholder who, collectively with its Affiliates, owns at least 42% of the issued and outstanding Common Shares shall have the right (together with its Board Rights Transferees, if any)
to nominate a fifth Director; 
 (vii) each Major Stockholder who, collectively with its Affiliates, owns at
least 50% of the issued and outstanding Common Shares shall have the right (together with its Board Rights Transferees, if any) to nominate a sixth and seventh Director; 

(viii) the holders of a majority of the issued and outstanding Common Shares shall nominate the remaining Directors; and

 (ix) for purposes of Section 2(d)(ii) through (vii), in the case of General Atlantic,
Common Shares owned by any other Persons that were stockholders of Webloyalty Holdings, Inc. immediately prior to the acquisition of Webloyalty Holdings, Inc. by Affinion Group, Inc. shall be deemed to be owned by General Atlantic and its
Affiliates. Notwithstanding anything to the contrary contained herein, if a Major Stockholder ceases to qualify as a Major Stockholder, whether as a result of dilution, Transfer or otherwise, then the rights of the Major Stockholder under
Section 2(d)(ii) and all other provisions of this Section 2 as applicable to such Major Stockholder’s Director nominee shall terminate automatically (a “Termination Event”); and if a Major Stockholder,
together with its Affiliates, ceases to beneficially own the minimum requisite percentage of the issued and outstanding Common Shares, whether as a result of dilution, Transfer or otherwise, to nominate a Director under any of
Section 2(d)(iii) through (vii), then the rights of such Major Stockholder under such Section or Sections, as applicable, and all other related provisions of this Section 2 shall terminate automatically (a “Multiple
Nominee Termination Event”). Within three Business Days after the occurrence of a Termination Event or Multiple Nominee Termination Event, as applicable, due to a Transfer or other action taken by a Major Stockholder, such Major Stockholder
shall provide the Company with written notice of such event and, in the case of a Multiple Nominee Termination Event, such notice shall specify the Director or Directors to be removed. Each Major Stockholder shall cause its nominee or nominees, as
applicable, to execute and deliver a resignation, substantially in the form attached hereto as Exhibit D, prior to becoming a Director which shall be irrevocable and shall be effective with respect to the Company and any Subsidiaries for
which such nominee serves as a Director or in a similar capacity automatically upon the occurrence of a Termination Event or Multiple Nominee Termination Event, as applicable, and shall not permit any such nominee or nominees to revoke any such
resignation. For the avoidance of doubt, nothing 

  
 10 

 
contained herein shall limit the ability of a Transferee to become a Major Stockholder in accordance with this Agreement. 

(e) Term; Removal and Replacement. The nominees designated in Section 2(d) will be elected as Directors at
any annual or special meeting of the stockholders (or by written consent in lieu of a meeting of the stockholders) and will serve until their successors are duly elected and qualified pursuant to the terms of this Agreement or until their earlier
death, disability, resignation, termination (with cause or without cause) or other removal. No Director may be removed without the consent of the Major Stockholder, if any, who is entitled to nominate such individual as a Director pursuant this
Agreement. A Director may only be removed at the direction of the party that is entitled to nominate such Director, and the vacancy created by any former Director may only be filled by a nominee of the party that was entitled to nominate such former
Director; provided, that, if any Major Stockholder loses the right to appoint a nominee to the Board pursuant to Section 2(d)(ix), the resulting vacancy shall be filled in accordance with Section 2(d). Each Major
Stockholder agrees to vote all of its Common Shares and to take all other necessary or desirable actions within its control (whether in such Major Stockholder’s capacity as a Major Stockholder or otherwise, including attendance at meetings in
person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the Company will, as promptly as practicable, take all necessary and desirable actions within its control (including calling special
meetings of the Board and the stockholders), so that each Director shall be removed as directed by the Major Stockholder entitled to nominate such Director. Furthermore, if the individual then holding the office of Chief Executive Officer of the
Company ceases to hold such office, the Major Stockholders shall vote their Common Shares to remove the Management Director. Subject to the foregoing, in the event a vacancy is created on the Board by reason of the death, disability, resignation or
termination (with cause or without cause) of any Director, each of the Major Stockholders hereby agrees that such vacancy shall be filled in accordance with the procedures set forth in this Section 2. The Company and the Major
Stockholders shall fill any vacancies on the Board in accordance with this Section 2, as soon as practicable following the date such vacancy is created. 

(f) Notwithstanding anything to the contrary set forth in the By-Laws, each party having the right to nominate, remove or
replace a Director in accordance with this Section 2 does not need to comply with the advance notice provisions set forth in the By-Laws. To nominate, remove or replace a Director in accordance with this Section 2, any such
Person shall provide notice to the Company (i) in the case of a regularly scheduled stockholder meeting, at least five Business Days prior to such meeting and (ii) in the case of a special meeting of stockholders, prior to the later of 48
hours after delivery of notice of such meeting and five Business Days prior to such meeting. 
 (g)
Representation on Committees. Unless otherwise prohibited by applicable Law or the rules of any applicable Self-Regulatory Organization, at least one Director nominated by each Major Stockholder shall be entitled to serve on each committee of
the Board or otherwise appointed by the Board. 
 (h) Representation on Subsidiary Boards. Unless
otherwise prohibited by applicable Law or the rules of any applicable Self-Regulatory Organization, at least one Director 

  
 11 

 
nominated by each Major Stockholder shall have the right to serve on (i) the board of directors of each Subsidiary of the Company and (ii) each committee of each such Subsidiary’s
board of directors. 
 (i) Fees and Expenses. The Company shall reimburse each Director for all reasonable
costs and expenses (including reasonable travel, lodging and meal expenses) incurred in connection with such Director’s attendance and participation at meetings of (i) the Board and (ii) the committees of the Board, in each case to
the extent not otherwise reimbursed by the Company or any of its Subsidiaries by virtue of the status of such Director as an employee of the Company or any of its Subsidiaries. 

(j) Officers. The officers of the Company shall be appointed and removed by the Board and perform such functions as
delegated to them by the Board. The Board may delegate to any officer of the Company or to any such other Person such authority to act on behalf of the Company as the Board may from time to time deem appropriate in its sole discretion. 

Section 3. Stockholder Meetings; Actions Requiring Special Approval. 

(a) General. The Company shall hold annual and special meetings of the stockholders in accordance with the Company
By-Laws. Written notice of each stockholders’ meeting stating the place, date and hour of the meeting shall be given to each stockholder entitled to vote thereat in accordance with the By-Laws. 

(b) Quorum. A quorum for the transaction of business at any meeting of the stockholders shall consist of
(i) holders of a majority of the total number of issued and outstanding Common Shares entitled to vote at such meeting and (ii) each Major Stockholder; provided, that in the event a meeting of the stockholders is adjourned for a
lack of quorum because a Major Stockholder has not appeared at a duly called meeting for which such Major Stockholder received proper notice, the absence of such Major Stockholder shall not prevent a quorum at a Reconvened Meeting provided
that a majority of the total number of issued and outstanding Common Shares entitled to vote at such meeting are in attendance. 
 (c) Actions Requiring Special Approval. Without each Major Stockholder’s prior approval, the Company shall not, and shall cause each of its Subsidiaries not to, take or omit to take, as
applicable, or agree to take or omit to take, as applicable, or otherwise approve, consent to or ratify, directly or indirectly (whether by merger, consolidation or otherwise), any of the actions set forth on Annex I (the “Consent
Actions”), which Consent Actions may be amended, modified, supplemented or restated in writing by the Major Stockholders, unanimously, from time to time. 
 Section 4. Transfer Restrictions; Permitted Transfers. 
 (a)
General Transfer Restrictions. 
 (i) Before the consummation of a Qualified Public Offering, each Holder
agrees that it shall not, and shall not permit its Transferees (if any), to Transfer directly or indirectly any of the Common Shares, or any other securities of the Company that such Holder or

  
 12 

 
its Transferees, as applicable, may now possess or hereafter acquire, to the Persons identified on Schedule II attached hereto. 

(ii) Notwithstanding anything to the contrary set forth in this Agreement, no Transfer of Common Shares shall become
effective and the Company shall not recognize any such Transfer (A) unless such Transfer complies with the provisions of this Section 4, and (B) except in the case of a Transfer of Common Shares made pursuant to a Public Sale, until
the Transferee (unless already party to this Agreement) executes and delivers to each party to this Agreement an Adoption Agreement. Subject to Section 8, upon such Transfer and such execution and delivery of such Adoption Agreement, the
Transferee shall be bound by, and entitled to the benefits of, this Agreement with respect to the Transferred Common Shares. Any Transfer of Common Shares in violation of this Section 4 shall be void ab initio. Subject to the foregoing
and the Certificate of Incorporation, for the avoidance of doubt, Common Shares held by Holders shall be freely transferable. 
 (b) Right of First Offer. 
 (i) Before the consummation of a
Qualified Public Offering, if a Major Stockholder (the “Transferring Holder”) wishes to effect a Transfer of its Common Shares or securities convertible into or exchangeable into or exercisable for Common Shares, then such
Transferring Holder shall first deliver a written notice (the “ROFO Notice”) to the Company and the other Major Stockholder or Major Stockholders, as applicable (the “ROFO Offerees”). Such ROFO Notice shall disclose
the number of Common Shares or securities convertible into or exchangeable into or exercisable for Common Shares proposed to be Transferred (the “Offered Shares”) and the material terms of any offer the Transferring Holder has
received or is contemplating, if applicable. 
 (ii) Each ROFO Offeree shall have the right (the “Right
of First Offer”) to provide the Transferring Holder, within 20 days after the date of the delivery of the ROFO Notice, with an irrevocable written offer to acquire the Offered Shares, upon the price, terms and conditions on which such ROFO
Offeree is willing to purchase the Offered Shares (the “Proposed Offer”). 
 (iii) The
Transferring Holder, in its sole discretion, may elect to accept any Proposed Offer by delivering an irrevocable written notice of acceptance (the “ROFO Acceptance Notice”) to the ROFO Offerees within 20 days after the date of the
ROFO Notice (the “ROFO Acceptance Period”), provided that (A) if such Transferring Holder receives a Proposed Offer from more than one ROFO Offeree, such Transferring Holder may only accept the Proposed Offer with the most
favorable terms and conditions (including price) in its reasonable discretion; (B) if such Transferring Holder receives Proposed Offers with equivalent terms (including price and other terms and conditions) from the ROFO Offerees (including the
Company) and elects to accept one of such Proposed Offers, such Transferring Holder shall accept the Company’s Proposed Offer and, if the Company does not offer to purchase all of the Offered Shares, the Transferring Holder shall accept the
other Proposed Offers, and the remaining Offered Shares shall be allocated to the other ROFO Offerees on a pro rata basis; and (C) if such Transferring Holder receives Proposed Offers with equivalent terms (including price and other
terms and conditions) from the ROFO Offerees (other than the Company) and elects to 

  
 13 

 
accept one of such Proposed Offers, such Transferring Holder shall accept all of the Proposed Offers, and the Offered Shares shall be allocated to such ROFO Offerees on a pro rata basis.

 (iv) The ROFO Offerees purchasing the Common Shares pursuant to this Section 4(b) shall be entitled to
require the Transferring Holder to provide representations and warranties regarding (A) its power, authority and legal capacity to enter into such Transfer of Common Shares; (B) valid right, title and interest in such Common Shares and the
Transferring Holder’s ownership of such Common Shares; (C) the absence of any Encumbrances on such Common Shares; and (D) the absence of any violation, default or acceleration of any agreement or instrument pursuant to which such
Transferring Holder or the assets of such Transferring Holder are bound as the result of such sale. 
 (v)
Subject to any Tag-Along Rights, after the termination of the ROFO Acceptance Period, the Transferring Holder, during the 120-day period following the ROFO Acceptance Period or the 180-day period following the ROFO Acceptance Period if the
Transferring Holder has entered into an agreement to Transfer during the 120 days following the ROFO Acceptance Period, may Transfer the Offered Shares at and upon the price and other material terms and conditions that are more favorable to the
Transferring Holder than the most favorable Proposed Offer that the Transferring Holder received (such Transfer, the “Permitted ROFO Transfer”). If the Transferring Holder has not consummated a Permitted ROFO Transfer within such
120-day period or 180-day period, as applicable, the Transferring Holder shall not thereafter Transfer any Common Shares (including such Offered Shares), whether pursuant to a Proposed Offer or otherwise, without first providing a new ROFO Notice to
the ROFO Offerees in the manner provided above, and such proposed Transfer shall again be subject to the requirements of this Section 4(b). 
 (vi) Upon the closing of the sale of any Common Shares pursuant to this Section 4(b), the Transferring Holder shall deliver at such closing, against payment of the purchase price therefor,
certificates representing those Common Shares to be sold, duly endorsed for Transfer or accompanied by duly endorsed stock powers, and evidence of the absence of Encumbrances with respect thereto and of such other matters as are deemed reasonably
necessary by the Company for the proper Transfer of such Common Shares on the books of the Company. 
 (vii)
Notwithstanding anything to the contrary in this Agreement, this Section 4(b) shall not apply to (A) Permitted Transfers, (B) Transfers of Common Shares made in a Qualified Public Offering, (C) Transfers of Common Shares made
by Dragged Holders in a Drag-Along Transaction or (D) Transfers of Common Shares made in connection with the exercise of Tag-Along Rights. 
 (c) Drag-Along Rights. 
 (i) Before the completion of a
Qualified Public Offering, if Apollo or, following the fifth anniversary of the date of this Agreement, General Atlantic (for so long as it is a Major Stockholder), is the Transferring Holder and the Offered Shares to be Transferred are to be
Transferred to an unaffiliated third party in a transaction or series of related transactions, which transaction or series of related transactions would constitute a Permitted ROFO Transfer, 

  
 14 

 
whether by sale of stock, merger, consolidation or otherwise, comprise 80% or more of the Common Shares beneficially owned by such Transferring Holder and its Affiliates (a “Drag-Along
Transaction”), then, in the event that a Holder (the “Dragged Holder”) was not entitled to a Right of First Offer or has not timely submitted its Proposed Offer, or any such Proposed Offer has been rejected in compliance
with this Agreement, Apollo and/or General Atlantic, as applicable, shall have the right (the “Drag-Along Right”) to require such Dragged Holder to Transfer, in the Drag-Along Transaction, the number of Common Shares beneficially
owned by such Dragged Holder multiplied by the Drag-Along Percentage (rounded down to the nearest whole share). 

(ii) To exercise its Drag-Along Right, Apollo and/or General Atlantic, as applicable, shall deliver written notice of such
Drag-Along Transaction (the “Drag-Along Notice”) to the Company and each Dragged Holder within 20 days after the expiration of the ROFO Acceptance Period. Such Drag-Along Notice shall disclose in reasonable detail the number of
Common Shares to be subject to the Drag-Along Transaction (the “Drag-Along Shares”), the proposed price, the other proposed terms and conditions of the proposed Drag-Along Transaction (including copies of the definitive agreements
relating thereto) and the identity of the prospective purchaser. For the avoidance of doubt, the terms and conditions of the proposed Drag-Along Transaction must be substantially the same for the Transferring Holder and the Dragged Holder, including
the identical form and amount of consideration, but excluding any payments under the Consulting Agreements made as a result of any Drag-Along Transaction. 
 (iii) Notwithstanding anything to the contrary in this Agreement, if General Atlantic exercises its Drag-Along Right pursuant to the provisions of this Section 4(c), then Apollo shall be
required to exercise its drag-along rights under each of the MIRA and the Wyndham Securityholder Rights Agreement mutatis mutandis for the benefit of General Atlantic to the same extent as if Apollo had exercised such rights under such agreements,
including taking all actions reasonably necessary to enforce such drag-along rights. 
 (iv) The Persons
purchasing the Common Shares pursuant to a Drag-Along Transaction shall be entitled to require each Dragged Holder to provide representations and warranties regarding (A) its power, authority and legal capacity to enter into such Transfer of
Common Shares; (B) its valid right, title and interest in such Common Shares and the Transferring Holder’s ownership of such Common Shares; (C) the absence of any Encumbrances on such Common Shares; and (D) the absence of any
violation, default or acceleration of any agreement or instrument pursuant to which such Dragged Holder or the assets of such Dragged Holder are bound as the result of such sale; provided, that the representations to be provided by each
Dragged Holder and the Transferring Holder shall be substantially identical other than with respect to the applicable governing Law with respect to its power, authority and legal capacity to enter into such Transfer of Common Shares. 

(v) With respect to any Drag-Along Transaction, Apollo and/or General Atlantic, as applicable, and each Dragged Holder
shall use their reasonable best efforts to effect the Drag-Along Transaction as expeditiously as practicable, including delivering all documents necessary or reasonably requested in connection with such Drag-Along Transaction, voting in support of
such transaction and entering into any instrument, undertaking or obligation necessary or reasonably requested in connection with such Drag-Along Transaction (as specified 

  
 15 

 
in the Drag-Along Notice). Subject to the terms and conditions of this Section 4(c) and without limiting the generality of the foregoing, the Company and each Dragged Holder shall take or
cause to be taken all actions, and do or cause to be done, on behalf and in respect of the Company, all reasonably requested actions consistent with this Section 4(c) in connection with any Drag-Along Transaction. In addition,
(A) each Transferring Holder and each Dragged Holder shall pay its pro rata share (based on the percentage of the proceeds actually received by the Transferring Holder or such Dragged Holder, as applicable, as compared to the aggregate
proceeds actually received by all Dragged Holders and the Transferring Holder) of the reasonable expenses (if any) incurred by the Transferring Holder and each of the Dragged Holders (or any of their respective Affiliates) in connection with the
Drag-Along Transaction; and (B) each Transferring Holder and each Dragged Holder shall join on a pro rata basis (based on the percentage of the proceeds actually received by the Transferring Holder or such Dragged Holder, as applicable,
as compared to the aggregate proceeds actually received by all Dragged Holders and the Transferring Holder), severally and not jointly, in any indemnification or other obligations that are specified in the Drag-Along Notice, except for (x) any
indemnification of any Transferring Holder or any of its Affiliates, (y) any indemnification with respect to the representations and warranties given by any other Dragged Holder pursuant to Section 4(c)(iv) and (z) any indemnification
of any Transferee or any other party related to such Drag-Along Transaction (including escrow agents, investment bankers or other agents or advisors) with respect to an aggregate amount in excess of the proceeds actually paid to such Dragged Holder
(after deducting any expenses paid by such Dragged Holder pursuant to clause (A) of this sentence) in respect of such Dragged Holder’s Common Shares in connection with such Drag-Along Transaction (provided that, with respect to any
options, warrants or other rights to purchase or subscribe for Common Shares exercised or converted into Common Shares by a Dragged Holder following the delivery of the applicable Drag-Along Notice, such proceeds shall only include the amount by
which the aggregate proceeds actually received exceeds the aggregate exercise or conversion price actually paid by such Dragged Holder in respect of such options, warrants or rights). 

(vi) If requested by Apollo and/or General Atlantic, as applicable, each Dragged Holder will, immediately prior to the
consummation of the Drag-Along Transaction, exercise and or convert, as applicable, such number of options, warrants or other rights to purchase or subscribe for Common Shares into Common Shares as is required so that a sufficient number of Common
Shares are available to Transfer the applicable number of Drag-Along Shares beneficially owned by such Dragged Holder; provided, that any Dragged Holder that holds such options, warrants or other rights to purchase the exercise or conversion
price per share of which is greater than the per share price at which the Drag-Along Shares are to be Transferred, may, in place of such exercise or conversion, submit to irrevocable cancellation thereof without any liability for payment of any
exercise or conversion price with respect thereto. 
 (vii) Upon the closing of the sale of any Common Shares
pursuant to this Section 4, the Dragged Holders shall deliver at such closing, against payment of the purchase price therefor, certificates representing their Common Shares to be sold, duly endorsed for Transfer or accompanied by duly
endorsed stock powers, and evidence of the absence of Encumbrances with respect thereto and of such other matters as are deemed reasonably necessary by the Company for the proper Transfer of such shares on the books of the Company. 

  
 16 

 (viii) If Apollo and/or General Atlantic, as applicable, has satisfied the
conditions necessary to exercise the Drag-Along Right with respect to a Drag-Along Transaction, then before the completion of a Qualified Public Offering, in connection with a sale of all or substantially all of the consolidated gross assets
(excluding cash) of the Company and assumption of all or substantially all of the consolidated gross liabilities (excluding Indebtedness) of the Company to an unaffiliated third party (a “Dragged Asset Sale”), Apollo and/or General
Atlantic, as applicable, shall have the right (the “Dragged Asset Sale Right”) to require each Holder (a “Dragged Asset Sale Holder”) that was not entitled to a Right of First Offer or has not timely submitted its
Proposed Offer, or whose Proposed Offer has been rejected in compliance with this Agreement, to vote to approve such Dragged Asset Sale. 
 (ix) To exercise its Dragged Asset Sale Right, the Transferring Holder must deliver written notice of such proposed Dragged Asset Sale (the “Dragged Asset Sale Notice”) to the Company and
each Dragged Asset Sale Holder within 150 days after the date of such ROFO Notice. Such Dragged Asset Sale Notice shall disclose in reasonable detail the proposed price, the other proposed terms and conditions of the proposed Dragged Asset Sale
(including copies of the definitive agreements relating thereto) and the identity of the prospective Asset Acquirer. 
 (x) The Asset Acquirer shall be entitled to require each Dragged Asset Sale Holder to provide representations and warranties regarding (A) its power, authority and legal capacity to vote its Common
Shares in favor of such Dragged Asset Sale; (B) its valid right, title and interest in such Common Shares and the Dragged Asset Sale Holder’s ownership of such Common Shares; (C) the absence of any Encumbrances on such Common Shares;
and (D) the absence of any violation, default or acceleration of any agreement or instrument pursuant to which such Dragged Asset Sale Holder or the assets of such Dragged Asset Sale Holder are bound as the result of such sale, provided
that the representations to be provided by each Dragged Asset Sale Holder and any Transferring Holder shall be substantially identical other than with respect to the applicable governing Law with respect to its power, authority and legal capacity to
vote its Common Shares in favor of such Dragged Asset Sale. 
 (xi) Subject to the terms and conditions of this
Section 4(c), the Company (in the case of any Dragged Asset Sale) agrees that it shall use its reasonable best efforts to effect the Dragged Asset Sale, as expeditiously as practicable, including delivering all documents necessary or
reasonably requested in connection with such Dragged Asset Sale, and entering into any instrument, undertaking or obligation necessary or reasonably requested in connection with such Dragged Asset Sale (as specified in the Dragged Asset Sale
Notice). Subject to the terms and conditions of this Section 4(c) and without limiting the generality of the foregoing, the Company shall take or cause to be taken all actions, and do or cause to be done, on behalf and in respect of the
Company, all reasonably requested actions consistent with this Section 4(c) in connection with any Dragged Asset Sale, as applicable. In addition, (A) each Transferring Holder and each Dragged Asset Sale Holder shall pay its pro
rata share (based on the percentage of the proceeds actually received by the Transferring Holder or such Dragged Asset Sale Holder, as applicable, as compared to the aggregate proceeds actually received by all Dragged Asset Sale Holders and the
Transferring Holder) of the reasonable expenses (if any) incurred by the Transferring Holder and each of the Dragged Asset Sale Holders (or any of their respective Affiliates) in connection with the Dragged Assets Sale; and (B) each
Transferring 

  
 17 

 
Holder and each Dragged Asset Sale Holder shall join on a pro rata basis (based on the percentage of the proceeds actually received by the Transferring Holder or such Dragged Asset Sale
Holder, as applicable, as compared to the aggregate proceeds actually received by all Dragged Asset Sale Holders and the Transferring Holder), severally and not jointly, in any indemnification or other obligations that are specified in the Drag
Asset Sale Notice, except for (x) any indemnification of any Transferring Holder or any of its Affiliates, (y) any indemnification with respect to the representations and warranties given by any other Dragged Asset Sale Holder pursuant to
Section 4(c)(x) and (z) any indemnification of any Transferee or any other party related to such Dragged Assets Sale (including escrow agents, investment bankers or other agents or advisors) with respect to an aggregate amount in excess
of the proceeds actually paid to such Dragged Asset Sale Holder (after deducting any expenses paid by such Dragged Asset Sale Holder pursuant to clause (A) of this sentence) in respect of the assets sold in such Dragged Assets Sale. 

(xii) Notwithstanding anything to the contrary in this Agreement, for the avoidance of doubt, this Section 4(c)
shall not apply to (A) Permitted Transfers, (B) Transfers of Common Shares made in a Qualified Public Offering or (C) Transfers of assets by the Company or any of its Subsidiaries to any Major Stockholder’s Affiliates or their
respective portfolio companies. 
 (d) Tag-Along Rights. 

(i) Before the completion of a Qualified Public Offering, if any Holder or Holders (together with their respective
Affiliates) propose to Transfer to another Person or Persons (including, for the avoidance of doubt, any ROFO Offeree) (collectively, the “Tag-Along Offerors”), in a transaction or series of related transactions (the
“Tag-Along Transaction”), Common Shares representing, in the aggregate, more than 5% of the Common Shares beneficially owned by the selling Holder or Holders, then, at least 10 Business Days prior to the closing of such proposed
Transfer, any such Transferring Holder shall deliver a written notice (the “Tag-Along Notice”) to each Holder. Such Tag-Along Notice shall (A) set forth (1) the total number of Common Shares proposed to be Transferred (the
“Tag-Along Shares”), (2) the total number of Common Shares beneficially owned by the Transferring Holder and each Affiliate of such Transferring Holder proposing to Transfer Common Shares in such Tag-Along Transaction (each a
“Transferring Affiliate”), (3) the name and address of the Tag-Along Offerors, (4) the proposed amount and type of consideration (including, if the consideration consists in whole or in part of non-cash consideration, such
information available to the Transferring Holder as may be reasonably necessary for the Company to properly analyze the economic value and investment risk of such non-cash consideration) and (5) the terms and conditions of payment that the
Transferring Holder and its Transferring Affiliates intend to accept; and (B) indicate that the Tag-Along Offerors have been informed of the Tag-Along Rights provided for in this Section 4(d) and have agreed to purchase Common Shares
from the Holders (and their respective Affiliates) in accordance with the terms hereof. 
 (ii) Each Holder shall
have the right (the “Tag-Along Right”), exercisable by delivering a written notice (the “Tag-Along Acceptance Notice”) to the Transferring Holder within 10 Business Days after delivery of the Tag-Along Notice, to
Transfer to the Tag-Along Offerors and substitute for Tag-Along Shares held by the Transferring Holder, 

  
 18 

 
as a condition to such proposed Transfer of Tag-Along Shares by the Transferring Holder or its Transferring Affiliates, up to the number of Common Shares equal to the number of Tag-Along Shares
multiplied by such Holder’s Tag-Along Percentage (rounded down to the nearest whole share), at a price per share equal to the same price per Common Share proposed to be paid by the Tag-Along Offerors and otherwise on substantially the same
terms and conditions set forth in the Tag-Along Notice. 
 (iii) Notwithstanding anything to the contrary in this
Agreement, General Atlantic shall allow each holder under the Wyndham Securityholder Rights Agreement (if Apollo exercises Tag-Along Rights pursuant to the provisions of this Section 4(d)) and the MIRA possessing the right to tag-along
in any Transfer of Common Shares held by Apollo, mutatis mutandis, to tag-along with any Transfer of Common Shares held by General Atlantic in the Tag-Along Transaction to the same proportionate extent as such holders elect to
tag-along with any Transfer of Common Shares held by Apollo in the Tag-Along Transaction. 
 (iv) The
Transferring Holder (and its Transferring Affiliates) shall not Transfer any Common Shares to the Tag-Along Offerors unless each Holder that delivered a timely Tag-Along Acceptance Notice is permitted to Transfer simultaneously therewith, and
substitute for Tag-Along Shares held by the Transferring Holder (or its Transferring Affiliates), the number of Common Shares equal to the number of Tag-Along Shares multiplied by such Holder’s Tag-Along Percentage (rounded down to the nearest
whole share), at a price per share equal to the same price per Common Share proposed to be paid to the Transferring Holder (and its Transferring Affiliates) and otherwise on substantially the same terms and conditions set forth in the Tag-Along
Notice. 
 (v) If all such Transfers of Common Shares to the Tag-Along Offeror are not consummated within 120
days from delivery of the Tag-Along Notice, the provisions of this Section 4(d) shall again become effective with respect to the proposed Transfer of Common Shares. 

(vi) Notwithstanding anything to the contrary in this Agreement, this Section 4(d) shall not apply to
(A) Permitted Transfers or (B) Transfers of Common Shares made in a Qualified Public Offering. 
 (e)
Securities Restrictions; Legends. 
 (i) No Common Shares shall be Transferred except upon the conditions
specified in Section 4 and in this Section 4(e), which conditions are intended to ensure compliance with the provisions of the Securities Act. 
 (ii) Securities Act Legend. Each certificate representing Common Shares shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER 

  
 19 

 
JURISDICTION. NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM PURSUANT TO THE ACT AND APPLICABLE STATE SECURITIES LAWS. ANY OFFER, SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THESE SECURITIES IN A TRANSACTION THAT IS NOT REGISTERED UNDER THE ACT IS SUBJECT TO THE
COMPANY’S RIGHT TO REQUIRE DELIVERY OF AN OPINION OF COUNSEL TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.” 

The Holder of any Common Shares by acceptance thereof agrees, prior to any Transfer of any such Common Shares, to give written notice to the Company of
such Holder’s intention to effect such Transfer and to comply in all other respects with Section 4 and the provisions of this Section 4(e). Each such notice shall describe the manner and circumstances of the proposed Transfer of
Common Shares. Upon request by the Company, the Holder delivering such notice shall deliver a written opinion, addressed to the Company, of counsel for the Holder of such Common Shares, stating that in the opinion of such counsel (which opinion and
counsel shall be reasonably satisfactory to the Company) such proposed Transfer does not involve a transaction requiring registration or qualification of such shares under the Securities Act or other applicable securities Laws. Such Holder of such
Common Shares shall be entitled to effect a Transfer of such Common Shares in accordance with the terms of the notice delivered to the Company, if such Transfer is otherwise in compliance with this Agreement and the Company does not reasonably
object to such Transfer and request such opinion within 15 days after delivery of such notice, or, if it requests such opinion, does not reasonably object to such Transfer within 15 days after delivery of such opinion. Each certificate or other
instrument evidencing any such Transferred Common Shares shall bear the legend set forth in this Section 4(e)(ii) unless (A) such opinion of counsel to the Holder of such shares (which opinion and counsel shall be reasonably acceptable
to the Company) states that registration or qualification of any future Transfer of Common Shares is not required by the applicable provisions of the Securities Act or other applicable securities Laws or (B) the Company shall have waived the
requirement of such legends. 
 (iii) Stockholders Agreement Legend. Each certificate representing shares
of Common Shares shall be endorsed with the following legend: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO THE TERMS OF A STOCKHOLDER AGREEMENT DATED AS OF JANUARY 14, 2011 (AS IT MAY BE AMENDED, MODIFIED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME, THE “STOCKHOLDERS’ AGREEMENT”), AMONG THE HOLDER OF SUCH

  
 20 

 
SECURITIES (OR THE PREDECESSOR IN INTEREST TO THE HOLDER OF SUCH SECURITIES), THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY. THE TERMS OF THE AGREEMENT INCLUDE, AMONG OTHER THINGS,
RESTRICTIONS ON TRANSFERS. THE COMPANY WILL, UPON WRITTEN REQUEST, FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 

The legend required under this Section 4(e)(iii) shall be removed upon the earlier of (i) termination of this Agreement in accordance with
the provisions of Section 10(a) and (ii) with respect to any Common Shares to be sold in a Transfer pursuant to Public Sale, in connection with any such Transfer of Common Shares made pursuant to a Public Sale. 

Section 5. Preemptive Rights. 
 (a) General. 
 (i) If the Company or any of its Subsidiaries
proposes to issue any (A) equity securities or (B) securities convertible into or exercisable or exchangeable for equity securities, other than Excluded Securities (the “Offered Securities”), the Company shall deliver to
each Preemptive Rights Holder a written notice (which notice shall state the number or amount of the Offered Securities proposed to be issued, the purchase price thereof and any other material terms or conditions of the proposed Offered Securities
and of their issuance or incurrence, as applicable, including any linked or grouped securities which comprise Offered Securities) of such issuance or incurrence, as applicable (the “Preemptive Offer Notice”) at least 10 Business
Days prior to the date of the proposed issuance (the period beginning on the date that the Preemptive Offer Notice is delivered to the Preemptive Rights Holders and the date that is 10 Business Days following such date being the “Preemptive
Offer Period”). 
 (ii) Each Preemptive Rights Holder shall have the option, exercisable at any time
during the Preemptive Offer Period by delivering a written notice to the Company (a “Preemptive Offer Acceptance Notice”), to subscribe for the number or amount of such Offered Securities up to its Preemptive Rights Proportion of
the total number or amount of Offered Securities proposed to be issued. 
 (iii) If Preemptive Offer Acceptance
Notices are not given by the Preemptive Rights Holders for all the Offered Securities, the Company may issue the part of such Offered Securities as to which Preemptive Offer Acceptances Notices have not been given by the Preemptive Rights Holders
(the “Refused Securities”) to any other Person (a “New Investor”) in accordance with the terms and conditions set forth in the Preemptive Offer Notice. Any Refused Securities not purchased by one or more New
Investors in accordance with this Section 5(a) within 60 days after the expiration of the Preemptive Offer Period may not be sold or otherwise disposed of until they are again offered to the Preemptive Rights Holders under the procedures
specified in this Section 5(a). 

  
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 (iv) For the avoidance of doubt, the Preemptive Rights Holders shall not be
required to make any additional capital contributions to the Company or any of its Subsidiaries. 
 (b)
Excluded Securities. The rights under this Section 5 shall not apply to the following securities issued by the Company or any of its Subsidiaries at any time in compliance with this Agreement (the “Excluded
Securities”): 
 (i) securities, including Common Shares, options, warrants or other securities
convertible into or exercisable or exchangeable for any such securities, in each case, issued to officers, employees, directors, or consultants of the Company or its Subsidiaries as compensation for services; 

(ii) Common Shares issued as a dividend on Common Shares or upon any stock split, reclassification, recapitalization,
exchange or readjustment of shares, merger or other similar transaction; 
 (iii) securities issued as
consideration in a consolidation, merger, purchase of all or substantially all of the assets of the Company or similar transaction involving the Company, or any of its Subsidiaries, and a business entity that is not an Affiliate of the Company or
one of the Major Stockholders, in each case to the extent that such transaction is conducted in compliance with this Agreement; 
 (iv) securities issued as an equity kicker to one or more Persons to whom the Company or one or more of its Subsidiaries is becoming Indebted in connection with the incurrence of such Indebtedness by the
Company or any of its Subsidiaries, provided that such incurrence otherwise complies with this Agreement, provided that to the extent any Major Stockholder exercises its Preemptive Rights to such Indebtedness (in the case of
Indebtedness convertible into or exercisable or exchangeable for equity securities), it shall be entitled to Preemptive Rights pursuant to this Section 5 (without respect to this Section 5(b)(iv)) with respect to such securities issued
as an equity kicker; 
 (v) to the extent that the Company concludes that an issuance is appropriate and
desirable to further the business relationship with an affinity partner, customer or supplier of the Company or one of its Subsidiaries, Common Shares issued on customary terms to such Person in a commercial transaction; 

(vi) securities issued by a Subsidiary of the Company to the Company or another wholly owned Subsidiary of the Company;

 (vii) securities issued upon the exercise, conversion or exchange of any options, warrants or any other
derivative securities of the Company issued in compliance with (or not otherwise in violation of) this Section 5; and 
 (viii) securities issued by the Company pursuant to the Merger Agreement. 

  
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 (c) Termination. The rights set forth in this Section 5 shall
terminate immediately prior to the consummation of a Qualified Public Offering. 
 (d) Treasury Stock. For
the avoidance of doubt, the Transfer (other than to a wholly owned Subsidiary of the Company) by the Company of any security issued by the Company shall be deemed to be an issuance of such security by the Company for the purposes of this Agreement.

 Section 6. Representations and Warranties. 

(a) Representations and Warranties of the Holders. Each Holder, as to itself and not jointly, hereby represents and
warrants to the Company as of the date hereof that: 
 (i) Organization. If such Holder is an entity, such
Holder is duly formed, validly existing, and in good standing under the Laws of the jurisdiction of its creation, formation or organization and there is no pending or, to the knowledge of such Holder, threatened action for the dissolution,
liquidation, insolvency, or rehabilitation of such Holder. 
 (ii) Authority. Such Holder has the power
and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery, and performance by such Holder of this Agreement has been duly authorized by all necessary action of such Holder; and this
Agreement has been duly executed and delivered by such Holder and is the legal, valid and binding obligation of such Holder enforceable against such Holder in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, receivership, conservatorship, reorganization, liquidation, moratorium, or similar events affecting such Holder or its assets, or by general principles of equity. 

(iii) No Consents; No Violations. (A) No authorization, approval or other action by, and no notice to or
filing with, any Government Entity or Self-Regulatory Organization or any other Person is required for the due execution, delivery, and performance by such Holder of this Agreement or the consummation of the transactions contemplated hereby (other
than (x) such as has been obtained, given, effected or taken prior to the date hereof, (y) consents, authorizations, approvals or filings required to be obtained or made by, or notices given to, any Government Entity or Self-Regulatory
Organization to the extent having jurisdiction over the Company, as to which such Holder makes no representations or warranties and (z) routine filings that are informational in nature and made in the ordinary course of business); and
(B) the execution, delivery, and performance of this Agreement and the performance by such Holder of its obligations hereunder do not and will not result in any breach, violation or contravention of (1) if such Holder is an entity, such
Holder’s organizational documents, (2) any Law of any Government Entity applicable to such Holder, (3) any order, writ, injunction, judgment, decree or award of any Government Entity or Self-Regulatory Organization to which such
Holder or any of its properties is subject or (4) any mortgage, contract, agreement, deed of trust, license, lease or other instrument, arrangement, commitment, obligation, understanding or restriction of any kind to which such Holder is a
party or by which any of its properties is bound, except for breaches, violations and contraventions, if any, as would not reasonably be expected to have, individually or in the aggregate, a material adverse

  
 23 

 
effect on the financial condition, results of operations, business, properties or assets of such Holder. 
 (iv) Investment Related Representations and Warranties. 

(A) Such Holder is acquiring the Common Shares for his or its own account, for investment and not with a view to the
distribution thereof or any interest therein in violation of the Securities Act or applicable securities Laws. 

(B) Such Holder understands that (1) the Common Shares have not been registered under the Securities Act or under
any state securities Laws, and are being offered and sold in reliance under federal and state exemptions for transactions not involving a public offering and (2) the Common Shares must be held by such Holder indefinitely unless a subsequent
Transfer thereof is registered under the Securities Act and applicable Law or is exempt from such registration. 

(C) Such Holder further understands that the exemption from registration afforded by Rule 144 (the provisions of which
are known to such Holder) depends on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales of the Common Shares acquired hereunder in limited amounts. Such Holder further understands that the Holder
has no right to compel the Company to disclose any information for purposes of complying with Rule 144. 
 (D)
Such Holder (1) is an “accredited investor” (as defined in Rule 501(a) of Regulation D under the Securities Act) or (2) has a preexisting personal or business relationship with the Company, its Subsidiaries or certain members of
the Board or officers of the Company, which is of a nature and duration sufficient to make such Holder aware of the character, business acumen and general business and financial circumstances of the Company, its Subsidiaries and/or such members of
the Board or officers of the Company, if any. 
 (E) The Company has made available to such Holder or its
representatives all agreements, documents, records and books that such Holder has requested relating to an investment in the Common Shares being acquired by the Holder. Such Holder has had an opportunity to ask questions of, and receive answers
from, Persons acting on behalf of the Company, concerning the terms and conditions of this investment, and answers have been provided to all such questions to the full satisfaction of such Holder. Such Holder has such knowledge and experience in
financial and business matters that it is capable of evaluating the risks and merits of the investment in the Common Shares and to suffer a complete loss of such investment. 

(F) Such Holder has no need for liquidity in its investment in the Common Shares. Such Holder can bear the economic risk
of investment in the Common Shares and has such knowledge and experience in financial or business matters to be capable of evaluating the merits and risks of the investment in the Common Shares. Such Holder has consulted with its professional, tax
and legal advisors with respect to the federal, state, local and foreign income tax consequences of such Holder’s participation as a Holder of the Company. 

  
 24 

 (G) Such Holder understands that there is no public market for the Common
Shares and that the transferability of the Common Shares is restricted. 
 (b) Representations and Warranties
of the Company. The Company hereby represents and warrants to the Holders as of the date hereof that: 
 (i)
Organization. The Company is a corporation validly existing and in good standing under the Laws of Delaware and there is no pending or, to the knowledge of the Company, threatened action for the dissolution, liquidation, insolvency, or
rehabilitation of the Company. 
 (ii) Authority. The Company has the power and authority to carry on its
business as now conducted, to own or hold under lease its properties, and to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by the Company of this Agreement has been duly
authorized by all necessary action; and this Agreement has been duly executed and delivered by the Company and is the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, receivership, conservatorship, reorganization, liquidation, moratorium, or similar events affecting the Company or its assets, or by general principles of equity. 

(iii) No Consents; No Violations. (A) No authorization, approval or other action by, and no notice to or
filing with, any Government Entity or Self-Regulatory Organization or any other Person is required for the due execution, delivery, and performance by the Company of this Agreement or the consummation of the transactions contemplated hereby (other
than (x) such as has been obtained, given, effected or taken prior to the date hereof, (y) consents, authorizations, approvals or filings required to be obtained or made by, or notices given to, any Government Entity or Self-Regulatory
Organization to the extent having jurisdiction over the Holders, as to which the Company makes no representations or warranties and (z) routine filings that are informational in nature and made in the ordinary course of business); and
(B) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby do not and will not result in any breach, violation or contravention of (1) the Certificate of Incorporation or the
By-Laws, (2) any Law applicable to the Company, (3) any order, writ, injunction, judgment, decree or award of any Government Entity or Self-Regulatory Organization to which the Company or any of its properties is subject or (4) any
mortgage, contract, agreement, deed of trust, license, lease or other instrument, arrangement, commitment, obligation, understanding or restriction of any kind to which the Company is a party or by which any of its properties is bound, except for
breaches, violations and contraventions, if any, as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the financial condition, results of operations, business, properties or assets of the
Company and its Subsidiaries, taken as a whole. 
 Section 7. Additional Agreements. 

(a) Information Rights. At the request of any Holder, the Company shall furnish to such Holder: 

  
 25 

 (i) Annual Financial Reports. (A) As soon as available, but in
no event later than 45 days after the end of each fiscal year, unaudited summarized consolidated financial statements of the Company and its Subsidiaries, for the immediately preceding fiscal year, and (B) as soon as available, but in no event
later than 90 days after the end of each fiscal year, audited consolidated financial statements of the Company and its Subsidiaries, in each of clauses (A) and (B) including a summarized consolidated balance sheet as of the end of such
fiscal year, a summarized consolidated statement of income and a summarized consolidated statement of cash flows for such year, in each case setting forth in comparative form the figures from the Company’s previous fiscal year, prepared on an
internal management basis in the case of clause (A) and prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) consistently applied in the case of clause (B) and, in the case of clause (B),
audited by a nationally recognized independent certified public accounting firm selected by the Board. Audited financial statements shall also be accompanied by a narrative discussion in writing comparing the results of operations of the current
fiscal year and the previous fiscal year, which discussion shall be prepared by the Company’s management. 

(ii) Quarterly Financial Reports. As soon as available, but in no event later than 45 days after the end of each
fiscal quarter, unaudited summarized consolidated financial statements of the Company and its Subsidiaries, including a summarized consolidated balance sheet as of the end of such fiscal quarter, a summarized consolidated statement of income and a
summarized consolidated statement of cash flows for such quarter and the current fiscal year to date, in each case setting forth in comparative form the figures from the corresponding periods of the previous fiscal year and the Company’s
projected financial statements for the current fiscal year and showing deviations from the Company’s budget, such financial statements to be prepared on an internal management basis; 

(iii) Monthly Financial Reports. As soon as available, but in no event later than 30 days after the end of each
month, unaudited summarized consolidated statement of income, which statements shall be prepared on an internal management basis. 
 (b) Inspection Rights. The Company shall permit each Major Stockholder and such Persons as it may designate to visit and inspect any of the properties of the Company, examine its books and records
and take copies and extracts therefrom, discuss the affairs, finances and accounts of the Company with the Company’s officers, employees and public accountants (and the Company hereby authorizes said accountants to discuss with such Holder and
such designees such affairs, finances and accounts) during normal business hours and upon reasonable notice. 

(c) Confidentiality. Each Holder agrees to, and shall cause its Affiliates, and its and their respective directors,
officers, employees, agents, advisors and representatives (“Representatives”) to, (i) hold confidential all information they may have or obtain concerning the Company or any of its Subsidiaries and their respective assets,
business, operations, financial performance or prospects or the arrangements among the Holders and the Company (“Confidential Information”) and (ii) not use such Confidential Information except, with respect to clause (ii), in
connection with evaluating and monitoring its investment in the Company or exercising its rights and fulfilling its obligations with respect thereto (including, for the avoidance of doubt, the right to conduct a sale process with respect to the sale
of its Common 

  
 26 

 
Shares so long as such Holder (x) complies with clause (i) of this sentence and (y) requires each potential participant in such sale process (a “Potential
Participant”) to whom Confidential Information is provided to enter into a customary confidentiality agreement (to which the Company is a third-party beneficiary) with respect to such sale process that requires such Potential Participant
and its Representatives to hold confidential, use only for the purposes of evaluating a purchase of Common Shares from the Holder, and to return or destroy at the conclusion of the sale process (unless such Potential Participant enters into a
definitive agreement with such Holder whereby such Potential Participant will become a Holder upon consummation of the transactions contemplated by such agreement) any Confidential Information received by such Potential Participant or its
Representatives); provided, however, that the term “Confidential Information” does not include information that (i) is already in such party’s possession, provided that such information is not known by such
Holder to be subject to another confidentiality agreement with or other obligation of secrecy to any Person, (ii) is or becomes generally available to the public other than as a result of a disclosure, directly or indirectly, by such party or
such party’s Representatives in violation of this Section 7(c), (iii) is or becomes available to such party on a non-confidential basis from a source other than any of the parties hereto or any of their respective Representatives,
provided that such source is not known by such party to have made such information available to such party in violation of a confidentiality agreement with or other obligation of secrecy to any Person or (iv) is received in the course of
a commercial arrangement between such Holder or any of its Affiliates, on the one hand, and the Company or any of its Affiliates, on the other hand (which confidential information shall be governed by the provisions governing such commercial
arrangement). Notwithstanding the foregoing, nothing herein shall prevent any party hereto from disclosing Confidential Information (1) upon the order of any Government Entity, (2) upon the request or demand of any Government Entity or
Self-Regulatory Organization having jurisdiction over such party, (3) to the extent required by Law, (4) to the extent necessary in connection with any suit, action or proceeding relating to this Agreement or the exercise of any remedy
hereunder, and (5) to such party’s Representatives that need to know such information and who agree to keep such information confidential on the terms set forth in this Section 7(c) (it being understood and agreed that, in the case
of clause (1), (2) or (3), unless prohibited by Law or any Government Entity or Self-Regulatory Organization, such party shall notify the other parties hereto of the proposed disclosure as far in advance of such disclosure as practicable and
use reasonable efforts to ensure that any information so disclosed is accorded confidential treatment, when and if available). The provisions set forth in this Section 7(c) shall terminate with respect to a given Holder on the second
anniversary of the date such Holder ceases to own Common Shares. 
 (d) Non-Solicitation. Each Holder
agrees that, without the Company’s prior written consent, neither the Holder nor any of its Affiliates will directly or indirectly (i) divert or attempt to divert any business or customer of the Company or any of its Affiliates; or
(ii) solicit any employee of the Company or any of its Affiliates (x) for employment by the Holder or any of its Affiliates, or (y) to provide consulting or other services to or on behalf of the Holder or any of its Affiliates;
provided, however, no Holder or any of its Affiliates shall be prohibited from employing any such person who initiates employment-related discussions with the Holder or any of its Affiliates on his or her own initiative or in response
to a published general solicitation regarding employment opportunities not specifically targeted at such person, in either case without any direct or indirect solicitation by the Holder or any of its Representatives. The

  
 27 

 
provisions set forth in this Section 7(d) shall terminate with respect to a given Holder on the second anniversary of the date such Holder ceases to own Common Shares. 

Section 8. Assignment. 
 (a) Assignment. Unless otherwise provided herein, no Holder may assign any of its rights or obligations under this Agreement without the prior written consent of each of the Major Stockholders,
except in connection with a Transfer of Common Shares in accordance with the terms hereof; provided, that, (i) the rights under Section 2(d) may only be exercised by a Major Stockholder and (ii) if an assignee becomes a
Major Stockholder, then the applicable assignor shall provide written instructions to the Company as to whether it has assigned any right to nominate one or more Directors to such Major Stockholder in accordance with Section 2, and
Section 2 shall be amended in accordance with such instructions in an equitable manner, such that the aggregate number of nominees of the assignor and assignee will not exceed the number of nominees to which the assignor would have been
entitled if the assignment had not occurred. Any assignment in violation of this Agreement shall be null and void and of no force and effect. 
 (b) Binding Effect. Except as otherwise expressly provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns
of the Holders and the Company. 
 Section 9. Company Governing Documents. 

The Company and the Holders shall cause the Certificate of Incorporation and By-Laws to be amended to preserve the rights of the Major
Stockholders set forth in this Agreement to the maximum extent permitted under Law. 
 Section 10. Miscellaneous
Provisions. 
 (a) Termination. This Agreement shall terminate in respect of any Holder on the date
such Holder ceases to own any Common Shares and such Holder shall have no further rights under this Agreement, but shall remain subject to Section 7(c) (Confidentiality) and Section 7(d) (Non-Solicitation) and shall not be
released from any liability incurred hereunder prior to the date it ceases to own any Common Shares. 
 (b)
Entire Agreement. This Agreement, together with the MIRA, Merger Agreement, Registration Rights Agreement, WL Securityholder Rights Agreement and Wyndham Securityholder Rights Agreement and the Exhibits, Schedules and Annexes attached or
referred hereto or thereto and any certificates, documents, instruments and writings that are delivered pursuant hereto or thereto, constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and
supersedes all prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

(c) Notices. All notices, requests and other communications provided for or permitted to be given under this
Agreement must be in writing and given by personal delivery, by electronic mail sent with a request for delivery receipt, by certified or registered United States mail (postage prepaid, return receipt requested), by United States Express Mail or a
similar 

  
 28 

 
nationally recognized overnight delivery service for next day delivery, or by facsimile transmission, as follows (or to such other address as any party may give in a notice given in accordance
with the provisions hereof): 
 If to the Company, to: 

Affinion Group Holdings, Inc. 
 6 High Ridge Park 
 Stamford, CT 06905 

Telephone: (203) 956-1316 
 Facsimile: (203) 956-1021 
 Email: tsiegel@affiniongroup.com 

Attention: Chief Financial Officer 
 with a copy (which copy shall not constitute notice) to: 
 Akin Gump Strauss
Hauer & Feld LLP 
 One Bryant Park 
 New York, New York 10036 
 Telephone: (212) 872-8112 

Facsimile: (212) 872-1002 
 Email: aweinstein@akingump.com 
 Attention: Adam Weinstein, Esq. 

If to a Holder, to the address set forth under such Holder’s name in Schedule I attached hereto. 

All notices, requests or other communications will be effective and deemed given only as follows: (i) if given by personal delivery,
upon such personal delivery, (ii) if sent by certified or registered mail, on the third Business Day after being deposited in the United States mail, (iii) if sent for next day delivery by United States Express Mail or overnight delivery
service, on the date of delivery as confirmed by written confirmation of delivery, (iv) if sent by facsimile, upon confirmation of receipt, except that if such confirmation occurs after 5:00 p.m. (in the recipient’s time zone) on a
Business Day, or occurs on a day that is not a Business Day, then such notice, request or communication will not be deemed effective or given until the next succeeding Business Day or (v) if sent by electronic mail, upon written or electronic
confirmation of delivery. Notices, requests and other communications sent in any other manner will not be effective. 
 (d) Specific Performance; Remedies. Each party acknowledges and agrees that the other parties may be damaged irreparably and would not have an adequate remedy at law if any provision of this
Agreement is not performed in accordance with its specific terms or is otherwise breached. Accordingly, in addition to any other remedy to which it may be entitled at law or in equity, each party will be entitled to an injunction or injunctions to
prevent breaches or threatened breaches of the provisions of this Agreement and to enforce specifically this Agreement and its provisions, without bond or other security being required. Except as expressly provided herein, the rights and remedies
created by this Agreement are cumulative and 

  
 29 

 
in addition to any other rights and remedies otherwise available at law or in equity. Except as expressly provided herein, nothing herein will be considered an election of remedies or a waiver of
the right to pursue any other right or remedy to which such party may be entitled. 
 (e) Governing Law;
Jurisdiction. This Agreement shall be governed by, enforced under and construed in accordance with the Laws of the State of Delaware, without giving effect (to the fullest extent provided by Law) to any choice or conflict of law provision or
rule thereof which might result in the application of the Laws of any other jurisdiction. Each of the parties hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the Delaware State Chancery Court located in
Wilmington, Delaware, or (in the event that such court denies jurisdiction) any federal or state court located in the State of Delaware for any litigation arising out of or relating to this Agreement (and agrees not to commence any litigation
relating thereto except in such courts) and further agrees that service of any process, summons, notice or document by U.S. registered mail shall be effective service of process for any litigation brought against it in any such court. Each party
hereby irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of this Agreement in the Delaware State Chancery Court located in Wilmington, Delaware, or (in the event that such court denies
jurisdiction) any federal or state court located in the State of Delaware and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such litigation brought in any such court has been
brought in an inconvenient forum. 
 (f) WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION PERMITTED UNDER THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10(F). 
 (g) No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the Holders may be partnerships or limited liability companies, each Holder covenants, agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any of the Company’s, Apollo’s, General Atlantic’s or any Holder’s former, current or future
directors, officers, agents, Affiliates, general or limited partners, members, managers or stockholders or any former, current or future directors, officers, agents, Affiliates, employees, general or limited partners, members, managers or
stockholders of any of the foregoing, as such (collectively, the “Related Parties”), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it 

  
 30 

 
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Related Parties, as such, for any obligation or
liability of the Company, Apollo, General Atlantic or any Holder under this Agreement or any documents or instruments delivered in connection herewith for any claim based on, in respect of or by reason of such obligations or liabilities or their
creation; provided, however, nothing in this Section 10(g) shall relieve or otherwise limit the liability of any Holder, as such, for any breach or violation of its obligations under such agreements, documents or instruments.

 (h) Amendments. Other than with respect to amendments to Schedule I attached hereto and
amendments in accordance with Section 8, which may be amended by the Company to reflect additional Holders, this Agreement may not be amended, supplemented or modified without the written consent of (x) the Holders holding at least
a majority of the issued and outstanding Common Shares held by all Holders and (y) for so long as any Major Stockholder is a Major Stockholder, such Major Stockholder; provided, however, (i) any such amendment, supplement or
modification that by its terms affects the rights or obligations of any Holder in a manner that is materially adverse and substantially different relative to other Holders shall not be enforceable against such Holder without the written consent of
such Holder, and (ii) the written consent of the Company shall be required, in the event that any such amendment, supplement or modification imposes a burden or obligation on the Company or adversely affects a benefit or right of the Company
under this Agreement. 
 (i) Extensions; Waivers. Any party may, for itself only, (a) extend the time
for the performance of any of the obligations of any other party under this Agreement, (b) waive any inaccuracies in the representations and warranties of any other party contained herein or in any document delivered pursuant hereto and
(c) waive compliance with any of the agreements or conditions for the benefit of such party contained herein. Any such extension or waiver will be valid only if set forth in a writing signed by the party to be bound thereby. No waiver by any
party of any default, misrepresentation or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in
any way any rights arising because of any prior or subsequent such occurrence. Neither the failure nor any delay on the part of any party to exercise any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right or remedy preclude any other or further exercise of the same or of any other right or remedy. 
 (j) Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other
provisions hereof, provided that if any provision of this Agreement, as applied to any party or to any circumstance, is judicially determined not to be enforceable in accordance with its terms, the parties agree that the court judicially
making such determination may modify the provision in a manner consistent with its objectives such that it is enforceable, and/or delete specific words or phrases, and in its modified form, such provision will then be enforceable and will be
enforced. 
 (k) No Third-Party Beneficiaries. The terms and provisions of this Agreement are intended
solely for the benefit of the parties hereto and their respective successors and permitted assigns. There are no third-party beneficiaries having rights under or with respect 

  
 31 

 
to this Agreement, and the parties do not intend to confer third-party beneficiary rights upon any other person, except (i) parties to the MIRA and the Wyndham Securityholder Rights
Agreement pursuant to Section 4(d)(iii) and (ii) Related Parties as provided in Section 10(g). 
 (l) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 

(m) Headings. The heading references herein and the table of contents hereof are for convenience purposes only and
shall not be deemed to limit or affect any of the provisions hereof. 
 (n) Registration Rights Agreement.
Each of the parties hereto (i) shall be bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Registration Rights Agreement with the same force and effect as if it
were originally a party thereto. 
 (o) Additional Shares. In the event that additional Common Shares are
issued by the Company to a Holder at any time during the term of this Agreement, either directly or upon the exercise or exchange of securities of the Company exercisable or exchangeable into the Common Shares, such additional Common Shares, as a
condition of their issuance, shall become subject to the terms and provisions of this Agreement. 
 (p)
Adjustments. If, and as often as, there are any changes in the Common Shares or securities convertible into or exchangeable into or exercisable for Common Shares as a result of any reclassification, recapitalization, stock split (including a
reverse stock split) or subdivision or combination, exchange or readjustment of shares, or any stock dividend or stock distribution, merger or other similar transaction affecting Common Shares or such securities, appropriate adjustment shall be made
in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Common Shares or such securities as so changed. 

(q) Construction. This Agreement has been freely and fairly negotiated among the parties. If an ambiguity or
question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this
Agreement. Any reference to any Law will be deemed to refer to such Law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and
“including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the
plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties intend that each representation, warranty, and covenant contained herein will have independent significance. If any party has breached any covenant contained herein in any
respect, the fact that there exists another covenant 

  
 32 

 
relating to the same subject matter (regardless of the relative levels of specificity) that the party has not breached will not detract from or mitigate the party’s breach of the first
covenant. 
 * * * * * 

  
 33 

 This Agreement is executed by the Company, Apollo, General Atlantic and each Holder to be
effective as of the date first above written. 
  

			
	 THE COMPANY:

AFFINION GROUP HOLDINGS, INC.

		
	By:	 	/s/ Nathaniel Lipman
		 	 Name: Nathaniel Lipman

Title: Chief Executive Officer

 [Signature Page to Stockholder Agreement] 

 
			
	AFFINION GROUP HOLDINGS, LLC.
		
	By:	 	/s/ Marc Becker
		 	 Name: Marc Becker
 Title:
Manager

 [Signature Page to Stockholder Agreement] 

 
			
	GAPCO GMBH & CO. KG
	By:	 	GAPCO Management GmbH,
		 	its General Partner

			
		
	By:	 	/s/ William E. Ford
		 	 Name: William E. Ford

Title: Managing Director

  

			
	GAP COINVESTMENTS III, LLC
		
	By:	 	/s/ William E. Ford
		 	 Name: William E. Ford

Title: Executive Managing Member

 

			
	GAP COINVESTMENTS IV, LLC
		
	By:	 	/s/ William E. Ford
		 	 Name: William E. Ford

Title: Executive Managing Member

 

			
	GAPSTAR, LLC
		
	By:	 	/s/ William E. Ford
		 	 Name: William E. Ford

Title: Managing Member

 [Signature Page to Stockholder Agreement] 

 
			
	GAP-W, LLC
	By:	 	General Atlantic GenPar, L.P.,
		 	its Manager
	
	
	By:	 	General Atlantic LLC,
		 	its General Partner

			
		
	By:	 	/s/ William E. Ford
	Name:	 	William E. Ford
	Title:	 	Chief Executive Officer and Managing Director

  

			
	GENERAL ATLANTIC PARTNERS 79, L.P.
	By:	 	General Atlantic LLC,
		 	its General Partner
		
	By:	 	/s/ William E. Ford
	Name:	 	William E. Ford
	Title:	 	Chief Executive Officer and Managing Director

 [Signature Page to Stockholder Agreement] 

 
			
	 D’AGOSTINO FAMILY TRUST A DATED
4/8/99

		
	By:	 	/s/ Nicolys A. D’Agostino
		 	 Name: Nicolys A. D’Agostino
 Title: Trustee

  

			
	VINCENT D’AGOSTINO
		
	By:	 	/s/ Vincent D’Agostino
		 	Name: Vincent D’Agostino

[Signature Page to Stockholder Agreement] 

 
			
	RICHARD FERNANDES
		
	By:	 	/s/ Richard Fernandes
		 	Name: Richard Fernandes

  

			
	 FERNANDES FAMILY TRUST A DATED JUNE 25, 1999

		
	By:	 	/s/ Lori Fernandes
		 	 Name: Lori Fernandes
 Title:
Trustee

 [Signature Page to Stockholder Agreement]

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