Document:

Amendment No. 1 to Severance, Proprietary Interest Protection Agreeement

 Exhibit 10.26 
 AMENDMENT NUMBER ONE TO 
 SEVERANCE, PROPRIETARY INTEREST PROTECTION AND 
 NON-SOLICITATION AGREEMENT 
 WHEREAS, Rewards Network Services Inc. (the “Company”) and Megan E. Flynn (the “Executive”) have heretofore entered into a Severance, Proprietary Interest Protection and Non-Solicitation Agreement dated as of
March 18, 2005 (the “Agreement”); and 
 WHEREAS, the Company and the Executive desire to amend the Agreement to comply
with final regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 NOW,
THEREFORE, pursuant to Section 13 of the Agreement, the Agreement is hereby amended as follows, effective as of January 1, 2009: 
 1. Section 1(a) of the Agreement is hereby amended to read as follows: 
 (a) If (i) Executive’s employment is
terminated by the Company for any reason other than Cause (as defined below), disability or death, or (ii) Executive resigns from employment for Good Reason (as defined below), then Executive shall be entitled to (A) the continued payment
of her base salary (at Executive’s salary rate on the termination date) for a period of 12 months, beginning on the date of termination and payable on the Company’s regularly scheduled payroll dates, and (B) payment of
Executive’s COBRA premiums for a period of twelve (12) months, beginning on the date of termination; provided that no such payments shall be made unless and until Executive executes and delivers to the Company, not later than 45
days after Executive’s date of termination, a Severance and Release Agreement in form and substance satisfactory to the Company (a “Severance Agreement”), and does not revoke such Severance Agreement within the period, if any (not
more than seven days), permitted by the Company, which Severance Agreement shall contain a general unconditional release of the Company, non-compete and non-solicit covenants similar to those found in Section 9 hereof, and a non-disparagement
covenant. 

 2. Section 1 of the Agreement is hereby amended by adding the following new subsections (c) and
(d) at the end thereof: 
 (c) “Good Reason” means the occurrence of any of the following events: (i) a diminution in
Executive’s duties resulting from a change of control event (as defined in the Company’s Long-Term Incentive Plan), (ii) at the direction of the Company, Executive no longer reports directly to the Chief Executive Officer,
(iii) at the direction of the Company, Executive is no longer a member of the Company’s executive management team (e.g., Strategy Council or its functional equivalent), (iv) without Executive’s prior consent, Executive is no
longer the top executive in the Business Development Department (or its functional equivalent), or (v) Executive no longer has any employees reporting directly to her; provided that Executive shall not be permitted to resign for Good Reason
unless she delivers written notice of such event to the Company within 30 days after the occurrence thereof, and the Company fails to remedy such event within 90 days after receipt of such notice. 
 (d) This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and shall be interpreted and construed consistently with such intent. The payments to Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under
either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4). In the event the terms of this Agreement would subject Executive to taxes
or penalties under Section 409A of the Code (“409A Penalties”), the Company and Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent any amounts
under this Agreement are payable by reference to Executive’s “termination of employment,” such term shall be deemed to refer to Executive’s “separation from service,” within the meaning of Section 409A of the Code.
Notwithstanding any other provision in this Agreement, if Executive is a “specified employee,” as defined in Section 409A of the Code, as of the date of Executive’s separation from service, then to the extent any amount payable
under this Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon Executive’s separation from service and (iii) under the terms of
this Agreement would be payable prior to the six-month anniversary of Executive’s separation from service, such payment shall be delayed until the earlier to occur of (a) the six-month anniversary of the separation from service or
(b) the date of Executive’s death. 
  

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 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized
officer and the Executive has executed this instrument as of the 15th day of December, 2008. 
  

			
	Rewards Network Services Inc.
		
	By:	 	 /s/ Ronald L. Blake

		
		 	 Megan E. Flynn

		 	Megan E. Flynn

  

 3Amendment to Severance Letter Agreement

 Exhibit 10.29 
 

 
 December 10, 2008 
 Mr. Christopher J. Locke 
  

	 	Re:	Amendment to Severance Agreement 

 Dear Chris: 
 In connection with the issuance of final tax regulations under Section 409A of the Internal Revenue Code, which take effect January 1, 2009, we
have determined that the letter agreement, dated November 7, 2007 (your “Agreement”), setting forth your right to severance benefits upon a termination of your employment with Rewards Network Inc. (“Rewards Network”) should
be amended in order to reduce any risk of adverse tax consequences to you. 
 Effective January 1, 2009, your Agreement shall be amended
as follows: 
 1. In the first sentence of the second paragraph of your Agreement, the phrase “there is a Change in Control (as defined
below) and a diminution in your duties resulting from such Change in Control” is deleted. 
 2. Clause (iii) of the second
paragraph of your Agreement shall be amended to read as follows: 
 (iii) the continued right to exercise any outstanding vested options held
by you to purchase shares of Common Stock for a period of 90 days after the effective date of your separation date, but in no event later than the date on which any such options would have expired if you had remained employed during such 90-day
period. 
 3. The last sentence of the second paragraph of your Agreement shall be amended to read as follows: 
 You will not be entitled to the foregoing in the event your employment terminates for any other reason. As used in this Agreement, a
voluntary termination of your employment with “Good Reason” shall mean a termination by you of your employment with Rewards Network pursuant to a written notice delivered to Rewards Network within 30 days after the occurrence of either of
the following events without your written consent; provided, that an action or failure which is remedied by Rewards Network within 90 days after receipt of such notice given by you shall not constitute Good Reason: (i) a diminution in your
duties 

  

  
 Two North Riverside Plaza, Suite 950 • Chicago, Illinois 60606 • Phone: 312-521-6767 • Fax: 312-521-6768 • www.rewardsnetwork.com 

 
resulting from a Change in Control, or (ii) a material diminution in your duties and responsibilities that is inconsistent with your position as Senior
Vice President, Chief Financial Officer and Treasurer of Rewards Network, which shall not include an adverse change in your reporting responsibilities. 
 4. The third paragraph of your Agreement shall be amended to read as follows: 
 The severance payments
provided hereunder shall be made in lieu of any other severance payments under any severance agreement, plan, program or arrangement of Rewards Network that may be applicable to you. This Agreement is intended to comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted and construed consistently with such intent. The payments to you pursuant to this Agreement are also intended to be exempt from
Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4). In the
event the terms of this Agreement would subject you to taxes or penalties under Section 409A of the Code (“409A Penalties”), Rewards Network and you shall cooperate diligently to amend the terms of this Agreement to avoid such 409A
Penalties, to the extent possible. To the extent any amounts under this Agreement are payable by reference to your “termination of employment,” such term shall be deemed to refer to your “separation from service,” within the
meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, if you are a “specified employee,” as defined in Section 409A of the Code, as of the date of your separation from service, then to the
extent any amount payable under this Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon your separation from service and (iii) under
the terms of this Agreement would be payable prior to the six-month anniversary of your separation from service, such payment shall be delayed until the earlier to occur of (a) the six-month anniversary of the separation from service or
(b) the date of your death. Any in-kind benefit provided during a calendar year shall not affect the in-kind benefit to be provided during any other calendar year. The right to any in-kind benefit pursuant to this Agreement shall not be subject
to liquidation or exchange for any other benefit. 
 *            *            * 
 Except as set forth herein, your Agreement will continue in effect in accordance with its terms. 
  

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 To indicate your acceptance to the amendments to your Agreement as set forth herein, please sign this
letter where indicated and return it to me. In the meantime, please do not hesitate to call me should you have any questions. 
  

	
	Very truly yours,
	
	 /s/ Ronald L. Blake

	Ronald L. Blake
	President and Chief Executive Officer

 Enclosure 

	cc:	Personnel File 

  

	
	AGREED TO AND ACCEPTED:
	
	 /s/ Christopher J. Locke

	Christopher J. Locke
	
	Dated: December 22, 2008

  

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