Document:

Separation Agreement dated as of July 5, 2006

 Exhibit 10.1 
 SEPARATION AGREEMENT 
 Affinion Group, Inc., a Delaware corporation (“Affinion” or
the “Company”), Affinion Group Holdings, Inc. (“Holdings”) and Maureen E. O’Connell (hereinafter collectively with her heirs, executors, administrators, successors and assigns, referred to as
“Executive”), mutually desire to enter into this Separation Agreement as of this 5th day of July, 2006 (the “Effective Date”) and agree that: 
 Executive has previously entered into (i) an Employment Agreement (the “Employment Agreement”), dated as of December 1, 2005
with Affinion, (ii) an Option Agreement (the “Option Agreement”), dated as of January 2, 2006 with Holdings, (iii) a Subscription Agreement (the “Subscription Agreement”), dated as of January 2,
2006 with Holdings, and (iv) a Management Investor Rights Agreement (the “MIRA”), dated as of October 17, 2005 with Holdings; 
 The parties understand that this Separation Agreement is executed for the benefit of Affinion and Holdings (and each of the affiliates, subsidiaries, successors and assigns of Affinion and Holdings, as well as each of
the directors, officers, employees and agents of Affinion and Holdings and each such other entity as well as Apollo Management, L.P. (such individuals and entities collectively referred to throughout this Agreement as the
“Representatives”)) and Executive and that it is enforceable by either Executive, Affinion or Holdings (along with their respective successors and assigns) individually or collectively; 
 Executive has been advised, in writing, that she should consult with an attorney prior to executing this Separation Agreement and Executive has in fact
done so, and the meaning, effect and terms of this Separation Agreement have been fully explained to Executive; 
 Executive has been
afforded at least twenty-one (21) days to consider the meaning and effect of this Separation Agreement; 
 Executive understands that
she may revoke this Separation Agreement for a period of seven (7) business days following the day she executes this Separation Agreement and this Separation Agreement shall not become effective or enforceable until the revocation period has
expired. Any revocation within this period must be submitted, in writing, to Affinion and state, “I hereby revoke my acceptance of your Separation Agreement.” Said revocation must be personally delivered to Affinion or its designee, or
mailed to Affinion and postmarked within seven (7) business days of execution of this Separation Agreement; and 
 Executive has
carefully considered other alternatives to executing this Separation Agreement. 

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 NOW THEREFORE, the parties hereto, for the full and sufficient consideration set forth below, hereby
agree as follows: 
 1. Executive’s Resignation. (a) Unless otherwise requested by the Company, Executive’s last date of
active employment with Affinion shall be September 30, 2006 (“Separation Date”). As of the Effective Date, the Employment Agreement and any other agreement between the parties relating to the terms of Executive’s
employment, are hereby terminated and are of no further force or effect; provided, however, that each of Section 5 (“Restrictive Covenants”), Section 6 (“Non-Disparagement”), Section 7
(“Severance Payments”) and Section 9(f) (“Enforcement”) of the Employment Agreement shall survive such termination and shall continue to apply in accordance with the terms and conditions set forth in the Employment
Agreement. Executive hereby agrees that she has resigned as an officer and where applicable, director, of Holdings and Affinion and their subsidiaries, without any further action necessary, effective as of the Separation Date. (b) Prior to the
Separation Date, unless otherwise requested by Affinion, during normal business hours, Executive shall devote substantially all of her time to the business and affairs of the Company and to use her reasonable best efforts to perform, consistent with
past practice and in good faith her responsibilities and obligations to the Company, including without limitation those matters reasonably delegated to her by the Chief Executive Officer of Affinion or the Board of Directors of Affinion, consistent
with past practice and including without limitation signing of certifications and management letters provided that Executive shall not be deemed in breach of this Section 1(b) unless she engages in (i) conduct that constitutes fraud or
embezzlement, (ii) willful misconduct or willful gross neglect, (iii) continued willful failure to substantially perform her duties as Executive Vice President and Chief Financial Officer, or (iv) a material breach by Executive of
this Separation Agreement but in the event of (iii) or (iv), the Company shall have notified Executive in writing describing such failure to perform duties or material breach and Executive fails to cure same within twenty (20) days of her
receipt of such written notice; Affinion acknowledges that it has approved of and Executive shall be permitted to paid vacation time from July 24, 2006 through August 4, 2006 and that nothing herein precludes Executive from performing her
duties as a member of the Board of Directors of Beazer Homes USA, Inc. 
 2. Consideration Provided to the Parties. In consideration
for the execution of this Separation Agreement and the compliance with the promises made herein, the parties agree as follows: 
  

	 	a.	Payment of Severance Amount – Affinion will pay to Executive an amount equal to the sum of Three Hundred and Sixty Thousand Dollars ($360,000.00), less applicable
withholding taxes, in severance, payable in two equal installments, with the first payment due on October 2, 2006 and the second payment due on April 2, 2007 (the “Severance Amount”); 

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	 	b.	Base Pay/Employee Benefits Coverage – the Company shall continue to (i) pay to Executive, in accordance with the customary payroll practices of the Company, her
existing base salary, less applicable withholding taxes through September 30, 2006; (ii) provide Executive with Executive’s existing employee benefits coverage through September 30, 2006, at which point the Executive will be
eligible for coverage under COBRA; and (iii) reimburse Executive for all monthly automobile payments due through and including September 30, 2006 consistent with past practice and, by October 10, 2006 or as soon as reasonably
practicable thereafter, at the option of the Company, (x) the Company shall either itself or through another party on behalf of the Company accept the assignment of such lease obligations and the parties shall promptly execute all documents
necessary to effect the assignment and release Executive of her obligations to the leasing company or (y) the Company shall direct Executive to, and Executive shall, return the car to the appropriate dealership and the Company (1) shall
pay to such dealership, or reimburse Executive in a lump sum any amount she must pay to terminate such lease early and (2) shall pay to Executive any taxes that may be due by Executive as a result of such payment by the Company;

  

	 	c.	Payment of Unpaid Salary Amounts - Affinion will pay to Executive, by no later than October 6, 2006, which date shall be the next regular payroll date following
September 30, 2006, all earned but unpaid base salary amounts owed to Executive through September 30, 2006, less applicable withholding taxes; 

  

	 	d.	Signing Bonus – Notwithstanding anything in the Employment Agreement to the contrary, Affinion acknowledges and agrees that Executive shall not be required to repay to
the Company the Signing Bonus (as defined in the Employment Agreement); 

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	 	e.	Treatment of Holdings Common Equity – (i) Affinion will pay to Executive, as contemplated by Section 5 of the MIRA, Two Hundred and Fifty Thousand Dollars
($250,000.00) in exchange for the purchase by Holdings of the 25,000 shares of Common Stock (as defined in the MIRA) held by Executive by no later ten (10) business days following the Separation Date, and Executive hereby agrees to sell such
shares of Common Stock to Holdings at such time that Affinion makes a request to Executive to purchase such shares; (ii) Executive agrees to promptly deliver to Affinion, at any time hereafter upon Affinion’s reasonable request, any and
all instruments prepared by on behalf of Affinion which may be necessary or appropriate to evidence such sale of shares of Common Stock, including without limitation a stock purchase agreement; and (iii) notwithstanding anything in the MIRA to
the contrary, following such time that Holdings purchases Executive’s shares of Common Stock, the provisions of Section 5(e) of the MIRA shall no longer apply with respect to Executive and Executive waives all of her rights to any
Additional Consideration (as defined in the MIRA) thereunder; 

  

	 	f.	Treatment of Options — notwithstanding anything in the Option Agreement or the Option Plan to the contrary, Executive agrees that all of Executive’s Options (as
defined in the Option Agreement) shall automatically terminate and shall become null and void, be unexercisable and be of no further force and effect effective as of the Separation Date; and 

  

	 	g.	Announcement and Reference - in announcing Executive’s departure from Affinion, Affinion agrees that it will issue an announcement to its employees and the public in the
ordinary course in substantially the form set forth in Exhibit A attached hereto, provided that the only changes made to such form shall be additional information related to the Company and Affinion shall make such other consistent
announcements but only as required by applicable law, including those required by federal securities laws. Upon inquiry to the Company or Holdings, prospective employers will be advised only as to (i) the dates of Executive’s employment,
(ii) Executive’s most recent job title (namely, Executive Vice President – Chief Financial Officer of the Company), and (iii) that it is Company policy not to provide any other information in response to inquiries on past
employees but a copy of Exhibit A shall be provided to the inquiring party. 

 3. Acknowledgement of Value of
Consideration. Executive acknowledges and agrees that she has received adequate consideration for her execution of this Separation Agreement, and the fulfillment of the promises contained herein. Affinion and Holdings acknowledge and agree that
they have received adequate consideration for their execution of this Separation Agreement and the fulfillment of the promises contained herein. 

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 4. Tax Withholding. Other than as set forth in Section 2(b)(iii) above, Executive understands
and agrees that she is obligated for the payment of all taxes (whether federal, state, local or otherwise) which may become due and owing on the amounts referred to above and in the event that the amount withheld by Affinion for tax purposes with
respect to such amount is insufficient, Executive shall indemnify and hold Affinion harmless for any taxes, interest or penalties imposed on Affinion or its Representatives as a result of Executive failing to meet any such tax obligation. Affinion
and Holdings shall indemnify and hold Executive harmless for any taxes, interest or penalties imposed on Executive as a result of Affinion’s non-compliance with Section 2(b)(iii) above. 
 5. Release by Executive. Executive, of her own free will knowingly and voluntarily releases and forever discharges Affinion, Holdings and each of
their respective Representatives, of and from any and all actions or causes of action, suits, claims, charges, complaints, damages, liabilities, obligations, promises and contracts (whether oral or written, express or implied from any source),
whatsoever, in law or equity, which Executive may now have or hereafter can, shall or may have against Affinion, Holdings and each of their respective Representatives, including all unknown, undisclosed and unanticipated losses, wrongs, injuries,
debts, claims or damages to Executive, for, upon, or by reason of any matter, cause or thing whatsoever, which she ever had, now has, or shall have as of the Effective Date, including, but not limited to: 
  

	 	a.	any and all matters arising out of Executive’s employment by Affinion and the cessation of said employment, and including, but not limited to, any claims related to or for
salary, bonuses, severance pay, or vacation pay, any alleged violation of the National Labor Relations Act, any claims for discrimination of any kind under Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the
United States Code, the Employee Retirement Income Security Act of 1974 (except for vested benefits under any qualified pension plan which are not affected by this Separation Agreement), the Americans With Disabilities Act of 1990, the Age
Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit Protection Act, the Fair Labor Standards Act, the Occupational Safety and Health Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Federal Family and
Medical Leave Act; and 

  

	 	b.	the Connecticut Equal Pay Law; Fair Employment Practices Act; Human Rights and Opportunities Law; Occupational Safety and Health Laws; AIDS Testing Law; Reproductive Hazards Law;
the Smokers Rights Law; the Family and Medical Leave Law; the Wage and Hour Laws; the Political Activities provisions; the Voting, Military Service Leave, Jury and Witness Duty provisions; the Smoking and Drug Testing provisions; the Whistleblower
Protection provisions; and the Workers’ Compensation provisions; and 

  

	 	c.	any and all matters and rights arising out of her ownership of the Common Stock and Options (as defined in the MIRA), whether in connection with or arising out of the Subscription
Agreement, the Option Agreement, the MIRA or any other agreement, applicable law or otherwise; and 

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	 	d.	any other federal, state or local civil or human rights law, or any other alleged violation of any local, state or federal law, regulation or ordinance, and/or public policy,
implied or expressed contract, fraud, negligence, estoppel, defamation, breach of duty of loyalty, infliction of emotional distress or other tort or common-law claim having any bearing whatsoever on the terms and conditions and/or cessation of
Executive’s employment with Affinion or otherwise, including, but not limited to, any allegations for costs, fees, or other expenses, including reasonable attorneys’ fees, incurred in these matters. 

 The foregoing release specifically excludes Executive’s right to enforce the terms of this Separation Agreement. 
 e. On the Separation Date, the Executive shall also enter into a release in the form set forth on Exhibit B hereto. 
 6. Release by Affinion and Holdings. 
 a. Each of Affinion and Holdings, on behalf of themselves and their officers, directors and employees, to the extent Affinion or Holdings have actual knowledge of such Claims (as defined below) as of the Effective Date, knowingly and
voluntarily releases and forever discharges Executive, of and from any and all actions or causes of action, suits, claims, charges, complaints, damages, liabilities, obligations, promises and contracts (whether oral or written, express or implied
from any source), whatsoever, in law or equity (“Claims”), which Affinion and Holdings may now have or hereafter can, shall or may have against Executive, for, upon, or by reason of any matter, cause or thing whatsoever, which they ever
had, now has, or shall have as of the Effective Date , including, but not limited to the performance of her duties during her employment, the cessation of her employment, any and all matters and obligations arising of out her ownership of
Common Stock and Options, whether in connection with or arising out of the Subscription Agreement, the Option Agreement, the MIRA or any other agreement, applicable law or otherwise; any federal, state or local civil or human rights law, or any
other alleged violation of any local, state or federal law, regulation or ordinance, and/or public policy, implied or expressed contract, fraud, negligence, estoppel, defamation, breach of duty of loyalty, infliction of emotional distress or other
tort or common-law claim having any bearing whatsoever on the terms and conditions and/or cessation of Executive’s employment with Affinion or otherwise, including, but not limited to, any allegations for costs, fees, or other expenses,
including reasonable attorneys’ fees, incurred in these matters. 
 b. The foregoing release, and the waivers set forth in
Section 7(c) below, specifically exclude (i) Affinion’s or Holdings’ right to enforce the terms of this Separation Agreement or (ii) any liability or injury to Affinion, Holdings or any of their Representatives which arises
out of, relates to or is based upon any criminal or fraudulent act committed by Executive. 

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 c. On the Separation Date, Affinion and Holdings shall also enter into a release in the form set forth on
Exhibit B hereto. 
 7. Waivers of Further Legal Actions. (a) Except in connection with enforcing the terms of this Separation
Agreement, (x) Executive waives her right to file or commence any charge or complaint or proceeding nor will she accept any relief or recovery from any charge or complaint before any federal, state, or local court, or any administrative,
regulatory or arbitration agency or body against Affinion, Holdings or any of their respective Representatives, except as such waiver is prohibited by statutory provision and (y) Executive further agrees not to file or commence any action or
proceeding before any federal, state, or local court against Affinion, Holdings, or any of their respective Representatives. Executive also acknowledges that she does not have any current charge against Affinion, Holdings or any of their respective
Representatives pending before any local, state or federal agency regarding her employment or otherwise. Except as prohibited by statutory provision, in the event that any claims are filed, they shall be dismissed with prejudice upon presentation of
this Agreement and Executive shall reimburse Affinion, Holdings and each of their respective Representatives for the costs, including reasonable attorneys’ fees, of defending any such action. (b) Affinion and Holdings, on their own behalf
and that of their officers, directors and employees also acknowledge that they do not have any current charge against Executive pending before any local, state or federal agency regarding her employment or otherwise. (c) Subject to
Section 6(b)(ii) above and except as prohibited by statutory provision, in the event that any claims are filed arising from or related to the conduct of Executive about which Affinion, Holdings or their officers, directors and employees were
actually aware of as of the Effective Date and the facts giving rise to such claim existed as of the Effective Date, they shall be dismissed with prejudice upon presentation of this Agreement and Affinion and Holdings shall reimburse Executive for
the costs, including reasonable attorneys’ fees, of defending any such action. 
 8. Agreement Not to Participate in Third Party
Legal Actions. Executive agrees not only to release Affinion, Holdings and each of their respective Representatives from any and all claims as stated above which she could make on her own behalf, but also those which may be made by any other
person or organization on her behalf. Executive specifically waives any right to become, and promises not to become a member of any class in a case in which a claim or claims against Affinion, Holdings or any of their respective Representatives are
made involving any events up to and including the date of this Separation Agreement, except where such waiver is prohibited by statutory provision. Executive further waives any right to, and agrees not to, in any way voluntarily assist any
individual or entity in commencing or prosecuting any action or proceeding including, but not limited to, any administrative agency claims, charges or complaints and/or any lawsuit against Affinion, Holdings or any of their respective
Representatives, or to in any way voluntarily participate or cooperate in any such action or proceeding, except as such waiver is prohibited by statutory provision or as required by law. 

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 9. Indemnification. The Company will indemnify the Executive to the fullest extent
permitted by the certificate of incorporation and by-laws of the Company. 
 10. Company Property. Executive agrees that prior
to the Separation Date she shall return all company property to Affinion, including her identification card, any computer hardware and software, all paper or computer-based files, business documents, and/or other records as well as all copies
thereof, credit cards, keys and any other company supplies or equipment in her possession. 
 11. Confidentiality of Terms of this
Agreement. Except as set forth in Section 2(g) hereof or as may be required by applicable law, including securities law or pursuant to a lawful Court order or subpoena, the parties agrees not to disclose, either directly or indirectly, any
information whatsoever regarding the existence or substance of this Separation Agreement including specifically any of the terms of settlement. The parties acknowledge that the Company may file this agreement with the Securities and Exchange
Commission. This nondisclosure includes, but is not limited to, members of the media, present and former employees of Affinion, and its Representatives, representatives of any organization, members of the public and any other individuals, but does
not include Executive’s spouse, an attorney or accountant with whom Executive chooses to consult or seek advice regarding her consideration of and decision to execute this Separation Agreement (provided that her spouse and such attorney or
accountant agrees to keep the provisions of this agreement strictly confidential). This Agreement shall not be admissible in any proceeding except to enforce the terms herein, unless otherwise required by or pursuant to lawful court order or
subpoena. In response to inquiries from individuals other than her spouse, an attorney or accountant, Executive shall only respond by stating substantially “I am satisfied with the terms of my separation” but shall also be permitted to
refer inquiring parties to Exhibit A attached hereto, describe the positions and salaries she held, the job duties and functions she performed and the dates of commencement and resignation of her employment. In response to all inquiries about
Executive’s employment, the Company shall comply with the provisions set forth in Section 2(g) hereof. 
 12. Cooperation on
Litigation Matters. Executive shall, upon request by Affinion following reasonable notice, appear to testify, and testify fully and truthfully, at any deposition, trial, mediation, arbitration or other similar proceeding in which Affinion or any
of their respective Representatives is a party. In the event that Affinion requests, pursuant to the provisions of this paragraph 12, that Executive travel to any location for the purpose of participating in a deposition, trial, mediation,
arbitration or other similar proceeding, then Affinion shall reimburse Executive for all time spent by Executive in connection therewith at a reasonable hourly rate, plus all reasonable out-of-pocket expenses she incurs for food, lodging and travel,
upon presentation of receipts evidencing such expenses. In addition, Executive shall cooperate with Affinion and its Representatives at a reasonable hourly rate plus all reasonable out of pocket expenses incurred for food, lodging and travel, upon
presentation of receipts evidencing such expenses, in regard to any claims made or litigation brought against any such person or entity, as well as in regard to investigations by any governmental agency. As part of 

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 this cooperation, Executive will make herself available on reasonable notice to be interviewed by counsel for any such
person or entity and to respond in a reasonably prompt manner to all reasonable inquiries (including telephonic and written inquiries) for information or records in her possession, custody or control pertaining to any such matters. Executive agrees
to be truthful and cooperative in any such interview and in responding to any such inquiry. 
 13. Injunctive Relief. Each of the
parties hereto acknowledges that any breach of the terms of this Agreement would result in irreparable injury and damage to the party affected thereby for which there would be no adequate remedy at law. Accordingly, each of the parties hereto agrees
that in the event of such breach or any threat of breach, the party affected thereby shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach, without having to prove
damages (or post any bond), in addition to any other remedies to which the affected party may be entitled at law or in equity. The terms of this Section shall not prevent any party hereto from pursuing any other available remedies for any breach or
threatened breach hereof, including but not limited to an action for damages, setting off against any amounts owed under this Agreement and/or any other legal or equitable remedies. 
 14. Remaining Obligations under Employment Agreement and Non-Competition Provisions. Executive acknowledges and agrees that she will remain bound
by all of the obligations set forth in Section 5 (“Restrictive Covenants”), Section 6 (“Non-Disparagement”) and Section 9(f) (“Enforcement”) of the Employment Agreement and that such provisions shall
remain in full force and effect following the date hereof in accordance with the terms and conditions of such provisions set forth in the Employment Agreement. Executive further acknowledges and agrees that she will remain bound by the restrictive
covenants sets forth in Annex I of the MIRA, as modified by Section 5 of the Employment Agreement. The parties agree that notwithstanding the restrictions of Section 2 of Annex I of the MIRA, Executive shall not be precluded from
“directly or indirectly engaging in” business with credit card companies and financial/banking institutions, including but not limited to Master Card, Visa, American Express, CitiGroup and its affiliated entities, JP Morgan, and like
entities (“Permitted Entity”) provided that (x) Executive’s duties with such Permitted Entity are not primarily related to any business unit that markets, provides, administers or makes available affinity-based membership
programs, affinity-based insurance programs, benefit packages as an enhancement to financial instruments or other customer accounts or loyalty-based programs (“Competing Activities”) or (y) such Permitted Entity’s Competing
Activities do not account for more than fifteen percent (15%) of such entity’s revenue. 
 The Company and Holdings, on their behalf and on behalf
of their senior executives, officers and directors acknowledge and agree that they are and/or will remain bound by all of the obligations set forth in Section 6 (“Non-Disparagement”) and Section 9(f) (“Enforcement”) of
the Employment Agreement and that such provisions shall remain in full force and effect following the date hereof in accordance with the terms and conditions of such provisions set forth in the Employment Agreement. 

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 15. Governing Law; Severability of Provisions. This Separation Agreement will be governed by and
construed in accordance with the laws of the State of Delaware. Its language shall be construed as a whole, according to its fair meaning, and not strictly for or against either party. Should any provision of this Separation Agreement be declared
illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, including the general release language, such provision shall immediately become null and void, leaving the remainder of this in full force and
effect. However, if as a result of any action initiated by Executive, any portion of the general release language were ruled to be unenforceable for any reason, Executive shall return the Severance Amount paid hereunder to Affinion. 
 16. No Admission of Liability. The parties agrees that neither this Separation Agreement nor the furnishing of the consideration relating to it
shall be deemed or construed at any time for any purpose as an admission by Affinion or any of its Representatives, nor by Executive, of any liability or unlawful or improper conduct of any kind. 
 17. No Oral Amendments of Agreement. This Separation Agreement may not be modified, altered or changed except upon express written consent of both
parties wherein specific reference is made to this Separation Agreement. 
 18. Entire Agreement. This Separation Agreement sets forth
the entire agreement between the parties hereto with respect to the subject matter hereto, and fully supersedes any prior agreements or understandings between the parties, except as specifically set forth herein. In deciding to execute this
Separation Agreement, Executive has not relied on any statement or representation by any of the parties hereto or any of their respective Representatives that is not set forth in this document. 
 19. Counterparts; Facsimile Signatures. This Agreement may be executed in separate counterparts, each of which when executed shall be deemed to be
an original and all of which together will constitute one and the same instrument binding upon all of the parties hereto. For purposes of this Agreement, facsimile signatures shall be deemed originals. 
 THE PARTIES HAVE READ AND FULLY CONSIDERED THIS AGREEMENT AND GENERAL RELEASE AND ARE MUTUALLY DESIROUS OF ENTERING INTO SUCH AGREEMENT AND GENERAL RELEASE. THE PARTIES
UNDERSTAND THAT THIS DOCUMENT SETTLES, BARS AND WAIVES ANY AND ALL CLAIMS EXECUTIVE HAD OR MIGHT HAVE AGAINST THE COMPANY OR ITS REPRESENTATIVES; AND THE PARTIES ACKNOWLEDGE THAT THEY ARE NOT RELYING ON ANY OTHER REPRESENTATIONS, WRITTEN OR ORAL,
NOT SET FORTH IN THIS DOCUMENT. HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THEREBY THE SUMS AND BENEFITS SET FORTH HEREIN, THE PARTIES FREELY AND KNOWINGLY, AND AFTER DUE
CONSIDERATION, ENTER INTO THIS AGREEMENT AND GENERAL RELEASE. 

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 THEREFORE, the parties to this Separation Agreement now voluntarily and knowingly execute this Agreement.

  

							
		 		 	 /s/ Maureen E. O’Connell
  

		 		 	Maureen E. O’Connell
			
	Signed and sworn before me this 5th day of July 2006.	 		 	
		 		 		 	
	  
 /s/ Louis H. Collins
  
	 		 	
	 Louis H. Collins, Notary Public
 State of
Connecticut
 My commission expires 8/31/2007
	 		 	 AFFINION GROUP, INC.

				
		 		 	By:	 	 /s/ Nathaniel Lipman
  

		 		 	Name:	 	Nathaniel Lipman
		 		 	Title:	 	President & CEO
	Signed and sworn before me this 5th day of July 2006.	 		 		 	
		 		 		 	
	  
 /s/ Louis H. Collins
  
	 		 		 	
	 Louis H. Collins, Notary Public
 State of
Connecticut
 My commission expires 8/31/2007
	 		 	
		 		 	AFFINION GROUP HOLDINGS, INC.
				
		 		 	By:	 	 /s/ Nathaniel Lipman
  

		 		 	Name:	 	Nathaniel Lipman
		 		 	Title:	 	President & CEO
	Signed and sworn before me this 5th day of July 2006.	 		 		 	
		 		 		 	
	  
 /s/ Louis H. Collins
  
	 		 		 	
	 Louis H. Collins, Notary Public
 State of
Connecticut
 My commission expires 8/31/2007
	 		 		 	

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 Exhibit A 
 Form of Affinion’s Announcement on Executive’s Departure 
 Exhibit A

 Affinion Group today announced that Maureen O’Connell, Executive Vice President and Chief Financial Officer, will leave the company in order to
devote more time to her family and personal interests. Ms. O’Connell has agreed to remain in her position as CFO until the end of September to allow for a smooth transition, while the company searches for her successor. 
 Nat Lipman, President and CEO commented, “Maureen has made significant and valuable contributions to the Company and its future success. During her tenure, Maureen
helped us to complete our first year-end audit as an independent company and has been instrumental in our S-4 registration process. Furthermore, by refinancing our bridge loan with senior subordinated notes, she leaves the company with a stronger
balance sheet. 
 On behalf of the Company and the Board of Directors, I would like to thank Maureen for her leadership and we wish her the best in her
future endeavors.” 
                                        
                      2006 

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 EXHIBIT B 
 FORM OF
BRINGDOWN RELEASE 
 Affinion Group, Inc., a Delaware corporation (“Affinion” or the “Company”), Affinion Group
Holdings, Inc. (“Holdings”) and Maureen E. O’Connell (hereinafter collectively with her heirs, executors, administrators, successors and assigns, referred to as “Executive”), mutually desire to enter into this
Agreement and General Release as of this      day of             , 2006 (the “Separation Date”) and agree that for the full and sufficient
consideration set forth below, hereby agree as follows: 
 1. Release by Executive. In addition to the release set forth in the Separation Agreement between
Affinion, Holdings and Executive dated July __, 2006 (the “Separation Agreement”), Executive, of her own free will knowingly and voluntarily releases and forever discharges Affinion, Holdings and each of their respective Representatives,
of and from any and all actions or causes of action, suits, claims, charges, complaints, damages, liabilities, obligations, promises and contracts (whether oral or written, express or implied from any source), whatsoever, in law or equity, which
Executive may now have or hereafter can, shall or may have against Affinion, Holdings and each of their respective Representatives, including all unknown, undisclosed and unanticipated losses, wrongs, injuries, debts, claims or damages to Executive,
for, upon, or by reason of any matter, cause or thing whatsoever, which she ever had, now has, or shall have as of the Separation Date, including, but not limited to: 
  

	 	a.	any and all matters arising out of Executive’s employment by Affinion and the cessation of said employment, and including, but not limited to, any claims related to or for
salary, bonuses, severance pay, or vacation pay, any alleged violation of the National Labor Relations Act, any claims for discrimination of any kind under Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the
United States Code, the Employee Retirement Income Security Act of 1974 (except for vested benefits under any qualified pension plan which are not affected by this Separation Agreement), the Americans With Disabilities Act of 1990, the Age
Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit Protection Act, the Fair Labor Standards Act, the Occupational Safety and Health Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Federal Family and
Medical Leave Act; and 

  

	 	b.	the Connecticut Equal Pay Law; Fair Employment Practices Act; Human Rights and Opportunities Law; Occupational Safety and Health Laws; AIDS Testing Law; Reproductive Hazards Law;
the Smokers Rights Law; the Family and Medical Leave Law; the Wage and Hour Laws; the Political Activities provisions; the Voting, Military Service Leave, Jury and Witness Duty provisions; the Smoking and Drug Testing provisions; the Whistleblower
Protection provisions; and the Workers’ Compensation provisions; and 

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 Page 14 of 17 
  

	 	c.	any and all matters and rights arising out of her ownership of the Common Stock and Options (as defined in the MIRA), whether in connection with or arising out of the Subscription
Agreement, the Option Agreement, the MIRA or any other agreement, applicable law or otherwise; and 

  

	 	d.	any other federal, state or local civil or human rights law, or any other alleged violation of any local, state or federal law, regulation or ordinance, and/or public policy,
implied or expressed contract, fraud, negligence, estoppel, defamation, breach of duty of loyalty, infliction of emotional distress or other tort or common-law claim having any bearing whatsoever on the terms and conditions and/or cessation of
Executive’s employment with Affinion or otherwise, including, but not limited to, any allegations for costs, fees, or other expenses, including reasonable attorneys’ fees, incurred in these matters. 

 The foregoing release specifically excludes Executive’s right to enforce the terms of the Separation Agreement. 
 2. Release by Affinion and Holdings. 
 a. In addition
to the release set forth in the Separation Agreement, each of Affinion and Holdings, on behalf of themselves and their officers, directors and employees, to the extent Affinion or Holdings have actual knowledge of such Claims (as defined below) as
of the Separation Date, knowingly and voluntarily releases and forever discharges Executive, of and from any and all actions or causes of action, suits, claims, charges, complaints, damages, liabilities, obligations, promises and contracts (whether
oral or written, express or implied from any source), whatsoever, in law or equity (“Claims”), which Affinion and Holdings may now have or hereafter can, shall or may have against Executive, for, upon, or by reason of any matter, cause or
thing whatsoever, which they ever had, now has, or shall have as of the Separation Date, including, but not limited to the performance of her duties during her employment, the cessation of her employment, any and all matters and obligations
arising of out her ownership of Common Stock and Options, whether in connection with or arising out of the Subscription Agreement, the Option Agreement, the MIRA or any other agreement, applicable law or otherwise; any federal, state or local civil
or human rights law, or any other alleged violation of any local, state or federal law, regulation or ordinance, and/or public policy, implied or expressed contract, fraud, negligence, estoppel, defamation, breach of duty of loyalty, infliction of
emotional distress or other tort or common-law claim having any bearing whatsoever on the terms and conditions and/or cessation of Executive’s employment with Affinion or otherwise, including, but not limited to, any allegations for costs,
fees, or other expenses, including reasonable attorneys’ fees, incurred in these matters. 
 b. The foregoing release specifically
excludes (i) Affinion’s or Holdings’ right to enforce the terms of the Separation Agreement or (ii) any liability or injury to Affinion, Holdings or any of their Representatives which arises out of, relates to or is based upon
any criminal or fraudulent act committed by Executive. 

 Separation Agreement 
 July
5, 2006 
 Page 15 of 17 
  

 3. THE PARTIES HAVE READ AND FULLY CONSIDERED THIS AGREEMENT AND GENERAL RELEASE AND ARE MUTUALLY DESIROUS OF ENTERING
INTO SUCH AGREEMENT AND GENERAL RELEASE. THE PARTIES UNDERSTAND THAT THIS DOCUMENT SETTLES, BARS AND WAIVES ANY AND ALL CLAIMS EXECUTIVE HAD OR MIGHT HAVE AGAINST THE COMPANY OR ITS REPRESENTATIVES; AND THE PARTIES ACKNOWLEDGE THAT THEY ARE NOT
RELYING ON ANY OTHER REPRESENTATIONS, WRITTEN OR ORAL, NOT SET FORTH IN THIS DOCUMENT. HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THEREBY THE SUMS AND BENEFITS SET FORTH IN
THE SEPARATION AGREEMENT, THE PARTIES FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTER INTO THIS AGREEMENT AND GENERAL RELEASE. 
 4. NOTHING HEREIN
SHALL IN ANY WAY LIMIT THE RELEASE PROVIDED BY ANY PARTY HERETO IN SECTION 5 OR SECTION 6 OF THE SEPARATION AGREEMENT. 

 Separation Agreement 
 July
5, 2006 
 Page 16 of 17 
  

 THEREFORE, the parties to this release now voluntarily and knowingly execute this Agreement. 
  

							
		 		 	  

		 		 	Maureen E. O’Connell
			
	Signed and sworn before me this              day of
             2006.	 		 	
		 		 		 	
	  
  
	 		 	
	Notary Public	 		 	 AFFINION GROUP, INC.

				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	Signed and sworn before me this              day of
             2006.	 		 		 	
		 		 		 	
	  
  
	 		 		 	
	Notary Public	 		 	
		 		 	AFFINION GROUP HOLDINGS, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	Signed and sworn before me this              day of
             2006.	 		 		 	
		 		 		 	
	  
  
	 		 		 	
	Notary Public	 		 		 	

 Separation Agreement 
 July
5, 2006 
 Page 17 of 17 
  

 [Page Intentionally Left Blank]Agreement with Jenny J. Ming

 Exhibit 10.1 
 July 10, 2006 
 Jenny J. Ming 
 Dear Jenny:

 This letter confirms and constitutes the entire agreement between you and The Gap, Inc. and all of its subsidiaries and affiliates
(hereafter collectively referred to as the “Company”) concerning the termination of your employment with the Company (the “Agreement”). 
  

	1.	TERMINATION OF EMPLOYMENT: 

 a. Resignation: You hereby resign your employment with the Company, including as an officer of the Company and its direct and indirect subsidiaries, effective October 15, 2006, unless you and the Company
mutually agree to a termination date other than October 15, 2006 or you violate any provision of section 3 below prior to October 15, 2006 (the “Termination Date”). 
 b. Transition: Subject to the provisions of section 3 below, you will remain in your current position as President, Old Navy at your current
annual salary ($1,000,000) until the Termination Date. The Company shall indemnify and continue to provide you with directors’ and officers’ liability insurance coverage for events on or prior to the Termination Date, on a basis no less
favorable than that provided to any other former senior executive officer of the Company. 
 c. Paid Time Off: On or before the
Termination Date, you will be paid all of your accrued and unused paid time off. 
 d. Benefits: Your current benefit plan coverages
will end on the last day of the month of your Termination Date, including health, dental, disability, AYCO financial counseling and life insurance coverage, subject to continuation by you pursuant to the provisions of COBRA and of this Agreement.

 e. Stock: All unvested stock options as of the Termination Date will be canceled on the Termination Date. All outstanding vested
options as of the Termination Date must be exercised within three months of the Termination Date. All unvested cash payments associated with stock options you exchanged in connection with the Company’s Offer to Exchange Certain Outstanding
Options for New Options and Cash Payments in November 2005 will be forfeited as of the Termination Date. If you are currently contributing to the Employee Stock Purchase Plan (ESPP), your participation in ESPP will end on the Termination Date, but
the shares in your brokerage account belong to you. Any cash balance you have in ESPP will be refunded to you without interest approximately four to six weeks after the end of the month of the Termination Date. If a purchase occurs before the
Termination Date, your balance will be used to purchase stock. 

 Jenny J. Ming 
 July 10, 2006 
 Page 2 
  

 f. Deferred Compensation: If you have or are currently participating in the Executive Deferred
Compensation Plan or Supplemental Deferred Compensation Plan, your account will be paid to you in accordance with plan documents. Any deferrals after December 31, 2004 will be paid to you no sooner than April 16, 2007, in accordance with
plan documents and the American Jobs Creation Act of 2004. 
 g. Merchandise Discount: Pursuant to Company policy, the Company will
provide you with one non-transferable Company employee discount card each year. You will be entitled to the then existing standard corporate discount, but not the 50% discount or any other discount applicable only to employees. In order to receive
your annual discount card, you must notify the Company’s Employee Relations department at the beginning of each calendar year. You agree to be bound by the Company policy regarding appropriate use of the discount card, and you understand that
the use of any discount card will be revoked if there is a violation of the discount policy. 
 h. Company Property: On or before the
Termination Date, you agree to return to the Company all Company property, including all keys, building passes, equipment, documents, materials or property of any description, or any reproduction of such materials, containing or pertaining to any
the Company’s Confidential Information, as defined in section 3.a. 
 i. Expenses: You agree to reconcile all outstanding
expenses by the Termination Date. 
  

	2.	THE COMPANY’S PROMISES TO YOU: 

 In consideration for the promises made by you in this Agreement, the Company agrees to the following: 
 a. Income Continuation Payments: Subject to the conditions in this Agreement, the Company will make income continuation payments to you (pursuant
to the direct deposit method as currently used or to another financial institution as thereafter instructed by you in writing) based on your current annual salary ($1,000,000) between October 16, 2006 and April 15, 2008 (“Income
Continuation Period”) in the following manner and subject to the following restrictions: 
  

	 	i.	On or after April 16, 2007, you will be paid the lump sum gross amount of $500,000. 

  

	 	ii.	For 52 weeks, from April 16, 2007 until April 15, 2008, the Company will make bi-weekly payments to you of $38,461.54. 

 You agree that any and all payments are conditioned on the following: 
  

	 	1)	Your adherence to all the terms and conditions of this Agreement. Should you breach or violate any term of this Agreement, all payments to you will cease and you will forfeit all
such payments, compensation and benefits under this Agreement. 

 Jenny J. Ming 
 July 10, 2006 
 Page 3 
  

	 	2)	In the event you engage in any Work from the Termination Date to April 15, 2007 with, for or as a Competitor, you will be paid only a prorated amount under section 2.a.i. for
the portion of time between the Termination Date and April 15, 2007 in which you are not engaged in Work for a Competitor, and all further payments to you will cease and you will forfeit all further payments, compensation and benefits under
this Agreement. As used in this section 2.a: “Work” shall mean to directly or indirectly, in any capacity whether as individual, owner, director, employee, partner, consultant, venture capitalist or otherwise, engage or participate in any
work or business activity for profit or financial gain, or for compensation of any kind from any individual, business entity or organization, other than passive investments in which you render no services; “Competitor” shall mean any
potential, new or existing business engaged in the apparel or accessories industry. 

  

	 	3)	In the event you engage in any Work from April 16, 2007 to October 15, 2007: (i) with, for or as a Competitor with annual sales in excess of $100 million; or
(ii) with, for, or as part of any new venture or start-up engaged in the apparel or accessories industry with any direct or indirect third-party financing or funding, all further payments to you will cease and you will forfeit all further
payments, compensation and benefits under this Agreement. 

  

	 	4)	In the event you engage in any Work from October 16, 2007 to April 15, 2008 with, for or as a Competitor with annual sales in excess of $100 million, all further payments
to you will cease and you will forfeit all further payments, compensation and benefits under this Agreement. 

  

	 	5)	Subject to the restrictions above in this section 2.a., if you Work during the Income Continuation Period, payments under this Agreement will be offset by any such income from such
Work, except that there will be no set-off for compensation derived from your participation on any Board of Directors for a company or organization that is not a Competitor (“non-Competitor Board work”). 

  

	 	6)	You agree to notify the Company within five days of your engagement in any Work during the Income Continuation Period, with the exception of non-Competitor Board work. Should
payments cease or be reduced during the Income Continuation Period, you will continue to be bound by the promises you make in this Agreement. 

 b. COBRA Subsidy: On or after April 16, 2007, the Company will pay you a lump sum equivalent of the amount of the Company’s contribution to the cost of healthcare premiums (for the healthcare options
in which you are currently enrolled) for 18 months. 
 c. Transition Assistance: The Company will reimburse you promptly for up to
$15,000 total for the amount you spend on outplacement, legal or financial advice related to this Agreement. 

 Jenny J. Ming 
 July 10, 2006 
 Page 4 
  

 d. Financial Planning Assistance: On or after April 16, 2007, the Company will pay you a
lump sum equivalent of the amount of the Company’s contribution to the cost of financial counseling from AYCO Company, in accordance with your current plan offering, for 18 months. 
 e. Tax Withholding: You acknowledge and agree that all payments made pursuant to this Agreement shall be subject to withholding of all applicable
taxes. 
  

	3.	YOUR PROMISES TO THE COMPANY: 

 In consideration for the benefits described in section 2 above, you agree to the following: 
 a. Transition of Business: You agree to carry out the duties of your position as President, Old Navy and an officer of the Company as agreed by
you and the Company Chief Executive Officer (“CEO”) through the Termination Date, including but not limited to: work in good faith to ensure a successful transition; act in the best interests of the Company; adhere to all Company policies
and procedures, including the Code of Business Conduct; maintain confidentiality of Company trade secrets and proprietary information; and work on assignments or projects as assigned by the CEO. 
 b. Confidentiality and Trade Secrets: You agree and acknowledge that because of your position and employment with the Company, you have acquired
confidential, proprietary and non-public information related to the Company and its operations (“Confidential Information”). You acknowledge that Confidential Information constitutes valuable, special and unique assets of the Company,
access and knowledge of which were and are essential to the performance of your duties during your employment up to the Termination Date. Except as required to perform such duties through the Termination Date, and except as required by law or
process of law (in which case you will provide at least ten business days advance written notice and reasonable opportunity for the Company to object to any such disclosure) after the Termination Date, you agree not to directly or indirectly
(1) make use in any way of any Confidential Information or (2) divulge, distribute or otherwise convey any Confidential Information to any person or entity in any form. You also acknowledge and agree that this obligation will survive and
continue in full force beyond the Termination Date. 
 Confidential Information includes trade secrets and other confidential, proprietary or
non-public business, financial, technical, strategic, design, marketing, legal, personnel or other information, whether or not your work product, in written, graphic, oral or other tangible or intangible forms, including, but not limited to:
strategic plans; presentations; research; specifications; records; data; computer programs; drawings; designs or models; vendor, supplier, business partner or customer names, lists or other information; business, marketing, financial, real estate or
other plans, studies, analyses, projections or reports; employee names, lists, organizational charts or other employee information; communications by or to attorneys (including attorney client privileged communications), memoranda and other
materials prepared by attorneys or under their direction (including attorney work product), and software systems and processes. Any information that is not readily or properly available to the public shall be considered to be a trade secret and
confidential and proprietary. 

 Jenny J. Ming 
 July 10, 2006 
 Page 5 
  

 c. Abide by Company Policies: You agree to abide by and comply with all applicable Company
policies including, but not limited to, those contained in the Code of Business Conduct. You agree that you will comply with the Company’s Securities Law Compliance Manual, until the earlier of (i) the next date that the Company lifts the
“blackout period” for executive officers and directors after the Termination Date; or (ii) ten weeks after the Termination Date. Notwithstanding the above, you hereby acknowledge that you shall remain at all times subject to all
federal and state securities laws, including insider trading laws, as they may apply. You shall continue to seek and rely upon your own legal counsel in connection with such matters, including with respect to Section 16 of the Securities
Exchange Act of 1934, as amended, and the Hart-Scott-Rodino Antitrust Improvements Act, as amended, with respect to your ownership and/or acquisition of Company stock. 
 d. Release: You hereby release and discharge the Company, its current and former officers, directors, employees, representatives, attorneys, subsidiaries, insurers, predecessors, affiliates, successors, and
agents from any and all claims, liabilities or obligations of every kind and nature, whether now known or unknown, suspected or unsuspected, which you ever had, or now have, including but not limited to all claims arising out of or in connection
with your employment or termination of employment, work or services for the Company. This release includes all federal and state statutory claims, federal and state common law claims (including those for contract and tort), and claims under any
federal or state anti-discrimination statute or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964 (as amended), the Age Discrimination in Employment Act, 42 U.S.C. sections 1981 and 1983, the Employee Retirement
Income Security Act of 1974, the Americans with Disabilities Act, the California Constitution, the California Fair Employment and Housing Act, the California Unfair Competition Act (California Business and Professions Code section 17200 et seq.),
the California Unruh Act, and the California Labor Code. 
 You also understand that Section 1542 of the Civil Code of the State of
California provides as follows: 
 “A general release does not extend to claims which the creditor does not know or suspect to exist in
his favor at the time of executing the release, which if known by him must have materially affected the settlement with the debtor;” 
 and in signing
this Agreement, you hereby waive and relinquish all rights you may have under Section 1542 of the Civil Code of the State of California, or any similar statute or law. 
 e. Non-Solicitation: During the Income Continuation Period, you will not directly or indirectly solicit or otherwise induce employees of the
Company to become employed by you or any business with which you are affiliated; nor will you directly or indirectly solicit or induce employees of the Company to leave the Company. The parties agree and acknowledge that this provision is not
intended to prevent general job postings by any of your subsequent employers regarding availability of positions. 
 f.
Nondisparagement: You agree not to make any statements or comments, oral or written, which in any way criticize, denigrate, disparage or defame the reputation of the Company or any of its officers, employees or directors. The foregoing
notwithstanding, you will not be precluded, and 

 Jenny J. Ming 
 July 10, 2006 
 Page 6 
  

 
it will not be deemed a violation of this provision, from providing information or making statements or comments which you believe in good faith to be
true before any regulatory or administrative agency, governmental body or court of law when called upon to do so. 
 g.
Cooperation: You agree to be reasonably available to the Company during the Income Continuation Period to respond to requests for information concerning matters, facts or events relating to the Company or any Company entity about which you
may be knowledgeable. 
 h. Execution of Documents: Prior to the Termination Date and during the Income Continuation Period, upon
request by the Company’s General Counsel, you will execute all documents required by the Company related to your employment, transition or termination of employment by or affiliation with the Company, its affiliates, and direct and indirect
subsidiaries, including without limitation Directors and Officers questionnaires in connection with the Company’s disclosure obligations under the Securities Exchange Act of 1934, as amended, and the regulations thereunder, and the Securities
Act of 1933, as amended, and the regulations thereunder. 
 i. Execution of New Release of Claims: You agree that on or within one
week after the Termination Date, you will execute a new release and waiver of claims as attached in Appendix 1. 
 j. Consideration:
You understand and agree that the payments and benefits provided in this Agreement are in excess of any earned wages, commissions, bonuses, compensation, benefits and any other amounts due and owing to you, and are valuable consideration for the
promises that you make in this Agreement, including without limitation the Release attached as Appendix 1. You further agree that with the exception of the payments and benefits described in this Agreement, you are owed no wages, commissions,
bonuses, compensation, or benefits. 
  

	4.	MISCELLANEOUS 

 a. The intent of this
Agreement is to mutually, amicably and finally resolve and compromise all issues and claims related to your employment and termination. The execution of this Agreement shall not in any way be considered an admission of liability on the part of the
Company. 
 b. If there is any dispute over the terms, enforcement or obligations under this Agreement, the prevailing party shall be
entitled to recover from the other party reasonable attorneys fees and/or costs incurred to enforce this Agreement. 
 c. In the event that
any provision or portion of this Agreement is determined to be invalid or unenforceable, the remaining provisions shall be unaffected and shall remain in full force and effect. 
 d. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of California. 
 e. This Agreement constitutes our entire agreement regarding your termination and supersedes any previous agreements or understandings, if any, between
us. This is a legally binding Agreement. You are advised to consult with an attorney prior to signing the Agreement. You have 21 days to consider this Agreement, but you may sign it sooner. If after carefully reviewing this 

 Jenny J. Ming 
 July 10, 2006 
 Page 7 
  

 
Agreement, it correctly sets forth our agreement, please acknowledge this by signing both original Agreements where indicated below. After signing this
Agreement you may revoke it within seven days. In order to do so, you must notify the Company in writing within seven days after the date you sign this Agreement that you intend to revoke it or you will be forever bound by the terms of this
Agreement. This Agreement will not be effective until the seven-day period has elapsed. 
  

									
	 Sincerely,
	 		 	 Agreed to this 10 day of July, 2006

			
	 The Gap, Inc.
	 		 	
					
	 By:
	 	 /s/ Lauri M. Shanahan
	 		 		 	/s/ Jenny J. Ming
		 	 Lauri M. Shanahan
	 		 		 	Jenny J. Ming
		 	 Executive Vice President and
 General Counsel
	 		 		 	

 Jenny J. Ming 
 July 10, 2006 
 Page 8 
  

 APPENDIX 1 
 RELEASE OF CLAIMS 
 (to be signed on or within one week after Termination Date) 
 I hereby release and discharge the The Gap, Inc. and all of its subsidiaries and affiliates (hereafter collectively referred to as the “Company”), its current
and former officers, directors, employees, representatives, attorneys, subsidiaries, insurers, predecessors, affiliates, successors, and agents from any and all claims, liabilities or obligations of every kind and nature, whether now known or
unknown, suspected or unsuspected, which I ever had, or now have, including but not limited to all claims arising out of or in connection with my employment or termination of employment, work or services for the Company. This release includes all
federal and state statutory claims, federal and state common law claims (including those for contract and tort), and claims under any federal or state anti-discrimination statute or ordinance, including, without limitation, Title VII of the Civil
Rights Act of 1964 (as amended), the Age Discrimination in Employment Act, 42 U.S.C. sections 1981 and 1983, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act, the California Constitution, the California Fair
Employment and Housing Act, the California Unfair Competition Act (California Business and Professions Code section 17200 et seq.), the California Unruh Act, and the California Labor Code. 
 I understand that Section 1542 of the Civil Code of the State of California provides as follows: 
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected the settlement with the debtor;” 
 and in signing this Agreement, I hereby waive and relinquish all
rights I may have under Section 1542 of the Civil Code of the State of California, or any similar statute or law. 
 I understand that I
may revoke this Release within seven day of signing it, and that I must notify the Company in writing within seven days of my intent to do so. 
  

	
	 Agreed to this          day of
                    , 2006

	
	   
	Jenny J. Ming

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