Document:

Exhibit 10.3

      

      

      

      

      

      

      

      

      

      

      EMPLOYEE MATTERS AGREEMENT

      

      

      

      

      by and between

      

      

      ALLIANCE DATA SYSTEMS CORPORATION

      

      

      and

      

      

      LOYALTY VENTURES INC.

      

      

      Dated as of November 5, 2021

      

      

      
        
          

          

          

          

          

          

        

        
          

      

      
      TABLE OF CONTENTS

      

      

      

      

      	 	 	
              Page

            
	 	 	 
	 	
              ARTICLE 1

            	 
	 	
              Definitions

            	 
	 	 	 
	
              Section 1.01.

            	
              Definitions

            	
              1

            
	 	 	 
	 	
              ARTICLE 2

            	 
	 	
              General Allocation of Liabilities; Indemnification

            	 
	 	 	 
	
              Section 2.01.

            	
              Allocation of Employee-Related Liabilities

            	
              7

            
	
              Section 2.02.

            	
              Indemnification

            	
              9

            
	 	 	 
	 	
              ARTICLE 3

            	 
	 	
              Employees and Contractors; and Employment

            	 
	 	 	 
	
              Section 3.01.

            	
              Transfers of Employment

            	
              9

            
	
              Section 3.02.

            	
              Employment Agreements

            	
              10

            
	
              Section 3.03.

            	
              Contractors

            	
              12

            
	
              Section 3.04.

            	
              Assignment of Specified Rights

            	
              12

            
	 	 	 
	 	
              ARTICLE 4

            	 
	 	
              Plans

            	 
	 	 	 
	
              Section 4.01.

            	
              Plan Participation

            	
              12

            
	
              Section 4.02.

            	
              Service Credit

            	
              13

            
	 	 	 
	 	
              ARTICLE 5

            	 
	 	
              Retirement Plans

            	 
	 	 	 
	
              Section 5.01.

            	
              401(k) Plan

            	
              13

            
	
              Section 5.02.

            	
              ADS EDCP

            	
              14

            
	
              Section 5.03.

            	
              Section 409A

            	
              15

            
	 	 	 
	 	
              ARTICLE 6

            	 
	 	
              Health and Welfare Plans; Paid Time Off and Vacation

            	 
	 	 	 
	
              Section 6.01.

            	
              Cessation of Participation in ADS H&W Plans; Participation in Loyalty Ventures H&W Plans

            	
              15

            
	
              Section 6.02.

            	
              Assumption of Health and Welfare Plan Liabilities

            	
              15

            
	
              Section 6.03.

            	
              Flexible Spending Account Plan Treatment

            	
              16

            
	
              Section 6.04.

            	
              Workers’ Compensation Liabilities

            	
              16

            
	
              Section 6.05.

            	
              Vacation and Paid Time Off

            	
              16

            
	
              Section 6.06.

            	
              COBRA and HIPAA

            	
              16

            

      

      

      
        
          

          

        

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              Page

            
	 	 	 
	 	
              ARTICLE 7

            	 
	 	
              Incentive Compensation

            	 
	 	 	 
	
              Section 7.01.

            	
              Incentive Compensation

            	
              17

            
	 	 	 
	 	
              ARTICLE 8

            	 
	 	
              Treatment of Outstanding Equity Awards

            	 
	 	 	 
	
              Section 8.01.

            	
              RSUs

            	
              18

            
	
              Section 8.02.

            	
              PSUs

            	
              19

            
	
              Section 8.03.

            	
              Special LTIP RSU

            	
              20

            
	
              Section 8.04.

            	
              Special Achievement RSUs

            	
              20

            
	
              Section 8.05.

            	
              Miscellaneous Terms and Actions; Tax Reporting and Withholding

            	
              21

            
	
              Section 8.06.

            	
              Employee Stock Purchase Plan

            	
              22

            
	 	 	 
	 	
              ARTICLE 9

            	 
	 	
              Personnel Records; Payroll and Tax Withholding

            	 
	 	 	 
	
              Section 9.01.

            	
              Personnel Records

            	
              22

            
	
              Section 9.02.

            	
              Payroll; Tax Reporting and Withholding

            	
              22

            
	 	 	 
	 	
              ARTICLE 10

            	 
	 	
              Non-U.S. Employees and Employee Plans

            	 
	 	 	 
	
              Section 10.01.

            	
              Special Provisions for Employees and Employee Plans Outside of the United States

            	
              22

            
	 	 	 
	 	
              ARTICLE 11

            	 
	 	
              General and Administrative

            	 
	 	 	 
	
              Section 11.01.

            	
              Sharing of Participant Information

            	
              23

            
	
              Section 11.02.

            	
              Cooperation

            	
              23

            
	
              Section 11.03.

            	
              Vendor Contracts

            	
              24

            
	
              Section 11.04.

            	
              Data Privacy

            	
              24

            
	
              Section 11.05.

            	
              Notices of Certain Events

            	
              24

            
	
              Section 11.06.

            	
              No Third Party Beneficiaries

            	
              24

            
	
              Section 11.07.

            	
              Fiduciary Matters

            	
              25

            
	
              Section 11.08.

            	
              Consent of Third Parties

            	
              25

            
	
              Section 11.09.

            	
              Sponsored Employees

            	
              26

            
	 	 	 
	 	
              ARTICLE 12

            	 
	 	
              Non-Solicit and No-Hire

            	 
	 	 	 
	
              Section 12.01.

            	
              No-Hire/Non-Solicitation of Employees

            	
              26

            
	 	 	 
	 	
              ARTICLE 13

            	 
	 	
              Miscellaneous

            	 
	 	 	 
	
              Section 13.01.

            	
              General

            	
              27

            

      

      

      

      

      
        
          

          

        

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      SCHEDULES

      

      

      Schedule 8.03 Special LTIP
          RSUs

      Schedule 8.04 Special
          Achievement RSUs

      

      

      

      

      
        
          

          

        

        iii

        
          

        
          

          

        

      

      EMPLOYEE MATTERS AGREEMENT

      

      

      EMPLOYEE MATTERS AGREEMENT dated as of November 5, 2021 (as the same may be amended from time to time in accordance with its terms, this “Agreement”), between Alliance Data Systems Corporation, a Delaware corporation (“ADS”), and Loyalty Ventures Inc., a Delaware corporation (“Loyalty

          Ventures”) (each, a “Party” and together, the “Parties”). Capitalized terms used in this Agreement but not otherwise defined in this Agreement shall have the
        respective meanings ascribed to such terms in the Separation and Distribution Agreement dated as of November 3, 2021 by and between the Parties, to which this Agreement is Exhibit A (the “Separation Agreement”).

      

      

      W I T N E S E T H:

      

      

      WHEREAS, the board of directors of ADS (the “ADS Board”) has determined that it is in the best interests of ADS and its
        stockholders to separate the Loyalty Ventures Business from the ADS Business;

      

      

      WHEREAS, Loyalty Ventures is a wholly owned Subsidiary of ADS that has been incorporated for the sole purpose of, and has not engaged in activities except in
        preparation for, the Distribution and the transactions contemplated by this Agreement, the Separation Agreement and the other Ancillary Agreements;

      

      

      WHEREAS, pursuant to the Separation Agreement, ADS and Loyalty Ventures have agreed to enter into this Agreement for the purpose of allocating between them
        assets, liabilities and responsibilities with respect to certain employee matters, including employee compensation and benefit plans and programs; and

      

      

      WHEREAS, ADS and Loyalty Ventures have agreed that, except as otherwise expressly provided herein, the general approach and philosophy underlying this
        Agreement is to (a) allocate assets, Liabilities and responsibilities to the Loyalty Ventures Group (as opposed to the ADS Group) to the extent they relate to current or former employees and other service providers primarily related to the Loyalty
        Ventures Business and (b) allocate assets, Liabilities and responsibilities (other than those described in clause (a) above) to the ADS Group (as opposed to the Loyalty Ventures Group).

      

      

      NOW, THEREFORE, in consideration of the mutual promises contained herein and in the Separation Agreement, the Parties hereby agree as follows:

      

      

      ARTICLE 1

      Definitions

      

      

      Section 1.01.     Definitions.  (a)  For purposes
          of this Agreement, the following terms shall have the following meanings:

      
         

        
          

        
          

          

        

      

      
      “Adjusted ADS Awards” means, collectively, the Adjusted ADS PSUs and the Adjusted ADS RSUs.

      

      

      “Adjusted ADS PSU” means any ADS PSU adjusted pursuant to Section 8.02(b) hereto.

      

      

      “Adjusted ADS RSU” means any ADS RSU adjusted pursuant to Section 8.01(b) hereto.

      

      

      “ADS 401(k) Plan” means any ADS Plan that is a defined contribution plan
        intended to qualify under Section 401(a) of the Code.

      

      

      “ADS Common Stock” has the meaning set forth in the Separation Agreement.

      

      

      “ADS Compensation Committee” means the compensation committee of the ADS Board.

      

      

      “ADS Contractor” means each individual independent contractor or consultant (other than a Loyalty Ventures Contractor)
        of any member of the ADS Group.

      

      

      “ADS Director” means a member of the ADS Board.

      

      

      “ADS EDCP” means the Alliance Data Systems Corporation Executive Deferred Compensation Plan, amended and restated
        effective January 1, 2018.

      

      

       “ADS Employee” means each individual who, following the Distribution Date, is (a) not a Loyalty Ventures Employee and
        (b) either (i) actively employed by any member of the ADS Group or (ii) an inactive employee located in the U.S. (including any employee on short- or long-term disability leave or other authorized leave of absence).

      

      

       “ADS Equity Plans” means, collectively, (a) the Alliance Data Systems Corporation 2020 Omnibus Incentive Plan, and (b)
        the Alliance Data Systems Corporation 2015 Omnibus Incentive Plan (in each case, together with any successor plans thereto).

      

      

      “ADS ESPP” means the Alliance Data Systems Corporation 2015 Employee Stock Purchase Plan.

      

      

      “ADS FSA” means any ADS Plan that is a flexible spending account for health and dependent care expenses.

      

      

      “ADS Group” has the meaning set forth in the Separation Agreement.

      

      

      “ADS H&W Plan” means any ADS Plan that is an “employee welfare benefit plan” or “welfare plan” (as defined under
        Section 3(1) of ERISA).  For the

      
         

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      avoidance of doubt, ADS FSAs are ADS H&W Plans and the ADS 401(k) Plan is not an ADS H&W Plan.

      

      

      “ADS Participant” means any individual who is an ADS Employee, ADS Contractor or ADS Director and any beneficiary,
        dependent, or alternate payee of such individual, as the context requires.

      

      

      “ADS Plan” means any Employee Plan (other than a Loyalty Ventures Plan) sponsored, maintained, administered,
        contributed to or entered into by any member of the ADS Group.  For the avoidance of doubt, no Loyalty Ventures Plan is an ADS Plan.

      

      

      “ADS Post-Distribution Stock Value” means the volume weighted average trading price per
          share of ADS Common Stock, trading “regular way”, during the five trading days immediately following the Distribution Date.

      

      

      “ADS Pre-Distribution Stock Value” means the volume weighted average trading price per
          share of ADS Common Stock, trading “regular way” with “due bills”, during the five trading days immediately prior to the Distribution Date.

      

      

      “ADS PSU” means each award of restricted stock units with respect to ADS Common Stock granted under the ADS Equity Plan
        subject to performance-based vesting conditions.

      

      

       “ADS RSU” means each award of restricted share units with respect to ADS Common Stock granted under the ADS Equity
        Plan (other than ADS PSUs).

      

      

      “ADS Specified Rights” means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants,
        including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property, pursuant to any Employee Plan including any Associate Confidentiality Agreements,  covering or with any Loyalty Ventures
        Employee, Loyalty Ventures Contractor, ADS Employee or ADS Contractor and to which any member of the Loyalty Ventures Group or ADS Group is a party (other than Loyalty Ventures Specified Rights).

      

      

      “COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus
        Budget Reconciliation Act of 1985, as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA.

      

      

      “Code” means the Internal Revenue Code of 1986, as amended.

      

      

      “Distribution” has the meaning set forth in the Separation Agreement.

      

      

      “Distribution Date” has the meaning set forth in the Separation Agreement.

      
         

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      “Employee Plan” means any (a) “employee benefit plan” as defined in Section 3(3) of ERISA, (b) compensation,
        employment, consulting, severance, termination protection, change in control, transaction bonus, retention or similar plan, agreement, arrangement, program or policy or (c) other plan, agreement, arrangement, program or policy providing for
        compensation, bonuses, profit-sharing, equity or equity-based compensation or other forms of incentive or deferred compensation, vacation benefits, insurance (including any self-insured arrangement), medical, dental, vision, prescription or fringe
        benefits, life insurance, relocation or expatriate benefits, perquisites, disability or sick leave benefits, employee assistance program, supplemental unemployment benefits or post-employment or retirement benefits (including compensation, pension,
        health, medical or insurance benefits), in each case whether or not written.

      

      

      “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, together with the rules and regulations
        promulgated thereunder.

      

      

      “Former ADS Employee” means each individual who, as of immediately prior to the Distribution Date, is a former employee
        of any member of the ADS Group.

      

      

      “H&W Plan” means any ADS H&W Plan or Loyalty Ventures H&W Plan.

      

      

      “HIPAA” means the health insurance portability and accountability requirements for “group health plans” under the
        Health Insurance Portability and Accountability Act of 1996, as amended, together with the rules and regulations promulgated thereunder.

      

      

      “Liabilities” has the meaning set forth in the Separation Agreement.

      

      

      “Loyalty Ventures 401(k) Plan” means any Loyalty Ventures Plan that is a
        defined contribution plan intended to qualify under Section 401(a) of the Code.

      

      

      “Loyalty Ventures Active Employee” means any individual actively employed primarily with respect to the Loyalty
        Ventures Business or employed by any member of the Loyalty Ventures Group.

      

      

      “Loyalty Ventures Assets” has the meaning set forth in the Separation Agreement.

      

      

      “Loyalty Ventures Awards” means, collectively, the Loyalty Ventures PSUs and the Loyalty Ventures RSUs.

      

      

      “Loyalty Ventures Board” means the board of directors for Loyalty Ventures.

      

      

      “Loyalty Ventures Common Stock” has the meaning set forth in the Separation Agreement.

      
         

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      “Loyalty Ventures Compensation Committee” means the compensation committee of the Loyalty Ventures Board.

      

      

      “Loyalty Ventures Contractor” means each individual independent contractor or consultant who, as of the Distribution
        Date, primarily provides or provided services with respect to the Loyalty Ventures Business.

      

      

       “Loyalty Ventures Director” means a member of the Loyalty Ventures Board.

      

      

      “Loyalty Ventures Employee” means each (a) individual who, as of immediately following the Distribution Date, is (i) a
        Loyalty Ventures Active Employee or (ii) an inactive employee (including any Loyalty Ventures Inactive Employee) primarily employed with respect to the Loyalty Ventures Business by any member of the Loyalty Ventures Group, but not including any
        Transferred Loyalty Ventures Employees, or (b) a Transferred Loyalty Ventures Employee.

      

      

      “Loyalty Ventures Group” has the meaning set forth in the Separation Agreement.

      

      

      “Loyalty Ventures H&W Plan” means any Loyalty Ventures Plan that is (a) an “employee welfare benefit plan” or
        “welfare plan” (as defined under Section 3(1) of ERISA) or (b) a similar plan that is sponsored, maintained, administered, contributed to or entered into outside of the United States. For the avoidance of doubt, Loyalty Ventures FSAs are Loyalty
        Ventures H&W Plans and the Loyalty Ventures 401(k) Plan (once adopted) is not a Loyalty Ventures H&W Plan.

      

      

      “Loyalty Ventures Inactive Employee” means any individual who is (i) on an approved leave of absence and (ii) receiving
        long-term or short-term disability benefits under an ADS H&W Plan who is employed primarily with respect to the Loyalty Ventures Business or employed by any member of the Loyalty Ventures Group.

      

      

      “Loyalty Ventures Participant” means any individual who is a Loyalty Ventures Employee or Loyalty Ventures Contractor,
        and any beneficiary, dependent, or alternate payee of such individual, as the context requires.

      

      

      “Loyalty Ventures Plan” means any Employee Plan that (a) is or was sponsored, maintained, administered, contributed to
        or entered into by any member of the Loyalty Ventures Group, whether before, as of or after the Distribution Date or (b) for which Liabilities transfer to any member of the Loyalty Ventures Group under this Agreement or pursuant to applicable Law
        as a result of the Distribution.

      

      

      “Loyalty Ventures Specified Rights” means any and all rights to enjoy, benefit from or enforce any and all restrictive
        covenants, including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or

      
         

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      Intellectual Property, applicable or related, in whole or in part, to the Loyalty Ventures pursuant to any Employee Plan, including any Associate Confidentiality Agreements,
        covering or with any Loyalty Ventures Employee or Loyalty Ventures Contractor and to which any member of the Loyalty Ventures Group or ADS Group is a party; provided that, with respect to any Intellectual
        Property existing, conceived, created, developed or reduced to practice prior to the Distribution Date, the foregoing rights to enjoy, benefit from or enforce any restrictive covenants related to Intellectual Property is limited to those
        restrictive covenants related to Intellectual Property included in the Loyalty Ventures Assets.

      

      

      “Loyalty Ventures Stock Value” means the volume weighted average trading price per share of Loyalty Ventures Common
        Stock, trading “regular way”, during the five trading days immediately following the Distribution Date.

      

      

      “Non-U.S. Loyalty Ventures Active Employee” means any Loyalty Ventures Active Employee who is not a U.S. Loyalty
        Ventures Active Employee.

      

      

       “Non-U.S. Loyalty Ventures Participant” means any Loyalty Ventures Participant who is not a U.S. Loyalty Ventures
        Participant.

      

      

      “Record Date” has the meaning set forth in the Separation Agreement.

      

      

      “Restricted Period” means the period beginning on the Distribution Date and ending on the date that the Transition
        Services Agreement is terminated.

      

      

      “Special Achievement RSUs” means the awards relating to cash and units listed on Schedule 8.04.

      

      

      “Sponsored Employee” means any Loyalty Ventures Employee set forth on Schedule 1.01(a)(ii) who is working on a visa or
        work permit sponsored by ADS or an ADS Group member as of immediately prior to the Distribution Date.

      

      

      “Transferred Loyalty Ventures Employee” means any individual who, upon mutual agreement of the Parties, transfers
        employment from the ADS Group to the Loyalty Ventures Group following the Distribution Date (whether in connection with any Ancillary Agreement or otherwise).

      

      

      “U.S. Loyalty Ventures Active Employee” means any Loyalty Ventures Active Employee employed or engaged in the United
        States.

      

      

      “U.S. Loyalty Ventures Inactive Employee” means any Loyalty Ventures Inactive
        Employee employed or engaged in the United States.

      

      

      “U.S. Loyalty Ventures Participant” means any Loyalty Ventures Participant employed or engaged in the United States.

      

      

      (b) Each of the following terms is defined in the Section set forth opposite such term:

      
         

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              Term

            	
              Section

            
	
              ADS

            	
              Preamble

            
	
              ADS Board

            	
              Preamble

            
	
              ADS Bonus Plan

            	
              Section 7.01

            
	
              ADS Retained Employee Liabilities

            	
              Section 2.01(a)

            
	
              2021 ADS Cash Bonuses

            	
              Section 7.01

            
	
              2021 Loyalty Ventures Cash Bonuses

            	
              Section 7.01

            
	
              Delayed Transfer Period

            	
              Section 3.01(b)

            
	
              Estimated Prorated Bonus Amount

            	
              Section 7.01

            
	
              Final Liquidation Date

            	
              Section 5.01©

            
	
              Loyalty Ventures

            	
              Preamble

            
	
              Loyalty Ventures Assumed Employee Liabilities

            	
              Section 2.01(b)

            
	
              Loyalty Ventures Bonus Plan

            	
              Section 7.01

            
	
              Loyalty Ventures Equity Plan

            	
              Section 8.05(a)

            
	
              Loyalty Ventures FSA

            	
              Section 6.03

            
	
              Loyalty Ventures PSU Replacement Award

            	
              Section 8.02(a)

            
	
              Loyalty Ventures RSU

            	
              Section 8.01(a)

            
	
              Loyalty Ventures RSU Replacement Award

            	
              Section 8.01(a)

            
	
              Personnel Records

            	
              Section 9.01

            
	
              Retirement Eligible Employee

            	
              Section 8.03

            
	
              Special LTIP RSU

            	
              Section 8.03

            
	
              Transition Date

            	
              Section 6.01(a)

            
	
              Vendor Contract

            	
              Section 11.03

            

      

      

      

      

      ARTICLE 2

      General Allocation of Liabilities; Indemnification

      

      

      Section 2.01.     Allocation of Employee-Related
            Liabilities.

      

      

      (a) Subject to the terms and conditions of this Agreement, effective as of the Distribution Date, ADS shall, or shall cause the applicable member of the ADS Group to, assume and retain, and no member of the Loyalty Ventures
          Group shall have any further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any ADS Participant or any ADS Plan, in each case, other than any Loyalty Ventures Assumed Employee Liabilities (as
          defined below), or (ii) attributable to actions expressly specified to be taken by any member of the ADS Group under this Agreement, in each case, (x) whether arising before, on or after the Distribution Date, (y) whether based on facts occurring
          before, on or after the Distribution Date and (z) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of applicable Law or contract or (iii) expressly assumed or retained, as
          applicable, by any member of the ADS Group pursuant to this Agreement (collectively, “ADS Retained Employee Liabilities”).  For the avoidance of doubt, all ADS Retained Employee Liabilities are ADS
          Liabilities for purposes of the Separation Agreement.

      
         

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      (b) Subject to the terms and conditions of this Agreement, effective as of the Distribution Date, Loyalty Ventures shall, or shall cause the applicable member of the Loyalty Ventures Group to, assume, and no member of the ADS
          Group shall have any further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any Loyalty Ventures Participant or any Loyalty Ventures Plan or (ii) attributable to actions expressly specified to
          be taken by any member of the Loyalty Ventures Group under this Agreement, in each case, (x) whether arising before, on or after the Distribution Date, (y) whether based on facts occurring before, on or after the Distribution Date and
          (z) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of applicable Law or contract (collectively, “Loyalty Ventures Assumed Employee
            Liabilities”), including without limitation:

      

      

      (i) employment, separation or retirement agreements or arrangements to the extent applicable to any Loyalty Ventures Participant;

      

      

      (ii) wages, salaries, incentive compensation, commissions, bonuses and other compensation payable to any Loyalty Ventures Participants, without regard to when such wages, salaries, incentive compensation,
          equity compensation, commissions, bonuses and other compensation are or may have been earned;

      

      

      (iii)      severance or similar termination-related pay or benefits
          applicable to any Loyalty Ventures Participant relating to the termination or alleged termination of any Loyalty Ventures Participant’s employment or service with the Loyalty Ventures Group or ADS Group that occurs prior to, at or after the
          Distribution;

      

      

      (iv)       workers’ compensation and unemployment compensation benefits
          for all Loyalty Ventures Participants;

      

      

      (v) change in control, transaction bonus, retention and stay bonuses payable to any Loyalty Ventures Participants;

      

      

      (vi)       any applicable Law (including ERISA and the Code) to the
          extent related to participation by any Loyalty Ventures Participant in any Employee Plan;

      

      

      (vii)      any Actions, allegations, demands, assessments, settlements
          or judgments relating to or involving any Loyalty Ventures Participant (including, without limitation, those relating to labor and employment, wages, hours, overtime, employee classification, hostile workplace, civil rights, discrimination,
          harassment, affirmative action, work authorization, immigration, safety and health, information privacy and security, workers’ compensation, continuation coverage under group

      
         

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      health plans, wage payment, hiring practice and the payment and withholding of Taxes);

      

      

      (viii)      any costs or expenses incurred in designing, establishing
          and administering any Loyalty Ventures Plans or payroll or benefits administration for Loyalty Ventures Participants;

      

      

      (ix)        the employer portion of any employment, payroll or similar
          Taxes relating to any of the foregoing for any Loyalty Ventures Participant; and

      

      

      (x) any Liabilities expressly assumed or retained, as applicable, by any member of the Loyalty Ventures Group pursuant to this Agreement.

      

      

      For the avoidance of doubt, all Loyalty Ventures Assumed Employee Liabilities are Loyalty Ventures Liabilities for purposes of the Separation Agreement.

      

      

      Section 2.02.     Indemnification.  For the
          avoidance of doubt, the provisions of Article 5 of the Separation Agreement shall apply to and govern the indemnification rights and obligations of the parties with respect to the matters addressed by this Agreement.

      

      

      ARTICLE 3

      Employees and Contractors; and Employment

      

      

      Section 3.01.     Transfers of Employment.

      

      

      (a) Effective as of the Distribution Date, (i) the employment of each Non-U.S. Loyalty Ventures Active Employee, to the extent employed at such time, will be continued by a member of the Loyalty Ventures Group, (ii) the
          employment of each ADS Employee, to the extent employed at such time, will be continued by a member of the ADS Group and (iii) each U.S. Loyalty Ventures Active Employee shall remain employed by a member of the ADS Group through the Distribution
          Date, and, immediately following the Distribution Date, shall terminate employment with the ADS Group and shall immediately commence employment with a member of the Loyalty Ventures Group and shall be treated as a Loyalty Ventures Employee for
          all purposes pursuant to this Agreement. Before the Distribution Date, ADS and Loyalty Ventures shall cooperate in good faith to transfer the employment of each Non-U.S. Loyalty Ventures Employee from the ADS Group to the Loyalty Ventures Group,
          and the parties shall use their reasonable best efforts to cause all such transfers of employment to occur no later than the Distribution Date; provided however, that the parties agree to mutually
          cooperate to transfer the employment of any Transferred Loyalty Ventures Employees to the Loyalty Ventures Group as soon as possible following the Distribution Date and, unless as otherwise contemplated in connection with the

      
         

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      Transition Services Agreement, in no event later than the expiration of the Delayed Transfer Period.

      

      

      (b) Notwithstanding anything to the contrary in this Agreement, each Loyalty Ventures Employee who, as of the Distribution Date, is a U.S. Loyalty Ventures Inactive Employee will continue to be employed by a member of the ADS
          Group until such individual returns to active service. Upon a U.S. Loyalty Ventures Inactive Employee’s return to active service, Loyalty Ventures will make an offer of employment to such U.S. Loyalty Ventures Inactive Employee on terms and
          conditions of employment consistent with (A) this Agreement and (B) the terms and conditions of employment applicable to such U.S. Loyalty Ventures Inactive Employee at such time; provided, that such U.S.
          Loyalty Ventures Inactive Employee returns to active service within 18 months following the Distribution Date (such period, the “Delayed Transfer Period”).  For the avoidance of doubt, (x) immediately
          following the Distribution Date, the employment of each Loyalty Ventures Employee located in the U.S. (other than any U.S. Loyalty Ventures Inactive Employee) who is on an approved leave of absence (including parental, military or other
          authorized leave of absence) will continue with or be transferred to, as applicable, the Loyalty Ventures Group in accordance with Section 3.01(a) and (y) all costs relating to any compensation, benefits, severance or other employment-related
          costs in respect of U.S. Loyalty Ventures Inactive Employees will constitute Loyalty Ventures Assumed Employee Liabilities.

      

      

      (c) When required, each of the parties hereto agrees to execute, and to use their reasonable best efforts to have the applicable employees execute, any such documentation or consents as may be necessary or desirable to
          reflect or effectuate any such assignments or transfers contemplated by this Section 3.01.

      

      

      (d) Except as otherwise provided under the Transition Services Agreement, effective as of the Distribution Date, (i) Loyalty Ventures shall adopt or maintain, and shall cause each member of the Loyalty Ventures Group to adopt
          or maintain, leave of absence programs and (ii) Loyalty Ventures shall honor, and shall cause each member of the Loyalty Ventures Group to honor, all terms and conditions of authorized leaves of absence which have been granted to any Loyalty
          Ventures Participant before the Distribution Date, including such leaves that are to commence on or after the Distribution Date.

      

      

      Except as provided in Section 8.05(i), with respect to any Delayed Transfer Employee, references to the “Distribution Date” in this
        Agreement, as applicable, shall in each case be deemed to refer to the date such Delayed Transfer Employee commences employment with the Loyalty Ventures Group, mutatis mutandis, if later.

      

      

      Section 3.02.     Employment Agreements.

      
         

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      (a) With respect to any employment, retention, severance, restrictive covenant or similar agreements with Loyalty Ventures Employees to which a member of the Loyalty Ventures Group is not a party, or which do not otherwise
          transfer to a Loyalty Ventures Group member by operation of applicable Law, the Parties shall use reasonable best efforts to assign, effective on or before the Distribution Date (or, with respect to Delayed Transfer Employee, effective as of the
          applicable Delayed Transfer Date) the applicable employment, retention, severance, restrictive covenant or similar agreement, as applicable, to a member of the Loyalty Ventures Group in the applicable jurisdiction, and Loyalty Ventures shall, or
          shall cause a member of the Loyalty Ventures Group to assume and perform such agreements in accordance with their terms, in each case as if originally entered into by such applicable member of the Loyalty Ventures Group, and the ADS Group shall
          cease to have any Liabilities or responsibilities with respect thereto; provided, however, that this Section 3.02(a)
          shall not apply to any employment, retention, severance, restrictive covenant or similar agreements with any Loyalty Ventures Employees who are employed in a jurisdiction outside of the United States in which the Parties do not intend for such
          agreements to be transferred to the Loyalty Ventures Group.

      

      

      (b) With respect to any employment, retention, severance, restrictive covenant or similar agreements with ADS Employees to which a member of the ADS Group is not a party, or which do not otherwise transfer to an ADS Group
          member by operation of applicable Law, the Parties shall use reasonable best efforts to assign, effective on or before the Distribution Date (or, with respect to Delayed Transfer Employee, effective as of the applicable Delayed Transfer Date) the
          applicable employment, retention, severance, restrictive covenant or similar agreement, as applicable, to a member of the ADS Group in the applicable jurisdiction, and ADS shall, or shall cause a member of the ADS Group to assume and perform such
          agreements in accordance with their terms, in each case as if originally entered into by such applicable member of the ADS Group, and the Loyalty Ventures Group shall cease to have any Liabilities or responsibilities with respect thereto; provided, however, that this Section 3.02(b) shall not apply to any employment, retention, severance, restrictive covenant or
          similar agreements with any ADS Employees who are employed in a jurisdiction outside of the United States in which the Parties do not intend for such agreements to be transferred to the ADS Group.

      

      

      (c) From and after the Distribution Date (or, if applicable, the Delayed Transfer Date), each of ADS and Loyalty Ventures hereby agrees to comply with and honor any employment, services, retention or severance agreement
          between any member of the ADS Group or the Loyalty Ventures Group, as the case may be, on the one hand, and any ADS Employee or ADS Contractor or Loyalty Ventures Employee or Loyalty Ventures Contractor, respectively, on the other hand, and
          assumes responsibility for, and, to the extent applicable, Loyalty Ventures or the relevant member of the Loyalty Ventures Group and ADS or the relevant member of the ADS Group, respectively, shall cease to be responsible for or to otherwise have
          any Liability in respect of, such agreements.

      
         

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      Section 3.03.     Contractors.  With respect to
          any independent contractor or consulting agreements with Loyalty Ventures Contractors or ADS Contractors to which a Loyalty Ventures Group member or an ADS Group member, respectively, is not a party, or which do not otherwise transfer to a
          Loyalty Ventures Group member or an ADS Group member, respectively, by operation of applicable Law, the parties shall use reasonable best efforts to assign the applicable agreements to a member of the Loyalty Ventures Group or a member of the ADS
          Group, as applicable, in the applicable jurisdiction, and Loyalty Ventures or ADS, as applicable, shall, or shall cause a member of the Loyalty Ventures Group or a member of the ADS Group, respectively, to assume and perform any obligations under
          such independent contractor and consulting agreements.

      

      

      Section 3.04.     Assignment of Specified Rights. 

          To the extent permitted by applicable Law and the applicable agreement, if any, effective as of the Distribution Date, (i) ADS hereby assigns, to the maximum extent possible, on behalf of itself and the ADS Group, the Loyalty Ventures Specified
          Rights, to Loyalty Ventures and (ii) Loyalty Ventures hereby assigns, to the maximum extent possible, on behalf of itself and the Loyalty Ventures Group, the ADS Specified Rights, to ADS.

      

      

      ARTICLE 4

      Plans

      

      

      Section 4.01.     Plan Participation.

      

      

      (a) Except as otherwise expressly provided in this Agreement and subject to any provisions of the Transition Services Agreement, effective as of immediately following the Distribution Date, (i) (x) all Loyalty Ventures
          Participants shall cease any participation in, and benefit accrual under, ADS Plans other than the ADS H&W Plans (where participation will continue until the Transition Date), and  (y) to the extent applicable, all members of the Loyalty
          Ventures Group shall cease to be participating employers under the ADS Plans and, (ii) to the extent applicable,  (x) all ADS Participants shall cease any participation in, and benefit accrual under, Loyalty Ventures Plans and (y) all members of
          the ADS Group shall cease to be participating employers under the Loyalty Ventures Plans.  Prior to the Distribution Date, ADS and Loyalty Ventures shall take all actions necessary to effectuate the actions contemplated by this Section 4.01 and
          to cause (A) except as otherwise set forth in the Transition Services Agreement, the applicable Loyalty Ventures Group member to have in effect such corresponding Loyalty Ventures Plan as of the Distribution Date, (B) the applicable Loyalty
          Ventures Group Member to assume or retain all Liabilities with respect to each Loyalty Ventures Plan and the applicable ADS Group member to assume or retain all Liabilities with respect to each ADS Plan, in each case, effective as of the
          Distribution Date and (C) all assets of any Loyalty Ventures Plan to be transferred to or retained by the applicable Loyalty Ventures Group member in the applicable jurisdiction and all assets of any ADS Plan to be

      
         

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      transferred to or retained by the applicable ADS Group member in the applicable jurisdiction, in each case, effective as of the Distribution Date.  Effective as of the
        Distribution Date, ADS shall not be considered a fiduciary for any Loyalty Ventures Plans.

      

      

      (b) The Parties agree that, to the extent the terms of this Agreement do not expressly prescribe the treatment of any specific compensation or benefits matter (including, without limitation, regarding the treatment of
          participation in any Employee Plans or the allocation of any Liabilities hereunder) applicable to any Delayed Transfer Employee, as the case may be, the Parties will reasonably cooperate in good faith to cause such matter to be treated in a
          manner consistent with the corresponding treatment provided under this Agreement of such matter as applicable to any Delayed Transfer Employee, respectively (or, if no such corresponding treatment is provided under the terms of this Agreement,
          then such matter shall otherwise be treated in accordance with the general approach and philosophy regarding the allocation of assets and Liabilities under the terms of this Agreement, as expressly set forth in the recitals to this Agreement).

      

      

      Section 4.02.     Service Credit.  From and after
          the Distribution Date, for purposes of determining eligibility to participate, vesting and benefit accrual under any Loyalty Ventures Plan in which a Loyalty Ventures Employee is eligible to participate on and following the Distribution Date,
          such Loyalty Ventures Employee’s service with any member of the ADS Group or the Loyalty Ventures Group, as the case may be, prior to the Distribution Date shall be treated as service with the Loyalty Ventures Group, to the extent recognized by
          the ADS Group or the Loyalty Ventures Group, as applicable, under an analogous ADS Plan or Loyalty Ventures Plan, as applicable, prior to the Distribution Date; provided, however, that such service shall not be recognized to the extent that such recognition would result in any duplication of benefits.

      

      

      ARTICLE 5

      Retirement Plans

      

      

      Section 5.01.     401(k) Plan.

      

      

      (a) Effective as of the Distribution Date, each Loyalty Ventures Participant who participates in the ADS 401(k) Plan immediately prior to the Distribution Date (i) will cease active participation in the ADS 401(k) Plan as of
          the Distribution Date, (ii) will be treated as a terminated participant for purposes of the ADS 401(k) Plan and (iii) upon the establishment of the Loyalty Ventures 401(k) Plan following the Distribution Date, will become eligible to participate
          in the Loyalty Ventures 401(k) Plan.

      

      

      (b) From and after the Distribution Date, the applicable member of the Loyalty Ventures Group shall be responsible for the administration of the Loyalty Ventures 401(k) Plan, and no member of the ADS Group shall have any
          Liability

      
         

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      or obligation (including any administration or fiduciary obligation) with respect to the Loyalty Ventures 401(k) Plan.

      

      

      (c) Effective as of the Distribution Date, other than as a result of the Distribution, participants in the ADS 401(k) Plan shall not be permitted to purchase additional shares of Loyalty Ventures Common Stock under the ADS
          401(k) Plan. Participants shall be permitted to sell shares of Loyalty Ventures Common Stock received as a result of the Distribution at their discretion until October 27, 2022. The remaining shares of Loyalty Ventures Common Stock received as a
          result of the Distribution shall be liquidated on the earlier of (i) November 1, 2022, (ii) the date the Loyalty Ventures Common Stock ceases to be readily tradable on an established securities market and (iii) the applicable effective date for
          the liquidation set forth in a ruling by the Supreme Court of the United States, or by any other court of applicable jurisdiction, to the effect that the ERISA duty of diversification would require the diversification of each investment option
          offered under a defined contribution plan or otherwise require the divestiture of any single-stock fund other than a fund of employer stock (the “Final Liquidation Date”). Proceeds from the sale of shares
          of Loyalty Ventures Common Stock in accordance with the immediately preceding sentence will be invested pro rata according to the Participant’s investment election on file for new contributions to the ADS 401(k) Plan.  If the participant has no
          investment election on file, the ADS Investment Committee shall direct the plan recordkeeper to direct proceeds to the ADS 401(k) Plan’s Qualified Default Alternative Investment (QDIA).  In the event that Loyalty Ventures posts a dividend during
          the period between the Distribution and Final Liquidation Date, the ADS 401(k) Plan will not purchase additional shares of Loyalty Ventures Common Stock, and any cash amounts received in respect of such dividends will follow the participant
          investment elections for new contributions to the ADS 401(k) Plan. If the participant has no investment election on file, the ADS Investment Committee shall direct the plan recordkeeper to direct proceeds to the ADS 401(k) Plan’s Qualified
          Default Alternative Investment (QDIA).  ADS shall assume sole responsibility for ensuring that the ADS 401(k) Plan is maintained in compliance with applicable Laws with respect to holding Loyalty Ventures Common Stock and shares of ADS Common
          Stock.  Shares of Loyalty Ventures Common Stock shall not be permitted to be distributed in-kind, in a lump sum or through periodic distributions of Loyalty Ventures Common Stock, and will only be permitted to be paid in cash; provided that direct rollovers will be permitted as allowed by the ADS 401(k) plan in the form of payment in cash.

      

      

      Section 5.02.     ADS EDCP.  Effective as of the Distribution Date, each Loyalty Ventures Participant who participates in the ADS EDCP as of immediately prior to the Distribution Date will cease active participation in the ADS EDCP. 
          For the avoidance of doubt, from and after the Distribution Date, each Loyalty Ventures Participant shall not actively participate in the ADS EDCP, but will continue to accrue additional interest for the duration of any waiting period prior to
          distribution of the applicable account balance. To the maximum extent permitted by Section 409A of the Code, a Loyalty Ventures Participant

      
         

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      shall be considered to have undergone a “separation from service” for purposes of Section 409A of the Code and the ADS EDCP in connection with the Distribution, and, following
        the Distribution Date, any amounts deferred pursuant to the ADS EDCP shall be treated as prescribed by the terms of the ADS EDCP, including with respect to a “separation from service”.

      

      

      Section 5.03.     Section 409A.  The parties
          shall cooperate in good faith so that the transactions contemplated by this Agreement and the Separation Agreement will not result in adverse tax consequences under Section 409A of the Code to any Loyalty Ventures Participant, in respect of their
          benefits under any Employee Plan.

      

      

      ARTICLE 6

      Health and Welfare Plans; Paid Time Off and Vacation

      

      

      Section 6.01.     Cessation of Participation in ADS
            H&W Plans; Participation in Loyalty Ventures H&W Plans.

      

      

      (a) Notwithstanding anything to the contrary in Section 4.01, Loyalty Ventures Participants in the United States shall continue to participate in ADS H&W Plans pursuant to the terms of a Transition Services Agreement and
          Loyalty Ventures Participants shall cease to participate in ADS H&W Plans following December 31, 2021 (the “Transition Date”).

      

      

      (b) Effective as of the Transition Date, Loyalty Ventures shall cause Loyalty Ventures Participants who participate in an ADS H&W Plan immediately prior to the Transition Date to be eligible to enroll in a corresponding
          Loyalty Ventures H&W Plan.

      

      

      (c) Subject to the terms of the applicable Loyalty Ventures H&W Plan and applicable Law, Loyalty Ventures shall use its reasonable best efforts to waive all limitations as to preexisting conditions, exclusions and waiting
          periods with respect to participation and coverage requirements applicable to Loyalty Ventures Participants under any Loyalty Ventures H&W Plan in which any such Loyalty Ventures Participant may be eligible to participate on or after the
          Transition Date to the extent that such conditions, exclusions and waiting periods are not applicable to or had been previously satisfied by any such Loyalty Ventures Participant under the corresponding ADS H&W Plans.

      

      

      Section 6.02.     Assumption of Health and Welfare Plan
            Liabilities.  Subject to Section 6.01, effective as of the Transition Date, all Liabilities relating to, arising out of, or resulting from health and welfare coverage or claims incurred on or after the Transition Date by each Loyalty
          Ventures Participant under the ADS H&W Plans shall be Liabilities of the ADS Group. Notwithstanding anything to the contrary contained herein, subject to Section 6.01, any and all costs, expenses or Liabilities relating to participation by
          Loyalty Ventures Participants in the ADS H&W Plans during the Delayed Transfer Period shall be

      
         

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      reimbursed by Loyalty Ventures to the ADS Group in accordance with the terms of the Transition Services Agreement and all costs, expenses or Liabilities relating to Loyalty
        Ventures Participants located primarily in the U.S. shall be retained by the ADS Group during the period covered by the Transition Services Agreement. For the avoidance of doubt, subject to Section 6.03, (a) all Liabilities arising under (i) any
        ADS H&W Plan with respect to Loyalty Ventures Participants or (ii) any Loyalty Ventures H&W Plan and (b) all Liabilities arising out of, relating to or resulting from the cessation of a Loyalty Ventures Participant’s participation in any
        ADS H&W Plan and transfer to a Loyalty Ventures H&W Plan as set forth herein (including any Actions or claims by any Loyalty Ventures Participants related thereto) shall, in each case, be Loyalty Ventures Assumed Employee Liabilities.

      

      

      Section 6.03.     Flexible Spending Account Plan
            Treatment.  Each Loyalty Ventures Participant shall continue to participate in the ADS FSA in accordance with its existing terms as contemplated by the Transition Services Agreement through December 31, 2021 (the grace period permitted
          by plan design shall end on March 31, 2022 for service dates through December 31, 2021).  The Loyalty Ventures Participants shall continue to make contributions during 2021 in accordance with their elections as of the Distribution Date and shall
          otherwise participate on the same terms and conditions as of prior to the Distribution Date.  Effective as of January 1, 2022, Loyalty Ventures intends to establish a flexible spending account plan for health and dependent care expenses (“Loyalty Ventures FSA”).

       

        

      Section 6.04.     Workers’ Compensation Liabilities. 

          Unless as otherwise expressly provided in the Separation Agreement, effective as of the Distribution Date, all workers’ compensation Liabilities relating to, arising out of, or resulting from any claim by any Loyalty Ventures Participant that
          result from an accident or from an occupational disease, regardless of whether incurred before, on or after the Distribution Date, shall be assumed by Loyalty Ventures and shall constitute Loyalty Ventures Assumed Employee Liabilities. The
          parties shall cooperate with respect to any notification to appropriate governmental agencies of the disposition and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and contracts governing the handling
          of claims.

      

      

      Section 6.05.     Vacation and Paid Time Off. 
          Effective as of the Distribution Date, the applicable Loyalty Ventures Group member shall recognize and assume all Liabilities with respect to vacation, holiday, sick leave, paid time off, floating holidays, personal days and other paid time off
          with respect to Loyalty Ventures Participants accrued on or prior to the Distribution Date, and Loyalty Ventures shall credit each such Loyalty Ventures Participant with such accrual; provided, that if
          any such vacation or paid time off is required under applicable Law to be paid out to the applicable Loyalty Ventures Participant in connection with the Distribution, such payment will be made by Loyalty Ventures as of the Distribution Date, and
          Loyalty Ventures will credit such Loyalty Ventures Participant with unpaid vacation time or paid time off in respect thereof; it being understood that any amount of vacation or paid time off required to be

      
         

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      paid out in connection with the Distribution shall constitute Loyalty Ventures Assumed Employee Liabilities.

      

      

      Section 6.06.     COBRA and HIPAA.

      

      

      (a) The ADS Group shall administer the ADS Group’s compliance with the health care continuation coverage requirements of COBRA, the certificate of creditable coverage requirements of HIPAA and the corresponding provisions of
          the ADS H&W Plans with respect to Loyalty Ventures Participants who incur a COBRA “qualifying event” occurring on or before the Transition Date; provided that, for the avoidance of doubt, any
          Liabilities related thereto shall constitute Loyalty Ventures Assumed Employee Liabilities.

      

      

      (b) Loyalty Ventures shall be solely responsible for all Liabilities incurred pursuant to COBRA and for administering, at Loyalty Ventures’ expense, compliance with the health care continuation coverage requirements of COBRA,
          the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Loyalty Ventures H&W Plans with respect to Loyalty Ventures Participants who incur a COBRA “qualifying event” that occurs at any time after
          the Transition Date.

      

      

      (c) The parties agree that neither the Distribution nor any assignment or transfer of the employment or services of any employee or individual independent contractor as contemplated under this Agreement shall constitute a
          COBRA “qualifying event” for any purpose of COBRA.

      

      

      ARTICLE 7

      Incentive Compensation

      

      

      Section 7.01.     Incentive Compensation.  Each
          Loyalty Ventures Participant participating in any ADS Plan that is a cash bonus or cash incentive plan (each, an “ADS Bonus Plan”) as of immediately prior to the Distribution Date shall, as of the
          Distribution Date, transfer to a Loyalty Ventures Plan that is a cash bonus or cash incentive plan (each, a “Loyalty Ventures Bonus Plan”) relating to the Loyalty Ventures 2021 fiscal year (the “2021 Loyalty Ventures Cash Bonuses”), but shall be credited with service for any time the Loyalty Ventures Participant provided services to ADS or the ADS Group between January 1, 2021 and the Distribution
          Date.  Any 2021 Loyalty Ventures Cash Bonuses that are earned and payable to Loyalty Ventures Participants under such Loyalty Ventures Bonus Plans will be paid by Loyalty Ventures in accordance with the terms of the applicable Loyalty Ventures
          Bonus Plan (including terms relating to the timing of payment); provided that at or following the Distribution Date, ADS shall determine the amount that would be payable to Loyalty Ventures Participants
          pursuant to the terms of an ADS Bonus Plan for the period beginning on January 1, 2021 and ending on the Distribution Date and, within thirty (30) days following the Distribution Date, will pay such amount to Loyalty Ventures (the “Estimated Prorated Bonus Amount”).  To the extent that following the

      
         

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      end of the Loyalty Ventures 2021 fiscal year it is determined that the amount of the 2021 Loyalty Ventures Cash Bonuses attributable to the period prior to the Distribution Date
        is (i) greater than the Estimated Prorated Bonus Amount, ADS shall reimburse Loyalty Ventures for any such excess amount and (ii) less than the Estimated Prorated Bonus Amount, Loyalty Ventures shall reimburse ADS for any such amount.

      

      

      ARTICLE 8

      Treatment of Outstanding Equity Awards

      

      

      Section 8.01.     RSUs.

      

      

      (a) Loyalty Ventures Participants.

      

      

      (i) ADS RSUs Granted More Than a Year Prior.  Effective as of three (3) Business Days prior to the Record Date, each ADS RSU that

          (i) is outstanding as of three (3) Business Days prior to the Record Date,

          (ii) was granted more than one year prior to such date and (iii) held by a Loyalty Ventures Participant shall immediately vest and be settled in shares of ADS Common Stock to be credited to such Loyalty Ventures Participant’s account prior to the
          Record Date.

      

      

      (ii) ADS RSUs Granted Less Than a Year Prior.  Effective as of the Distribution Date, each ADS RSU (other than the Special Achievement RSUs or Special LTIP RSUs (each as defined below)) that (i) is
          outstanding immediately prior to the Distribution Date, (ii) was granted less than one year prior to such date and (iii) held by a Loyalty Ventures Participant, shall be forfeited and, as soon as reasonably practicable following the Distribution
          Date, shall be replaced with (A) a new award (the “Loyalty Ventures RSU Replacement Award”) with a grant date fair value (as determined by the Loyalty Ventures Compensation Committee) equal to 75% of the
          value of the ADS RSU, with (x) one half of such Loyalty Ventures RSU Replacement Award to be granted as a restricted stock unit award with respect to Loyalty Ventures Common Stock (the “Loyalty Ventures RSU”)
          that has a grant date fair value (as determined by the Loyalty Ventures Compensation Committee) equal to 50% of the value of the Loyalty Ventures RSU Replacement Award, with the number of shares of Loyalty Ventures Common Stock relating to such
          Loyalty Ventures RSU to be determined by the Loyalty Ventures Compensation Committee, taking the ADS Pre-Distribution Stock Value multiplied by the number of ADS RSUs and divided by the Loyalty Ventures Stock Value, with any fractional shares
          rounded up to the nearest whole number of shares and (y) a long-term cash incentive award equal to 50% of the value of the Loyalty Ventures RSU Replacement Award to be determined by the Loyalty Ventures Compensation Committee, taking the ADS
          Pre-Distribution Stock Value multiplied by the number of ADS RSUs and (B) a cash payment equal to

      
         

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      25% of the aggregate value of such ADS RSUs valued at the ADS Pre-Distribution Stock Value.  The Loyalty Ventures RSU Replacement Awards shall be subject to
        the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding ADS RSUs as of immediately prior to the Distribution Date and the cash payment pursuant to clause (B) above shall be paid by the ADS Group,
        subject to any applicable withholding, as soon as practicable following the Distribution Date by the ADS Group, and in no event more than thirty (30) days following the Distribution Date.

      

      

      (b) ADS Participants.  Effective as of the Distribution Date, each ADS RSU that is outstanding immediately prior to the Distribution Date and held by an ADS Participant shall be adjusted to reflect the Distribution and
          become an Adjusted ADS RSU.  The number of shares of ADS Common Stock subject to such Adjusted ADS RSU shall be determined by the ADS Compensation Committee in a manner intended to preserve the value of such ADS RSU by multiplying the aggregate
          number of ADS RSUs in each grant by the ADS Pre-Distribution Stock Value divided by the ADS Post-Distribution Stock Value, with any fractional shares rounded up to the nearest whole number of shares and provided that in no case will such ADS RSUs
          result in a reduction of such ADS RSUs.  Each such Adjusted ADS RSU shall be subject to the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding ADS RSU as of immediately prior to the Distribution
          Date.

      

      

      Section 8.02.     PSUs.

      

      

      (a) Loyalty Ventures Participants.  Effective as of the Distribution Date, each ADS PSU that is (i) outstanding immediately prior to the Distribution Date and (ii) held by a Loyalty Ventures Participant, shall be
          forfeited and, as soon as practicable following the Distribution Date, replaced with (A) a new award (the “Loyalty Ventures PSU Replacement Award”) with a grant date fair value (as determined by the Loyalty
          Ventures Compensation Committee) equal to 75% of the value of the ADS PSU based on the performance-based vesting conditions with respect to each such ADS PSU being deemed to have been achieved at target performance level, with (x) one half of
          such Loyalty Ventures PSU Replacement Award to be granted as a Loyalty Ventures RSU that has a grant date fair value (as determined by the Loyalty Ventures Compensation Committee) equal to 50% of the value of the Loyalty Ventures PSU Replacement
          Award, with the number of shares of Loyalty Ventures Common Stock relating to such Loyalty Ventures RSU to be determined by the Loyalty Ventures Compensation Committee, multiplying the ADS Pre-Distribution Stock Value by the number of ADS PSUs
          and divided by the Loyalty Ventures Stock Value, with any fractional shares rounded up to the nearest whole number of shares and (y) a long-term cash incentive award equal to 50% of the value of the Loyalty Ventures PSU Replacement Award to be
          determined by the Loyalty Ventures Compensation Committee, multiplying the ADS Pre-Distribution Stock Value by the number of ADS PSUs and (B) a cash payment equal to 25% of the aggregate value of such

      
         

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      ADS PSUs valued at the ADS Pre-Distribution Stock Value; in the case of each ADS PSU, as of the Distribution Date the performance-based vesting conditions with respect to each
        such ADS PSU will be deemed to have been achieved at target performance level by the ADS Group.  The Loyalty Ventures PSU Replacement Awards shall be subject to the same terms and conditions (including time vesting and payment schedules after
        taking into account deemed target performance) as applicable to the corresponding ADS PSU as of immediately prior to the Distribution Date and the cash payment pursuant to clause (B) above shall be paid by the ADS Group, subject to any applicable
        withholding, as soon as practicable following the Distribution Date, and in no event more than thirty (30) days following the Distribution Date.

      

      

      (b) ADS Participants.  Effective as of the Distribution Date, each ADS PSU that is outstanding immediately prior to the Distribution Date and held by an ADS Participant shall be adjusted to reflect the Distribution and
          become an Adjusted ADS PSU.  The number of shares of ADS Common Stock subject to such Adjusted ADS PSU shall be determined by the ADS Compensation Committee in a manner intended to preserve the value of such ADS PSU by multiplying the aggregate
          number of ADS PSUs in each grant by the ADS Pre-Distribution Stock Value divided by the ADS Post-Distribution Stock Value, with any fractional shares rounded up to the nearest whole number of shares.  Each such Adjusted ADS PSU shall be subject
          to the same terms and conditions (including performance-based metrics, vesting and payment schedules) as applicable to the corresponding ADS PSU immediately prior to the Distribution Date, provided that,
          the performance-based metrics underlying each such Adjusted ADS PSU may be adjusted, as determined by the ADS Compensation Committee in its sole discretion, to reflect the Distribution.

      

      

      Section 8.03.     Special LTIP RSU.  Effective as
          of the Distribution Date, each ADS RSU that (i) is outstanding immediately prior to the Distribution Date, (ii) was granted less than one year prior to such date and (iii) held by a Loyalty Ventures Participant located in each jurisdiction set
          forth on Schedule 8.03 (each, a “Special LTIP RSU”), shall be forfeited and, as soon as practicable following the Distribution Date,  replaced with (A) a long-term cash incentive award equal to 75% of the
          value of the Special LTIP RSU to be determined by the Loyalty Ventures Compensation Committee, multiplying the ADS Pre-Distribution Stock Value by the number of Special LTIP RSUs,  that is subject to the same vesting and payment schedules as
          applicable to the corresponding Special LTIP RSU as of immediately prior to the Distribution Date and (B) a cash payment equal to 25% of the aggregate value of such Special LTIP RSUs valued at the ADS Pre-Distribution Stock Value that is paid by
          the ADS Group, subject to any applicable withholding, as soon as practicable following the Distribution Date and in no event more than thirty (30) days following the Distribution Date.

      

      

      Section 8.04.     Special Achievement RSUs. 
          Effective as of the Distribution Date, each ADS RSU identified as a Special Achievement RSU shall be forfeited in exchange for the right to receive an amount in cash equal to the value of the

      
         

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      Special Achievement RSU (as determined by the ADS Compensation Committee), multiplying the ADS Pre-Distribution Stock Value by the number of Special Achievement RSUs, with such
        cash payment to be made by the ADS Group, subject to any applicable withholding as soon as practicable following the Distribution Date, and in no event more than thirty (30) days following the Distribution Date.

      

      

      Section 8.05.     Miscellaneous Terms and Actions; Tax
            Reporting and Withholding.

      

      

      (a) Effective as of the Distribution Date, Loyalty Ventures shall adopt an equity incentive compensation plan for the benefit of eligible participants (the “Loyalty Ventures Equity Plan”).

          Prior to the Distribution Date, each of ADS and Loyalty Ventures shall take any actions necessary to give effect to the transactions contemplated by this Article 8,
          including, in the case of Loyalty Ventures, the reservation and application for listing of shares of Loyalty Ventures Common Stock as is necessary to effectuate the transactions contemplated by this Article 8. From and after the Distribution
          Date, (i) Loyalty Ventures shall retain the Loyalty Ventures Equity Plan, and all Liabilities thereunder shall constitute Loyalty Ventures Assumed Employee Liabilities, and (ii) ADS shall retain the ADS Equity Plan, and all Liabilities thereunder
          shall constitute ADS Retained Employee Liabilities. From and after the Distribution Date, all Adjusted ADS Awards, regardless of by whom held, shall be granted under and subject to the terms of the ADS Equity Plan and shall be settled by ADS, and
          all Loyalty Ventures Awards, regardless of by whom held, shall be granted under and subject to the terms of the Loyalty Ventures Equity Plan and shall be settled by Loyalty Ventures.

      

      

      (b) Unless otherwise required by applicable Law, (i) the applicable member of the Loyalty Ventures Group shall be responsible for all applicable income, payroll, employment and other similar tax withholding, remittance and
          reporting obligations in respect of Loyalty Ventures Participants relating to any Loyalty Ventures Awards and (ii) the applicable member of the ADS Group shall be responsible for all applicable income, payroll, employment and other similar tax
          withholding, remittance and reporting obligations in respect of ADS Participants relating to any Adjusted ADS Awards and any ADS RSUs in accordance with Section 8.01(a). For the avoidance of doubt, the Distribution shall not, in and of itself, be
          treated as a Change in Control (as defined in the ADS Equity Plan or the Loyalty Ventures Equity Plan, as applicable).

      

      

      (c) Loyalty Ventures shall prepare and file with the SEC a registration statement on an appropriate form with respect to the shares of Loyalty Ventures Common Stock subject to the Loyalty Ventures Awards pursuant to this
          Article 8 and shall use its reasonable best efforts to have such registration statement declared effective as soon as practicable following the Distribution Date and to maintain the effectiveness of such registration statement covering such
          Loyalty

      
         

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      Ventures Awards (and to maintain the current status of the prospectus contained therein) for so long as any Loyalty Ventures Awards remain outstanding.

      

      

      (d) Prior to the Distribution Date, each party shall take all such steps as may be required to cause any dispositions of ADS Common Stock (including Adjusted ADS Awards or any other derivative securities with respect to ADS
          Common Stock) or acquisitions of Loyalty Ventures Common Stock (including Loyalty Ventures Awards or any other derivative securities with respect to Loyalty Ventures Common Stock) resulting from the Distribution or the transactions contemplated
          by this Agreement or the Separation Agreement by each individual who is subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to ADS or who are or will become subject to such reporting requirements with respect
          to Loyalty Ventures to be exempt under Rule 16b-3 promulgated under the Exchange Act.

      

      

      Section 8.06.     Employee Stock Purchase Plan.  Effective

          as of the Distribution Date (or, if applicable, the Delayed Transfer Date), each Loyalty Ventures Participant shall cease participation in the ADS ESPP.

      

      

      ARTICLE 9

      Personnel Records; Payroll and Tax Withholding

      

      

      Section 9.01.     Personnel Records.  To the
          extent permitted by applicable Law, each of the Loyalty Ventures Group and the ADS Group shall be permitted by the other to access and retain copies of such records, data and other personnel-related information in any form (“Personnel Records”) as may be necessary or appropriate to carry out their respective obligations under applicable Law, the Separation Agreement or any of the Ancillary Agreements, and for the purposes of
          administering their respective employee benefit plans and policies.  All Personnel Records shall be accessed, retained, held, used, copied and transmitted in accordance with all applicable Laws, policies and agreements between the parties hereto.

      

      

      Section 9.02.     Payroll; Tax Reporting and Withholding.

      

      

      (a) Subject to the obligations of the parties as set forth in the Transition Services Agreement, effective as of no later than the Distribution Date, (i) the members of the Loyalty Ventures Group shall be solely responsible
          for providing payroll services (including for any payroll period already in progress) to the Loyalty Ventures Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (ii) the members of the ADS Group
          shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the ADS Employees and for any Liabilities with respect to garnishments of the salary and wages thereof.

      

      

      (b) To the extent consistent with the terms of the Tax Matters Agreement, the party that is responsible for making a payment hereunder shall be

      
         

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      responsible for (i) making the appropriate withholdings, if any, attributable to such payments and (ii) preparing and filing all related required forms and returns with the
        appropriate Governmental Authority.

      

      

      ARTICLE 10

      Non-U.S. Employees and Employee Plans

      

      

      Section 10.01.     Special Provisions for Employees and
            Employee Plans Outside of the United States.

      

      

      (a) From and after the date hereof, to the extent not addressed in this Agreement, the parties shall reasonably cooperate in good faith to effect the provisions of this Agreement with respect to employees and employee-,
          compensation- and benefits-related matters outside of the United States (including Employee Plans covering non-U.S. ADS Participants and Non-U.S. Loyalty Ventures Participants), which in all cases shall be consistent with the general approach and
          philosophy regarding the allocation of assets and Liabilities (as expressly set forth in the recitals to this Agreement).

      

      

      (b) Without limiting the generality of Section 3.03(a), to the extent required by applicable Law, Loyalty Ventures or a member of the Loyalty Ventures Group, as applicable, shall become a party to the applicable collective
          bargaining, works council, or similar arrangements with respect to Loyalty Ventures Employees or Loyalty Ventures Contractors located outside of the United States and shall comply with all obligations thereunder from and after the Distribution
          Date.

      

      

      ARTICLE 11

      General and Administrative

      

      

      Section 11.01.     Sharing of Participant Information. 

          To the maximum extent permitted under applicable Law, ADS and Loyalty Ventures shall share, and shall cause each member of its respective Group to reasonably cooperate with the other party hereto to (i) share, with each other and their respective
          agents and vendors all participant information reasonably necessary for the efficient and accurate administration of each of the ADS Plans and the Loyalty Ventures Plans, (ii) provide prompt written notification regarding the termination of
          employment or service of any Loyalty Ventures Participant or ADS Participant to the extent relevant to the administration of an ADS Plan or Loyalty Ventures Plan, but in no event later than 30 days following such termination of employment or
          service, (iii) facilitate the transactions and activities contemplated by this Agreement and (iv) resolve any and all employment-related claims regarding Loyalty Ventures Participants.  Loyalty Ventures and its respective authorized agents shall,
          subject to applicable Laws, be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the ADS Group, to the extent reasonably necessary for such administration. 
          ADS Group members shall be entitled to retain copies of all Loyalty Ventures

      
         

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      Books and Records relating to the subjects of this Agreement in the custody of the ADS Group, subject to the terms of the Separation Agreement and applicable Law.

      

      

      Section 11.02.     Cooperation.  Following the
          date of this Agreement, the parties shall, and shall cause their respective Subsidiaries to, cooperate in good faith with respect to any employee compensation or benefits matters that either party reasonably determines require the cooperation of
          the other party in order to accomplish the objectives of this Agreement (including, without limitation, relating to any audits by any Governmental Authorities).

      

      

      Section 11.03.     Vendor Contracts.  Prior to
          the Distribution Date, ADS and Loyalty Ventures will cooperate in good faith and use reasonable best efforts to (a) negotiate with the current third-party providers to separate and assign to the Loyalty Ventures Group or Loyalty Ventures Plan or
          the ADS Group or ADS Plan, as applicable, the applicable rights and obligations under each group insurance policy, health maintenance organization, administrative services contract, third-party administrator agreement, letter of understanding or
          arrangement that pertains to one or more ADS Plans or Loyalty Ventures Plans, respectively (each, a “Vendor Contract”), to the extent that such rights or obligations pertain to Loyalty Ventures Participants
          or ADS Participants, respectively, or, in the alternative, to negotiate with the current third-party providers to provide substantially similar services to a Loyalty Ventures Plan or ADS Plan, respectively, on substantially similar terms under
          separate contracts with a member of the Loyalty Ventures Group or the Loyalty Ventures Plans or ADS Group or the ADS Plans, respectively, as applicable and (b) to the extent permitted by the applicable third-party provider, obtain and maintain
          pricing discounts or other preferential terms under the applicable Vendor Contracts.

      

      

      Section 11.04.     Data Privacy.  Notwithstanding
          anything to the contrary herein, the Parties agree that any applicable data privacy laws and any other obligations of the ADS Group and the Loyalty Ventures Group to maintain the confidentiality of any employee information held by any member of
          the ADS Group or the Loyalty Ventures Group, as applicable, or any information held in connection with any Employee Plans in accordance with applicable Law will govern the disclosure of employee information between the Parties under this
          Agreement. Each of ADS and Loyalty Ventures will ensure that it has in place appropriate technical and organizational security measures to protect the personal data of the ADS Participants and Loyalty Ventures Participants, respectively.

      

      

      Section 11.05.     Notices of Certain Events. 
          Each of Loyalty Ventures and ADS shall promptly notify and provide copies to the other of:  (a) written notice from any Person alleging that the approval or consent of such Person is or may be required in connection with the transactions
          contemplated by this Agreement; (b) any written notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement or the Separation Agreement; and (c) any actions, suits, claims,
          investigations or

      
         

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      proceedings commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting the Loyalty Ventures Group or the ADS Group, as the case may be,
        that relate to the consummation of the transactions contemplated by this Agreement or the Separation Agreement; provided that the delivery of any notice pursuant to this Section 11.05 shall not affect the
        remedies available hereunder to the party receiving such notice.

      

      

      Section 11.06.     No Third Party Beneficiaries. 
          Notwithstanding anything to the contrary herein, nothing in this Agreement shall:  (a) create any obligation on the part of any member of the Loyalty Ventures Group or any member of the ADS Group to retain the employment or services of any
          current or former employee, director, independent contractor or other service provider; (b) be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any future, present, or former
          employee or service provider of any member of the ADS Group or the Loyalty Ventures Group (or any beneficiary or dependent thereof) under this Agreement, the Separation Agreement, any ADS Plan or Loyalty Ventures Plan or otherwise; (c) preclude
          Loyalty Ventures or any Loyalty Ventures Group member (or, in each case, any successor thereto), at any time after the Distribution Date, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect
          any Loyalty Ventures Plan, any benefit under any Loyalty Ventures Plan or any trust, insurance policy, or funding vehicle related to any Loyalty Ventures Plan (in each case in accordance with the terms of the applicable arrangement); (d) other
          than as required to comply with the terms of the Transition Services Agreement, preclude ADS or any ADS Group member (or, in each case, any successor thereto), at any time after the Distribution Date, from amending, merging, modifying,
          terminating, eliminating, reducing, or otherwise altering in any respect any ADS Plan, any benefit under any ADS Plan or any trust, insurance policy, or funding vehicle related to any ADS Plan (in each case in accordance with the terms of the
          applicable arrangement); or (e) confer any rights or remedies (including any third-party beneficiary rights) on any current or former employee or service provider of any member of the ADS Group or the Loyalty Ventures Group or any beneficiary or
          dependent thereof or any other Person.

      

      

      Section 11.07.     Fiduciary Matters.  ADS and
          Loyalty Ventures each acknowledge that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no party shall be deemed to be in violation of this
          Agreement if it fails to comply with any provisions hereof based upon its good faith determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard.  Each party shall
          be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release and indemnify the other party for any Liabilities caused by the failure to satisfy any such
          responsibility.

      
         

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      Section 11.08.     Consent of Third Parties.  If
          any provision of this Agreement is dependent on the consent of any third party (such as a vendor or Governmental Authority), the parties shall cooperate in good faith and use reasonable best efforts to obtain such consent, and if such consent is
          not obtained, to implement the applicable provisions of this Agreement to the full extent practicable.  If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the parties shall negotiate in
          good faith to implement the provision in a mutually satisfactory manner.  A party’s obligation to use its “reasonable best efforts” shall not require such party to take any action to the extent it would reasonably be expected to (i) jeopardize,
          or result in the loss or waiver of, any attorney-client or other legal privilege, (ii) contravene any applicable Law or fiduciary duty, (iii) result in the loss of protection of any Intellectual Property or other proprietary information or (iv)
          incur any non-routine or unreasonable cost or expense.

      

      

      Section 11.09.     Sponsored Employees.  The
          parties shall, and shall cause their respective Group members to, cooperate in good faith with each other and the applicable Governmental Authorities with respect to the process of obtaining work authorization for each Sponsored Employee to work
          with Loyalty Ventures or a Loyalty Ventures Group member, including but not limited to, petitioning the applicable Governmental Authorities for the transfer of each Sponsored Employee’s (as well as any spouse or dependent thereof, as applicable)
          visa or work permit, or the grant of a new visa or work permit, to any Loyalty Ventures Group member.  Any costs or expenses incurred with the foregoing shall constitute Loyalty Ventures Assumed Employee Liabilities.  In the event that it is not
          legally permissible for a Sponsored Employee to continue work with the Loyalty Ventures Group from and after the Distribution Date, the parties shall reasonably cooperate to provide for the services of such Sponsored Employee to be made available
          exclusively to the Loyalty Ventures Group under an employee secondment or similar arrangement, which any costs incurred by the ADS Group (including those relating to compensation and benefits in respect of such Sponsored Employee) shall
          constitute Loyalty Ventures Assumed Employee Liabilities.

      

      

      ARTICLE 12

      Non-Solicit and No-Hire

      

      

      Section 12.01.     No-Hire/Non-Solicitation of Employees.

      

      

      (a) During the applicable Restricted Period, Loyalty Ventures shall not, and shall cause each member of the Loyalty Ventures Group not to, (i) solicit or induce, or attempt to solicit or induce, any ADS Employee to terminate
          his or her employment or service relationship with any member of the ADS Group or (ii) hire any ADS Employee who is or was employed by any member of the ADS Group at any time prior to the expiration of the applicable Restricted Period (other
          than, for the avoidance of doubt, a Loyalty Ventures Employee); provided that (A) the restrictions set forth in clause (i) of this Section 12.01(a) shall not prohibit

      
         

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      any member of the Loyalty Ventures Group from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted toward an ADS
        Employee (provided that nothing in this proviso shall permit the hiring of an ADS Employee who responds to any such public advertisement or general solicitation which would otherwise be restricted by clause
        (ii) of this Section 12.01(a), (B) the restrictions in clause (ii) of this Section 12.01(a) shall not apply to hiring (1) any ADS Employee who has ceased employment with the ADS Group for a period of at least (x) six months, in the case of such
        employees who are at the level of Senior Vice President or above, and (y) three months, in the case of such employees who are at the level of Vice President or (2) any ADS Employee whose employment was involuntarily terminated by a member of the
        ADS Group.

      

      

      (b) During the applicable Restricted Period, ADS shall not, and shall cause each member of the ADS Group not to, (i) solicit or induce, or attempt to solicit or induce, any Loyalty Ventures Employee to terminate his or her
          employment or service relationship with any member of the Loyalty Ventures Group or (ii) hire any Loyalty Ventures Employee who is or was employed by any member of the Loyalty Ventures Group at any time prior to the expiration of the applicable
          Restricted Period (other than, for the avoidance of doubt, any ADS Employee); provided that (A) the restrictions set forth in clause (i) of this Section 12.01(b) shall not prohibit any member of the ADS
          Group from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted toward a Loyalty Ventures Employee (provided that  nothing in this proviso
          shall permit the hiring of a Loyalty Ventures Employee who responds to any such public advertisement or general solicitation which would otherwise be restricted by clause (ii) of this Section 12.01(b), (B) the restrictions in clause (ii) of this
          Section 12.01(b) shall not apply to hiring (1) any Loyalty Ventures Employee who has ceased employment with the Loyalty Ventures Group for a period of at least (x) six months, in the case of such employees who are at the level of Senior Vice
          President or above, and (y) three months, in the case of such employees who are at the level of Vice President or (2) Loyalty Ventures Employee whose employment was involuntarily terminated by a member of the Loyalty Ventures Group.

      

      

      (c) The Parties acknowledge and agree that one or more exceptions may be made to the provisions of this Article 12 at the sole discretion, and with the written consent of, the General Counsel of ADS and Loyalty Ventures, as
          applicable. Any exception made shall not be used as a precedent to compel or allow any further exception(s).

      

      

      ARTICLE 13

      Miscellaneous

      

      

      Section 13.01.     General.  The provisions of
          Article 6 of the Separation Agreement (other than Section 6.06 as it relates to Third-Party Beneficiaries of the Separation Agreement) are hereby incorporated by reference into and deemed part of this Agreement and shall apply, mutatis mutandis, as if fully set forth in this Agreement.

      

      

      

      

      [Signature Page Follows]

      
         

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      IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.

      

      

      

      

      	
              ALLIANCE DATA SYSTEMS

              CORPORATION

            
	 
	
              By:

            	
              /s/ Ralph J. Andretta

                

            
	 	
              Name: Ralph J. Andretta

              

            
	 	
              Title: President and Chief Executive Officer

              

            

      

      

      

      

      

      

      	
              LOYALTY VENTURES INC.

            
	 
	
              By:

            	
              /s/ Charles L. Horn

                

            
	 	
              Name: Charles L. Horn

              

            
	 	
              Title: President and Chief Executive Officer

              

            

      

      

      

      

      

      

      
        [Signature Page to Employee Matters Agreement]Exhibit 10.4

      

      

      

      

      

      

      REGISTRATION RIGHTS AGREEMENT

      

      

      This Registration Rights Agreement (this “Agreement”) is made as of November 5, 2021 by and among Loyalty Ventures Inc., a Delaware
        corporation (the “Company”) and Alliance Data Systems Corporation, a Delaware corporation (“ADS”).

      

      

      RECITALS

      

      

      WHEREAS, the Holders collectively beneficially own an aggregate number of shares of Common Stock (as defined below) representing approximately 19% of the outstanding shares of
        Common Stock as of the date hereof; and

      

      

      WHEREAS, the Parties desire to enter into an agreement to provide for certain rights and obligations associated with ADS’ Common Stock ownership.

      

      

      NOW, THEREFORE, in consideration of the premises and mutual agreements, covenants and provisions herein contained, and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:

      

      

      ARTICLE I

      Definitions

      

      

      For purposes of this Agreement, the following terms have the meanings indicated:

      

      

      “Additional Piggyback Rights” has the meaning set forth in Section 2.2(b).

      

      

      “ADS” has the meaning set forth in the preamble to this Agreement.

      

      

      “Affiliate” means with respect to any Person, any other Person directly or indirectly controlling or controlled by or under direct or
        indirect common control with such specified Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or
        otherwise.

      

      

      “Agreement” has the meaning set forth in the preamble to this Agreement.

      

      

      “Automatic Shelf Registration Statement” has the meaning set forth in Section 2.1(a)(i).

      

      

      “beneficial ownership” and related terms such as “beneficially owned” or “beneficial owner” have the meaning given such terms in Rule 13d-3
        under the Exchange Act and a Person’s beneficial ownership of Capital Stock shall be calculated in accordance with the provisions of such rule.

      

      

      “Block Trade” means an offering and/or sale of Registrable Securities by the Holders on a block trade or underwritten basis (whether firm
        commitment or otherwise)

      
         

        
          

      

      

      

      without substantial marketing efforts prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction.

      

      

      “Board” means the Board of Directors of the Company.

      

      

      “Business Day” means any day other than a day on which the SEC is closed.

      

      

      “Capital Stock” means any and all shares of common stock, preferred stock or other forms of equity authorized and issued by the Company
        (however designated, whether voting or non-voting) and any instruments convertible into or exercisable or exchangeable for any of the foregoing (including any options or swaps).

      

      

      “Claims” has the meaning set forth in Section 2.8(a)(i).

      

      

      “Common Stock” means the common stock, par value $0.01 per share, of the Company and any and all securities of any kind whatsoever of the
        Company which may be issued after the date of this Agreement in respect of, or in exchange for, such shares of common stock of the Company pursuant to a merger, consolidation, stock split, stock dividend or recapitalization of the Company or
        otherwise.

      

      

      “Common Stock Equivalents” means (a) all securities directly or indirectly convertible into, or exchangeable or exercisable for (at any time
        or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject), shares of Common Stock, (b) all securities of the Company with voting rights or rights to appoint or
        designate for nomination individuals to the Board and (c) all securities that cannot be purchased or otherwise acquired unless purchased or otherwise acquired with any of the securities referenced in clause (a) or (b).

      

      

      “Company” has the meaning set forth in the preamble to this Agreement.

      

      

      “Demand Registration” has the meaning set forth in Section 2.1(a)(i).

      

      

      “Demand Registration Request” has the meaning set forth in Section 2.1(a)(i).

      

      

      “Disclosure Package” means, with respect to any offering of Registrable Securities, (i) the preliminary Prospectus, (ii) each Free Writing
        Prospectus, and (iii) all other information, in each case, that is deemed, under Rule 159 under the Securities Act, to have been conveyed to purchasers of Registrable Securities at the time of sale of such securities.

      

      

      “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect
        from time to time.

      

      

      “Expenses” means any and all fees and expenses incident to the Company’s performance of or compliance with Article II, including, without
        limitation: (i) SEC, stock exchange or FINRA registration and filing fees and all listing fees and fees with respect to the inclusion of securities on Nasdaq or on any other securities market on which the Common Stock is listed or quoted; (ii) fees
        and expenses of compliance with

      
        
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      state securities or “blue sky” laws of any state or jurisdiction of the United States or compliance with the securities laws of foreign jurisdictions and in connection with the preparation of a “blue
        sky” survey, including, without limitation, reasonable fees and expenses of outside “blue sky” counsel and securities counsel in foreign jurisdictions; (iii) printing and copying expenses; (iv) messenger and delivery expenses; (v) expenses incurred
        in connection with any road show; (vi) fees and disbursements of counsel for the Company; (vii) with respect to each registration or underwritten offering, the reasonable fees and disbursements of one counsel for the Holders, together with any
        local counsel, up to an aggregate amount of $100,000 per offering; (viii) fees and disbursements of its registered independent public accounting firm (including the expenses of any audit and/or “comfort” letter and updates thereof) and fees and
        expenses of other Persons, including special experts, retained by the Company; (ix) fees and expenses of any transfer agent or custodian; and (x) expenses for securities law liability insurance and, if any, rating agency fees. For the avoidance of
        doubt, Expenses shall not include the amounts specified in Section 2.5(b)(y) or the fees or expenses of any underwriters’ counsel.

      

      

      “FINRA” means the Financial Industry Regulatory Authority, Inc. or any successor regulatory organization.

      

      

      “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act relating to the
        Registrable Securities included in the applicable Registration Statement that has been approved for use by the Company.

      

      

      “Governmental Authority” means any federal, national, foreign, supranational, state, provincial, county, local or other government,
        governmental, regulatory or administrative authority, agency, instrumentality or commission or any court, tribunal, or judicial or arbitral body of competent jurisdiction.

      

      

      “Holders” means ADS, together with each transferee of ADS that acquires Registrable Securities from ADS other than pursuant to a registered
        offering or Rule 144 (but only for so long as such transferee holds Registrable Securities), and their respective successors and permitted assigns, in each case provided such Person executes a joinder to this Agreement in form and substance
        reasonably satisfactory to the Company.

      

      

      “issuer free writing prospectus” has the meaning set forth in Section 2.9.

      

      

      “Law” means any U.S. or non-U.S. federal, state, local, national, supranational, foreign or administrative law (including common law),
        statute, ordinance, regulation, requirement, regulatory interpretation, rule, code or Order.

      

      

      “Nasdaq” means the Nasdaq Stock Market LLC.

      

      

      “Order” means any order (temporary or otherwise), judgment, injunction, award, decision, determination, stipulation, ruling, subpoena, writ,
        decree or verdict entered by or with any Governmental Authority.

      

      

      “Party” and “Parties” means the parties to this Agreement.

      
        
          3

        

        
          

      

      

      

      “Person” means any individual, corporation, partnership, limited partnership, limited liability company, joint venture, syndicate, person
        (as defined in Section 13(d)(3) of the Exchange Act), trust, association, entity, Governmental Authority or other organization of any kind.

      

      

      “Piggyback Request” has the meaning set forth in Section 2.2(a).

      

      

      “Piggyback Shares” has the meaning set forth in Section 2.3(a)(iii).

      

      

      “Postponement Period” has the meaning set forth in Section 2.1(b).

      

      

      “Prospectus” means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all
        other amendments thereto, including post-effective amendments, and all material incorporated by reference, or deemed to be incorporated by reference, into such prospectus.

      

      

      “Public Offering” means an underwritten public offering of the Shares pursuant to an effective Registration Statement, other than (i)
        pursuant to a Registration Statement on Form S-4 or Form S-8 or any similar or successor form under the Securities Act or (ii) in connection with an offering of subscription rights.

      

      

      “Qualified Independent Underwriter” means a “qualified independent underwriter” within the meaning of FINRA Rule 5121.

      

      

      “Registrable Securities” means (a) any Shares held by the Holders at any time (including those held as a result of, or issuable upon, the
        conversion or exercise of Common Stock Equivalents), whether now owned or acquired by the Holders at a later time, (b) any Shares issued or issuable, directly or indirectly, in exchange for or with respect to the Shares referenced in clause (a)
        above by way of stock dividend, stock split or combination of Shares or in connection with a reclassification, recapitalization, merger, share exchange, consolidation or other reorganization and (c) any securities issued in replacement of or
        exchange for any securities described in clause (a) or (b) above. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (A) a Registration Statement with respect to the sale of such securities
        shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement or (B) such securities shall have been sold (other than in a privately negotiated sale) in
        compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or any successor provision thereto).

      

      

      “Registration Statement” means a registration statement of the Company on an appropriate form under the Securities Act filed with the SEC
        covering the resale of Registrable Securities, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be
        incorporated by reference in such Registration Statement.

      

      

      “Resale Shelf Registration” has meaning set forth in Section 2.1(e).

      
        
          4

        

        
          

      

      

      

      “Rule 144” means Rule 144 under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

      

      

      “SEC” means the United States Securities and Exchange Commission.

      

      

      “Section 2.3(a) Sale Number” has the meaning set forth in Section 2.3(a).

      

      

      “Section 2.3(b) Sale Number” has the meaning set forth in Section 2.3(b).

      

      

      “Section 2.3(c) Sale Number” has the meaning set forth in Section 2.3(c).

      

      

      “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time
        to time.

      

      

      “Shares” means shares of Common Stock of the Company and any and all securities of any kind whatsoever of the Company which may be issued in
        respect of, or in exchange for, such shares of common stock of the Company pursuant to a merger, consolidation, stock split, stock dividend or recapitalization of the Company or otherwise.

      

      

      “Shelf Registrable Securities” has the meaning set forth in Section 2.1(f).

      

      

      “Shelf Registration Statement” has the meaning set forth in Section 2.1(f).

      

      

      “Shelf Underwriting” has the meaning set forth in Section 2.1(f).

      

      

      “Shelf Underwriting Request” has the meaning set forth in Section 2.1(f).

      

      

      “Short-Form Registration” has the meaning set forth in Section 2.1(a)(i).

      

      

      “Valid Business Reason” has the meaning set forth in Section 2.1(b).

      

      

      “WKSI” has the meaning set forth in Section 2.1(a)(i).

      

      

      ARTICLE II

      Registration Rights

      

      

      Section 2.1.     Demand Registration.

      

      

      (a) (i) Subject to Sections 2.1(b) and 2.3, the Holders shall have the right to require the Company to file one or more Registration Statements covering all or any part of its Registrable Securities by delivering a written request therefor to
          the Company specifying the number of Registrable Securities to be included in such registration and the intended method of distribution therefor (a “Demand Registration Request”). The registration so
          requested is referred to herein as a “Demand Registration”. Any Demand Registration Request may request that the Company register Registrable Securities on an appropriate form, including Form S-1 or on Form
          S-3 or any similar short-form registration available to the Company, including a Shelf Registration Statement (as defined below) and, if the Company is a well-known seasoned issuer (as defined in Rule

      
        
          5

        

        
          

      

      

      

      405 under the Securities Act) (a “WKSI”), an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”) (each, a “Short-Form Registration”). Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use
        any applicable short form.

      

      

      (ii) The Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration the Registrable Securities of the Holders.

      

      

      (iii)       The Company shall, subject to Section 2.1(b), use its commercially reasonable
          efforts to (x) no later than (A) thirty (30) days following receipt of a Demand Registration Request for a Short-Form Registration and (B) forty-five (45) days following receipt of a Demand Registration Request for a registration that is not a
          Short-Form Registration, file with the SEC a Registration Statement for the registration under the Securities Act (including, without limitation, by means of a Shelf Registration Statement, as defined below, if so requested and if the Company is
          then eligible to use such a registration) of the Registrable Securities which the Company has been so requested to register, for distribution in accordance with such intended method of distribution, (y) once filed, cause such Registration
          Statement to be declared effective as soon as practicable following the filing and (z) if requested by the Holders, obtain acceleration of the effective date of the Registration Statement relating to such registration.

      

      

      (b) Notwithstanding anything to the contrary in Section 2.1(a), the Demand Registration rights granted in Section 2.1(a) are subject to the following limitations: (i) the Company shall not be required to effect more than five (5) total Demand
          Registrations and Shelf Underwritings (as defined below) in the aggregate during the term of this Agreement or more than one Demand Registration (which shall be deemed to include for these purposes any Shelf Underwriting, which are subject to
          this Section 2.1(b) mutatis mutandis) in any one hundred twenty (120)-day period (it being understood that a registration pursuant to a Piggyback Request (as defined below) by the Holders shall not
          constitute a Demand Registration for the purposes of this Section 2.1(b)); (ii) each registration in respect of a Demand Registration Request made by the Holders must include, in the aggregate, net of underwriting discounts and commissions (based
          on the Common Stock included in such registration by all holders participating in such registration), shares of Common Stock having an aggregate market value of at least $35,000,000 (or a lesser amount if the Registrable Securities requested by
          the Holders to be included in such Demand Registration constitute all of the Registrable Securities held by all Holders); and (iii) if the Board, in its good faith judgment, after consultation with outside counsel to the Company, determines that
          any registration of Registrable Securities should not be made or continued because it would require the Company to disclose material non-public information which, (A) would be required to be made in any report or Registration Statement filed with
          the SEC by the Company so that such report or Registration Statement would not be materially misleading, (B) would not be required to be made at such time but for the filing, effectiveness or continued use of such report or Registration Statement
          and (C) the Company disclosing publicly would adversely affect any financing, acquisition, merger or other material transaction or event involving the Company or otherwise have a material adverse effect on the Company (in each case, a

      
        
          6

        

        
          

      

      

      

      “Valid Business Reason”), then (x) the Company may postpone filing a Registration Statement relating to a Demand Registration Request until five (5) Business
        Days after such Valid Business Reason no longer exists, but in no event for more than ninety (90) days after the date the Board determines a Valid Business Reason exists and (y) in case a Registration Statement has been filed relating to a Demand
        Registration Request, the Company may, to the extent determined in the good faith judgment of the Board to be reasonably necessary to avoid interference with any of the transactions described above, cause such Registration Statement to be withdrawn
        and its effectiveness terminated or suspend the use of such Registration Statement by the Holders or may postpone amending or supplementing such Registration Statement until five (5) Business Days after such Valid Business Reason no longer exists,
        but in no event for more than ninety (90) days after the date the Board determines a Valid Business Reason exists (such period of suspension, postponement or withdrawal under this clause (iii), the “Postponement
          Period”). The Company shall give written notice of its determination to suspend, postpone or withdraw a Registration Statement and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, together
        with a certificate of such determination signed by the Chief Executive Officer or Chief Financial Officer of the Company, in each case, promptly after the occurrence thereof; provided, that the Company
        shall not be permitted to suspend, postpone or withdraw a Registration Statement for more than an aggregate of ninety (90) days in any twelve (12)-month period.

      

      

      If the Company shall give any notice of suspension, postponement or withdrawal of any Registration Statement pursuant to clause (b)(iii) above, the Company shall not, during the
        Postponement Period, register any Common Stock, other than pursuant to a Registration Statement on Form S-4 or S-8 (or an equivalent registration form then in effect). The Holders agree that, upon receipt of any notice from the Company that the
        Company has determined to suspend, withdraw, terminate or postpone amending or supplementing any Registration Statement pursuant to clause (b)(iii) above, the Holders will discontinue its disposition of Registrable Securities pursuant to such
        Registration Statement. If the Company shall have withdrawn or prematurely terminated a Registration Statement filed under Section 2.1(a)(i) (whether pursuant to clause (b)(iii) above or as a result of any stop order, injunction or other order or
        requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected an effective registration for the purposes of this Agreement until the Company shall have filed a new Registration Statement
        covering the Registrable Securities covered by the withdrawn or terminated Registration Statement and such Registration Statement shall have been declared effective and shall not have been withdrawn. If the Company shall give any notice of
        suspension, withdrawal or postponement of a Registration Statement, the Company shall, not later than five (5) Business Days after the Valid Business Reason that caused such suspension, withdrawal or postponement no longer exists (but in no event
        later than forty-five (45) days after the date of the suspension, postponement or withdrawal), use its commercially reasonable efforts to effect the registration under the Securities Act of the Registrable Securities covered by the suspended,
        withdrawn or postponed Registration Statement in accordance with this Section 2.1 (unless the Holders shall have withdrawn such request, in which case the

      
        
          7

        

        
          

      

      

      

      Company shall not be considered to have effected an effective registration for the purposes of this Agreement).

      

      

      (c) In connection with any Demand Registration, the Holders shall have the right to designate the lead managing underwriter in connection with any underwritten offering pursuant to such registration.

      

      

      (d) The obligation to effect a Demand Registration as described in this Section 2.1 shall be deemed satisfied only when a Registration Statement covering the applicable Registrable Securities shall have become effective (unless, after
          effectiveness, the Registration Statement becomes subject to any stop order, injunction or other order of the SEC or other governmental agency, in which case the obligation shall not be deemed satisfied) and, if the method of disposition is a
          firm commitment underwritten Public Offering, all such Registrable Securities (less any reduced pursuant to Section 2.3) have been sold pursuant thereto. Any request for a Demand Registration shall not count against the limitations on the number
          of Demand Registrations required to be effected set forth in Section 2.1(b) unless the obligation to effect such Demand Registration is deemed satisfied.

      

      

      (e) If requested in writing by the Holders of a majority of all of the Registrable Securities, the Company shall prepare, file with the SEC and use commercially reasonable efforts to have effective as promptly as practicable following the date
          of such request a Registration Statement for the sale or distribution by the Holders of all of the Registrable Securities held by the Holders on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, including by way of an
          underwritten offering, block sale or other distribution plan (the “Resale Shelf Registration”), to be filed and declared effective under the Securities Act, and, if the Company is a WKSI at the time of such
          Resale Shelf Registration, to cause such Resale Shelf Registration to be an Automatic Shelf Registration Statement, and once effective, the Company shall use commercially reasonable efforts to cause the Resale Shelf Registration to remain
          effective (including by filing a new Resale Shelf Registration, if necessary) for a period ending on the earliest of (i) the date on which all Registrable Securities included in such registration have been sold or distributed pursuant to the
          Resale Shelf Registration, (ii) the date as of which there are no longer in existence any Registrable Securities covered by the Resale Shelf Registration and (iii) an earlier date agreed to in writing by the Company and the Holders. For the
          avoidance of doubt, nothing set forth herein shall require the Company to file the Resale Shelf Registration or to keep effective the Resale Shelf Registration at any time during which the Company is ineligible to use any applicable short-form
          registration; provided, that at such time, the Company shall use its commercially reasonable efforts to become and remain qualified to use Short-Form Registrations and, upon the request of the Holders
          pursuant to this Article II, the Company shall prepare and file with the SEC a Registration Statement or Registration Statements on such form that is available for the sale of the Registrable Securities that were to be otherwise sold or
          distributed under such Resale Shelf Registration.

      

      

      (f) In the event that the Company files a shelf Registration Statement under Rule 415 of the Securities Act whether pursuant to a Demand Registration Request or the

      
        
          8

        

        
          

      

      

      

      Resale Shelf Registration and such registration becomes effective (such Registration Statement, a “Shelf Registration Statement”), the Holders shall have the
        right at any time or from time to time to elect to sell pursuant to an underwritten offering Registrable Securities available for sale pursuant to such Registration Statement (“Shelf Registrable Securities”),
        so long as the Shelf Registration Statement remains in effect and only if the method of distribution set forth in the Shelf Registration Statement allows for sales pursuant to an underwritten offering. The Holders shall make such election by
        delivering to the Company a written request (a “Shelf Underwriting Request”) for such underwritten offering to the Company specifying the number of Shelf Registrable Securities that the Holders desire to sell
        pursuant to such underwritten offering (the “Shelf Underwriting”). The Company, subject to Sections 2.3 and 2.6, shall include in such Shelf Underwriting the Shelf Registrable Securities of the Holders. The
        Company shall, as expeditiously as possible (and in any event within ten (10) days after the receipt of a Shelf Underwriting Request), but subject to Section 2.1(b), which shall apply mutatis mutandis to any Shelf Underwriting, use its commercially reasonable efforts to facilitate such Shelf Underwriting. Notwithstanding the foregoing, if the Holders wish to engage in a Block Trade off of a Shelf
        Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement), then notwithstanding the foregoing time periods, (A) the Holders need to notify
        the Company of the Block Trade Shelf Underwriting no later than 2:00 p.m. Eastern time five (5) Business Days prior to the day such offering is targeted to commence and (B) the Company shall as expeditiously as possible use its commercially
        reasonable efforts to facilitate such shelf offering (which may close as early as three (3) Business Days after the date it commences); provided, that the Holders shall use commercially reasonable efforts to work with the Company and the
        underwriters prior to making such request in order to facilitate preparation of the Registration Statement, Prospectus and other offering documentation related to the Block Trade. For the avoidance of doubt, any party holding Additional Piggyback
        Rights (as defined below) shall not be entitled to receive notice of, or to elect to participate in, a Block Trade or any Shelf Registration Statement or Prospectus to be used in connection with such Block Trade. The Company shall, at the request
        of the Holders, file any Prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement, any post-effective amendments and otherwise take any action necessary to include therein all disclosure
        and language reasonably deemed necessary or advisable by the Holders to effect such Shelf Underwriting, subject to Section 2.1(b). Notwithstanding anything to the contrary in this Section 2.1(f), each Shelf Underwriting must include, in the
        aggregate, net of underwriting discounts and commissions (based on the Common Stock included in such Shelf Underwriting by all participants in such Shelf Underwriting), shares of Common Stock having an aggregate market value of at least $35,000,000
        (or a lesser amount if the Registrable Securities of the Holders to be included in such Shelf Underwriting constitute all of the Registrable Securities held by all Holders).

      

      

      Section 2.2.     Piggyback Registration.

      

      

      (a) If the Company proposes or is required to register any of its equity securities for its own account or for the account of any other stockholder under the

      
        
          9

        

        
          

      

      

      

      Securities Act (other than pursuant to (i) a Shelf Underwriting (which shall be governed by Section 2.1 hereof) or (ii) registrations on Form S-4 or Form S-8 or any similar successor forms thereto),
        the Company shall give prompt written notice of its intention to do so to the Holders, at least five (5) Business Days prior to the filing of any Registration Statement under the Securities Act. Upon the written request of the Holders (a “Piggyback Request”), made within three (3) Business Days following the receipt of any such written notice (which request shall specify the maximum number of Registrable Securities intended to be disposed of by
        the Holders and the intended method of distribution thereof), the Company shall, subject to Section 2.2(c), 2.3 and 2.6 hereof, use its commercially reasonable efforts to cause all such Registrable Securities, the holders of which have so requested
        the registration thereof, to be registered under the Securities Act with the securities that the Company at the time proposes to register to permit the sale or other disposition by the Holders (in accordance with the intended method of distribution
        thereof) of the Registrable Securities to be so registered, including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the Registration Statement filed by the Company or the Prospectus related thereto. There is no
        limitation on the number of such piggyback registrations pursuant to the preceding sentence which the Company is obligated to effect. No registration of Registrable Securities effected under this Section 2.2(a) shall relieve the Company of its
        obligations to effect Demand Registrations under Section 2.1 hereof.

      

      

      (b) The Company, subject to Sections 2.3 and 2.6, may elect to include in any Registration Statement and offering pursuant to Demand Registration rights by any Holders, (i) authorized but unissued shares of Common Stock or shares of Common
          Stock held by the Company as treasury shares and (ii) with the prior written consent, which shall not be unreasonably withheld or delayed, of the Holders in the case of a registration pursuant to Section 2.1, any other shares of Common Stock
          which are requested to be included in such registration pursuant to the exercise of piggyback registration rights granted by the Company after the date hereof and which are not inconsistent with the rights granted in, or otherwise conflict with
          the terms of, this Agreement (“Additional Piggyback Rights”); provided, that with respect to any underwritten offering, such inclusion shall be permitted only to
          the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or arrangements, if any, entered into by the Holders.

      

      

      (c) If, at any time after giving written notice of its intention to register any equity securities and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine for any
          reason not to register or to delay registration of such equity securities, the Company may, at its election, give written notice of such determination to the Holders and (i) in the case of a determination not to register, shall be relieved of its
          obligation to register any Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of the Holders under Section 2.1 and (ii) in the case of a determination to delay such registration of its
          equity securities, shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity securities.

      
        
          10

        

        
          

      

      

      

      (d) The Holders shall have the right to withdraw their request for inclusion of their Registrable Securities in any Registration Statement pursuant to this Section 2.2 by giving written notice to the Company of its request to withdraw;
          provided, that such request must be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration.

      

      

      (e) Notwithstanding anything contained herein to the contrary, the Company shall, at the request of the Holders, file any Prospectus supplement or post-effective amendments, or include in the initial Registration Statement any disclosure or
          language, or include in any Prospectus supplement or post-effective amendment any disclosure or language reasonably deemed necessary or advisable by the Holders.

      

      

      Section 2.3.     Allocation of Securities Included in Registration Statement.

      

      

      (a) If any requested registration made pursuant to Section 2.1 (including a Shelf Underwriting) involves an underwritten offering and the managing underwriter of such offering shall advise the Company that, in its view, the number of
          securities requested to be included in such underwritten offering by the Holders, the Company or any other Persons exercising Additional Piggyback Rights exceeds the largest number (the “Section 2.3(a) Sale Number”)

          that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Holders, the Company shall use its commercially reasonable efforts to include in such underwritten offering:

      

      

      (i) first, all Registrable Securities requested to be included in such underwritten offering by the Holders; provided, that if the number of such Registrable Securities exceeds the
          Section 2.3(a) Sale Number, the number of such Registrable Securities (not to exceed the Section 2.3(a) Sale Number) to be included in such underwritten offering shall be allocated on a pro rata basis among the Holders, based on the number of
          Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion;

      

      

      (ii) second, to the extent that the number of Registrable Securities to be included pursuant to clause (i) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, any securities that the Company proposes to
          register; provided, that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clause (i) totals no more than the Section 2.3(a) Sale Number;
          and

      

      

      (iii)      third, to the extent that the number of Registrable Securities to be included
          pursuant to clauses (i) and (ii) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons
          requesting that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback Shares”), based on the number of Piggyback Shares then owned by each
          Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all

      
        
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      Persons requesting inclusion; provided, that the number of such securities when aggregated with that number of Registrable Securities to
        be included pursuant to clauses (i) and (ii) totals no more than the Section 2.3(a) Sale Number.

      

      

      (b) If any registration or offering made pursuant to Section 2.2 involves an underwritten primary offering on behalf of the Company and the managing underwriter shall advise the Company that, in its view, the number of securities requested to
          be included in such underwritten offering by the Holders, the Company or any other Persons exercising Additional Piggyback Rights exceeds the largest number (the “Section 2.3(b) Sale Number”) that can be
          sold in an orderly manner in such underwritten offering within a price range acceptable to the Company, the Company shall include in such underwritten offering:

      

      

      (i) first, all equity securities that the Company proposes to register for its own account;

      

      

      (ii) second, to the extent that the number of Registrable Securities to be included pursuant to clause (i) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included
          in such underwritten offering shall be allocated on a pro rata basis among the Holders, based on the number of Registrable Securities then owned by each such holder requesting inclusion in relation to the aggregate number of Registrable
          Securities owned by all such Holders requesting inclusion; provided, that the number of such remaining Registrable Securities when aggregated with that number of equity securities to be included pursuant
          to clause (i) totals no more than the Section 2.3(b) Sale Number; and

      

      

      (iii)      third, to the extent that the number of Registrable Securities to be included
          pursuant to clauses (i) and (ii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons
          requesting that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights, based on the number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate
          number of Piggyback Shares owned by all Persons requesting inclusion; provided, that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to
          clauses (i) and (ii) totals no more than the Section 2.3(b) Sale Number.

      

      

      (c) If any registration pursuant to Section 2.2 involves an underwritten offering that was initially requested by any Person(s) requesting that securities be included in such underwritten offering pursuant to the exercise of Additional
          Piggyback Rights and the managing underwriter shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering exceeds the number (the “Section 2.3(c)
            Sale Number”) that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Company, the Company shall include in such underwritten offering:

      
        
          12

        

        
          

      

      

      

      (i) first, the shares requested to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting that securities be included in such underwritten offering pursuant to the
          exercise of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all such Persons requesting inclusion, up
          to the Section 2.3(c) Sale Number;

      

      

      (ii) second, to the extent that the number of Piggyback Shares to be included pursuant to clause (i) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in
          such underwritten offering shall be allocated on a pro rata basis among the Holders requesting that Registrable Securities be included in such underwritten offering pursuant to the exercise of piggyback rights pursuant to Section 2.2, based on
          the aggregate number of Registrable Securities then owned by each Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all such Holders requesting inclusion, up to the Section 2.3(c) Sale Number; provided, that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clause (i) totals no more than the Section 2.3(c) Sale Number; and

      

      

      (iii)      third, to the extent that the number of Piggyback Shares and Registrable
          Securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated to shares the
          Company proposes to register for its own account; provided, that the number of such securities when aggregated with that number of Registrable Securities to be included pursuant to clauses (i) and (ii)
          totals no more than the Section 2.3(c) Sale Number.

      

      

      (d) If, as a result of the proration provisions set forth in clauses (a), (b) or (c) of this Section 2.3, the Holders shall not be entitled to include all Registrable Securities in an underwritten offering that the Holders have requested be
          included, the Holders may elect to withdraw its request to include Registrable Securities in the registration to which such underwritten offering relates or may reduce the number requested to be included; provided,
          that (x) such request must be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration and (y) such withdrawal or reduction shall be
          irrevocable and, after making such withdrawal or reduction, the Holders shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable
          Securities so withdrawn or reduced.

      

      

      Section 2.4.     Registration Procedures.  Whenever the Holders request that any Registrable Securities
          be registered pursuant to Section 2.1 or Section 2.2, subject to the provisions of those Sections, the Company will use its commercially reasonable efforts to effect the registration and the offer and sale of such Registrable Securities in
          accordance with the intended method of disposition thereof as soon as reasonably practicable, and

      
        
          13

        

        
          

      

      

      

      shall, in connection with any such request, other than during any Postponement Period, use commercially reasonable efforts to:

      

      

      (a) prepare and file with the SEC a Registration Statement on an appropriate registration form of the SEC for the disposition of such Registrable Securities in accordance with the intended method of disposition thereof, which registration form
          (i) shall be selected by the Company and (ii) shall, in the case of a shelf registration, be available for the sale of the Registrable Securities by the selling Holders thereof and such Registration Statement shall comply as to form in all
          material respects with the requirements of the applicable registration form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its commercially reasonable efforts to cause such Registration
          Statement to become effective and remain continuously effective for such period as the Holders shall request, and no less than one hundred eighty (180) days, (provided, that as far in advance as reasonably practicable before filing a Registration
          Statement or Prospectus or any amendments or supplements thereto, or comparable statements under securities or state “blue sky” laws of any jurisdiction, or any Free Writing Prospectus related thereto, or before sending a response to an SEC
          comment letter prior to any such filing, the Company will furnish to counsel for the Holders participating in the planned offering and to one counsel for the managing underwriter, if any, copies of reasonably complete drafts of all such documents
          proposed to be filed (including all exhibits thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), which documents will be subject to the reasonable review and reasonable
          comment of such counsel (including any reasonable objections to any information pertaining to the Holders and their plan of distribution and otherwise to the extent necessary, if at all, to complete the filing or maintain the effectiveness
          thereof), and make the Company’s representatives reasonably available for discussion of such document and make such changes in such document concerning the Holders prior to the filing thereof as counsel for the Holders or underwriters may
          reasonably request, and the Company shall consider in good faith the changes reasonably and timely requested by such counsel and shall not file any Registration Statement or amendment thereto, any Prospectus or supplement thereto or any Free
          Writing Prospectus related thereto to which the Holders or the underwriters, if any, shall reasonably and timely object); provided, that notwithstanding the foregoing, in no event shall the Company be required to file any document with the SEC
          that, in the reasonable view of the Company or its counsel, contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make any statement therein not misleading;

      

      

      (b) (i) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith and such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such
          Registration Statement effective for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement and any
          Prospectus so supplemented to be filed pursuant to Rule 424 under the Securities Act in accordance with the Holders’ intended method of disposition set forth in such Registration Statement for such period and (ii) provide reasonable notice to the
          Holders and the managing

      
        
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      underwriter(s), if any, to the extent that the Company determines that a post-effective amendment to a Registration Statement would be appropriate;

      

      

      (c) furnish, without charge, to the Holders and each underwriter, if any, of the Registrable Securities such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits), the
          Prospectus, each Free Writing Prospectus utilized in connection therewith, in each case, in all material respects in conformity with the requirements of the Securities Act, and other documents, as the Holders and underwriter may reasonably
          request in order to facilitate the public sale or other disposition of the Registrable Securities owned by the Holders (the Company hereby consenting to the use in accordance with all applicable Laws of each such Registration Statement (or
          amendment or post-effective amendment thereto) and each such Prospectus or Free Writing Prospectus by the Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Registration
          Statement or Prospectus);

      

      

      (d) register or qualify the Registrable Securities covered by such Registration Statement under the securities or “blue sky” Laws of such jurisdictions as the Holders or, in the case of a Public Offering, the managing underwriter reasonably
          shall request and do any and all other acts and things which may be reasonably necessary or advisable to enable the Holders to consummate the disposition in such jurisdictions of the Registrable Securities beneficially owned by them; provided, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified, to subject itself to
          taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction;

      

      

      (e) promptly notify the Holders and each managing underwriter, if any: (i) when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement related thereto, any post-effective amendment to the
          Registration Statement or any Free Writing Prospectus has been filed with the SEC and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state
          securities authority for amendments or supplements to the Registration Statement or the Prospectus related thereto or for additional information, including copies of any and all transmittal letters and other correspondence with the SEC and all
          correspondence (including comment letters and a copy of the Company’s draft responses thereto), from the SEC to the Company relating to such Registration Statement or any Prospectus or any amendment or supplement thereto (but not, for the
          avoidance of doubt, any documents incorporated by reference therein); (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; or (iv) of
          the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state “blue sky” Laws of any jurisdiction or the initiation of any proceeding for
          such purpose;

      

      

      (f) if at any time (i) any event or development shall occur or condition shall exist as a result of which the Disclosure Package, as then amended or supplemented,

      
        
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      would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the
        Disclosure Package is delivered to a purchaser, not misleading, or (ii) it is necessary to amend or supplement the Disclosure Package to comply with Law, the Company will promptly notify the Holders and each managing underwriter, if any, and
        promptly prepare and file with the SEC (to the extent required) and furnish to the Holders and each underwriter, if any, such amendments or supplements to the Disclosure Package as may be necessary so that the statements in the Disclosure Package,
        as so amended or supplemented, will not, in the light of the circumstances existing when the Disclosure Package is delivered to a purchaser, be misleading, or so that the Disclosure Package will comply with Law;

      

      

      (g) make generally available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after
          the effective date of a Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158;

      

      

      (h) (i) list the Registrable Securities covered by such Registration Statement on Nasdaq or any other national securities exchange selected by the Company, if the listing of such Registrable Securities is then permitted under the rules of such
          exchange and (ii) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements;

      

      

      (i) cause its officers, employees and registered independent public accounting firm (in the case of the registered independent public accounting firm, subject to any applicable accounting guidance regarding their participation in the offering
          or the due diligence process) to participate at reasonable times and for reasonable periods in, make themselves reasonably available, supply such information as may reasonably be requested and to otherwise facilitate and cooperate with, the
          preparation of the Registration Statement and Prospectus and any amendments or supplements thereto, taking into account the Company’s reasonable business needs;

      

      

      (j) provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such Registration Statement not later than the applicable effective date of such Registration Statement and, in the case of
          any secondary equity offering, provide and enter into any reasonable agreements with a custodian for the Registrable Securities;

      

      

      (k) if the offering is underwritten pursuant to a Demand Registration Request, then at the request of the Holders, (i) enter into such customary agreements (including underwriting agreements in customary form) and take all such other customary
          actions as the Holders reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Holders of the Registrable Securities which are to be distributed by any underwriters shall
          be a party to any such underwriting agreement), (ii) have members of its management participate in due diligence sessions

      
        
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      and, in the case of marketed offerings, support the marketing of the Registrable Securities covered by the registration (including, without limitation, participation in investor calls and “road
        shows”), and (iii) furnish to the underwriters a customary legal opinion and disclosure letter from counsel to the Company and customary comfort letters from the registered independent public accounting firm retained (and brought down to the
        closing under the underwriting agreement);

      

      

      (l) (i) obtain an opinion from the Company’s counsel and a “comfort” letter and updates thereof from the independent public accountants who have certified the Company’s financial statements (and/or any other financial statements) included or
          incorporated by reference in such Registration Statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and “comfort” letters (including, in the case of such “comfort” letter, events
          subsequent to the date of such financial statements) delivered to underwriters in underwritten Public Offerings, which opinion and letter shall be dated as of the dates such opinions and “comfort” letters are customarily dated and otherwise
          reasonably satisfactory to the underwriters and (ii) furnish to each underwriter a copy of such opinion and letter addressed to such underwriter;

      

      

      (m) deliver promptly to counsel for the Holders and to each managing underwriter, if any, copies of all correspondence between the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff
          with respect to the Registration Statement, and, make reasonably available for inspection by counsel for the Holders, by counsel for any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by
          any attorney, accountant or other agent retained by the Holders or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors
          and employees to supply all information reasonably requested by any such counsel for the Holders, counsel for an underwriter, accountant or agent in connection with such Registration Statement;

      

      

      (n) in connection with the preparation and filing of each Registration Statement registering Registrable Securities under the Securities Act, and before filing any such Registration Statement or any other document in connection therewith,
          include in such documents any comments reasonably and timely made by the Holders or their legal counsel; participate in, and make documents available for, the reasonable and customary due diligence review of underwriters during normal business
          hours, on reasonable advance notice and without undue burden or hardship on the Company;

      

      

      (o) use commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any
          jurisdiction and, if such an order or suspension is issued, to use its commercially reasonable efforts to promptly obtain the withdrawal of such order or suspension and to notify the Holders of the issuance of such order and the resolution
          thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose;

      
        
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      (p) comply with the Securities Act, the Exchange Act and any other applicable rules and regulations of the SEC and reasonably cooperate with the Holders in the disposition of its Registrable Securities in accordance with the method of
          distribution described in the Prospectus included in any Registration Statement, such cooperation to include the endorsement and transfer of any certificates representing Registrable Securities (or a book-entry transfer to similar effect)
          transferred in accordance with this Agreement and delivery of any necessary instructions or opinions to the Company’s transfer agent in order to cause the transfer agent to allow Shares to be sold from time to time as permitted by Law;

      

      

      (q) ensure that any Free Writing Prospectus utilized in connection with any registration covered by Section 2.1 or Section 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the
          extent required thereby, is retained in accordance with the Securities Act to the extent required thereby, will not conflict with a related Prospectus, Prospectus supplement and related documents and, when taken together with the related
          Prospectus, Prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
          made, not misleading;

      

      

      (r) cooperate with the managing underwriters, if any, the Holders and their respective counsel in connection with the preparation and filing of any applications, notices, registrations and responses to requests for additional information with
          FINRA, Nasdaq or any other national securities exchange on which the Shares are listed;

      

      

      (s) pay the applicable Expenses;

      

      

      (t) cooperate with the Holders and the managing underwriter, if any, to facilitate the timely preparation and delivery of book-entry shares or certificates not bearing any restrictive legends representing the Registrable Securities to be sold,
          and cause such Registrable Securities to be issued in such denominations and registered in such names in accordance with the underwriting agreement at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters or,
          if not an underwritten offering, in accordance with the instructions of the Holders at least two (2) Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any
          stop transfer orders in respect thereof (and, in the case of Registrable Securities registered on a Shelf Registration Statement, at the request of the Holders, prepare and deliver book-entry shares or certificates representing such Registrable
          Securities not bearing any restrictive legends and deliver or cause to be delivered an opinion or instructions to the transfer agent in order to allow such Registrable Securities to be sold from time to time);

      

      

      (u) cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders or the underwriters, if any,
          to consummate the disposition of such Registrable Securities; and

      
        
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      (v) take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities.

      

      

      To the extent the Company is a WKSI at the time any Demand Registration Request is submitted to the Company and such Demand Registration Request requests that the Company file an
        Automatic Shelf Registration Statement on Form S-3, the Company shall file an Automatic Shelf Registration Statement which covers those Registrable Securities which are requested to be registered in accordance with Section 2.1(e). The Company shall
        use its commercially reasonable efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain
        effective.

      

      

      If the Company does not pay the filing fee covering the Registrable Securities at the time the Automatic Shelf Registration Statement is filed, the Company agrees to pay such fee
        at such time or times as the Registrable Securities are to be sold. If the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year the Company shall refile a new Automatic Shelf
        Registration Statement covering the Registrable Securities to remain effective for a period ending on the earliest of (i) the date on which all Registrable Securities included in such registration have been sold or distributed pursuant to the
        Automatic Shelf Registration Statement, (ii) the date as of which there are no longer in existence any Registrable Securities covered by the Automatic Shelf Registration Statement and (iii) an earlier date agreed to in writing by the Company and
        the Holders. If at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its commercially reasonable efforts to refile the shelf Registration Statement on Form S-3
        and, if such form is not available, Form S-1 and keep such Registration Statement effective during the period during which such Registration Statement is required to be kept effective.

      

      

      If the Company files any shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Holders do not request that its
        Registrable Securities be included in such Shelf Registration Statement, the Company agrees that it shall include in such Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed
        selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such shelf Registration Statement at a later time through the filing of a
        Prospectus supplement rather than a post-effective amendment.

      

      

      The Company may require as a condition precedent to the Company’s obligations under this Section 2.4 that each participating Holder as to which any registration is being effected
        furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request; provided, that such information is necessary for
        the Company to consummate such registration and shall be used only in connection with such registration.

      
        
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      The Holders agree that upon receipt of any notice from the Company of the happening of any event of the kind described in paragraph (f) of this Section 2.4, the Holders will
        discontinue the Holders’ disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until the Holders’ receipt of the copies of the supplemented or amended Prospectus contemplated by paragraph
        (f) of this Section 2.4 and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in the Holders’ possession of the Prospectus covering such Registrable Securities
        that was in effect at the time of receipt of such notice. In the event the Company shall give any such notice, the applicable period mentioned in paragraph (a) of this Section 2.4 shall be extended by the number of days during such period from and
        including the date of the giving of such notice to and including the date when each participating holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by paragraph (e)
        of this Section 2.4.

      

      

      Section 2.5.     Registration Expenses.

      

      

      (a) The Company shall pay all Expenses with respect to any registration or offering of Registrable Securities pursuant to Article II, whether or not a Registration Statement becomes effective or the offering is consummated. Notwithstanding the
          foregoing, the Company shall not be required to pay for any Expenses of any registration begun pursuant to the terms of this Agreement if the Demand Registration request is subsequently withdrawn at the request of the Holders (in which case the
          Holders shall bear such expenses).

      

      

      (b) Notwithstanding the foregoing, (x) the provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these expense provisions to comply with state “blue sky” laws of each state in which the offering is made and
          (y) in connection with any underwritten offering hereunder, the Holders shall pay all underwriting discounts and commissions and any transfer taxes, if any, attributable to the sale of such Registrable Securities, pro rata with respect to
          payments of discounts and commissions in accordance with the number of shares sold in the offering by the Holders.

      

      

      Section 2.6.     Certain Limitations on Registration Rights.

      

      

      In the case of any registration under Section 2.1 involving an underwritten offering, or, in the case of a registration under Section 2.2, if the Company has determined to enter
        into an underwriting agreement in connection therewith, all securities to be included in such underwritten offering shall be subject to such underwriting agreement and no Person may participate in such underwritten offering unless such Person (i)
        agrees to sell such Person’s securities on the basis provided therein and completes and executes all reasonable questionnaires, and other customary documents (including custody agreements and powers of attorney) which must be executed in connection
        therewith; provided, that all such documents shall be consistent with the provisions hereof and (ii) provides such other information to the Company or the underwriter as may be necessary to register such Person’s securities.

      
        
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      Section 2.7.     Limitations on Sale or Distribution of Other Securities; Coordination.

      

      

      (a) The Holders agree, (i) to the extent requested in writing by a managing underwriter, if any, of any underwritten Public Offering pursuant to a registration or offering effected pursuant to Section 2.1 or 2.2 (except in the case of a Block
          Trade, unless the Holders have the option to participate in such Block Trade pursuant to this Agreement or otherwise), not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Common
          Stock, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten Public Offering) during the time period reasonably
          requested by the managing underwriter, not to exceed sixty (60) days or such shorter period as the managing underwriter shall agree to; provided, that such shorter period shall apply to the Holders (and the Company hereby also so agrees (except
          that the Company may effect any sale or distribution of any such securities pursuant to a registration on Form S-4 or Form S-8, or any successor or similar form); and (ii) to the extent requested in writing by a managing underwriter of any
          underwritten Public Offering effected by the Company for its own account (including without limitation any offering in which one or more holders is selling Common Stock pursuant to the exercise of piggyback rights under Section 2.2 hereof), it
          will not sell any Common Stock (other than as part of such underwritten Public Offering) during the time period reasonably requested by the managing underwriter, which period shall not exceed ninety (90) days or such shorter period as the
          managing underwriter shall agree to; provided, that such shorter period shall apply to the Holders.

      

      

      (b) The Company hereby agrees that, to the extent requested in writing by a managing underwriter, if any, in connection with an offering pursuant to Sections 2.1 or 2.2, the Company shall not sell, transfer, or otherwise dispose of, any Common
          Stock, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten Public Offering, a registration on Form S-4 or Form
          S-8 or any successor or similar form), until a period of sixty (60) days (or such shorter period to which the underwriter shall agree) shall have elapsed from the pricing date of such offering; and the Company shall so provide in any registration
          rights agreements hereafter entered into with respect to any of its equity securities.

      

      

      Section 2.8.     Indemnification.

      

      

      (a) Indemnification Rights.

      

      

      (i) In the event of any registration or offer and sale of any securities of the Company under the Securities Act pursuant to this Article II, the Company will, and hereby agrees to, and hereby does, indemnify and hold
          harmless, to the fullest extent permitted by law, the Holders, their Affiliates and, as applicable, their respective directors, officers, employees, stockholders, members or general and limited partners in the offering or sale of such securities
          (and their respective directors, officers, employees, stockholders, members or general and limited

      
        
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      partners), underwriter or Qualified Independent Underwriter, if any, in the offering or sale of such securities, each officer, director, employee, stockholder, managing director,
        affiliate, representative, successor, assign or partner of such underwriter or Qualified Independent Underwriter, or any such underwriter or Qualified Independent Underwriter within the meaning of the Securities Act, from and against any and all
        losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s consent, which
        consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities Act or otherwise in respect thereof (collectively, “Claims”), insofar as
        such Claims arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such securities were registered under the Securities Act or the omission or
        alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary, final
        or summary Prospectus or any amendment or supplement thereto, together with the documents incorporated by reference therein, or any Free Writing Prospectus utilized in connection therewith, or the omission or alleged omission to state therein a
        material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (iii) any violation by the Company of any federal, state or common law
        rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such registration, and the Company will reimburse any such indemnified party for any legal or other expenses
        reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, that the Company shall not be liable to any such indemnified party in any such case to the extent
        such Claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such Registration Statement or amendment thereof or supplement thereto or in
        any such Prospectus or any preliminary, final or summary Prospectus or Free Writing Prospectus in reliance upon and in strict conformity with written information furnished to the Company by or on behalf of such indemnified party specifically for
        use therein. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by the Holders.

      

      

      (ii) The Holders shall indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 2.8(a)(i)) to the extent permitted by law, the Company, its officers and directors, and each Person
          controlling the Company within the meaning of the Securities Act with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such Registration Statement, any
          preliminary, final or summary Prospectus contained therein, or

      
        
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      any amendment or supplement thereto, or any Free Writing Prospectus utilized in connection therewith, if such statement or alleged statement or omission or alleged omission was
        made in reliance upon and in strict conformity with written information furnished to the Company or its representatives by or on behalf of the Holders, specifically for use therein, and the Holders shall reimburse such indemnified party for any
        legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, that the aggregate amount which
        the Holders shall be required to pay pursuant to this Section 2.8 (including pursuant to indemnity, contribution or otherwise) shall in no case be greater than the amount of the net proceeds received by the Holders upon the sale of the Registrable
        Securities pursuant to the Registration Statement giving rise to such Claim; provided, further, that such Holders shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or Prospectus or
        amendment thereof or supplement thereto, or any Free Writing Prospectus utilized in connection therewith, such Holders have furnished in writing to the Company information expressly for use in such Registration Statement or Prospectus or any
        amendment thereof or supplement thereto or Free Writing Prospectus which corrected or made not misleading information previously furnished to the Company.

      

      

      (iii) Indemnification similar to that specified in Section 2.8(a)(i) and 2.8(a)(ii) (with appropriate modifications) shall be given by the Company and the Holders with respect to any required registration or other qualification
          of securities under any applicable securities and state “blue sky” laws.

      

      

      (iv) If for any reason the foregoing indemnity is unavailable, unenforceable or is insufficient to hold harmless an indemnified party under Sections 2.8(a)(i), 2.8(a)(ii) or 2.8(a)(iii), then each applicable indemnifying party
          shall contribute to the amount paid or payable to such indemnified party as a result of any Claim in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the
          other hand, with respect to such Claim. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
          relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the
          allocation provided in the second preceding sentence is not permitted by applicable Law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not
          only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if any
          contribution pursuant to this Section 2.8(a)(iv) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding

      
        
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      sentences of this Section 2.8(a)(iv). The amount paid or payable in respect of any Claim shall be deemed to include any legal or other expenses reasonably incurred by such
        indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was
        not guilty of such fraudulent misrepresentation. Notwithstanding anything in this Section 2.8(a)(iv) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 2.8(a)(iv) to contribute any amount
        greater than the amount of the net proceeds received by such indemnifying party from the sale of Registrable Securities pursuant to the Registration Statement giving rise to such Claim, less the amount of any indemnification payment made by such
        indemnifying party pursuant to Sections 2.8(a)(ii) and 2.8(a)(iii). In addition, neither the Holders nor any Affiliate thereof shall be required to pay any amount under this Section 2.8(a)(iv) unless such Person or entity would have been required
        to pay an amount pursuant to Section 2.8(a)(ii) if it had been applicable in accordance with its terms.

      

      

      (v) The indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain
          operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party.

      

      

      (vi)       The indemnification and contribution required by this Section 2.8 shall be made
          by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred; provided, that the recipient thereof hereby undertakes to repay such
          payments if and to the extent it shall be determined by a court of competent jurisdiction that such recipient is not entitled to such payment hereunder.

      

      

      (b) Notice of Claim; Defense of Claims.

      

      

      (i) Any Person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of any action or proceeding with respect to which a Claim may be made pursuant to
          this Section 2.8, but the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 2.8, except to the extent the indemnifying party is
          materially and actually prejudiced thereby and shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under this Article II.

      

      

      (ii) In case any action or proceeding is brought against an indemnified party and such indemnified party shall have notified the indemnifying party of the commencement thereof (as required above), the indemnifying party shall
          be

      
        
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      entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying
        parties may exist in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice
        from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the
        defense thereof other than reasonable costs of investigation; provided, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within
        twenty (20) days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; (ii) if such indemnified party who is a defendant in any action or proceeding which is also brought against the
        indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are not available to the indemnifying party or which may conflict with those available to another
        indemnified party with respect to such Claim; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party shall have the
        right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to the extent any indemnified party or parties reasonably shall have made a
        conclusion described in clause (ii) or (iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or
        consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to
        such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of
        fault, culpability or a failure to act, by or on behalf of any indemnified party.

      

      

      Section 2.9.     Free Writing Prospectuses.  Other than a Prospectus relating to Registrable Securities
          included in a Registration Statement, an “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) prepared by the Company or other materials prepared by Company, the Holders represent and agree that they (a) will not
          make any offer relating to the Registrable Securities that would constitute an issuer free writing prospectus or that would otherwise constitute a Free Writing Prospectus, and (b) will not distribute any written materials in connection with the
          offer or sale pursuant to a Registration Statement of Registrable Securities, in each case, without the prior written consent of the Company and, in connection with any Public Offering, the underwriters.

      
        
          25

        

        
          

      

      

      

      Section 2.10.     Information from and Obligations of the Holders.  The Company and the Holders hereby
          acknowledge and agree that, unless otherwise expressly agreed to in writing by the Holders, for all purposes of this Agreement, the only information furnished or to be furnished to the Company by the Holders for use in any such Registration
          Statement, Prospectus, or any Free Writing Prospectus, are statements specifically relating to (i) the beneficial ownership of Shares by the Holders and their Affiliates and (ii) the name and address of the Holders and all information required to
          be disclosed in order to make such information not contain a material misstatement of fact or necessary to cause such Registration Statement or Prospectus not to omit a material fact with respect to the Holders necessary in order to make the
          statements therein not misleading.

      

      

      Section 2.11.     Rule 144.  With a view to making available the benefits of certain rules and
          regulations of the SEC that may permit the resale of the Registrable Securities without registration, the Company agrees to use its commercially reasonable efforts to:

      

      

      (a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times during the term hereof;

      

      

      (b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and

      

      

      (c) so long as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act
          and (ii) unless otherwise available via the SEC’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may
          reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration.

      

      

      Section 2.12.     Assistance with Transfers.  In connection with any sale or transfer of Registrable
          Securities by any Holder, including any sale or transfer pursuant to Rule 144 and other rules and regulations of the SEC that may at any time permit a Holder of Registrable Securities to sell securities of the Company to the public without
          registration, the Company shall, to the extent allowed by law, take any and all action necessary or reasonably requested by such Holder in order to permit or facilitate such sale or transfer, including, without limitation, at the sole expense of
          the Company, by (i) issuing such directions to any transfer agent, registrar or depositary, as applicable, (ii) delivering such opinions to the transfer agent, registrar or depositary as are customary for the transaction of this type and are
          reasonably requested by the same, and (iii) taking or causing to be taken such other actions as are reasonably necessary (in each case on a timely basis) in order to cause any legends, notations or similar designations restricting transferability
          of the Registrable Securities held by such Holder to be removed and to rescind any transfer restrictions with respect to such Registrable Securities; provided, however, that such

      
        
          26

        

        
          

      

      

      

      Holder shall deliver to the Company, in form and substance reasonably satisfactory to the Company, representation letters regarding such Holder’s compliance with such rules and regulations, as may be
        applicable. In addition, the Company, at its sole expense, shall use commercially reasonable efforts to remove any restrictive legend on any shares of Common Stock that are Registrable Securities upon request by the Holder if (A) such shares of
        Common Stock are sold pursuant to an effective registration statement or (B) a registration statement covering the resale of such shares of common Stock is effective under the Securities Act and the applicable Holder delivers to the Company a
        representation letter agreeing that such shares of Common Stock will be sold under such effective registration statement. Furthermore, at the request of any Holder, the Company shall use its commercially reasonable efforts to assist such Holder
        with respect to any potential private transfer of any Common Stock held by such Holder and its Affiliates, including (i) entering into customary confidentiality agreements with any prospective transferees, (ii) affording to such Holder, its
        Affiliates and any prospective transferees and their respective counsel, accountants, lenders and other representatives, reasonable access during normal business hours to the properties, books, contracts and records of the Company and (iii)
        providing reasonable availability of appropriate members of senior management of the Company to provide customary due diligence assistance in connection with any such transfer; provided, however, that any such investigation shall be conducted in
        such a manner as not to interfere unreasonably with the Company’s business and operations and the Company may in its sole discretion restrict access to competitively sensitive or legally privileged documents or information.

      

      

      ARTICLE III

      Miscellaneous

      

      

      Section 3.1.     Termination.  This Agreement shall terminate when the Holders collectively beneficially
          own less than 5% of the then-outstanding Common Stock; provided, however, that Section 2.7 and Section 2.8 shall survive any termination hereof.

      

      

      Section 3.2.     Severability.  If any provision of this Agreement shall be determined to be illegal and
          unenforceable by any court of law, the remaining provisions shall be severable and enforceable in accordance with their terms.

      

      

      Section 3.3.     Remedies.  In the event of actual or potential breach by the Company or any Holder of
          any of its obligations under this Agreement, each Holder or the Company, as applicable, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific
          performance of its rights under this Agreement without the need to post any bond. The Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the
          provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

      

      

      Section 3.4.      Governing Law; Waiver of Jury Trial.

      
        
          27

        

        
          

      

      

      

      (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws that would direct the application of the laws of another jurisdiction.

      

      

      (b) THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANOTHER IN ANY MATTER WHATSOEVER ARISING OUT OF OR IN RELATION TO OR IN CONNECTION WITH THIS AGREEMENT. FURTHER, NOTHING HEREIN
          SHALL DIVEST A COURT OF COMPETENT JURISDICTION OF THE RIGHT AND POWER TO GRANT A TEMPORARY RESTRAINING ORDER, TO GRANT TEMPORARY INJUNCTIVE RELIEF, OR TO COMPEL SPECIFIC PERFORMANCE OF ANY DECISION OF AN ARBITRAL TRIBUNAL MADE PURSUANT TO THIS
          PROVISION.

      

      

      Section 3.5.     Adjustments Affecting Registrable Securities.  The provisions of this Agreement shall
          apply to any and all shares of capital stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution for the
          Registrable Securities, by reason of any dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and with such appropriate adjustments as to reflect the intent and
          meaning of the provisions hereof and so that the rights, privileges, duties and obligations hereunder shall continue with respect to the capital stock of the Company as so changed as well as the capital stock of any other entity received in
          connection with such transaction.

      

      

      Section 3.6.     Binding Effects; Benefits of Agreement.  This Agreement shall be binding upon and inure
          to the benefit of the Company and its successors and assigns and each Holder and its successors and assigns. For the avoidance of doubt, each Holder, to the extent not a direct party to this Agreement, shall be a third party beneficiary of this
          Agreement. The rights to cause the Company to register Registrable Securities under this Agreement may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities and such transferee delivers to the
          Company a duly executed joinder to this Agreement in form and substance reasonably satisfactory to the Company. The Company shall not be permitted to assign this Agreement without the prior written consent of ADS other than by operation of law in
          connection with a merger or a similar transaction contemplated by, and subject to, Section 3.5.

      

      

      Section 3.7.     Notices.  All notices or other communications that are required or permitted hereunder
          shall be in writing and shall be deemed to have been given if (a) personally delivered, (b) sent by nationally recognized overnight courier, (c) sent by registered or certified mail, postage prepaid, return receipt requested or (d) email,
          addressed as follows:

      

      

      if to the Company:

      

      

      Loyalty Ventures Inc.

        7500 Dallas Parkway, Suite 700

      
        
          28

        

        
          

      

      

      

      Plano, Texas 75024

        Attention: General Counsel

        Email:  generalcounsel@loyalty.com

                   investorrelations@loyalty.com

      

      

      if to the Holders:

      

      

      Alliance Data Systems Corporation

        7500 Dallas Parkway, Suite 700

        Plano, Texas 75024

        Attention: General Counsel

        Email:  generalcounsel@alliancedata.com

                   investorrelations@alliancedata.com

      

      

      or to such other address as the party to whom notice is to be given may have furnished to such other party in writing in accordance herewith. Any such communication shall be deemed to have been
        received (i) when delivered, if personally delivered, (ii) on the date sent if delivered by e-mail on a Business Day, or if not sent on a Business Day, on the first Business Day thereafter, (iii) the next Business Day after delivery, if sent by
        nationally recognized overnight courier, and (iv) on the fifth (5th) Business Day following the date on which the piece of mail containing such communication is posted, if sent by first-class mail.

      

      

      Section 3.8.     Modification; Waiver.  This Agreement may be amended, modified or supplemented only by
          a written instrument duly executed by the Company and ADS. No course of dealing between the Company 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. Any determination, consent or approval of, or notice or request delivered by, or any similar action of, the Holders pursuant to this Agreement shall be made or given by ADS and shall be valid and binding
          upon all Holders to the same extent as if made or given directly by such Holders.

      

      

      Section 3.9.     Entire Agreement.  This Agreement constitutes the entire agreement among the parties
          pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection therewith.

      

      

      Section 3.10.     Counterparts.  This Agreement may be executed in any number of counterparts, and each
          such counterpart shall be deemed to be an original instrument, but all such counterparts taken together shall constitute but one agreement.

      

      

      [Signature page follows]

      

      

      

      

      
        
          29

        

        
          

        
          

          

        

      

      IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date first above
        written.

      

      

      

      

      

      

      	
              ALLIANCE DATA SYSTEMS

                  CORPORATION

            
	 
	
              By:

            	
              /s/ Ralph J. Andretta

                

            
	 	
              Name: Ralph J. Andretta

              

            
	 	
              Title: President and Chief Executive Officer

              

            

      

      

      

      

      

      

      	
              LOYALTY VENTURES INC.

            
	 
	
              By:

            	
              /s/ Charles L. Horn

                

            
	 	
              Name: Charles L. Horn

              

            
	 	
              Title: President and Chief Executive Officer

              

            

      

      

      
         

        

         

        

        [Signature Page to Registration Rights Agreement]

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