Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.23    
    

NAME OF SUBSCRIBER:             

	To:
	 Refocus Group, Inc.

10300 North Central Expressway, Suite 104

Dallas, Texas 75231

ATTN: Mark A. Cox, Chief Financial Officer  

  
 

    AMENDED & RESTATED SUBSCRIPTION AGREEMENT    
    

        This Amended and Restated Subscription Agreement (this "Agreement") is being delivered to you in connection with your investment in Refocus Group, Inc., a
Delaware corporation (the "Company"), in connection with a private placement (the "Private Placement") of a minimum of 40 units ("Units") and a maximum of 200 Units, each Unit consisting of
(i) 50,000 shares of Company common stock ("Common Stock"), and (ii) a detachable warrant to purchase 25,000 shares of Common Stock ("Warrant" and, together with the Common Stock,
collectively, "Securities"), at an exercise price of $2.00 per share from issuance until the third anniversary of the closing of the Private Placement. The purchase price per Unit is $25,000. 

1.     SUBSCRIPTION AND CLOSING  

        1.1.    Minimum Subscription.    The Private Placement is conditioned upon the minimum
offering ($1,000,000 or 40 Units) being fully subscribed for by December 5, 2003, unless such date has been extended by the Company and Kingsdale Capital Markets Inc., as placement agent
(the "Placement Agent"). The
minimum amount of Units that may be purchased is (i), in the case of the Company's current stockholders that are "accredited investors" and that purchased units of the Company in the initial tranche
of the private placement consummated on March 6, 2003 (the "Merger Private Placement"), in connection with the merger (the "Merger") of the Company's subsidiary, Refocus Acquisition Corp., with
and into Presby Corp on March 6, 2003 (the "Tranche I Investors"), a dollar amount equal to or greater than the dollar amount of the Tranche I Investor's current obligation in the second
tranche of the Merger Private Placement (i.e. an amount equal to or greater than the amount of the Tranche I Investor's investment in the Company in the initial tranche of the Merger Private
Placement), and (ii), in the case of "accredited investors" other than Tranche I Investors, one (1) Unit ($25,000). A Tranche I Investor may subscribe for more Units than its current obligation
in the second tranche of the Merger Private Placement, and any amount that exceeds the Tranche I Investor's minimum subscription amount shall be on the same terms. Subscriptions for lesser amounts may
be accepted at the discretion of the Company. 

        1.2    Subscription.    The undersigned hereby subscribes for and agrees to purchase the
number of Units indicated on page 8 hereof upon the terms and conditions described herein. 

        1.3    Closing.    The Private Placement will be consummated in one or more tranches (each, a
"Closing") at such places, dates and times as the Company and the Placement Agent agree; provided,  however, the final Closing shall take place no later
than December 5, 2003, unless such date has been extended by the Company and the Placement
Agent. An initial Closing will take place once the minimum offering ($1,000,000 or 40 Units) is fully subscribed for, and thereafter the Company may hold multiple subsequent Closings (provided that a
new subscription for at least four (4) units or $100,000 has been received for each such Closing) until the maximum offering ($5,000,000 or 200 Units) is fully subscribed for and sold. 

 

2.     INVESTOR'S REPRESENTATIONS AND WARRANTIES  

        The undersigned hereby acknowledges, agrees with and represents and warrants to the Company as follows: 

        (a)   The
undersigned has full power and authority to enter into this Agreement, the execution and delivery of which has been duly authorized, if applicable, and this
Agreement constitutes a valid and legally binding obligation of the undersigned. 

        (b)   The
undersigned acknowledges his understanding that the offering and sale of the Units is intended to be exempt from registration under the Securities Act of 1933, as
amended (the "Securities Act"), by virtue of Section 4(2) of the Securities Act and the provisions of Regulation D promulgated thereunder ("Regulation D"). In furtherance thereof, the
undersigned represents and warrants to the Company as follows: 

          (i)  The
undersigned realizes that the basis for the exemption from registration may not be available if, notwithstanding the undersigned's representations contained herein,
the undersigned is merely acquiring the Units for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not rise. The undersigned does not have any such
intention; 

         (ii)  The
undersigned is acquiring the Unit(s) solely for the undersigned's own beneficial account, for investment purposes, and not with view to, or resale in connection
with, any distribution of the shares of Common Stock, including such shares into which the Warrants are exercised, underlying such Unit(s); 

        (iii)  The
undersigned has the financial ability to bear the economic risk of his investment, has adequate means for providing for his current needs and contingencies and has
no need for liquidity with respect to his investment in the Company; 

        (iv)                          [insert
name of Purchaser Representative: if none, so state] has acted as the undersigned's Purchaser Representative for
purposes of the private placement exemption under the Securities Act. If the undersigned has appointed a Purchaser Representative (which term is used herein with the same meaning as given in
Rule 501(h) of Regulation D), the undersigned has been advised by his Purchaser Representative as to the merits and risks of an investment in the Company in general, and the suitability
of an investment in the Units for the undersigned in particular; and 

         (v)  The
undersigned (together with his Purchaser Representative(s), if any) has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of the prospective investment in the Units. If other than an individual, the undersigned also represents it has not been organized for the purpose of acquiring the
Units. 

        (c)   The
information contained in the Accredited Investor Questionnaire, which accompanies this Agreement and which has been completed and executed by the undersigned (the
"Investor Questionnaire") in connection herewith, is accurate, complete and true in all respects, and the undersigned is an "accredited investor," as that term is defined in Rule 501(a) of
Regulation D. 

        (d)   The
undersigned (and his Purchaser Representative, if any) has been furnished with a copy of the Confidential Private Placement Memorandum, dated October 21,
2003, together with all annexes thereto, and the Supplement to the Confidential Private Placement Memorandum, dated November 24, 2003 (as such documents may be amended, modified or supplemented
from time to time, collectively the "Memorandum"), relating to the private placement by the Company of the Units. 

2

 

        (e)   The
undersigned is not relying on the Company with respect to economic considerations involved in this investment. The undersigned has relied on the advice of, or has
consulted with only the person(s), if any, named as Purchaser Representative(s) herein. Each Purchaser Representative, if any, is capable of evaluating the merits and risks of an investment in the
Units as such are described in the Memorandum, and each Purchaser Representative, if any, has disclosed to the undersigned in writing (a copy of which is annexed to this Agreement) the specific
details of any and all past, present or future relationships, actual or contemplated, between himself and the Company. 

        (f)    The
undersigned represents, warrants and agrees that he will not sell or otherwise transfer the shares of Common Stock (including such shares into which the Warrants are
exercisable) or Warrants without registration under the Securities Act or an exemption therefrom, and fully understands and agrees that he must bear the economic risk of his purchase because, among
other reasons, neither the shares of Common Stock nor the Warrants have been registered under the Securities Act or under the securities laws of any state and, therefore, cannot be resold, pledged,
assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and under the applicable securities laws of such states, or an exemption from such registration is
available. In particular, the undersigned is aware that the shares of Common Stock and Warrants are "restricted securities," as such term is defined in Rule 144 promulgated under the Securities
Act ("Rule 144"), and that they may not be sold pursuant to Rule 144 unless all of the conditions of Rule 144 are met. The undersigned also understands that, except as otherwise
provided herein, the Company is under no obligation to register the shares of Common Stock or Warrants on his behalf or to assist him in complying with any exemption from registration under the
Securities Act or applicable state securities laws. The undersigned understands that any sales or transfers of the shares of Common Stock and Warrants are further restricted by state securities laws
and the provisions of this Agreement. 

        (g)   No
representations or warranties have been made to the undersigned by the Company or its officers, employees, agents, affiliates or subsidiaries, other than any
representation of the Company contained herein and in the Memorandum, and in subscribing for Units, the undersigned is not relying upon any representation other than those contained herein or in the
Memorandum. 

        (h)   The
undersigned understands and acknowledges that his purchase of Units is a speculative investment that involves a high degree of risk and the potential loss of his
entire investment. 

        (i)    The
undersigned's overall commitment to investments that are not readily marketable is not disproportionate to the undersigned's net worth, and an investment in the
Units will not cause such overall commitment to become excessive. 

        (j)    The
undersigned understands and agrees that the certificates for the shares of Common Stock (including such shares into which the Warrants are exercisable) and Warrants
shall bear substantially the following legend until (i) such securities shall have been registered under the Securities Act and effectively disposed of in accordance with a registration
statement that has been declared effective or (ii) in the opinion of counsel for the Company such securities may be sold without registration under the Securities Act as well as any applicable
"blue sky" or state securities laws: 

        THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR REGISTERED OR QUALIFIED UNDER THE
SECURITIES LAWS OF ANY STATE, AND HAVE BEEN TAKEN FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO THE  

3

 

 DISTRIBUTION THEREOF, AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, ASSIGNED OR PLEDGED, EXCEPT IF REGISTERED UNDER THE ACT OR APPLICABLE STATE BLUE SKY OR SECURITIES LAWS
OR ANY EXEMPTIONS FROM SUCH REGISTRATION UNDER THE ACT OR REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE BLUE SKY OR SECURITIES LAWS ARE APPLICABLE.

        (k)   The
undersigned hereby covenants and agrees that it will not have an open position (e.g. short sale) in the Securities prior to the Registration Statement (as defined
below) being declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The undersigned hereby acknowledges and understands that if the undersigned has an open position in the
Securities prior to the Registration Statement being declared effective by the SEC, such open position will constitute a violation of Section 5 of the Securities Act. 

        (l)    The
foregoing representations, warranties and agreements shall survive the purchase of the Securities. 

3.     THE COMPANY'S REPRESENTATIONS AND WARRANTIES  

        The Company hereby acknowledges, agrees with and represents and warrants to each of the undersigned, as follows: 

        (a)   The
Company has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly
authorized, executed and delivered by the Company and is valid, binding and enforceable against the Company in accordance with its terms. 

        (b)   The
Units, Common Stock and Warrants to be issued to the undersigned pursuant to this Agreement, when issued and delivered in accordance with the terms of this
Agreement, will be duly and validly issued and will be fully paid and nonassessable. 

        (c)   Neither
the execution and delivery nor the performance of this Agreement by the Company will conflict with the Company's Certificate of Incorporation, as amended, or
By-laws, or result in a breach of any terms or provisions of, or constitute a default under, any material contract, agreement or instrument to which the Company is a party or by which the
Company is bound. 

        (d)   To
the best knowledge of the Company, the information contained in the Memorandum is true and correct in all material respects as of its date. 

4.     COVENANTS FOLLOWING THE CLOSING  

        4.1    Registration Rights    

        (a)   The
Company shall use its reasonable best efforts to file a registration statement (the "Registration Statement") with the SEC covering the resale of the shares
of Common Stock (including such shares into which the Warrants are exercisable) not later than 45 days after the date of the final Closing of the Private Placement. The Company will use its
reasonable best efforts to maintain the effectiveness of the Registration Statement through the first anniversary of the final Closing date of the Private Placement;  provided that, if at any time or
from time to time after the date of effectiveness of the Registration Statement, the Company notifies the undersigned
in writing of the existence of a Potential Material Event (as defined below), the undersigned shall not offer or sell any shares of Common Stock, or engage in any other transaction involving or
relating to such shares, from the time of the giving of notice with respect to a Potential Material Event until the Company notifies the undersigned that 

4

 

such
Potential Material Event either has been disclosed to the public or no longer constitutes a Potential Material Event; provided,  further that, the Company
may not suspend the right of the undersigned pursuant to this Section 4.1(a) for more than 120 days in the
aggregate. "Potential Material Event" means the possession by the Company of material information regarding a potential transaction beneficial to the Company or its stockholders not ripe for
disclosure in a registration statement, which shall be evidenced by determinations in good faith by the Board of Directors of the Company that disclosure of such information in the registration
statement would be detrimental to the business and affairs of the Company. 

        (b)   The
Company shall notify the undersigned, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or
upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. At the request of the undersigned, the Company shall
also prepare, file and furnish to the undersigned a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing. Additionally, the undersigned agrees not to offer or sell any shares covered by the Registration Statement after receipt of such
notification until the receipt of such supplement or amendment. 

        (c)   The
Company may request the undersigned to furnish the Company such information with respect to the undersigned and the undersigned's proposed distribution of shares of
Common Stock pursuant to the Registration Statement as the Company may from time to time reasonably request in writing or as shall be required by law or by the SEC in connection therewith, and the
undersigned agrees to furnish the Company with such information. The undersigned hereby understands and agrees that the Company may, in its sole discretion, exclude the undersigned's shares of Common
Stock (including such shares into which the Warrants are exercisable) from the Registration Statement in the event that the undersigned fails to provide such information requested by the Company
within the time period reasonably specified by the Company. 

5.     TRANCHE I INVESTORS; LOCK-UP PROVISIONS  

        (a)   The
Company hereby agrees that upon a Tranche I Investor subscribing for and purchasing in the Private Placement a dollar amount equal to or greater than the dollar
amount of that Tranche I Investor's investment in the Company in the initial tranche of the Merger Private Placement, such Tranche I Investor's obligation to fund its portion of the second tranche of
the Merger Private Placement, and the Company's obligation to issue securities to such Tranche I Investor in connection therewith, shall terminate. 

        (b)   Pursuant
to subscription agreements entered into by Tranche I Investors in conjunction with the Merger Private Placement, each Tranche I Investor is restricted from
publicly selling, contracting to sell or otherwise disposing of (a "Transfer") any securities beneficially owned by the Tranche I Investor and acquired in the Merger Private Placement ("Merger
Placement Securities"); provided, however, that following the earlier of the effective date of a
registration statement covering the resale of the Merger Placement Securities or one year after the date of the closing of the Merger Private Placement, the Tranche I Investor is permitted to effect
one or more Transfers of the Merger Placement Securities at a rate of nine percent (9%) per month of the number of Merger Placement Securities, subject to applicable 

5

 

securities
laws (the "Lock-Up Provision"). The Company hereby agrees to permanently waive the Lock-Up Provision for a Tranche I Investor, if, and only if, that Tranche I
Investor subscribes for and purchases in the Private Placement a dollar amount equal to or greater than the dollar amount of that Tranche I Investor's investment in the Company in the initial tranche
of the Merger Private Placement. 

6.     REGULATION FD; INDEMNITY  

        (a)   The
undersigned acknowledges that (i) the Memorandum contains material, non-public information concerning the Company within the meaning of Regulation
FD promulgated by the SEC, and (ii) the undersigned is obtaining such material, non-public information solely for the purpose of considering whether to purchase the Securities
pursuant to a private placement that is exempt from registration under the Securities Act. In accordance with Regulation FD, the undersigned agrees to keep such information confidential and not to
disclose it to any other person or entity except the undersigned's legal counsel, other advisors and other
representatives who have agreed (i) to keep such information confidential, (ii) to use such information only for the purpose set forth above, and (iii) to comply with applicable
securities laws with respect to such information. In addition, the undersigned further acknowledges that the undersigned and such legal counsel, other advisors and other representatives are prohibited
from trading in the Company's securities while in possession of material, non-public information and agrees to refrain from purchasing or selling securities of the Company until such
material, non-public information has been publicly disseminated by the Company. 

        (b)   The
undersigned agrees to indemnify and hold harmless the Company and its officers, directors, employees and affiliates and each other person, if any, who controls any
of the foregoing, against any loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or
defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty by the undersigned, or the undersigned's breach of,
or failure to comply with, any covenant or agreement made by the undersigned herein or in any other document furnished by the undersigned to the Company or its officers, directors, employees or
affiliates or each other person, if any, who controls any of the foregoing in connection with this transaction. 

7.     MISCELLANEOUS PROVISIONS  

        7.1.    Modification.    Neither this Agreement, nor any provisions hereof, shall be waived,
modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, modification, discharge or termination is sought. 

        7.2.    Notices.    Any party may send any notice, request, demand, claim or other
communication hereunder to the intended recipient at the address set forth herein using any means (including personal delivery, expedited courier, messenger service, fax, ordinary mail or electronic
mail), but no such notice, request, demand, claim or other communication will be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party may change
the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties notice in the manner herein set forth. 

        7.3.    Counterparts.    This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

        7.4.    Binding Effect.    Except as otherwise provided herein, this Agreement shall be
binding upon, and inure to the benefit of, the parties to this Agreement and their heirs, executors, administrators, 

6

 

successors,
legal representatives and assigns. If the undersigned is more than one person or entity, the obligation of the undersigned shall be joint and several and the agreements, representations,
warranties and acknowledgments contained herein shall be deemed to be made by, and be binding upon, each such person or entity and his heirs, executors, administrators, successors, legal
representatives and assigns. 

        7.5.    Assignability.    This Agreement is not transferable or assignable by the undersigned.
This Agreement shall be transferable or assignable by the Company. 

        7.6.    Governing Law.    This Agreement shall be governed by and construed in accordance with
the laws of the State of Texas, without giving effect to conflicts of law principles. 

        7.7.    Pronouns.    The use herein of the masculine pronouns "he," "him" or "his" or similar
terms shall be deemed to include the feminine and neuter genders as well, and the use herein of the singular pronoun shall be deemed to include the plural as well. 

7

 
ALL SUBSCRIBERS MUST COMPLETE THIS PAGE  

        IN WITNESS WHEREOF, the undersigned has executed this Agreement on the        day
of                   200    .
 

	 	 	Tranche I Investor Subscription	 	= $	 	 
	 	 	 	 	 	 	

	 	 	X $25,000 for each Unit	 	= $	 	 
	
 (Units subscribed for)	 	 	 	 	 	

	 	 	Aggregate Purchase Price	 	= $	 	 
	 	 	 	 	 	 	

	I.
	Manner in which Title is to be held (Please Check One):

	1.	 	Individual	 	7.	 	Trust/Estate/Pension or Profit sharing Plan
	 	
	 	 	 	
	 
	 	 	 	 	 	 	Date Opened:            
	

2.	

 	

Joint Tenants with Right of Survivorship	
 	

8.	

 	

As a Custodian for
	 	
	 	 	 	
	 
	

 	

 	

 	
 	

 	

 	

 Under the Uniform Gift to Minors Act of the Sate of
	

 	

 	

 	
 	

 	

 	

	

3.	

 	

Community Property	
 	

9.	

 	

Married with Separate Property
	 	
	 	 	 	
	 
	

4.	

 	

Tenants in Common	
 	

10.	

 	

Keogh
	 	
	 	 	 	
	 
	

5.	

 	

Corporation/Partnership/	
 	

11.	

 	

Tenants by the Entirety
	 	
	 	 	 	
	 
	 	 	Limited Liability Company	 	 	 	 
	

6.	

 	

IRA	
 	

 	

 	

 
	 	
	 	 	 	 	 

II.    Other Information:  

	1.
	List
the name, address, title, phone number and email address of the natural person or persons who will possess voting and investment power over the Securities subscribed for herein: 

	 	 	Name of Natural Person(s):	 	 
	 	 	 	 	

	 	 	Address:	 	 
	 	 	 	 	

	

 	
 	

 	
 	

	

 	
 	

Title (if any):	
 	

 
	 	 	 	 	

	

 	
 	

Phone:	
 	

 
	 	 	 	 	

	 	 	Email address (if any):	 	 
	 	 	 	 	

8

 
	2.
	Indicate
if you are a registered broker-dealer with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934? 

Yes: o        No:o

	3.
	Indicate
whether any of your affiliates(1) are a registered broker-dealer with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934? 

	(1)
	An
affiliate of a person or company is defined as a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with such person or company. An example of an affiliate would be, without limitation, a parent or subsidiary of a company, a director or officer of a company or possibly a ten percent or greater
shareholder of a company. 

Yes: o        No:o 

        If you answered yes, name of
affiliate:                          

        If
you answered "yes" to question 3 above, are you purchasing the Securities in the ordinary course of business, and at the time of the purchase of the Securities, do you have any
agreements or understandings, directly or indirectly, with any person to distribute the Securities? 

Yes: o        No:o

IF MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN.

INDIVIDUAL SUBSCRIBERS MUST COMPLETE PAGE 10.

SUBSCRIBERS WHICH ARE ENTITIES MUST COMPLETE PAGE 11.  

9

 
EXECUTION BY NATURAL PERSONS  

	
 Exact Name in which Title is to be Held
	

 Name (Please Print)	
 	

 Name of Additional Purchaser
	

 Residence: Number and Street	
 	

 Address of Additional Purchaser
	

 City, State and Zip Code	
 	

 City, State and Zip Code
	

 Social Security Number	
 	

 Social Security Number
	

 Telephone Number	
 	

 Telephone Number
	

 Fax Number (if available)	
 	

 Fax Number (if available)
	

 E-Mail (if available)	
 	

 E-Mail (if available)
	

 (Signature)	
 	

 (Signature of Additional Purchaser)

        ACCEPTED
this            day of            , 200  , on behalf of Refocus Group, Inc. 

	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 

10

 
EXECUTION BY SUBSCRIBER WHICH IS AN ENTITY
  (Corporation, Partnership, Trust, Etc.) 

	
 Name of Entity (Please Print)
	

Date of Incorporation or Organization:	
 	

 
	 	 	

	State of Principal Office:	 	 
	 	 	

	Federal Taxpayer Identification Number:	 	 
	 	 	

       

	
 Office Address	 	 
	

 City, State and Zip Code	
 	

 
	

 Telephone Number	

 	

 
	

 Fax Number (if available)	

 	

 
	

 E-Mail (if available)	

 	

 

	 	 	By:	 	 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

[seal]

	Attest:	 	 	 	 
	 	 	
 (If Entity is a Corporation)	 	 
	

 	
 	

 	
 	

 Address

        ACCEPTED
this        day of                   , 200    , on behalf of Refocus Group, Inc.

	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 

11

 
SUBSCRIPTION INSTRUCTIONS  

Please make sure that your subscription includes:

	1.
	Two
(2) properly completed and duly executed original copies of this Amended and Restated Subscription Agreement.

	2.
	Two
(2) properly completed and duly executed original copies of the Accredited Investor Certificate.

	3.
	(a)    A
cashier's check or money order equal to the aggregate purchase price of the Units being purchased made payable to "Refocus Group, Inc."; or

	

	(b)    Wire
funds equal to the aggregate purchase price of the Units being purchased to the account of Refocus Group, Inc. pursuant to the following
instructions: 

Independent
Bank

McKinney, Texas

ABA # 111916326

For Credit to: Refocus Group, Inc.

Account: 103003893 

	4.
	Send
the executed original copies of the Amended and Restated Subscription Agreement and the Accredited Investor Certificate and the cashier's check or money order, if applicable, to
Refocus Group, Inc. at the following address: 

Refocus
Group, Inc.

10300 North Central Expressway, Suite 104

Dallas, Texas 75231

Attention: Mark A. Cox, Chief Financial Officer 

12

QuickLinks

Exhibit 10.23

AMENDED & RESTATED SUBSCRIPTION AGREEMENTEXHIBIT 10.1

 

TAX SHARING AGREEMENT

 

THIS TAX SHARING AGREEMENT (“Agreement”) made as of August 1, 1993
by and among Affinity Group Holding, Inc., formerly known as Adams Publishing
Acquisition Corporation (“AGH”), Affinity Group, Inc., formerly known as Adams
TL Acquisition Corporation (“AGI”), TL Enterprises, Inc. (“TLE”), Trailer Life
Enterprises, Inc. (“TLEI”), Camp Coast to Coast, Inc. (“CCC”), VBI, Inc.
(“VBI”), Golf Card Holding Corporation (“GCH”), Golf Card International Corp.
(GCI”), Golf Card Resort Services, Inc. (“GCRS”), GSS Enterprises, Inc.
(“GSS”), National Boat Owners Association, Inc. (“NBOA”), TL Music, Inc.
(“TLMI”), and Venture Enterprises, Inc. (“VEI”);

 

WHEREAS, AGH owns 100% of the issued and outstanding shares of the
voting common stock of AGI, and AGI, directly or indirectly, owns 100% of the
issued and outstanding shares of the voting common stock of each of TLE, TLEI,
CCC, VBI, GCH, GCI, GCRS, GSS, NBOA, TLMI and VEI;

 

WHEREAS, as of the date of this Agreement, all of AGH, AGI, TLE, TLEI,
CCC, VBI GCH, GCI, GCRS, GSS, NBOA, TLMI and VEI constitute an affiliated group
within the meaning of IRC Section 1504 (a) of which AGH is the common
parent corporation (AGI, TLE, TLEI, CCC, VBI, GCH, GCI, GCRS, GSS, NBOA, TLMI
and VEI being jointly hereinafter sometimes referred to as the “Subsidiaries”);

 

WHEREAS, AGH and certain of the Subsidiaries were parties to a tax
sharing agreement dated as of December 23, 1988, as amended (the “Former
Agreement”);

 

WHEREAS, contemporaneously herewith, certain of the parties to the
Former Agreement have merged and there has occurred a corporate reorganization
affecting the parties to the Former Agreement;

 

WHEREAS, it is the intention of the members of the Group (hereinafter
defined) that this Agreement provide a consistent and uniform method for
allocating the Group’s consolidated liability for Federal Income Taxes to each
member of the Group and replace and restate, in its entirety, the Former
Agreement for such members of the Group which were parties to the Former
Agreement by herein memorializing in writing the only agreement of the parties
hereto regarding the respective contributions of the Subsidiaries to the
payment of the income tax liability of the Group.

 

NOW, THEREFORE, AGH and the Subsidiaries agree as follows:

 

1.                                       For
such members of the Group which are parties to the Former Agreement, the Former
Agreement shall be, and hereby is, terminated effective the date hereof, this
Agreement replacing and restating the Former Agreement in its entirety for such
parties.

 

 

2.                                       Definitions.

 

As used herein, the term:

 

2.1.                         “Current Allocation” shall,
for any Taxable Period, mean the amount of the Group’s Federal Income Tax
liability for such period which is allocated to each Group member under
Regulations Section 1.1502-33(d)(2)(ii) and 1.1552-1(a)(2).  For purposes of this Agreement, the “fixed
percentage” referred to in Regulations Section 1.1502-33(d)(2)(ii)(b)
shall be 100%.

 

2.2.                         “Current Tax” shall, for any
Taxable Period, mean the amount of each Group member’s Current Allocation if
the Current Allocation is a positive amount.

 

2.3.                         “Federal Income Taxes” shall
mean the corporate income taxes imposed by the Code and any interest or
penalties payable with respect thereto.

 

2.4.                         “Fiscal Year” means the fiscal
year of AGH.

 

2.5.                         “Group” shall mean the
affiliated group, as defined in IRC Section 1504 (a), of which AGH is the
common parent and includes but is not limited to the Subsidiaries.

 

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

 

2.7.                         “Regulations” means the
regulations promulgated pursuant to the Code.

 

2.8.                         “State Unitary Taxes” shall
mean any unitary business income, franchise and similar taxes imposed by any
state or local taxing authority in the United States or any subdivision
thereof, and any interest or penalties payable with respect thereto.

 

2.9.                         “Taxable Period” shall mean
each Fiscal Year or portion thereof in respect of which a member of the Group
is included in a consolidated federal income tax return filed pursuant to this
Agreement.

 

3.                                       Payment
of Taxes.

 

3.1.                         Each member of the Group
hereby agrees to join in the filing of a consolidated federal income tax return
for any Taxable Period for which the Group is required or permitted to file
such a return.  Each member of the Group
shall execute such consents as may be necessary to carry out the purposes of
this Section and agrees to execute and deliver to AGH such instruments as
AGH may reasonably request in connection therewith.

 

3.2.                         Any Federal Income Taxes payable
under any return filed pursuant to this Section shall be paid by AGH on
behalf of the members of the Group in accordance with and subject to the

 

2

 

terms of this Agreement.  AGH
agrees to make such payment, file such returns, consents, elections and other
documents and take such other action on behalf of and at the expense of each
member of the Group as may be necessary or appropriate in connection with the
matters contemplated by this Section. 
Each member of the Group hereby agrees to pay to AGH all direct and
incidental costs and expenses incurred by AGH or at AGH’s direction in
connection with the matters contemplated under this Agreement, including but
not limited to fees and costs of accountants, attorneys or other consultants.

 

3.3.                         The members of the Group which
are subject to State Unitary Taxes agree to join in the filing of returns,
execute consents and make payments in the same manner as hereinbefore provided
in this Section 3 with respect to Federal Income Taxes.

 

4.                                       Allocation
and Reimbursement of Taxes.

 

4.1.                         Each member of the Group is
responsible, and hereby agrees, to estimate its Current Tax prior to the end of
the Taxable Period.  The calculation of
the Current Tax shall be made using the prevailing U.S. statutory rates under
IRC Sections 11, 55, 59A, and 1201. 
Each Group member that is a direct or indirect subsidiary of AGI shall
pay to AGI the amount of its estimated Current Tax on or before the date that
payment with respect thereto (including any estimate thereof) would have been
required to be paid to the appropriate taxing authorities had it not been a
member of the Group and AGI shall pay to AGH the amount of its estimated
Current Tax on or before the date that payment with respect thereto (including
any estimate thereof) would have been required to be paid to the appropriate
taxing authorities had AGI not been a member of the Group.  In the event that any member of the Group
pays any Federal Income Taxes which would have been payable by another member
of the Group had such party not been a member of the Group, such other member
of the Group shall promptly reimburse the member paying such taxes for the full
amount so paid.

 

4.2.                         Payments due pursuant to
Section 4.1 hereof with respect to a Taxable Period shall be computed
quarterly based upon the annualized estimate of the gross income, losses,
deductions, expenses, exemption, credits and allowances of each member of the
Group.  At the end of the Taxable Period
each member of the Group shall prepare or cause to be prepared and shall
forward to AGH (on such time schedule as may be established by AGH),
Federal Tax Form 1120 (or successors thereto) and such schedules as may be
appropriate in support thereof (all as if such Subsidiary were not a member of
the Group).

 

4.3.                         Amounts payable under this
Agreement shall be paid promptly upon demand therefor by AGH. Any payments made
on the basis of an estimate shall be adjusted within 90 days after the end of
the Tax Period.

 

4.4.                         The members of the Group that
are subject to State Unitary Taxes agree to the allocation of State Unitary
Taxes,

 

3

 

the estimate of the amount thereof and the payment of such taxes in the
same manner as hereinbefore provided in this Section 4 with respect to
Federal Income Taxes.

 

5.                                       Tax
Adjustment.

 

In the event of any adjustment to the consolidated tax returns as filed
(by reason of an amended return, claim for refund, or an audit by the Internal
Revenue Service), the liability of the member of the Group with respect to
which such adjustment has been made, shall be redetermined to give effect to
any such adjustment as if it had been made as part of the original computation
of tax liability under Section 4 hereof and payments or refunds as among
the Group members shall be made accordingly.

 

6.                                       New
Group Members.

 

If at any time a Group member other than AGH acquires or creates one or
more subsidiary corporations that are, under IRC Section 1504, includable
corporations of the Group, such subsidiary corporations shall be subject to
this Agreement without further action being required on the part of such
subsidiary corporation or the members of the Group and, thereupon, all
references herein to the “Group” shall apply to such subsidiary corporations as
if they had been original signatories hereto and such subsidiary corporations
shall be considered a part of the “Group” for all purposes hereof.  If at any time AGH acquires or creates one
or more subsidiary corporations that are, under IRC Section 1504,
includable corporations of the Group, such subsidiary corporations shall be
subject to this Agreement only upon the affirmative election to such effect by
AGH. Each member of the Group other than AGH hereby designates and appoints AGH
its agent and attorney-in-fact to amend this Agreement to include any such
subsidiary corporation as a member of the Group.

 

7.                                       General.

 

7.1.                         Successors.  This Agreement shall be binding on any
successor, by merger, acquisition of assets or otherwise, to any member of the
Group to the same extent as if such successor had been an original party to
this Agreement.

 

7.2.                         Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Minnesota.

 

7.3.                         Counterparts.  This Agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original, but all of which taken together shall constitute one and the same
instrument.

 

7.4.                         Power of Attorney.  Each member of the Group hereby appoints and
constitutes AGH its agent and true and lawful attorney-in-fact (i) for the
purpose of filing any consent, election or other document and taking any other
action as may be

 

4

 

necessary or appropriate in connection with the matters contemplated by
this Agreement and (ii) in its name, place and stead to make, execute, sign,
acknowledge and file such instruments as may be necessary to carry out the
provisions of this Agreement.  The
foregoing grant of authority is hereby declared to be irrevocable and a power
coupled with an interest.  Each member
of the Group agrees to reimburse AGH for all expenses, including legal and
accounting expenses, incurred in connection with the matters contemplated by
this Agreement, including in connection with the audit of any return filed
pursuant hereto.

 

7.5.                         Interpretation.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law,
the parties hereto waive any provision of law which renders any provision
hereof prohibited or unenforceable in any respect.  No term or provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument of equal formality
signed by the parties hereto.  No waiver
of a breach of any provision hereof or a default under any provision hereof
shall be deemed a waiver of such provision or of any subsequent breach or
default of any kind or nature.  This
Agreement embodies the entire understanding of the parties and there are no
further or other agreements or understandings, written or oral, in effect
between the parties, relating to the subject matter hereof.  The division of this Agreement into sections
is only a matter of convenience for reference and shall not define or limit any
of the terms or provisions hereof.

 

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

 

	
   

  	
  AFFINITY GROUP HOLDING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
   

  	
  Its

  	
  V.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AFFINITY GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
   

  	
  Its

  	
  V.P.

  	
   

  
							

 

5

 

	
   

  	
  TL
  ENTERPRISES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRAILER LIFE
  ENTERPRISES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAMP COAST
  TO COAST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GOLF CARD
  HOLDING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GOLF CARD
  INTERNATIONAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GOLF CARD
  RESORT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GSS ENTERPRISES,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
						

 

6

 

	
   

  	
  VBI, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL
  BOAT OWNERS ASSOCIATION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TL MUSIC,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VENTURE
  ENTERPRISES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark J. Boggess

  	
   

  
	
   

  	
  Its 

  	
  V.P.

  	
   

  
					

 

7

 

 

 

AMENDMENT TO TAX SHARING AGREEMENT

 

THIS AMENDMENT TO TAX SHARING AGREEMENT (the
“Amendment”) made as of March 26, 2004 by and among AGI Holding Corp. (the
“Parent”), Affinity Group Holding, Inc., Affinity Group, Inc., Golf Card
International Corp., Golf Card Resort Services, Inc., Camping World, Inc., CWI,
Inc., Camping Realty, Inc., Camping World Insurance Services of Nevada, Inc.,
Camping World Insurance Services of Texas, Inc., CW Michigan, Inc., Camping
World RV Sales, Inc., CWI Funding, Inc., Camp Coast to Coast, Inc., Coast
Marketing Group, Inc., Affinity Brokerage, Inc., Affinity Group Thrift Holding
Corp., Affinity Road and Travel Club, Inc., AGI Canada, Inc., Ehlert Publishing
Group, Inc., Power Sports Media, Inc., GSS Enterprises, Inc., TL Enterprises,
Inc., VBI, Inc., AGRP Holding Corp., AGRP Management Corp., AGI Management
Corporation and TL Music, Inc. (all such parties, other than the Parent, being
herein referred to as the “Subsidiaries”);

 

WHEREAS, the parties hereto have entered into
(or automatically become parties to) a Tax Sharing Agreement (the “Tax Sharing
Agreement”) dated as of August 1, 1993 pertaining, inter alia, to  the
allocation and payment of Federal Income Taxes and State Unitary Taxes
(capitalized terms used herein and not otherwise defined herein shall have the meanings
given to them in the Tax Sharing Agreement);

 

WHEREAS, the Parent proposes to file amended
federal and state income tax returns for the Fiscal Years of the Group ending
December 30, 2001 and December 29, 2002 (the “Amended Returns”) with the appropriate
federal and state taxing authorities (the “Tax Authorities”) to, inter alia, correct errors in the returns
as heretofore filed by the Parent with the Tax Authorities for such periods
(the “Original Returns”);

 

WHEREAS, one or more Subsidiaries may incur
(i) costs and expenses in connection with or a result of the Amended Returns,
or (ii) additional taxes (including sales and use taxes), interest or penalties
as a result of, or in connection, with the Amended Returns (jointly a “Loss”),
it being intended that a “Loss” include amounts required to be paid by a
Subsidiary for any Taxable Period in excess of the amounts paid by such
Subsidiary under the Tax Sharing Agreement in respect of the Original Returns,
whether the “Loss” is occasioned as a result of actions taken by a Tax
Authority or otherwise, provided such “Loss” arises in connection with or as a
result of matters reported, or positions taken, in the Original Returns or
Amended Returns;

 

WHEREAS the Original Returns were prepared at
the direction of the Parent and the Parent accepts responsibility for the
accuracy and completeness thereof;

 

WHEREAS, as a condition to the filing of the
Amended Returns the Subsidiaries have demanded that the Parent indemnify and
forever hold such members of the Group harmless from and against the Losses;

 

WHEREAS the Parent is willing to undertake
such indemnification on the terms set forth hereinafter;

 

NOW, THEREFORE, in consideration of the
foregoing premises, the mutual covenants hereinafter contained and other good
and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties hereto hereby agree as follows:

 

 

1.             The
Parent hereby agrees, at its expense, to promptly file the Amended
Returns.  The Parent warrants that the
Amended Returns as filed with the Tax Authorities will be complete, accurate
and properly reflect the federal and state income taxes payable by the Group
for the Taxable Periods involved.

 

2.             The
Subsidiaries agree to cooperate with the Parent in the preparation of the
Amended Returns and provide such information to the Parent as the Parent may
reasonably request in connection with the preparation and the filing thereof.

 

3.             In
the event of an audit, examination, review or appeal (an “Audit”) of the
Amended Returns by any Tax Authority, the Parent agrees to take such action and
engage such personnel, including tax accountants and tax counsel, as may be
necessary or appropriate in connection therewith, all as determined in the
reasonable judgment of the Parent.  The
Subsidiaries agree to cooperate with the Parent in any Audit and provide such
information to the Parent as the Parent may reasonably request in connection
with the Audit or any proceedings in connection therewith.

 

4.             The
Parent unconditionally and irrevocably agrees to indemnify and forever hold the
Subsidiaries harmless from and against any and all Losses.  The Parent agrees to pay to any Subsidiary
that incurs any Loss the amount thereof in cash upon demand by such Subsidiary.

 

5.             This
Amendment shall not be assigned or conveyed by any party hereto to any other
person or entity without the prior written consent of the other parties
hereto.  Except as so limited, this
Amendment shall be binding and shall inure to the benefit of the parties
hereto, their respective successors and assigns.  Except for such successors and assigns, it is understood that the
benefits of this Amendment shall inure solely to the parties hereto and no
third party shall be a beneficiary hereof, whether by implication, law or
otherwise.  This Amendment shall be
binding upon any new member of the Group, all as provided in Section 6 of the
Tax Sharing Agreement, the provisions of which are incorporated herein by this
reference thereto.

 

This Amendment shall be construed and
enforced in accordance with the laws of the State of California, such state
being the domicile of the principal office of the Parent.  This Amendment supersedes all prior
agreements between the parties hereto with respect to the subject matter hereof
and constitutes the entire agreement between the parties hereto relating to the
subject matter hereof.  This Amendment
constitutes an amendment of the Tax Sharing Agreement in respect of the
liabilities and responsibilities of the parties in respect of the Amended
Returns.  Except as so amended and
modified, the Tax Sharing Agreement shall remain in full force and effect and
the parties hereto reaffirm their obligations thereunder.  No waiver by any party of any provision
hereof shall be effective unless in writing. 
No waiver of any one occurrence shall be deemed a waiver of any other or
similar occurrence unless specifically waived in writing.

 

This Amendment may be executed in any number
of counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same instrument.

 

All notices, requests and other
communications from any of the parties hereto to the other shall be given in
the manner provided in the Tax Sharing Agreement.

 

The parties hereto agree that any information
designated by such party as confidential, shall be maintained as confidential
by the others as such and each party agrees not to disclose any such
information to any person whatsoever other than is necessary to disclose such
information to its own employees and other representatives, including tax
accountants and legal counsel (and shall advise such person of the confidential

 

 

2

 

nature of the information) for the purpose of effecting the matters
contemplated by this Amendment unless such information becomes otherwise
publicly available or such party is required to make such disclosure by order
of a court or governmental agency.

 

Each of the parties hereto agrees to execute
and deliver such other and further documents as the others may reasonably
require to effect the intent hereof.

 

In the event of any dispute hereunder between
the parties hereto, the party prevailing in any litigation instituted hereunder
shall be entitled to recover from the other its costs and expenses thereof,
including, specifically, its reasonable attorneys fees.

 

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

 

	
   

  	
  AGI HOLDING CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
     /s/ Paul E. Schedler

  	
   

  
	
   

  	
   

  	
   

  	
  Paul E. Schedler, Vice
  President

  (the “Parent”)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AFFINITY GROUP HOLDING, INC.

  
	
   

  	
  AFFINITY GROUP, INC.

  
	
   

  	
  GOLF CARD INTERNATIONAL CORP.

  
	
   

  	
  GOLF CARD RESORT SERVICES, INC.

  
	
   

  	
  CAMPING WORLD, INC.

  
	
   

  	
  CWI, INC.

  
	
   

  	
  CAMPING REALTY, INC.

  
	
   

  	
  CAMPING WORLD INSURANCE
  SERVICES OF NEVADA, INC.

  
	
   

  	
  CAMPING WORLD INSURANCE
  SERVICES OF TEXAS, INC.

  
	
   

  	
  CW MICHIGAN, INC.

  
	
   

  	
  CAMP COAST TO COAST, INC.

  
	
   

  	
  COAST MARKETING GROUP, INC.

  
	
   

  	
  AFFINITY BROKERAGE, INC.

  
	
   

  	
  AFFINITY ROAD AND TRAVEL CLUB, INC.

  
	
   

  	
  EHLERT PUBLISHING GROUP, INC.

  
	
   

  	
  POWER SPORTS MEDIA, INC.

  
	
   

  	
  GSS ENTERPRISES, INC.

  
	
   

  	
  TL ENTERPRISES, INC.

  
	
   

  	
  VBI, INC.

  
	
   

  	
  AGRP HOLDING CORP.

  
	
   

  	
  AGRP MANAGEMENT CORP.

  
	
   

  	
  TL MUSIC, INC.

  
	
   

  	
  CAMPING WORLD RV SALES, INC.

  
					

 

3

 

	
   

  	
  CWI FUNDING, INC.

  
	
   

  	
  AFFINITY GROUP THRIFT HOLDING CORP.

  
	
   

  	
  AGI MANAGEMENT CORPORATION

  
	
   

  	
  AGI CANADA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul E. Schedler,

  
	
   

  	
   

  	
  Paul E. Schedler, Vice
  President
 (“Subsidiaries”)

  
				

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}]]