Amendment No. 2 to Employment Agreement between Affinion Group, Inc. and Thomas A. Williams
Affinion Group, Inc. and Thomas A. Williams have agreed to amend their existing employment agreement. The amendment changes the terms of post-termination payments, specifying that after Williams' employment ends, he will receive six quarterly payments totaling his annual base salary plus his target bonus. All other terms of the original agreement remain unchanged.
Exhibit 10.5
Execution Copy
AMENDMENT TO
EMPLOYMENT AGREEMENT
Amendment to Employment Agreement dated as of June 1, 2007 (the Amendment) between Affinion Group, Inc., a Delaware corporation (Affinion or the Company), and Thomas A. Williams (the Executive).
WHEREAS, the Executive entered into an Employment Agreement dated as of November 8, 2006 and amended on February 21, 2007 (the Employment Agreement) with the Company;
WHEREAS, each of the Company and the Executive wants to amend the Employment Agreement on the terms and conditions set forth in this Amendment;
NOW THEREFORE, in consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Employment Agreement is hereby amended as follows:
1. Section 4(a)(ii) of the Employment Agreement is hereby deleted in its entirety, and the following Section 4(a)(ii) hereby inserted in its place and stead:
(ii) After the Date of Termination, the Company will pay Executive, in six quarterly installments commencing as of the Date of Termination, an aggregate sum equal to 100% of the sum of (x) Executives Annual Base Salary and (y) Executives Target Bonus.
2. Except as specifically amended above, the Employment Agreement remains unchanged and in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.
AFFINION GROUP, INC. | ||
By: | /s/ Nathaniel J. Lipman | |
Name: Nathaniel J. Lipman | ||
Title: President and CEO | ||
EXECUTIVE: | ||
/s/ Thomas A. Williams | ||
Thomas A. Williams |