Exhibit 10.39

 

EXECUTION COPY

 

SHARED SERVICES AGREEMENT

 

This Shared Services Agreement, (the “Agreement”), effective as of November 1,
2005 (the “Effective Date”), is entered into by and between TRX, Inc. (formerly
known as WT Technologies, Inc.), a Georgia corporation and TRX Fulfillment
Services, LLC (formerly known as WorldTravel Technologies, L.L.C.), a Georgia
limited liability company and wholly owned subsidiary of TRX, Inc. (which are
collectively referred to as “TRX”) and E2E SerWiz Solutions, Ltd., a corporation
formed under the laws of India (d/b/a SerWizSol) (“SWS”). TRX, on the one hand,
and SWS on the other hand, is each referred to individually herein as a “Party,”
and collectively referred to as the “Parties.” Capitalized terms not otherwise
defined herein shall have the meaning set forth in Section 13.

 

WHEREAS, among other things, TRX is engaged in the business of providing
customer care and contact center services in the United States to the [*] and
[*] businesses of [*], pursuant to the terms of that certain [*] as well as
similar services to other customers such as [*] , in each case through the
operation of customer care and contact centers located at 3210 Dudley Avenue,
Suite 100 in Parkersburg, West Virginia (the “Parkersburg Customer Care Center”)
and at 6671 Caroline Street and 6657 Caroline Street, in Milton, Florida
(collectively, the “Milton Customer Care Center”) (the Parkersburg Customer Care
Center and the Milton Customer Care Center are collectively referred to as the
“TRX Customer Care Centers”) (such customer care services excluding TRX Other
Services (as defined below) are referred to collectively as the “TRX/ [*]
Services”);

 

WHEREAS, subject to obtaining certain third party consents, TRX and SWS desire
that SWS assume the operations of the TRX Customer Care Centers from TRX, to
provide the TRX/[*] Services relating to the [*] directly to [*];

 

WHEREAS, TRX desires to sell, and SWS desires to acquire, certain Assets (as
defined herein) at the time of [*] business transfer (the “Asset Purchase
Component”);

 

WHEREAS, TRX also desires to transfer the TRX/[*] Services business relating to
the [*] to SWS, and SWS desires to assume this business to provide such services
to [*] directly, after certain conditions are satisfied;

 

WHEREAS, TRX desires to engage SWS to provide subcontracting services with
respect to the [*], and SWS desires to provide such subcontracting services to
TRX, after the [*] business is transferred to SWS and until the end of the SWS
Services Term (as defined herein) (the “Subcontracting Component”);

 

WHEREAS, SWS desires to engage TRX to provide certain transition and related
consulting services, both prior to and following SWS assuming responsibility for
the TRX Customer Care Centers and the applicable TRX/[*] Services, and TRX
desires to provide such services (the “Shared Services Component”); and

 

WHEREAS, the Asset Purchase Component, Subcontracting Component and Shared
Services Component is each an independently valuable aspect of the relationship
between the

 

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Parties and contemplated transactions, with each such Component to be undertaken
between the Parties based on terms and conditions specific to such Component, as
well as terms and conditions applicable to all of such Components;

 

WHEREAS, TRX and SWS desire to enter into this Agreement setting forth the terms
and conditions pursuant to which they would undertake the foregoing services and
other transactions, including the Asset purchase.

 

NOW, THEREFORE, in consideration of the premises and of the promises and
agreements hereinafter set forth, the parties hereto, intending to be legally
bound, do hereby agree as follows:

 

1. SWS Services – The Subcontracting Component.

 

1.1 Services. Subject to the terms set forth herein, during the SWS Services
Term (as defined below), TRX shall engage SWS as its subcontractor with respect
to phone support, e-mail support and tier 2 helpdesk support provided in
connection with the TRX/[*] Services for the [*] Business as further described
in Exhibit A attached hereto (collectively, the “SWS Services”). TRX shall use
its commercially reasonable efforts to obtain any third-party consents relating
to the subcontracting agreement, including [*] consent on or before the [*]
Transition Date, i.e., the commencement date of the SWS Services. The
individuals who provide the SWS Services will be referred to as “SWS Personnel.”

 

1.2 SWS Services Term. Subject to the terms and conditions of this Agreement,
SWS shall provide the SWS Services commencing on the [*] until the earlier of:
(a) the Final Transition Date, (b) termination by [*] or expiration of the
TRX/[*] Agreement relating to the [*] Business, (c) termination of the SWS
Services in accordance with the terms of this Agreement, or (d) the end of the
Term of this Agreement (the “SWS Services Term”). The Parties acknowledge and
agree that the TRX/[*] Agreement requires TRX to provide TRX Services to [*]
with respect to the [*] Business through December 31, 2006 (which, assuming the
commencement of the SWS Services Term, SWS agrees provide subject to receipt of
the [*] and such other terms and conditions of this Agreement). TRX shall not
agree to extend such commitment without the prior consent of SWS and any
provision of the SWS Services beyond December 31, 2006 shall be on such terms as
are mutually agreed between TRX and SWS. For the sake of clarity, SWS shall be
under no obligation with respect to the SWS Services, and TRX shall not be
required to engage SWS to perform the SWS Services, if the [*] Transition Events
do not occur.

 

1.3 Service Levels; Reporting.

 

1.3.1 SWS agrees that it will at all times use commercially reasonable efforts
to perform any and all of the SWS Services to be provided pursuant to
Section 1.1 in accordance with the terms and conditions of this Agreement for
the [*] Business during the SWS Services Term, including the performance
standards set forth in Exhibit B, and will at all times retain and utilize a
sufficient number of qualified personnel to perform all of such SWS Services.
Specifically, SWS acknowledges and agrees that the SWS Services must be
performed in a manner that complies with the performance standards set forth on
Exhibit B for the [*].

 

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Business, which are the performance levels required by the TRX/[*] Agreement
(the “SLAs”). To the extent the required performance levels set forth in the
TRX/[*] Agreement are modified after the date hereof, the SLAs herein shall
automatically change to remain identical to such required performance levels.
Notwithstanding the foregoing, the SLAs herein shall not be modified without
SWS’ prior written consent; provided that SWS and TRX agree to work in good
faith to accommodate changes requested by [*] for the [*] Business.

 

1.3.2 In connection with the [*] Business, during the SWS Services Term, TRX
shall evaluate and measure all SWS Services on a [*] (each a “Measurement
Interval”), and shall notify SWS if the SWS Services do not meet the SLAs during
any Measurement Interval (a “Deficiency Notice”). Upon receiving a Deficiency
Notice, SWS shall deliver to TRX a detailed written report identifying SWS’ plan
for correcting the SWS Services so that they meet or exceed the SLAs (a
“Corrective Action Plan”). The Corrective Action Plan shall be submitted by SWS
to TRX within [*] business days of SWS receiving the Deficiency Notice and shall
specify the time period that SWS requires to rectify the performance
deficiencies identified in the Deficiency Notice. SWS shall not be liable for
failing to meet any SLAs, to the extent such failure is attributable to
(i) TRX’s breach of its obligations under this Agreement or the TRX/[*]
Agreement, (ii) any Force Majeure (as defined below), (iii) problems resulting
from components (including network, hardware or software) for which [*] is
operationally and administratively responsible, or (iv) any discrepancy from the
SLAs or suspension of performance by SWS agreed upon by TRX or [*] (each an
“Excluded Cause”).

 

1.3.3 During the SWS Services Term, SWS shall provide daily performance and
operations reporting in a manner consistent with TRX’s reporting with respect to
the TRX Customer Care Centers for the period immediately preceding the Effective
Date. In addition, SWS shall immediately report to TRX any incident or
circumstance with respect to its performance of the SWS Services that is known
to SWS and that would reasonably be expected to result in liability to [*] in
excess of SWS’ limitation of liability for the SWS Services hereunder, as
described in Section 9.1.3.

 

1.3.4 Notwithstanding anything to the contrary herein, if (i) TRX has issued a
Deficiency Notice (whether or not SWS has provided or implemented a Corrective
Action Plan), (ii) SWS has provided a notice to TRX of the type described in
Section 1.3.3 above, or (iii) [*] has provided notice to TRX of TRX’s or SWS’
breach or alleged breach with respect to the SWS Services, then the following
terms shall apply:

 

(a) TRX shall have the authority to direct SWS’ performance of the SWS Services
in the manner TRX deems reasonably necessary to mitigate or cure any breach with
respect to the TRX/[*] Services and any related liability to [*] with respect
thereto, and SWS shall cooperate in good faith with TRX’s direction;

 

(b) Incremental costs and expenses incurred by the Parties as a result of TRX’s
direction under subsection (a) above shall be allocated equally between the
Parties; and

 

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(c) SWS would not be liable for any breach of this Agreement (including, without
limitation, any SLA defaults) to the extent caused as a result of TRX’s
direction under subsection (a) above and, as between TRX and SWS, TRX shall be
solely liable for and shall indemnify and hold SWS harmless for and against any
claims, damages, liabilities, losses or expenses to the extent arising from or
relating to SWS’ performance in accordance with TRX’s direction under subsection
(a) above.

 

1.4 Modifications to TRX/[*] Agreement. Commencing on the Effective Date and
continuing until the Final Transition Date, TRX shall not amend or modify the
terms of the TRX/[*] Agreement as it relates to the [*] business or the [*]
Business without obtaining SWS’ prior written consent, which consent shall not
be unreasonably withheld. To the extent TRX engages in discussions with [*]
pertaining to the [*] business or the [*] Business (not including routine
correspondence and discussions in the context of day-to-day performance of the
TRX/[*] Services), TRX shall request [*] permission to include SWS in such
discussions and TRX shall permit SWS to participate if SWS’ participation is
approved by [*].

 

1.5 SWS Authority. Except as may be provided in Exhibit A, neither Party shall
have, nor represent itself as having, any authority under the terms of this
Agreement to make agreements of any kind in the name of or binding upon the
other Party, to pledge the other Party’s credit, or to extend credit on the
other Party’s behalf.

 

1.6 SWS Personnel. SWS and TRX are not joint employers of the SWS Personnel for
any purpose under this Agreement. SWS will however be free to determine how to
staff its SWS Services under this Agreement. SWS reserves the right to assign
the personnel to perform the SWS Services and to replace or reassign such
employees. SWS Personnel may rotate between this engagement and other
engagements of SWS. Notwithstanding the foregoing, the Parties acknowledge and
agree that, at [*] request, or at TRX’s request if TRX reasonably believes that
such a change is necessary in order for TRX to be in compliance with the terms
of the TRX/[*] Agreement, SWS shall discuss in good faith the change required by
TRX, and, promptly take appropriate action to address TRX’s concerns, including,
where appropriate, and to the extent commercially possible, by modifying the
composition or responsibilities of the SWS Personnel. SWS shall indemnify and
hold harmless TRX and the TRX Parties from all claims, damages and losses
arising out of or relating to all negligence or willful misconduct of SWS
Personnel and for any joint employment related claims with respect thereto.

 

1.7 TRX Responsibilities. SWS’ performance of the SWS Services is dependent upon
(i) TRX’s timely and effective performance of its responsibilities under this
Shared Services Agreement, the Subcontracting Component and the TRX/[*]
Agreement, (ii) TRX’s timely decisions and approvals in connection with the
foregoing and (iii) TRX’s payment of the [*], in each case as further described
in Section 6 hereof. For the sake of clarity, SWS shall not be liable or
responsible for any defects or failure of performance to the extent that such
defects or failure is due to TRX’s breach of this Agreement or the TRX/[*]
Agreement. In the case of a defect or failure of performance, SWS’ liability
shall be limited to its proportional share of responsibility for any such
defects or failure, and, as between TRX and SWS only, all other liability shall
be borne solely by TRX. From the Effective Date of this Agreement and thereafter
during the Term, TRX

 

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shall continue to be responsible for certain activities in support of the
TRX/[*] Services (for both [*] and [*] business) other than the SWS Services, as
and to the extent described in Section 5.1 hereof. In addition, the
responsibilities and obligations of TRX under and pursuant to this Agreement
from the Effective Date until the end of the Term include, but are not limited
to, the following:

 

1.7.1 Providing SWS with such information reasonably required by SWS to perform
the SWS Services in a timely manner and ensuring that all such information
provided by TRX to SWS is updated on a prompt and continuous basis;

 

1.7.2 Making available, promptly after requested by SWS, management decisions,
approvals, acceptances and such other information and assistance desired or
required by SWS to perform its obligations under this Agreement;

 

1.7.3 Establishing and maintaining TRX’s policies (including finance, accounting
and management information system policies);

 

1.7.4 Making TRX’s relevant employees available to and causing them to
communicate with SWS and SWS Personnel during business hours as SWS may
reasonably request; and

 

1.7.5 Providing SWS with access to TRX’s personnel who are ultimately
responsible for supervising the SWS Services (the “Supervisor(s)”) at such times
as SWS may reasonably request. SWS shall report to TRX’s Supervisor(s) with
respect to the performance of its obligations until the Final Transition Date
under this Agreement.

 

1.8 Termination Assistance. Subject to Sections 1.10 and 8.2.2(b), upon either
Party providing notice of termination of the SWS Services, SWS shall assist TRX,
as TRX reasonably requests, with the transition of those activities comprising
the SWS Services either to be performed by TRX directly or by a third-party on
TRX’s behalf provided, TRX fully compensates SWS for any such transition
services at SWS’ then existing time-and-material rates. Further, SWS shall be
under no obligation to render any transition services, if the SWS Services are
terminated by SWS in accordance with the terms of Section 7.2.

 

1.9 [*] Sublicense; TRX License. SWS acknowledges and agrees that its provision
of the TRX/[*] Services for the [*] Business until the end of the SWS Services
Term will require the utilization of certain technology (owned or licensed by
[*]) to be sublicensed by SWS from [*] (the “[*] Sublicense Software”). TRX
shall use its commercially reasonable efforts to obtain all consents required
from [*] to facilitate the sublicense of such technology to SWS. SWS shall not
be in breach of its obligation to provide the SWS Services if TRX for any reason
is unable to obtain [*] consent for the Subcontracting Component or SWS fails to
obtain a sublicense for the aforesaid technology. To the extent that software
(other than the software included among the Assets and Assumed Liabilities) is
necessary to perform the TRX/[*] Services in the manner in which they were
performed by TRX as of the Effective Date, (i) with respect to such software
owned by any third party, TRX shall assign the portion of its license to such
software applicable to the TRX/[*] Services to SWS or assist SWS to obtain a
license to such software on substantially similar terms

 

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as were in place between the licensor and TRX (with respect to the TRX/[*]
Services) as of the Effective Date, and (ii) with respect to such software owned
by TRX (the “TRX Software”), TRX hereby grants to SWS a royalty-free, perpetual,
irrevocable and non-exclusive right and license to use and access such
technology in the United States solely for providing the [*]/TRX Services either
directly or as a subcontractor to [*]. For the avoidance of doubt, the TRX
Software shall in no event include any of its RESX, SELEX, CORREX, TRANXACT or
DATATRAX products. TRX hereby grants a royalty-free and non-exclusive right and
sub-license to SWS to use and access for SWS’ performance of the TRX/[*]
Services the products and services licensed to TRX pursuant to the [*] Contract
for Providing Products and Services, dated February 29, 2000, as amended on
June 29, 2001, September 21, 2001, February 19, 2004, September 30, 2004, and
December 31, 2004, by and between [*] and TRX Fulfillment Services, LLC, on the
terms and subject to the conditions set forth in such contract, during the Term
or until such earlier time that [*] provides suitable alternative products and
services to SWS, as determined by SWS in its reasonable discretion.

 

1.10 Exclusivity. During the SWS Services Term, SWS shall be TRX’s exclusive
subcontractor for providing the SWS Services, and TRX shall not, either by
itself or by using any other service provider provide the SWS Services or such
other subcontracting services relating to the [*] Business.

 

1.11 Limits on TRX. If for any reason, the Final Transition Events do not occur
on or before December 31, 2006, TRX shall not provide the TRX/[*] Services to
the [*] Business after such date, either directly or indirectly through any
third party, other than through SWS; provided that the foregoing restriction
shall not apply if (a) SWS is in material breach of its obligations with respect
to the SWS Services hereunder (but only to the extent that TRX has provided
prior written notice to SWS of such material breach and a reasonable opportunity
to cure such material breach); (b) TRX terminates this Agreement or the SWS
Services at any time pursuant to Section 7.2 hereof; (c) SWS refuses to perform
such services after such date on terms that are reasonably agreeable to TRX (but
only to the extent that TRX performs such services for [*] on the same terms) or
(d) [*] specifically directs TRX to not use SWS to perform such services or
specifically directs TRX to use another party to perform such services, in
either case, in good faith or as a result of a breach by SWS.

 

2. The Asset Purchase Component.

 

The parties hereby agree that the provisions listed below in this Section 2 and
such other provisions that relate to the Asset Purchase Component (including,
without limitation, Section 12 representations and warranties) shall apply to
the Asset Purchase Component referenced herein and to all documents related to
the Asset Purchase Component, including all schedules and exhibits thereto, the
bill of sale and assignment document and the Assignment and Assumption of
Contracts document, as if restated in full, and to this Shared Services
Agreement and all other components thereof.

 

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2.1 Transfer of Assets.

 

2.1.1 Subject to the terms and conditions of this Agreement (including, but not
limited to, Sections 3.1 and 3.2), on the [*] Transition Date, TRX shall, sell,
convey, assign transfer and deliver to SWS the Assets located at the Parkersburg
Customer Care Center and the Milton Customer Care Center free and clear of all
mortgages, liens, security interests, pledges, charges or encumbrances,
restrictions or interests of another person of any kind or nature, title
defects, options or claims, pursuant to a duly executed bill of sale and
assignment in substantially the form of Exhibit C (including all Schedules to
Exhibit C where the specific Assets to be purchased are listed). Along with the
Assets transferred, TRX shall assign all licenses to the software that form part
of the Assets.

 

2.1.2 Subject to the Parties’ satisfaction of certain conditions set forth
herein, the Asset transfer contemplated herein shall be consummated on the [*]
Transition Date upon execution of the bill of sale and assignment document set
forth as Exhibit C herein.

 

2.2 Bulk Transfer Provisions. TRX and SWS hereby waive compliance with the
provisions of any applicable bulk transfer law; provided, however, that TRX
agrees: (i) to pay and discharge when due or to contest or litigate all claims
of creditors which are asserted against SWS or the purchased Assets by reason of
such noncompliance; (ii) to take promptly all necessary action to remove any
lien which is placed on the Assets purchased by reason of such noncompliance;
and (iii) to pay all transfer taxes, if any, which may be due by reason of the
sale by TRX to SWS of the Assets pursuant to this Agreement.

 

2.3 TRX Representations and Warranties Regarding the Assets and Liabilities. TRX
represents and warrants to SWS that:

 

2.3.1 TRX owns, and shall transfer to SWS, all the Assets free and clear of all
liens, security interests, pledges, charges or encumbrances, restrictions or
interests of any third party of any kind or nature, title defects, options or
claims.

 

2.3.2 All the licenses held by TRX to the software transferred as part of the
Assets are assignable.

 

2.3.3 TRX has paid or will have paid on the [*] Transition Date all taxes,
duties and other charges otherwise payable to the State of West Virginia, State
of Florida and for other states affecting the TRX/[*] Services, the Assets or
Assumed Liabilities, and that there are no claims relating to the period prior
to the [*] Transition Date from any authorities of any state relating to same.
In the event a bill or notice for such taxes are received by either TRX or SWS
(including for such taxes until the Final Transition Date for those Additional
Assumed Liabilities that SWS may assume only on the Final Transition Date), TRX
shall promptly pay, upon receipt of a bill or notice, all such taxes and
applicable penalties.

 

2.3.4 Except as set forth on Exhibit E, and subject to SWS executing such
documents as may be reasonably required by other parties to such contracts (in
each case, pursuant to terms reasonably acceptable to SWS), the contracts with
vendors, clients or other third parties included among the Assumed Liabilities
are assignable or can be assigned to SWS and all consents and permissions if any
required to effect the assignment shall have been obtained or taken prior to the
[*] Transition Date or the Final Transition Date, depending on the business or
the Assumed Liabilities being transitioned (i.e., the [*] or the [*] or the [*]
Assumed Liabilities or the Final Assumed Liabilities).

 

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2.3.5 TRX represents that it is in material compliance with the terms of the
Milton Lease and the Parkersburg Lease, and that no notice of eviction has been
served upon it by the lessors of said leases. TRX also represents that it has
paid all monies (including rent and utilities such as electric, gas, sewer, as
applicable), due to the lessors of the Milton Lease, the Parkersburg Lease, and
any other space used to conduct the TRX/[*] Services and that it has no
outstanding balances as on the Effective Date and the [*] Transition Date.
Furthermore, TRX covenants that it will pay the rent and all other monies
(including utilities) on a timely basis to the lessors of any leases used for
the TRX/[*] Services including the Milton Lease and the Parkersburg Lease, and
that it will not breach any terms of any of the applicable leases. If before the
[*] Transition Date, an eviction notice is served on TRX, it shall inform SWS by
a written notice and enclose a copy of the eviction notice. TRX shall reimburse
and indemnify SWS and SWS Parties for all losses and damages incurred by SWS
arising out of (i) TRX’s breach of this representation; (ii) any claim brought
against SWS for TRX’s default of any of its obligations under the Milton Lease,
Parkersburg Lease, and any other real property, including, without limitation,
any claims that arose or hereinafter arise out of TRX’s use of certain
facilities at Orangeburg, South Carolina and TRX’s abandonment of a certain call
center lease in Milton, Florida.

 

2.4 Additional TRX Representations and Warranties. TRX represents and warrants,
to its knowledge, and covenants to SWS the following:

 

2.4.1 The Assets will be, as of the [*] Transition Date, in substantially the
same operating condition as historically utilized by TRX; provided that, except
as set forth in this Section 2.4.1 and in Sections 2.1.1, 2.3.2 and 2.4.3, TRX
makes no representation or warranty regarding the condition, suitability or
operability of the Assets, and SWS acknowledges that such Assets are being sold
on an “as is, where is” basis.

 

2.4.2 TRX possesses all licenses and required governmental or official
approvals, permits or authorizations (collectively, the “Permits”) for the
Assets and operations of TRX at the Customer Care Centers. All such Permits are
valid and in full force and effect, TRX is in material compliance with their
requirements, and no proceeding is pending or, to the best of TRX’s knowledge,
threatened to revoke or amend any of them.

 

2.4.3 The Assets (other than the third-party licensed software), the [*]
Sublicense Software, the TRX Software (if any) and the TRX/[*] Services, as
performed by TRX prior to the [*] Transition Date, do not violate or infringe
the intellectual property or proprietary right of any third party.

 

2.4.4 There are no actions, suits, claims, governmental investigations or
arbitration proceedings pending or, to the best of TRX’s knowledge, threatened
against or affecting TRX, the Assets, the TRX/[*] Services, the Leases, or the
Assumed Liabilities, including, without limitation, any claims against TRX by or
with respect to the Business Personnel. There are no outstanding orders, decrees
or stipulations issued by any governmental or regulatory authority relating to
or affecting the Assets, the Leases, the Assumed Liabilities, or the TRX/[*]
Services.

 

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2.4.5 TRX is in material compliance with all laws, regulations and orders
applicable to it, and that pertain to the Assets and the TRX/[*] Services. TRX
has not been cited, fined or otherwise notified of any asserted past or present
material failure to comply with any laws as they pertain to the Assets or
contemplated proceeding with respect thereto.

 

2.4.6 TRX has materially complied with all laws relating to the employment of
the Business Personnel, including provisions thereof relating to wages, hours,
equal opportunity, severance payments, employee benefits, collective bargaining
and the payment of social security and other taxes.

 

2.4.7 TRX has no material labor relations problem pending with respect to the
Business Personnel and its labor relations with the Business Personnel are
satisfactory; there are no workers’ compensation claims with respect to the
Business Personnel pending against TRX nor is TRX aware of any facts that would
give rise to such a claim; no Business Personnel is subject to any secrecy or
non competition agreement or any other agreement or restriction of any kind that
would impede in any way the ability of such employee to carry out fully all
activities of such employee on behalf of TRX.

 

2.4.8 All contracts included among the Assumed Liabilities and the TRX/[*]
Agreement are valid and binding and enforceable in accordance with their terms
and are in full force and effect, and no defense, offsets or counterclaims have
been asserted or made by any party thereto. There is no existing default by TRX
with respect to such contracts and the TRX/[*] Agreement, or any condition or
event of which TRX has knowledge that with notice or lapse of time or both would
constitute a default. TRX has not received notice of the intention of any party
to any such contract to cancel or terminate such contract.

 

2.4.9 The purchased Assets and the contracts included among the Assumed
Liabilities constitute, in the aggregate, substantially all of the tangible
personal property assets and the material third party contracts utilized by TRX
for the conduct of TRX’s business at the Customer Care Centers in the manner in
which it is being conducted as of the Effective Date, other than the TRX/[*]
Agreement, the Leases, the [*] Sublicense Software, any agreements with or
relating to employees, and any agreements relating to the TRX Services. The [*]
Sublicense Software and the other software included among the Assets and Assumed
Liabilities is the only software necessary to perform the TRX/[*] Services in
the manner in which they were performed by TRX as of the Effective Date. TRX has
not received notice or any other communication that any of the current customers
of TRX for whom services are performed at the Customer Care Centers will
terminate their patronage of TRX, or that of SWS, or substantially reduce the
level of services currently received from TRX.

 

2.4.10 Neither TRX nor any member of its “controlled group,” as defined in
section 4001(a)(14) of ERISA, has sponsored any plan subject to Title IV of
ERISA for its eligible employees. Neither TRX nor any member of its “controlled
group” has made a complete or partial withdrawal from any multi-employer plan so
as to incur withdrawal liability under section 4201 of ERISA (without regard to
subsequent reduction or waiver of such liability under

 

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section 4207 or 4208 of ERISA). Neither TRX nor any member of its “controlled
group” has (i) failed to make a required installment under section 302(e) of
ERISA or (ii) been required to provide security to any employee benefit plan or
the Pension Benefit Guaranty Corporation under section 306 or 307 of ERISA.
Exhibit I, the “Employee Benefit Schedule,” sets forth a list of all current
benefits that TRX offers to its employees as of the Effective Date (except for
limited exceptions made in connection with individual hiring decisions).

 

2.4.11 As relates to the Business Personnel, there are no current pending or, to
TRX’s knowledge, threatened unfair labor practices charges or other
employment-related claims that have been filed against TRX with any federal,
state, local or administrative tribunal , and there are no material claims
resulting in any settlement. None of the Business Personnel is represented by
any labor union and TRX has not experienced any organized work stoppage on the
part of the Business Personnel. There are no collective bargaining agreements
between TRX and any Business Personnel.

 

2.4.12 [*]

 

2.4.13 TRX represents and warrants that the details regarding the TRX/[*]
Agreement [*] are true and accurate. The Parties agree that, among other things,
the contents of the abovementioned certifications, served as material inducement
for SWS to enter into this Agreement, and that any breach of this warranty will
cause SWS irreparable injury.

 

2.4.14 TRX represents and warrants that TRX has not misrepresented any facts to
SWS or withheld any material terms from SWS regarding the TRX/[*] business
relationship (relating solely to the [*] and the [*] Business), including,
without limitation, the material terms and conditions of the TRX/[*] Agreement
relating solely to the [*] and [*] Business.

 

2.5 Survival of Asset Purchase. For the avoidance of doubt, notwithstanding
anything set forth in this Agreement, including Section 7.1 below, termination
or expiration of this Agreement, the Subcontracting Component or the Shared
Services Component after the Asset transfer (which shall occur on the [*]
Transition Date) shall not in any way adversely affect SWS rights or title in
the Assets.

 

3. Assignment and Assumption of Liabilities and Leases.

 

3.1 [*] Assumed Liabilities. From and after the [*] Transition Date, SWS shall
assume the liabilities and obligations of TRX accruing after the [*] Transition
Date relating to any and all third party software licenses, maintenance
contracts, software support agreements and other agreements (exclusive of the
Milton Lease or Parkersburg lease if not assigned to SWS) utilized in connection
with the Assets located at the TRX Customer Care Centers and those related to or
utilized in the performance of services for the [*] business (collectively, the

 

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“[*] Assumed Liabilities”) pursuant to a duly executed assignment and assumption
agreement in respect of such [*] Assumed Liabilities, in substantially the form
of Exhibit D. For the avoidance of doubt, those items specifically set forth in
Schedule 1 to Exhibit D are all of the material [*] Assumed Liabilities.

 

3.2 Final Assumed Liabilities. From and after the Final Transition Date, SWS
shall assume the liabilities and obligations of TRX accruing after the Final
Transition Date relating to any and all remaining third party software licenses,
maintenance contracts, software support agreements and other agreements
(exclusive of the Milton Lease or Parkersburg Lease if not assigned to SWS)
utilized in connection with the Assets located at the TRX Customer Care Centers
as on the Final Transition Date, and those related to or utilized in the
performance of services for the [*] Business (collectively, the “Additional
Assumed Liabilities”) pursuant to a duly executed assignment and assumption
agreement in respect of such Additional Assumed Liabilities, in substantially
the form of Exhibit D. For the avoidance of doubt, those specific items listed
in Schedule 2 of Exhibit D are all of the material Additional Assumed
Liabilities.

 

3.3 Customer Care Agent Errors. SWS shall be responsible for any liabilities
incurred as a result of customer care agent errors made after the [*] Transition
Date in connection with the performance of the TRX/[*] Services relating to the
[*] Business and the [*] Business (the “SWS Agent Liabilities”). Except as
provided in Exhibit G in connection with the calculation of [*] [*] in no event
shall SWS be liable for any customer care agent errors made on or prior to the
[*] Transition Date in connection with the performance of the TRX/[*] Services
even if such errors are discovered after the [*] Transition Date, which
liabilities shall always be TRX’s responsibility and form part of the “TRX
Liabilities” defined below.

 

3.4 TRX Liabilities. Pursuant to the terms of this Agreement, SWS shall assume
from TRX only the [*] Assumed Liabilities, the Additional Assumed Liabilities
and the SWS Agent Liabilities (cumulatively, the “SWS Assumed Liabilities”), and
SWS shall not assume or be deemed to have assumed any other obligations or
liabilities of TRX of any nature whatsoever. TRX shall at all times be liable
for all TRX liabilities other than the SWS Assumed Liabilities, irrespective of
when such liabilities may arise or accrue, including all liabilities relating or
arising out of the TRX Other Services or the TRX Services (including liabilities
resulting from TRX’s use of the Milton Customer Care Center for the TRX Other
Services), all liabilities arising due to the failure to obtain the required
consent of the relevant landlord to assign or sublet the Leases to SWS, whether
arising prior to or after the [*] Transition Date (the occurrence of the [*]
Transition Date will not be deemed to be a waiver by SWS of this right) and all
liabilities arising prior to or after the [*] Transition Date from causes of
action arising prior to the [*] Transition Date (even if the conditions leading
to such cause of action continue after the [*] Transition Date), including any
such liabilities under OSHA (cumulatively, “TRX Liabilities”).

 

3.5 Third Party Consents; Licenses.

 

3.5.1 TRX represents that except as set forth in Exhibit E, the [*] Assumed
Liabilities and the Additional Assumed Liabilities are assignable to SWS without
requiring the consent of the licensor or third party. Prior to the [*]
Transition Date or Final Transition Date

 

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as applicable, TRX shall use its commercially reasonable efforts to obtain all
necessary consents to assign the [*] Assumed Liabilities and the Additional
Assumed Liabilities with respect to which consent of a third party is required,
in each case pursuant to terms reasonably acceptable to SWS. Upon receipt of
such consents, SWS shall enter into all agreements (in a form reasonably
acceptable to SWS) necessary to document such TRX assignments with such
agreements to be effective on or after the applicable Transition Date provided
TRX is not then in material breach of any of its obligations under this
Agreement (but only to the extent that SWS has provided prior written notice to
TRX of such material breach and a reasonable opportunity to cure such material
breach), and SWS and [*] have entered into the SWS/[*] Agreement.

 

3.5.2 Prior to the [*] Transition Date, TRX shall use its commercially
reasonable efforts to assist SWS,

 

3.5.3 as SWS reasonably requests, to obtain all applicable licenses and permits
necessary for SWS’ performance of its obligations to TRX and [*]. SWS shall
enter into all agreements necessary to document such TRX assignments or
subleases, in each case pursuant to terms reasonably acceptable to SWS.

 

3.6 Sublease or Assignment from TRX; Shared Milton Facilities and Personnel.

 

3.6.1 The Parties acknowledge that TRX provides certain services other than the
TRX/[*] Services at the Milton Customer Care Center, i.e., the TRANXACT services
(the “TRX Other Services”). Effective on the [*] Transition Date, TRX hereby [*]

 

3.6.2 On or before the [*] Transition Date, TRX shall use its commercially
reasonable efforts to obtain such [*]

 

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4. Business Personnel.

 

4.1 Hiring of Business Personnel.

 

4.1.1 Prior to the [*] Transition Date, SWS shall offer employment (an “Offer”)
to all Business Personnel (including, [*]) on terms and conditions (including
with respect to compensation and benefits, including a group health plan) that
are substantially comparable in the aggregate to the terms in place for such
Business Personnel as of the Effective Date provided, however, that SWS shall
not be required to establish and make available to the Hired Employees a 401(k)
plan until the date that is six (6) months after the [*] Transition Date. SWS
will hire any such Business Personnel who accepts SWS’ Offer by the [*]
Transition Date (each such employee who is hired by SWS being a “Hired
Employee”). For the avoidance of doubt, SWS shall be under no obligation to hire
any TRX employee in the event any or all [*] Transition Events do not occur.
Hired Employees shall cease being employees of TRX on the Hire Date, and will
thereafter commence employment with SWS as “new hire” (i.e., SWS shall not be
liable for any “continued employment” claims or related obligations relating to
such Hired Employees). TRX shall not relocate or reassign any of the Business
Personnel to other TRX divisions prior to the [*] Transition Date without
obtaining the prior written consent of SWS. TRX will consult with and provide
notice to SWS in connection with TRX hiring additional Business Personnel
between the Effective Date and the [*] Transition Date, and TRX shall not hire
any such additional Business Personnel except as TRX reasonably deems necessary
or appropriate for the provision of the TRX/[*] Services (such as due to
attrition in the number of Business Personnel or changes in performance
standards or service offerings with respect to the TRX/[*] Services).

 

4.1.2 SWS agrees that it will work in good faith and use its commercially
reasonable efforts to implement applicable employee benefit plans and other
required arrangements to facilitate SWS making the Offers in the manner required
by Section 4.1.1. If, notwithstanding such efforts, SWS has not implemented such
employee benefit plans and other required arrangements by the [*] Transition
Date and, as a result, is unable to make the Offers on such date, then TRX
agrees that it will enter into an Employee Leasing Agreement with SWS on
mutually agreed upon commercially reasonable terms, in respect of the Business
Personnel that are not hired by SWS, for a maximum period of 60 days commencing
from the [*] Transition Date, or such other date as the parties mutually agree
upon. Upon SWS’ good faith determination that an Employee Leasing Agreement
would be required as per this Section 4.1.2, SWS shall so notify TRX and the
Parties agree to enter into good faith negotiations seven days prior to the [*]
Transition Date in order to finalize the Employee Leasing Agreement on or before
the [*] Transition Date.

 

4.2 Allocation of Liabilities Related to Business Personnel.

 

4.2.1 TRX shall be liable for and shall pay all accrued salary, incentive pay,
bonus pay, severance pay, earned overtime pay, benefits, vacation or other pay
associated with any TRX Employees that has accrued up to or arise as of and
including the applicable Hire Date, and shall be responsible for all notices or
payments due to any TRX Employees, and all notices, payments, fines or
assessments due to any Governmental Entity, pursuant to any applicable foreign,
federal, state or local law, common law, statute, rule or regulation with
respect to the

 

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employment discharge or layoff of such employees by TRX on or prior to the
applicable Hire Date, including those Employees who are not Hired Employees
(which employees shall also include such employees performing the TRX Services),
including, but not limited, to the Worker Adjustment and Retraining Notification
Act (“WARN”) and Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”) and any rules or regulations as have been issued in connection with
the foregoing. TRX shall retain and be responsible for all obligations relating
to group health continuation coverage pursuant to Section 4980B of the Internal
Revenue Code (“Code”) and Sections 601 through 609 of Employee Retirement Income
Security Act of 1974 (“ERISA”), including, but not limited to, notification
obligations for all Business Personnel (including all Hired Employees) (and
other qualified beneficiaries) covered under TRX’s group health plan who
incurred a qualifying event (as defined in Code Section 4920B(f) or ERISA
Section 603) until the applicable Hire Date. Further, as between SWS and TRX,
TRX shall be solely liable for all employment and labor related claims by or
with respect to the Business Personnel that arise or accrue on or prior to the
applicable Hire Date (which in no event shall be earlier than the [*] Transition
Date), including, but not limited to, all claims and liabilities relating to any
Occupational Safety and Health Administration complaint or proceeding; Worker’s
Compensation; health or disability; discrimination based on race, sex, age,
religion, national origin, sexual orientation, physical, medical, or mental
condition, or marital status under, among other statutes, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Americans with
Disabilities Act, the Age Discrimination in Employment Act, the Fair Labor
Standards Act, the Family and Medical Leave Act, ERISA, and applicable wage
payment laws.

 

4.2.2 Subject to the provisions of Section 10 with respect to Shutdown Costs,
SWS shall be responsible for and assume all liability for accrued salary,
incentive pay, bonus pay, severance pay, earned overtime pay, benefits, vacation
and other pay associated with any Hired Employee that has accrued after the Hire
Date, and all notices or payments due to any Hired Employees, and all notices,
payments, fines or assessments due to any Governmental Entity, pursuant to any
applicable foreign, federal, state or local law, common law, statute, rule or
regulation solely with respect to the employment discharge or layoff of such
employees by SWS after the applicable Hire Date, including, but not limited to,
WARN and COBRA and any rules or regulations as have been issued in connection
with the foregoing. Further, subject to the provisions of Section 10 with
respect to Shutdown Costs, as between SWS and TRX, SWS shall be solely liable
for all employment and labor related claims by or with respect to the Hired
Employees that arise or accrue after the applicable Hire Date (other than with
respect to causes of action arising prior to the Hire Date, even if such claims
are made after the Hire Date), including, but not limited to, all claims and
liabilities relating to any Occupational Safety and Health Administration
complaint or proceeding; Worker’s Compensation; health or disability;
discrimination based on race, sex, age, religion, national origin, sexual
orientation, physical, medical, or mental condition, or marital status under,
among other statutes, Title VII of the Civil Rights Act of 1964, the Civil
Rights Act of 1991, the Americans with Disabilities Act, the Age Discrimination
in Employment Act, the Fair Labor Standards Act, the Family and Medical Leave
Act, ERISA, and applicable wage payment laws.

 

4.3 Release of Restrictive Covenants. TRX shall, on or prior to the Hire Date,
release all Hired Employees from any and all restrictive covenants that would
otherwise limit or prohibit the ability of the Hired Employees to perform their
responsibilities as employees of SWS, including any covenants of non-compete,
non-solicitation and confidentiality.

 

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5. TRX Services – Shared Services Component.

 

5.1 General. Commencing the Effective Date of this Agreement and continuing
until the end of the Term (unless earlier terminated by SWS in accordance with
the provisions of this Agreement), at SWS’ request, TRX shall provide SWS with
consulting services related to: (a) the planning and execution of the transfer
of the TRX/[*] Services and TRX Customer Care Centers to SWS; (b) SWS’
performance of the TRX/[*] Services and operation of the TRX Customer Care
Centers; (c) assistance with the potential relocation of [*] operations to
another facility, potentially in the State of Ohio; and (d) TRX’s
responsibilities listed in Section 1.7 above (collectively, the “TRX Services”),
including, but not limited to commercially reasonable support for the following
functions:

 

  (1) Training development support including instructional design, training
materials and processes

 

  (2) Quality assurance

 

  (3) Workforce management

 

  (4) Desktop support

 

  (5) Human Resources

 

  (6) Accounting and payroll processing

 

  (7) All statutory compliances

 

  (8) Facilities Management

 

  (9) Information Technology Management, including network security

 

  (10) General Administrative support

 

  (11) Legal Support

 

  (12) Client Services

 

  (13) Business continuity

 

  (14) TRX customer care technology, tools and scripts.

 

Notwithstanding any earlier termination by SWS of the TRX Services, TRX shall in
any event be permitted reasonable access to the facilities and personnel in
order to manage the SWS Services relating to the [*] Business, provided that
such access shall be given only during SWS’ normal business hours and upon TRX
providing reasonable prior notice to SWS. TRX agrees that such access shall not
interfere in any manner with SWS’ provision of services to any of its customers.

 

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5.2 TRX Personnel. The individuals who provide the TRX Services will be referred
to as “TRX Personnel.” TRX is the sole employer of the TRX Personnel. SWS and
TRX are not joint employers of the TRX Personnel for any purpose under this
Agreement. TRX will determine how to staff the TRX Services under this Agreement
subject to meeting the SLAs as required by SWS and agreed upon between SWS and
TRX. TRX reserves the right to assign the personnel to perform the TRX Services
and to replace or reassign such employees. TRX Personnel may rotate between this
engagement and other engagements of TRX. TRX shall indemnify and hold harmless
SWS and the SWS Parties from all claims, damages and losses arising out of
relating to all negligence or willful misconduct of TRX Personnel and for any
joint employment related claims with respect thereto.

 

5.3 Shared Services. After the [*] Transition Date, (a) SWS shall make available
to TRX certain other assets and personnel transferred and/or assigned to SWS
pursuant to the provisions hereof, which are necessary to support the TRX Other
Services, and (b) TRX shall make available to SWS certain other assets and
personnel (other than the Assets and the Business Personnel), which are
necessary to support the services to be provided by SWS by [*] pursuant to the
direct agreement that SWS is to enter into with [*] for the [*] business
services. Such facilities, assets and personnel shall be provided on an “as is,
where is” basis, without any warranty, and neither Party shall have any
liability with respect to its provision of such facilities, assets and personnel
except to the extent resulting from the providing Party’s gross negligence or
willful misconduct. The facilities, assets and personnel subject to this
Section 5.3 shall be determined and agreed by the Parties in good faith on or
prior to the Final Transition Date. The methodology pursuant to which the
Parties shall allocate cost responsibility for such facilities, assets and
personnel is set forth on Exhibit F attached hereto.

 

5.4 Sharing of Employee Salaries. The parties recognize that certain employees
will be shared. Each party shall reimburse to the other their share of the
salaries of any shared personnel after the [*] Transition Date and Final
Transition Date, as applicable, in accordance with Exhibit F.

 

5.5 Out-of-Pocket Expenses. Within ten (10) days of receipt of a reasonably
detailed invoice from TRX, SWS shall reimburse TRX for such reasonable actual
out-of pocket expenses incurred on account of travel, boarding and lodging and
communications as set forth on the invoice, which are incurred by TRX in
connection with rendering the TRX Services.

 

6. Payments.

 

6.1 Management Fee; Asset Purchase Price.

 

6.1.1 Commencing the Effective Date of this Shared Services Agreement, SWS shall
pay TRX a sum of [*] on a [*] basis for a period of [*] from the Effective Date
of this Agreement or until termination of this Agreement in accordance with the
terms of Section 7, whichever is earlier (but, prior to the prior Final
Transition Date, subject to TRX’s payment of the [*]

 

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[*] in each case as described listed in this Section 6.2 below) (such payments
are referred to herein as the [*]). In no event shall SWS be liable to pay TRX a
total [*] exceeding [*] (United States Dollars [*]), which total payment shall
also include the [*] (United States Dollars [*]) consideration for the Asset
purchase as listed in Section 2.4 above. The [*] payment with respect to [*]
during the Term shall be due on the last business day of [*].

 

6.1.2 In connection with the Assets, any payment made by SWS until the [*]
Transition Date (to the extent the total [*] payments for the period between the
Effective Date and the [*] Transition Date total [*], the sum allocated to the
purchase of Assets under Section 2) shall be deemed to be full and final payment
of consideration for the Asset Purchase Component, notwithstanding any
termination of the Agreement. Thereafter, TRX shall not raise any claims based
on the inadequacy of consideration for the transferred Assets or based on the
invalidity of the Asset transfer. TRX shall also not assert any lien, title or
interest in or to the Assets, or in any amounts thereafter, as all rights and
title in and to the Assets shall thereupon vest in SWS. Nor shall any stopped
payment of any other consideration payable under this Agreement by SWS adversely
affect SWS’ rights or title in or to the Assets. The Parties further agree that
the expiration or termination of this Shared Services Agreement (including any
termination prior to the Final Transition Date) or the Subcontracting Component
shall not in any way adversely affect SWS’ title or ownership in or to the
Assets.

 

6.1.3 The Parties acknowledge and agree that the [*] shall be allocated by the
Parties as follows: (a) [*] to the TRX Services (other than the portion of such
TRX Services covered in the allocations in clauses (c) and (d) below); (b) [*]
to the purchase of the Assets; (c) [*] to TRX’s assistance with the potential
relocation of SWS operations to Ohio or another alternate facility and (d) $[*]
to TRX assistance with SWS’ efforts to enter into the SWS/[*] Agreement;
provided ,that the [*] shall in all events be deemed fully earned when paid.

 

6.1.4 If TRX intends to file a copy of IRS Form 8594 in connection with the
transactions contemplated by this Agreement, then, prior to any such filing, TRX
shall deliver to SWS a copy of such form and any required exhibits thereto (a
“Form 8594”). SWS will have the right to raise reasonable objections to such
allocation and to the Form 8594 (and any Revised Statements, as defined below)
within thirty (30) days after its receipt thereof, in which event TRX and SWS
will negotiate in good faith to resolve such objections. If TRX and SWS cannot
mutually resolve SWS’ objections within twenty (20) days after TRX’s receipt of
such objections, such dispute shall be presented to the an independent
accountant mutually agreed upon by SWS and TRX, for a decision that shall be
rendered by such independent accountant within thirty (30) calendar days
thereafter and shall be final and binding upon each of the parties absent
manifest computational error. The fees, costs and expenses incurred in
connection therewith shall be borne solely by SWS if TRX’s position is
successful and by TRX if SWS’ position is successful. TRX shall prepare and
deliver to SWS from time to time revised copies of the Form 8594 (the “Revised
Statements”) so as to report any matters on the Form 8594 that need updating
(including purchase price adjustments, if any) consistent with the agreed upon
allocation.

 

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6.1.5 Notwithstanding anything to the contrary in this Agreement, including
Exhibit G hereto, the Parties agree that no [*] shall be due from either Party
until the “Initial Payment Trigger Date,” which shall be the earlier of
(i) January 31, 2006 and (ii) the date on which SWS enters into the SWS/[*]
Agreement or a memorandum of understanding, letter of intent or similar document
with [*] regarding the potential terms of the SWS/[*] Agreement. On the Initial
Payment Trigger Date, all [*] accrued for the period from the Effective Date
until the Initial Payment Trigger Date shall be immediately due and payable.

 

6.2 [*]

6.2.1 Commencing the Effective Date of this Shared Services Agreement until the
[*] Transition Date, TRX shall pay SWS the [*] (as calculated pursuant to the
methodology listed in Exhibit G hereto) relating to the [*] for every month
during which SWS makes the above-mentioned [*] to TRX. The timing and mechanics
of the payment of [*] are described in Exhibit G.

 

6.2.2 After the [*] Transition Date and until the Final Transition Date, TRX
shall pay SWS the [*] [*] (as calculated pursuant to the methodology listed in
Exhibit G hereto) during the SWS Services Term, as it may be extended pursuant
to the terms of this Agreement. TRX shall pay SWS the [*] of each [*] that are
generated by TRX from the [*]. The timing and mechanics of the payment of [*]
are described in Exhibit G.

 

6.2.3 SWS shall have full and unfettered right to audit [*] of TRX, at SWS’ sole
cost and expense, and TRX shall cooperate with SWS in this regard, and upon
receiving notice from SWS demanding an audit, TRX shall permit SWS or SWS’ duly
designated agent or auditor to audit the [*]. In case the audit reveals
undisputed or mathematical errors in the [*] calculation of [*] or the amount of
the [*] generated or paid in any given [*], the Parties shall immediately make
all necessary adjustments and payments to correct such discrepancies. In the
case of any disputed or non-mathematical purported discrepancy in the
calculation of [*], (i) with respect to discrepancies regarding any item in an
amount less than [*], SWS shall make no claim with respect to any such item
unless the aggregate of all such discrepancies since the Effective Date totals
[*] in which case SWS may seek an adjustment with respect to all such claims
pursuant to the procedures set forth on Section 11, and (ii) with respect to
discrepancies regarding any item in an amount equal to or greater than [*] SWS
may seek an immediate adjustment with respect to any such item pursuant to the
procedures set forth on Section 11.

 

6.3 Effect of Termination.

 

6.3.1 In the event of termination of this Agreement (including at any time
before the [*] Transition Date), neither party will be liable to refund any
monies to which it was rightly entitled under this Section. In connection with
the services performed pursuant to this Agreement, the Parties agree that if the
Agreement is terminated, either prior to or subsequent to

 

 

 

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the [*] Transition Date, any amounts paid by either Party to the other until the
effective date of such termination shall be deemed to be sufficient and complete
consideration for the Subcontracting Component and Shared Services Component. If
SWS terminates the Shared Services Agreement in accordance with the terms of
Section 7.2 or Section 7.3 at any time after the [*] Transition Date, SWS shall
not be obligated to pay any monies to TRX after the effective date of
termination, except amounts accruing prior to such date. The Parties agree that
the [*] payable by SWS to TRX hereunder shall be deemed to accrue and become
payable on a [*] basis. If TRX terminates the SWS Services in accordance with
the terms of Section 7.2 at any time after the [*] Transition Date, SWS shall
continue to pay the [*] pursuant to this Section 6.1 and TRX shall continue to
pay the [*] as applicable, under Section 6.2. Except as provided in this
Section 6.3 or otherwise in Section 9, following the effective date of
termination of this Agreement at any time in accordance with the terms of
Section 7.2 or Section 7.3, neither Party shall be liable to pay the other any
further amounts, except amounts accruing prior to the effective date of
termination (including, without limitation [*]).

 

6.3.2 Both Parties acknowledge and agree that, except for the termination rights
under Section 7.2 and Section 7.3, neither Party has any other right to
terminate this Agreement, in whole or in part. The Parties further agree that in
the event of wrongful termination of this Agreement by either Party, all monies
due and payable and all monies that would have become due and payable if such
wrongful termination had not occurred shall still be payable to the other Party.
For clarity sake, if SWS wrongfully terminates this Agreement, then SWS shall
continue to pay the [*] pursuant to this Section 6.1 and if TRX wrongfully
terminates this Agreement, then TRX shall continue to pay the [*] as applicable,
under Section 6.2.

 

6.4 Late Payment Charges. Each Party, as applicable, shall pay a late payment
charge, computed on a daily basis at the [*] rate of 1.5%, for any amounts not
paid when due. Should a dispute arise over an invoice, the Party required to
make the payment in question shall pay the undisputed portion of the invoice,
and thereafter pay the disputed portion (or applicable part thereof) when the
dispute is resolved.

 

7. Term and Termination.

 

7.1 Term. The term of this Agreement will begin on the Effective Date and will
continue until December 31, 2006 (unless terminated sooner in accordance with
this Agreement) (the “Initial Term”). If the Final Transition Events have not
occurred by December 31, 2006, then the Parties may mutually agree to extend
this Agreement for such time periods (each, a “Renewal Term”) and on such other
terms as the Parties may mutually agree. The Initial Term and any Renewal
Term(s) are collectively referred to herein as the “Term.”

 

7.2 Termination for Cause.

 

7.2.1 Either Party may terminate this Agreement and the rights granted herein if
the other Party breaches any of the provisions of this Agreement and (i) fails
to remedy such breach within thirty (30) days after receiving written notice
thereof, or (ii) provided the breach

 

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does not relate to a monetary obligation, fails to (a) commence a good faith
action to remedy such breach within five (5) days after receiving written notice
thereof, and (b) diligently pursue such action to conclusion. In addition, TRX
may terminate the SWS Services if performance deficiencies identified in any
Deficiency Notice are not corrected by SWS within thirty (30) days of TRX’s
approval of a related Corrective Action Plan; provided, however, TRX will not
have a right to terminate the SWS Services if SWS’ deficiency of the performance
levels or any SWS’ failure to rectify such deficiencies is due to an Excluded
Cause.

 

7.2.2 Should either Party (1) make a general assignment for the benefit of
creditors; (2) institute proceedings to be adjudicated a voluntary bankrupt;
(3) consent to the filing of a petition of bankruptcy against it; (4) be
adjudicated by a court of competent jurisdiction as being bankrupt or insolvent;
(5) seek reorganization under any bankruptcy act; (6) consent to the filing of a
petition seeking such reorganization; or (7) have a decree entered against it by
a court of competent jurisdiction appointing a receiver, liquidator, trustee, or
assignee in bankruptcy or in insolvency covering all or substantially all of
such Party’s property or providing for the liquidation of such Party’s property
or business affairs, which decree is not dismissed within sixty (60) days; then,
in any such event, the other Party, at its option and without prior notice, may
terminate this Agreement effective immediately.

 

7.3 Termination for Convenience. Both Parties agree that the [*] Transition
Events are required to be completed no later than January 31, 2006. If the
Parties do not complete the [*] Transition Events by such date, then SWS can, at
its option, extend such deadline by one (1) month increments until December 31,
2006. Notwithstanding the immediately preceding sentence of this section, SWS
will have the right to terminate this Agreement if the [*] Transition Events are
not completed by January 31, 2006, by providing TRX with three (3) months prior
written notice. The Parties agree that, during this three (3) month notice
period, SWS shall continue to pay the [*] to TRX and TRX shall continue to pay
the [*] to SWS, in accordance with Section 6 of this Agreement.

 

7.4 Outstanding Obligations. Termination of this Agreement for any reason shall
not relieve or release any Party from any rights, liabilities or obligations
accrued prior to the date of such termination and shall be in addition to all
other rights and remedies any Party shall have available to it under this
Agreement or by law or in equity.

 

8. Exclusivity, Non-Competition, Nonsolicitation and Confidentiality.

 

8.1 Exclusivity; Alliance Agreement. The Parties shall use their commercially
reasonable efforts to enter into an alliance agreement (“Alliance Agreement”) or
a memorandum of understanding (“Alliance MOU”) to provide each other with the
first right to perform certain services listed below, on or prior to or after
the Final Transition Date. The Parties acknowledge and agree that during the
Term of this Agreement:

 

8.1.1 Except as otherwise provided in the Alliance MOU or Alliance Agreement, so
long as SWS is not in breach of the provisions of this Agreement or the SWS/[*]
Agreement, TRX shall offer SWS the first opportunity to perform any activities
that are substantially similar to the TRX/[*] Services for other TRX customers.

 

[*] - Confidential Treatment Requested

 

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8.1.2 Except as otherwise provided in the Alliance Agreement or Alliance MOU, so
long as TRX is not in breach of the provisions of this Agreement, SWS shall
offer TRX the first opportunity to perform any activities that are substantially
similar to those performed by TRX as of the date of this Agreement for other SWS
customers, which activities include any products or services described in the
“Solutions” section of TRX’s website on the date of this Agreement, a copy of
which is attached hereto as Exhibit H.

 

8.2 Non-Competition.

 

8.2.1 In the event that the [*] Transition Events do not occur prior to the
termination or expiration of this Agreement, then for a period of five (5) years
from the date of this Agreement, SWS shall not, directly or indirectly (whether
as an owner, employee, independent contractor, principal, agent, consultant or
otherwise), including through any subsidiary of SWS, engage or participate
anywhere in the world, in the provision of (a) TRX/[*] Services to [*] or TRX
Other Services to [*] as of the date of this Agreement, (but only as it pertains
to the services and products described in Exhibit H as they relate to the
financial services and travel verticals) or (b) any products or services
competitive with any products or services provided by TRX as of the date of this
Agreement, as described on TRX’s website as of the Effective Date, but only as
it pertains to the services and products described in Exhibit H as they relate
to the financial services and travel verticals. For the sake of clarity, the
provisions of this Section 8.2.1 shall not prohibit SWS from providing, to any
party (other than [*] or any existing customer of TRX on the date of this
Agreement that expressly requests TRX, in good faith, to perform customer care
services), customer care services of the type provided in connection with the
TRX/[*] Services.

 

8.2.2 Following the occurrence of the [*] Transition Events, for a period of
five (5) years thereafter:

 

(a) SWS shall not undertake to provide, anywhere in the world, any products or
services competitive with any products or services provided by TRX as of the
date of this Agreement, but only as it pertains to the services and products
described in Exhibit H as they relate to the financial services and travel
verticals. For the sake of clarity, the provisions of this Section 8.2.2 shall
not prohibit SWS from providing, to any party (other than [*] or any existing
customer of TRX on the date of this Agreement that expressly requests TRX, in
good faith, to perform customer care services), customer care services of the
type provided in connection with the TRX/[*] Services.

 

(b) TRX shall not undertake to provide, anywhere in the world, any customer care
services of the type provided by TRX in connection with the TRX/[*] Services;
provided that such restriction shall not (i) prohibit or restrict TRX from
providing customer care services to current customers of TRX to whom TRX
provides such services as of the Effective Date (other than [*] in the United
States); (ii) prohibit or restrict TRX from the development, use, license or
sale of technology that has applications both with respect to customer care
services and other services, provided that TRX shall not use such technology to
answer customer care phone calls and emails (other than for services permitted
under clause (i) above); (iii) prohibit or restrict any activity of TRX to the
extent that SWS is in breach of the performance standards set forth in the
SWS/[*] Agreement or such agreement is terminated

 

[*] - Confidential Treatment Requested

 

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as a result of SWS’ performance breaches, provided that [*], in good faith,
expressly requests TRX to perform such services; or (iv) prohibit TRX from
having direct contact with call center customers as an ancillary component of
the TRX Other Services, to the extent requested by a customer of TRX.

 

8.3 Nonsolicitation. During the period starting on the Effective Date and ending
two (2) years after the termination or expiration of this Agreement, except as
provided in Section 4.1 or mutually agreed to by the Parties in writing, neither
Party will, directly or indirectly, including through any subsidiary, solicit
for employment or attempt to solicit for employment, any of the other Party’s
employees who have been engaged in the TRX/[*] Services, the SWS Services or the
TRX Services, or otherwise had material involvement in activities undertaken in
connection with this Agreement. Both Parties shall use good faith and reasonable
efforts to communicate, and will maintain consistent internal practices to
communicate, the existence and import of this Section to applicable employees,
and to resolve in a mutually satisfactory manner any issues that may arise under
this Section.

 

8.4 Confidentiality.

 

8.4.1 During the course of this Agreement, a Party (the “Receiving Party”) may
come into possession of technology, computer software, documentation, trade
secrets, products, copyrights or other confidential and proprietary information
(“Confidential Information”) of the other (the “Disclosing Party”). For purposes
of this Agreement, Confidential Information of a Disclosing Party shall include
any information in the possession of such Disclosing Party that belongs to a
third party and is subject to restrictions on its use and/or disclosure by such
Disclosing Party.

 

8.4.2 The Receiving Party:

 

(a) may not use the Disclosing Party’s Confidential Information for a purpose
other than the performance of its obligations under this Agreement;

 

(b) may not disclose the Disclosing Party’s Confidential Information to a Person
(including, in the case of SWS, any Affiliate of SWS that is not a subsidiary of
SWS (each a “Restricted Affiliate”)), except with the prior written consent of
the Disclosing Party or in accordance with clauses 8.4.3 and 8.4.4; and

 

(c) shall make every effort to prevent the use or disclosure of the Disclosing
Party’s Confidential Information.

 

8.4.3 The Receiving Party may disclose the Disclosing Party’s Confidential
Information to any of its directors, other officers, employees, and
sub-contractors (but excluding, in the case of SWS, any Restricted Affiliate) (a
“Recipient”) to the extent that disclosure is necessary for the purposes of this
Agreement.

 

8.4.4 The Receiving Party shall ensure that a Recipient is made aware of and
complies with the Receiving Party’s obligations of confidentiality under this
Agreement as if the Recipient was a party to this Agreement. The Receiving Party
shall be liable for any and all acts or omissions of its Recipient, which
violate the Receiving Party’s obligations of confidentiality hereunder.

 

[*] - Confidential Treatment Requested

 

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8.4.5 Clauses 8.4.2 to 8.4.4 do not apply to Confidential Information which:

 

(a) is at the date of this Agreement, or at any time after that date becomes,
publicly known other than by the Receiving Party’s or Recipient’s breach of this
Agreement; or

 

(b) is independently developed by a Party or its Affiliate without reference to
the Confidential Information of the Disclosing Party or any of its Affiliates;
or

 

(c) the Receiving Party is obliged to disclose by law or regulatory authority;
provided that the Receiving Party in such case gives prompt notice to the
Disclosing Party of such requirement so that the Disclosing Party may seek a
protective order or other appropriate remedy and/or waive compliance with the
terms of this Agreement; and provided further that, in the event that such
protective order or other remedy is not obtained, or that the Disclosing Party
waives compliance with the provisions hereof, the Receiving Party agrees to
furnish only that portion of the Confidential Information which it is advised by
written opinion of counsel is legally required to be disclosed and to exercise
best efforts to obtain assurance that confidential treatment will be accorded
such Confidential Information.

 

8.4.6 SWS acknowledges that TRX’s common stock is publicly traded on the Nasdaq
National Market. SWS further acknowledges that (i) SWS is aware that the United
States securities laws prohibit any person who has material, non-public
information about a company from purchasing or selling securities of such
company, or from communicating such information to any other person under
circumstances in which it is reasonably foreseeable that such person is likely
to purchase or sell such securities, and (ii) SWS is familiar with the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules
and regulations promulgated thereunder to the extent they relate to the matters
referred to in this agreement. SWS agrees that SWS will not use or permit any
third party to use any Confidential Information or trade secrets of TRX in
contravention of the United States securities laws including, without
limitation, the Exchange Act or any rules and regulations promulgated
thereunder.

 

8.4.7 The Receiving Party’s obligation with respect to the Confidential
Information of the Disclosing Party shall survive the termination of this
Agreement.

 

8.5 Remedy and Right to Injunction. The Parties agree that damages in the event
of a breach of this Section 8 would be difficult if not impossible to ascertain,
and it is therefore agreed that each Party, in addition to and without limiting
any other remedy or right it may have, shall be entitled, as a matter of course,
to obtain an injunction from any court of competent jurisdiction restraining any
further violation, as well as to recover from the breaching party any and all
costs and expenses sustained or incurred in obtaining such injunction and
recovering. The Parties’ rights to obtain an injunction and to recover such
costs and expenses shall be cumulative and in addition to any other rights and
remedies to which the Parties may be entitled, including the right to recover
damages.

 

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9. Limitation of Liability and Indemnification.

 

9.1 Limitation of Liability.

 

9.1.1 NEITHER SWS, TRX NOR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR
AGENTS, WILL BE LIABLE TO THE OTHER FOR ANY CLAIMS OR SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF THE SWS SERVICES OR THE TRX SERVICES
PROVIDED UNDER THIS AGREEMENT OR A BREACH OF THE AGREEMENT, WHETHER SUCH DAMAGES
OR CLAIMS ARE BASED ON BREACH OF WARRANTY OR CONTRACT, NEGLIGENCE, STRICT
LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE (BUT EXCLUDING A PARTY’S GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT, TRX’S BREACH OF THE REPRESENTATION AND
WARRANTY CONTAINED IN SECTION 2.4.3 OR EITHER PARTY’S INFRINGEMENT ON THE
INTELLECTUAL PROPERTY RIGHTS OF ANOTHER PARTY).

 

9.1.2 IN NO EVENT WILL TRX’S LIABILITY FOR ANY DAMAGES OR INJURIES TO SWS
HEREUNDER EXCEED THE AGGREGATE AMOUNT PAID AND/OR PAYABLE BY SWS TO TRX
HEREUNDER, REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, NEGLIGENCE,
STRICT LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE (BUT EXCLUDING TRX’S
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR BREACH OF THE REPRESENTATION AND
WARRANTY CONTAINED IN SECTION 2.4.3 OR TRX’S INFRINGEMENT ON THE INTELLECTUAL
PROPERTY RIGHTS OF ANOTHER PARTY).

 

9.1.3 IN NO EVENT WILL SWS’ LIABILITY FOR ANY DAMAGES OR INJURIES TO TRX
HEREUNDER EXCEED THE AGGREGATE AMOUNT PAID OR PAYABLE BY SWS TO TRX HEREUNDER,
REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, NEGLIGENCE, STRICT
LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE, EXCEPT THAT THE LIMITATION OF
SWS’ LIABILITY WITH RESPECT TO THE SWS SERVICES, INCLUDING SWS’ INDEMNIFICATION
OBLIGATIONS WITH RESPECT THERETO, SHALL BE AN AMOUNT EQUAL TO THE [*] REVENUES
FOR THE 12-MONTH PERIOD AFTER THE EFFECTIVE DATE THAT IMMEDIATELY PRECEDES THE
ACT WHICH GAVE RISE TO THE CLAIM (OR, IF SUCH ACT OCCURS LESS THAN 12 MONTHS
AFTER THE EFFECTIVE DATE, THE ANNUALIZED [*] REVENUES SINCE THE EFFECTIVE DATE
BASED ON THE AVERAGE [*] REVENUES SINCE SUCH DATE); PROVIDED THAT THE FOREGOING
LIMITATIONS IN THIS SECTION 9.1.3 SHALL NOT APPLY IN THE CASE OF SWS’ GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT OR INFRINGEMENT ON THE INTELLECTUAL PROPERTY
RIGHTS OF ANOTHER PARTY.

 

9.2 Additional TRX Indemnification Obligations.

 

In addition to any other indemnification or reimbursement obligation set forth
elsewhere in this Agreement, including the mutual indemnification obligations
set forth in Section 9.2 below, which indemnification obligations shall apply to
the shared services component of this

 

[*] - Confidential Treatment Requested

 

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Agreement as well as the Asset purchase component, TRX covenants and agree to
indemnify, defend, protect and hold harmless SWS and its officers, directors,
agents, employees, assigns, successors and affiliates (individually, a “SWS
Party” and collectively, “SWS Parties”) from and against any and all
liabilities, damages, losses, expenses, claims, demands, suits, fines or
judgments, including reasonable attorneys’ fees, and costs and expenses
incidental thereto (cumulatively, “SWS Losses”), which may be suffered by,
accrued against, charged to or recoverable from the SWS Parties, arising out of
or resulting from:

 

  a) any TRX assets not included among the Assets, or any assets, liabilities or
leases relating to the TRX Other Services;

 

  b) bulk transfer provisions relating to the Assets under any applicable law or
under this Agreement, including any claims under Section 2.2 above;

 

  c) any claim relating to TRX Taxes and any taxes under Section 2.3.3 above;

 

  d) TRX Liabilities;

 

  e) matters arising from the [*] Assumed Liabilities prior to the [*]
Transition Date or arising from the Additional Assumed Liabilities prior to the
Final Transition Date, except in the latter case to the extent arising from SWS’
breach of this Agreement;

 

  f) TRX’s decision not to file Form 8594, but excluding any taxes (not
including interest or penalties) that SWS would have been required to pay under
applicable law if TRX had filed Form 8594 in a timely manner as determined by
the IRS; or

 

  g) any other breach by TRX of any of its representations, warranties or
covenants contained in this Agreement.

 

9.3 SWS Indemnification. SWS shall indemnify, defend and hold TRX and its
officers, directors, agents, employees, assigns, successors and affiliates
(individually, a “TRX Party,” and collectively, the “TRX Parties”) harmless from
and against any and all liabilities, damages, losses, expenses, claims, demands,
suits, fines or judgments, including reasonable attorneys’ fees, and costs and
expenses incidental thereto (cumulatively, “TRX Losses”), which may be suffered
by, accrued against, charged to or recoverable from such parties, arising out of
or resulting from:

 

(a) any breach of the TRX/[*] Agreement which results from SWS’ failure to
perform the SWS Services in accordance with the SLAs (but only to the extent
such failure is not attributable to an Excluded Cause);

 

(b) any claim relating to SWS Taxes;

 

(c) matters arising from the [*] Assumed Liabilities after the [*] Transition
Date or arising from the Additional Assumed Liabilities after the Final
Transition Date or otherwise arising from SWS’ performance of the SWS Services
(except in any case to the extent such matter constitutes an SWS Loss) and the
SWS Agent Liabilities; or

 

[*] - Confidential Treatment Requested

 

25

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(d) any other breach by SWS of any of its representations, warranties or
covenants contained in this Agreement.

 

9.4 Conditions of Indemnification. To receive the foregoing indemnities, the
Party seeking indemnification must notify the other in writing of a claim or
suit within a reasonable time and provide reasonable cooperation (at the
Indemnifying Party’s expense) and full authority to defend or settle the claim
or suit, provided that the indemnifying party shall not enter into any
non-monetary settlement without the prior consent of the indemnified party,
which consent shall not be unreasonably withheld. Neither Party shall have any
obligation to indemnify the other under any settlement made without its written
consent.

 

9.5 Survival of Indemnification. Except as otherwise provided in Section 12.8,
the Parties’ indemnification obligations hereunder shall survive the termination
or expiration of this Agreement and shall continue until the expiration of the
applicable statute of limitations.

 

10. Shutdown Costs.

 

10.1 If this Agreement is terminated at any time and for any reason between the
Effective Date and the [*], TRX shall pay [*] of all Shutdown Costs (as defined
herein), including for the [*] shut down.

 

10.2 If the [*] is shut down (including, as result of termination of the TRX/[*]
Agreement or the Final Transition Date not occurring during the Term of this
Agreement) any time between the Effective Date and the Final Transition Date,
then TRX shall pay [*] of the Shutdown Costs for the [*] shutdown, irrespective
of whether TRX or SWS employs any or all Business Personnel; provided, however,
if the [*] is shut down anytime between the [*] and the Final Transition Date
because of SWS’ failure to maintain applicable service levels for the [*] then
SWS shall pay [*] of the Shutdown Costs for the [*] (provided, if SWS’ failure
to maintain applicable service levels is partially due to TRX’s breach of this
Agreement and/or the TRX/[*] Agreement, then SWS and TRX shall each be liable
for the percentage of Shutdown Costs equal to their percentage responsibility
for the breach of the SLAs).

 

10.3 SWS and TRX shall each pay [*] of the Shutdown Costs for the [*], if the
[*] shuts down any time between [*] Transition Date and [*] thereafter.

 

10.4 SWS and TRX shall each pay [*] of the Shutdown Costs for the [*], if the
[*] is shut down anytime between the Final Transition Date and [*] thereafter.

 

10.5 SWS shall pay [*] of the Shutdown Costs and TRX shall pay [*] of the
Shutdown Costs for the [*] business shut down, if the shut down of this business
occurs more than [*] but less than [*] after the [*] Transition Date. SWS shall
be responsible for [*] of the Shutdown Costs for the [*] if such shutdown occurs
after the date that is [*] after the [*].

 

[*] - Confidential Treatment Requested

 

26

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10.6 SWS shall pay [*] of the Shutdown Cost and TRX shall pay [*] of the
Shutdown Costs for the [*], if the shutdown of the [*] occurs more than [*] but
less than [*] after the Final Transition Date. SWS shall be responsible for [*]
of the Shutdown Costs for the [*] if such shutdown occurs after the date that is
[*] after the Final Transition Date.

 

For the purposes hereof, “Shutdown Costs” means all direct costs associated with
the closure of the Parkersburg and Milton Customer Care Centers (including
employee severance costs and remaining lease payments with respect to the
facilities); provided that Shutdown Costs shall only include such costs that
would have been required had the closure of the Parkersburg and Milton Customer
Care Centers occurred on: (i) as regards the [*], the [*] as such amounts (i.e.,
remaining lease payments) have been reduced as of the actual closure date and
(ii) as regards the [*], the actual shutdown date or the Final Transition Date
(if the Final Transition Date occurs). SWS shall segregate and report additional
costs associated with the [*] to TRX on a periodic basis, as agreed to by the
Parties. SWS will, during the SWS Services Term, consult with and provide notice
to TRX in connection with SWS hiring additional personnel and SWS shall not hire
any such additional personnel except as SWS reasonably deems necessary or
appropriate for the provision of the SWS Services (such as due to attrition in
the number of personnel or changes in performance standards or service offerings
with respect to the SWS Services). For the sake of clarity, the term “Shutdown”
or any equivalent thereof (for instance, “shut down”) as it is used in this
Agreement shall include not only a complete shutdown of [*] or the [*], as the
case may be, but any instance where there is a substantial reduction of the
applicable services relating to the applicable business, provided that any
relocation of services by SWS from the Customer Care Centers to any other
customer care center without any material reduction in the volume of the
services to be provided by SWS to [*] would not be deemed to be a shutdown under
this provision.

 

10.7 Access Rights. At TRX’s request, SWS shall provide TRX and its
representatives with reasonable access to all records and documentation of
Shutdown Costs as calculated by SWS.

 

11. Dispute Resolution.

 

11.1 Initial Procedures. The Parties shall make commercially reasonable efforts
to resolve all disputes without resorting to litigation. If a dispute arises
between the Parties, the Chief Operating Officer, on behalf of TRX, and the
Chief Executive Officer on behalf of SWS (each, an “Operational Representative”)
will attempt to reach an amicable resolution. If either Operational
Representative determines that an amicable resolution cannot be reached, such
Operational Representative shall submit such dispute in writing to the Executive
Vice President of Administration, on behalf of TRX and the Chief Executive
Officer, on behalf of SWS (each, a “Management Representative”), who shall use
their best efforts to resolve the matter or to negotiate an appropriate
modification or amendment to this Agreement, if necessary. The Operational
Representatives and the Management Representatives are named by each Party and
may be changed upon written notification to the other Party.

 

[*] - Confidential Treatment Requested

 

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11.2 Escalation. Except as otherwise provided in Section 7 or Section 8.4 of
this Agreement, neither Party shall be permitted to exercise any other remedies
until the later of (i) the date that either Management Representative concludes
in good faith that an amicable resolution of the dispute through continued
negotiation is unlikely, or (ii) sixty (60) days following the date that both
Parties have notified a Management Representative pursuant to Section 11.1.

 

11.3 Arbitration. If the Parties are unable to reach a resolution of any matter
arising out of or relating to this Agreement, other than disputes subject to the
procedures of Section 8.5, the unresolved disputes concerning this Agreement
(including the Asset transfer component on or after the [*] Transition Date)
shall be resolved by arbitration under the American Arbitration Association
rules (“AAA Rules”) as are in force at the time of any such arbitration. For the
purpose of the arbitration, there shall be three arbitrators who shall be
appointed by the Parties in accordance with the AAA Rules (“The Arbitration
Council”). The arbitration shall be conducted in Atlanta, Georgia and the
proceedings shall be carried out in English. The decision of the Arbitration
Council shall be final and binding on the Parties and their legal successors.
Judgment upon any arbitral award rendered hereunder may be entered in any court
having jurisdiction, or application may be made to such court for a judicial
acceptance of the award and an order of enforcement, as the case may be and as
necessary.

 

12. Additional General Terms and Conditions.

 

12.1 Special Assistance for the [*] Business. The Parties acknowledge and agree
that SWS has agreed to enter into this Agreement relying on TRX’s assurance that
it would assist SWS in obtaining the [*] from [*]. The Parties agree that a
portion of the [*] payable by SWS under Section 6 of this Agreement serves as
sufficient and complete consideration for the said assistance TRX is required to
provide under this Agreement. To this extent, TRX shall exclusively assist SWS,
and no other party (including any TRX affiliate or related company), to obtain
the [*] from [*] without any additional charge.

 

12.2 Primary Incentive. Notwithstanding anything mentioned in this Agreement, in
no event shall SWS be under any obligation to: (i) enter into any contract that
forms part of the [*] Transition Events, (ii) perform any SWS Services,
(iii) purchase any Assets, or (iv) hire any TRX employees, unless and until the
occurrence of all of the [*] Transition Events.

 

12.3 Insurance.

 

12.3.1 As of the Final Transition Date, SWS shall maintain insurance policies of
such types, with such coverage levels and such other features as are required of
TRX and its subcontractors pursuant to the TRX/[*] Agreement and are
specifically communicated to SWS by TRX. SWS’ insurance policies required
hereunder shall name TRX, its Affiliates and their respective officers,
directors and employees as loss payees for any and all liability arising at any
time in connection with SWS’ performance under this Agreement.

 

[*] - Confidential Treatment Requested

 

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12.3.2 As of the Effective Date and continuing until the expiration or
termination of this Agreement and for a period of [*] thereafter, TRX shall
maintain insurance policies of such types, with such coverage levels and such
other features as are required by the TRX/[*] Agreement. TRX agrees that SWS,
its parent company, and their respective Affiliates and their respective
officers, directors and employees will be named as the loss payee under such
policies for any and all liability arising at any time in relation to use of
such shared assets and personnel, in connection with the Asset transfer, and in
relation to TRX’s performance under this Agreement.

 

12.4 Office Space. In connection with the transition services that form part of
the TRX Services, the Parties acknowledge that SWS employees may have to visit
the TRX offices for transition-related activities or meetings. For this purpose,
until the applicable Transition Date, TRX shall provide office space at the
Parkersburg Customer Care Center or TRX’s Atlanta headquarters for two (2) SWS
employees free of cost.

 

12.5 Taxes.

 

12.5.1 TRX shall be solely responsible for the payment of any taxes and duties
(a) based upon its receipt of the SWS Services and/or products provided by SWS
up to the Final Transition Date (exclusive of any taxes based upon SWS’ income),
(b) any taxes related to the Assets arising out of or accruing on or prior to
the [*] Transition Date, including any bulk transfer taxes, corporate, property,
franchise or income or such other taxes that may apply with respect thereto and
(c) any taxes based on TRX’s income (collectively, “TRX Taxes”).

 

12.5.2 SWS shall be solely responsible for the payment of any taxes or duties
(a) based upon its receipt of the TRX Services (exclusive of any taxes based
upon TRX’s income), (b) any taxes related to the Assets arising out of or
accruing after the [*] Transition Date, including any bulk transfer taxes,
corporate, property, franchise or income or such other taxes that may apply with
respect thereto and (c) any taxes based on SWS’ income (collectively, “SWS
Taxes”).

 

12.5.3 The Parties shall take all reasonable steps to minimize taxes, which
might be assessed on any Party based on the Parties’ performance hereunder.

 

12.6 Third Party Actions. TRX and SWS acknowledge and agree that the Transition
Events cannot occur in the absence of [*] entering into the SWS/[*] Agreement
and certain other third party consents, including those of the landlords for the
TRX Customer Care Centers. TRX and SWS agree to use their reasonable, good faith
efforts, and to cooperate with one another, to secure such third party
agreements and consents; provided, that apart from Party’s gross negligence or
willful misconduct, such Party shall not bear any liability as a result of the
Transition not occurring as a result of the aforementioned third party
agreements and consents not being obtained. SWS agrees that it shall bear any
reasonable costs or expenses required in connection with obtaining such third
party agreements and consents and TRX agrees that it shall use its commercially
reasonable efforts to minimize any such costs or expenses.

 

[*] - Confidential Treatment Requested

 

29

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12.7 General Representations and Warranties. Each Party hereby represents and
warrants to the other that:

 

12.7.1 Such Party has all requisite power and authority to execute this
Agreement (including the Asset transfer documents) and to perform its
obligations herein. The execution, delivery and performance of this Agreement
(including the Asset transfer documents) and the transactions contemplated
hereby have been duly authorized and approved by such Party, and this Agreement
(including the Asset transfer documents) is a valid and binding agreement of
such Party enforceable in accordance with its terms;

 

12.7.2 The execution and delivery of this Agreement (including the Asset
transfer documents) by such Party, and the consummation by such Party of the
transactions contemplated herein, will not breach or violate the organizational
documents of, or any material contract, agreement, instrument, judgment, law or
license which is applicable to, such Party, or to which such Party is bound;

 

12.7.3 Except as set forth on Exhibit F, no consent, approval or authorization
of, or notice to, any governmental or regulatory authority or agency is required
to be obtained by such Party in connection with its execution, delivery and
performance of this Agreement (including the Asset transfer documents);

 

12.7.4 As applicable to its performance hereunder, such Party shall comply with
applicable laws, and shall obtain all licenses, permits, permissions and
consents, which may be required, of or by any governmental authority; and

 

12.7.5 No person, firm or entity has or will have, as a result of the
transactions contemplated by this Agreement, any right, interest or claim
against or upon such Party for any commission, fee, or other compensation
payable as a finder or a broker because of any act or omission by such Party.

 

12.8 Survival of Representations. All representations and warranties made by
either Party under this Agreement (including the representations listed in
Sections 2 and 12.7 of this Agreement) shall apply equally to the services part
of the transactions contemplated herein, as well as to the Asset purchase part,
and such representations and warranties are and shall be true and accurate on
the Effective Date, the [*] Transition Date and Final Transition Date, with the
same effect as though such representations and warranties had been made on and
as of such date. Furthermore, such representations and warranties along with the
indemnification obligations of TRX and SWS with respect thereto shall survive
the termination or expiration of this Agreement, and shall continue for a period
of eighteen (18) months from the [*] Transition Date, except that the
representations and warranties in Section 2.3.1 and Section 12.7, and any
indemnification obligations with respect thereto, shall survive for the
applicable statute of limitations.

 

13. Miscellaneous.

 

13.1 Binding Nature and Assignment; Subcontract. This Agreement shall be binding
on and inure to the benefit of the Parties and their respective successors and
assigns. Neither Party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other, which consent shall
not be unreasonably withheld.

 

30

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13.2 Notices. Any notice given pursuant to this Agreement is to be in writing
and delivered personally or sent by certified mail, return receipt requested, or
by air express, return receipt requested, to the individuals shown below, or to
such other persons or addresses as the Parties may designate in a notice
conforming with the requirements of this Section. Any such notice, when
delivered in the manner aforesaid, shall be deemed given on the earlier of the
date of receipt or three (3) days following its delivery.

 

TRX:        

Tim Severt

Executive Vice President, Administration

TRX, Inc.

6 W. Druid Hills Road

Atlanta, Georgia 30329

SWS:        

Mr. M.N. Rao

Chief Executive Officer

E2E SerWiz Solutions Limited

Marisoft III, Marigold

Kalyaninagar

Pune 411014

 

13.3 Relationship of Parties.

 

13.3.1 SWS is acting as an independent contractor in providing the SWS Services.
SWS Personnel shall remain SWS’ employees for all purposes including but not
limited to determining responsibility for all payroll-related obligations. SWS
shall at all times be responsible for supervising, directing and coordinating
the professional responsibilities and duties of all SWS Personnel in respect of
their performance of all SWS Services under this Agreement. SWS Personnel are
not intended to be “leased employees” as that term is defined under the Internal
Revenue Code. Except as otherwise expressly provided in this Agreement, SWS does
not undertake to perform any obligations of TRX whether regulatory or
contractual or to assume any responsibility for the management of TRX’s
business.

 

13.3.2 TRX is acting as an independent contractor in providing the TRX Services.
TRX Personnel shall remain TRX’s employees for all purposes including but not
limited to determining responsibility for all payroll-related obligations. TRX
shall at all times be responsible for supervising, directing and coordinating
the professional responsibilities and duties of all TRX Personnel in respect of
their performance of all TRX Services under this Agreement. TRX Personnel are
not intended to be “leased employees” as that term is defined under the Internal
Revenue Code. Except as otherwise expressly provided in this Agreement, TRX does
not undertake to perform any obligations of SWS whether regulatory or
contractual or to assume any responsibility for the management of SWS’ business.

 

13.4 Headings. The Section headings used herein are for convenience only and
shall not affect the interpretation hereof.

 

[*] - Confidential Treatment Requested

 

31

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13.5 Force Majeure. No Party shall be liable for any default, loss, damage,
delay, nonperformance or other irregularities (other than delays in payment), or
any indirect or consequential damages resulting therefrom, due to circumstances
or causes beyond its reasonable control that it could not by reasonable
diligence have avoided (a “Force Majeure”).

 

13.6 Severability. If any provision of this Agreement is found to be prohibited
by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement.

 

13.7 Waiver. No delay or omission by either Party to exercise any right or power
under this Agreement or pursuant to applicable law shall impair such right or
power or be construed as a waiver thereof. A waiver by any Party of any covenant
or breach shall not be construed to be a waiver of any other covenant or
succeeding breach.

 

13.8 Publicity. All media releases, public announcements and public disclosures
by either Party relating to this Agreement, including, without limitation,
promotional or marketing material, but not including any disclosure required by
legal, accounting or regulatory requirements, shall be approved by the Parties
prior to such release.

 

13.9 Entire Agreement. This Agreement and the certifications dated December 7,
2005 and October 20, 2005 (as modified by the December 7, 2005 certification)
from TRX to SWS constitute the entire agreement between the Parties regarding
the Services and supersede all prior agreements and understandings, including
that certain letter of intent between the Parties dated as of October 10, 2005.
No amendment, modification, waiver or discharge of this Agreement shall be valid
unless in writing and signed by authorized representatives of both Parties.

 

13.10 Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Georgia without giving
effect to the conflict of law principle thereof.

 

13.11 Multiple Counterparts. This Agreement may be executed in a number of
identical counterparts, each of which shall be deemed an original for all
purposes and all of which constitute, collectively, one Agreement.

 

13.12 Third-Party Claims. This Agreement has been entered into for the sole
benefit of TRX and SWS and SWS Parent, and in no event shall any third-party
beneficiaries be created thereby.

 

13.13 Survival. The terms of this Agreement, where the context or meaning
indicate, shall survive termination of this Agreement.

 

14. Definitions.

 

14.1 “Affiliate” shall mean, with respect to any Person: (i) any Person,
directly or indirectly, controlled by, under common control of, or controlling
such Person; or (ii) any director, officer, partner or individual holding a
similar position in respect of such Person. For

 

32

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purposes of this definition, the term “control” as applied to any Person, means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management of that Person, whether through ownership of voting
securities or otherwise.

 

14.2 “Assets” shall mean all tangible assets including third-party licensed
software identified on Exhibit C, Schedules 1 and 4 (with respect to the Milton
Customer Care Center) and Exhibit C, Schedules 2 and 3 (with respect to the
Parkersburg Customer Care Center) and used by TRX solely in connection with the
provision of the TRX/[*] Services at the TRX Customer Care Centers in existence
on the [*] Transition Date or Final Transition Date, as applicable.

 

14.3 “Business Personnel” shall mean the exempt and non-exempt employees of TRX
who are employed by TRX at either (a) the Parkersburg Customer Care Centers the
day prior to the [*] Transition Date (the “Parkersburg Business Personnel) or
(b) the Milton Customer Care Centers the day prior to the [*] Transition Date
(the “Milton Business Personnel”), as applicable, and who are employed solely in
connection with the provision of the TRX/[*] Services, including any employees
on leave of absence or disability.

 

14.4 “[*] Transition Date” shall mean the date that is one (1) day after the
last to occur of the [*] Transition Events.

 

14.5 “[*] Transition Events” shall mean the following, unless SWS expressly
waives or agrees to postpone any of the following conditions in writing: (i) the
execution and delivery of an agreement between SWS and [*] for the provision of
TRX/[*] Services by SWS to [*] with respect to [*] business (the “SWS/[*]
Agreement”); (ii) the termination of TRX’s obligation to provide the TRX/[*]
Services to [*] with respect to [*] business pursuant to the TRX/[*] Agreement;
(iii) the attainment of all necessary consents for the assignment to SWS or
sublease to SWS of the Leases and the licenses to the software Assets listed in
Exhibit C; (iv) the release and removal of any and all mortgages, liens,
security interest, pledges, charges or encumbrances, restrictions or interests
of another person of any kind or nature, title defects, options or claims in
connection with the Assets; and (v) SWS obtaining applicable licenses required
for its performance hereunder and obtaining [*] consent to permit TRX to
subcontract to SWS with respect to the [*] Business.

 

14.6 “Final Transition Date” shall mean the date that is one (1) day after the
last to occur of the Final Transition Events.

 

14.7 “Final Transition Events” shall mean the following, unless SWS expressly
waives or agrees to postpone any of the following conditions in writing: (i) the
execution and delivery of an agreement between SWS and [*] for the provision of
TRX/[*] Services by SWS to [*] with respect to [*] and (ii) the termination of
TRX’s obligation to provide the TRX/[*] Services to [*] with respect to [*]
pursuant to the TRX/[*] Agreement.

 

14.8 “Governmental Entity” shall mean a court, legislature, governmental agency,
commission or regulatory authority or instrumentality.

 

[*] - Confidential Treatment Requested

 

33

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14.9 “Hire Date” shall mean the later of: (i) the date of acceptance of Offer by
the applicable employee, and (ii) the [*] Transition Date.

 

14.10 “Hired Employee” shall mean a Business Personnel who receives an Offer
from SWS and who accepts such Offer.

 

14.11 “Leases” shall mean, collectively, the Milton Lease and Parkersburg Lease.

 

14.12 “Milton Lease” shall mean, collectively, (i) that certain Lease Agreement
dated January 1, 2003, by and between Create-a-Book, Inc. and TRX, Inc., and
(ii) that certain Commercial Lease Agreement dated March 16, 2000, by and
between GulfStar Advertising Inc. and WorldTravel Technologies, LLC (now known
as TRX Fulfillment Services, LLC) for rental of the Milton Customer Care Center.

 

14.13 “Parkersburg Lease” shall mean That certain Lease Agreement dated
December 1, 1999, as amended on March 14, 2000 by and between Michael W. Barker,
Denver D. Horn and WorldTravel Technologies, LLC (now known as TRX Fulfillment
Services, LLC) d/b/a OFS Online Fulfillment Services.

 

14.14 “Person” shall mean any individual, group, corporation, partnership or
other organization or entity (including without limitation any Governmental
Entity).

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the
date first above written.

 

TRX, INC.

By:  

/s/ Norwood H. Davis, III

--------------------------------------------------------------------------------

Name:   Norwood H. Davis, III Title:   President and Chief Executive Officer TRX
FULFILLMENT SERVICES, LLC By:  

/s/ Norwood H. Davis, III

--------------------------------------------------------------------------------

Name:   Norwood H. Davis, III Title:   President E2E SERWIZ SOLUTIONS, LTD. By:
 

/s/ E2E Serwiz Solutions, Ltd.

--------------------------------------------------------------------------------

Name:  

 

--------------------------------------------------------------------------------

Title:  

 

--------------------------------------------------------------------------------

 

35

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EXECUTION COPY

 

EXHIBIT A

 

SWS SERVICES

 

Customer Service Advisors (“CSA” and “Help Desk”) Support for [*] – customer
care business

 

Customer Support Representative “CSR” (Front Line Agent) Support

 

Call Answering

 

Answer incoming Call from [*] customer who has made a reservation using [*] but
has not completed the reservation, or from [*] customer in need of en route
travel assistance.

 

Complete Reservation

 

Obtain any additional information required from [*] Customer, including any
necessary billing information; book travel reservation using ARC and BSP numbers
assigned to [*] or to TRX (including but not limited to those numbers assigned
to [*] validate reservation and obtain confirmation from travel supplier.

 

Complete and Queue the booking to ticketing for those that required re-ticketing
due to changes.

 

Assist Traveler

 

Make any necessary changes to reservation; facilitate exchanges, refunds,
re-bookings, and cancellations in the event of travel interruption for any
reason.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

Email Support

 

Answering inbound email from [*] Customers

 

  1. Email is currently answered using an [*] provided [*]

 

  2. Categories Supported

 

  •   Air

 

  •   Technical

 

  •   Feedback

 

  •   Car

 

  •   Airline Schedule Changes

 

Email work is completed using standard responses approved by [*] with certain
exceptions for special circumstances.

 

Help Desk - Phone Support

 

1. Supervisory – Tier II Escalation Call Handling

 

  •   Front line agents may call the [*] (Help Desk) Team should a customer
request for further escalation, whether at the beginning, middle, or end of the
call

 

2. Removal of credit card escalations

 

3. [*] Call Handling

 

4. Errors in script workflows (exchanges, voids, cancellations, etc.)

 

5. [*] / Airline Reservation Systems Scripting Issues (GDS Scripts) / Ticketing
Issues

 

6. Exchanges for partially used [*] (special [*]) type tickets

 

7. [*] Name change requests for flights

 

8. [*] coordination for exceptional cases

 

9. Approval of voids for Merchant tickets

 

10. Issuance of [*] for merchant tickets (refer to item number 8)

 

11. Pre-travel kickbacks (client check in issues) for [*] bookings

 

12. Changes/cancellation of [*] bookings that require waiving of the 1 night +
tax penalty

 

[*] - Confidential Treatment Requested

 

37

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13. Refunds for stand-alone [*] bookings that require waiving of the 1-night
room + tax penalty, where agent had all ready secured a waiver from the
appropriate hotel management.

 

14. Attraction and Services – Faxing vouchers for immediate travel issues.

 

15. TRX only – calls for Ticket Copies for airlines to complete [*] for
customers.

 

16. Processing Fee’s where the customer credit card is declined.

 

17. Agent Error Resolution

 

18. Functional internal front line agent help desk.

 

Help Desk - [*] Escalation Resolution)

 

  1. Pre- or post-travel refund requests

 

  2. Cases that require escalation to [*] as an FYI:

 

  3. Post - travel refund requests that may or may not require escalation to the
[*]

 

  4. Post Travel LTA (Lost Ticket Applications) Requests

 

  5. Follow-up on status on Refunds

 

  6. Charter Flight Name Change Processing

 

  7. Adding [*] to Client Accounts due to bad travel or service experiences.

 

Help Desk Ticketing Reject Queue Work

 

1. Resolves all rejected bookings due to technical failure (website or
automation) and agent error.

 

2. Corrects the issues and resubmits the booking for ticket issuance

 

[*] - Confidential Treatment Requested

 

38

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EXECUTION COPY

 

EXHIBIT B

 

SLAs

 

For [*] calls TRX targets [*] of calls answered in [*] or less. For [*] calls
the target is [*] in [*] or less. [*] calls were also previously measured
against a [*] program covered in the TRX/[*] Agreement. That incentive program
has been replaced with a service contest between the [*] difference contact
centers within the client’s support network. There are [*] criteria in the
service contest, all based on the client’s customer survey data. The [*]
criteria are [*].

 

[*] calls are paid on a fee [*] basis with a target [*] of [*] minutes. For [*]
in excess of [*] minutes, a fee [*] is added to the price.

 

TRX has experienced average [*] in excess of this target for over [*] months.
[*] have been elevated due primarily to client policy changes regarding [*].
These [*] policy changes put more responsibility on the agents and introduce
more scenarios whereby agents are expected to assist customers with problems
that can only be resolved via direct contact with airlines. This leads to longer
hold times as agents contact carriers while customers hold on the phone. Other
cyclical factors that can influence hold times are upgrades to the client
website and seasonal weather patterns.

 

For [*] calls, TRX is paid a [*] fee for the time involved in servicing each
call.

 

For email support TRX is paid a fee per email answered. Email is measured on
speed of answer with a target to respond to [*] of emails in [*] hours or less.

 

The Parties acknowledge and agree that the SLAs set forth in the TRX/[*]
Agreement shall be substituted for the foregoing, effective immediately (but not
earlier than the [*] Transition Date) , at such time as TRX obtains consent from
[*] to disclose such terms to SWS.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C

 

FORM OF

BILL OF SALE AND ASSIGNMENT

 

THIS BILL OF SALE AND ASSIGNMENT (“Bill of Sale”) is executed and delivered this
     day of                     , 200   from TRX, INC., a Georgia corporation
and TRX FULFILLMENT SERVICES, LLC, a Georgia limited liability company
(collectively, “TRX”) to SERWIZ SOLUTIONS, LTD., a corporation formed under the
laws of India (“SWS”).

 

W I T N E S S E T H:

 

WHEREAS, SWS and TRX have entered into a Shared Services Agreement effective
November 1, 2005 (the “Agreement”), providing for, among other things, the sale,
conveyance, transfer, assignment and delivery to SWS of the Assets, all as more
fully described in the Agreement, for consideration in the amount and on the
terms and conditions provided in the Agreement; and

 

WHEREAS, this Bill of Sale is being delivered by TRX to SWS pursuant to the
Agreement in order to effect the transfer by TRX to SWS of the Assets in
accordance with the Agreement; and

 

WHEREAS, the capitalized terms used herein which are not otherwise defined have
the meanings ascribed to them in the Agreement.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants set
forth in the Agreement and other good and valuable consideration to TRX paid by
SWS, the receipt and sufficiency of which are hereby acknowledged and confessed
by TRX, TRX by this Bill of Sale does sell, convey, transfer, assign, release,
deliver and confirm unto SWS, its successors and assigns forever, all TRX’s
right, title and interest in and to the Assets, free and clear of all liens,
encumbrances, claims, mortgages, security interests, pledges, charges and other
restrictions of any kind or nature whatsoever except as otherwise set forth in
the Agreement, upon the terms and subject to the conditions set forth in the
Agreement.

 

1. The Assets so sold, conveyed, transferred, assigned, released, delivered and
confirmed hereby, are listed on Schedule 1 attached hereto and made a part
hereof.

 

2. This Bill of Sale is delivered to SWS pursuant to the terms and conditions of
the Agreement. Notwithstanding any provision of this Bill of Sale, no provision
of this Bill of Sale shall in any way modify, replace, amend, change, rescind,
waive, limit, expand or in any way affect the express provisions (including any
and all representations, warranties, covenants, agreements and conditions) set
forth in the Agreement. In the event of any conflict between the terms of this
Bill of Sale and the terms of the Agreement, the terms of the Agreement shall
control. The sole effect of this Bill of Sale shall be to effect the transfer of
the Assets to SWS in accordance with the Agreement. TRX further covenants and
agrees that the covenants herein contained shall be binding upon its successors
and assigns and shall inure to the benefit of the successors of SWS.

--------------------------------------------------------------------------------

3. This Agreement shall be governed by and construed and interpreted in
accordance with the laws of the State of Georgia.

 

THIS BILL OF SALE AND ASSIGNMENT is executed and delivered on the date first
above written.

 

TRX, INC. By:  

 

--------------------------------------------------------------------------------

Name:  

 

--------------------------------------------------------------------------------

Title:  

 

--------------------------------------------------------------------------------

TRX FULFILLMENT SERVICES, LLC By:  

 

--------------------------------------------------------------------------------

Name:  

 

--------------------------------------------------------------------------------

Title:  

 

--------------------------------------------------------------------------------

 

2

--------------------------------------------------------------------------------

Schedule 1 to Bill of Sale and Assignment

 

Assets

 

See attachments detailing IT and Facility assets for both Parkersburg and
Milton.

 

3

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHBIT C - SCHEDULE 1

 

Milton Technology Assets - Software Licenses

 

Count

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Version

--------------------------------------------------------------------------------

 

Software Version

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

No. of licenses
purchase

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

[*]                        

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 1

 

Milton Technology Assets - Desktops

 

Count

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Software Version

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

Hardware
configuration

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

[*]                        

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 1

 

Milton Technology Assets - Infrastructure

 

LAN Cabling Details

--------------------------------------------------------------------------------

Make

--------------------------------------------------------------------------------

 

Type

--------------------------------------------------------------------------------

 

Install Date

--------------------------------------------------------------------------------

 

No. of Voice ports

--------------------------------------------------------------------------------

 

No. of Data ports

--------------------------------------------------------------------------------

 

Certification of
installation

--------------------------------------------------------------------------------

[*]                    

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 1

 

Milton Technology Assets - Printers

 

Printers

--------------------------------------------------------------------------------

                   

Make

--------------------------------------------------------------------------------

 

Type

--------------------------------------------------------------------------------

 

Install Date

--------------------------------------------------------------------------------

 

Location

--------------------------------------------------------------------------------

 

Lease/Own

--------------------------------------------------------------------------------

 

Uses

--------------------------------------------------------------------------------

[*]                    

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 1

 

Milton Technology Assets - Communication Equipment

 

S.No.

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Version

--------------------------------------------------------------------------------

 

Software

Version

--------------------------------------------------------------------------------

 

Yr of

Purchase

--------------------------------------------------------------------------------

 

Approx Value at
Purchase

--------------------------------------------------------------------------------

 

No. of licenses
purchase

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

[*]                            

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 1

 

Milton Technology Assets - Connectivity

 

Count

--------------------------------------------------------------------------------

 

Type

--------------------------------------------------------------------------------

 

Capacity

--------------------------------------------------------------------------------

 

Service provider

--------------------------------------------------------------------------------

 

Media

--------------------------------------------------------------------------------

 

Yr. of Installation

--------------------------------------------------------------------------------

 

MRC

--------------------------------------------------------------------------------

 

Contract end date

--------------------------------------------------------------------------------

[*]                            

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Software Licenses

 

S.No.

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Version

--------------------------------------------------------------------------------

 

Software
Version

--------------------------------------------------------------------------------

 

Yr of
Purchase

--------------------------------------------------------------------------------

 

Approx

Value at
Purchase

--------------------------------------------------------------------------------

 

No. of licenses
purchase

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

 

Licenses
utilized

--------------------------------------------------------------------------------

 

AMC Details

--------------------------------------------------------------------------------

[*]                                    

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Desktops

 

Count

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Software Version

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

Hardware
configuration

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

[*]                        

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Infrastructure

 

Type

--------------------------------------------------------------------------------

 

Install Date

--------------------------------------------------------------------------------

 

No. of Voice ports

--------------------------------------------------------------------------------

 

No. of Data ports

--------------------------------------------------------------------------------

 

Certification of installation

--------------------------------------------------------------------------------

[*]                

 

[*] - Confidential Treatment Requested

 

2

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Printers

 

Make

--------------------------------------------------------------------------------

 

Type

--------------------------------------------------------------------------------

 

Install Date

--------------------------------------------------------------------------------

 

Location

--------------------------------------------------------------------------------

 

Lease/Own

--------------------------------------------------------------------------------

 

Uses

--------------------------------------------------------------------------------

[*]

                   

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Servers

 

S.No.

--------------------------------------------------------------------------------

   Make

--------------------------------------------------------------------------------

   Model

--------------------------------------------------------------------------------

   Software
Version

--------------------------------------------------------------------------------

   Yr of
Purchase

--------------------------------------------------------------------------------

  

Hardware configuration

--------------------------------------------------------------------------------

  

Used for

--------------------------------------------------------------------------------

[*]

                             

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Security Products

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Software Version

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

Hardware
configuration

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

 

Capacity utilization

--------------------------------------------------------------------------------

[*]

                       

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Communication Equipment

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Software Version

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

Approx Value at
Purchase

--------------------------------------------------------------------------------

 

Hardware
configuration

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

[*]

                       

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 2

 

PKB Technology Assets - Connectivity

 

S.No.

--------------------------------------------------------------------------------

 

Type

--------------------------------------------------------------------------------

 

Capacity

--------------------------------------------------------------------------------

 

Service provider

--------------------------------------------------------------------------------

 

Media

--------------------------------------------------------------------------------

 

Yr. of Installation

--------------------------------------------------------------------------------

 

MRC

--------------------------------------------------------------------------------

 

Contract end date

--------------------------------------------------------------------------------

[*]

                           

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 3

 

PKB FACILITY ASSETS

 

PARKERSBURG FACILITY ASSET INVENTORY (March 2005)

 

ITEM

--------------------------------------------------------------------------------

  

Qty

--------------------------------------------------------------------------------

  

Description

--------------------------------------------------------------------------------

          AIR CONDITIONING UNITS - NONE           BOOK CASES - NONE          
CHAIRS Guest Chairs    [*]    Cloth covered office guest chairs Folding Chairs
   [*]    Folding Chairs, Metal Rolling Task Chairs    [*]    Woodlland persian
tc1121 blue RollingTask Chairs    [*]    Woodlland persian green Break Room
Chairs    [*]    Chairs, plastic stackable Apex corp           DESKS Trendway   
[*]    66”x33” with 42”x24” return - Laminate Trendway    [*]    60”x30” with
42”x30” return Executive Desks    [*]    36” x 72” Cherry-Laminated Wood Desks
Executive Credenza    [*]    24” x 72” Cherry-Laminated Credenzas
Executive Credenza Hutch    [*]    18” x 60’ Cherry-Laminated Credenza Hutch
w/doors      [*]    48”X30” Single metal frame desk with laminate top      [*]
   60”x30” Single metal frame desk w/laminate top           DOOR ACCESS SYSTEM
(Card Controlled) CONTROL PANEL    [*]    KANTECH, Model DOOR CONTROLLER    [*]
   KANTECH, Model           FANS Floor Fans    [*]    Various sizes          
FILING & STORAGE CABINETS      [*]    Metal 5 Drawer 36” x 66” Lateral      [*]
   Metal 4 Drawer 48” x 36” Lateral      [*]    Metal 4 Drawer 36” x 53” Lateral
Trendway    [*]    3 Drawer Rolling Pedestal File Cabinet -Trendway      [*]   
2 Drawer Rolling Pedestal File Cabinet           1 Drawer Rolling Lift-Top
Letter File      [*]    Metal Storage/Supply Cabinet 36” X 72”           Metal
Storage/Supply Cabinet 36” X 42”           GENERATOR - UPS & Associated
Equipment           None

--------------------------------------------------------------------------------

PARKERSBURG FACILITY ASSET INVENTORY (March 2005)

 

ITEM

--------------------------------------------------------------------------------

  

Qty

--------------------------------------------------------------------------------

  

Description

--------------------------------------------------------------------------------

          ICE MACHINES Ice Machine    [*]    Mantiowoc Ice Machine    [*]    GE
Monogram           MAIL SORTING BINS Sorting Bin Wall mounted    [*]    60”(w) x
32”(h)           MESSAGE BOARDS “ALPHA” Boards    [*]    Electronic Model 4160C,
52” (L) w/wall mounts White Boards    [*]    4’ x 8’ Wall Mounted White Boards
   [*]    2’ x 4’ Wall Mounted White Boards    [*]    2’ x 4’ Wall Mounted Cork
Boards    [*]    4’ x 4’ Wall Mounted Cork Boards    [*]    2’ x 3’ Wall Mounted
Cork Boards    [*]    2’ x 4’ Wall Mounted Display Case    [*]    Metal/Glass
Enclosed Display Case           MICRO-WAVE OVENS      [*]    Amana RF59B     
[*]    Samsung           MISCELLANEOUS      [*]    Hand Truck      [*]    Floor
Lectern      [*]    Polycom SoundStation/Conference Phone           OFFICE
MACHINERY Fax Machines    [*]    Panasonic KBW—111 Fax Machines    [*]   
Brother intellifax Paper Shredder    [*]    Fellowes PS80C—2 Paper Shredder   
[*]    Universal office products Printer    [*]    Canon s450 Printer    [*]   
Canon I80 Printer    [*]    Canon S520 LCD Projector    [*]    Proxima Ulta
Light LX2 LCD Projector    [*]    Proxima Ulta Light LX2 Lightbook LB30
Projector Screen    [*]    5X5 Portable projection screen Paper Cutter    [*]   
Wescott, manually operated           PANELS, Area Seperator (w x h) 4 Foot
(h) Panels    [*]    3.5’x2’      [*]    4.5’ x 5’ All Trendway    [*]    5.5x2’
     [*]    5.5’x5’      [*]    3.5’x5’

 

[*] - Confidential Treatment Requested

 

 

--------------------------------------------------------------------------------

PARKERSBURG FACILITY ASSET INVENTORY (March 2005)

 

ITEM

--------------------------------------------------------------------------------

  

Qty

--------------------------------------------------------------------------------

  

Description

--------------------------------------------------------------------------------

6 Foot (h) Panels    [*]    4.5’x2’ 6’ (h) Panels w/windows         2.5’ x 6’  
        3’ x 6’           4’ x 6’           Panel Connectors           PHOTO ID
CARD SYSTEM           Computer provided by IT Department CARD PRINTER    [*]   
ELTRON P-310C Card Printer SOFTWARE    [*]    Instant ID MONITOR    [*]   
Relisys 15” monitor CAMERA    [*]    Sony MVCFD83           REFRIGERATORS     
[*]    20 CUFT 2-Door (up-down) Refrigerators GE           SAFES           None
          Security Monitoring System           None           TABLES Folding
Tables    [*]    30” x 72” plastic top folding tables Folding Tables    [*]   
30” x 60” beige folding tables PICNIC TABLES    [*]    Wood Square Picnic Tables
(outside) Heavy Duty Tables    [*]    6’x2’ Worktables Trendway Conference Room
Table    [*]    4’ x 10’ Mahogany Laminated CR Table           TELEVISION and TV
STANDS Television    [*]    19” Sanyo TV Stand    [*]    Metal Rolling TV Stand
TV Wall Mount    [*]    Metal TV Wall Mount           TOASTERS      [*]    4
Slice Toasters           TRASH AND RECYCLE CANS Interior Trash Cans    [*]   
Plastic 20 Gallon Trash Can w/Lid Interior Trash Cans    [*]    Plastic 20
Gallon Trash Can Interior Trash Cans    [*]    Plastic Trash Cans, small
Interior Recycle Cans    [*]    Plastic Recycle Cans, 20 Gallon w/lid Interior
Recycle Cans    [*]    Plastic Recycle Paper, small

 

[*] - Confidential Treatment Requested

 

 

--------------------------------------------------------------------------------

PARKERSBURG FACILITY ASSET INVENTORY (March 2005)

 

ITEM

--------------------------------------------------------------------------------

  

Qty

--------------------------------------------------------------------------------

  

Description

--------------------------------------------------------------------------------

Parts for WS         WORK STATIONS (Trendway) 100 Workstation Panels        
60”(w) x 42”(h) Light Blue Work Surface    [*]    72” (L) x 23” (d) Work Surface
   [*]    60” (L) x 23” (d)      [*]    Ladder 6’ folding

 

[*] - Confidential Treatment Requested

 

 

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT C - SCHEDULE 4

 

MILTON FACILITY ASSETS

 

MILTON FACILITY MAJOR ASSET INVENTORY (OCTOBER 2005)

 

ITEM

--------------------------------------------------------------------------------

  

Qty

--------------------------------------------------------------------------------

  

Description

--------------------------------------------------------------------------------

          BOOK CASES Metal Book Case    [*]    3 Shelf Metal Book Case
Wood Book Case    [*]    3 Shelf Wood Book Case           CHAIRS
Rolling Task Chairs    [*]    “HON” brand           DESKS “Steelcase”Metal Desks
   [*]    30” x 60” metal desks w/laminate top & 19”x37” return
Executive Credenza Hutch    [*]    18” x 60’ Cherry-Laminated Credenza Hutch
w/doors 6’ Wood Desks    [*]    36” x 72” Wood Desk 5’ Laminated Desks    [*]   
30” X 60” Gray Laminated Desks Old Wood Desks    [*]    30” x 60” Wooden
Desk/Very Old      [*]    WORK STATIONS (Trendway) 48 Seats Parts for WS        
  Workstation Panels    [*]    60”(w) x 42”(h) Light Blue Work Surface    [*]   
36” (L) x 23” (d) Work Surface    [*]    60” (L) x 23” (d) Pedestal File    [*]
   2 Drawer Pedestal for each Workstation

 

[*] - Confidential Treatment Requested

 

 

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT D

 

FORM OF

ASSIGNMENT AND ASSUMPTION OF CONTRACTS

 

THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS (“Assumption”) is made as of the
     day of                     , 200_, by and between SERWIZ SOLUTIONS, LTD., a
corporation formed under the laws of India (“SWS”) and TRX, INC., a Georgia
corporation and TRX FULFILLMENT SERVICES, LLC, a Georgia limited liability
company (collectively, “TRX”). This Agreement is delivered pursuant to that
certain Shared Services Agreement effective                     , 2005 by and
among SWS and TRX (the “Agreement”). Capitalized terms used but not otherwise
defined herein shall have the meanings set forth in the Agreement.

 

RECITALS

 

  A. Under the Agreement, TRX agreed to sell to SWS and SWS agreed to acquire
from TRX certain Assets.

 

  B. In connection with the transactions contemplated by the Agreement, SWS
agreed to assume certain limited contractual obligations of TRX with respect to
the Assets.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereby agree as follows:

 

1. Assignment and Assumption.

 

TRX hereby assigns to SWS, and SWS hereby assumes and agrees, subject to the
exclusions and limitations contained in the Agreement, to perform, pay or
discharge the [[*] Assumed Liabilities/Additional Assumed Liabilities] as of the
[[*] Transition Date/Final Transition Date]. Except for the [[*] Assumed
Liabilities/Additional Assumed Liabilities] or as otherwise provided in the
Agreement, SWS is not assuming any debt, liability or obligation of TRX by this
Assumption, and it is expressly understood and agreed that all debts,
liabilities and obligations other than the [[*] Assumed Liabilities/Additional
Assumed Liabilities] shall remain the sole obligation of TRX, its successors and
assigns, and no person other than TRX shall have any rights under this
Assumption.

 

2. Defenses and Claims.

 

Nothing contained herein shall be deemed to deprive SWS of any defenses, setoffs
or counterclaims that TRX may have, had or shall have with respect to any of the
[[*] Assumed Liabilities/Additional Assumed Liabilities] as of the [[*]
Transition Date/Final Transition Date] (the “Defenses and Claims”). TRX hereby
transfers, conveys and assigns to SWS all Defenses and Claims.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

3. Agreement.

 

SWS, by its execution of this Assumption, and TRX, by its acceptance and consent
to the form of this Assumption, each hereby acknowledge and agree that:

 

  (a) The terms and provisions of the Agreement shall apply to this Assumption
and the terms and conditions of this Assumption shall be construed consistently
therewith; and

 

  (b) Neither the representations and warranties nor the rights (including
indemnification) and remedies of any party under the Agreement shall be deemed
to have been enlarged or altered in any way by the execution, acceptance and
approval of this Assumption, and this Assumption shall not enlarge any rights of
third parties under any of the [[*] Assumed Liabilities/Additional Assumed
Liabilities] as of the [[*] Transition Date/Final Transition Date].

 

4. Applicable Law.

 

This Agreement shall be governed by and construed and interpreted in accordance
with the laws of the State of Georgia.

 

5. Effective Date of Assumption.

 

This Agreement shall be deemed effective for all purposes as of the [[*]
Transition Date/Final Transition Date].

 

(the remainder of this page intentionally left blank.)

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first written above.

 

SERWIZ SOLUTIONS, LTD.:

By:

 

 

--------------------------------------------------------------------------------

Name:

 

 

--------------------------------------------------------------------------------

Title:

 

 

--------------------------------------------------------------------------------

 

ACCEPTED:

 

TRX, INC.

 

    By:  

 

--------------------------------------------------------------------------------

    Name:  

 

--------------------------------------------------------------------------------

    Title:  

 

--------------------------------------------------------------------------------

 

TRX FULFILLMENT SERVICES, LLC

 

    By:  

 

--------------------------------------------------------------------------------

    Name:  

 

--------------------------------------------------------------------------------

    Title:  

 

--------------------------------------------------------------------------------

 

3

--------------------------------------------------------------------------------

Schedule 1

 

[*] Assumed Liabilities

 

Online Fulfillment Services Agreement dated [*] by and between [*] and TRX, Inc.

 

Lease Agreement dated December 1, 1999, as amended on March 14, 2000 by and
between Michael W. Barker, Denver D. Horn and WorldTravel Technologies, LLC
d/b/a OFS Online Fulfillment Services.

 

Equipment Lease Agreement dated March 21, 2003 by and between Kyocera Mita
America, Inc and WorldTravel Partners, LP d/b/a TRX.

 

Equipment Lease Agreement dated June 1, 2004 by and between General Electric
Capital Corporation and TRX, Inc.

 

License Agreement between IEX and TRX. [Note: To be assigned and assumed at SWS’
option]

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

Schedule 2

 

Additional Assumed Liabilities

 

None, except as mutually agreed.

 

5

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT E

 

REQUIRED CONSENTS

 

[*]

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F

 

SUBLEASESHARED OPERATING CHARGES; SHARED ASSETS AND PERSONNEL

 

Milton

 

Office space and non-personnel operating costs, which cannot be specifically
identified as customer care costs, such as facility costs (inclusive of rates,
service fees, cleaning, services, equipment rental, heat, light, water, power,
vendor supplies, storage, security, property maintenance, property taxes and
property insurance and property maintenance), office supplies, workers
compensation insurance, taxes and licenses, depreciation, etc.) shall be charged
to SWS on a monthly basis based on its usage of [*], plus [*]. In the event SWS
requests an increase or decrease in the Milton Facility office space provided
hereunder, if TRX agrees to accommodate such request it will be on the same
terms as set forth herein and the ratio of the floor space usage to SWS will be
adjusted accordingly. Capital expenditures (including leasehold improvement)
shall be charged to SWS based on its pro rata usage or the above square footage
allocation at the Milton Facility. Costs incurred as a result of damage to the
Milton Facility shall be allocated between the Parties based on the extent to
which each Party utilizes the damaged portion of the Milton Facility or, with
respect to common areas, shall be allocated between the Parties based on the
overall allocation of the space between the Parties, as described above.

 

TRX agrees to not terminate [*]. In addition, the Parties agree that, except as
relates to termination rights and payment of rent and related charges (which
shall be governed by the provisions of this Agreement), it is the Parties’
intent that (i) [*]

 

[*] Confidential Treatment Requested

--------------------------------------------------------------------------------

shall be able to enforce such rights against SWS, and (ii) SWS shall have the
rights and obligations of the tenant under the [*] and shall have the ability to
enforce such rights against TRX or to otherwise cause TRX to take such actions
as the tenant under the [*] is entitled to take.

 

TRX will charge SWS an amount of $ [*], as further detailed on Schedule 2 of
this exhibit for the shared usage of personnel in the Milton Facility.

 

TRX will charge SWS only for incremental costs incurred by TRX with respect to
SWS’ use of shared assets.

 

Parkersburg (applicable only if [*]

 

100% of the rent for the office space and all non-personnel operating costs,
such as facility costs (inclusive of rates, service fees, cleaning, services,
equipment rental, heat, light, water, power, vendor supplies, storage, security,
property maintenance, property taxes and property insurance and property
maintenance, office supplies, workers compensation insurance, taxes and
licenses, depreciation, etc.), shall be charged to SWS on a [*] basis.

 

TRX agrees to not terminate [*]. In addition, in the event of the sublease of
such Lease by TRX to SWS, the Parties agree that, except as relates to
termination rights and payment of rent and related charges (which shall be
governed by the provisions of this Agreement), it is the Parties’ intent that
(i) TRX shall have the rights and obligations of the landlord under the [*] and
shall be able to enforce such rights against SWS, and (ii) SWS shall have the
rights and obligations of the tenant under the [*] and shall have the ability to
enforce such rights against TRX or to otherwise cause TRX to take such actions
as the tenant under the [*] is entitled to take.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F - SCHEDULE 1

SHARED TECHNOLOGY ASSETS MILTON - INFRASTRUCTURE

 

Shared Infrastructure

--------------------------------------------------------------------------------

UPS

--------------------------------------------------------------------------------

                       

S.No.

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Power Rating

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

% Use for Care

--------------------------------------------------------------------------------

 

AMC Details

--------------------------------------------------------------------------------

[*]                        

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F - SCHEDULE 1

SHARED TECHNOLOGY ASSETS MILTON - SERVERS

 

Shared Servers

--------------------------------------------------------------------------------

                               

S.No.

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Software
Version

--------------------------------------------------------------------------------

 

Yr of Purchase

--------------------------------------------------------------------------------

 

Approx

Value at
Purchase

--------------------------------------------------------------------------------

 

Hardware
configuration

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

 

Care Utilization

--------------------------------------------------------------------------------

[*]                                

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F - SCHEDULE 1

SHARED TECHNOLOGY ASSETS MILTON - SECURITY PRODUCTS

 

Shared Security Products (NOTE: This is only relevant in the event that SWS
would like to engage us to provide security for their network)

 

S.No.

--------------------------------------------------------------------------------

  

Make

--------------------------------------------------------------------------------

  

Model

--------------------------------------------------------------------------------

  

Software
Version

--------------------------------------------------------------------------------

  

Yr of
Purchase

--------------------------------------------------------------------------------

  

Hardware
configuration

--------------------------------------------------------------------------------

  

Used
for

--------------------------------------------------------------------------------

    

Capacity
utilization

--------------------------------------------------------------------------------

  

% Use for
Care

--------------------------------------------------------------------------------

[*]

                                         

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F - SCHEDULE 1

SHARED TECHNOLOGY ASSETS MILTON - COMMUNICATION EQUIPMENT

 

S.No.

--------------------------------------------------------------------------------

 

Make

--------------------------------------------------------------------------------

 

Model

--------------------------------------------------------------------------------

 

Software
Version

--------------------------------------------------------------------------------

 

Yr of
Purchase

--------------------------------------------------------------------------------

 

Approx
Value at
Purchase

--------------------------------------------------------------------------------

 

Hardware
configuration

--------------------------------------------------------------------------------

 

Used for

--------------------------------------------------------------------------------

 

Capacity
utilization

--------------------------------------------------------------------------------

 

AMC
Details

--------------------------------------------------------------------------------

 

% Used for
Care

--------------------------------------------------------------------------------

[*]                                        

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F - SCHEDULE 1

SHARED TECHNOLOGY ASSETS MILTON - CONNECTIVITY

 

Shared Connectivity

 

Count

--------------------------------------------------------------------------------

 

Type

--------------------------------------------------------------------------------

 

Capacity

--------------------------------------------------------------------------------

 

Service
provider

--------------------------------------------------------------------------------

 

Media

--------------------------------------------------------------------------------

 

Yr. of
Installation

--------------------------------------------------------------------------------

 

MRC

--------------------------------------------------------------------------------

 

Contract end
date

--------------------------------------------------------------------------------

 

% Use for Care

--------------------------------------------------------------------------------

[*]                                

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXECUTION COPY

 

EXHIBIT F - SCHEDULE 2

MILTON SHARED PERSONNEL

 

Milton Shared Personnel

 

Employee

--------------------------------------------------------------------------------

  

Title

--------------------------------------------------------------------------------

  

Op

Unit

--------------------------------------------------------------------------------

 

Dept ID

--------------------------------------------------------------------------------

 

Dept

Description

--------------------------------------------------------------------------------

 

Cust

Care %

--------------------------------------------------------------------------------

[*]                      

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXHIBIT G

 

[*]

 

Definitions

 

1. Capital Expenditure – shall mean any expenditure greater than [*] that has a
useful life exceeding [*] years. Examples include computers, monitors, phones,
furniture, software, servers and leasehold improvements. Capital Expenditure is
capped at [*] per quarter.

 

2. Change in Average Working Capital – shall be calculated by offsetting the Net
Change in Average Current Liabilities by the Net Change in Average Current
Assets.

 

For clarification and illustrative purposes note the following examples.

 

Example 1

 

[*].

 

Example 2

 

[*].

 

3. [*] Revenue – shall mean all of the monies paid by [*] to TRX relating to the
[*]. The Parties acknowledge and agree that [*] Revenue shall not be less than
[*] and [*] respectively, and would additionally include amounts received by TRX
in connection with [*] for all [*] accomplished by the [*] agents and as a
result of [*] during the post-Effective Date period [*]. The Parties further
acknowledge and agree that [*] with respect to help desk services will be fixed
as follows: [*].

 

4. Depreciation –

 

a) [*] charge of [*] plus the depreciation of Capital Expenditures (incurred @
[*] after the Effective Date).

 

b) Capital Expenditures will be depreciated using the straight-line method over
the following lives (i) Computers and equipment- -3 years; (ii) Leasehold
improvements – 7 years; (iii) Furniture and Fixtures – 7 years.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

5. [*] –

 

From the Effective Date through the [*] Transition Date, [*] will be measured
as: [*]

 

6. Net Change in Average [*] – shall mean net average change in [*]

 

7. Net Change in Average [*] – shall mean net average change in [*]

 

8. Operating Costs – shall include all operating expenses incurred, in
accordance with GAAP for conducting (i) the [*], (ii) the [*] (iii) the [*]
phone and e-mail customer support and (iv) the help desk services. A listing of
operating expense type is included under Exhibit G Schedule 2. Operating Costs
will exclude (1) interest; (2) income taxes; (3) overhead costs; (4) transition
costs (such as moving expenses, new hire training and set up costs associated
with moving operations from either Parkersburg or Milton to another facility);
(5) costs supporting functions other than (i) the [*], (ii) the [*] (iii) the
[*] phone and e-mail customer support; and (6) TRX corporate overhead cost
allocation. In addition, operating expenses will exclude communication costs
associated with Inbound Toll Free Usage charges, Interactive Voice Response
(IVR) related charges and all change and routing fees, as well as [*] GDS
connectivity fees, in each case in a manner consistent with current practice as
relates to expenses borne by [*] with respect to the TRX/[*] Services, and any
other post-Effective Date costs that would have otherwise constituted “Operating
Costs” hereunder but which are paid or reimbursed by [*]. The Parties agree that
TRX shall not be responsible for any transition costs under (5) above. The
Parties further agree the agent error costs (for agent errors made prior to the
[*] Transition Date) will be capped at [*].

 

9. [*]

 

10. Revenue – shall mean gross revenues earned by TRX from (i) the [*], (ii) the
[*], (iii) the [*] phone and e-mail customer support and (iv) help desk
services, in accordance with GAAP.

 

Mechanics of Payment of [*]

 

1. [*] will pass through to SWS from TRX on a [*] basis from the Effective Date
until the [*] Transition Date.

 

2. TRX shall provide a statement containing the [*] computation to SWS not later
than [*] of every month. For simplicity of the [*] computation the effect of
Change in Average [*] will be given on quarterly basis starting from January 31,
2006 up to the [*] Transition Date.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

3. SWS will pay TRX the [*] via wire transfer every [*] on the last day of the
respective [*].

 

4. To the extent possible, the [*] payments to TRX and [*] payments to SWS will
offset one another in the following manner:

 

a) If the [*] for the respective [*] is less than the [*], SWS will pay TRX the
shortfall amount (i.e., [*]).

 

b) If, however, the [*] for a given [*] is greater than the [*] for that [*],
then SWS will not transfer any monies to TRX for such [*]. TRX shall retain the
excess amount in trust for SWS and this excess amount shall be netted off
against the amount payable by SWS in the immediately following [*].

 

5. From the [*] Transition Date, TRX will not have any control over the [*] and,
thereafter, payment of [*] shall cease.

 

6. The [*] will be payable to SWS from TRX on a [*] basis during the SWS
Services Term. TRX shall provide a [*] of the entire [*], based on [*] of the
forecast of [*] calls received by [*]. The payment to SWS will be made on or
before the [*], except that the payment due with respect to the [*] that
includes the [*] Transition Date shall be made on the [*] Transition Date, pro
rated for the number of days after the [*] Transition Date remaining in such
[*]. The Parties agree that [*] payments made in the subsequent [*] would be
adjusted based upon the actual [*] call volume in the previous [*] (for which
[*] was made).

 

7. SWS will pay TRX the [*] irrespective of the quantum of [*] or the [*].

 

8. TRX will also charge SWS on a [*] basis any operating charges as noted on
Exhibit F in addition to any Operating Costs or Capital Expenditure incurred by
TRX that supports the customer care operations in Milton or Parkersburg. Payment
will be made 15 days from receipt of the applicable invoice.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXHIBIT G - SCHEDULE 1

 

[*] – “For Illustrative Purposes Only”

 

Assumption:

Example assumes a Transition Date of April 1, 2006

Amounts in ($ thousands)

 

         

Q1

Nov’05

31st Jan’06

--------------------------------------------------------------------------------

   Ref

--------------------------------------------------------------------------------

  

Q2

1st
Feb’06
March’06

--------------------------------------------------------------------------------

[*]

                   

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

EXHIBIT G – SCHEDULE 2

 

Operating Costs – Expense Type

 

Salaries

 

Leisure phone agents

Corporate phone agents

E-mail agents

Team leaders

Help desk

Workforce management

Human resources

Training

IT

Management

Total Salaries

 

Benefits

Taxes

Recruiting

Incentives

Total Personnel

 

Facilities

 

Office Rent

Facilities R&M

Equipment Rental

Parking

Services

Utilities

 

Total Facilities

 

Operational Expenses

 

Repairs & Maintenance

Communications & DP

Services - Operations

Customer & Agent Errors

Total Operational

 

General

 

Office Supplies

Miscellaneous Taxes & Licenses

General Insurance

Other Expenses

Total General

Depreciation

 

5

--------------------------------------------------------------------------------

EXHIBIT H

 

CURRENT TRX PRODUCTS AND SERVICES

 

See attached.

 

6

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied

Member of the Year

  

LOGO [g97218logo3a.jpg]

 

TRX provides transaction processing and data integration services to leading
travel companies and financial institutions.

 

We believe that our suite of technology and services facilitates the
distribution of travel in a cost-efficient manner and assists our clients in
better managing the vast amounts of data generated by travel and travel-related
processes. We develop our products and services as hosted technologies based on
the guiding principles of lower costs per transaction, scalability of solutions,
continuity of business, responsiveness to client needs, compliance with and
adaptability to business rules, and speed to market. Our clients are able to use
each of our products and services independently or as part of a comprehensive,
integrated end-to-end processing solution. The TRX solution suite is as follows:

 

LOGO [g97218logo4.jpg]

 

Learn how TRX can optimize your transaction processing and data integration
services, while enabling you to focus on your growth and success.

 

Contact Us

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career Center 
 |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied

Member of the Year

  

LOGO [g97218logo5a.jpg]

 

RESX (Online Booking) an online, self-service corporate booking tool offering a
user-friendly, Web-based interface for business travelers and/or their travel
arrangers to book policy-compliant air, car, and hotel reservations. The Online
Booking solution applies corporate policies and company negotiated contracts to
help travelers make air, car, and hotel reservations in policy and on budget.

 

TRX hosts the RESX application for its clients and their customers and provides
access to the application via the Internet. TRX offers the RESX booking engine
to corporations primarily through the RESX Distributor Program via leading
corporate travel agencies.

 

RESX is a booking platform designed to:

 

•       Enable travelers to have control over their travel preferences and
options with any time, anywhere access to self-service travel reservations
capabilities

 

•       Enable corporations to realize cost savings through reduced ticket
prices, increased use of preferred vendors, and greater policy enforcement at
the point of sale

 

•       Enable travel agencies to deliver cost savings and higher adoption rates
to their corporate customers while providing enhanced service

 

Click here to preview the RESX online booking solution through an interactive
demo. For more information on the RESX solution, please visit the Resource
Center, or Contact Us.

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career
Center  |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

 

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied

Member of the Year

  

LOGO [g97218logo6a.jpg]

 

Distributor Program

 

TRX sells and distributes the RESX booking engine to corporations primarily
through the RESX Distributor Program. RESX Distributor Program members include
leading corporate travel management companies worldwide. These clients represent
over $37.0 billion in annual airline sales, as tracked by Travel Weekly.

 

Through the RESX Distributor Program, over 3,200 companies with over 2.3 million
registered travelers, now access the RESX online booking solution.

 

For more information on the RESX Distributor Program, please Contact Us. To
learn more about the RESX online booking engine, please visit the Resource
Center, or preview the solution through the RESX interactive demo.

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career
Center  |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

 

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied Member of the Year

  

LOGO [g97218logo7a.jpg]

 

SELEX (Agent Technology) is an online reservation technology platform allowing
travel agents and customer care representatives to make travel reservations,
process service requests, and manage customer profiles in a real-time customer
service environment. SELEX offers access to multiple travel inventory sources
through a user-friendly, Web-based interface, reducing the reliance on the GDSs
and reducing agent training time and required knowledge of the different
underlying reservation systems. Through SELEX, agents have access to reservation
and customer relationship management functions such as traveler profile and
behavior data, corporate travel policy, and inter-office communication tools.
The platform also includes software functionality for exception processing and
agent workflow management and tracking.

 

With the rapidly changing travel distribution model, SELEX helps agencies by
providing agents with the ability to shop and book travel through multiple
channels. The distribution channel switch within SELEX provides agency,
corporation, and search level booking and tracking across GDSs, direct connects,
and 3rd party databases (e.g., merchant hotel functionality providers), allowing
agencies, and their corporate clients, to determine the best channel through
which agents purchase travel inventory. The SELEX agent desktop also offers:

 

•       Web based agent desktop environment designed to manage multiple accounts
and travelers quickly and efficiently

 

•       Booking capabilities for air, car, and hotel components of a reservation

 

•       GDS switch to allow agency, account, and search level GDS designation

 

•       Ability to incorporate supplier direct and 3rd party inventory channels
into the search process

 

•       Web fare searching functionality

 

•       PNR access and editing capabilities

 

•       Multiple account and traveler policy compliance

 

•       Profile management and GDS synchronization

 

•       Agent time and activity tracking and reporting

 

•       GDS pass-through for native access

 

With SELEX, agents are able to perform travel specific work functions without
GDS training. Once an agent learns the workflow for a specific function, they
are able to move between GDSs and third party inventory channels without
additional training. Included in the SELEX scripting environment is a robust
time and activity tracking tool, which enables agencies to identify and
understand functions that need improvement, providing opportunities for
re-engineering and further cost avoidance.

 

TRX hosts SELEX applications and provides access to them via the Internet.

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career
Center  |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

 

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied

Member of the Year

  

LOGO [g97218logo8a.jpg]

 

Building on one of the first quality control and file finishing applications
developed for the travel industry, the CORREX solution brings automation, travel
expertise, and advanced processes to the labor-intensive, manual activities of
quality assurance, file finishing, and ticketing.

 

CORREX (Automated Processing) is a transaction processing platform enabling
efficient, automated quality control, file finishing, and electronic ticketing
of travel reservations. CORREX processes all types of travel transactions,
including transactions for leisure and corporate travel booked online and
offline. TRX automated quality control includes software functionality for low
fare searches, seat assignments, upgrades, and alternate route and carrier
searches. Automated electronic ticketing services include software functionality
for e-ticket issuance, as well as email notifications and communications and
pre-trip management information reporting.

 

By attempting to eliminate manual processes, the CORREX solution helps increase
agent productivity, reduce front and back office errors, and consolidate
pre-travel and transaction reporting across multiple GDSs. TRX handles five
primary automated processing functions through the CORREX solution:

 

•       Automated Quality Control and File Finishing: CORREX leverages a
configurable quality control and PNR finishing rules engine. Clients are able to
apply and customize hundreds of standard routines to ensure PNR quality and
viability. The solution uses a consolidated database that functions across all
GDS’s for efficient rules creation and reporting. The solution utilizes Oracle
databases for data storage and security. CORREX is able to read and write to any
external database during PNR processing or post PNR processing and uses an XML
PNR export functionality to push data out of the system. Solution exports are
compatible with any external database or table, including human resource tables,
approval tables, CRM tables, and more.

 

•       PNR Improvement: While working to improve the quality of reservations,
CORREX is able to provide company-specific, and even traveler-specific,
reservation improvement services to help enhance the traveler’s experience,
including seat assignment improvement, low fare searches, waitlist clearance,
and frequent flyer upgrade services.

 

•       Configurable Auto-Ticketing and Invoicing: Key to decreasing processing
costs for our clients, CORREX is able to provide configurable auto-ticketing
services. The solution is able to handle split ticketing with correct
back-office remark placement, generate automated MCO and refunds, add and
invoice appropriate service fees, issue invoice-only transactions, and email
invoices.

 

•       Messaging: In accordance to clients’ requirements, the CORREX solution
can automate traveler communication, emailing itineraries and invoices in text,
HTML, or PDF formats. The solution also can communicate seat and fare
improvement to travelers automatically, as well as provide system performance
updates and policy compliance alerts to clients prior to ticketing.

 

•       Pre-Trip Reporting: CORREX offers flexible, real-time pre-trip reporting
online. Clients can customize report elements to track fare savings, multiple
passengers on same flight, arrivals and departures, and more. The solution
auto-refreshes PNR data without agent intervention or queue placement so reports
remain accurate and up to date.

 

For more information on the CORREX solution, please visit the Resource Center,
or Contact Us.

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career
Center  |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

 

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied Member of the Year

  

LOGO [g97218logo9a.jpg]

 

The TRANXACT (Settlement & Exceptions) solution is a processing platform
providing transaction settlement, exception handling, document distribution, and
back office accounting. Typically, exception processing and settlement
activities require significant manual labor and micromanagement. TRX’s TRANXACT
solution helps change that, automating and improving back-office activities so
that clients can improve productivity, enhance the customer experience, and
ultimately drive down the cost per transaction.

 

TRX handles the following functions through the TRANXACT solution:

 

•       Exception Processing - TRX processes ticketing rejects, exchanges,
refunds (both refundable and non-refundable), voids, Lost Ticket Applications
(LTA’s)/Pre-paid Ticket Applications (PTA’s), and automated schedule changes. We
use proprietary technology to help us process large volumes of transactions as
quickly and accurately as possible, while making back office activities visible
to front-office agents. Visibility into back-office activities gives clients new
opportunities to re-engineer front-office practices to maximize efficiencies and
avoid costly errors.

 

•       Document Distribution - TRX provides paper ticket distribution, email
notification for paper and e-tickets, and inbound and returned mail handling
services. TRX uses ticket status tracking tools to capture ticket processing and
distribution information. Front-office agents at TRX and client offices
worldwide access TRANXACT tracking tools to gain ticketing and distribution
status information. Front-office access to ticketing and distribution details
can eliminate the need for front-office agents to call distribution agents with
ticket inquiries, which can result in the reduction of front office handle time.

 

•       Settlement, Accounting, and Reporting - TRX handles Airline Reporting
Corporation (ARC) and Billing and Settlement Plan (BSP) settlement and
management reporting, automatically updating ARC and BSP, as well as our
clients’ accounting systems, to help keep everyone and every number in sync. TRX
gives clients online access to management reports, metrics and statistics,
enabling them to make business-critical decisions with real-time information. We
offer a hosted back office system, or integrate with our clients’ systems, to
process back office rejects and settle with ARC and BSP.

 

TRX hosts the TRANXACT applications and operates them in its own facilities on
behalf of its clients.

 

For more information on the TRANXACT solution, please visit the Resource Center,
or Contact Us.

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career
Center  |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

LOGO [g97218logo1.jpg]

 

LOGO [g97218logo2.jpg]

 

WHAT’S NEW…

 

12.20.05 Release:

 

MasterCard and TRX Extend and Expand DATATRAX Relationship

 

12.05.05 Feature:

 

AMEX Renews and Extends Long-Term TRX Contract

 

11.17.05 Feature:

 

TRX: Travel Transaction Processing

 

11.09.05 Release:

 

New and Enhanced Features in TRX Tech Suite

 

11.03.05 Release:

 

TRX Reports Third Quarter Results

 

8.16.05 Release:

 

Trip Davis Named NBTA Allied Member of the Year

  

LOGO [g97218logo10a.jpg]

 

DATATRAX (Data Integration) is an integration platform enabling the aggregation,
enhancement, extraction, and reporting of transaction data. DATATRAX
consolidates data records from a variety of sources, including credit card
issuers, credit card networks, back office travel systems, hotel suppliers,
airlines, and GDSs, and normalizes the records into a common structure in a
single data repository. DATATRAX also enables enhancement of data records with
more detailed transaction data from other sources, increasing the value and
utility of the data to our clients.

 

TRX handles four primary data integration functions through the DATATRAX
solution:

 

•       Data Aggregation: TRX designed DATATRAX to integrate global transaction
data from ANY source in ANY format, and normalize records to produce a cleaner,
single source of data. TRX’s flexible data aggregation services allow for
integration with existing systems on a global basis, so that clients do not have
to invest additional time or capital to standardize the data or make new data
aggregation infrastructure investments.

 

•       Data Enhancement: The DATATRAX solution enables companies to augment
travel and financial transaction data with other sources of travel and
procurement information to help improve the accuracy of their information,
including: hotel folio and other level-three merchant data, booked vs. charged
data, population of origin and destination markers, loyalty and bonus programs
data.

 

•       Data Extraction: Using the standardized and enhanced data generated
through DATATRAX aggregation and enhancement services, the solution also
translates and exports data to third-party systems in any format. From expense
reporting tools to internal reporting and analysis systems to ERP solutions such
as SAP, Peoplesoft, Oracle, and JD Edwards, TRX returns data back to clients in
requested formats at their requested frequency. DATATRAX enables clients to
receive cost-effective, client-specific data outputs without having to invest
additional time or capital to program extracts into their desired formats.

 

•       Reporting: For integrated data reporting, the DATATRAX solution also
offers a Web-based reporting tool. DATATRAX resides on a MicroStrategy platform
that enables clients to scale to thousands of users with access to millions of
data records. The DATATRAX reporting tool features drill down and ad-hoc
reporting and graphing, security filtering at the individual user level, as well
as language and currency conversion.

 

TRX hosts the DATATRAX application, delivers information electronically back to
clients in any format, and provides Web-based access to our hosted reporting and
analysis tool.

 

For more information on the DATATRAX solution, please visit the Resource Center,
or Contact Us.

 

About TRX  |  Resource Center  |  Media Center  |  Investor Center  |  Career
Center  |  Contact Us

 

Copyright © 2005 TRX, Inc. All rights reserved.

Terms of Use

--------------------------------------------------------------------------------

EXHIBIT I

 

EMPLOYEE BENEFIT SCHEDULE

 

See attached.

 

7

--------------------------------------------------------------------------------

LOGO [g97218logo.jpg]   LOGO [g97218logotrx.jpg]

 

TRX, INC. US EMPLOYEE BENEFITS SUMMARY (Exempt Employees)

 

Insurance – effective first day of the month following first [*] of employment

 

•   Medical – [*] is our medical provider. Their network of providers is under
the [*] network, providing strong facility and physician discounts for medical
care. In addition, [*] offers assistance through their nurse line, disease and
medical management programs, healthcare cost estimate tools, and personal health
assessments. Medical premiums are deducted on a pretax basis. The prices below
are shown as per pay period amounts.

 

•   Prescription drug service – [*] generic/[*] brand name/[*] non preferred for
retail prescriptions and [*] generic/[*] brand name/[*] non preferred for mail
order prescriptions.

 

•   Dental – [*] is our dental benefits provider. Dental premiums are deducted
on a pretax basis

 

•   Vision Care – [*] is our vision care provider. Vision premiums are deducted
on a pretax basis

 

The prices below are shown as per pay period amounts and are deducted from 24 of
26 pay checks.

 

     Medical

--------------------------------------------------------------------------------

   Dental

--------------------------------------------------------------------------------

   Vision

--------------------------------------------------------------------------------

     90%/70%

--------------------------------------------------------------------------------

   80%/60%

--------------------------------------------------------------------------------

     

Employee

   [*]    [*]    [*]    [*]

EE + Spouse

   [*]    [*]    [*]    [*]

EE + Child(ren)

   [*]    [*]    [*]    [*]

EE + Family

   [*]    [*]    [*]    [*]

 

•   Life Insurance – [*] is our provider for life insurance. TRX covers each
eligible full-time employee with one times our annual salary in life insurance
benefits at no cost to you. Each of us may elect to purchase additional life
insurance for our family members or ourselves. The rates for employee and spouse
vary based on amount of coverage elected and age. Coverage is available up to
[*] or [*] times your salary for employees and up to [*] for your spouse. Rates
for your child(ren) are based on amount of coverage up to [*]. You can only
elect to purchase supplemental life insurance for your spouse and/or child(ren)
if you elect to purchase supplemental life for yourself.

 

•   AD&D – [*] is our provider for accidental death & dismemberment insurance.
TRX covers each eligible full-time employee with [*] our annual salary in AD&D
at [*] to the employee. Each of us may elect to purchase additional AD&D
coverage for our families or ourselves. Family AD&D coverage covers the employee
and the employee’s family. There is no need to obtain both Employee Voluntary
AD&D coverage and Family Voluntary AD&D coverage. Rates are based on amount of
coverage elected.

 

•   Short Term Disability (STD) – [*] is our short term disability benefits
provider. Premiums are deducted after taxes so that the benefit remains
nontaxable. The STD benefit pays [*] of your weekly covered earnings up to [*]
per week. Rates are [*] per [*] of coverage. The actual monthly premium is a
function of annual salary. As an example, someone who makes [*] per year will
have a per pay period deduction of [*] for STD.

 

•   Long Term Disability (LTD) – [*] is our long term disability benefits
provider. Premiums are deducted after taxes so that the benefit remains
nontaxable. TRX will still provide all full-time TRX employees with Core LTD
coverage ([*] of base salary) at no cost to the employee. Each of us may
continue to elect an additional [*] buy up at our own expense. Your total LTD
benefit cannot exceed [*] per month. Rates are [*] per [*] of coverage for the
additional [*] buy up. For a [*] per year salary, the per pay period buy up
premium is [*].

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

LOGO [g97218logo.jpg]   LOGO [g97218logotrx.jpg]

 

Flexible Spending Accounts

 

•   Health care - covers up to [*], tax free, of unreimbursed medical or dental
costs

 

•   Dependent Care - covers up to [*], tax free, of eligible dependent care
costs

 

401K Savings Plan – eligible to begin at the beginning of each month

 

•   1-60% of salary (up to federal cap $13,000) may be contributed before tax

 

•   1-10% of salary may be contributed after tax

 

•   Discretionary company match of [*] on the dollar up to the first [*] of
salary for all employees enrolled on 31 December each year

 

•   [*] year vesting plan

 

•   Investment opportunity in [*] mutual funds

 

Paid Time Off – divided into 2 segments: Operations and Support & General
Administration (SG&A)

 

•   Operations – accrue [*] planned hours per pay period (after [*] days of
employment) to use at your discretion with management approval. “Planned
absences” include anytime you wish to be away from work that you know about in
advance (i.e. holidays, vacations, doctor’s appointments, etc.) You also accrue
[*] unplanned hours per pay period. “Unplanned absences” include employee
illness, illness of family members or pets, and any other emergency situations.

 

•   SG&A – 7 paid holidays (New Years Day, Memorial Day, 4th of July, Labor Day,
Thanksgiving Day, the Friday after Thanksgiving, and Christmas Day) plus 3
floating holidays. You accrue [*] vacation days per year (until your 5-year
anniversary at which time the vacation amount increases). You also accrue [*]
unplanned hours per pay period. “Unplanned absences” include employee illness,
illness of family members or pets, and any other emergency situations.

 

Vacation Purchase Plan – At the beginning of the calendar year, an employee is
allowed to purchase up to [*] hours of vacation in full shift increments.

 

Health Club Benefit – membership to L.A. Fitness for [*]/month.

 

College Savings Plan (529 Plan) – A savings plan for education. The plan
provides employees the opportunity to have payroll deductions placed into an
investment vehicle on an after taxes basis for education with tax free gains.

 

CashPay – Bank of America provides access to net pay through direct deposit into
a CashPay account. Employees are provided with a Visa Card/ATM to access their
money.

 

Sprint PCS – Sprint provides TRX employees with a discount of up to [*] off all
monthly recurring charges.

 

Employee Assistance Program – Confidential 3rd party assistance for employees
and their families to help deal with personal problems including: family life,
physical health, mental health and legal or financial concerns.

 

Tuition Reimbursement – TRX program provides financial assistance to eligible
employees to cover the cost of courses required for a degree (associates,
bachelors, or masters). Non-degrees, such as CPA, certified programs &
individual courses that strengthen an employee’s skills/knowledge and textbooks
are also covered. Annual maximum per eligible employees is [*].

 

IATAN Card – After six months of employment an employee is eligible to apply for
an IATAN card to receive discounts rates on cars, hotels, cruises, and other
travel discounts.

 

Notary Public – Each TRX office has a Notary Public to witness or attest
signature or execution of deeds and other written documents at no cost to the
employee.

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

LOGO [g97218logo.jpg]   LOGO [g97218logotrx.jpg]

 

TRX, INC. US EMPLOYEE BENEFITS SUMMARY (non - Exempt Employees)

 

Insurance – effective first day of the month following first [*] of employment

 

•   Medical – Aetna is our medical provider. Their network of providers is under
the [*] network, providing strong facility and physician discounts for medical
care. In addition, [*] offers assistance through their nurse line, disease and
medical management programs, healthcare cost estimate tools, and personal health
assessments. Medical premiums are deducted on a pretax basis. The prices below
are shown as per pay period amounts.

 

•   Prescription drug service – [*] generic/[*] brand name/[*] non preferred for
retail prescriptions and [*] generic/[*] brand name/[*] non preferred for mail
order prescriptions.

 

•   Dental – [*] is our dental benefits provider. Dental premiums are deducted
on a pretax basis

 

•   Vision Care – [*] is our vision care provider. Vision premiums are deducted
on a pretax basis

 

The prices below are shown as per pay period amounts and are deducted from 24 of
26 pay checks.

 

     Medical

--------------------------------------------------------------------------------

  Dental

--------------------------------------------------------------------------------

  Vision

--------------------------------------------------------------------------------

     90%/70%

--------------------------------------------------------------------------------

  80%/60%

--------------------------------------------------------------------------------

   

Employee

   [*]   [*]   [*]   [*]

EE + Spouse

   [*]   [*]   [*]   [*]

EE + Child(ren)

   [*]   [*]   [*]   [*]

EE + Family

   [*]   [*]   [*]   [*]

 

•   Life Insurance – [*] is our provider for life insurance. TRX covers each
eligible full-time employee with one times our annual salary in life insurance
benefits at no cost to you. Each of us may elect to purchase additional life
insurance for our family members or ourselves. The rates for employee and spouse
vary based on amount of coverage elected and age. Coverage is available up to
[*] or [*] times your salary for employees and up to [*] for your spouse. Rates
for your child(ren) are based on amount of coverage up to [*]. You can only
elect to purchase supplemental life insurance for your spouse and/or child(ren)
if you elect to purchase supplemental life for yourself.

 

•   AD&D – [*] is our provider for accidental death & dismemberment insurance.
TRX covers each eligible full-time employee with [*] our annual salary in AD&D
at [*] to the employee. Each of us may elect to purchase additional AD&D
coverage for our families or ourselves. Family AD&D coverage covers the employee
and the employee’s family. There is no need to obtain both Employee Voluntary
AD&D coverage and Family Voluntary AD&D coverage. Rates are based on amount of
coverage elected.

 

•   Short Term Disability (STD) – [*] is our short term disability benefits
provider. Premiums are deducted after taxes so that the benefit remains
nontaxable. The STD benefit pays [*] of your weekly covered earnings up to [*]
per week. Rates are [*] per [*] of coverage. The actual monthly premium is a
function of annual salary. As an example, someone who makes [*] per year will
have a per pay period deduction of [*] for STD.

 

•   Long Term Disability (LTD) – [*] is our long term disability benefits
provider. Premiums are deducted after taxes so that the benefit remains
nontaxable. TRX will still provide all full-time TRX employees with Core LTD
coverage ([*] of base salary) at no cost to the employee. Each of us may
continue to elect an additional [*] buy up at our own expense. Your total LTD
benefit cannot exceed [*] per month. Rates are [*] per [*] of coverage for the
additional [*] buy up. For a [*] per year salary, the per pay period buy up
premium is [*].

 

[*] - Confidential Treatment Requested

--------------------------------------------------------------------------------

LOGO [g97218logo.jpg]   LOGO [g97218logotrx.jpg]

 

Flexible Spending Accounts

 

•   Health care - covers up to [*], tax free, of unreimbursed medical or dental
costs

 

•   Dependent Care - covers up to [*], tax free, of eligible dependent care
costs

 

401K Savings Plan – eligible to begin at the beginning of each month

 

•   1-60% of salary (up to federal cap $13,000) may be contributed before tax

 

•   1-10% of salary may be contributed after tax

 

•   Discretionary company match of [*] on the dollar up to the first [*] of
salary for all employees enrolled on 31 December each year

 

•   [*] year vesting plan

 

•   Investment opportunity in [*] mutual funds

 

Paid Time Off – divided into 2 segments: Operations and Support & General
Administration (SG&A)

 

•   Operations – accrue [*] planned hours per pay period (after [*] days of
employment) to use at your discretion with management approval. “Planned
absences” include anytime you wish to be away from work that you know about in
advance (i.e. holidays, vacations, doctor’s appointments, etc.) You also accrue
[*] unplanned hours per pay period. “Unplanned absences” include employee
illness, illness of family members or pets, and any other emergency situations.

 

•   SG&A – 7 paid holidays (New Years Day, Memorial Day, 4th of July, Labor Day,
Thanksgiving Day, the Friday after Thanksgiving, and Christmas Day) plus 3
floating holidays. You accrue [*] vacation days per year (until your 5-year
anniversary at which time the vacation amount increases). You also accrue [*]
unplanned hours per pay period. “Unplanned absences” include employee illness,
illness of family members or pets, and any other emergency situations.

 

Vacation Purchase Plan – At the beginning of the calendar year, an employee is
allowed to purchase up to [*] hours of vacation in full shift increments.

 

Health Club Benefit – membership to L.A. Fitness for [*]/month.

 

College Savings Plan (529 Plan) – A savings plan for education. The plan
provides employees the opportunity to have payroll deductions placed into an
investment vehicle on an after taxes basis for education with tax free gains.

 

CashPay – Bank of America provides access to net pay through direct deposit into
a CashPay account. Employees are provided with a Visa Card/ATM to access their
money.

 

Sprint PCS – Sprint provides TRX employees with a discount of up to [*] off all
monthly recurring charges.

 

Employee Assistance Program – Confidential 3rd party assistance for employees
and their families to help deal with personal problems including: family life,
physical health, mental health and legal or financial concerns.

 

Tuition Reimbursement – TRX program provides financial assistance to eligible
employees to cover the cost of courses required for a degree (associates,
bachelors, or masters). Non-degrees, such as CPA, certified programs &
individual courses that strengthen an employee’s skills/knowledge and textbooks
are also covered. Annual maximum per eligible employees is [*].

 

IATAN Card – After six months of employment an employee is eligible to apply for
an IATAN card to receive discounts rates on cars, hotels, cruises, and other
travel discounts.

 

Notary Public – Each TRX office has a Notary Public to witness or attest
signature or execution of deeds and other written documents at no cost to the
employee.

 

[*] - Confidential Treatment Requested