Document:

Rights Agreement

 Exhibit 4.5 
  

RIGHTS AGREEMENT 
  
 THIS RIGHTS AGREEMENT (the “Agreement”) is executed as of this 16th day of November, 2001 (the “Effective Date”), by and among Sabre
Investments, Inc., a Delaware corporation (“Sabre”), BCD Technology S.A., a corporation formed under the laws of Luxembourg (“BCD”), and TRX, Inc., a Georgia corporation (the “Corporation”), (Sabre and BCD are
collectively referred to as the “Stakeholders” and sometimes individually as a “Stakeholder”). Defined terms not otherwise defined herein are set forth in Article 12. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Corporation issued that certain Senior Secured Convertible Promissory Note in favor of Sabre of even date herewith (the “Note”);
and 
  
 WHEREAS, Sabre has the right to purchase shares of the
Corporation’s common stock pursuant to the Warrant Agreement by and between the Corporation and Sabre of even date herewith (the “Warrant”); and 
  

WHEREAS, the Stakeholders and the Corporation believe it to be in the best interest of each Stakeholder and of the Corporation to enumerate each
parties rights and obligations in relation to each other including the provision for any future disposition of the common stock of the Corporation owned by the Stakeholders; and 
  
 WHEREAS, the Stakeholders and the Corporation desire to have specified involvement in the management of the Corporation for
their mutual best interests; 
  
 NOW, THEREFORE, in consideration
of the promises and mutual obligations contained herein, the parties hereto agree as follows: 
  
 ARTICLE 1 
  
 RESTRICTIONS UPON THE TRANSFER OF THE STOCK 
  
 1.1 No Dispositions Generally. During the term of this Agreement, neither Stakeholder shall have the right to make any Disposition, other than a Permitted Disposition. The Corporation will not cause or permit the transfer of shares
of common stock on the transfer records of the Corporation for any Disposition, other than a Permitted Disposition. Any other attempted Disposition shall be void ab initio and shall have no effect whatsoever. 
  
 1.2 Permitted Dispositions. A Stakeholder shall have the right to make
a Permitted Disposition. “Permitted Disposition” means: 
  
 1.2.1 Any Disposition approved by the other Stakeholder; 
  
 1.2.2 A Disposition made pursuant to Section 1.3; 
  

 1.2.3 A Disposition made pursuant to Section 1.4; 
  
 1.2.4 A Disposition made pursuant to Article 6; 

 
 1.2.5 A Disposition made pursuant to Section 11.2; and

  
 1.2.6 A Disposition to an Affiliate;
provided, however, that Sabre may not make a Disposition to Travelocity.com L.P. or its successors, assigns or direct or indirect wholly owned subsidiaries. 
  
 Provided, however, that no Disposition shall be a Permitted Disposition unless the person or entity to whom such shares are transferred (other than an
existing shareholder of the Corporation) shall have agreed to be bound by and become a party to this Agreement, as it may be amended from time to time and kept on file with the Corporation. 
  
 1.3 First Offer by Sabre. 
  
 1.3.1 In the event that Sabre desires to sell any or all of
its securities of the Corporation other than the Note (the “Sabre Offered Stock”), unless a Disposition is permitted pursuant to Section 1.2.1, 1.2.4, 1.2.5 or 1.2.6, Sabre agrees to first give written notice to BCD and Hogg (the
“Sabre First Offer Notice”) of its intent to sell the Sabre Offered Stock, and to negotiate with BCD and Hogg in good faith the price and corresponding terms of the pro rata purchase by BCD and Hogg of the Sabre Offered Stock. BCD
and Hogg shall either jointly or individually provide Sabre with a proposal as to the final price and terms of such purchase by the forty-fifth (45) day after the Sabre First Offer Notice. In the event Sabre accepts a proposal from BCD and/or Hogg
(such accepted proposal shall be the “Final Stakeholder Proposal”), each of BCD and Hogg shall have the right to participate pro rata in such purchase regardless of whether it was such party’s proposal that was accepted. In the
event that either BCD or Hogg does not purchase its entire pro rata portion of the Sabre Offered Stock, the other of BCD or Hogg shall be notified thereof and shall have three (3) days to agree and provide notice in writing to purchase all or
part of those remaining shares pursuant to the terms of the Final Stakeholder Proposal. In the event that thereafter, BCD and Hogg have not agreed to collectively purchase the entirety of the Sabre Offered Stock, Sabre shall provide notice to the
Corporation thereof and the Corporation shall have fifteen (15) days to agree and provide notice in writing to purchase such remaining shares pursuant to the terms of the Final Stakeholder Proposal. The transfer of the Sabre Offered Stock to BCD,
Hogg and the Corporation hereunder shall be free and clear of any liens, claims and encumbrances (other than the terms of this Agreement) pursuant to such documentation as BCD, Hogg and the Corporation, as applicable, shall reasonably require.

  
 1.3.2 In the event Sabre does not accept the
joint or individual proposals from BCD and/or Hogg, Sabre shall notify BCD and Hogg in writing within fifteen (15) days after receipt of such proposals that their final price and terms have been rejected. In the event such proposal(s) are rejected,
Sabre agrees to give written notice to the Corporation thereof (the “Rejection Notice”) and shall negotiate with the Corporation in good faith the price and corresponding terms of the purchase by the Corporation of the Sabre Offered Stock.
The Corporation shall provide Sabre with a proposal as to the final price and terms of such purchase (the “Final Corporation Proposal”) by the fifteenth (15) day after the Sabre Rejection Notice (the 

  

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“Sabre Third Party Date”). In the event Sabre accepts the Final Corporation Proposal, the transfer of the Sabre Offered Stock to the Corporation
hereunder shall be free and clear of any liens, claims and encumbrances (other than the terms of this Agreement) pursuant to such documentation as the Corporation shall reasonably require. In the event Sabre does not accept the Final Corporation
Proposal, Sabre shall notify the Corporation in writing within a reasonable time that its final price and terms have been rejected. 
  
 1.3.3 In the event Sabre rejects any and all proposals by BCD, Hogg and the Corporation as to the final price and terms for the purchase
of the Sabre Offered Stock, Sabre may sell the Sabre Offered Stock to a third party or parties (the “Sabre Third Party Sale”); provided, however, that any Sabre Third Party Sale must be evidenced by a letter of intent which must be signed
within six (6) months of the Sabre Third Party Date and the contemplated transaction must be completed within one (1) year of the Sabre Third Party Date. The Sabre Third Party Sale shall be for a price not less than 95% of the highest proposal as to
the final price and terms offered by BCD and/or Hogg and the Corporation. In addition, the transfer of the Sabre Offered Stock to the third party or parties may only be made as long as (i) the Disposition does not have an adverse regulatory or legal
effect on the Corporation or any subsidiary or related entity, and (ii) each transferee agrees in writing to be bound by the terms of this Agreement, provided, however, such transferee will not have the rights granted to Sabre in Articles 1, 4, 2,
3, 4, 6, 1 and 7. 
  
 1.3.4 If the consideration
offered by the third party or parties in the Sabre Third Party Sale involves property other than cash, for purposes of Section 1.3.3, such property shall be deemed to be cash in an amount equal to the Equivalent Value of the property. Sabre and the
Corporation shall initially negotiate with each other to agree upon the Equivalent Value within thirty (30) days of the date of the letter of intent for such Sabre Third Party Sale. In the event that Sabre and the Corporation cannot reach an
agreement on the Equivalent Value within such 30 day period, the Equivalent Value will be determined by two appraisers, one chosen and paid for by Sabre and one chosen and paid for by the Corporation. If the two appraisal values (the
“Appraisal”) differ by 10% or less (such percentage difference to be computed by subtracting the lesser of the Appraisals from the greater of the Appraisals and dividing that difference by the greater of the Appraisals), then the
Equivalent Value of the property shall equal the average of the two Appraisals. In the event that the Appraisals vary by more than 10%, a third appraiser shall be chosen by the initial two appraisers to conduct an independent appraisal of the
property, and on the basis of that independent appraisal, the third appraiser shall, in the exercise of its own professional judgment, determine which of the two Appraisals is the most commercially reasonably, and that Appraisal shall be the
Equivalent Value. The costs of such third Appraisal shall be borne by the Corporation. 
  
 1.4 First Offer by BCD. 
  
 1.4.1 In the event that BCD desires to sell any or all of its portion of its common stock of the Corporation (the “BCD Offered Stock”), unless a Disposition is permitted pursuant to Section 1.2.1, 1.2.4,
1.2.5 or 1.2.6, BCD agrees to first give written notice to Hogg and, subject to the last sentence of this Section 1.4.1, to Sabre (the “BCD First Offer Notice”) of its intent to sell the BCD Offered Stock and to negotiate with Hogg and
Sabre, if applicable, in good faith the price and corresponding terms of the pro rata purchase by Hogg and Sabre, if 

  

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applicable, of the BCD Offered Stock. Sabre and Hogg shall either jointly or individually provide BCD with a proposal as to the final price and terms of such
purchase by the forty-fifth (45) day after the BCD First Offer Notice (the “BCD Third Party Date”). In the event BCD accepts a proposal from Sabre and/or Hogg (such accepted proposal shall be the “Final BCD Offer”), each of Sabre
and Hogg shall have the right to participate pro rata in such purchase regardless of whether it was such party’s proposal that was accepted. In the event that either Sabre or Hogg does not purchase its entire pro rata portion of
the BCD Offered Stock, the other of Sabre or Hogg shall be notified thereof and shall have three (3) days to agree and provide notice in writing to purchase all or part of those remaining shares pursuant to the terms of the Final BCD Offer. In the
event that BCD does not accept Hogg’s and/or Sabre’s final proposed price and corresponding terms, BCD shall notify Hogg and Sabre in writing within fifteen (15) days after receipt of such proposals that their final price and terms have
been rejected. Notwithstanding the foregoing, or anything to the contrary set forth in this Section 1.4, Sabre shall only be entitled to receive the BCD First Offer Notice and make a proposal under this Section 1.4.1 if the Note is outstanding or
Sabre holds, or has the ability to acquire through a convertible security (including the Warrant), an aggregate of 966,792.5 shares of the Corporation’s Common Stock (subject to stock splits and combinations). 
  
 1.4.2 In the event BCD does not accept the final proposed
price and corresponding terms offered by Sabre and/or Hogg, BCD may sell the BCD Offered Stock to a third party or parties (the “BCD Third Party Sale”); provided, however, that such Third Party Sale must be evidenced by a letter of intent
which must be signed within six (6) months of the BCD Third Party Date and the contemplated transaction must be completed within one (1) year of the BCD Third Party Date. The BCD Third Party Sale shall be for a price not less than 95% of the highest
proposal as to the final price and terms offered by Sabre and/or Hogg. In addition, the transfer of the BCD Offered Stock to the third party or parties may only be made as long as (i) the Disposition does not have an adverse regulatory or legal
effect on the Corporation or any subsidiary or related entity, and (ii) each transferee agrees in writing to be bound by the terms of this Agreement, provided, however, such transferee will not have the same rights as BCD in reference to Articles
1.3, 2, 3, 4 and 6.2 unless BCD transferred a majority interest in the Corporation to such transferee. 
  
 1.4.3 If the consideration offered by the third party or parties in the BCD Third Party Sale involves property other than cash, for
purposes of Section 1.4.2, such property shall be deemed to be cash in an amount equal to the Equivalent Value of the property. Sabre, Hogg and BCD shall initially negotiate with each other to agree upon the Equivalent Value within thirty (30) days
of the date of the letter of intent for such BCD Third Party Sale. In the event that Hogg, Sabre and BCD cannot reach an agreement on the Equivalent Value within such 30 day period, the Equivalent Value will be determined by two appraisers, one
chosen and paid for by Sabre and Hogg collectively, and one chosen and paid for by BCD. If the two appraisal values (the “Appraisal”) differ by 10% or less (such percentage difference to be computed by subtracting the lesser of the
Appraisals from the greater of the Appraisals and dividing that difference by the greater of the Appraisals), then the Equivalent Value of the property shall equal the average of the two Appraisals. In the event that the Appraisals vary by more than
10%, a third appraiser shall be chosen by the initial two appraisers to conduct an independent appraisal of the property, and on the basis of that independent appraisal, the third appraiser shall, in the exercise of its own professional judgment,
determine which of the two Appraisals is the most 

  

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commercially reasonably, and that Appraisal shall be the Equivalent Value. The costs of such third Appraisal shall be borne by BCD. 
  
 ARTICLE 2 
  
 MANAGEMENT AND BUSINESS PLAN 
  

2.1 Board of Directors. The Stakeholders agree that at all times during the term of this Agreement, the affairs of the Corporation shall be
managed by a Board of Directors consisting of no more than eight (8) members, at least five (5) members of which shall be appointed by BCD and, so long as the Note is outstanding or Sabre holds, or has the ability to acquire through a convertible
security (including the Warrant), an aggregate of 966,792.5 shares of the Corporation’s Common Stock (subject to stock splits and combinations), one (1) member of which shall, at Sabre’s option, be appointed by Sabre. Any vacancy in office
of a director, resulting from any cause, shall be filled by a candidate selected by the Stakeholder who appointed the director who previously held the vacated position. BCD shall not propose or vote for any change in the structure of the Board of
Directors as set forth above without the approval of Sabre. So long as the Note is outstanding or Sabre holds, or has the ability to acquire through a convertible security (including the Warrant), an aggregate of 966,792.5 shares of the
Corporation’s Common Stock (subject to stock splits and combinations), and Sabre does not elect to appoint a director, Sabre shall have the right to have a representative attend meetings of the Board of Directors. Sabre’s representative
shall be provided with 10 days actual notice of any meeting of the Board of Directors along with notice of the matters to be considered at such meeting; provided, however, that in the event the Corporation in its reasonable judgment believes a
meeting must be called sooner, Sabre’s representative shall be given at least forty eight (48) hours actual notice of the meeting. The Stakeholders acknowledge and agree that their representatives will be excluded from any discussions or
information that may create a potential conflict with one of their competitors or shareholders of the Corporation. 
  
 2.2 Day-to-Day Management. Subject to the restrictions contained in this Agreement and the direction of the Board of Directors, the day-to-day
management and operation of the Corporation shall be the responsibility of the President and other officers of the Corporation. 
  
 2.3 Business Plan. The Stakeholders agree that the Corporation, including for purposes of this Section 2.3, all subsidiaries, and its finances
shall be managed in accordance with a business plan (“Business Plan”). The Corporation’s preliminary Business Plan is attached as Schedule 2.3. Each year, at least thirty (30) days before the start of the Corporation’s fiscal
year, the Stakeholders shall receive an updated Business Plan. 
  
 2.4 Dividend Policy. Subject to Section 2.5, and only in the event the Note is no longer outstanding, the Corporation shall distribute all net income (as determined in accordance with generally accepted accounting principles) that is
not reasonably needed by the Corporation or its subsidiaries for contingencies and capital expenditures. It is understood among the parties hereto that it is the intention that after the first anniversary of this Agreement, the Corporation shall
endeavor to distribute to its shareholders 50% of its net income. 
  

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 2.5 Major Actions. For as long as the Note is outstanding or Sabre holds, or has the ability to
acquire through a convertible security (including the Warrant), an aggregate of 966,792.5 shares of the Corporation’s Common Stock (subject to stock splits and combinations), without the written consent of Sabre, the Corporation will not:

  
 2.5.1 Amend, supplement, repeal, or otherwise
change the articles of incorporation or bylaws of the Corporation in any manner or permit any subsidiary to amend, supplement, repeal, or otherwise change its articles of certificate of incorporation, bylaws, articles of organization, operating
agreement, or other governing documents, as applicable, in any manner which would negatively impact the rights of Sabre granted pursuant to this Agreement; 
  
 2.5.2 Issue any securities of the Corporation or any Subsidiary except as permitted pursuant to the terms of Section 2.5.3 or pursuant to
an IPO; 
  
 2.5.3 Establish, or allow any
subsidiary to establish, any option or other equity based incentive plan for management, directors, or employees, amend the 2000 TRX Stock Incentive Plan to increase the number of shares authorized to be granted thereunder, grant, or allow any
subsidiary to grant, any stock options, or other rights to purchase securities, or authorize or enter into, or allow any subsidiary to authorize or enter into, any plan, contract, or arrangement that provides any person with economic benefits
directly or indirectly, in whole or in part, equivalent to equity security ownership, including but not limited to, phantom stock option, stock appreciation rights, and similar plans except for shares subject to the 2000 TRX Stock Incentive Plan;

  
 2.5.4 Issue any equity, rights or warrants to
any Sabre Restricted Party; 
  
 2.5.5 Redeem or
repurchase any security of the Corporation (except for repurchase in connection with departing employees pursuant to Schedule 2.5.5) or allow any subsidiary to purchase any security of the Corporation unless pursuant to the terms of Article 1 or
unless the Note is no longer outstanding and such redemption or repurchase is done on a pro rata basis with respect to all shareholders of the Corporation, provided, however, any such pro rata redemption shall equitably reduce the
number of shares Sabre must own to exercise certain of its rights granted under the Agreement; 
  
 2.5.6 Make distributions or pay dividends in cash or property with respect to any security of the Corporation unless the Note is no longer
outstanding and such dividend or distributions are made on a pro rata basis with respect to all shareholders of the Corporation; 
  
 2.5.7 Acquire assets or securities of any other person or entity or allow any subsidiary to acquire assets or securities of any other
person or entity, except for acquisitions with an aggregate purchase consideration of less than $2,000,000 in any one transaction or more than one transaction in a financial year; 
  
 2.5.8 Enter into or allow any subsidiary to enter into any merger, consolidation, or statutory share
exchange with any other entity, except with a subsidiary or, in the case of a subsidiary, the Corporation; 
  

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 2.5.9 Enter into or allow any subsidiary to enter into any joint venture, alliance or
other contract outside of the ordinary course of business except for joint ventures, alliances or other contracts directly related to ResAssist or a competing product(s) of Sabre or a Sabre Affiliate; 
  
 2.5.10 Sell, exchange, lease, license, or otherwise dispose
or allow any subsidiary to sell, exchange, lease, license, or otherwise dispose of any material amount of assets (including intangible property) except in the ordinary course of business and except for the sale, exchange, lease, license or other
disposition in an arms length transaction of ResAssist (subject to Section 7.3) or a competing product(s) of Sabre or a Sabre Affiliate; 
  
 2.5.11 Incur any single expense or capital expenditure of an amount in excess of $100,000 unless such expenditure is provided for in the
Business Plan; 
  
 2.5.12 Borrow, or allow any
subsidiary to borrow, money in excess of $500,000 unless such arrangement is set forth in the Business Plan and except for a working capital line of up to $5,000,000 which may be secured only by the Corporation’s and its subsidiaries accounts
receivable pursuant to the terms of the Note and except for capital lease obligations; 
  
 2.5.13 Use the proceeds from the Note in a manner inconsistent with Schedule 2.4.13 attached hereto; 
  
 2.5.14 Materially amend the Business Plan; 
  
 2.5.15 Enter into any agreement, commitment or plan
regarding liquidation, winding up or dissolution; 
  
 2.5.16 Approve a capital or operating budget or Business Plan, provided that Sabre will not unreasonably withhold its consent to such budget or Business Plan; 
  
 2.5.16 Make or allow any subsidiary to make any loan or advance to any employee of the Corporation except
(i) advances for reasonable travel and other normal business expenses in connection with the business, (ii) the acceptance of promissory notes approved in advance by the Board of Directors given for the purchase of the Corporation’s capital
stock, and (iii) loans not in excess of $10,000 to officers and employees approved in advance by the Board of Directors; 
  
 2.5.17 Enter into or allow any subsidiary to enter into a material agreement, license, release, transaction, or other arrangement with any
Related Party (other than a subsidiary), provided that Sabre will not unreasonably withhold its consent to such agreement, license, lease, transaction, or other arrangement in which the terms are equivalent to those in an arms length transaction; or

  
 2.5.18 Authorize, ratify, or enter into any
agreement to undertake any of the matters specified in items (2.5.1) through (2.5.17), above. 
  
 The Corporation shall address all requests for approval of any of the above listed actions to the Chief Executive Officer of Sabre at 3150 Sabre Drive, Southlake TX 76092-2129 facsimile 

  

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#682-605-7722, or his successor indicated in writing by Sabre (the “Sabre Representative”). The decision regarding such request shall be delivered
by the Sabre Representative to the Corporation within ten (10) business days of such request. 
  
 As in this Section 2.4, “subsidiary” shall mean an entity controlled by the Corporation, directly or through one or more intermediaries. 
  
 ARTICLE 3 
  
 INITIAL PUBLIC OFFERING 
  
 3.1 Intent of Corporation. The Corporation desires to engage in an initial public offering whereby the common stock of the Corporation will be
available for purchase by the public at a valuation of the Corporation at no less than $150,000,000 and with aggregate cash proceeds to the Corporation of at least $20 million (the “IPO”). In the event that the Corporation does engage in
an IPO, the IPO process will be conducted in accordance with this Article 3. 
  
 3.2 Investment Banking Firm. The Corporation shall retain a nationally recognized investment banking firm to advise the Corporation in connection with the IPO and the Corporation shall confer with Sabre
regarding the Corporation’s proposed choices for the underwriting group for the IPO. 
  
 3.3 Registration Statements. The Corporation agrees that it will provide to Sabre and its counsel copies of drafts of Form S-1 (the “Registration Statement”) from time to time as they are prepared.
Within a reasonable time after Sabre’s receipt of any draft of the Registration Statement, any comments or objections posed by Sabre or its counsel shall be submitted to the Corporation in writing and state with specificity the material in
question, the reason for objection or comment, and Sabre’s proposed alternative (“Comments”). Notwithstanding the foregoing, during the five (5) business days immediately proceeding the date scheduled for the filing of the
Registration Statement, the Corporation shall provide Sabre with as much notice as possible regarding any proposed revisions to the Registration Statement and Sabre shall provide the Corporation with Comments to such proposed revisions within twelve
(12) hours of the time any such documentation regarding any proposed revision is received by Sabre and its counsel. 
  
 3.4 Piggy-Back Registration Rights. If the Corporation allows the inclusion of any common stock held by a shareholder in a public offering
registered under the Securities Act of 1993, the Stakeholders shall be entitled to include their shares of common stock in such offering on a pro rata basis, provided that the aggregate amount to be included shall be at the discretion of the
Corporation and the managing underwriter. In order to participate in the offering, each Stakeholder must provide such information and execute such agreements and other documents as may be required of selling shareholders in the offering by the
Corporation and the managing underwriter. 
  

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 ARTICLE 4 
  

ADDITIONAL CAPITAL 
  
 4.1 Generally. Capital needs of the Corporation shall be funded by available funds from operations of the Corporation. Subject to Section 2.4, in
the event the funds from operations are insufficient to fund the capital needs of the Corporation, the Corporation shall seek to obtain additional capital from third-party lending sources, including banks, on reasonably acceptable terms. Subject to
Section 2.4, if the Corporation is unable to satisfy its capital requirements after making a good faith effort to secure such funding from third-party lending sources, then the Corporation may issue debt or equity securities of the Corporation (the
“Issued Securities”). The Stakeholders acknowledge and agree that issuances of shares pursuant to the 2000 Stock Incentive Plan shall not be considered Issued Securities. 
  
 4.2 Stakeholders Purchase Right. In the event the Corporation plans to issue the Issued Securities pursuant to
Section 4.1, BCD shall, and, so long as the Note is outstanding or Sabre holds, or has the ability to acquire through a convertible security (including the Warrant), an aggregate of 966,792.5 shares of the Corporation’s Common Stock (subject to
stock splits and combinations), Sabre shall have the right to buy the Issued Securities, pro rata per each other and Hogg. The Corporation shall notify BCD and, if applicable, Sabre of the type, amount, and price of the Issued Securities. BCD
shall and, if applicable, Sabre shall have thirty (30) days within which to elect to purchase all or part of its pro rata portion of the Issued Securities. In the event BCD, Sabre (if applicable) and/or Hogg does not purchase its entire
pro rata portion of the Issued Securities, the other of them shall be notified thereof and shall have three (3) days to agree to purchase all or part of those remaining shares but only on the price and terms offered to BCD, Sabre (if
applicable) and Hogg. Any Issued Securities not purchased by BCD, Sabre and Hogg may be sold to third-party purchasers within one hundred twenty (120) days. Any Issued Securities not so purchased by a third party within such period shall again
become subject to the procedures of this Article. 
  
 ARTICLE 5

  
 INFORMATION 
  
 The Corporation shall deliver the following information and, provide the
following rights to Sabre: 
  
 5.1 Audited Annual Financial
Statements. As soon as practicable and, in any case, within ninety (90) days after the end of each fiscal year, audited financial statements of the Corporation, consisting of a consolidated balance sheet of the Corporation as of the end of such
fiscal year and consolidated statements of operations, statements of Stakeholders’ equity, as applicable, and statements of cash flows of the Corporation for such fiscal year, setting forth in each case, in comparative form, the figures for the
preceding fiscal year, all in reasonable detail and fairly presented in accordance with generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods reflected therein, and accompanied by an opinion
thereon of independent certified public accountants. 
  

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 5.2 First Quarter Financial Statements. Within forty-five (45) days after the end of the first
calendar quarter, copies of the unaudited consolidated balance sheet of the Corporation as at the end of such calendar quarter and the related unaudited consolidated statements of operations and cash flows for such calendar quarter and the portion
of the calendar year through such calendar quarter, setting forth in comparative form the figures for the corresponding periods of (a) the previous calendar year and (b) the budget for the current year, prepared in reasonable detail and in
accordance with GAAP applied consistently throughout the periods reflected therein. 
  
 5.3 Monthly Unaudited Financial Statements. As soon as available, but in any event within twenty (20) days after the end of each calendar month, copies of the unaudited consolidated balance sheet of the
Corporation as at the end of such calendar month and the related unaudited consolidated statements of operations and cash flows for such calendar month and the portion of the calendar year through such calendar month, in each case setting forth in
comparative form the figures for the corresponding periods of (a) the previous calendar year and (b) the budget for the current year, prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected
therein. 
  
 5.4 Management’s Analysis. All the
financial statements delivered pursuant to Sections 5.1, 5.2 and 5.3 shall be accompanied by an informal narrative description of material business and financial trends and developments and significant transactions that have occurred in the
appropriate period or periods covered thereby which description shall be consistent with past practices. 
  
 5.5 Inspection. The Corporation shall, and shall cause each subsidiary to, permit Sabre, by its representatives, agents, or attorneys (provided
that such entity or person executes an appropriate confidentiality agreement): 
  
 5.5.1 to examine all books of account, records, and other papers of the Corporation or such subsidiary reasonably requested by Sabre,
except for information which is confidential or proprietary; 
  
 5.5.2 to make copies and take extracts from any thereof, except for information which is confidential or proprietary; 
  
 5.5.3 to discuss the affairs, finances, and accounts of the Corporation or such subsidiary with the Corporation’s or such
subsidiary’s officers and independent certified public accountants (and by this provision the Corporation hereby authorizes said accountants to discuss with any Sabre and its representatives, agents or attorneys the finances and accounts of the
Corporation or such subsidiary); and 
  
 5.5.4 to
visit and inspect, at reasonable times and on reasonable notice during normal business hours, the properties of the Corporation and such subsidiary. 
  
 Notwithstanding any provision herein to the contrary, the provisions of this Section 5.5 are in addition to any rights of the Sabre under the Georgia Business Corporation
Code and shall in no way limit such rights. 
  

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 5.6 Other Information. The Corporation shall deliver the following to Sabre: 
  
 5.6.1 Promptly after the submission thereof to the
Corporation, copies of any detailed reports (including the auditors’ comment letter to management, if any such letter is prepared) submitted to the Corporation by its independent auditors in connection with each annual or interim audit of the
accounts of the Corporation made by such accountants; 
  
 5.6.2 With reasonable promptness, a notice of any default by the Corporation or a subsidiary under any material agreement to which it is a party; 
  
 5.6.3 Promptly (but in any event within ten (10) days) after the filing of any document or material with the SEC, a copy of such document
or materials; and 
  
 5.6.4 Promptly upon request
therefor, such other data, filings and information Sabre may from time to time reasonably request. 
  
 Notwithstanding anything in this Agreement to the contrary, the Corporation shall not be required to disclose to the Stakeholders any Confidential Information or Trade Secrets of the Corporation’s or its
subsidiaries’ clients. 
  
 5.7 Confidentiality. During
the term of this Agreement and for a period of twenty four months thereafter, the Stakeholders will, and will cause its Representatives to, maintain in confidence all Confidential Information received from the Corporation. The Stakeholders shall be
responsible for any breach of this Agreement by any of their respective Representatives. Notwithstanding the foregoing, the Stakeholders each agree that each will not, at any time, use, reveal or divulge any Trade Secrets of the Corporation. In the
event that a Stakeholder is requested in any judicial or administrative proceeding to disclose any Confidential Information, the Stakeholder will give the Corporation prompt written notice of such request so that the Corporation may seek an
appropriate protective order. If, in the absence of a protective order (or other protective remedy), the Stakeholder is compelled to disclose Confidential Information, the Stakeholder may disclose such information without liability hereunder;
provided, however, (i) that the Stakeholder give the Corporation written notice of information to be disclosed as far in advance of its disclosure as is practicable and, upon request and at the expense of the Corporation, use commercially reasonable
efforts to obtain assurances that confidential treatment will be accorded to such information; (ii) only that portion of the Confidential Information which is legally required to be disclosed will be disclosed; and (iii) the Stakeholder may make
such disclosure only if it has received the advice of counsel that, under the circumstances then existing, making such disclosure is necessary or advisable under applicable law. 
  
 ARTICLE 6 
  
 TAG-ALONG RIGHT 
  
 6.1 Tag-Along Rights. If after complying with Section 1.4 BCD intends to sell all or part of its shares of common stock to any person or entity,
BCD shall not sell all or part of its shares of common stock to any person or entity without first complying with the provisions of this Section. In the event a proposed transferee offers (the “BCD Offer”) to buy a number of shares from
BCD (the “Total Purchase Shares”), BCD shall not transfer all or part of its shares of 

  

 11 

 
common stock unless the proposed transferee offers (the “Sabre Offer”) to acquire from Sabre, on the same terms and conditions as were offered to
BCD, that number of shares of common stock determined by multiplying (A) the percentage of the total number of shares of common stock outstanding owned by Sabre by (B) the Total Purchase Shares. In no event shall the total number of
shares sold to the proposed transferee pursuant to the BCD Offer and Sabre Offer exceed the Total Purchase Shares. In the event of any proposed sale, BCD shall give a written notice (“Transfer Notice”) to Sabre. BCD shall attach to the
Transfer Notice the offer of the proposed transferee to Sabre to purchase shares of Sabre in accordance with the terms of this Agreement. Sabre shall have twenty (20) days after delivery of the Transfer Notice to accept the offer of the proposed
transferee. If Sabre accepts the offer of the proposed transferee, it shall give BCD and the proposed transferee written notice thereof within such twenty-day period, and the closing, if any, of the purchase of BCD’s shares and Sabre’s
shares shall be made contemporaneously by the proposed transferee. 
  
 6.2 Come-Along Rights. If after complying with Section 1.4 and subject to the last sentence of this Section 6.2, BCD intends to sell all or part of its shares of common stock to any person or entity, BCD has the right to require
Sabre to transfer to the proposed transferee, on the same terms and conditions as were offered to BCD, that number of shares of common stock determined by multiplying (A) the percentage of the total number of shares of common stock
outstanding owned by Sabre by (B) the number of shares of common stock the proposed transferee has agreed to purchase from BCD. In the event BCD desires to exercise its rights under this Section 6.2, BCD shall notify Sabre of such intent in a
written notice (“Come-Along Notice”). BCD shall attach to the Come-Along Notice the offer of the proposed transferee to Sabre to purchase shares of Sabre in accordance with the terms of this Agreement. Sabre shall give BCD and the proposed
transferee written notice of its acceptance of the offer of the proposed transferee within twenty (20) days after delivery of the Come-Along Notice. The closing of the purchase of BCD’s shares and Sabre’s shares shall be made
contemporaneously by the proposed transferee. Sabre shall not be required to comply with this Section 6.2 during the first twenty-four months after the Effective Date unless the purchase price for such shares is greater than $11.03 subject to
equitable adjustment upon any subdivision, stock split, contribution or similar transaction or antidilution adjustment. 
  
 ARTICLE 7 
  
 OTHER AGREEMENTS 
  
 7.1 Voting of Shares. The Stakeholders shall vote their shares of the Corporation’s common stock, if any, and take such other actions as may be necessary to cause the Corporation to comply with all
provisions of this Agreement. 
  
 7.2 First Offer by Hogg.
The Corporation shall amend the Shareholders Agreement by and between the Corporation, BCD and Hogg dated November 5, 1999, as amended, in order to grant BCD, Sabre and the Corporation a right of first offer on the securities of the Corporation
owned by Hogg on the same terms and conditions as set forth in Section 1.3 and as necessary to give effect to the provisions of this Agreement. 
  

 12 

 7.3 ResAssist Sale. 
  
 7.3.1 In the event that the Corporation desires to sell, or if the Corporation has transferred the ResAssist
Business to an Affiliate which desires to sell, the ResAssist Business or any part thereof (the “ResAssist Offered Assets”), the Corporation or such Affiliate shall, so long as the Note is outstanding or Sabre holds, or has the ability to
acquire through a convertible security (including the Warrant), an aggregate of 966,792.5 shares of the Corporation’s Common Stock (subject to stock splits and combinations), to give notice to Sabre (the “ResAssist Notice”) of the
Corporation’s or Affiliate’s intent to sell the ResAssist Offered Assets and to negotiate with Sabre in good faith the price and corresponding terms of the purchase by Sabre of the ResAssist Offered Assets. Sabre shall provide the
Corporation or the Affiliate with a proposal as to the final price and terms of such purchase (the “Final ResAssist Proposal”) by the forty-fifth (45) day after the ResAssist Notice (the “ResAssist Third Party Date”). Such Final
ResAssist Proposal shall include Sabre’s estimate as to the price for the Hogg/BCD Licenses (such price shall be the “Estimated ResAssist Price”). The difference between the Final ResAssist Proposal less the Estimated ResAssist Price
shall be the “Baseline Proposal”. Notwithstanding the foregoing, the Corporation may transfer the ResAssist Offered Assets to an Affiliate without complying with the provisions of this Section 7.3.1; provided, however, that any such
transfer shall be void unless such Affiliate agrees in writing to be bound by the provisions of this Section 7.3. 
  
 7.3.2 In the event that the Corporation or Affiliate does accept the Final ResAssist Offer, prior to closing such sale, the Corporation or
Affiliate shall be entitled to license the ResAssist Business or any part thereof to Hogg or its Affiliates and BCD or its Affiliates on terms that are equivalent to those in an arms length transaction (the “Hogg/BCD Licenses”). The terms
for such Hogg/BCD Licenses may include, but are not limited to, the right (a) to source code; (b) to modify; (c) to create derivative works; (d) to sell, assign, or sublicense; (e) to compete; and/or (f) for a perpetual term. In addition, the
Corporation or Affiliate shall be entitled to sell the ResAssist trademark and tradename to Hogg or its Affiliates and/or BCD or its Affiliates; provided, however, that Sabre shall be given the right to use the ResAssist trademark and tradename for
a period of sixty (60) days following the closing of the ResAssist Offered Assets sale to Sabre. 
  
 7.3.3 In the event that the Corporation or Affiliate does not accept the Final ResAssist Offer, the Corporation or Affiliate shall notify
Sabre in writing that the Final ResAssist offer has been rejected. In such event, the Corporation or Affiliate may (i) sell the ResAssist Offered Assets to a third party or parties without licensing the Hogg/BCD Licenses for a price not less than
the Final ResAssist Proposal; or (ii) sell the ResAssist Offered Assets to a third party or parties while licensing the Hogg/BCD Licenses for a price not less than the Baseline Proposal (each of (i) and (ii) shall be called a “ResAssist Third
Party Sale”). Any such ResAssist Third Party Sale must be evidenced by a letter of intent which must be signed within six (6) months of the ResAssist Third Party Date and the contemplated transaction must be completed within one (1) year of the
ResAssist Third Party Date. 
  
 7.3.4 Sabre
acknowledges and agrees that in the event any of the ResAssist Assets offered as part of the ResAssist Offered Assets are used in whole or in part by the Corporation or its Affiliates for other business activities other than the ResAssist Business,
the Corporation shall have the right to restrict or limit the use of such ResAssist Assets. Any such restrictions or limitations shall also be contained in any ResAssist Third Party Sale. 
  

 13 

 7.3.5 The Corporation’s decision to sell all or part of the ResAssist Business shall
be based upon the reasonable business judgment of the Corporation. 
  
 7.4 Good Faith Obligations. 
  
 7.4.1 Within six (6) months of the Effective Date, Sabre and the Corporation shall negotiate in good faith in reference to the marketing of TRX products including EnCoRRe/CoRRe, Corporate Fulfillment Services, Online Fulfillment Services,
and ProfileSync to Sabre’s customers, where Sabre does not have competing products, provided, however, nothing contained herein shall obligate Sabre to enter into any agreement relating to the foregoing. 
  
 7.4.2 Within 6 months following the decision by Sabre to
divest their back-office products (TravelBase, TSN, ADS), Sabre and the Corporation shall negotiate in good faith for the sale of such products to the Corporation, provided, however, nothing contained herein shall obligate Sabre to enter into any
agreement relating to the foregoing. 
  
 7.4.3
Sabre and the Corporation shall negotiate in good faith in reference to the development of agency related software, where Sabre elects to outsource such development, provided, however, nothing contained herein shall obligate Sabre to enter into any
agreement relating to the foregoing. 
  
 7.4.4
Notwithstanding anything to the contrary in this Agreement, Sabre agrees that it shall not exercise any of its rights pursuant to this Agreement to directly impede, impair or interfere with in any manner the Corporation’s operations,
developments and funding of ResAssist and competing products of Sabre or a Sabre Affiliate provided that such operations, developments and funding of ResAssist and such products are consistent with past practices or in the ordinary course of
business. 
  
 ARTICLE 8 
  
 LEGEND ON STOCK 
  
 8.1 Form of Legend. All certificates representing shares of the
Corporation’s common stock held by the Stakeholders shall bear the following restrictive legend: 
  
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE HELD SUBJECT TO, AND TRANSFER OR PLEDGE OF SUCH SHARES IS RESTRICTED BY, THE TERMS OF A RIGHTS
AGREEMENT BY AND BETWEEN SABRE. INC., BCD TECHNOLOGY S.A., AND TRX, INC. DATED NOVEMBER             , 2001, AS MAY BE AMENDED, A COPY OF WHICH IS ON FILE AT THE OFFICE OF THE
CORPORATION. NO TRANSFER OR PLEDGE OF ANY SHARE REPRESENTED BY THIS CERTIFICATE SHALL BE VALID UNLESS MADE IN ACCORDANCE WITH THE TERMS OF THE AGREEMENT. 
  

 14 

 8.2 Additional Legend. The Secretary shall endorse each certificate with any additional legend (or
legends) as he or she shall deem necessary, upon the opinion of counsel to the Corporation, to comply with any applicable laws and regulations. In the event that any additional legend (or legends) are required, each Stakeholder shall surrender to
the Corporation all of its certificates representing shares of common stock. After such endorsement, each of the certificates so surrendered shall be returned to the Stakeholder owning such certificate. Thereafter, all certificates representing
shares of common stock of the Corporation shall bear an identical endorsement. A copy of this Agreement shall be filed with the Secretary of the Corporation. 
  
 ARTICLE 9 
  
 TERMINATION AND AMENDMENT 
  
 9.1 Termination. This Agreement shall terminate: 
  
 9.1.1 If all outstanding shares of common stock of the Corporation are owned by any one (1) Stakeholder; or 
  
 9.1.2 If the Corporation is adjudicated a bankrupt,
the Corporation executes an assignment for benefit of creditors, a receiver is appointed for the Corporation, or the Corporation voluntarily or involuntarily dissolves; 
  
 9.1.3 If all Stakeholders agree to terminate this Agreement; 
  
 9.1.4 Upon the completion of the IPO. 
  
 Notwithstanding anything to the contrary contained in this Agreement, this
Agreement shall terminate twenty (20) years from the date hereof unless this Agreement is renewed within such twenty-year period. Amendments to this Agreement shall be deemed renewals of this Agreement unless the contrary is stated in the amendment.

  
 9.2 Amendment. This Agreement may not be amended,
waived or terminated orally, and no amendment, termination or attempted waiver shall be valid unless in writing and signed by all of the Stakeholders. Additional parties may be added to this Agreement in accordance with the terms hereof by execution
of a counterpart of this Agreement which shall be attached hereto and incorporated herein by this reference. 
  
 ARTICLE 10 
  
 REMEDIES 
  
 10.1 Remedies. During the term
of this Agreement, the shares of common stock shall not be readily marketable, and, for that reason and other reasons, the parties will be irreparably damaged if this Agreement is not specifically enforced. In this regard, the parties declare that
it is impossible to measure in money the damages that will accrue to a person having rights under this Agreement by reason of a failure of another to perform any obligation under this Agreement. Therefore, this Agreement, including without
limitation the provisions of Article 1, shall be 
  

 15 

 
enforceable by specific performance or other equitable remedy cumulative with and not exclusive of any other remedy. If any person shall institute any action
or proceeding to enforce the provisions of this Agreement, any person subject to this Agreement against whom such action or proceeding is brought hereby waives the claim or defense that the person instituting the action or proceeding has an adequate
remedy at law, and no person shall in any action or proceeding put forward the claims or defense that an adequate remedy at law exists. Should any dispute concerning the transfer of shares of common stock arise under this Agreement, an injunction
may be issued restraining the transfer of such shares pending the determination of such dispute. 
  
 ARTICLE 11 
  
 DISPUTE RESOLUTION 
  
 11.1 Negotiations and
Mediation. Should there be any ambiguity, contradiction or inconsistency in this Agreement, or should any disagreement or dispute arise in the course of or subsequent to implementation of this Agreement, the Stakeholders shall, as a condition
precedent to the use of any dispute resolution method listed below, meet within ten (10) days of written request by either party and negotiate in good faith to settle the matter. Each Stakeholder shall make available such persons and documents as
maybe reasonably requested by the other Stakeholder in order to facilitate such negotiations. If such negotiations are unsuccessful in settling the disagreement or dispute, the parties agree to attempt to settle their differences by non-binding
mediation to be held in Atlanta, Georgia and administered by the American Arbitration Association under its Commercial Mediation Rules. 
  
 11.2 Note Repayment and Stock Buy-Back. In the event that Sabre exercises its right of approval pursuant to Article 2.5 and in doing so takes a
position contrary to the decision of the Board of Directors of the Corporation (a “Section 11.2 Event”) then the Corporation, or its designee, may (a) if the Note is outstanding, repay any remaining principal and accrued but unpaid
interest under the Note and such repayment of principal shall be equal to 1.25 times the remaining principal under the Note; (b) if the Note has been converted into securities, such securities shall be redeemed at the greater of Fair Market Value or
1.25 times the price of such securities in the aggregate; (c) if the Warrants have not been exercised in whole, such unexercised Warrants shall be purchased for an amount equal to the Fair Market Value of such unexercised Warrants; and (d) if the
Warrants have been exercised in whole or in part into securities, such securities shall be purchased for an amount equal to the Fair Market Value of such securities. 
  
 11.3 Fair Market Value. Sabre and the Corporation shall initially negotiate with each other to agree upon the Fair
Market Value of the Corporation’s equity within thirty (30) days of the Section 11.2 Event. In the event that Sabre and the Corporation cannot reach an agreement on the Fair Market Value within such thirty-day period, the Fair Market Value will
first be determined by an appraiser, chosen and paid for by the Corporation. If Sabre does not agree with such appraised value, the Fair Market Value will then be determined by an appraiser chosen and paid for by Sabre. If the two appraisal values
(the “Fair Market Value Appraisal”) differ by 10% or less (such percentage difference to be computed by subtracting the lesser of the Fair Market Value Appraisals from the greater of the Fair Market Value Appraisals and dividing that

  

 16 

 
difference by the greater of the Fair Market Value Appraisals), then the Fair Market Value of the property shall equal the average of the two Fair Market
Value Appraisals. In the event that the Fair Market Value Appraisals vary by more than 10%, a third appraiser paid for by the Corporation shall be chosen by the initial two appraisers to conduct an independent appraisal of the property, and on the
basis of that independent appraisal, the third appraiser shall, in the exercise of his own professional judgment, determine which of the two Fair Market Value Appraisals is the most commercially reasonably, and that Fair Market Value Appraisal shall
be the Fair Market Value. The Fair Market Value of the unexercised Warrants shall be determined in accordance with Schedule 11.3. 
  
 ARTICLE 12 
  
 DEFINITIONS 
  
 12.1 “Affiliate” shall have the meanings set forth in Rule 405 under the Securities Act of 1933. 
  
 12.2 “Associate” shall have the meanings set forth in Rule 405 under the Securities Act of 1933. 
  
 12.3 “Baseline Proposal” shall have the meaning set forth in
Section 7.3.1. 
  
 12.4 “BCD Final Offer” shall have the
meaning set forth in Section 1.4.1. 
  
 12.5 “BCD First Offer
Notice” shall have the meaning set forth in Section 1.4.1. 
  
 12.6 “BCD Offer” shall have the meaning set forth in Section 6.1. 
  
 12.7 “BCD Offered Stock” shall have the meaning set forth in Section 1.4.1. 
  
 12.8 “BCD Third Party Date” shall have the meaning set forth in Section 1.4.1. 
  
 12.9 “BCD Third Party Sale” shall have the meaning set forth in Section 1.4.2. 
  
 12.10 “Board of Directors” shall mean the board of directors of the
Corporation. 
  
 12.11 “Business Plan” shall have the
meaning set forth in Section 2.3. 
  
 12.12 “Come Along
Notice” shall have the meaning set forth in Section 6.2. 
  
 12.13 “Comments” shall have the meaning set forth in Section 3.3. 
  
 12.14 “Confidential Information” of the Corporation shall mean all oral and written information concerning the Corporation or its subsidiaries and the Corporation’s or its subsidiaries’ operations,
including, but not limited to, any confidential information of the Corporation’s clients or its subsidiaries’ clients, information regarding marketing, sales, pricing, manufacturing, processing, costs, formulas, procedures and
technologies, whether or not fully developed, patented or patentable, including but not limited to “Trade Secrets”, which is or has 

  

 17 

 
been, prior to the date hereof, provided to the Stakeholders or any of their respective officers, employees, agents or representatives (its
“Representatives”) by the Corporation, the Corporation’s officers, employees, agents or representatives (its “Representatives”) or a third party at the direction of the Corporation, or which has been developed, compiled or
prepared by the Corporation. It is understood that the following shall not be included in the definition of Confidential Information: (a) information that is now in the public domain or subsequently enters the public domain other than as the result
of an unauthorized disclosure by the party receiving the information or any of its Representatives, (b) information that the receiving party can show was known by the receiving party and was legitimately in its possession, without any obligation to
keep such information confidential, prior to disclosure by the disclosing party, (c) information that the receiving party obtains from any third party having legitimate possession of such information and who is not under any obligation to keep such
information confidential and (d) information that was developed without use of or reference to the Corporation’s Confidential Information or Trade Secrets. 
  

12.15 “Corporation Notice of Acceptance” shall have the meaning set forth in Section 1.3.3. 
  
 12.16 “Corporation Notice of the Offer” shall have the meaning set
forth in Section 1.3.3. 
  
 12.17 “Disposition” shall
mean any transfer, whether outright or as security, with or without consideration, voluntary or involuntary, of all or any part of any right, title or interest (including but not limited to voting rights) in or to any securities of the Corporation.

  
 12.18 “Effective Date” shall have the meaning set
forth in the first paragraph of this Agreement. 
  
 12.19
“Equivalent Value” shall have the meaning set forth in Section 1.3.4 and 1.4.3. 
  
 12.20 “Estimated ResAssist Price” shall have the meaning set forth in Section 7.3.1. 
  
 12.21 “Fair Market Value” shall have the meaning set forth in Section 11.3. 
  
 12.22 “Fair Market Value Appraisal” shall have the meaning set forth in Section 11.3. 
  
 12.23 “Final Corporation Proposal” shall have the meaning set forth
in Section 1.3.2. 
  
 12.24 “Final ResAssist Proposal”
shall have the meaning set forth in Section 7.3.1. 
  
 12.25
“Final Stakeholder Proposal” shall have the meaning set forth in Section 1.3.1. 
  
 12.26 “GAAP” shall have the meaning set forth in Section 5.1. 
  
 12.27 “Hogg” shall mean Hogg Robinson Holdings BV. 
  
 12.28 “Hogg/BCD Licenses” shall have the meaning set forth in Section 7.3.2. 
  

 18 

 12.29 “IPO” shall have the meaning set forth in Section 3.1. 
  
 12.30 “Issued Securities” shall have the meaning set forth in
Section 4.1. 
  
 12.31 “Permitted Disposition” shall
have the meaning set forth in Section 1.2. 
  
 12.32 “Pro
Rata” shall mean the ratio based upon the issued and outstanding shares of common stock of the Corporation held by the applicable parties. 
  
 12.33 “Registration Statement” shall have the meaning set forth in Section 3.3. 
  
 12.34 “Rejection Notice” shall have the meaning set forth in Section 1.3.2. 
  
 12.35 “Related Party” shall mean any Affiliate of BCD and any
associate of any such Affiliate. 
  
 12.36 “ResAssist
Assets” shall mean all intellectual property rights, software, hardware, supplier contracts, customer contracts, customer lists, employment contracts, financial records, licenses and all other intangible and tangible property necessary or
appropriate to enable a purchaser to continue to operate the ResAssist Business, including but not limited to, all such assets and rights required to perform the obligations under customer contracts. 
  
 12.37 “ResAssist Business” shall mean the Corporation’s
business of providing technology or technology services in the area of fully-automated online travel information and reservation systems which allow travelers to complete their own travel itineraries pursuant to certain pre-programmed parameters and
shall include the ResAssist Assets. 
  
 12.38 “ResAssist
Notice” shall have the meaning set forth in Section 7.3.1. 
  
 12.39 “ResAssist Third Party Date” shall have the meaning set forth in Section 7.3.1. 
  
 12.40 “ResAssist Third Party Sale” shall have the meaning set forth in Section 7.3.3. 
  
 12.41 “Sabre First Offer Notice” shall have the meaning set forth
in Section 1.3.1. 
  
 12.42 “Sabre Offer” shall have the
meaning set forth in Section 6.1. 
  
 12.43 “Sabre Offered
Stock” shall have the meaning set forth in Section 1.3.1. 
  
 12.44 “Sabre Restricted Party” shall mean each of USA Networks, Inc., Cendant Corporation, Amadeus Global Travel Distribution SA, Worldspan L.P., Expedia, Inc., Orbitz, LLC, Priceline.com Incorporated, Hotel Reservations Network,
Inc., Pegasus Solutions, Inc. 
  
 12.45 “Sabre Third Party
Date” shall have the meaning set forth in Section 1.3.2. 
  
 12.46 “Sabre Third Party Sale” shall have the meaning set forth in Section 1.3.3. 
  
 12.47 “Section 11.2 Event” shall have the meaning set forth in Section 11.2. 
  

 19 

 12.48 “Total Purchase Shares” shall have the meaning set forth in Section 6.1. 
  
 12.49 “Trade Secrets” shall mean information including, but not
limited to, technical or non-technical data, a formula pattern, compilation, program, device, method, technique, drawing, process, financial data, or lists of actual or potential customers or suppliers which (i) derives economic value, actual or
potential, from not being generally known to other persons who can derive economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy or confidentiality.

  
 12.50 “Transfer Notice” shall have the meaning set
forth in Section 6.1. 
  
 ARTICLE 13 
  
 MISCELLANEOUS 
  
 13.1 Applicable Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Georgia, without regard to laws regarding conflict of laws. In the event any legal proceeding is brought to enforce or interpret the provisions of this Agreement, the parties hereby agree to submit to the
exclusive jurisdiction of the federal, district or state court located in Fulton County, Georgia, which shall be the venue for all such proceedings. 
  
 13.2 Entire Agreement. This Agreement contains the entire understanding among the parties and supersedes any prior understanding and agreements
between them representing the subject matter hereof. There are no representations, agreements, arrangements or understandings, oral or written, between and among the parties hereto relating to the subject matter hereof which are not fully expressed
herein. 
  
 13.3 Headings. Section and other headings
contained in this Agreement are for reference purposes only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
  
 13.4 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which shall constitute one agreement, and the signatures of any party or any counterpart shall be deemed to be a signature to, and may be appended to, any other counterpart.

  
 13.5 Further Acts. Each party agrees to perform any
further acts and to execute and deliver any instruments or documents that may be necessary or reasonably deemed advisable to carry out the purposes of this Agreement. 
  
 13.6 Gender. Where the context so requires, the masculine gender shall be construed to include the female, a
corporation, a trust, or other entity, and the singular shall be construed to include the plural and the plural the singular. 
  
 13.7 Severability. If any term, provision, covenant or restriction contained in this Agreement is held by a court or a federal regulatory agency of
competent jurisdiction to be 

  

 20 

 
invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions contained in this Agreement shall remain in full force and
effect, and shall in no way be affected, impaired or invalidated. 
  
 13.8 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Stakeholders, their respective heirs, successors, successors-in-title, legal representatives and lawful assigns. No party shall
have the right to assign this Agreement, or any interest under this Agreement, without the prior written consent of the other parties. 
  
 13.9 Notices. All notices or other communications hereunder shall be in writing and shall be effective (a) when personally delivered by courier
(including overnight carriers) or otherwise to the party to be given such notice or other communication or (b) on the third business day following the date deposited in the United States mail if such notice or other communication is sent by
certified or registered mail with return receipt requested and postage thereon fully prepaid. The addresses for such notices shall be as follows: 
  
 If to the Corporation: 
  
 TRX, Inc. 
 6 W. Druid Hills Drive 

Atlanta, Georgia 30329 
 Attention: Chief
Financial Officer 
  
 with a copy to: 
  
 Jeffrey K. Haidet, Esquire 
 Long Aldridge & Norman LLP 
 303 Peachtree
Street 
 Suite 5300 
 Atlanta,
Georgia 30308 
  
 If to Sabre: 
  
 Sabre Investments, Inc. 
 c/o Sabre, Inc. 
 3150 Sabre Drive 

Southlake, Texas 76092-2129 

	 	attn:	James E. Murphy, Treasurer 

	 	  	James F. Brashear, Corporate Secretary 

  
 with a copy to: 
  
 W. Thomas Carter, Esquire 
 Alston & Bird

 1201 West Peachtree Street 
 Atlanta, Georgia 30309 
  

 21 

 If to BCD: 
  
 BCD Technology SA 
 27, Avenue Monterey

 L-2163 Luxembourg 
  
 with a copy to: 
  
 BCD Holdings 
 Utrechtseweg 67 
 3704 HB Zeist 
 The Netherlands 
 Attn: G. L. Boel 
  
 with a copy to: 
  
 BCD Technology SA 
 c/o WorldTravel BTI

 1055 Lenox Park Boulevard 
 4th Floor 
 Atlanta, Georgia 30319 
 Attention: Chief Executive Officer 
  
 If to Hogg: 
  
 Hogg Robinson Holdings BV 
 Abbey House 
 282 Farnborough Road 
 Farnborough, Hampshire GU14 7NJ 
 c/o Hogg
Robinson plc 
 Attention: Chief Executive Officer 
  
 Any party hereto or Hogg, by notice to the other parties hereunder and Hogg, may change its address for receipt of notices hereunder. 
  
 [SIGNATURES APPEAR ON
FOLLOWING PAGE] 
  

 22 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first above written.

  

			
	TRX, INC.:
		
	 By:
	 	 /s/ Norwood H. Davis

	 Name:
	 	 Norwood H. Davis

	 Title:
	 	 President & CEO

	
	BCD TECHNOLOGY S.A.:
		
	 By:
	 	 /s/ Gerard Birchen

	 Name:
	 	 Gerard Birchen

	 Title:
	 	 Director

		
	 By:
	 	 /s/ Edward Bruin

	 Name:
	 	 Edward Bruin

	 Title:
	 	 Director

  
 [SIGNATURES APPEAR ON FOLLOWING PAGE] 
  

 23 

			
	SABRE INVESTMENTS INC.
		
	 By:
	 	 /s/ James E. Murphy

	 Name:
	 	 James E. Murphy

	 Title:
	 	 Treasurer

  

 24Shareholders Agreement, dated January 21, 2004

 Exhibit 4.6 
  

SHAREHOLDERS AGREEMENT 
  
 THIS SHAREHOLDERS AGREEMENT (the “Agreement”), is made and entered into as of the 21st day of January 2004, by
and among TRX, Inc., a Georgia corporation (the “Corporation”), BCD Technology, S.A., a company organized under the laws of the country of Luxembourg (“BCD”), and Michael A. Buckman (“Shareholder”). 
  
 R E C I T A L S 
  
 WHEREAS, Shareholder recently became a shareholder of the Corporation; and

  
 WHEREAS, the Corporation and the Shareholder desire to place
certain restrictions on the transferability of the Shares (as defined below) now or hereafter owned by them, and address certain other matters with respect to the Shares and the Corporation, all as set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual promises of the parties made
in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
  
 A G R E E M E N T 
  
 1. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 
  
 (a) “Affiliate” means a Person or Persons (each as
defined below) who: (i) directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Person(s) in question, (ii) is an officer, director, or shareholder of the Person(s) in question, or
(iii) in the case of an individual, includes any family member or relative of an individual, whether such relation is by heredity or operation of law. The term “control,” as used in the immediately preceding sentence, means, with respect
to a Person that is a corporation, the right to the exercise, directly or indirectly, of more than 50% of the voting rights attributable to the shares of such controlled corporation and, with respect to a Person that is not a corporation, the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such controlled Person. 
  
 (b) “Person” means an individual, partnership, limited liability company, joint venture, association, corporation, trust or any
other legal entity. 
  
 (c) “Share” or
“Shares” shall mean and include shares of the Corporation’s common stock, par value $.01 per share, and all other securities of the Corporation which may be issued in exchange for or in respect of such shares (whether by way of stock
split, stock dividend, combination, reclassification or any other means); 
  
 (d) “Transfer” shall mean to transfer, sell, assign, pledge, hypothecate, give, create a security interest in or lien on, place in trust (voting or otherwise), assign or in any way encumber or dispose of
directly or indirectly and whether or not by operation of law or for value. 
  

 2. Transfers by Shareholder. 
  
 (a) Transfers Generally. Except as provided in this Section 2, Shareholder shall not have the right
to Transfer all or any portion of its Shares other than to an existing shareholder of the Corporation without the prior written consent of the Board of Directors of the Corporation. 
  
 (b) Redemption. 
  
 (1) Upon the death or permanent physical or mental disability of Shareholder, or (ii) in the event that
Shareholder shall no longer be employed by WorldTravel Partners I, LLC, the Corporation, or its subsidiaries (or any successor or Affiliate entities thereof) for any reason (which, for the purpose of this Section 2(b), shall be interpreted to
include a party invoking any notice of termination provision in an employment agreement, regardless of the fact that actual employment with the Corporation, or its subsidiaries (or any successor or Affiliate entities thereof) has not yet ceased),
the Corporation shall redeem, or shall cause a third party to purchase, and the Shareholder shall sell, all of the Shares of such Shareholder. Each of the events described in subsections (i) and (ii) above shall, for the purposes of this Agreement,
be deemed a “Separation Event.” For the purpose of clause (ii) above, performing consulting services as an independent contractor and/or serving on the Board of Directors of the Corporation, or its subsidiaries, (or any successor or
Affiliate entities thereof) shall not, singly or together, constitute employment. For the purposes of this Agreement, a permanent physical or mental disability of Shareholder shall be deemed to have occurred at the end of a period of one hundred and
eighty (180) consecutive days during which Shareholder has been unable to perform the customary and usual duties for which he was employed. Any such redemption or purchase shall be consummated (x) within sixty (60) days after the date of the
Separation Event or (y) if the redemption price is tied to “fair market value,” within thirty (30) days of a final determination of “fair market value,” provided, however, in the event of a purchase or redemption occasioned by a
party invoking any notice of termination provision in an employment agreement, the date specified in (x) above shall be sixty (60) days after the date through which the employee is contractually bound to be employed by the Corporation. 

 
 (2) The redemption price (the “Redemption
Price”) for the Shares of Shareholder redeemed or purchased pursuant to this Section 2(b) shall be equal to the amount which would be distributed to such Shareholder or its representative upon the dissolution of the Corporation if the entire
business of the Corporation was sold to a third party for cash at its “fair market value,” as defined and determined below. 
  
 (A) For purposes of this Section 2(b), “fair market value” shall mean the price which a sophisticated purchaser, knowledgeable
in the business of the Corporation, would pay for such business as a going concern, taking into account goodwill and any other intangible assets of the Corporation’s business, all as determined in accordance with this Section 2(b). The
“fair market value” measure to be used in connection with a purchase or redemption occasioned by a Separation Event which occurs during a given year shall be the fair market value 

  

 2 

 
of the Corporation as of December 31st of the year immediately preceding the year in which the Separation Event occurs. If the Separation Event at issue is
the invocation of a “notice of termination” provision in an employment agreement, then the “fair market value” for such purchase or redemption shall be the fair market value applicable for the year in which the notice of
termination is given and not the fair market value of the actual date of the person’s termination of employment, if different. Each year, the Board of Directors shall propose in good faith a fair market value for the Corporation and provide
each shareholder of the Corporation with written notice thereof within one hundred and twenty (120) days of the end of the preceding year. The fair market value proposed by the Board of Directors shall be adopted on behalf of the Corporation and
Shareholder by operation of this Agreement unless one or more shareholders of the Corporation (the “Objecting Shareholders”), by a majority of the votes entitled to be cast in accordance with this Section 2(b)(2)(A), has objected to the
proposed fair market value through written notice to the Corporation no later than fifteen (15) days after the date of the Board of Directors’ written proposal. For this purpose, each shareholder of the Corporation shall be entitled to vote
that number of votes equal to the percentage derived by dividing the number of Shares owned by such shareholder by the sum of the Shares owned by all other shareholders of the Corporation. In the event the Objecting Shareholders timely and properly
object to the fair market value figure proposed by the Board of Directors, the Board of Directors will continue to work with the Objecting Shareholders to attempt to reach agreement on fair market value until (x) one or more shareholders of the
Corporation, by a majority of the votes entitled to be cast in accordance with this Section 2(b)(2)(A), agree with the Board of Directors in writing to a fair market value, or (y) such time as either the Board of Directors or one or more
shareholders of the Corporation, by a majority of the votes entitled to be cast in accordance with this Section 2(b)(2)(A), makes written demand on the other for an appraisal (an “Appraisal Demand”). In the event of an Appraisal Demand,
fair market value shall be determined as set forth in Section 2(a)(1)(B)-(E). 
  
 (B) In the event of an Appraisal Demand, the Board of Directors and the Objecting Shareholders, by a majority of the votes entitled to be
cast in accordance with Section 2(b)(2)(A), shall each appoint an appraiser to determine the fair market value of the business of the Corporation. Such appointments shall be made within sixty (60) days from the date of the Appraisal Demand,
and shall be accomplished by each of the Board of Directors and the Objecting Shareholders by providing written notice to the other. In the event that either the Board of Directors or the Objecting Shareholders do not appoint an appraiser within
such time, then such appraiser shall be appointed by the appraiser who has been appointed by either the Board of Directors or the Objecting Shareholders. Each appraiser selected hereunder shall be qualified and experienced in valuing businesses
which are in the same or similar business of the Corporation and shall be neutral and impartial. Each appraiser shall disclose to all parties any circumstances likely to affect his impartiality, including any bias, any financial or personal interest
in the outcome of the appraisal, and any past or present relationship with any of the parties or their counsel. The Board of 

  

 3 

 
Directors, on the one hand, and the Objecting Shareholders, on the other hand, shall each be responsible for paying the fees of their respective appointed
appraiser. 
  
 (C) Within seventy (70) days of
appointment, each appraiser shall determine the fair market value of the business of the Corporation as of December 31st of the preceding year. Each appraiser shall deliver written notice of such fair market value to the Board of Directors and the
Objecting Shareholders within such time period. 
  
 (D) In the event that the difference between the appraised values determined by each of the appraisers is ten percent (10%) or less, the fair market value of the business of the Corporation shall be determined by averaging the appraised
value of each of the appraisers. In the event that only one appraiser has timely delivered notice of his/her appraised value, then such appraisal shall determine the fair market value of the business of the Corporation. 
  
 (E) In the event that the difference between the appraised
values determined by each of the appraisers is greater than ten percent (10%), then a third appraiser shall be appointed by the original two appraisers within ten (10) days and the fair market value shall be determined by the majority vote of the
three appraisers within ten (10) days of the most recent appraisal issued under subsection (iii) above; provided, however, that such appraised value shall be within the range of appraised values originally determined by the two appraisers under
subsection (iii) above. 
  
 (F) At the closing
of a redemption or purchase of Shareholder’s Shares pursuant to this Section 2(b), the Corporation or its assignee shall pay to the Shareholder the Redemption Price in the following manner: twenty-five percent (25%) by cashier’s check at
the closing and seventy-five percent (75%) pursuant to a promissory note (the “Redemption Note”). The Redemption Note shall be for a term of no longer than one (1) year and shall bear simple interest at an annualized interest rate equal to
the yield of U.S. Treasury Notes (3 year) as published in the Wall Street Journal on the date of issuance of the Redemption Note. Any Redemption Note of the Corporation or its assignee shall be adequately secured. 
  
 (c) BCD Sale; Obtaining Offer. If BCD proposes to
sell all or substantially all of its Shares in any single transaction or related series of transactions and other than to an Affiliate, then BCD shall cause the proposed purchaser to deliver to the Shareholder an offer to purchase all of their
Shares on the same relative terms and conditions as offered to BCD for its Shares. The Shareholder may accept such additional offer by delivering their written acceptances to the proposed purchaser within thirty (30) days from the receipt of such
offer from the proposed purchaser. The closing of any sale pursuant to this Section 2(c) shall occur simultaneously with the sale of BCD’s Shares to said purchaser. 
  

 4 

 (d) Mandatory Sale. If shareholders of the Corporation holding an aggregate of
sixty percent (60%) or more of the Shares (the “Selling Shareholders”) agree to sell their interests in the Corporation in any single transaction or related series of transactions other than to an Affiliate, and the proposed purchaser
desires to acquire all the Shares in the Corporation, then the Shareholder shall sell its Shares to said proposed purchaser on the same relative terms and conditions contained in the offer delivered to the Selling Shareholders. 
  
 (e) Permitted Transfers by Shareholder.
Notwithstanding the foregoing provisions of this Section 2, Shareholder may transfer all of his Shares to an Affiliate without complying with the foregoing provisions of Section 2. 
  
 3. Conditions of Transfer. No Transfer of Shares will be effectuated by the Corporation until the following
conditions have been satisfied: 
  
 (a) the
written consent of the Board of Directors must have been obtained; 
  
 (b) the transferee must have executed a written agreement, in form and substance satisfactory to the Board of Directors, to assume all of the duties and obligations of the transferor Shareholder under this Agreement
and to be bound by and subject to all of the terms and conditions of this Agreement; 
  
 (c) the transferee or transferor must have paid the expenses incurred by the Corporation in connection with the Transfer; 
  
 (d) upon request of the Corporation, the transferor must
have delivered to the Corporation a written opinion of counsel reasonably satisfactory to the Board of Directors (which opinion shall be obtained at the expense of the transferor) that such Transfer will not result in a violation of applicable law
including the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws, or of this Agreement; 
  
 (e) the transferor must have executed a written instrument of transfer of Shares in form and substance satisfactory to the Board of
Directors; and 
  
 (f) the transferor and the
transferee must have executed a written agreement, in form and substance satisfactory to the Board of Directors, to indemnify and hold the Corporation and all shareholders of the Corporation harmless from and against any loss or liability arising
out of the Transfer. 
  
 4. Term. This Agreement shall
terminate immediately upon the occurrence of any of the following events: 
  
 (a) The bankruptcy, receivership, insolvency or dissolution of the Corporation; 
  
 (b) The unanimous written agreement of the Shareholder and consent of the Corporation; 
  
 (c) The cessation of the Corporation’s business; or

  

 5 

 (d) The consummation of the initial public offering of the Corporation’s securities;

  
 5. Specific Enforcement. Shareholder expressly agrees
that the Shares of the Corporation cannot be purchased or sold in the public market and that for these reasons, among others, the Corporation and the other shareholders of the Corporation would be irreparably damaged if this Agreement is not
specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Agreement by Shareholder, the Corporation and each other shareholder of the Corporation shall, in addition to all other remedies, each be
entitled to a temporary or permanent injunction, and/or a decree for specific performance, in accordance with the provisions hereof, without the necessity of proof of actual damages or the posting of a bond or other security. 
  
 6. Legend. 
  
 (a) During the term of this Agreement, each certificate
evidencing any of the Shares now owned or hereafter acquired by the Shareholder shall bear a legend substantially as follows: 
  
 “Any sale, assignment, transfer or other disposition of the shares represented by this certificate is restricted by, and subject to, the terms and
provisions of a certain Shareholders Agreement dated as of January, 2004, as it may be amended or restated from time to time. A copy of said Agreement is on file with the Secretary of the Corporation.” 
  
 (b) The undersigned understands and acknowledges that the
Shares have not been registered for sale under the Securities Act or any applicable state securities laws and that the Shares will be issued and sold by the Corporation in reliance upon exemptions from the registration requirements of such acts.
Accordingly, the undersigned understands and agrees that for a period of at least one year from the date of issuance of the Shares, (i) stop-transfer instructions will be noted on the appropriate records of the Corporation and (ii) there will be
maintained on the certificate(s) evidencing the Shares, or any substitutions therefor, a legend reading as follows: 
  
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED FOR SALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY OTHER STATE SECURITIES LAWS (COLLECTIVELY, THE “STATE SECURITIES ACTS”), AND HAVE BEEN ISSUED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SUCH ACTS, INCLUDING, BUT NOT NECESSARILY LIMITED TO, THE
EXEMPTIONS CONTAINED IN SECTION 4(2) OF THE SECURITIES ACT. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, AND
ALL APPLICABLE STATE SECURITIES ACTS. 
  

 6 

 Any assignment or endorsement of the certificate(s) representing the Shares which is in violation of the
restrictions on transfer provided above will not be recognized by the Corporation nor will any assignee or endorsee of such shares be recognized as the owner thereof by the Corporation. 
  
 7. Notices. All notices, designations, consents, offers or any other communications provided for in this Agreement
must be given in writing, personally delivered, by a recognized overnight mail and courier service or by mail. If by mail, it must be mailed by registered or certified mail, postage prepaid, return receipt requested, and it will be deemed to have
been given on the date which is three (3) days following the date it is posted. Notice to the Corporation is to be addressed to its then principal office. Notices to the Shareholder and BCD are to be addressed to their respective addresses as they
appear on the transfer books of the Corporation, or to such other address as may be designated by Shareholder or BCD in writing to the Secretary of the Corporation. 
  
 8. Entire Agreement. This Agreement constitutes the entire agreement among the Shareholder, BCD and the Corporation
with respect to the subject matter hereof and supersedes all prior agreements and understandings between them or any of them with respect to such subject matter. 
  
 9. Governing Law; Successors and Assigns. 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 principles thereof). 
  
 10. Exculpation; Rights of the Shareholder. Shareholder and BCD shall have the absolute right to exercise or refrain from exercising any rights
that such Shareholder or BCD may have by reason of this Agreement or the Corporation’s corporate charter (including, without limitation, the right to consent to the waiver of any obligation of the Corporation under this Agreement or the
Corporation’s corporate charter and to enter into an agreement with the Corporation for the purpose of amending or supplementing, in accordance with their respective terms, this Agreement or the Corporation’s corporate charter), and
neither any such holder nor any of its controlling persons, officers, directors, partners, agents, or employees, as the case may be, shall incur any liability to any other holder of Shares as a result of such holder’s exercising or refraining
from exercising any such right. 
  
 11. Severability. If
any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable
any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 
  
 12. Captions and Headings. Captions and Article and Section headings are for convenience only and are not deemed to
be part of this Agreement, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 
  

 7 

 13. Singular and Plural, Etc. Whenever the singular number is used herein and where required by
the context, the same shall include the plural, and the neuter gender shall include the masculine and feminine genders. 
  
 14. Amendments and Waivers. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally or in writing,
except that any term of this Agreement may be amended and the observance of any such term may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Corporation and the
shareholders holding at least 80% of the common stock of the Corporation then owned by the Shareholder and BCD (the “Amending Shareholders”); provided, however, that no such waiver shall extend to or affect any other obligation not
expressly waived. Notwithstanding the preceding sentence, no amendments to this Agreement shall be made which materially and negatively impact the rights of the non-Amending Shareholder without also obtaining the approval of such non-Amending
Shareholder; provided, however, that it is expressly contemplated that this Agreement may be amended without a vote of the non-Amending Shareholder so long as the rights of the non-Amending Shareholder are not adversely affected in a manner which is
materially different than the manner in which the rights of the Amending Shareholder are affected. No failure to exercise and no delay in exercising, on the part of any party, any right, remedy, power or privilege hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. The failure of any party to insist upon a strict performance of any of the terms or provisions of this Agreement, or to
exercise any option, right or remedy herein contained, shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right or remedy, but the same shall continue and remain in full force and effect.

  
 15. Successors and Assigns. All rights, covenants and
agreements of the parties contained in this Agreement shall, except as otherwise provided herein, be binding upon and inure to the benefit of their respective successors and assigns. 
  
 16. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
  
 17. New Shareholders. Any Shares transferred by a Shareholder to a person or entity not then a party to this Agreement after following the procedures set forth in this Agreement shall remain subject to the
terms, conditions and restrictions of this Agreement. 
  
 [Signatures on next page] 
  

 8 

  
 IN WITNESS WHEREOF, this
Agreement has been executed as of the day and year first above written. 
  

			
	TRX, Inc.
		
	By:	 	 /s/ Norwood H. Davis III

	 Name:
	 	 Norwood H. Davis III

	 Its:
	 	 President & CEO

  

			
	BCD Technology, S.A.
		
	By:	 	 /s/ Gerard Birchen

	 Name:
	 	 Gerard Birchen

	 Its:
	 	 Director

  

			
		
	By:	 	 /s/ Edward Bruin

	 Name:
	 	 Edward Bruin

	 Its:
	 	 Director

  

			
		
	By:	 	 /s/ Michael A. Buckman

	 	 	 Michael A. Buckman

  

 9

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