Document:

Conversion Agreement, Sabre Investments, Inc.

 Exhibit 10.60 
  
 SENIOR SECURED CONVERTIBLE PROMISSORY 
 NOTE CONVERSION AGREEMENT 
  
 THIS SENIOR SECURED CONVERTIBLE PROMISSORY NOTE CONVERSION AGREEMENT (this “Agreement”) is made and entered into as of the 8th day of July, 2005 by and between TRX, Inc., a Georgia corporation (the “Company”), and Sabre Investments, Inc., a Delaware corporation (the “Noteholder”). 
  
 WHEREAS, pursuant to the Senior Secured Convertible Note Purchase Agreement
dated as of November 16, 2001, by and between the Company and the Noteholder (the “Note Purchase Agreement”), the Noteholder holds a $15.0 million principal amount Senior Secured Convertible Promissory Note issued by the Company, as
amended (the “Note”), convertible into shares of the Company’s common stock, $.01 par value per share (the “Common Stock”), at a conversion rate of one share of Common Stock for each $11.03 of principal and accrued and due
but unpaid interest at the rate of 11% per annum through the conversion date, adjusted, if necessary, pursuant to Section 2.3 and 2.7 of the Note (the “Conversion Rate”); 
  
 WHEREAS, the Company has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect
to the issuance and sale of the Company’s Common Stock in an underwritten initial public offering (the “Public Offering”); and 
  
 WHEREAS, in connection with the Public Offering, the Noteholder and the Company desire to effect the conversion of the Note. 
  
 NOW, THEREFORE, for and in consideration of the mutual agreements set forth
herein, the parties hereto agree as follows: 
  
 1.
Conversion of Note. Subject to the terms and conditions set forth herein, and subject to the condition that the initial offering price to the public of the Common Stock in the Public Offering is equal to or exceeds $11.00 per share,
effective immediately prior to the date and time of the First Closing Date (as defined in the Underwriting Agreement to be entered into between the Company and the several underwriters named therein in connection with the Public Offering), all of
the outstanding principal amount plus any accrued and due but unpaid interest under the Note, calculated through the First Closing Date, will convert into the number of shares of the Company’s Common Stock determined based on the Conversion
Rate. 
  
 2. Manner of Conversion/Termination of
Note. On the First Closing Date, the Company shall issue and deliver to the Noteholder, or to such other party as directed by the Noteholder, a certificate or certificates or other document evidencing the shares of Common Stock issued upon
conversion as set forth in Section 1 of this Agreement, and upon receipt of such certificate or certificates or other document evidencing the shares of Common Stock by the Noteholder, the Note will be deemed paid in full and the accrued interest
will be deemed satisfied, with no further obligations thereunder or for the borrowing evidenced by the Note, and all rights of the Noteholder under the Note shall cease and the Noteholder shall be deemed to be a holder of record of the shares of
Common Stock of the Company into which the Note was converted. 
  
 3. Representations of Noteholder. The Noteholder represents and warrants to the Company that: (i) Noteholder has, and at the time immediately prior to the First Closing Date it will have, good and valid title to the Note, free
and clear of all liens, security interests, 

  

 
encumbrances, equities and claims, with no defects of title whatsoever; (ii) Noteholder has strictly complied with the terms of the Note Purchase Agreement
at all times since the date of such Note Purchase Agreement; and (iii) Noteholder is not a party to or bound by any agreement, or any judgment, decree or ruling of any governmental authority, affecting or relating to Noteholder’s right to
convert the Note. 
  
 4. Representations of Company.
On the First Closing Date, the Secretary of the Company shall deliver to the Noteholder a certificate executed by the Secretary, dated as of the First Closing Date, certifying that the representations and warranties contained in Section 3 of the
Note Purchase Agreement are true and correct in all material respects as of the First Closing Date. 
  
 5. Termination of Agreement. In the event that the First Closing Date does not occur on or before September 30, 2005, this Agreement shall
terminate and each party shall be released from its obligations hereunder. 
  
 6. Waiver of Notice. The Company and the Noteholder hereby waive any and all notice required pursuant to the Note. 
  

7. Survival of Representations and Warranties. All representations and warranties made hereunder shall survive the consummation of the
transactions contemplated hereunder. 
  
 8. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto, their legal representatives, successors, and assigns. 
  
 9. Non-waiver. No delay or failure by any party to exercise any right under this Agreement, and no partial or
single exercise of that right, shall constitute a waiver of that or any other right, unless otherwise expressly provided herein. 
  
 10. Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 

 
 11. Governing Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of Georgia. 
  
 12. 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 be one and the same instrument. 
  

 IN WITNESS WHEREOF the parties have signed this instrument as of the date first set forth above.

  

			
	THE COMPANY:
	
	 TRX, INC.

		
	By: 	 	 /s/ Timothy J. Severt

	
	NOTEHOLDER:
	
	 SABRE INVESTMENTS, INC.

		
	By: 	 	 /s/ Gary GoldenWarrant Repurchase Agreement

 Exhibit 10.61 
  
 WARRANT REPURCHASE AGREEMENT 
  

THIS WARRANT REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of the 8th day of July, 2005 by and between TRX, Inc., a Georgia corporation (the “Company”), and Sabre Investments, Inc., a Delaware corporation (the
“Warrantholder”). 
  
 WHEREAS, pursuant to the Warrant
Agreement dated as of November 16, 2001, by and between the Company and the Warrantholder (the “Warrant Agreement”), the Warrantholder holds a warrant to purchase 640,285 shares of Common Stock, $.01 par value per share, of the Company at
an exercise price of $11.0326 per share (the “Warrant”); 
  
 WHEREAS, the Company has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect to the issuance and sale of the Company’s Common Stock in an underwritten initial public offering (the
“Public Offering”); and 
  
 WHEREAS, in connection with
the Public Offering, the Company desires to purchase from the Warrantholder, and the Warrantholder desire to sell to the Company, the Warrant. 
  
 NOW, THEREFORE, for and in consideration of the mutual agreements set forth herein, the parties hereto agree as follows: 
  
 1. Purchase and Sale. Subject to the terms and conditions set
forth herein, effective immediately prior to the date and time of the First Closing Date (as defined in the Underwriting Agreement to be entered into between the Company and the several underwriters named therein in connection with the Public
Offering) the Warrantholder hereby sells to the Company, and the Company hereby purchases from the Warrantholder, the Warrant. The purchase price to be paid to the Warrantholder for the Warrant (the “Purchase Price”) shall be an amount
determined as set forth on Schedule A hereto, based on the initial offering price to the public of the Company’s Common Stock, which amount shall be adjusted, if necessary, pursuant to Section 1(b)(ii) and Section 7 of the Warrant
Agreement. 
  
 2. Manner and Time of Payment. Upon
the Warrantholder’s delivery to the Company prior to the First Closing Date of all agreements and related documents regarding the grant and exercise of the Warrant held by the Warrantholder, the Company shall pay the Purchase Price to the
Warrantholder no later than five days after the First Closing Date by official bank check or checks or wire transfer to an account at a bank designated by the Warrantholder. 
  
 3. Representations of Warrantholder. The Warrantholder represents and warrants to the Company that: (i)
Warrantholder has, and at the time of sale of the Warrant to the Company will have, good and valid title to the Warrant, free and clear of all liens, security interests, encumbrances, equities and claims, with no defects of title whatsoever; (ii)
Warrantholder has strictly complied with the terms of the Warrant Agreement at all times since the Effective Date (as such term is defined in the Warrant Agreement); and (iii) Warrantholder is not a party to or bound by any agreement, or any
judgment, decree or ruling of any governmental authority, affecting or relating to Warrantholder’s right to transfer the Warrant. 
  
 4. Termination of Agreement. In the event that the First Closing Date does not occur on or before September 30, 2005, this Agreement shall
terminate and each party shall be released from its obligations hereunder. 
  

 5. Survival of Representations and Warranties. All representations and warranties made
hereunder shall survive the consummation of the transactions contemplated hereunder. 
  
 6. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto, their legal representatives, successors, and assigns. 
  
 7. Entire Agreement. This Agreement supersedes all agreements
previously made between the parties hereto relating to its subject matter. 
  
 8. Non-waiver. No delay or failure by any party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right, unless
otherwise expressly provided herein. 
  
 9.
Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 
  
 10. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Georgia. 
  
 11. 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 be one and the same instrument. 
  

 2 

  
 IN WITNESS WHEREOF
the parties have signed this instrument as of the date first set forth above. 
  

			
	THE COMPANY:
	
	 TRX, INC.

		
	By: 	 	 /s/ Timothy J. Severt

	
	WARRANTHOLDER:
	
	 SABRE INVESTMENTS, INC.

		
	By: 	 	 /s/ Gary Golden

	 	 	 

  

 3 

  
 SCHEDULE A 

 

																								
	 INITIAL OFFERING PRICE TO PUBLIC:
	  	$	9.00	  	$	9.50	  	$	10.00	  	$	10.50	  	$	11.00	  	$	11.50	  	 	 	  	 
	 PURCHASE PRICE FOR WARRANT*:
	  	$	1,599,500	  	$	1,759,844	  	$	1,924,120	  	$	2,092,015	  	$	3,363,245	  	$	2,988,978	  	 	 	  	 
	 INITIAL OFFERING PRICE TO PUBLIC:
	  	$	12.00	  	$	12.50	  	$	13.00	  	$	13.50	  	$	14.00	  	$	14.50	  	 	 	  	 
	 Purchase Price for Warrant*:
	  	$	2,614,711	  	$	2,794,504	  	$	2,976,742	  	$	3,161,249	  	$	3,347,868	  	$	3,536,452	  	 	 	  	 
	 INITIAL OFFERING PRICE TO PUBLIC:
	  	$	15.00	  	$	16.00	  	$	17.00	  	$	18.00	  	$	19.00	  	$	20.00	  	$	21.00	  	 
	 PURCHASE PRICE FOR WARRANT*:
	  	$	3,726,869	  	$	4,112,721	  	$	4,504,563	  	$	4,901,663	  	$	5,303,400	  	$	5,709,240	  	$	6,118,724	  	 

  

	*	The Purchase Price will be pro rated in the event that the initial offering price to the public of the Company’s Common Stock is between the prices indicated.

  

 A-1

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