Document:

Exhibit 10.22
EXECUTION VERSION
Certain identified information marked with “[***]” has been omitted from this document because it is both (i) not material and (ii) the type that the registrant treats as private or confidential.
PUT OPTION AGREEMENT
This PUT OPTION AGREEMENT (this “Agreement”) is made and entered into as of December 20, 2019, by and between Mondee Holdings, LLC, a Delaware limited liability company (“Holdings”), and each of Michael Thomas, an individual, and LBF Travel, Inc., a Delaware corporation (each, a “Seller” and collectively, the “Sellers”).
WHEREAS, LBF Acquisition Corporation, Inc., a Delaware corporation (“Buyer”) and Sellers have entered into that certain Equity Interest Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), pursuant to which (a) Sellers agreed to sell to Buyer, and Buyer agreed to purchase from Sellers, the Purchased Equity Interests, and (b) Sellers agreed to contribute to Holdings the Contributed Equity Interests, and Holdings agreed to issue to Sellers the Class F Units set forth opposite each Seller’s name on Exhibit A (the “Rollover Units”) in exchange for such Seller’s contribution of the Contributed Equity Interests on the terms and conditions set forth in the Contribution and Joinder Agreement, dated as of the date hereof (the “Contribution Agreement”), among Holdings and Sellers;
WHEREAS, capitalized terms used but not otherwise defined herein shall have their respective meanings set forth in the Purchase Agreement; and
WHEREAS, Holdings desires to grant to Sellers a put option with respect to the Rollover Units upon the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Put Option.  Sellers shall, from and after the Trigger Date (defined below) until 11:59 p.m. on the date that is forty-five (45) days after the Trigger Date (the “End Date”), have the right and option (the “Put Option”), to require Holdings to purchase all, but not less than all, of the Rollover Units collectively held by the Sellers (the “Put Units”) on the terms, provisions and conditions set forth in this Agreement.
2.Certain Definition. As used in this Agreement, the following terms have the respective meanings set forth below:
(a)“EBITDA” shall mean all earnings of LBF Holdings and its Subsidiaries before provision for interest, taxes, depreciation and amortization, including (i) all segment incentives received by the Buyer or LBF Holdings and its Subsidiaries related to sales generated by LBF Holdings or its Subsidiaries; (ii) all merchant account savings received by the Buyer or LBF Holdings and its Subsidiaries for merchant accounts related to sales generated by LBF Holdings and its Subsidiaries; (iii) all virtual card rebates received by the Buyer or LBF Holdings and its Subsidiaries related to sales generated by LBF Holdings and its Subsidiaries; and (iv) all savings and profit improvements realized by Buyer as a result of the transfer of Mondee’s
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consumer facing business, including the ExploreTrip business unit, to LBF Holdings. For clarity, the term “EBITDA” shall include the items set forth in the foregoing clauses (i)–(iv) even if such items appear on the financial statements of the Buyer or Holdings instead of the financial statements of LBF Holdings and its Subsidiaries. Notwithstanding the foregoing, EBITDA shall not be reduced for any direct cost allocations for general and administrative expenses or for development services provided by the Buyer or Mondee to LBF Holdings and its Subsidiaries.
(b)The “Trigger Date” shall be determined as follows:
(i)if EBITDA is greater than or equal to [***] for the fiscal year ended December 31, 2020, the Trigger Date shall be July 1, 2021; and
(ii)if EBITDA is less than [***] for the fiscal year ended December 31, 2020, the Trigger Date shall be July 1, 2022.
3.Exercise of Put Option.
(a)The Put Option may be exercised by Sellers delivering to Holdings an irrevocable written notice of exercise signed by Sellers (the “Notice”).
(b)Upon delivery of the Notice, Sellers shall be obligated to sell not less than all of the Put Units at the Price Per Unit (as defined below) in accordance with, and subject to, the terms of this Agreement, and Sellers shall not have any right, power or authority to revoke the Notice once it has been delivered to Holdings.
4.Purchase Price.  The purchase price per Put Unit (the “Price Per Unit”) shall be equal to [***] per Put Unit.  Holdings shall be entitled to deduct or withhold from any amounts owing to Sellers hereunder any applicable withholding, excise or other taxes imposed by applicable law, rule or regulation.  Holdings shall notify the Sellers at the time of any such deduction or withholding, including the basis therefor.  As used herein, the “Aggregate Price” means the Price Per Unit multiplied by the number of Put Units to be sold by the Sellers, less any applicable withholding or other taxes.
5.Closing.
(a)In the event that the Put Option is validly exercised hereunder by Sellers, then subject to the provisions of this Section 5, the closing of the purchase and sale of the Put Units (the “Closing”) shall take place remotely via the exchange of documentation and signatures in PDF or by facsimile, commencing at 11:00 a.m., Pacific Time, on a date agreed by Holdings and Seller, but not later than thirty (30) calendar days after Holdings’ receipt of the Notice (the “Closing Date”).
(b)At the Closing, Sellers shall deliver to Holdings:
(i)original unit certificates, duly executed unit powers and/or such other documents as Holdings may reasonably request to effectuate and/or evidence the purchase, assignment and transfer of the Put Units;
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(ii)a certificate in form and substance acceptable to Holdings’ counsel, and signed by  Sellers, that contains customary, fundamental representations and warranties from Sellers (including that the Put Units being sold are owned by the Sellers and are being conveyed free and clear of all liens, encumbrances, charges and other claims other than those arising under the Operating Agreement, as then in effect); and
(iii)such other customary documents, instruments and certificates as Holdings may reasonably request.
(c)At the Closing, Holdings shall pay the Aggregate Price to Sellers proportionately in accordance with their respective Put Units by wire transfer of immediately available funds to the accounts designated by Sellers in writing at least two (2) Business Days prior to the Closing.
6.Representations and Warranties.
(a)As of the date hereof, Holdings represents and warrants to the Sellers that:
(i)Holdings has the requisite organizational power and authority to enter into and perform this Agreement.
(ii)The execution, delivery and performance of this Agreement by Holdings has been duly and validly approved by Holdings.
(iii)This Agreement has been duly executed and delivered by Holdings and constitutes a legal, valid and binding agreement of Holdings, enforceable against Holdings in accordance with its terms, except as such enforceability may be limited by (A) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other Laws of general application relating to or affecting the enforcement of creditors’ rights generally or (B) Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
(b)As of the date hereof, and as of the date of the Closing Date, each Seller represents and warrants to Holdings, on a joint and several basis, that:
(i)Seller has the requisite power and authority to enter into and perform this Agreement.
(ii)This Agreement has been duly executed and delivered by Seller and constitutes a legal, valid and binding agreement of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by (A) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other Laws of general application relating to or affecting the enforcement of creditors’ rights generally; or (B) Laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
(iii) Seller solely and absolutely owns, beneficially and of record, free and clear of all liens, encumbrances, charges and other claims other than those arising under
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the Operating Agreement, all of the Put Units which may be transferred hereunder, and has the full right, power and authority to transfer, assign and deliver to Holdings, in accordance with this Agreement, all of the Put Units.  Seller has not made any assignment, transfer, conveyance or other disposition of the Put Units to any third party, either voluntarily or involuntarily in violation of the Operating Agreement.  The Put Units to be transferred hereunder will be transferred free and clear of all liens, encumbrances, charges and other claims (including any pending claims under Article 8 of the Purchase Agreement) other than those arising under the Operating Agreement.
7.Effectiveness; Termination.  This Agreement shall automatically terminate upon the earliest to occur of: (a) the Closing, and (b) the End Date; provided, however, that Sections 6, 7, 8, 9, 10, 11, 12 and 13 hereof shall survive any such termination.
8.Further Assurances.  Each party hereto shall execute and deliver all such further and additional instruments and agreements and shall take such further and additional actions, as may be reasonably necessary or desirable and as requested by the other party to evidence or carry out the provisions of this Agreement or to consummate the transactions contemplated hereby.
9.Assignment.  Neither this Agreement nor any right or obligation hereunder shall be assigned, delegated or otherwise transferred (whether voluntarily, by operation of law, by merger, or otherwise) by any party hereto, without the prior written consent of Holdings and Sellers.  Any attempted assignment, delegation or transfer in violation of this Section 9 shall be void and of no force or effect. Any Transferee (as defined in the Operating Agreement) of the Rollover Units shall agree to be bound by and subject to the terms of this Agreement as a Seller hereunder.
10.Binding Effect.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and permitted assigns.
11.Notice.  All notices shall be deemed effectively given upon five (5) Business Days after having been sent by registered or certified United States mail, return receipt requested, postage prepaid, or one business day after being sent, prepaid, by nationally recognized overnight courier that issues a receipt or other confirmation of delivery.  All notices sent in a manner described in the preceding sentence must also be sent via electronic mail, if an address for the recipient exists (provided that delivery by electronic mail alone shall not constitute adequate notice).  Notices delivered via electronic mail will be deemed given when actually received by the recipient, provided that by no later than two days thereafter such notice is confirmed in writing and sent via one of the methods described in the first sentence of this paragraph.  Notices delivered by personal service will be deemed given when actually received by the recipient.  All communications shall be sent to the respective parties at their address as set forth on the signature pages hereto, or to such e-mail address or address as subsequently modified by written notice given in accordance with this Section 11.
12.Governing Law.  This Agreement shall be enforced, governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the Laws of any jurisdiction other than the State of Delaware.
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13.Counterparts; Electronic Signature.  This Agreement may be executed in multiple counterparts, each of which when so executed and delivered shall be an original, and all of which when taken together shall constitute one and the same instrument.  Facsimile, .pdf and other electronic signatures to this Agreement shall have the same effect as original signatures.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly and validly executed as of the date first set forth above.
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	HOLDINGS:
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	MONDEE HOLDINGS, LLC
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	By:  
	/s/ Prasad Gundumogula
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	Name:
	Prasad Gundumogula
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	Title:
	Manager
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	Address:
	951 Mariners Island Blvd, Suite 130
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	San Mateo, CA 94404
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	Attention:
	Prasad Gundumogula
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	E-mail:
	[***]
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with a copy to (which shall not constitute notice):
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	Address:
	Hutchison PLLC
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	3110 Edwards Mill Road, Suite 300
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	Raleigh, NC 27612
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	Attention:
	Justyn Kasierski
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	Amalie Tuffin
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	E-mail:
	[***]
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	[***]
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Signature Page to Put Option Agreement

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	SELLERS:
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	/s/ Michael Thomas
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	Michael Thomas, individually
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	Address:
	4545 Murphy Canyon Road, Suite 210
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	San Diego, CA 92123
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	E-mail:
	[***]
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	LBF TRAVEL, INC.
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	By:  
	/s/ Michael Thomas
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	Name:  Michael Thomas
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	Title:    CEO
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	Address:
	4545 Murphy Canyon Road, Suite 210
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	San Diego, CA 92123
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	E-mail:
	[***]
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	in each case, with a copy to (which shall not constitute notice):

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	Michelman & Robinson, LLP
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	10880 Wilshire Blvd., 19th Floor
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	Los Angeles, CA 90024
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	Attention: Harpreet Walia
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	E-mail: [***]
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Signature Page to Put Option Agreement

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EXHIBIT A
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Rollover Units
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	Seller
	Rollover Units

	Michael Thomas
	[***] Class F Units

	LBF Travel, Inc.
	[***] Class F Units

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​Exhibit 10.23
Certain identified information marked with “[***]” has been omitted from this document because it is both (i) not material and (ii) the type that the registrant treats as private or confidential.
SECURITY AGREEMENT SUPPLEMENT
September 4, 2020
TCW Asset Management Company LLC, as Agent
1251 Avenue of the Americas, Suite 4700
New York, New York  10020
Ladies and Gentlemen:
Reference hereby is made to (a) the Financing Agreement, dated as of December 23, 2019 (such agreement, as amended, restated, supplemented, modified or otherwise changed from time to time, including any replacement agreement therefor, being hereinafter referred to as the “Financing Agreement”) by and among Mondee Holdings, LLC, a Delaware limited liability company (the “Parent”), each subsidiary of the Parent listed as a “Borrower” on the signature pages thereto (together with each other Person that executes a joinder agreement and becomes a “Borrower” thereunder, each a “Borrower” and collectively, the “Borrowers”), each subsidiary of the Parent listed as a “Guarantor” on the signature pages thereto (together with the Parent and each other Person that executes a joinder agreement and becomes a “Guarantor” thereunder, each a “Guarantor” and collectively, the “Guarantors”, and together with the Borrowers, each a “Grantor” and collectively, the “Grantors”), the lenders from time to time party thereto (each a “Lender” and collectively, the ”Lenders”) and TCW Asset Management Company LLC, a Delaware limited liability company (“TCW”), as agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Agent” and (b) the Pledge and Security Agreement, dated as of December 23, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”), made by the Grantors from time to time party thereto in favor of the Agent.  Capitalized terms defined in the Financing Agreement or the Security Agreement and not otherwise defined herein are used herein as defined in the Financing Agreement or the Security Agreement.
SECTION 1.Grant of Security.  The undersigned hereby grants to the Agent, for the ratable benefit of each Secured Party, a security interest in, all of its right, title and interest in and to all of the Collateral (as defined in the Security Agreement) of the undersigned, whether now owned or hereafter acquired by the undersigned, wherever located and whether now or hereafter existing or arising, including, without limitation, the property and assets of the undersigned set forth on the attached supplemental schedules to the Schedules to the Security Agreement.
SECTION 2.Security for Obligations.  The grant of a security interest in the Collateral by the undersigned under this Security Agreement Supplement and the Security Agreement secures the payment of all Secured Obligations of the undersigned now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise.  Without limiting
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Exh. C-1

the generality of the foregoing, each of this Security Agreement Supplement and the Security Agreement secures the payment of all amounts that constitute part of the Secured Obligations and that would be owed by the undersigned to the Agent or any Secured Party under the Loan Documents but for the fact that such Secured Obligations are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Grantor.
SECTION 3.Supplements to Security Agreement Schedules.  The undersigned has attached hereto supplemental Schedules I through VIII to Schedules I through VIII, respectively, to the Security Agreement, and the undersigned hereby certifies, as of the date first above written, that such supplemental Schedules have been prepared by the undersigned in substantially the form of the equivalent Schedules to the Security Agreement, and such supplemental Schedules include all of the information required to be scheduled to the Security Agreement and do not omit to state any information material thereto.
SECTION 4.Representations and Warranties.  The undersigned hereby makes each representation and warranty set forth in Section 5 of the Security Agreement (as supplemented by the attached supplemental Schedules) to the same extent as each other Grantor.
SECTION 5.Obligations Under the Security Agreement.  The undersigned hereby agrees, as of the date first above written, to be bound as a Grantor by all of the terms and provisions of the Security Agreement to the same extent as each of the other Grantors.  The undersigned further agrees, as of the date first above written, that each reference in the Security Agreement to an “Additional Grantor” or a “Grantor” shall also mean and be a reference to the undersigned.
SECTION 6.Governing Law.  This Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 7.Loan Document.  In addition to and without limitation of any of the foregoing, this Security Agreement Supplement shall be deemed to be a Loan Document and shall otherwise be subject to all of terms and conditions contained in Sections 12.10 and 12.11 of the Financing Agreement, mutatis mutandi.
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	Very truly yours,

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	ROCKETRIP, INC.

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	By:
	/s/ Prasad Gundumogula
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	Name: Prasad Gundumogula

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	Title:   CEO

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Exh. C-2

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	Acknowledged and Agreed:
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	TCW ASSET MANAGEMENT COMPANY LLC,
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	as Agent
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	By:
	/s/ Suzanne Grosso
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	Name: Suzanne Grosso
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	Title: Managing Director
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Exh. C-3

Schedule I
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Legal Name; Organization; ID Number
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	Name (i)
	State of Incorporation (ii)
	Type of Org (iii)
	Org ID (iv)

	Rocketrip, Inc.
	Delaware
	Corporation
	5307701

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Exh. C-4

Schedule II
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Trade Names; Registered Intellectual Property
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Trade Names:
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None.
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Material Licenses:
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None.
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Registered Intellectual Property:
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Trademarks:
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	Description
	Serial Number
	Registration No.
	Expiration Date
	Notes on Ownership

	ROCKETRIP
	85907845
	4,585,462
(8/12/2014)
	8/12/2024
	Rocketrip, Inc.

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Patents:
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None.
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Copyrights:
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None.
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Exh. C-5

Schedule III
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Address for Equipment, Fixtures, Inventory and other Goods, Chief Executive Office and Place of Business Addresses
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Addresses for Equipment, Fixtures, Inventory and other Goods
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	Company/Borrower
	Location Name
	Address (a)
	Owned/Leased

	Rocketrip, Inc.
	Rocketrip
	14 East 38th Street, 2nd Floor, New York, New York 10016
	Leased

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a. Location of chief executive office:
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	Company/Borrower
	Location Name
	Address
	County/State/ZIP

	Rocketrip, Inc.
	Rocketrip Headquarters
	951 Mariners Island Blvd., Ste. 130
	San Mateo, CA 94404

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b. Location of chief place of business:
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	Company/Borrower
	Location Name
	Address
	County/State/ZIP

	Rocketrip, Inc.
	Rocketrip Headquarters
	14 East 38th Street, 2nd Floor
	New York, New York 10016

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c. Location of books & records
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	Company/Borrower
	Location Name
	Address
	County/State/ZIP

	Rocketrip, Inc.
	Rocketrip Headquarters
	951 Mariners Island Blvd., Ste. 130
	San Mateo, CA 94404

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Exh. C-6

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Schedule IV
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Deposit Accounts; Securities Accounts; Commodities Accounts
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Deposit Accounts:
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	Company/Borrower
	Financial Institution
	Purpose
	Account Number

	ROCKETRIP, INC.
	Silicon Valley Bank
3003 Tasman Drive, Santa Clara, CA 95054
	Sweep Account
	[***]

	ROCKETRIP, INC.
	Silicon Valley Bank
3003 Tasman Drive, Santa Clara, CA 95054
	Debt Account
	[***]

	ROCKETRIP, INC.
	Silicon Valley Bank
3003 Tasman Drive, Santa Clara, CA 95054
	Cash Collateral Account
	[***]

	ROCKETRIP, INC.
	Silicon Valley Bank
3003 Tasman Drive, Santa Clara, CA 95054
	Operating Account
	[***]

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Securities Accounts:
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None.
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Commodities Accounts:
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None.
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Exh. C-7

Schedule V
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UCC Financing Statement
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	Name of Grantor
	Filing Office

	ROCKETRIP, INC.
	Delaware

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Exh. C-8

Schedule VI
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Commercial Tort Claims
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None.
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Exh. C-9

Schedule VII
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Pledged Debt
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None.
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Exh. C-10

Schedule VIII
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Pledged Equity
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	Name of Entity/Issuer
	Jurisdiction
	Owner/Pledgor
	Percentage
Ownership
	Percentage
Pledged
	Equity Interests
	Equity Interests
Pledged

	Rocketrip, Inc.
	DE
	Mondee, Inc.
	100%
	100%
	1 Common
	1 Common

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Exh. C-11

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