Document:

FIRST AMENDMENT TO PROMISSORY NOTE

 Exhibit 10.5 
 FIRST AMENDMENT TO 
 PROMISSORY NOTE 
 THIS FIRST AMENDMENT TO PROMISSORY NOTE (“Amendment”) is made as of this
7th day of November, 2008, by and between TRX, Inc., a Georgia corporation (“Borrower”) and Hi-Mark, LLC, a Delaware limited
liability company (“Lender”), and amends the Promissory Note made by Borrower in favor of Lender dated as of January 11, 2007 (the “Note”). Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Note. 
 RECITALS 
 WHEREAS, the parties desire to make certain changes and amendments to the Note, and as a result thereof, have agreed to enter into this Amendment. 
 NOW, THEREFORE, in consideration of and subject to the mutual undertakings and agreements hereinafter set forth, Borrower and Lender agree as follows:

 1. Section 2. Section 2 of the Note is hereby amended to state the following: 
 “Effective as of October 11, 2008, this Note shall bear interest on the principal balance outstanding from time to time at a rate per annum equal to eight
percent (8%). Interest shall be calculated based on a 365-day calendar year compounded quarterly and paid for actual days elapsed.” 
 2.
Section 3. Section 3 of the Note is hereby amended to state the following: 
 “Borrower and Lender acknowledge that Borrower has
previously made seven (7) quarterly principal payments of Five Hundred Eighty Three Thousand Three Hundred Thirty Three Dollars and Thirty Three Cents ($583,333.33) and seven (7) quarterly interest payments on the outstanding balance of
the Principal Amount of the Note. With respect to the balance of the Principal Amount of the Note, Borrower shall hereafter make quarterly principal payments of Two Hundred Ninety One Thousand Six Hundred Sixty Seven Dollars and Sixty Seven Cents
($291,667.67) and quarterly interest payments on the outstanding balance of the Principal Amount of the Note; the first payment of which shall be made on or before January 10, 2009, and subsequent payments of which shall be due on
April 10, 2009, July 10, 2009, October 10, 2009 and on January 10, April 10, July 10, and October 10 of each year thereafter, until the whole remaining sum of principal and interest has been
paid in full. Upon an “Event of Default” (as defined in Section 8 hereof), the whole sum of both principal and interest shall be immediately due and collectible at the option of the holder of this Note. Subject to Section 4
hereof, unless the balance is sooner accelerated upon an Event of Default as provided herein, the full balance of the Note shall be due and payable on or before April 10, 2011.” 
 3. Acceleration upon Change in Control. Notwithstanding anything to the contrary, all sums due under the Note shall become immediately due and payable upon the
occurrence of any Change in Control Event (as defined in this provision). For the purposes of this Section 3, the term “Permitted Entity” means and refers to each of the following (i) BCD Technology, S.A., (ii) BCD Holdings,
N.V., and (iii) any person or entity that directly, or indirectly through one or 

 
more intermediaries, is controlled by BCD Holdings, N.V. or by any other individual, entity or group (within the meaning of Section 13(d) of the
Securities Exchange Act, as amended (the “Exchange Act”)) which, as of the effective date of this Amendment, beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) fifty percent (50%) or more of the
combined voting power of the then-outstanding securities of the Borrower entitled to vote generally in the election of directors. For the purposes of this Section 3, “Change in Control Event” means: 
 A. the acquisition by an individual, entity or group (each, a “Person”) within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act, other than a Permitted Entity, of beneficial ownership of any capital stock of the Borrower if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) fifty percent
(50%) or more of either (1) the then-outstanding shares of common stock of the Borrower or (2) the combined voting power of the then-outstanding securities of the Borrower entitled to vote generally in the election of directors; or

 B. the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Borrower (each, a
“Merger”) other than a Merger in which a Permitted Entity beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) fifty percent (50%) or more of the total voting power represented by the voting
securities of the surviving entity outstanding immediately after such merger or consolidation; or 
 C. the consummation of any sale or other
disposition of all or substantially all of the assets of the Borrower; or 
 D. an event that results in the Continuing Directors (as defined
below in this paragraph 3.D) not constituting a majority of the board of directors of the Borrower (the “Board”). For the purposes of this provision, “Continuing Director” means, at any date, a member of the Board: 
 (1) who was a member of the Board on the date of this Amendment, or 
 (2) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time
of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there
shall be excluded from this clause (2) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents, called by or on behalf of a person other than the Board. 
 For the avoidance of doubt, an event which is a Change in
Control under paragraph D of this Section 3 shall be a Change in Control even if such event arises from or in connection with an event that would not represent a Change in Control under paragraph A or B of this Section 3 (i.e., as a result
of being within the scope of the “Permitted Entity” exceptions described in such paragraphs). 

 4. Consent of Required Senior Creditor. The parties acknowledge that, pursuant to Section 2.3 of that certain
Intercreditor and Subordination Agreement by and among Borrower, Lender and Bank of America, N.A. dated as of January 11, 2007 (the “Subordination Agreement”), this Amendment is subject to the consent of the Atlantic Capital Bank, the
sole Required Senior Creditor (as such term is defined in the Subordination Agreement) under the Subordination Agreement on the date of this Amendment. Accordingly, this Amendment shall be effective only upon the delivery to Borrower and Lender of
Atlantic Capital Bank’s written consent to this Amendment. 
 5. Amendment. Except as otherwise expressly set forth herein, the Note shall remain
unchanged and in full force and effect in accordance with its terms. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the date first written above. 
  

			
	BORROWER:
	
	TRX, INC.
		
	By:	 	 /s/ David D. Cathcart

	Name:	 	David D. Cathcart
	Title:	 	Chief Financial Officer
	
	LENDER:
	
	HI-MARK, LLC
		
	By:	 	 /s/ Kevin Austin

	Name:	 	Kevin Austin
	Title:	 	PresidentAMEND#2 TO AMENDED AND RESTATED AGREEMENT

 Exhibit 10.11 
 EXECUTION COPY 
 AMENDMENT NO. 2 TO 
 AMENDED AND RESTATED AGREEMENT 
 FOR THE PROVISION OF SERVICES 

BETWEEN TRX, INC. AND 
 AMERICAN
EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 
 This Amendment No. 2 (“Amendment”) is made and entered into this
6th day of October, 2008 between American Express Travel Related Services Company, Inc. (“Amex”) solely for the benefit of Representatives
located in the United States who are also participating in Amex’s Business Travel Services Program, as such program may be changed from time to time by Amex, and have been qualified by TRX to receive the New Services, as defined below, (the
“Participants”) and TRX, Inc. (“TRX”). 
 WHEREAS, Amex and TRX entered into an Amended and Restated Agreement for the
Provision of Services (the “Services Agreement”) dated December 1, 2005; 
 WHEREAS, under the terms of the Services
Agreement, Amex has the right to distribute RESX, including RESX Web Fares, and RESX PROFILER to its customers under Amex’s terms and conditions; 
 WHEREAS, Participants are members of the Amex Business Travel Services Program, an optional program offered to Representatives by Amex, whereby such Participants may distribute certain Amex products and services for
business travelers; 
 WHEREAS, the Participants wish to distribute RESX under the terms and conditions of a TRX RESX distributor agreement
(a “Distributor Agreement”) instead of utilizing the existing rights available to it under the Services Agreement; and 
 WHEREAS,
Amex and TRX wish to amend the terms of the Services Agreement to provide for Amex to distribute RESX Services to Participants under Distributor Agreements . 
 NOW, THEREFORE, IN CONSIDERATION of the mutual promises and agreements set forth below, the parties agree as follows: 
  

	1.	 AMENDED TERMS 

 A.        The New Services.  TRX shall make all of the services set forth in the attached Schedule 1 (the “New Services”) available to Participants upon enrollment in
a Distributor Agreement. To the extent such New Services were not included in Schedule A of the Services Agreement, the RESX Services set forth in such Schedule is hereby amended to include the New Services as set forth in this Amendment.

  

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 B.        Distributor Agreement Form.  The Distributor Agreement shall contain terms at least as protective to Participants as the form of
distributor agreement attached as Schedule 2 (“Form”). If TRX wishes to: (i) eliminate or diminish the New Services; (ii) alter the fees to Participants from the fees set forth in such Form; or (iii) change the terms
of the Form materially, then TRX will notify Amex. Amex will then have thirty (30) days to object to such changes in writing. If Amex does so object, TRX and Amex shall work together to agree to changes that are acceptable to both parties. No
changes to the Form shall be effective without the written agreement of Amex. If TRX and Amex cannot agree to such changes to the Form within sixty days (60) after Amex objects to such changes, then either party may terminate this Amendment
upon thirty (30) days notice without penalty. 
 C.        Negotiated
Participant Distributor Agreement.  The Distributor Agreement shall contain terms at least as protective to Participants as the Form attached as Schedule 2. During negotiation with Participant, if TRX wishes to: (i) alter
the fees to Participants from the fees set forth in such Form or (ii) change the terms of the Distributor Agreement materially, then TRX will notify Amex. Amex will then have ten (10) days to object to such changes in writing. If Amex does
not object within such time, such changes shall be deemed accepted by Amex without further notice thereof. If Amex does so object, TRX and Amex shall work together with the Participant to agree to changes that are acceptable to all parties, and such
changes to the fees or material changes to the Distributor Agreement shall only be effective upon the written agreement of Amex. 
 D.        Pricing.  The pricing for the New Services for Participants is set forth in Schedule 3. * 
 E.        Primary Contacts. 
 (1)        Amex designates * or her designee as its primary contact for TRX. TRX shall keep the Amex contact person or his/her designee regularly informed as to the status of the performance of the
New Services. 
 (2)         TRX designates * or her designee as its primary contact
for Amex. 
 F.        Term and Termination. 
 (1)        The term of this Amendment shall run coterminous with the term of Attachment A
(the RESX Attachment) of the Services Agreement. 
 (2)        The parties’
termination rights shall be as set forth in Section 6 of the Services Agreement. 
 (3)        The expiration or termination of this Amendment or the Services Agreement will not terminate or otherwise affect any Distributor Agreement in effect between TRX and any Participant.

  

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	2.	 GENERAL. 

 A.        Capitalized terms used in this Amendment shall have the meanings ascribed to such terms in the Services Agreement. 
 B.        Balance of Terms Unchanged.  Except as expressly set forth in this Amendment, the terms and conditions of the Services Agreement
shall continue in full force and effect. This Amendment shall be effective as of the 1st day of January 2008 (“Effective Date”). 
 C.        Entire Agreement.  The Services Agreement, along with this Amendment, including all Exhibits and Schedules attached hereto and thereto represent the
entire understanding and agreement between the parties with respect to the subject matter hereof, and supersedes any and all previous discussions and communications regarding such subject matter. Any subsequent amendments and/or additions hereto are
effective only if in writing and signed by both parties. 
 D.        Precedence.  With respect to the subject matter of this Amendment only, in the event of a conflict between the Services Agreement and this Amendment, this Amendment shall
control and govern. Thereafter, the precedence set forth in Section 19(l) of the Services Agreement shall apply. 
 IN WITNESS
WHEREOF, TRX and AMEX have caused this Amendment and its Exhibits to be executed as of the Effective Date by their duly authorized representatives, and each represents and warrants that it is legally free to enter this Amendment. 
  

									
	 AMERICAN EXPRESS TRAVEL RELATED
 SERVICES COMPANY, INC.
	 		 	TRX, INC.
					
	 By:
	 	 /s/ Ellen Bettridge
	 		 	 By:
	 	 /s/ David D. Cathcart

					
	 Name:
	 	 Ellen Bettridge
	 		 	 Name:
	 	 David D. Cathcart

					
	 Title:
	 	 Vice President
	 		 	 Title:
	 	 CFO

					
		 	 10-1-2008
	 		 		 	 10-6-2008

  

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 Schedule 1 
 THE NEW SERVICES 
 TRX has agreed to offer the following New Services, at the specially negotiated pricing set forth in Schedule 3, to Participants enrolled in Amex’s Business Travel Services Program
(“BTS”). 
  

	 	1.	 RESX Online Booking Platform 

	 	2.	 RESX Profiler 

	 	3.	 RESX Web fares 

	 	4.	 RESX PNR Sync 

	 	5.	 RESX Auto-ticketing 

	 	6.	 RESX Booking Builder 

 TRX offerings include
the following products and services: 
 RESX Online Booking Platform 
 RESX is an online, self-service corporate booking tool offering a Web-based interface for business travelers and/or their travel arrangers to book policy compliant air, car, and hotel
reservations. 
 The RESX solution is able to pull inventory from all major Global Distribution Systems (GDSs): Amadeus, Apollo, Galileo,
Sabre, and Worldspan including GDS New Entrants (GNE) and G2 SwitchWorks. 
  

	 	•	 	 Participants pay * which allows the Participants the right of access, use and distribution of New Services they have selected. 

	 	•	 	 *, which is included in the *, allows Participants to create unlimited Customer sites. 

	 	•	 	 TRX hosts the RESX application for the Participants and its Customers and provides access to the application through the Internet. 

RESX Web fares 
 The solution also searches and
books consolidator sites, as well as carrier sites and inventory systems worldwide through its partnership with a third party. 
 RESX Profiler

 A hosted online profile management tool that allows Participants to update personal profile information on-line, in a secure hosted
environment, which synchronizes this information with the applicable GDSs. Profiler is available in conjunction with RESX or as a stand-alone application. 
  

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 RESX PNR Sync 
 A tool that allows the Participant to set up RESX so that the offline reservations (traditional) are
automatically imported into the RESX database. This functionality allows the authorized user to view all reservations in one central source. 
 * 
 RESX Auto-ticketing 
 A service that allows the Participant to set up RESX so that PNRs booked online, or imported into RESX, can be automatically ticketed. 
 RESX
Booking Builder 
 An optional web-based application that serves as a stand-alone development tool for the purpose of creating flight reservations on
SWABiz, a Southwest Airlines online corporate booking tool. To use the RESX Booking Builder, Participant’s Customer’s RESX administration account must be configured for such access. 
 * 
 Additional TRX obligations under
this Amendment: 
 TRX will: 
  

	1.	 Provide necessary collateral material for Amex to introduce the New Services available to the Participant and their Customers. 

	2.	 Participate in the Amex sponsored annual conference held each fall and seminars and trade shows, as deemed appropriate by Amex and agreed to by the parties, *

	3.	 Provide Amex with a list of participating Participants * 

 American Express will provide the following services: 
 * 
  

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 Training & Support 
  

	 	1.	 TRX will provide the training and support for the products outlined above to the Participants directly. 

  

	 	2.	 Each Participant will be responsible for assigning one or more persons to become certified on RESX by completing a training class conducted by TRX at a TRX
designated facility or via the web. 

  

	 	3.	 Each Participant is responsible for the creation of additional RESX Customer sites. TRX will support the Participant through the initial implementation.

  

	 	4.	 Each Participant will serve as level one support for its Customers which will include training, navigation and lost password support.

  

	 	5.	 If a Participant is unable to assist their Customer, they may report the issue to TRX via a customer report management tool and TRX will respond within *
business days. Escalation steps will be provided by TRX for urgent problems. 

  

	 	6.	 The RESX data center is monitored *. After-hours, weekends, and during holidays, emergency support is provided via pager. 

  

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 Schedule 2 
 SAMPLE DISTRIBUTOR AGREEMENT 
 attached 
 * 
  

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 Schedule 3 
 PRICING AND PAYMENT TERMS 
 * 
 Participant Billing Terms: 
  

	 	1.	 * 

	 	2.	 TRX has agreed to extend the * to all Participants who have an existing Distributor Agreement with TRX. Notwithstanding termination of this Amendment, TRX agrees
to * in effect for each Participant pursuant to the respective Participant’s Distributor Agreement. 

	 	3.	 As set forth in Section 2(b) of the Services Agreement, Amex will not be responsible for nonpayment of New Services by Participants.

	 	4.	 The fees and payment terms are detailed below. 

 Pricing Schedule: 
 * 
  

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 * 
  

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 Additional information: 
 * 
  

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 Schedule 4 
 * 
  

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 * 
  

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 * 
  

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