Document:

EX-10.31

 Exhibit 10.31 

April 12, 2013 
 Dear Mark: 

As we discussed, your employment with Sabre Holdings (the “Company”) will terminate on or about June 30, 2013. You will
receive all benefits to which you are entitled under your Employment Agreement dated July 31, 2009 (the “Agreement”), including relevant severance payments as discussed in Section 7(a) of the Agreement and described on the
attached Schedule A. Schedule A sets forth a calculation of monthly severance payments, lump sum accrued but unused vacation payment confirmation, and confirmation of the monthly amount, reimbursement policy for medical benefits as
provided for in the Agreement. Additionally, in connection with the termination and subject to the terms set out in this letter agreement, the Board, given your unique circumstances, wishes to exercise its discretion under the Sovereign Holdings,
Inc. Management Equity Incentive Plan (the “Plan”) to extend the period during which the stock options granted thereunder (the “Options”) which have vested as of the date of your termination of employment
(“Extended Options”) will remain outstanding for the period set forth below instead of expiring at or shortly following the termination of your employment. A list of the Extended Options is set forth on Schedule B. For
clarity, capitalized terms used but not defined in this letter have the meanings ascribed to them in the applicable document. Additionally, the Board, in its discretion, wishes to extend the period in which your Performance-Based Options may vest as
discussed below. Such options would otherwise expire at or shortly following the termination of your employment. 
 You agree to the
following: 
  

	 	1.	Extension of Exercise Window. Notwithstanding anything to the contrary in the Plan or in your Stock Option Grant Agreements, following the termination of your employment, the Extended Options will, subject
to Section 5.6 of the Plan, expire on the earlier of (i) June 30, 2015; or (ii) the 10th anniversary of the Grant Date for such Options. The Extended Options (including the
exercisability thereof) will remain subject to all terms and conditions of the Plan and related Stock Option Grant Agreements, including the requirement that you enter into the Sovereign Holdings, Inc. Management Stockholders’ Agreement as a
condition to exercising the Extended Options. Your unvested Options as of June 30, 2013 that will cancel are listed on Schedule C and will be forfeited in accordance with the terms of the Plan. 

 

	 	2.	Extension of Performance-Based Options. Notwithstanding anything to the contrary in the Plan or in your Stock Option Grant Agreements, following the termination of your employment, you will retain any
Performance-Based Options, that vest during the period of June 30, 2013 up to and including June 30, 2015, and, subject to Section 4.10 of the Plan1, and assuming the vesting
requirements for such options as 

  

	1 	 For purposes of any performance-based options and this paragraph 2, “the Plan” refers to the June 11, 2007 version of the Plan as the
current version of the Plan (dated September 14, 2012) does not discuss performance-based options as that type of equity is no longer used by the Company. 

 
set forth in Section 4.4.2 of the Plan are otherwise met. Any Extended Performance-Based Options not vesting by June 30, 2015 under the terms of the Plan will be forfeited. The Extended
Performance-Based Options (including the exercisability thereof) will remain subject to all terms and conditions of the Plan and related Stock Option Grant Agreements, including the requirement that you enter into the Sovereign Holdings, Inc.
Management Stockholders Agreement as a condition to exercising the Extended Performance-Based Options. A list of your unvested Performance-Based Options as of June 30, 2013 are listed on Schedule D. 

 

	 	3.	Forfeiture of Restricted Stock. You acknowledge and agree that all of your Restricted Stock Units in Sovereign Holdings, Inc. set forth on Schedule E shall be forfeited as of June 30, 2013 and you
will have no further rights with respect to such Restricted Stock Units. 

  

	 	4.	Acknowledgment/Extension of Restrictive Covenants, You are and shall continue to be bound by the restrictive covenants included in the Agreement. In connection with the extensions set forth in paragraphs 1 and 2
above, you agree that the non-competition term (as set forth in Section 8(c) of the Agreement), is extended to commence on the last day of your employment with the Company and expire on June 30, 2015. The extensions set forth in paragraphs
1 and 2 above are conditioned upon your strict compliance with Section 8 of the Agreement, as modified by this letter. Any breach by you of any of the restrictive covenants in the Restrictive Covenant Agreement means you forfeit any remaining
Extended Options and Extended Performance-Based Options immediately. 

  

	 	5.	Release. The extension of the Options and Performance-Based Options provided hereby is contingent upon your execution of the Company’s standard form of release as provided to you by the Company on or about
June 30, 2013 and such release becoming irrevocable. 

 If you agree to these terms, please sign and return to me at your
earliest convenience. Mark, I thank you for your service and contributions to the Company. 
 Sincerely, 

/s/ Michael S. Gilliland 

Michael S. Gilliland 
  

			
	SOVEREIGN HOLDINGS, INC.
		
	By:	 	/s/ Sterling L Miller        
	Name:	 	Sterling L. Miller
	Title:	 	Corporate Secretary

  
 2 

			
	TVL COMMON, INC.
		
	By:	 	/s/ Sterling L Miller        
	Name:	 	Sterling L. Miller
	Title:	 	Corporate Secretary

 Dated: April 12, 2013 

Acknowledged and Agreed: 
  

			
		
		 	/s/ Mark K. Miller        
		 	Mark K. Miller

  

			
	Date:	 	 4/17/2013

  
 3 

 Schedule A 

Monthly Severance/Lump Sum Vacation/Medical Reimbursement Information 

Yearly Base Salary: $420,000  
 Yearly
Target Bonus: $294,000 

							
	 	 		  		  	

 Total Annual Compensation: $714,000 

Gross Monthly Payment Amount: $59,500 ($714,000 /12 months)  

Schedule of 18 Gross Monthly Payments: 
  

									
	Payment	  	Month	  	Amount	 	  	 
	1	  	Jul-2013	  	$	59,500	  	  	
	2	  	Aug-2013	  	$	59,500	  	  	
	3	  	Sep-2013	  	$	59,500	  	  	
	4	  	Oct-2013	  	$	59,500	  	  	
	5	  	Nov-2013	  	$	59,500	  	  	
	6	  	Dec-2013	  	$	59,500	  	  	
	7	  	Jan-2014	  	$	59,500	  	  	
	8	  	Feb-2014	  	$	59,500	  	  	
	9	  	Mar-2014	  	$	59,500	  	  	
	10	  	Apr-2014	  	$	59,500	  	  	
	11	  	May-2014	  	$	59,500	  	  	
	12	  	Jun-2014	  	$	59,500	  	  	
	13	  	Jul-2014	  	$	59,500	  	  	
	14	  	Aug-2014	  	$	59,500	  	  	
	15	  	Sep-2014	  	$	59,500	  	  	
	16	  	Oct-2014	  	$	59,500	  	  	
	17	  	Nov-2014	  	$	59,500	  	  	
	18	  	Dec-2014	  	$	59,500	  	  	

 Lump Sum Vacation Payment: Any accrued but unused vacation (PTO) days as of June 30, 2013 will be paid to
Executive in a lump sum either at or near the time of separation or by the next regular pay-period post separation. 
 COBRA Reimbursement:
Executive will receive and complete a medical benefits packet shortly after the time of separation. Once completed, the Company’s vendor will switch Executive to active COBRA status. As provided for in Section 7(a) of the Agreement (and as

  
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explained in the packet Executive will receive), Executive will then be charged the same amount per month for medical benefits as he would as an active employee of the Company. The duration of
this benefit is either 18 months or when Executive becomes reemployed, whichever comes first. 

  
 5 

 Schedule B 

Extended Sovereign Stock Options 
  

									
	 Grant
Date
	 	
Expiration Date
	 	
Granted
	 	
Grant Price
	 	
Exercisable

	 06/11/2007
	 	06/11/2017	 	337,725	 	$5.000000	 	337,725
	 01/31/2008
	 	01/31/2018	 	  15,300	 	$5.000000	 	  15,300
	 03/31/2009
	 	03/31/2019	 	354,300	 	$3.000000	 	304,476
	 03/23/2010
	 	03/23/2020	 	350,000	 	$5.230000	 	235,156

 Schedule C 

Unvested Sovereign Stock Options 
  

									
	 Grant
Date
	 	
Expiration Date
	 	
Granted
	 	
Grant Price
	 	
Unvested

	 03/31/2009
	 	03/31/2019	 	354,300	 	$3.000000	 	  49,824
	 03/23/2010
	 	03/23/2020	 	350,000	 	$5.230000	 	114,844
	 12/03/2012
	 	12/03/2022	 	  40,000	 	$9.970000	 	  40,000

 Schedule D 

Unvested Sovereign Performance-Based Stock Options 
  

									
	 Grant
Date
	 	
Expiration Date
	 	
Granted
	 	
Grant Price
	 	
Exercisable as of
6/30/2013

	 06/11/2007
	 	06/11/2017	 	112,575	 	$5.000000	 	0
	 01/31/2008
	 	01/31/2018	 	   5,100	 	$5.000000	 	0

 Schedule E 

Unvested Sovereign Restricted Stock Grants 
  

							
	 Grant
Date
	 	
Expiration Date
	 	
Granted
	 	
Grant Price

	 12/03/2012
	 	Varies by vesting date	 	20,000	 	N/AEX-10.32

 Exhibit 10.32 
  

 
 March 7, 2013 

Dear Deborah: 
 This agreement (“Agreement”)
will confirm our mutual understanding with respect to your employment by Sabre Inc. (“Sabre”), effective as of March 11, 2013 (the “Effective Time”). 

 

	1.	Job Description / Title / Duties 

  

	(a)	You will serve as Executive Vice President, Chief Product and Technology Officer for Sabre Holdings Corporation (the “Company”). You shall perform all of the functions that are consistent with such
position, as determined by the Company. You shall perform all such duties faithfully, industriously, and to the best of your experience and talent. Except as otherwise expressly provided in this Agreement, you shall abide in all material respects by
all the Company policies and directives applicable to you. 

  

	(b)	During the Employment Period (as defined below), excluding any periods of vacation and sick leave to which you are entitled, you shall devote your full working time, energy and attention to the performance of your
duties and responsibilities hereunder and shall faithfully and diligently endeavor to promote the business and best interests of the Company. During the Employment Period, you may not, without the prior written consent of the Company, directly or
indirectly, operate, participate in the management, operations or control of, or act as an executive, officer, consultant, agent or representative of, any type of business or service (other than as an executive of the Company or any of its
subsidiaries or affiliates). It shall not, however, be a violation of the foregoing provisions of this Section 1(b) for you to (i) serve as a director of Mitchell Systems, Inc. and a second company, whose shares are publicly traded,
the identity of which will be disclosed to the Company shortly, upon finalization of your appointment as a director, and to serve as a director of other business organizations as approved by the Company’s Chief Executive Officer,
(ii) serve as an officer or director or otherwise participate in educational, welfare, social, religious and civic organizations, or (iii) manage your or your family’s personal, financial and legal affairs, so long as, in the case of
clause (i), (ii) or (iii), any such activities do not interfere with the performance of your duties and responsibilities to the Company as provided hereunder. 

 

	2.	Term of Employment 

 Unless terminated earlier pursuant to Section 7 hereof, the term of this
Agreement and your employment shall be for three years, beginning at the Effective Time and ending on the third anniversary of the date of the Effective Time (the “Initial Term”). The term of this Agreement and your employment shall
automatically renew for one-year periods following the Initial Term (each, an “Additional Term”); provided, however, that either party may elect not to renew the term of your employment and this Agreement following the
Initial Term or any Additional Term by providing written notice of such non-renewal at least 60 days prior to the end of the applicable term. The period of your employment with the Company shall be referred to herein as the “Employment
Period”. Notwithstanding the foregoing, Sections 5, 7, 8, 9, 10 and 11 shall survive termination of this Agreement in accordance with their terms. 

Either you or the Company may terminate your employment with the Company at any time, and for any reason or no reason, with or without Cause, as set forth in
Section 7 of this Agreement. For purposes of 

 
this Agreement, “Date of Termination” shall mean (a) if your employment is terminated by your death, the date of your death, (b) if your employment is terminated as a
result of your Disability (as defined in Section 7 below), the date upon which you receive the notice of termination from the Company, (c) if you terminate your employment or your employment is terminated by the Company without
Cause, the date specified in the notice given pursuant to Section 7(a) or (c) herein, as applicable, which shall not be less than 60 days after such notice, and (d) if your employment is terminated for any other reason, the
date on which the notice of termination is given unless otherwise agreed to by the Company. 
 Notwithstanding the foregoing, in all events, the Date of
Termination described above in (b), (c) and (d) subject to the Internal Revenue Code of 1986, as amended (the “Code”) Section 409A, shall occur when you have incurred a separation from service for purposes of Code
Section 409A. 
  

	3.	Base Salary and Sign On Bonus 

 During the Employment Period, your annual base salary will be $500,000
(“Base Salary”), less withholding for taxes and deductions for other appropriate items. Your Base Salary will be determined solely by, and will be reviewed annually for possible increase (but not decrease) by, the Board of Directors
of the Company (the “Board”) or a committee of the Board (such increased Base Salary shall then be referred to as the “Base Salary”). Additionally, you will be paid a one-time sign on bonus in the amount of $225,000
within thirty (30) days of your start date contingent upon your signing of a bonus repayment agreement. 
  

	4.	Annual Bonus 

 During the Employment Period, you will be eligible to receive an annual target bonus equal
to 80% (the “Target Bonus”) of your Base Salary, based on your attainment of pre-established performance goals set forth each year by the Board or a committee of the Board, and potentially a larger bonus based on exceeding such
performance goals, in each case as determined in good faith by the Board or a committee of the Board. The annual bonus for a particular year shall be paid to you no later than March 15 of the year following the year in which such bonus was
earned, subject to your continued employment on such date. 
  

	5.	Participation in the Company Management Equity Incentive Plan; Purchase of Equity 

 At the Effective
Time, you will receive a grant of 600,000 stock options (“Options”) and 200,000 restricted stock units (“RSUs”) of Sovereign Holdings, Inc. (“Sovereign”). In addition, you shall be eligible for
future awards in accordance with the provisions of the Sovereign Holdings Inc. 2012 Management Equity Incentive Plan (the “Plan”). The terms and conditions governing these grants (the “Option Agreements” and
“RSU Agreements”) are attached in Exhibit A. 
  

	6.	Benefit Plans and Programs 

 (a) You will be eligible to participate in the
Company’s employee benefit plans, policies and other compensation and perquisite programs applicable to your position (as reasonably determined by the Board), on the same terms, conditions and eligibility requirements of each such benefit plan,
policy or other compensation program, including amendments or modifications thereto, as are applicable to other executive officers of the Company. During the Employment Period, you shall be entitled to vacation and sick leave in accordance with the
Company’s vacation, holiday and other pay for time not worked policies as in effect from time to time. Except as otherwise provided in the Agreement and Plan of Merger, by and among Sovereign, Sovereign Merger Sub, Inc. and the Company, dated
as of December 12, 2006 (the “Merger Agreement”), such benefit plans, policies or other compensation and perquisite programs may be discontinued or changed from time to time in the Company’s sole discretion. 

(b) In addition, in order to assist you with relocation expenses, the Company will make a lump sum payment of $250,000 within 30 days of
your execution of a lease or closing on a residential property in Dallas, Texas, which will occur no later than November 30, 2013, contingent upon your execution of a repayment agreement. 

(c) During the Employment Period, the Company shall reimburse you for all reasonable travel and other business expenses incurred by you in the
performance of your duties to the Company in accordance with the Company’s expense reimbursement policy, which shall provide for travel and entertainment at a level commensurate with your position. 

  
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	7.	Termination Provisions 

 Except as expressly provided in Section 5 and this
Section 7, and except for any vested benefits under any tax qualified plan or other benefit plan (to the extent that such benefit plan does not provide for a duplication of the benefits described herein) maintained by the Company,
pursuant to the Option Agreements and RSU Agreements or indemnification and insurance as provided in Section 11(c), and except as may be required by law, you shall not be entitled to any benefits or payments in the event of the
termination of your employment with the Company. 
  

	(a)	Termination without Cause or by You for Good Reason. The Company may terminate your employment at any time without Cause (as defined below) or you may terminate your employment for Good Reason (as defined below),
in each case upon 60 days notice by the terminating party. Notwithstanding anything herein to the contrary, in the event that your employment is terminated by the Company as a result of the giving of a notice of non-renewal of the Initial Term
or any Additional Term by the Company, such termination shall be deemed for all purposes to be a termination by the Company without Cause at the end of the then-current Term. In the event your employment is terminated by the Company without Cause or
by you for Good Reason, the Company shall pay to you: within 30 days of the Date of Termination: (A) your Base Salary through the date of your termination, (B) reimbursement for any unreimbursed business expenses incurred by you in
accordance with Company policy prior to the date of your termination that are subject to reimbursement and (C) payment for vacation time accrued as of the date of your termination but unused (such amounts under clauses (A), (B) and
(C) above, collectively the “Accrued Obligations”). In addition, on the date the annual bonuses are otherwise paid to executives who remain employed with the Company, you shall receive, in the year of your termination, an
amount equal to any accrued but unpaid annual bonus for the immediately preceding year that you would have been paid had you remained employed on the date such bonuses are paid. 

In addition, in the event your employment is terminated by the Company without Cause or by you for Good Reason, the Company will pay to you,
subject to Section 11(b)(ii), as severance, in installments in accordance with normal Company payroll practices over the 18 month period following the Date of Termination, an amount equal to 150% of the sum of (i) your annual Base
Salary as of the commencement of such period and (ii) your annual Target Bonus as of the commencement of such period. 
 In addition,
for the 18 month period commencing on the day after the Date of Termination, the Company shall continue to provide medical, dental and vision benefits) to you and any eligible dependents which are substantially similar to those provided generally to
executive officers of the Company and their eligible dependents (including any required contribution by such executive officers) pursuant to such medical, dental and vision plans as may be in effect from time to time as if your employment had not
been terminated (it being understood that the Company may provide such coverage by treating this as a COBRA period and charging you only the amount of the contribution that would be required of you as an active employee); provided,
however, that if you become re-employed with another employer and are eligible to receive health insurance benefits under another employer provided plan, the benefits described herein shall terminate. In such event, you are obligated to
promptly notify the Company of any changes in your benefits coverage. To the extent any reimbursements or in-kind payments due to you under this Agreement constitute “deferred compensation” under Code Section 409A, any such

  
 3 

 
reimbursements or in-kind payments shall be paid to you no later than the last day of the taxable year next following the taxable year in which the expenses were incurred, and in a manner
consistent with Treas. Reg. §1.409A-3(i)(1)(iv). 
 Any amounts paid under this Section 7(a) shall be paid, and any other
benefit or accommodation shall be made or provided under Sections 5 (i.e. the post-termination exercise period set forth in the Option Agreement) and this Section 7(a) shall be made, only upon your executing an Agreement and
General Release substantially in the form attached hereto as Exhibit B (the “Release”), and such Release becoming effective, and, with regard to Section 7(a), subject to your not violating any of your obligations to
the Company under Section 8 and subject to your materially complying with your obligations under Section 9 of this Agreement; provided, that you shall have the opportunity to promptly cure any such violation, to the
extent such violation is reasonably susceptible to cure, after written notice thereof. Further, you agree that suspension of such termination payments or benefits, as a consequence of your breach of such obligations does not in any way limit the
ability of the Company to pursue injunctive relief or to seek additional damages with respect to your breach of such obligations; provided, further, that, notwithstanding anything to the contrary herein, with respect to any penalty
arising from your obligation to engage in or to refrain from engaging in any activities that are set forth in the Plan (including any such obligations incorporated by reference to the provisions of this Agreement), your Options shall be governed by
the provisions of the Plan or any applicable grant agreement. 
  

	(b)	Termination on Death/Disability. In the event your employment is terminated as a result of your death or Disability, the Company will pay to you or your beneficiary the Accrued Obligations and any accrued but
unpaid annual bonus for the immediately preceding year that you would have been paid had you remained employed on the date such bonuses are paid in year in which you die or become Disabled. 

 

	(c)	Voluntarily Termination. You may terminate your employment for any reason upon 60 days notice to the Company. If you voluntarily terminate your employment (other than for Good Reason), the Company will pay to you
the Accrued Obligations within 30 days of such termination of employment. 

  

	(d)	Termination for Cause. The Company may terminate your employment at any time for Cause. In the event your employment is terminated for Cause, the Company will pay to you the Accrued Obligations no later than 30
days after such termination of employment. 

 For purposes of this Agreement, “Disability” shall mean that (i) you have
suffered a physical or mental illness or injury that has impaired your ability to substantially perform your full-time duties with the Company with or without reasonable accommodation for a period of 180 consecutive or non-consecutive days in a
12-month period; (ii) qualifies you for benefits under the Company’s long-term disability plan; and (iii) you shall not have returned to full-time employment with the Company. “Disabled” shall have the correlative
meaning. 
 For purposes of this Agreement, “Cause” shall mean the occurrence of the events described in the following clauses (i) or
(ii) herein, provided that no act or failure to act by you shall be deemed to constitute Cause if done, or omitted to be done, in good faith and with the reasonable belief that the action or omission was in the best interests of the Company:
(i) at least a majority of the members of the Board determine that you (A) were guilty of gross negligence or willful misconduct in the performance of your duties for the Company (other than due to your physical or mental incapacity),
(B) breached or violated, in any material respect, any agreement between you and the Company or any material policy in the Company’s code of conduct or similar employee conduct policy (as amended from time to time), or (C) committed a
non-de minimis act of dishonesty or breach of trust with regard to the Company, any of its subsidiaries or affiliates, or (ii) you are indicted of, or plead guilty or nolo contendre to, a felony or other crime of moral turpitude.
Notwithstanding, the foregoing, in the case of clause (i)(B) in the preceding sentence, a termination for “Cause” cannot occur unless and until the Board has provided you with written notice of the circumstances setting forth the breach or
violation in reasonable detail and you have been afforded an opportunity to cure (if susceptible to cure) such violation or breach within 15 days after the receipt of such notice. 

  
 4 

 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following
events, without your prior written consent: (i) any materially adverse change to your responsibilities, duties, authority or status from those set forth in this Agreement or any materially adverse change in your positions, titles or reporting
responsibility; provided that the Company becoming or ceasing to be a publicly traded shall not be deemed a material adverse change; (ii) a relocation of your principal business location to an area outside a 50 mile radius of its current
location in Southlake, Texas or moving of you from the Company’s headquarters; (iii) a failure of any successor to the Company (whether direct or indirect and whether by merger, acquisition, consolidation, asset sale or otherwise) to
assume in writing any obligations arising out of this Agreement; (iv) a reduction of your annual Base Salary or Target Bonus or the failure to timely pay any of the compensation provided for under Section 2 above to you in
connection with your employment; provided, that, a reduction in Base Salary or Target Bonus of less than 5% that is proportionately applied to employees of the Company generally shall not constitute Good Reason hereunder; or (v) a
material breach by the Company of this Agreement or any other material agreement with you relating to your compensation; provided that, within 30 days following the date you have knowledge of the occurrence of any of the events set forth
herein, you have delivered written notice to the Company of your intention to terminate your employment for Good Reason, and the Company shall not have cured such circumstances (if susceptible to cure) within 30 days following receipt of such notice
(or, in the event that such grounds cannot be corrected within such 30-day period, the Company has not taken all reasonable steps within such 30-day period to correct such grounds as promptly as practicable
thereafter). 
  

	8.	Non-solicitation, Non-recruitment and Non-competition 

 You acknowledge and agree that, in your position
as Executive Vice President, Chief Product and Technology Officer for Sabre Holdings Corporation (which, for purposes of this Section 8, shall include all of the Company’s subsidiaries and all affiliated companies and joint ventures
connected by common ownership to the Company on or after the Effective Time (but not any other portfolio companies of the Majority Stockholder (as defined in the Plan)), it is expected that: (i) you will be materially involved in conducting or
overseeing all aspects of the Company’s business activities throughout the world, (ii) you will have material contact with a substantial number of the Company’s employees, and all or substantially all of the Company’s
then-current and actively-sought potential customers (“Customers”) and suppliers of inventory (“Suppliers”); (iii) you will have access to all or substantially all of the Company’s Trade Secrets and
Confidential Information (see Exhibit C for definition of “Trade Secrets” and “Confidential Information”). You further acknowledge and agree that your competition with the Company anywhere worldwide, or your attempted
solicitation of the Company’s employees or Customers or Suppliers, during your employment or within one year after the termination of your employment with the Company, would be unfair competition and would cause substantial damages to the
Company. Consequently, in consideration of your employment with the Company as Executive Vice President, Chief Product and Technology Officer and the Company’s covenants in this Agreement, you make the following covenants described in this
Section 8: 
  

	(a)	Non-solicitation of Company Customers and Suppliers. During the Employment Period and for one year following any Date of Termination, you shall not, directly or indirectly, on behalf of yourself or of anyone
other than the Company, solicit the business of or attempt to solicit the business of (or assist any third party in soliciting or attempting to solicit the business of) any Customer in connection with any business activity that then competes with
the Company, nor during the Employment Period and for one year following the Date of Termination will you seek to interfere with the Company’s relationship with any Supplier. 

 

	(b)	 Non-solicitation of Company Employees. During the Employment Period and for 18 months following any Date of Termination, you shall not, without
the prior written consent of the Chief Executive Officer, directly or indirectly, on behalf of yourself or any third party, solicit or hire or recruit or, other than in the good faith performance of your duties, induce or encourage (or assist

  
 5 

	 	
any third party in hiring, soliciting, recruiting, inducing or encouraging) any employees of the Company or any individuals who were employees within the six month period immediately prior
thereto to terminate or otherwise alter his or her employment with the Company. Notwithstanding the foregoing, the restrictions contained in this Section 8(b) shall not apply to (i) general solicitations that are not specifically
directed to employees of the Company, (ii) any employee of the Company who was terminated involuntarily, or (iii) serving as a reference at the request of an employee. 

 

	(c)	Non-competition with the Company. During the Employment Period and for 18 months following any Date of Termination, you shall not become an employee, director, or independent contractor of, or a consultant to, or
perform any services for, any Competitor of the Company. For purposes of this Section 8, a Competitor of the Company shall mean (i) any unit, division, line of business, parent, subsidiary, or subsidiary of the parent of any of
Travelport, Amadeus, Worldspan, Orbitz, Expedia, Priceline, Hotwire, ITA Software, Cheaptickets, Navitaire, or EDS; or (ii) any individual or entity that within one year after your Date of Termination could reasonably be expected to generate
more than $100 Million in annualized gross revenue from any activity that competes, or combination of activities that competes, with any business of the Company; provided, that a Competitor of the Company under this clause (ii) shall not
include any individual or entity or portion of an entity where (A) you have actual supervisory duties and authority over one or more businesses and (B) less than 20% of the annualized gross revenue of such businesses over which you have
actual supervisory duties and authority arise from any activity or combination of activities that competes with any business of the Company, and provided further, that clause (ii) shall not apply to any individual or entity that competes
with a business of the Company if such business is conducted exclusively by an entity that the Company does not control and with respect to which you have no responsibility. Notwithstanding the foregoing, in the event any of the above-named entities
in clause (i) of this Section 8(c) no longer engages in a line of business that competes with any business of the Company, such entity shall no longer be deemed a Competitor of the Company for purposes of this Section 8.

  

	(d)	Non-disclosure of Confidential Information and Trade Secrets. During the Employment Period and thereafter, except in the good faith performance of your duties hereunder or where required by law, statute,
regulation or rule of any governmental body or agency, or pursuant to a subpoena or court order, you shall not, directly or indirectly, for your own account or for the account of any other person, firm or entity, use or disclose any Confidential
Information or proprietary Trade Secrets of the Company to any third person unless such Confidential Information or Trade Secret has been previously disclosed to the public or is in the public domain (other than by reason of your breach of this
paragraph). 

  

	(e)	Enforceability of Covenants. You acknowledge that the Company has a present and future expectation of business from and with the Customers and Suppliers. You acknowledge the reasonableness of the term,
geographical territory, and scope of the covenants set forth in this Section 8, and you agree that you will not, in any action, suit or other proceeding, deny the reasonableness of, or assert the unreasonableness of, the premises,
consideration or scope of the covenants set forth herein and you hereby waive any such defense. You further acknowledge that complying with the provisions contained in this Agreement will not preclude you from engaging in a lawful profession, trade
or business, or from becoming gainfully employed. You agree that your covenants under this Section 8 are separate and distinct obligations under this Agreement, and the failure or alleged failure of the Company or the Board to perform
obligations under any other provisions of this Agreement shall not constitute a defense to the enforceability of your covenants and obligations under this Section 8. You agree that any breach of any covenant under this
Section 8 will result in irreparable damage and injury to the Company and that the Company will be entitled to seek injunctive relief in any court of competent jurisdiction without the necessity of posting any bond. 

  
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	9.	Post-Employment Transition and Cooperation 

 Upon and after the termination of your employment with the
Company for any reason (except your death or, if lacking sufficient physical or mental ability, your Disability), you will execute any and all documents and take any and all actions that the Company may reasonably request to effect the transition of
your duties and responsibilities to a successor. You will make yourself reasonably available with respect to, and to cooperate in conjunction with, any litigation or investigation involving the Company, and any administrative matters (including the
execution of documents, as reasonably requested); provided, that such litigation, investigation or administrative matter is related to your employment with the Company and that any such availability or cooperation does not materially
interfere with your then current professional activities, does not include a conflict between you and the Company, Sovereign or the Majority Stockholder as determined in good faith by you and the Majority Stockholder and would not result in a
violation of any court order or governmental requirement. The Company agrees to compensate you (other than with respect to the provision of testimony) for such cooperation at an hourly rate commensurate with your Base Salary on the Date of
Termination, to reimburse you for all reasonable expenses actually incurred in connection with cooperation pursuant to this Section 9, and to provide you with legal representation. 

 

	10.	Code Section 280G 

 If, after the Effective Time, Sovereign or the Company is not an entity whose
stock is readily tradable on an established securities market (or otherwise) and a “change of control” under Treasury Regulation 1.280G occurs, the Company and Sovereign shall use commercially reasonable best efforts to take such actions
as may be necessary to avoid the imposition of the excise tax imposed by Section 4999 of the Code or a loss of deductibility under Section 280G of the Code, including seeking to obtain stockholder approval in accordance with the terms of
Section 280G(b)(5)(ii). If on the date that a “change of control” under Treasury Regulation 1.280G occurs, either Section 280G(b)(5)(ii)(II) is not applicable or after using commercially reasonable best efforts, the Company
is unable to avoid the imposition of the excise tax imposed by Section 4999 of the Code as to any payment or benefits provided to you whether made or provided pursuant to this Agreement or otherwise (such payments or benefits which are subject
to such excise tax being referred to as the “Parachute Payments”), then, except to the extent you have previously waived your rights with respect to such Parachute Payments, you will be entitled to receive either (A) the full amount
of the Parachute Payments, or (B) the maximum amount that may be provided to you without resulting in any portion of such Parachute Payments being subject to the excise tax imposed by Section 4999 of the Code, whichever of clauses
(A) and (B), after taking into account applicable federal, state, and local taxes and the excise tax under Section 4999 of the Code, results in the receipt by you, on an after-tax basis, of the greatest portion of the Parachute Payments.
The Parachute Payments shall be reduced in a manner that maximizes the Executive’s economic position. Any reduction of Parachute Payments pursuant to the preceding sentence shall be made in a manner consistent with the requirements of
Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. 

 

	11.	Miscellaneous 

 (a) Dispute Resolution. The laws of the state of Texas will govern
the construction, interpretation and enforcement of this Agreement. The parties agree that any and all claims, disputes, or controversies arising out of or related to this Agreement, or the breach of this Agreement, shall be resolved by binding
arbitration, except as otherwise provided in Section 8 of this Agreement. The parties will submit the dispute, within 30 business days following service of notice of such dispute by one party on the other, to the Judicial Arbitration and
Mediation Services (J*A*M*S/Endispute) for prompt resolution in Dallas, Texas, under its rules for labor and employment disputes. The decision of the arbitrator will be final and binding upon the parties, and judgment may be entered thereon in
accordance with applicable law in any court having jurisdiction. The arbitrator shall have the authority to make an award of monetary damages and interest thereon. The arbitrator shall have no authority to award, and the parties hereby waive any
right to seek or receive, specific performance or an injunction, punitive or exemplary damages. The arbitrator will have no authority to order a modification or amendment of this Agreement. The parties shall bear their own attorneys fees, and shall
bear equally the expenses of the arbitral proceedings, including without limitation the fees of the arbitrator. 

  
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 (b) Code Section 409A. 

(i) The intent of the parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code of 1986, and
the regulations and guidance promulgated thereunder (collectively, “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If any provision of this
Agreement (or of any award of compensation, including equity compensation or benefits) would cause you to incur any additional tax or interest under Code Section 409A, the Company shall, after consulting with you, reform such provision to
comply with Code Section 409A; provided, that the Company agrees to maintain, to the maximum extent practicable, the original intent and economic benefit to you of the applicable provision without violating the provisions of Code
Section 409A. 
 (ii) Notwithstanding any provision to the contrary in this Agreement, if you are deemed on the Date of Termination to be a
“specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code and the Company is a public company, then the payments specified as being subject to this Section 11(b)(ii) shall not be made or
provided (subject to the last sentence hereof) prior to the earlier of (A) the expiration of the six month period measured from the date of your “separation from service” (as such term is defined in Treasury Regulations issued under
Code Section 409A) or (B) the date of your death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 11(b)(ii) (whether they would have
otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to you in a lump sum, and any remaining payments due under this Agreement shall be paid or provided in accordance with the normal
payment dates specified for them herein. 
 (iii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code
Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” 

(iv) (a) All expenses or other reimbursements as provided herein shall be payable in accordance with the Company’s policies in effect from time to
time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you (b) no such reimbursement or expenses eligible for reimbursement in any taxable year
shall in any way affect the expenses eligible for reimbursement in any other taxable year and (c) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit. 

(v) For purposes of Code Section 409A, your right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a
series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”),
the actual date of payment within the specified period shall be within the sole discretion of the Company. 
 (c) Indemnification and
Insurance. During the Employment Period and for so long thereafter as liability exists with regard to your activities during the Employment Period on behalf of the Company, its subsidiaries, affiliates, or joint ventures or as a fiduciary of any
benefit plan of any of them, the Company shall indemnify you to the fullest extent permitted by applicable law (other than in connection with your gross negligence or willful misconduct), and shall at the Company’s election provide you with
legal representation or shall advance to you reasonable attorneys’ fees and expenses as such fees and expenses are incurred (subject to an undertaking from you to repay such advances if it shall be finally determined by a judicial decision
which is not subject to further appeal that you were not entitled to the reimbursement of such fees and expenses). During the Employment Period and for so long as 

  
 8 

 
liability exists thereafter you shall be entitled to the protection of any insurance policies the Company shall elect to maintain generally for the benefit of its directors and officers
(“Directors and Officers Insurance”) against all costs, charges and expenses incurred or sustained by you in connection with any action, suit or proceeding to which you may be made a party by reason of your being or having been a
director, officer or employee of the Company or any of its subsidiaries or affiliates or your serving or having served any other enterprise or benefit plan as a director, officer, fiduciary or employee at the request of the Company (other than any
dispute, claim or controversy arising under or relating to this Agreement); provided that you shall, in all cases, be entitled to Directors and Officers Insurance coverage no less favorable than that (if any) provided to any other present
director or officer of the Company. 
 (d) Attorneys’ Fees. The Company shall pay all reasonable attorneys’ fees and
disbursements incurred by you in connection with the negotiation of this Agreement. Payment of such fees shall be made promptly and, in any event, within 30 days after a request for payment of such fees is provided to the Company. 

(e) No Mitigation. Except as otherwise provided in Section 7(a) hereof, (i) you shall not be required to seek other
employment or otherwise mitigate the amount of any payments to be made by the Company pursuant to this Agreement; and (ii) the payments provided pursuant to this Agreement shall not be reduced by any compensation earned by you as the result of
employment by another employer after the Date of Termination or otherwise. 
 (f) Entire Agreement; Amendment. This Agreement, the
RSU Agreements and the Option Agreements represent the entire understanding with respect to their subject matter. Only a writing that has been signed by both you and the Company may modify this Agreement. Any and all previous employment agreements,
severance agreements and executive termination benefits agreements are cancelled as of the Effective Time and the benefits under this Agreement are in lieu of, and in full substitution for, any other severance or post-employment benefits pursuant to
any other agreement, arrangement or understanding with the Company or any of its affiliates; provided, however, that any prior award of Options shall remain in full force and effect. 

(g) Successors. This Agreement shall be binding upon and inure to the benefit of (i) the heirs, executors and legal
representatives of you upon your death and (ii) any successor of the Company. Any such successor of the Company shall be deemed substituted for the Company under the terms of this Agreement for all purposes. As used herein,
“successor” shall include any person, firm, corporation, or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the
Company. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the day and year
first written above. 
  

			
	EXECUTIVE
	
	  

	Deborah Kerr
	
	SOVEREIGN HOLDINGS, INC.
	
	  

	Name:	 	
	Title:	 	

 Signature Page – Kerr Employment Agreement 

 EXHIBIT A 

[Form Grant Agreements] 

 EXHIBIT B 

[Form of General Release] 

 EXHIBIT C 

Trade Secrets Defined. As used in this Agreement, the term “Trade Secrets” shall mean all secret, proprietary or confidential
information regarding the Company (which shall mean and include for purposes of this Exhibit E all of the Company’s subsidiaries and all affiliated companies and joint ventures connected by ownership to the Company at any time) or any
Company activity that fits within the definition of “trade secrets” under the Uniform Trade Secrets Act or other applicable law. Without limiting the foregoing or any definition of Trade Secrets, Trade Secrets protected hereunder shall
include all source codes and object codes for the Company’s software and all website design information to the extent that such information fits within the Uniform Trade Secrets Act. Nothing in this Agreement is intended, or shall be construed,
to limit the protections of any applicable law protecting trade secrets or other confidential information. “Trade Secrets” shall not include information that has become generally available to the public, other than information that has
become available as a result, directly or indirectly, of your failure to comply with any of your obligations to the Company or its affiliates. This definition shall not limit any definition of “trade secrets” or any equivalent term under
the Uniform Trade Secrets Act or any other state, local or federal law. 
 Confidential Information Defined. As used in this
Agreement, the term “Confidential Information” shall mean all material information regarding the Company and any of its affiliates, any Company activity or the activity of any Company affiliate, Company business or the business of any
Company affiliate or Company Customer or the Customers of any Company affiliate that is not generally known to persons not employed or retained (as employees or as independent contractors or agents) by the Company, that is not generally disclosed by
Company practice or authority to persons not employed by the Company, that does not rise to the level of a Trade Secret and that is the subject of reasonable efforts to keep it confidential. Confidential Information shall, to the extent such
information is not a Trade Secret and to the extent material, include, but not be limited to product code, product concepts, production techniques, technical information regarding the Company or Company affiliate products or services, production
processes and product/service development, operations techniques, product/service formulas, information concerning Company or Company affiliate techniques for use and integration of its website and other products/services, current and future
development and expansion or contraction plans of the Company or any affiliate, sale/acquisition plans and contacts, marketing plans and contacts, information concerning the legal affairs of the Company or any affiliate and certain information
concerning the strategy, tactics and financial affairs of the Company or any affiliate. “Confidential Information” shall not include information that has become generally available to the public, other than information that has become
available as a result, directly or indirectly, of your failure to comply with any of your obligations to the Company or its affiliates. This definition shall not limit any definition of “confidential information” or any equivalent term
under the Uniform Trade Secrets Act or any other state, local or federal law. 

  
 4

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