Document:

Registration Rights Agreement

 Exhibit 4.9 
  

  
 REGISTRATION RIGHTS AGREEMENT 
  
 between

  
 TRX, INC. 
  
 and 
  
 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. 
  
 dated 
  
 JULY 24, 2000 
  

 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT is made this 24th day of July, 2000, between TRX, Inc., a Georgia corporation
(“Company”), and American Express Travel Related Services Company, Inc., a New York corporation (“Investor”), with reference to the following background: 
  

	A.	Investor and an Affiliate (as hereafter defined) of Company have entered into a Service Bureau Agreement dated July     , 2000 (the “Services
Agreement”), and Company and Investor have entered into a Warrant Agreement (the “Warrant”) exercisable for shares of common stock, $.01 par value, of the Company (“Common Stock”). 

  

	B.	In order to induce Investor to enter into the Services Agreement and the Warrant, Company has agreed to provide registration rights with respect thereto. 

 
 NOW, THEREFORE, the parties agree as follows: 
  
 Section 1. Definitions. Capitalized terms used in this Agreement but
not defined have the meaning set forth in the Warrant. The following terms have the meanings set forth below: 
  
 “Affiliate” of any Person means any other person which controls, is controlled by, or is under common control with such
Person. 
  
 “Agreement” means
this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing. 
  
 “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be
closed in the State of Georgia. 
  
 “Common Stock” has the meaning set forth in the recitals. 
  
 “Company” has the meaning set forth in the recitals. 
  
 “Demanding Security Holders” has the meaning set forth in Section 2(a). 
  
 “Investor” has the meaning set forth in the
recitals. 
  
 “Holder” means
Investor or any of its Affiliates. 
  

 “Initial Public Offering” means the first public offering of Common
Stock by the Company pursuant to an effective registration statement on Form S-1 (or any equivalent general registration form) under the Securities Act. 
  
 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, entity or government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any instrumentality, division, agency,
body or department thereof). 
  
 “Registrable Securities” means the Warrant Shares and any other shares of Common Stock held by any Holder. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities
when (i) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities have been disposed of in accordance with such registration statement, (ii) all such securities
shall be subject to sale pursuant to Rule 144 without volume restriction, or (iii) they shall have ceased to be outstanding. 
  
 “Registration Expenses” means all expenses incurred by the Company in compliance with Sections 2 and 3 hereof, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, underwriting discounts and selling commissions applicable to the sale of Registrable Securities
and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company, which shall be paid in any event by the Company). 
  
 “Securities Act” means the Securities Act
of 1933. 
  
 “SEC” means the
Securities and Exchange Commission. 
  
 “Warrant” has the meaning set forth in the recitals. 
  
 “Warrant Shares” means shares of Common Stock issued or issuable upon exercise of the Warrant. 
  
 Section 2. Incidental Registration. 
  
 (a) If Company at any time after its Initial Public Offering
proposes to file on its behalf or on behalf of any of its security holders (the “Demanding Security Holders”) a registration statement under the Securities Act on any form (other than a registration statement on Form S-4 or S-8 or
any successor form for securities to be offered in a transaction of the type referred to in Rule 145 under the Securities Act or to employees of Company pursuant to any employee benefit plan, respectively) for the general registration of securities,
it will give written notice to all Holders at least 15 days 

  

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before the initial filing with the SEC of such registration statement, which notice shall set forth the intended method of disposition of the securities
proposed to be registered by Company. Each Holder desiring to have Registrable Securities registered under this Section 2 shall advise Company in writing within 10 days after the date of such notice from Company, setting forth the amount of such
Registrable Securities for which registration is requested. Company shall thereupon include in such filing the number of shares of Registrable Securities for which registration is so requested, subject to Section 2(b), and shall use its best efforts
to effect registration under the Securities Act of such shares. 
  
 (b) The Holders of Registrable Securities shall not have the right to include any Registrable Securities in such filing unless (i) such Registrable Securities are of the same class as the securities included in such
registration and (ii) if any of the securities covered by such registration are sold in an underwritten offering, the Holders of Registrable Securities agree in writing to sell their Registrable Securities on the same terms and conditions as apply
to the securities being sold by Company and the Demanding Security Holders. If the managing underwriter of any underwritten offering shall advise Company that, in its opinion, the inclusion of the Registrable Securities requested to be included in
the registration concurrently with the securities being registered by Company or the Demanding Security Holders would adversely affect the distribution of such securities by Company or the Demanding Security Holders, then the amount of securities to
be included in the registration shall be reduced to the maximum amount which can be marketed without adversely affecting the distribution of the securities to be included by Company or the Demanding Security Holders in such registration. If the
registration is initiated by Company for the registration of securities to be sold for its own account, the priority of securities to be included in the registration shall be (A) first, all securities Company proposes to sell for its own account
(the “Company Securities”), and (B) second, up to the full number of other securities requested to be included in the offering by holders of incidental registration rights (including Registrable Securities requested to be sold by the
Holders) (collectively, the “Other Securities”) in excess of the Company Securities, which, in the good faith opinion of such managing underwriter, can be sold without adversely affecting the offering. Other Securities shall be allocated
for inclusion in the offering among the holders of such securities pro-rata in proportion to the number of shares that such holders have requested be included in the offering. If the registration is initiated by Demanding Security Holders, Company
shall register (X) first, all securities requested by such Demanding Security Holders for inclusion in the offering, (Y) second, up to the full number of Other Securities requested to be included in the offering which, in the good faith opinion of
such managing underwriter, can be sold without adversely affecting the offering (with inclusion of shares being allocated among the holders as noted in the preceding sentence) and (Z) third, up to the full number of Company Securities in excess of
the Demand Securities and Other Securities which, in the good faith opinion of such managing underwriter, can be sold without adversely affecting the offering. 
  

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 Section 3. Shelf Registration. If the Company is eligible to use Form S-3 (or any successor form),
then at the request of Holders of 51% of the Registerable Securities, the Company shall file an “evergreen” shelf registration statement with respect to the Registrable Securities pursuant to Rule 415 under the Securities Act (the
“Shelf Registration”) on Form S-3 (or any successor form). The Company shall use its reasonable best efforts to have the Shelf Registration declared effective as soon as practicable after such filing, provided that: 
  
 (i) if, prior to receipt of a registration request pursuant
to this Section 3, Company has commenced a financing plan and held or identified a date to hold a formal “all hands” meeting with outside advisors, including an underwriter if such financing plan is an underwritten offering, and, in the
good faith business judgment of Company’s underwriter (or advisors if the offering is not an underwritten offering), a registration at the time and on the terms requested could materially and adversely affect or interfere with such financing
plan of Company (a “Transaction Blackout”), Company shall not be required to effect a registration pursuant to this Section 3 until the earliest of (A) the abandonment of such offering or (B) sixty (60) days after the termination of such
offering; provided that Company shall only be permitted to delay a requested registration under this Section 3, whether in reliance on this subsection (i) or on subsection (ii) below, three times during the term of this Agreement. 
  
 (ii) if, while a registration request is pending pursuant to
this Section 3, Company has determined in good faith that (A) the filing of a registration statement could jeopardize or delay any contemplated material transaction other than a financing plan involving Company or would require the disclosure of
material information that Company had a bona fide business purpose for preserving as confidential; or (B) Company then is unable to comply with SEC requirements applicable to the requested registration (notwithstanding its reasonable best efforts to
so comply), Company shall not be required to effect a registration pursuant to this Section 3 until the earlier of (X) the date upon which such contemplated transaction is completed or abandoned or such material information is otherwise disclosed to
the public or ceases to be material or Company reasonably is able to so comply with applicable SEC requirements, as the case may be, and (Y) thirty (30) days after Company makes such good-faith determination; provided that Company shall only be
permitted to delay a requested registration under this Section 3, whether in reliance on this subsection (ii) or on subsection (i) above, three times during the term of this Agreement. 
  

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 Section 4. Registration Procedures. In connection with Company’s registration obligations
pursuant to Section 2 or Section 3, Company will, as expeditiously as possible: 
  
 (a) prepare and file with the SEC a registration statement with respect to such securities and use its reasonable best efforts to cause
such registration statement to be declared effective; 
  
 (b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective and to
comply with the provisions of the Securities Act with respect to the sale or other disposition of all securities covered by such registration statement until the earlier of such time as all of such securities have been disposed of and 90 days after
the date of the registration statement; provided, however, that with respect to any registration statement filed pursuant to Rule 415 under the Securities Act the Company shall use its reasonable best efforts to keep the registration
statement effective and updated from the date such registration statement is declared effective until such time as all of the Registrable Statement are sold or cease to be Registrable Securities; 
  
 (c) after the filing of the registration statement, promptly
notify each Holder holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission under state blue sky laws and take all reasonable actions required to
prevent the entry of such stop order or to remove it if entered; 
  
 (d) furnish to the selling security holders such number of copies of a summary prospectus or other prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such
other documents, as such selling security holders may reasonably request; 
  
 (e) notify on a timely basis each Holder holding such Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act
of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; 
  
 (f) use its reasonable best efforts to register or qualify the securities covered by such registration statement under such other
securities or blue sky laws of such jurisdictions within the United States as each holder of such securities shall reasonably request; provided, however, that Company shall not be obligated to (i) qualify 

  

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generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (f), (ii) subject itself to taxation
in any such jurisdiction. 
  
 It shall be a
condition precedent to the obligation of Company to take any action pursuant to this Agreement in respect of the securities which are to be registered at the request of any Holder that such Holder shall (i) furnish to Company such information
regarding the securities held by such Holder and the intended method of disposition thereof as Company shall reasonably request and (ii) cooperate in all other respects as Company may reasonably request for purposes of facilitating actions required
to be taken by Company pursuant to the terms of this Agreement. 
  
 Section 5. Expenses. All Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to Section 2 shall be borne by the Company. All Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Section 3 shall be borne by Holders on a pro rata basis based on the number of shares so registered by the Holders. 
  
 Section 6. Lockup. Holders hereby agree to sign and be subject to a lock-up agreement with the Company’s
underwriters in connection with a registration by the Company of shares of Common Stock in connection with the Company’s Initial Public Offering and in connection with any underwritten offering pursuant to Section 2 invoked by any Demanding
Security Holders. The lockup agreement will restrict the sale of the Registrable Securities for a period equal to the period restricting insiders of the Company from selling securities (which period shall not exceed 180 days from the date of the
underwritten offering). 
  
 Section 7. Indemnification and
Contribution. 
  
 (a) In the event of any
registration of any Registrable Securities under the Securities Act pursuant to this Agreement, Company shall indemnify and hold harmless the Holder of such Registrable Securities, such Holder’s directors and officers and each other Person
(including each underwriter) who participated in the offering of such Registrable Securities and each other Person, if any, who controls such Holder or such participating Person within the meaning of the Securities Act, against any losses, claims,
damages, liabilities or expenses, to which such Holder or any such director or officer or participating Person or controlling Person may become subject under the Securities Act or any other applicable law, insofar as such losses, claims, damages,
liabilities or expenses, (or actions in respect thereof) arise out of or are based upon (i) any alleged untrue statement of any material fact contained, on the effective date thereof, in any registration statement under which such securities were
registered under the Securities Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto, or (ii) any alleged omission to state therein a material fact required to be stated or necessary to make
the statements therein not misleading, except insofar as 

  

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such losses, claims, damages, liabilities or expenses are caused by any such actual or alleged untrue statement or omission so made in strict conformity with
information furnished in writing to Company by such Holder or on such Holder’s behalf expressly for use therein; provided that with respect to any actual or alleged untrue statement or actual or alleged omission made in any preliminary
prospectus, or in any prospectus, as the case may be, the indemnity agreement contained in this paragraph shall not apply to the extent that any such loss, claim, damage, liability or expense results from the fact that a current copy of the
prospectus (or, in the case of a prospectus, the prospectus as amended or supplemented) was not sent or given to the Person asserting any such loss, claim, damage or liability at or prior to the written confirmation of the sale of the Registrable
Securities concerned to such Person if it is determined that Company has provided such prospectus to such Holder in a timely manner prior to such sale and it was the responsibility of such Holder under the Securities Act to provide such Person with
a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amendment or supplemented prospectus, as the case may be) would have cured the defect giving rise to
such loss, claim, damage or liability. 
  
 (b) In
connection with any registration statement in which a Holder is participating, such Holder will indemnify and hold harmless Company, its directors and officers and each Person, if any, who controls Company within the meaning of the Securities Act
against any losses, claims, damages, liabilities or expenses to which Company or any such director or officer other Person may become subject, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) arise out
of or are based upon (i) information in writing furnished to Company by such Holder for use in (and such information is contained in) any registration statement under which securities were registered under the Securities Act at the request of such
Holder, any preliminary prospectus or final prospectus contained therein or any amendment or supplement thereto, or (ii) the fact that a current copy of the prospectus (or, in the case of a prospectus, the prospectus as amended or supplemented) was
not sent or given to the Person asserting any such loss, claim, damage, liability or expense at or prior to the written confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that it was the
responsibility of such Holder to provide such Person with a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amendment or supplemented prospectus, as the
case may be) would have cured the defect giving rise to such loss, claim, damage, liability or expenses. 
  
 (c) If the indemnification provided for in this Section 7 from the indemnifying party is unavailable to an indemnified party hereunder in
respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of
such losses, claims, damages, 

  

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liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties in connection
with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such
indemnifying party or indemnified parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
  
 The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 7(c) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  
 Section 8. Certain Limitations on Registration Rights. Notwithstanding
the other provisions of this Agreement, Company shall not be obligated to register the Registrable Securities of any Holder if, in the opinion of counsel to Company the sale or other disposition of such Holder’s Registrable Securities may be
effected in the manner proposed by such Holder without registering such Registrable Securities under the Securities Act. 
  
 Section 9. Miscellaneous. 
  
 (a) No Inconsistent Agreements. Company will not hereafter enter into any agreement with respect to its securities which is
inconsistent with the rights granted to the Holders in this Agreement. 
  
 (b) Amendment; Waiver. The provisions of this Agreement may not be amended, and waivers or consents to departure from such provisions may not be given, unless Company has obtained the written consent of the
Holders. No failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver of such right, power or privilege nor shall any single or partial exercise of any right, power or privilege preclude
any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. Except as otherwise 

  

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provided in this Agreement, the rights and remedies provided under this Agreement shall be cumulative and not exclusive of any rights or remedies provided by
law. 
  
 (c) Notices. All notices and
communications to be given or made by any party under this Agreement shall be in writing and delivered by hand-delivery, registered first class mail (return receipt requested), facsimile, or air courier guaranteeing overnight delivery, addressed as
follows, or to such other Person or address as the party named below may designate by notice: 
  
 (i) If to any Holder, at its last known address appearing on the books of Company maintained for such purpose. 
  
 (ii) If to Company, at 
  
 TRX, Inc. 
 6 W. Druid Hills Drive 
 Atlanta, Georgia 30329 
 Attention: Chief Financial Officer 
  
 Each such notice or other communication shall be deemed to have been duly given or served on
the date on which personally delivered, with receipt acknowledged, telecopied and confirmed by telecopy answerback, or three Business Days after the same shall have been deposited with the United States mail. 
  
 (d) Binding Effects; Benefits. This Agreement shall
be binding upon and inure to the benefit of the parties and their respective successors. 
  
 (e) Section and Other Headings. The section and other headings in this Agreement are for convenience only and shall not affect the
meaning or interpretation of this Agreement. 
  
 (f) Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with the laws of the State of Georgia without regard to the conflict of law principles of such state. The parties hereto waive all right
to trial by jury in any action, suit or proceeding to enforce or defend any rights or remedies under this Agreement. 
  
 (g) Severability. If one or more provisions of this Agreement are held to be unenforceable to any extent under applicable law, such
provision shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by law so as to effectuate the parties’ intent to the maximum extent, and the balance of the Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its terms to the maximum extent permitted by law. 
  

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 (h) Entire Agreement. This Agreement, together with Services Agreement and the
Warrant, constitutes the entire understanding of the parties with respect to the subject matter of such documents and supersede all prior agreements and understandings, both written and oral, of the parties with respect to the subject matter of such
documents. 
  
 (i) Counterparts. This
Agreement, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same document. 
  
 (Signatures on Following Pages) 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	TRX, INC.
		
	By:	 	 /s/ Ralph Manaker

	 Name:
	 	 Ralph Manaker

	 Title:
	 	 Executive Vice President

	
	 AMERICAN EXPRESS TRAVEL RELATED
 SERVICES COMPANY, INC.

		
	By:	 	 /s/ Margaret Brownlee

	 Name:
	 	 Margaret Brownlee

	 Title:
	 	 Senior Vice President

  

 11Securityholders Agreement, dated July 1, 2002

 Exhibit 4.10 
  
 SHAREHOLDERS AGREEMENT 
  
 THIS SHAREHOLDERS AGREEMENT (the “Agreement”) is executed as of this 1 day of July, 2002 by and among WorldTravel Partners I, LLC, a
Georgia limited liability company (“WorldTravel” or “Shareholder”), and TRX, Inc., a corporation formed under the laws of Georgia (the “Corporation”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Shareholder owns securities of the Corporation (“Securities”); and 
  
 WHEREAS, the Shareholder and the Corporation believe it to be in the best interest of the Shareholder and of the Corporation
to make provision for any future disposition of the Securities of the Corporation. 
  
 NOW, THEREFORE, in consideration of the promises and mutual obligations contained herein, the parties hereto agree as follows: 
  

ARTICLE 1 
 RESTRICTIONS UPON THE TRANSFER OF
THE STOCK 
  
 1.1 No Dispositions Generally. During the
term of this Agreement, Shareholder shall not have the right to make any “Disposition” (as hereinafter defined), other than a “Permitted Disposition” (as hereinafter defined). The Corporation will not cause or permit the transfer
of Securities on the transfer records of the Corporation for any Disposition, other than a Permitted Disposition. Any other attempted Disposition shall be void ab initio and shall have no effect whatsoever . “Disposition”
means: any transfer, whether outright or as security, with or without consideration, voluntary or involuntary, of all or any part of any right, title or interest (including but not limited to voting rights) in or to any Securities. 
  
 1.2 Permitted Dispositions. Shareholder shall have the right to make a
“Permitted Disposition” “Permitted Disposition” means: 
  
 (a) Any Disposition approved by BCD Technology, S.A. (“BCD”), Hogg Robinson Holdings B.V. and Sabre Investments, Inc. or their respective successors or permitted assigns; 
  
 (b) A Disposition made pursuant to Section 1.3; or

  
 (c) A Disposition to an Affiliate (as defined
below); 
  
 provided, however, that no Disposition shall be a
Permitted Disposition unless the person or entity to whom such Securities are transferred (other than an existing shareholder of the Corporation) shall have agreed to be bound by and become a party to this Agreement, as it may be amended from time
to time and kept on file with the Corporation. “Affiliate” shall have the meaning set forth in Rule 405 under the Securities Act of 1933. 
  

 1.3 First Offer by WorldTravel. 
  
 (a) In the event that WorldTravel desires to sell any or all of its Securities (the “Offered
Securities”), unless a Disposition is permitted pursuant to Section 1.2, WorldTravel agrees to first give written notice to the Corporation (the “Offer Notice”) of its intent to sell the Offered Securities, and to negotiate with the
Corporation in good faith the price and corresponding terms of the purchase by the Corporation of the Offered Securities. The Corporation shall provide WorldTravel with a proposal as to the final price and terms of such purchase (the
“Corporation Proposal”) by the forty-fifth (45) day after the Offer Notice (the “Third Party Date”). In the event WorldTravel accepts the Corporation Proposal, the transfer of the Offered Securities to the Corporation hereunder
shall be free and clear of any liens, claims and encumbrances (other than the terms of this Agreement) pursuant to such documentation as the Corporation shall reasonably require. In the event WorldTravel does not accept the Corporation Proposal,
WorldTravel shall notify the Corporation in writing within fifteen (15) days that its final price and terms have been rejected. 
  
 (b) In the event WorldTravel rejects the Corporation Proposal, WorldTravel may sell the Offered Securities to a third party or parties
(the “Third Party Sale”); provided, however, that any Third Party Sale must be evidenced by a letter of intent which must be signed within six (6) months of the Third Party Date and the contemplated transaction must be completed within one
(1) year of the Third Party Date. The Third Party Sale shall be for a price not less than 95% of the Corporation Proposal. In addition, the transfer of the Offered Securities to the third party or parties may only be made as long as (i) the
Disposition does not have an adverse regulatory or legal effect on the Corporation or any subsidiary or related entity, and (ii) each transferee agrees in writing to be bound by the terms of this Agreement, provided, however, such transferee will
not have the rights granted to WorldTravel in Article 2, and Section 5.1. 
  
 (c) If the consideration offered by the third party or parties in the Third Party Sale involves property other than cash, for purposes of Section 1.3(c), such property shall be deemed to be cash in an amount equal to
the equivalent value of the property (the “Equivalent Value”) WorldTravel and the Corporation shall initially negotiate with each other to agree upon the Equivalent Value within thirty (30) days of the date of the letter of intent for such
Third Party Sale. In the event that WorldTravel and the Corporation cannot reach an agreement on the Equivalent Value within such 30 day period, the Equivalent Value will be determined by two appraisers, one chosen and paid for by WorldTravel and
one chosen and paid for by the Corporation. If the two appraisal values (each one an “Appraisal”) differ by 10% or less (such percentage difference to be computed by subtracting the lesser of the Appraisals from the greater of the
Appraisals and dividing that difference by the greater of the Appraisals), then the Equivalent Value of the property shall equal the average of the two Appraisals. In the event that the Appraisals vary by more than 10%, a third appraiser shall be
chosen by the initial two appraisers to conduct an independent appraisal of the property, and on the basis of that independent appraisal, the third appraiser shall, in the exercise of its own professional judgment, determine which of the two
Appraisals is the most commercially reasonable, and that Appraisal shall be the Equivalent Value. The costs of such third appraisal shall be borne by the Corporation. 
  

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 ARTICLE 2 
 INITIAL PUBLIC OFFERING 
  
 2.1
Intent of Corporation. The Corporation desires to engage in an initial public offering whereby the common stock of the Corporation will be available for purchase by the public at a valuation of the Corporation at no less than $150,000,000
(the “IPO”) In the event that the Corporation does engage in an IPO, the IPO process will be conducted in accordance with this Article 2. 
  
 2.2 Piggy-Back Registration Rights. If the Corporation allows the inclusion of any common stock held by a shareholder in a public offering
registered under the Securities Act of 1993, the Shareholder shall be entitled to include its shares of common stock, if any, in such offering on a pro rata basis, provided that the aggregate amount to be included shall be at the discretion of the
Corporation and the managing underwriter. In order to participate in the offering, the Shareholder must provide such information and execute such agreements and other documents as may be required of selling shareholders in the offering by the
Corporation and the managing underwriter 
  
 ARTICLE 3 

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

  
 3.2 First Quarter Financial Statements. Within
forty-five (45) days after the end of the first calendar quarter, copies of the unaudited consolidated balance sheet of the Corporation as at the end of such calendar quarter and the related unaudited consolidated statements of operations and cash
flows for such calendar quarter and the portion of the calendar year through such calendar quarter, setting forth in comparative form the figures for the corresponding periods of (a) the previous calendar year and (b) the budget for the current
year, prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein. 
  
 3.3 Monthly Unaudited Financial Statements. As soon as available, but in any event within twenty (20) days after the end of each calendar month,
copies of the unaudited consolidated balance sheet of the Corporation as at the end of such calendar month and the related unaudited consolidated statements of operations and cash flows for such calendar month 

  

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and the portion of the calendar year through such calendar month, in each case setting forth in comparative form the figures for the corresponding periods of
(a) the previous calendar year and (b) the budget for the current year, prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein. 
  
 3.4 Management’s Analysis. All the financial statements delivered
pursuant to Sections 3.1, 3.2 and 3.3 shall be accompanied by an informal narrative description of material business and financial trends and developments and significant transactions that have occurred in the appropriate period or periods covered
thereby which shall be consistent with past practices. 
  
 3.5
Inspection. The Corporation shall, and shall cause each subsidiary to, permit WorldTravel, by its representatives, agents, or attorneys (provided that such entity or person executes an appropriate confidentiality agreement): 
  
 (a) to examine all books of account, records, and other
papers of the Corporation or such subsidiary reasonably requested by WorldTravel except for information which is confidential or proprietary; 
  
 (b) to make copies and take extracts from any thereof, except for information which is confidential or proprietary; 
  
 (c) to discuss the affairs, finances, and accounts of the
Corporation or such subsidiary with the Corporation’s or such subsidiary’s officers and independent certified public accountants (and by this provision the Corporation hereby authorizes said accountants to discuss with any WorldTravel and
its representatives, agents or attorneys the finances and accounts of the Corporation or such subsidiary); and 
  
 (d) to visit and inspect, at reasonable times and on reasonable notice during normal business hours, the properties of the Corporation and
such subsidiary. 
  
 Notwithstanding any provision herein to the contrary, the
provisions of this Section 3.5 are in addition to any rights of the WorldTravel under the Georgia Business Corporation Code and shall in no way limit such rights. 
  
 3.6 Other Information. The Corporation shall deliver the following to WorldTravel: 
  
 (a) Promptly after the submission thereof to the
Corporation, copies of any detailed reports (including the auditors’ comment letter to management, if any such letter is prepared) submitted to the Corporation by its independent auditors in connection with each annual or interim audit of the
accounts of the Corporation made by such accountants; 
  
 (b) With reasonable promptness, a notice of any default by the Corporation or a subsidiary under any material agreement to which it is a party; 
  
 (c) Promptly (but in any event within ten (10) days) after the filing of any document or material with the SEC, a copy of such document or
materials; and 
  

 4 

 (d) Promptly upon request therefor, such other data, filings and information WorldTravel
may from time to time reasonably request. 
  
 Notwithstanding anything in this
Agreement to the contrary, the Corporation shall not be required to disclose to the Shareholder any Confidential Information or Trade Secrets of the Corporation’s or its subsidiaries’ clients. 
  
 3.7 Confidentiality. During the term of this Agreement and for a
period of twenty four months thereafter, the Shareholder will, and will cause its Representatives to, maintain in confidence all Confidential Information received from the Corporation. The Shareholder shall be responsible for any breach of this
Agreement by any of their respective Representatives. Notwithstanding the foregoing, the Shareholder agrees that it will not, at any time, use, reveal or divulge any Trade Secrets of the Corporation. In the event that the Shareholder is requested in
any judicial or administrative proceeding to disclose any Confidential Information, the Shareholder will give the Corporation prompt written notice of such request so that the Corporation may seek an appropriate protective order. If, in the absence
of a protective order (or other protective remedy), the Shareholder is compelled to disclose Confidential Information, the Shareholder may disclose such information without liability hereunder; provided, however, (i) that the Shareholder give the
Corporation written notice of information to be disclosed as far in advance of its disclosure as is practicable and, upon request and at the expense of the Corporation, use commercially reasonable efforts to obtain assurances that confidential
treatment will be accorded to such information, (ii) only that portion of the Confidential Information which is legally required to be disclosed will be disclosed; and (iii) the Shareholder may make such disclosure only if it has received the advice
of counsel that, under the circumstances then existing, making such disclosure is necessary or advisable under applicable law. In the event of a conflict which arises under this Section 3.7 and any other agreements in existence between Shareholder
and the Corporation with respect to confidentiality, the terms of such other agreement shall prevail. 
  
 ARTICLE 4 
 VOTING AGREEMENT 
  
 4.1 Voting of Shares. The Shareholders shall vote their shares of the
Corporation and take such other actions as may be necessary to cause the Corporation to comply with all provisions of this Agreement. 
  
 ARTICLE 5 
 TAG-ALONG RIGHTS. 

 
 5.1 Tag-Along Rights. If BCD intends to sell all or part of its
shares of common stock to any person or entity, BCD shall not sell all or part of its shares of common stock to any person or entity without first complying with the provisions of this Section. In the event a proposed transferee offers (the
“BCD Offer”) to buy a number of shares from BCD (the “Total Purchase Shares”), BCD shall not transfer all or part of its shares of common stock unless the proposed transferee offers (the “Shareholder Offer”) to acquire
from Shareholder, on the same terms and conditions as were offered to BCD, that number of shares of common stock determined by multiplying (A) the percentage of the total number of shares of common stock 

  

 5 

 
outstanding owned by Shareholder by (B) the Total Purchase Shares. In no event shall the total number of shares sold to the proposed transferee
pursuant to the BCD Offer and Shareholder Offer exceed the Total Purchase Shares. In the event of any proposed sale, BCD shall give a written notice (“Transfer Notice”) to Shareholder. BCD shall attach to the Transfer Notice the offer of
the proposed transferee to Shareholder to purchase shares of Shareholder in accordance with the terms of this Agreement. Shareholder shall have twenty (20) days after delivery of the Transfer Notice to accept the offer of the proposed transferee. If
Shareholder accepts the offer of the proposed transferee, it shall give BCD and the proposed transferee written notice thereof within such twenty-day period, and the closing, if any, of the purchase of BCD’s shares and Shareholder’s shares
shall be made contemporaneously by the proposed transferee. 
  
 5.2 Come-Along Rights. If BCD intends to sell all or part of its shares of common stock to any person or entity, BCD has the right to require Shareholder to transfer to the proposed transferee, on the same terms and conditions as
were offered to BCD, that number of shares of common stock determined by multiplying (A) the percentage of the total number of shares of common stock outstanding owned by Shareholder by (B) the number of shares of common stock the
proposed transferee has agreed to purchase from BCD In the event BCD desires to exercise its rights under this Section 6.2, BCD shall notify Shareholder of such intent in a written notice (“Come-Along Notice”). BCD shall attach to the
Come-Along Notice the offer of the proposed transferee to Shareholder to purchase shares of Shareholder in accordance with the terms of this Agreement. Shareholder shall give BCD and the proposed transferee written notice of its acceptance of the
offer of the proposed transferee within twenty (20) days after delivery of the Come-Along Notice The closing of the purchase of BCD’s shares and Shareholder’s shares shall be made contemporaneously by the proposed transferee. 

 
 ARTICLE 6 
 LEGEND ON STOCK 
  
 6.1 Form of Legend. All certificates representing Securities of the Corporation held by the Shareholders shall bear the following restrictive legend: 
  
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE HELD SUBJECT TO, AND TRANSFER OR PLEDGE OF SUCH SHARES IS RESTRICTED
BY, THE TERMS OF A SHAREHOLDERS AGREEMENT BY AND BETWEEN WORLDTRAVEL PARTNERS I, LLC AND TRX, INC. DATED                     ,
20    , A COPY OF WHICH IS ON FILE AT THE OFFICE OF THE CORPORATION NO TRANSFER OR PLEDGE OF ANY SHARE REPRESENTED BY THIS CERTIFICATE SHALL BE VALID UNLESS MADE IN ACCORDANCE WITH THE TERMS OF THE AGREEMENT. 

 
 6.2 Additional Legend. The Secretary shall endorse each certificate
with any additional legend (or legends) as he or she shall deem necessary, upon the opinion of counsel to the Corporation, to comply with any applicable laws and regulations. In the event that any additional legend (or legends) are required, the
Shareholder shall surrender to the Corporation all 

  

 6 

 
of its certificates representing Securities. After such endorsement, each of the certificates so surrendered shall be returned to the Shareholder.
Thereafter, all certificates representing Securities of the Corporation shall bear an identical endorsement. A copy of this Agreement shall be filed with the Secretary of the Corporation. 
  
 ARTICLE 7 
 TERMINATION AND AMENDMENT 
  
 7.1 Termination.
This Agreement shall terminate: 
  
 (a) If all
outstanding shares of stock of the Corporation are owned by any one (1) Shareholder; or 
  
 (b) If the Corporation is adjudicated a bankrupt, the Corporation executes an assignment for benefit of creditors, a receiver is appointed
for the Corporation, or the Corporation voluntarily or involuntarily dissolves; 
  
 (c) If the Shareholder and the Corporation agree to terminate this Agreement; or 
  
 (d) Upon the completion of the IPO. 
  
 Notwithstanding anything to the contrary contained in this Agreement, this
Agreement shall terminate twenty (20) years from the date hereof unless this Agreement is renewed within such twenty-year period. Amendments to this Agreement shall be deemed renewals of this Agreement unless the contrary is stated in the amendment.

  
 7.2 Amendment. This Agreement may not be amended,
waived or terminated orally, and no amendment, termination or attempted waiver shall be valid unless in writing and signed by the Shareholder and the Corporation. Additional parties may be added to this Agreement in accordance with the terms hereof
by execution of a counterpart of this Agreement which shall be attached hereto and incorporated herein by this reference. 
  
 ARTICLE 8 
 REMEDIES 
  
 8.1 Remedies. During the term of this Agreement, the Securities shall
not be readily marketable, and, for that reason and other reasons, the parties will be irreparably damaged if this Agreement is not specifically enforced. In this regard, the parties declare that it is impossible to measure in money the damages that
will accrue to a person having rights under this Agreement by reason of a failure of another to perform any obligation under this Agreement. Therefore, this Agreement, including without limitation the provisions of Article 3, shall be enforceable by
specific performance or other equitable remedy cumulative with and not exclusive of any other remedy. If any person shall institute any action or proceeding to enforce the provisions of this Agreement, any person subject to this Agreement against
whom such action or proceeding is brought hereby waives the claim or defense that the person instituting the action or proceeding has an adequate remedy at law, and no person shall in any action or proceeding put forward the claims or defense that
an adequate remedy at law exists. Should any dispute concerning the 

  

 7 

 
transfer of Securities arise under this Agreement, an injunction may be issued restraining the transfer of such Securities pending the determination of such
dispute. 
  
 ARTICLE 9 
 MISCELLANEOUS 
  
 9.1 Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Georgia, without regard to laws
regarding conflict of laws. In the event any legal proceeding is brought to enforce or interpret the provisions of this Agreement, the parties hereby agree to submit to the exclusive jurisdiction of the federal, district or state court located in
Fulton County, Georgia, which shall be the venue for all such proceedings. 
  
 9.2 Entire Agreement. This Agreement contains the entire understanding among the parties and supersedes any prior understanding and agreements between them representing the subject matter hereof. There are no
representations, agreements, arrangements or understandings, oral or written, between and among the parties hereto relating to the subject matter hereof which are not fully expressed herein. 
  
 9.3 Headings. Section and other headings contained in this Agreement
are for reference purposes only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
  
 9.4 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original
and all of which shall constitute one agreement, and the signatures of any party or any counterpart shall be deemed to be a signature to, and may be appended to, any other counterpart. 
  
 9.5 Further Acts. Each party agrees to perform any further acts and to execute and deliver any instruments or
documents that may be necessary or reasonably deemed advisable to carry out the purposes of this Agreement. 
  
 9.6 Gender. Where the context so requires, the masculine gender shall be construed to include the female, a corporation, a trust, or other entity,
and the singular shall be construed to include the plural and the plural the singular. 
  
 9.7 Severability. If any term, provision, covenant or restriction contained in this Agreement is held by a court or a federal regulatory agency of competent jurisdiction to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions contained in this Agreement shall remain in fall force and effect, and shall in no way be affected, impaired or invalidated. 
  
 9.8 Successors and Assigns. This Agreement shall be binding upon and
shall insure to the benefit of the Stakeholders, their respective heirs, successors, successors-in-title, legal representatives and lawful assigns. No party shall have the right to assign this Agreement, or any interest under this Agreement, without
the prior written consent of the other parties. 
  
 9.9
Notices. All notices or other communications hereunder shall be in writing and shall be effective (a) when personally delivered by courier (including overnight carriers) or 

  

 8 

 
otherwise to the party to be given such notice or other communication or (b) on the third business day following the date deposited in the United States mail
if such notice or other communication is sent by certified or registered mail with return receipt requested and postage thereon fully prepaid. The addresses for such notices shall be as follows: 
  
 If to the Corporation: 
  
 TRX, Inc. 
 6 W. Druid Hills Drive 
 Atlanta, Georgia
30329 
 Attention: Chief Financial Officer 
  
 with a copy to: 
  
 Jeffrey K. Haidet, Esquire 
 McKenna Long
& Aldridge LLP 
 303 Peachtree Street 
 Suite 5300 
 Atlanta, Georgia 30308 
  
 If to WorldTravel: 
  
 WorldTravel BTI 
 1055 Lenox Park Boulevard

 4th
Floor 
 Atlanta, Georgia 30319 
 Attention: Chief Executive Officer 
  
 Any party hereto by notice to the
other parties hereunder, may change its address for receipt of notices hereunder. 
  
 [SIGNATURES APPEAR ON FOLLOWING PAGE] 
  

 9 

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

			
	TRX, INC.
		
	By:	 	 /s/ Timothy J. Severt

	 Name:
	 	 Timothy J. Severt

	 Title:
	 	 EVP of Administration

  

			
	WORLDTRAVEL PARTNERS I, LLC
		
	By:	 	 /s/ W. Thomas Barham

	 Name:
	 	 W. Thomas Barham

	 Title:
	 	 CFO

  

 10

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