Document:

EX-10.1.2

EXHIBIT 10.1.2

MAKEMYTRIP

2010 SHARE INCENTIVE PLAN

ARTICLE 1.

PURPOSE

     The purpose of the MakeMyTrip 2010 Share Incentive Plan (the “Plan”) is to promote the
success and enhance the value of MakeMyTrip Limited (the “Company”) by linking the personal
interests of the members of the Board, Employees, and Consultants to those of Company shareholders
and by providing such individuals with an incentive for outstanding performance to generate
superior returns to Company shareholders. The Plan is further intended to provide flexibility to
the Company in its ability to motivate, attract, and retain the services of members of the Board,
Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct
of the Company’s operation is largely dependent. Under the Plan, it is intended that the Awards and
Shares be offered to the Eligible Individuals globally on a uniform basis, subject to Applicable
Laws.

ARTICLE 2.

DEFINITIONS AND CONSTRUCTION

     Wherever the following terms are used in the Plan they shall have the meanings specified
below, unless the context clearly indicates otherwise. The singular pronoun shall include the
plural where the context so indicates.

     2.1 “Applicable Accounting Standards” means International Financial Reporting
Standards, Generally Accepted Accounting Principles in the United States, or such other accounting
principles or standards as may apply to the Company’s financial statements under Applicable Laws.

     2.2 “Applicable Laws” means (i) the laws of Mauritius as they relate to the Company
and its Shares; (ii) the legal requirements relating to the Plan and the Awards under applicable
provisions of the corporate, securities, foreign exchange, tax and other laws, rules, regulations
and government orders and approvals of any jurisdiction applicable to Awards granted to residents
(including without limitation India, Mauritius and the United States of America); and (iii) the
rules of any applicable securities exchange, national market system or automated quotation system
on which the Shares are listed, quoted or traded.

     2.3 “Article” means an article of this Plan.

     2.4 “Award” means an Option, a Restricted Share award, a Restricted Share Unit award,
a Dividend Equivalents award, a Deferred Share award, a Share Payment award or a Share
Appreciation Right, which may be awarded or granted under the Plan.

 

 

     2.5 “Award Agreement” means any written notice, agreement, terms and conditions,
contract or other instrument or document evidencing an Award, including through electronic medium,
which shall contain such terms and conditions with respect to an Award as the Board shall
determine consistent with the Plan.

     2.6 “Board” means the Board of Directors of the Company.

     2.7 “Code” means the United States Internal Revenue Code of 1986, as amended from
time to time.

     2.8 “Company” means MakeMyTrip Limited, a corporation incorporated under the laws of
Mauritius.

     2.9 “Consultant” means any consultant or adviser if: (a) the consultant or adviser
renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or
adviser are not in connection with the offer or sale of securities in a capital-raising
transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities; and (c) the consultant or adviser is a natural person who has contracted directly with
the Service Recipient to render such services.

     2.10 “Corporate Transaction” means any of the following transactions, provided,
however, that the Board shall determine under (f) and (g) whether multiple transactions are
related, and its determination shall be final, binding and conclusive:

          (a) an amalgamation, arrangement, consolidation or scheme of arrangement in which the Company
is not the surviving entity, except for a transaction the principal purpose of which is to change
the jurisdiction in which the Company is incorporated or which following such transaction the
holders of the Company’s voting securities immediately prior to such transaction own fifty percent
(50%) or more of the surviving entity;

          (b) the direct or indirect acquisition by any person or related group of persons (other than
an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a
person that directly or indirectly controls, is controlled by, or is under common control with, the
Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of
securities possessing more than fifty percent (50%) of the total combined voting power of the
Company’s outstanding securities pursuant to a tender or exchange offer made directly to the
Company’s shareholders which a majority of the Incumbent Board (as defined below) who are not
affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not
recommend such shareholders accept, or

          (c) the individuals who, as of the Effective Date, are members of the Board (the “Incumbent
Board”), cease for any reason to constitute at least fifty percent (50%) of the Board; provided
that if the election, or nomination for election by the Company’s shareholders, of any new member
of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new
member of the Board shall be considered as a member of the Incumbent Board.

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          (d) the sale, transfer or other disposition of all or substantially all of the assets of the
Company (other than to a Parent, Subsidiary or Related Entity);

          (e) the completion of a voluntary or insolvent liquidation or dissolution of the Company;

          (f) any reverse takeover, scheme of arrangement, or series of related transactions culminating
in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer
followed by a reverse takeover) in which the Company survives but (A) the Shares of the Company
outstanding immediately prior to such transaction are converted or exchanged by virtue of the
transaction into other property, whether in the form of securities, cash or otherwise, or (B) in
which securities possessing more than fifty percent (50%) of the total combined voting power of the
Company’s outstanding securities are transferred to a person or persons different from those who
held such securities immediately prior to such transaction culminating in such takeover or scheme
of arrangement, but excluding any such transaction or series of related transactions that the Board
determines shall not be a Corporate Transaction; or

          (g) acquisition in a single or series of related transactions by any person or related group
of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more
than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities
but excluding any such transaction or series of related transactions that the Board determines
shall not be a Corporate Transaction.

     2.11 “Deferred Share” means a right to receive Shares awarded under Section 7.3.

     2.12 “Director” means a member of the Board, as constituted from time to time.

     2.13 “Dividend Equivalent” means a right to receive the equivalent value (in cash or
Shares) of dividends paid on Shares, awarded under Section 7.1.

     2.14 “Effective Date” has the meaning set forth in Section 11.1.

     2.15 “Eligible Individual” means any person who is an Employee, a Consultant or a
Non-Employee Director as determined by the Board; provided, however, that Awards shall not be
granted to Consultants or Non-Employee Directors who are resident of any country in the European
Union, and any other country which pursuant to Applicable Laws does not allow grants to any
non-employees or consultants.

     2.16 “Employee” means any person who is in the employ of a Service Recipient, subject
to the control and direction of the Service Recipient as to both the work to be performed and the
manner and method of performance. The payment of a director’s sitting fee for participating in
Board or committee meetings by a Service Recipient shall not be sufficient to constitute
“employment” by the Service Recipient. For the avoidance of doubt, an Executive Director of the
Company while in the employment of the Company shall be an “Employee” and thus an “Eligible
Individual”.

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     2.17 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended from time to time.

     2.18 “Fair Market Value” means, as of any date, the value of Shares determined as
follows:

          (a) If the Shares are listed on one or more established and regulated securities exchanges,
national market systems or automated quotation system on which Shares are listed, quoted or traded,
its Fair Market Value shall be the average closing sales price for such shares (or the closing bid,
if no sales were reported) as quoted on the principal exchange or system on which the Shares are
listed (as determined by the Board) for the thirty consecutive Trading Days prior to the date of
determination, as reported in such source as the Board deems reliable;

          (b) If the Shares are not listed on an established securities exchange, notational market
system or automated quotation system, but are regularly quoted by a recognized securities dealer,
its Fair Market Value shall be the closing sales price for such shares as quoted by such securities
dealer for the thirty consecutive Trading Days prior to the date of determination, but if selling
prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid
and low asked prices for the Shares, as reported in such source as the Board deems reliable; or

          (c) In the absence of an established market for the Shares of the type described in (a) and
(b), above, the Fair Market Value thereof shall be determined by the Board in good faith and in its
discretion by reference to (i) the placing price of the latest private placement of the Shares and
the development of the Company’s business operations and the general economic and market conditions
since such latest private placement, (ii) other third party transactions involving the Shares and
the development of the Company’s business operation and the general economic and market conditions
since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or
information as the Board determines to be indicative of Fair Market Value, relevant.

     2.19 “Holder” means an Eligible Individual who has been granted an Award.

     2.20 “Non-Employee Director” means a Director of the Company who is not an Employee.

     2.21 “Option” means a right to purchase Shares at a specified exercise price, granted
under Article 5.

     2.22 “Parent” means any entity whether domestic or foreign, in an unbroken chain of
entities ending with the Company, if each of the entities other than the first entity in the
unbroken chain beneficially owns, at the time of the determination, securities or interests
representing more than fifty percent (50%) of the total combined voting power of all classes of
securities or interests in one of the other entities in such chain.

     2.23 “Plan” means this MakeMyTrip 2010 Share Incentive Plan, as it may be amended or
restated from time to time.

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     2.24 “Related Entity” means any business, corporation, partnership, limited liability
company or other entity in which the Company, a Parent or Subsidiary of the Company holds a
substantial economic interest, directly or indirectly, through ownership or contractual
arrangements but which is not a Subsidiary and which the Board designates as a Related Entity for
purposes of the Plan.

     2.25 “Restricted Share” means a Share awarded under Article 6 that is subject to
certain restrictions and may be subject to risk of forfeiture or repurchase.

     2.26 “Restricted Share Units” means the right to receive Shares awarded under Section
7.4.

     2.27 “Section” means a section of this Plan

     2.28 “Securities Act” means the United States Securities Act of 1933, as amended.

     2.29 “Service Recipient” means the Company, any Parent or Subsidiary of the Company
and any Related Entity to which an Eligible Individual provides services as an Employee,
Consultant or as a Director.

     2.30 “Share” means an ordinary share of the Company and such other securities of the
Company that may be substituted for Shares pursuant to Article 12.

     2.31 “Share Appreciation Right” means a share appreciation right granted under
Article 8.

     2.32 “Share Payment” means (a) a payment in the form of Shares, or (b) an option or
other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement,
awarded under Section 7.2.

     2.33 “Subsidiary” means any entity (other than the Company), whether domestic or
foreign, in an unbroken chain of entities beginning with the Company if each of the entities other
than the last entity in the unbroken chain beneficially owns, at the time of the determination,
securities or interests representing more than fifty percent (50%) of the total combined voting
power of all classes of securities or interests in one of the other entities in such chain.

     2.34 “Substitute Award” means an Award granted under the Plan upon the assumption of,
or in substitution for, outstanding equity awards previously granted by a company or other entity
in connection with a Corporate Transaction; provided, however, that in no event
shall the term “Substitute Award” be construed to refer to an award made in connection with the
cancellation and repricing of an Option or Share Appreciation Right.

     2.35 “Termination of Service” means,

     (a) As to a Consultant, the time when the engagement of a Holder as a Consultant to a
Service Recipient is terminated for any reason, with or without cause, including, without
limitation, by resignation, discharge, death or retirement, but excluding terminations where the

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Consultant simultaneously commences or remains in employment or service with the Company, any
Subsidiary or any Related Entity.

     (b) As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director
ceases to be a Director for any reason, including, without limitation, a termination by
resignation, failure to be elected, death or retirement, but excluding terminations where the
Holder simultaneously commences or remains in employment or service with the Company, any
Subsidiary or any Related Entity.

     (c) As to an Employee, the time when the employee-employer relationship between a Holder and
the Service Recipient is terminated for any reason, including, without limitation, a termination by
resignation, discharge, death, disability or retirement; but excluding terminations where the
Holder simultaneously commences or remains in employment or service with the Company, any
Subsidiary or any Related Entity.

     The Board, in its sole discretion, shall determine the effect of all matters and questions
relating to Terminations of Service, including, without limitation, the question of whether a
Termination of Service resulted from a discharge for cause and all questions of whether particular
leaves of absence constitute a Termination of Service. For purposes of the Plan, a Holder’s
employee-employer relationship or consultancy relations shall be deemed to be terminated in the
event that the Subsidiary or Related Entity employing or contracting with such Holder ceases to
remain a Subsidiary or Related Entity following any merger, sale of securities or other corporate
transaction or event (including, without limitation, a spin-off).

     2.36 “Trading Day” means each day that the Shares are publicly traded on one or more
established stock exchanges or national market systems.

ARTICLE 3.

SHARES SUBJECT TO THE PLAN

     3.1 Number of Shares.

          (a) Subject to Section 12.2 and Section 3.1(b) the aggregate number of Shares which may be
issued or transferred pursuant to Awards under the Plan is equal to (i) ten percent (10%) of the
Shares outstanding on the Effective Date plus (ii) an increase on the date the Company consummates
an initial public offering of the Shares, by such amount such that the number of Shares which may
be issued or transferred pursuant to Awards under the Plan will equal ten percent (10%) of the
Shares outstanding (on an as converted basis) on such date, plus (iii) an annual increase on the
first day of each year beginning January 1, 2011 and ending January 1, 2019 by such amount that the
number of Shares which may be issued or transferred pursuant to Awards under the Plan will equal
ten percent (10%) of the Shares outstanding (on an as converted basis) on the last day of the
immediately preceding fiscal year, or (iv) such smaller number of Shares as determined by the
Board.

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          (b) To the extent that an Award terminates, expires, or lapses for any reason, or is settled
in cash and not Shares, then any Shares subject to the Award shall again be available for the grant
of an Award pursuant to the Plan. Shares delivered by the Holder or withheld by the Company upon
the exercise of any Award under the Plan, in payment of the exercise price thereof or tax
withholding thereon, may again be optioned, granted or awarded hereunder, subject to the
limitations of Section 3.1(a). If any Shares forfeited by the Holder or repurchased by the Company
at the same or lesser price than paid by the Holder so that the Shares are again returned to the
Company, may again be optioned, granted or awarded hereunder, subject to the limitations of Section
3.1(a). To the extent permitted by Applicable Laws, Shares issued in assumption of, or in
substitution for, any outstanding awards of any entity acquired in any form of combination by the
Company, any Parent, any Subsidiary or Related Entity shall not be counted against Shares available
for grant pursuant to the Plan. The payment of Dividend Equivalents in cash in conjunction with
any outstanding Awards shall not be counted against the Shares available for issuance under the
Plan.

     3.2 Share Distributed. Any Shares distributed pursuant to an Award may consist, in
whole or in part, of newly issued Shares, treasury Shares (subject to Applicable Laws) or Shares
purchased on the open market. Additionally, in the discretion of the Board, American Depository
Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to
an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares
represented by an American Depository Share is other than on a one-to-one basis, the limitations
of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu
of Shares.

ARTICLE 4.

GRANTING OF AWARDS

     4.1 Participation. The Board may, from time to time, select from among all Eligible
Individuals, those to whom an Award shall be granted and shall determine the nature and amount of
each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible
Individual shall have any right to be granted an Award pursuant to the Plan.

     4.2 Award Agreement. Each Award shall be evidenced by an Award Agreement.

     4.3 Jurisdictions. Notwithstanding any provision of the Plan to the contrary, in
order to comply with the laws in the jurisdictions in which the Service Recipients operate or have
Eligible Individuals, or in order to comply with the requirements of any securities exchange, the
Board, in its sole discretion, shall have the power and authority to: (a) determine which
Subsidiaries and Related Entities shall be covered by the Plan; (b) determine which Eligible
Individuals are eligible to participate in the Plan; (c) modify the terms and conditions of any
Award granted to Eligible Individuals to comply with Applicable Laws; (d) establish subplans and
modify exercise procedures and other terms and procedures, to the extent such actions may be
necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as
appendices); provided, however, that no such subplans and/or modifications shall
increase the share limitations contained in Section 3.1; and (e) take any action, before or after
an Award is made, that it deems advisable to obtain approval or comply

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with any Applicable Laws including necessary local governmental regulatory exemptions or
approvals or listing requirements of any such securities exchange. Notwithstanding the foregoing,
the Board may not take any actions hereunder, and no Awards shall be granted, that would violate
any Applicable Laws.

     4.4 Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the
sole discretion of the Board, be granted either alone, in addition to, or in tandem with, any
other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other
Awards may be granted either at the same time as or at a different time from the grant of such
other Awards.

ARTICLE 5.

OPTIONS

     5.1 General. The Board is authorized to grant Options to Eligible Individuals on the
following terms and conditions:

          (a) Exercise Price. The exercise price per Share subject to an Option shall be
determined by the Board and set forth in the Award Agreement, which may be a fixed or variable
price related to the Fair Market Value of the Shares; provided, however, that no Option may be
granted to an individual subject to taxation in the United States at less than the Fair Market
Value on the date of grant, without compliance with Section 409A of the Code, or the Holder’s
consent. The exercise price per Share subject to an Option may be amended or adjusted in the
absolute discretion of the Board, the determination of which shall be final, binding and
conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including
any applicable exchange rule), a downward adjustment of the exercise prices of Options mentioned in
the preceding sentence shall be effective without the approval of the Company’s shareholders or the
approval of the affected Holders.

          (b) Vesting. The period during which the right to exercise, in whole or in part, an
Option vests in the Holder shall be set by the Board and the Board may determine that an Option may
not be exercised in whole or in part for a specified period after it is granted. Such vesting may
be based on service with the Service Recipient or any other criteria selected by the Board. At any
time after grant of an Option, the Board may, in its sole discretion and subject to whatever terms
and conditions it selects, accelerate the period during which an Option vests. No portion of an
Option which is unexercisable at a Holder’s Termination of Service shall thereafter become
exercisable, except as may be otherwise provided by the Board either in the Award Agreement or by
action of the Board following the grant of the Option.

          (c) Time and Conditions of Exercise. Subject to Applicable Laws, the Board shall
determine the time or times at which an Option may be exercised in whole or in part, including
exercise prior to vesting and that a partial exercise must be with respect to a minimum number of
shares. The Board shall also determine any conditions, if any, that must be satisfied before all
or part of an Option may be exercised.

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          (d) Partial Exercise. An exercisable Option may be exercised in whole or in part;
provided, however, that an Option shall not be exercisable with respect to fractional shares and
the Board may require that, by the terms of the Option, a partial exercise must be with respect to
a minimum number of shares.

          (e) Manner of Exercise. The manner of exercise of the Option under this Section 5.1
shall be subject to all Applicable Laws, including any limitations on exercise by persons other
than the Holder. All or a portion of an exercisable Option shall be deemed exercised upon delivery
by the Holder of all of the following to the Secretary of the Company, or such other person or
entity designated by the Board, or his, her or its office, as applicable:

               (i) A written or electronic notice complying with the applicable rules established by the
Board stating that the Option, or a portion thereof, is exercised. The notice shall be signed by
the Holder or other person then entitled to exercise the Option or such portion of the Option;

               (ii) Such representations, agreements and documents as the Board, in its sole discretion,
deems necessary or advisable to effect compliance with all Applicable Laws or regulations, and the
rules of any securities exchange or automated quotation system on which the Shares are listed,
quoted or traded, including, without limitation, that (A) the Holder shall authorize the Company
and/or its subsidiaries, branches and other offices or entities to do all such acts, execute all
such documents and make all such filings as may be required in connection with the Plan, the
exercise of the Option or any Shares issued pursuant to the exercise of the Option, including any
filings with any applicable regulatory or administrative authority (including the Reserve Bank of
India and/or any applicable registrar of companies in India and/or Mauritius); and (B) for the
purpose of implementing, administering and managing the Plan and any Award Agreement, including the
exercise of the Option, the Holder consents to the collection, receipt, use, retention and
transfer, in electronic or other form of the Holder’s personal data, including such Holder’s name,
address, telephone number and details of the Option granted, vested, exercised or cancelled. The
Board may, in its sole discretion, also take whatever additional actions it deems appropriate to
effect such compliance including, without limitation, placing legends on share certificates and
issuing stop-transfer notices to agents and registrars;

               (iii) In the event that the Option shall be exercised pursuant to Section 9.3 by any person or
persons other than the Holder, appropriate proof of the right of such person or persons to exercise
the Option, as determined in the sole discretion of the Board; and

               (iv) Full payment of the exercise price and applicable withholding taxes to share Board of the
Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a
manner permitted by Section 9.1 and 9.2.

          (f) Term. The term of any Option granted under the Plan shall not exceed ten years.
Except as limited by the requirements of Section 409A of the Code and regulations and rulings
thereunder, the Board may extend the term of any outstanding Option, and may extend the time period
during which vested Options may be exercised, in connection with any

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Termination of Service of the Holder, and may amend any other term or condition of such Option
relating to such a Termination of Service.

          (g) Evidence of Grant. All Options shall be evidenced by an Award Agreement between
the Company and the Holder. The Award Agreement shall include such additional provisions as may be
specified by the Board.

     5.2 Substitute Awards. Notwithstanding the foregoing provisions of this Article 5 to
the contrary, in the case of an Option that is a Substitute Award, the price per share of the
shares subject to such Option may be less than the Fair Market Value per share on the date of
grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date
such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the
aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market
value (as of the time immediately preceding the transaction giving rise to the Substitute Award,
such fair market value to be determined by the Board) of the shares of the predecessor entity that
were subject to the grant assumed or substituted for by the Company, over (y) the aggregate
exercise price of such shares.

     5.3 Substitution of Share Appreciation Rights. The Board may provide in the Award
Agreement evidencing the grant of an Option that the Board, in its sole discretion, shall have the
right to substitute a Share Appreciation Right for such Option at any time prior to or upon
exercise of such Option; provided, that such Share Appreciation Right shall be exercisable
with respect to the same number of Shares for which such substituted Option would have been
exercisable.

ARTICLE 6.

AWARD OF RESTRICTED SHARES

     6.1 Award of Restricted Shares.

          (a) The Board is authorized to grant Restricted Shares to Eligible Individuals, and shall
determine the amount of, and the terms and conditions, including the restrictions applicable to
each award of Restricted Shares, which terms and conditions shall not be inconsistent with the
Plan, and may impose such conditions on the issuance of such Restricted Shares as it deems
appropriate.

          (b) The Board shall establish the purchase price, if any, and form of payment for Restricted
Shares, including payment with services; provided, however, that such purchase
price shall be no less than the par value of the Shares to be purchased and be fair and reasonable
to the Company and existing shareholders, unless otherwise permitted by Applicable Laws. In all
cases, legal consideration shall be required for each issuance of Restricted Shares.

     6.2 Rights as Shareholders. Subject to Section 6.4, upon issuance of Restricted
Shares, the Holder shall have, unless otherwise provided by the Board, all the rights of a
shareholder with respect to said shares, subject to the restrictions in his or her Award
Agreement, including the right to receive all dividends and other distributions paid or made with
respect to the shares; provided, however, that, in the sole discretion of the
Board, any

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dividends paid with respect to Restricted Shares shall be held by the Company and subject to
the same restrictions as set forth in Section 6.3, as the Restricted Shares on which such
dividends were paid.

     6.3 Restrictions. All Restricted Shares (including any shares received by Holders
thereof with respect to Restricted Shares as a result of share dividends, share splits or any
other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject
to such restrictions and vesting requirements as the Board shall provide. Such restrictions may
include, without limitation, restrictions concerning transferability and such restrictions may
lapse separately or in combination at such times and pursuant to such circumstances or based on
such criteria as selected by the Board, including, without limitation, criteria based on the
Holder’s duration of employment, directorship or consultancy with the Service Recipient, or other
criteria selected by the Board. By action taken after the Restricted Shares are issued, the Board
may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of
such Restricted Shares by removing any or all of the restrictions imposed by the terms of the
Award Agreement. Restricted Shares may not be sold or encumbered until all restrictions are
terminated or expire.

     6.4 Repurchase or Forfeiture of Restricted Shares. If no price was paid by the
Holder for the Restricted Shares, upon a Termination of Service the Holder’s rights in unvested
Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be
surrendered to the Company and cancelled without consideration. If a purchase price was paid by
the Holder for the Restricted Shares, upon a Termination of Service the Company shall have the
right to repurchase from the Holder the unvested Restricted Shares then subject to restrictions at
a cash price per share equal to the price paid by the Holder for such Restricted Shares or such
other amount as may be specified in the Award Agreement. The Board in its sole discretion may
provide that in the event of certain events the Holder’s rights in unvested Restricted Shares
shall not lapse, such Restricted Shares shall vest and shall be non-forfeitable, and if
applicable, the Company shall not have a right of repurchase.

     6.5 Certificates for Restricted Share. Restricted Shares granted pursuant to the
Plan may be evidenced in such manner as the Board shall determine. The Company’s share register
must include an appropriate notation referring to the terms, conditions, and restrictions
applicable to such Restricted Shares, and the Company may, in it sole discretion, retain physical
possession of any share certificate until such time as all applicable restrictions lapse.

ARTICLE 7.

AWARD OF DIVIDEND EQUIVALENTS, DEFERRED SHARES, SHARE PAYMENTS, RESTRICTED SHARE UNITS

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     7.1 Dividend Equivalents. Subject to compliance with Applicable Laws, Dividend
Equivalents may be granted by the Board based on dividends declared on the Shares, to be credited
as of dividend payment dates during the period between the date an Award is granted to a Holder
and the date such Award vests, is exercised, is distributed or expires, as determined by the
Board. Such Dividend Equivalents shall be converted to cash by such formula and at such time and
subject to such limitations as may be determined by the Board.

     7.2 Share Payments. The Board is authorized to make Share Payments to any Eligible
Individual. The number or value of shares of any Share Payment shall be determined by the Board
and may be based upon any other criteria, including service to the Service Recipients, determined
by the Board. Share Payments may, but are not required to be made in lieu of base salary, bonus,
fees or other cash compensation otherwise payable to such Eligible Individual.

     7.3 Deferred Shares. The Board is authorized to grant Deferred Shares to any
Eligible Individual. The number of shares of Deferred Shares shall be determined by the Board and
may be based on any specific criteria, including service to the Service Recipients, as the Board
determines, in each case on a specified date or dates or over any period or periods determined by
the Board. Shares underlying a Deferred Share award will not be issued until the Deferred Share
award has vested, pursuant to a vesting schedule or other conditions or criteria set by the Board.
Unless otherwise provided by the Board, a Holder of Deferred Share shall have no rights as a
Company shareholder with respect to such Deferred Shares until such time as the Award has vested
and the Shares underlying the Award have been issued to the Holder.

     7.4 Restricted Share Units. The Board is authorized to grant Restricted Share Units
to any Eligible Individual. The number and terms and conditions of Restricted Share Units shall
be determined by the Board. The Board shall specify the date or dates on which the Restricted
Share Units shall become fully vested and nonforfeitable, and may specify such conditions to
vesting as it deems appropriate, including service to the Service Recipients, in each case on a
specified date or dates or over any period or periods, as the Board determines,. The Board shall
specify, or permit the Holder to elect, the conditions and dates upon which the Shares underlying
the Restricted Share Units which shall be issued, which dates shall not be earlier than the date
as of which the Restricted Share Units vest and become nonforfeitable and which conditions and
dates shall be subject to compliance with Section 409A of the Code, to the extent applicable to
the Holder. Restricted Share Units may be paid in cash, Shares or both, as determined by the
Board. On the distribution dates, subject to Applicable Laws the Company shall issue to the
Holder one unrestricted, fully transferable Share (or the Fair Market Value of one such Share) in
cash for each vested and nonforfeitable Restricted Share Unit.

     7.5 Term. The term of a Dividend Equivalent award, Deferred Share award, Share
Payment award and/or Restricted Share Unit award shall be set by the Board in its sole discretion.

     7.6 Exercise or Purchase Price. The Board may establish the exercise or purchase
price for Deferred Shares, shares distributed as a Share Payment award or shares distributed
pursuant to a Restricted Share Unit award; provided, however, that value of the
consideration,

12

 

including services, shall not be less than the par value of a share of Shares, unless
otherwise permitted by Applicable Laws.

     7.7 Exercise upon Termination of Service. A Dividend Equivalent award, Deferred
Share award, Share Payment award and/or Restricted Share Unit award is exercisable or
distributable only while the Holder is an Employee, Director or Consultant, as applicable. The
Board, however, in its sole discretion may provide that the Dividend Equivalent award, Deferred
Share award, Share Payment award and/or Restricted Share Unit award may be exercised or
distributed subsequent to a Termination of Service in certain events.

ARTICLE 8.

AWARD OF SHARE APPRECIATION RIGHTS

     8.1 Grant of Share Appreciation Rights.

          (a) The Board is authorized to grant Share Appreciation Rights to Eligible Individuals from
time to time, in its sole discretion, on such terms and conditions as it may determine consistent
with the Plan. The term of any Share Appreciation Right granted under the Plan shall not exceed
ten years. Except as limited by the requirements of Section 409A of the Code and regulations and
rulings thereunder, the Board may extend the term of any outstanding Share Appreciation Right, and
may extend the time period during which vested Share Appreciation Rights may be exercised, in
connection with any Termination of Service of the Holder, and may amend any other term or condition
of such Share Appreciation Right relating to such a Termination of Service.

          (b) A Share Appreciation Right shall entitle the Holder (or other person entitled to exercise
the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the
Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from
the Company an amount determined by multiplying the difference obtained by subtracting the exercise
price per share of the Share Appreciation Right from the Share Value on the date of exercise of the
Share Appreciation Right by the number of shares of Shares with respect to which the Share
Appreciation Right shall have been exercised, subject to any limitations the Board may impose.

          (c) The exercise price per Share subject to an Share Appreciation Right shall be determined by
the Board and set forth in the Award Agreement which may be a fixed or variable price related to
the Fair Market Value of the Shares; provided, however, that no Share Appreciation Right may be
granted to an individual subject to taxation in the United States at less than the Fair Market
Value on the date of grant, without compliance with Section 409A of the Code, or the Holder’s
consent. The exercise price per Share subject to a Share Appreciation Right may be amended or
adjusted in the absolute discretion of the Board, the determination of which shall be final,
binding and conclusive, provided, however, that such price is fair and reasonable to the Company.
For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any
applicable securities exchange rule), a downward adjustment of the exercise prices of Share
Appreciation Rights mentioned in the preceding sentence shall be

13

 

effective without the approval of the Company’s shareholders or the approval of the affected
Holders.

          (d) In the case of a Share Appreciation Right that is a Substitute Award, the price per share
of the shares subject to such Share Appreciation Right may be less than the Fair Market Value per
share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market
Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute
Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the
aggregate fair market value (as of the time immediately preceding the transaction giving rise to
the Substitute Award, such fair market value to be determined by the Board) of the shares of the
predecessor entity that were subject to the grant assumed or substituted for by the Company, over
(y) the aggregate exercise price of such shares and that such price is fair and reasonable to the
Company.

     8.2 Share Appreciation Right Vesting.

          (a) The period during which the right to exercise, in whole or in part, a Share Appreciation
Right vests in the Holder shall be set by the Board and the Board may determine that a Share
Appreciation Right may not be exercised in whole or in part for a specified period after it is
granted. Such vesting may be based on service with the Service Recipients, or any other criteria
selected by the Board. At any time after grant of a Share Appreciation Right, the Board may, in
its sole discretion and subject to whatever terms and conditions it selects, accelerate the period
during which a Share Appreciation Right vests.

          (b) No portion of a Share Appreciation Right which is unexercisable at Termination of Service
shall thereafter become exercisable, except as may be otherwise provided by the Board either in the
Award Agreement or by action of the Board following the grant of the Share Appreciation Right.

     8.3 Manner of Exercise. All or a portion of an exercisable Share Appreciation Right
shall be deemed exercised upon delivery of all of the following to the Board of the Company, or
such other person or entity designated by the Board, or his, her or its office, as applicable:

          (a) A written or electronic notice complying with the applicable rules established by the
Board stating that the Share Appreciation Right, or a portion thereof, is exercised. The notice
shall be signed by the Holder or other person then entitled to exercise the Share Appreciation
Right or such portion of the Share Appreciation Right;

          (b) Such representations and documents as the Board, in its sole discretion, deems necessary
or advisable to effect compliance with all applicable provisions of the Securities Act and any
other federal, state or foreign securities laws or regulations. The Board may, in its sole
discretion, also take whatever additional actions it deems appropriate to effect such compliance;
and

          (c) In the event that the Share Appreciation Right shall be exercised pursuant to this Section
8.3 by any person or persons other than the Holder, appropriate proof of the right

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of such person or persons to exercise the Share Appreciation Right, in the sole discretion of
the Board.

     8.4 Payment. Amounts payable upon exercise of a Share Appreciation Right shall be in
cash, Shares (based on its Fair Market Value as of the date the Share Appreciation Right is
exercised), or a combination of both, as determined by the Board.

ARTICLE 9.

ADDITIONAL TERMS OF AWARDS

     9.1 Payment. The Board shall determine the methods by which payments by any Holder
with respect to any Awards granted under the Plan shall be made, including, without limitation:
(a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an
Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of
time as may be required by the Board in order to avoid adverse accounting consequences under
Applicable Accounting Standards, in each case, having a Fair Market Value on the date of delivery
equal to the aggregate payments required, (c) if the Shares are traded on one or more established
stock exchanges or national market systems by delivery of a notice that the Holder has placed a
market sell order with a broker with respect to Shares then issuable upon exercise or vesting of
an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of
the sale to the Company in satisfaction of the aggregate payments required, provided, that payment
of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of
legal consideration acceptable to the Board. The Board shall also determine the methods by which
Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other
provision of the Plan to the contrary, the payment of the exercise price by any Holder that is a
person resident in India (as defined under applicable foreign exchange laws and regulations in
India) shall be subject to and in accordance with applicable Indian laws and regulations,
including, without limitation, any foreign exchange laws and regulations which currently require
the remittance to the Company of such payment outside India through an authorized dealer.

     9.2 Tax Withholding. No Shares shall be delivered under the Plan to any Holder until
such Holder has made arrangements acceptable to the Board for the satisfaction of any income,
employment, social welfare or other tax withholding obligations under Applicable Laws. Each
Service Recipient shall have the authority and the right to deduct, pay or withhold, or require a
Holder to remit to the applicable Service Recipient, an amount sufficient to satisfy federal,
state, local and foreign taxes (including the Holder’s employment, social welfare, fringe benefit
or other tax obligations) required by Applicable Laws to be withheld or paid with respect to any
taxable event concerning a Holder arising as a result of the Plan, and payment of any such taxes
due in respect of such Holder shall be the responsibility of such Holder. The Board may in its
sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have
the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares).
The number of Shares which may be so withheld or surrendered shall be limited to the number of
Shares which have a Fair Market Value on the date of withholding or repurchase equal to the
aggregate amount of such liabilities based on the minimum statutory withholding rates for tax
purposes that are applicable to such taxable income. The Board shall

15

 

determine the Fair Market Value of the Shares, consistent with Applicable Laws, for tax
withholding obligations due in connection with a broker-assisted cashless Option or Share
Appreciation Right exercise involving the sale of shares to pay the Option or Share Appreciation
Right exercise price or any tax withholding obligation.

     9.3 Transferability of Awards.

          (a) Except as otherwise provided in Section 9.3(b):

               (i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other
than by will or the laws of descent and distribution or, subject to the consent of the Board, as
required under applicable domestic relations laws, unless and until such Award has been exercised,
or the shares underlying such Award have been issued, and all restrictions applicable to such
shares have lapsed;

               (ii) No Award or interest or right therein shall be liable for the debts, contracts or
engagements of the Holder or his successors in interest or shall be subject to disposition by
transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other
means whether such disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect, except to the extent
that such disposition is permitted by the preceding sentence; and

               (iii) During the lifetime of the Holder, only the Holder can exercise an Award (or any portion
thereof) granted to him under the Plan, unless it has been disposed of pursuant to applicable
domestic relations law; after the death of the Holder, any exercisable portion of an Award may,
prior to the time when such portion becomes unexercisable under the Plan or the applicable Award
Agreement, be exercised by his personal representative or by any person empowered to do so under
the deceased Holder’s will or under the then Applicable Laws of descent and distribution.

          (b) Notwithstanding Section 9.3(a), the Board, in its sole discretion, may determine to permit
a Holder (other than a deceased Holder) to transfer an Award to certain persons or entities related
to the Holder, including but not limited to members of the Holder’s family, charitable
institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of
the Holder’s family and/or charitable institutions, or to such other persons or entities as may be
expressly approved by the Board, pursuant to such conditions and procedures as the Board may
establish, including the following conditions: (i) an Award transferred shall not be assignable or
transferable other than by will or the laws of descent and distribution; (ii) an Award transferred
shall continue to be subject to all the terms and conditions of the Award as applicable to the
original Holder (other than the ability to further transfer the Award); and (iii) the Holder and
the permitted transferee shall execute any and all documents requested by the Board, including,
without limitation documents to (A) confirm the status of the transferee as a permitted transferee,
(B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C)
evidence the transfer.

16

 

          (c) A legal guardian, legal representative, or other person claiming any rights pursuant to
the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to
the Holder, except to the extent the Plan and Award Agreement otherwise provide, and to any
additional restrictions deemed necessary or appropriate by the Board. If the Holder is married and
resides in a community property jurisdiction, a designation of a person other than the Holder’s
spouse as his or her legal representative with respect to more than 50% of the Holder’s interest in
the Award shall not be effective without the prior written or electronic consent of the Holder’s
spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the
person entitled thereto pursuant to the Holder’s will or the laws of descent and distribution.
Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any
time provided the change or revocation is filed with the Board prior to the Holder’s death.

          (d) Any transfer of shares or Awards by any Holder that is a person resident in India to any
person, including, without limitation, any person resident outside India, shall be subject to
applicable Indian laws and regulations, including, without limitation, foreign exchange laws and
regulations.

     9.4 Conditions to Issuance of Shares.

          (a) Notwithstanding anything herein to the contrary, the Company shall not be required to
issue or deliver any certificates or register on its share register Shares pursuant to the exercise
of any Award, unless and until the Board has determined, with advice of counsel, that the issuance
and registration of such Shares is in compliance with all Applicable Laws, and the Shares are
covered by an effective registration statement or applicable exemption from registration. In
addition to the terms and conditions provided herein, the Board may require that a Holder make such
reasonable covenants, agreements, and representations as the Board, in its discretion, deems
advisable in order to comply with any such laws, regulations, or requirements.

          (b) All Share certificates delivered pursuant to the Plan and all shares registered on the
Company’s share register are subject to any stop-transfer orders and other restrictions as the
Board deems necessary or advisable to comply with all Applicable Laws, rules and regulations. The
Board shall place legends on any Share certificate or the Company’s share register to reference
restrictions applicable to the Shares.

          (c) The Board shall have the right to require any Holder to comply with any timing or other
restrictions with respect to the settlement, distribution or exercise of any Award, including a
window-period limitation, as may be imposed in the sole discretion of the Board.

          (d) No fractional Shares shall be issued and the Board shall determine, in its sole
discretion, whether cash shall be given in lieu of fractional shares or whether such fractional
shares shall be eliminated by rounding down.

          (e) Notwithstanding any other provision of the Plan, unless otherwise determined by the Board
or required by any Applicable Laws, the Company shall not deliver to any Holder certificates
evidencing Shares issued in connection with any Award and instead such

17

 

Shares shall be registered solely on the Company’s share register (or, as applicable, its
transfer agent or share plan administrator).

     9.5 Forfeiture Provisions. Pursuant to its general authority to determine the terms
and conditions applicable to Awards under the Plan, the Board shall have the right to provide, in
the terms of Awards made under the Plan, or to require a Holder to agree by separate written
instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively
received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of
any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate
and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a
Termination of Service occurs prior to a specified date, or within a specified time period
following receipt or exercise of the Award, or (ii) the Holder at any time, or during a specified
time period, engages in any activity in competition with the Company, or which is inimical,
contrary or harmful to the interests of the Company, as further defined by the Board or (iii) the
Holder incurs a Termination of Service for “cause” (as such term is defined in the sole discretion
of the Board, or as set forth in a written agreement relating to such Award between the Company
and the Holder).

     9.6 Applicable Currency. Unless otherwise required by Applicable Laws, or as
determined in the discretion of the Board, all Awards shall be designated in U.S. dollars. A
Holder may be required to provide evidence that any currency used to pay the exercise price of any
Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance
with Applicable Laws, including foreign exchange control laws and regulations. In the event the
exercise price for an Award is paid in another foreign currency, as permitted by the Board, the
amount payable will be determined by conversion from U.S. dollars at the exchange rate as selected
by the Board on the date of exercise.

ARTICLE 10.

ADMINISTRATION

     10.1 Administrator. The Board shall administer the Plan (except as otherwise
permitted herein). Notwithstanding the foregoing, the Board may delegate its authority hereunder
to the extent permitted by Section 10.6.

     10.2 Duties and Powers of Board. It shall be the duty of the Board to conduct the
general administration of the Plan in accordance with its provisions. The Board shall have the
power to interpret the Plan and the Award Agreement, and to adopt such rules for the
administration, interpretation and application of the Plan as are not inconsistent therewith, to
interpret, amend or revoke any such rules and to amend any Award Agreement provided that the
rights or obligations of the Holder of the Award that is the subject of any such Award Agreement
are not affected adversely by such amendment, unless the consent of the Holder is obtained or such
amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need
not be the same with respect to each holder.

18

 

     10.3 Action by the Board. Board action shall be taken in accordance with the
Constitution of the Company as in effect from time to time. Each member of the Board is entitled
to, in good faith, rely or act upon any report or other information furnished to that member by
any officer or other employee of a Service Recipient, the Company’s independent certified public
accountants, or any executive compensation consultant or other professional retained by the
Company to assist in the administration of the Plan.

     10.4 Authority of Board. Subject to any specific designation in the Plan, the Board
has the exclusive power, authority and sole discretion to:

          (a) Designate Eligible Individuals to receive Awards;

          (b) Determine the type or types of Awards to be granted to each Eligible Individual;

          (c) Determine the number of Awards to be granted and the number of Shares to which an Award
will relate;

          (d) Determine the terms and conditions of any Award granted pursuant to the Plan,
including, but not limited to, the exercise price or purchase price, as the case may be, any
reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse
of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations
or waivers thereof, and any provisions related to non-competition and recapture of gain on an
Award, based in each case on such considerations as the Board in its sole discretion determines;

          (e) Determine whether, to what extent, and pursuant to what circumstances an Award may be
settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or
other property, or an Award may be canceled, forfeited, or surrendered;

          (f) Prescribe the form of each Award Agreement, which need not be identical for each
Holder;

          (g) Decide all other matters that must be determined in connection with an Award;

          (h) Establish, adopt, or revise any rules and regulations as it may deem necessary or
advisable to administer the Plan;

          (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award
Agreement; and

          (j) Make all other decisions and determinations that may be required pursuant to the Plan
or as the Board deems necessary or advisable to administer the Plan.

19

 

     10.5 Decisions Binding. The Board’s interpretation of the Plan, any Awards granted
pursuant to the Plan, any Award Agreement and all decisions and determinations by the Board with
respect to the Plan are final, binding, and conclusive on all parties.

     10.6 Delegation of Authority. To the extent permitted by Applicable Laws, the Board
may from time to time delegate to one or more members of the Board or one or more officers of the
Company the authority to take other administrative actions pursuant to this Article, other than
any action of the Board which relate to the (a) issuance of Shares, (b) determination as to the
consideration for which the Shares are to be issued, (c) authorize dividends or distributions on
Shares, (d) issue Shares in lieu of dividends, (e) offer shareholder discounts, (f) acquisition of
Shares by the Company, (g) redemption of Shares by the Company, or (h) provision of financial
assistance for the purposes of or in connection with the acquisition of Shares. Any delegation
hereunder shall be subject to the restrictions and limits that the Board or Board specifies at the
time of such delegation, and the Board may at any time rescind the authority so delegated or
appoint a new delegatee. At all times, the delegatee appointed under this Section 10.6 shall
serve in such capacity at the pleasure of the Board.

ARTICLE 11.

MISCELLANEOUS PROVISIONS

     11.1 Effective Date. The Plan has been adopted and approved by the Board, subject to
shareholder approval. The Plan will be effective as of the date it is approved by the Company’s
shareholders (the “Effective Date”). The Plan will be deemed to be approved by the
shareholders if it receives the affirmative vote of a majority (in excess of 50%) of the votes of
the Shares entitled to vote and present at a meeting duly held in accordance with the applicable
provisions of the Company’s Constitution. Awards may be granted or awarded prior to such
shareholder approval, provided that such Awards shall not be exercisable, shall not vest and the
restrictions thereon shall not lapse and no Shares shall be issued pursuant thereto prior to the
Effective Date, and provided further that if such approval has not been obtained within twelve
(12) months after adoption of the Plan by the Board, all Awards previously granted or awarded
under the Plan shall thereupon be canceled and become null and void.

     11.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant
to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding
on the tenth anniversary of the Effective Date shall remain in force according to the terms of the
Plan and the applicable Award Agreement.

     11.3 Amendment, Suspension or Termination of the Plan. Except as otherwise provided
in this Section 11.3, at any time and from time to time, the Board may terminate, amend or modify
the Plan; provided, however, that (a) to the extent necessary and desirable to comply with
Applicable Laws the Company shall obtain shareholder approval of any Plan amendment in such a
manner and to such a degree as required, and (b) shareholder approval is required for any
amendment to the Plan that results in an increase in benefits under the Plan that would not apply
equally to all shareholders of the Shares, or a change in Eligible Individuals. Except as
provided in the Plan or any Award Agreement, no amendment,

20

 

suspension or termination of the Plan shall, without the consent of the Holder, impair any
rights or obligations under any Award theretofore granted or awarded.

     11.4 No Shareholders Rights. Except as otherwise provided herein, a Holder shall
have none of the rights of a shareholder with respect to Shares covered by any Award until the
Holder’s name has been entered in the share registry of the Company with respect to those Shares.

     11.5 Paperless Administration. In the event that the Company establishes, for itself
or using the services of a third party, an automated system for the documentation, granting or
exercise of Awards, such as a system using an internet website or interactive voice response, then
the paperless documentation, granting or exercise of Awards by a Holder may be permitted through
the use of such an automated system.

     11.6 Effect of Plan upon Other Compensation Plans. The adoption of the Plan shall
not affect any other compensation or incentive plans in effect for a Service Recipient. Nothing
in the Plan shall be construed to limit the right of a Service Recipient; (a) to establish any
other forms of incentives or compensation for Eligible Individuals, or (b) to grant or assume
options or other rights or awards otherwise than under the Plan in connection with any proper
corporate purpose including, without limitation, the grant or assumption of options in connection
with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business,
securities or assets of any corporation, partnership, limited liability company, firm or
association.

     11.7 Compliance with Laws. The Plan, the granting and vesting of Awards under the
Plan and the issuance and delivery of Shares and the payment of money under the Plan or under
Awards granted or awarded hereunder are subject to compliance with all Applicable Laws, rules and
regulations (including but not limited to securities law, margin requirements, foreign exchange,
taxation and private placement laws, rules, regulations and approvals), and to such approvals by
any listing, regulatory or governmental authority as may, in the opinion of counsel for the
Company, be necessary or advisable in connection therewith. Any securities delivered under the
Plan shall be subject to such restrictions, and the person acquiring such securities shall, if
requested by the Company, provide such assurances and representations to the Company as the
Company may deem necessary or desirable to assure compliance with all applicable legal
requirements. To the extent permitted by Applicable Law, the Plan and Awards granted or awarded
hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and
regulations.

     11.8 Titles and Headings, References to Sections of the Code or Exchange Act. The
titles and headings of the Sections in the Plan are for convenience of reference only and, in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control.
References to sections of the Code or the Exchange Act shall include any amendment or successor
thereto.

     11.9 Governing Law. The Plan and any agreements hereunder shall be administered,
interpreted and enforced under the internal laws of Mauritius without regard to conflicts of laws
thereof.

21

 

     11.10 Section 409A. To the extent that the Board determines that any Award granted
under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award
shall incorporate the terms and conditions required by Section 409A of the Code. To the extent
applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of
the Code and Department of Treasury regulations and other interpretive guidance issued thereunder,
including, without limitation, any such regulations or other guidance that may be issued after the
Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that
following the Effective Date the Board determines that any Award may be subject to Section 409A of
the Code and related Department of Treasury guidance (including such Department of Treasury
guidance as may be issued after the Effective Date), the Board may adopt such amendments to the
Plan and the applicable Award Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the
Board determines are necessary or appropriate to (a) exempt the Award from Section 409A of the
Code and/or preserve the intended tax treatment of the benefits provided with respect to the
Award, or (b) comply with the requirements of Section 409A of the Code and related Department of
Treasury guidance and thereby avoid the application of any penalty taxes under such Section.

     11.11 No Rights to Awards. No Eligible Individual or other person shall have any
claim to be granted any Award pursuant to the Plan, and subject to Applicable Laws, the Company
and the Board may treat Eligible Individuals, Holders or any other persons as they deem
appropriate under the Plan.

     11.12 No Right to Employment or Services. Nothing in the Plan or any Award Agreement
shall interfere with or limit in any way the right of the Service Recipient to terminate any
Holder’s employment or services at any time, nor confer upon any Holder any right to continue in
the employ or service of any Service Recipient.

     11.13 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for
incentive compensation. With respect to any payments not yet made to a Holder pursuant to an
Award, nothing contained in the Plan or any Award Agreement shall give the Holder any rights that
are greater than those of a general creditor of the Company, any Subsidiary or any Related Entity.

     11.14 Indemnification. To the extent allowable pursuant to Applicable Laws, each
member of the Board or of the Board shall be indemnified and held harmless by the Company from any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member
in connection with or resulting from any claim, action, suit, or proceeding to which he or she may
be a party or in which he or she may be involved by reason of any action or failure to act
pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided he or she gives the
Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such
persons may be entitled pursuant to the Company’s Constitution, as a matter of law, or otherwise,
or any power that the Company may have to indemnify them or hold them harmless.

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     11.15 Relationship to other Benefits. No payment pursuant to the Plan shall be taken
into account in determining any benefits under any pension, retirement, savings, profit sharing,
group insurance, welfare or other benefit plan of any Service Recipient except to the extent
otherwise expressly provided in writing in such other plan or an agreement thereunder.

     11.16 Expenses. The expenses of administering the Plan shall be borne by the Service
Recipients.

ARTICLE 12.

CHANGES IN CAPITAL STRUCTURE

     12.1 Adjustments. In the event of any distribution, share split, combination or
exchange of Shares, amalgamation, arrangement or consolidation, reorganization of the Company,
including the Company becoming a subsidiary in a transaction not involving a Corporate
Transaction, spin-off, recapitalization or other distribution (other than normal cash dividends)
of Company assets to its shareholders, or any other change affecting the Shares or the share price
of a Share, the Board shall make such proportionate and equitable adjustments, if any, to reflect
such change with respect to (a) the aggregate number and type of shares that may be issued under
the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and
substitutions of shares in a parent or surviving company); (b) the terms and conditions of any
outstanding Awards (including, without limitation, any applicable performance targets or criteria
with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards
under the Plan. The form and manner of any such adjustments shall be determined by the Board in
its sole discretion.

     12.2 Corporate Transactions. Except as may otherwise be provided in any Award
Agreement or any other written agreement entered into by and between the Company and a Holder, if
a Corporate Transaction occurs and a Holder’s Awards are not converted, assumed, or replaced by a
successor as provided in Section 12.3, such Awards shall become fully exercisable and all
forfeiture restrictions on such Awards shall lapse. Upon, or in anticipation of, a Corporate
Transaction, the Board may in its sole discretion provide for (a) any and all Awards outstanding
hereunder to terminate at a specific time in the future and shall give each Holder the right to
exercise such Awards during a period of time as the Board shall determine, (b) either the purchase
of any Award for an amount of cash equal to the amount that could have been attained upon the
exercise of such Award or realization of the Holder’s rights had such Award been currently
exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the
Board determines in good faith that no amount would have been attained upon the exercise of such
Award or realization of the Holder’s rights, then such Award may be terminated by the Company
without payment), or (c) the replacement of such Award with other rights or property selected by
the Board in its sole discretion or the assumption of or substitution of such Award by the
successor or surviving corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of Shares and prices.

     12.3 Assumption of Awards – Corporate Transactions. In the event of a Corporate
Transaction, each Award may be assumed by the successor entity or Parent thereof in connection
with the Corporate Transaction. Except as provided otherwise in an individual

23

 

Award Agreement, an Award will be considered assumed if the Award either is (a) assumed by
the successor entity or Parent thereof or replaced with a comparable Award (as determined by the
Board) with respect to capital shares (or equivalent) of the successor entity or Parent thereof or
(b) replaced with a cash incentive program of the successor entity which preserves the
compensation element of such Award existing at the time of the Corporate Transaction and provides
for subsequent payout in accordance with the same vesting schedule applicable to such Award. If
an Award is assumed in a Corporate Transaction, then such Award, the replacement Award or the cash
incentive program automatically shall become fully vested, exercisable and payable and be released
from any restrictions on transfer (other than transfer restrictions applicable to Options) and
repurchase or forfeiture rights, immediately upon termination of the Holder’s employment or
service with all Service Recipients within twelve (12) months of the Corporate Transaction without
cause.

     12.4 Outstanding Awards – Other Changes. In the event of any other change in the
capitalization of the Company or corporate change other than those specifically referred to in
this Article 12, the Board may, in its absolute discretion, make such adjustments in the number
and class of shares subject to Awards outstanding on the date on which such change occurs and in
the per share grant or exercise price of each Award as the Board may consider appropriate to
prevent dilution or enlargement of rights.

     12.5 No Other Rights. Except as expressly provided in the Plan, no Holder shall have
any rights by reason of (i) any subdivision or consolidation of shares of any class, (ii) the
payment of any dividend, (iii) any increase or decrease in the number of shares of any class or
(iv) any dissolution, liquidation, merger, or consolidation of the Company or any other
corporation. Except as expressly provided in the Plan or pursuant to action of the Board under
the Plan, no issuance by the Company of shares of any class, or securities convertible into shares
of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares subject to an Award or the grant or exercise price of any Award.

* * * * *

     I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of MakeMyTrip
Limited on May 25, 2010.

* * * * *

     I
hereby certify that the foregoing Plan was approved by the shareholders of MakeMyTrip Limited on May 25, 2010.

     Executed
on this 25 day of
May, 2010.

	 	 	 	 	 
	 	 	 
	 	 	/s/
Mohammad Akhtar Janally
 	 
	 	 	Corporate Secretary 	 
	 	 	 	 
	 

24EX-10.2

Exhibit 10.2

THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

     This Third Amended and Restated Shareholders Agreement (this “Agreement”) is dated this
20th day of May, 2008 and made by and among:

	(1)	 	SB ASIA INVESTMENT FUND II L.P., a fund incorporated under the laws of the Cayman Islands
with its registered offices at Maples and Calder Corporate Services Limited, PO Box 309GT,
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands (“SAIF”);
	 
	(2)	 	TRAVOGUE ELECTRONIC TRAVEL PRIVATE LIMITED, a company incorporated under the Indian Companies
Act, 1956, as amended, and having its registered office at 81/1 Adchini, Sri Aurobindo Marg,
New Delhi — 110 017, India (“Travogue”);
	 
	(3)	 	MR. DEEP KALRA, a citizen and resident of the Republic of India residing at J-6/11A, DLF
Phase II, Gurgaon, Haryana, India, MR. KEYUR JOSHI, a citizen and resident of the Republic of
India residing at E-10A, II Floor, Kailash Colony, New Delhi — 110 048, India and MR. SACHIN
BHATIA, a citizen and resident of the Republic of India residing at Q-107, II Floor, Southcity
I — Gurgaon, Haryana, India (collectively, the “Founders”);
	 
	(4)	 	HELION VENTURE PARTNERS LLC a company established under the laws of Mauritius, having its
principal office at International Management (Mauritius) Ltd Les Cascades Building Edith
Cavell Street Port Louis, Mauritius (“Helion”);
	 
	(5)	 	SIERRA VENTURES VIII-A, L.P., a Californian Limited partnership, SIERRA VENTURES VIII-B,
L.P., a Californian Limited partnership and SIERRA VENTURES ASSOCIATES VIII, LLC, a
Californian limited liability Company, each with its registered office at 2884 Sand Hill Road
Suite 100, Menlo Park, California 94025 (collectively, “Sierra”);
	 
	(6)	 	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS IV, L.P., an exempted limited partnership formed
under the laws of the Cayman Islands with its registered offices at c/o Turner and Roulstone
Management Ltd., PO Box 2636GT, Strathvale House, 90 North Church Street, George Town, Grand
Cayman, Cayman Islands (“PIP IV”);
	 
	(7)	 	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS V, L.P., an exempted limited partnership formed
under the laws of the Cayman Islands with its registered offices at c/o Turner and Roulstone
Management Ltd., PO Box 2636GT, Strathvale House, 90 North Church Street, George Town, Grand
Cayman, Cayman Islands (“PIP V” and together with PIP IV, “Tiger Fund”);
	 
	(8)	 	LEE FIXEL, a resident of the United States of America with an address of c/o Tiger Global
Management, L.L.C., 101 Park Avenue, 48th Floor, New York, NY 10178, USA
(“Fixel”);

Page 1 of 66

 

 

	(9)	 	FEROZ DEWAN, a resident of the United States of America with an address of c/o Tiger Global
Management, L.L.C., 101 Park Avenue, 48th Floor, New York, NY 10178, USA
(“Dewan”);
	 
	(10)	 	SCOTT SHLEIFER, a resident of the United States of America with an address of c/o Tiger
Global Management, L.L.C., 101 Park Avenue, 48th Floor, New York, NY 10178, USA
(“Shleifer” and together with PIP IV, PIP V, Fixel and Dewan, “Tiger”); and
	 
	(11)	 	INTERNATIONAL WEB TRAVEL PRIVATE LIMITED, a company incorporated in Mauritius, with
registered number 24478/5832 and having its registered office at 10, Frere Felix De Valois
Street, Port Louis, Republic of Mauritius (the “Company”).

Recitals

          A. SAIF, Travogue, the Founders, Helion, Sierra, and Tiger hold Series A Preferred Shares (as
defined below) and/or Series B Preferred Shares (as defined below) and/or Equity Shares (as defined
below) and possess information rights, rights of first refusal and other rights pursuant to a
Second Amended and Restated Shareholders Agreement dated as of 8 August, 2007 by and among the
Company, SAIF, Travogue, the Founders, Helion, Sierra, and Tiger (the “Second Prior
Agreement”), which may be amended by written consent of all the parties signatory thereto.

          B. All parties to the Second Prior Agreement desire to terminate the Second Prior Agreement
and to accept the rights created pursuant hereto in lieu of the rights granted to them under the
Second Prior Agreement.

          C. SAIF, the Founders, Helion, Sierra, Fixel, Dewan and PIP V are parties to the Series C
Preferred Share Subscription Agreement of even date herewith by and among the Company, SAIF, the
Founders, Helion, Sierra, Fixel, Dewan and PIP V (the “Preferred Share Subscription
Agreement”), which provides that as a condition to the closing of the sale of the Series C
Preferred Shares (as defined below), this Agreement must be executed and delivered by such
Shareholders (as defined below) and the Company.

     NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants,
representations and warranties hereinafter contained, and for other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the Second Prior Agreement shall be
superseded and replaced in its entirety by this Agreement, and the Parties to this Agreement hereby
agree as follows:

AGREEMENT

SECTION I

DEFINITIONS

     1.1 Definitions. In this Agreement, the following terms shall have the following
meanings, unless the context otherwise requires:

     “Affiliate” means, in relation to a body corporate, a Person that directly or
indirectly holds more than 50% of the voting rights of that body corporate and/or a company or
entity in which that body corporate holds directly or indirectly more than 50% of the voting rights
or the

Page 2 of 66

 

 

power to control the majority of the composition of the board of directors of such entity or
the power to direct the management or policies of such entity by contract or otherwise, and in
relation to an individual, means any relative or any other Person which is controlled by such
Person or a relative of such individual; provided that for the purposes of this Agreement the
Company shall not be deemed to be an Affiliate of any Party;

     “Agreement” has the meaning assigned to such term in the preamble to this Agreement;

     “Applicable Law” means any statute, law, ordinance, rule, administrative
interpretation, regulation, order, writ, injunction, directive, judgment or decree applicable to
any of the Parties or to any of their respective Affiliates, properties, assets, officers,
directors or employees, as the case may be from time to time;

     “Board” means the board of directors of the Company or the Subsidiaries, as the case
may be, duly elected from time to time;

     “Business Day” means the day banks are open for transacting business in India or in
Mauritius, as applicable;

     “Buy-Out Offer” has the meaning given to such term in Section 6.3(a);

     “Buyer” has the meaning given to such term in Section 6.3(a);

     “Chief Executive Officer” has the meaning given to such term in Section 3.1(b);

     “Chief Financial Officer” means the chief financial officer of the Company;

     “Company” has the meaning assigned to such term in the preamble to this Agreement;

     “Company Business” means all of the business, operations, assets, or properties
relating to the Company or any of the Subsidiaries, as the case may be;

     “Competitor” means any entity specified in Schedule C of this Agreement which
is in the business of providing Travel Services, or any Person who holds more than 10%
of the fully diluted share capital of any of the entities specified in Schedule C of
this Agreement, or any Person who acquires any entity specified in Schedule C of this
Agreement (as long as the erstwhile competitor constitutes more than 50% of the total gross
revenues from the provision of Travel Services of the consolidated entity);

     “Confidential Information” has the meaning given to such term in Section 10.2;

     “Constitution” means the constitution of the Company to be adopted by the Company in
the form mutually agreed by the Parties or the constitution of any of the Subsidiaries, as the
context may require;

     “Conversion Ratio” has the meaning given to such term in Section 9.8(k);

     “Co-sale Notice” has the meaning given to such term in Section 6.2(d);

     “Co-sale Right” has the meaning given to such term in Section 6.2(d);

     “Defaulting Holder” has meaning given to such term in Section 6.2A(a);

Page 3 of 66

 

 

     “Defaulting Party” has the meaning given to such term in Section 11.9(a)(iv);

     “Dewan” has the meaning assigned to such term in the recitals to this Agreement;

     “Director” means any director duly elected and serving on the Board from time to time;

     “Dispute” has the meaning given to such term in Section 11.1(a);

     “Drag Along Notice” has the meaning given to such term in Section 6.3(b);

     “Drag Along Sale” has the meaning given to such term in Section 6.3(a);

     “Effective Date” shall mean the Closing Date under the Preferred Share Subscription
Agreement;

     “Eligible Shareholder” has the meaning given to such term in Section 6.2A(a);

     “Employment Agreement” means the employment agreement entered into or to be entered
into between Deep Kalra and MMT;

     “Equity Share Anti-Dilution Price” means USD 21.58;

     “Equity Share Subscription Agreement” means such agreement dated April 25, 2005
entered into among SAIF, Travogue, the Founders and the Company;

     “Equity Share Subsequent Issue Price” has the meaning given to such term in Section
7.1;

     “Equity Shares” shall mean the ordinary shares of the Company of a par value of USD
0.01 each;

     “Equity Shareholder” shall mean the holder of Equity Shares of the Company;

     “Financing” has the meaning assigned to such term in the recitals to this Agreement;

     “First Subsequent Issue Price” has the meaning given to such term in Section 7.1;

     “Fixel” has the meaning assigned to such term in the recitals to this Agreement;

     “Founders” has the meaning assigned to such term in the preamble to this Agreement;

     “Governmental Authority” means any government, regulatory authority, governmental
department, agency, commission, board, tribunal, crown corporation, or court or other law, rule or
regulation-making entity having or purporting to have jurisdiction on behalf of any nation, or
province or state or other subdivision thereof or any municipality, district or other subdivision
thereof, including any securities regulator in the relevant jurisdiction;

     “Helion” has the meaning assigned to such term in the preamble to this Agreement;

     “Independent Directors” has the meaning given to such term in Section 4.3(a);

     “IPO” has the meaning given to such term in Section 3.3(a);

Page 4 of 66

 

 

     “Key Managerial Personnel” means (i) each of the Founders and (ii) any employee of the
Company or a Subsidiary, as the case may be, holding the positions and responsibilities of equal to
or greater responsibility than Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, Chief Marketing Officer, Chief Technology Officer, Vice-President, Business Development,
Assistant Vice-President, Customer Service and Head-Finance and Company Secretary;

     “Liquidation Event” shall be any of the following events:-

           (a) a liquidation, dissolution or winding up of the Company in accordance with Applicable Law;

           (b) the sale, transfer or other disposition of all or substantially all of the Company’s and
its Subsidiaries’ assets;

           (c) consolidation or merger of the Company with or into another entity such that the
Shareholders of the Company prior to any such transaction receive or retain after such transaction
less than 50% of the voting power of the surviving entity following such transaction; or

           (d) sale, transfer or other disposition (whether by merger, consolidation or otherwise), in
one transaction or series of related transactions, to a Person or group of Affiliated Persons, of
more than 50% of the then outstanding Securities by the existing shareholders, such that the
Shareholders of the Company prior to any such transaction retain after such transaction less than
50% of the voting power of the Company (or the surviving or acquiring entity).

     It is agreed that a Liquidation Event shall not include the following events approved in
accordance with Section 5.4 of this Agreement: (a) an IPO of the Securities of the Company or its
Subsidiaries, or (b) any issue of Securities by the Company for the purpose of raising additional
capital for the Company.

     “Majority Shareholders” has the meaning given to such term in Section 6.3(a);

     “Minority Investor” has the meaning given to such term in Section 6.3(a);

     “MMT” means MakeMyTrip (India) Private Limited, a company incorporated in India and a
wholly owned subsidiary of the Company;

     “Non-Defaulting Party” has the meaning given to such term in Section 11.9(a)(iv);

     “Offer Notice” has the meaning given to such term in Section 6.2(a);

     “Offer Period” has the meaning given to such term in Section 6.2(c);

     “Offer Shares” has the meaning given to such term in Section 6.2(a);

     “Offeror” has the meaning given to such term in Section 6.2(a);

     “Other Shareholder” has the meaning given to such term in Section 6.2(a);

     “Parties” means, collectively, SAIF, Travogue, each of the Founders, Helion, Sierra,
PIP IV, PIP V, Fixel, Shleifer, Dewan and the Company and their successors and assigns, and

Page 5 of 66

 

 

any other Person that becomes a party to this Agreement in accordance with the terms hereof, and
“Party” means any one of such Persons individually;

     “Percentage Interest” means with respect to any Shareholder and as of any date, a
number equal to a fraction, the numerator of which is the number of Equity Shares owned by such
Shareholder on a fully converted basis as of such date and the denominator of which is the total
number of Equity Shares then issued and outstanding on a fully converted basis;

     “Person” includes any individual, sole proprietorship, partnership, unincorporated
association, unincorporated syndicate, unincorporated organization, trust, body corporate or other
similar entity, and a natural person in his capacity as trustee, executor, administrator, or other
legal representative;

     “PFIC” has the meaning given to such term in Section 11.16(b);

     “PIP IV” has the meaning assigned to such term in the recitals to this Agreement;

     “PIP V” has the meaning assigned to such term in the recitals to this Agreement;

     “Preferred Shareholders” shall mean the holders of the Preferred Shares that are
Parties to this Agreement;

     “Preferred Shares” shall mean, collectively, the Series A Preferred Shares, the Series
B Preferred Shares and the Series C Preferred Shares;

     “Preferred Share Subscription Agreement” has the meaning assigned to such term in the
recitals to this Agreement;

     “RFR Notice” has the meaning given to such term in Section 6.2(c);

     “Registrable Shares” means

     (A)

     (i) any Equity Shares held by any of SAIF, the Founders or Travogue or the
employees/management of the Company or its Subsidiaries; and

     (ii) any other ordinary shares of the Company issued in respect of the Equity Shares described
in clause (i) above pursuant to stock splits, stock dividends, reclassifications,
recapitalizations, or similar events;

     provided, however, that ordinary shares of the Company that are Registrable Shares
shall cease to be Registrable Shares:

     (a) upon any sale pursuant to a Registration Statement,

     (b) with respect to a Shareholder, when such Shareholder is eligible to sell, transfer or
otherwise convey all of such Shareholder’s Registrable Shares pursuant to Applicable Law or

     (c) upon any sale in any manner to a person or entity which is not entitled to the rights
provided by this Agreement; and/or

Page 6 of 66

 

 

     (B)

     (i) any Preferred Shares held by any of the Preferred Shareholders, or converted into Equity
Shares in accordance with this Agreement; and

     (ii) any other shares of preferred stock of the Company issued in respect of the Preferred
Shares described in clause (i) above or such preferred stock being converted into Equity Shares in
accordance with this Agreement pursuant to stock splits, stock dividends, reclassifications,
recapitalizations, or similar events;

     provided, however, that shares of preferred stock of the Company that are Registrable
Shares shall cease to be Registrable Shares:

     (a) upon any sale pursuant to a Registration Statement,

     (b) with respect to a Shareholder, when such Shareholder is eligible to sell, transfer or
otherwise convey, without there being an effective Registration Statement in the jurisdictions
where any of the exchanges set forth in Section 3.3 are located, all of such Shareholder’s
Registrable Shares pursuant to Applicable Law or

     (c) upon any sale in any manner to a person or entity which is not entitled to the rights
provided by this Agreement;

     “Registration Expenses” has the meaning given to such term in Section 3.6;

     “Registration Statement” means a registration statement or prospectus filed by the
Company or a Subsidiary, as the case may be, with the relevant Governmental Authority for a public
offering and sale of securities of the Company or a Subsidiary, as the case may be, (other than a
registration statement on any form for a limited purpose, any registration statement covering only
securities proposed to be issued in exchange for securities or assets of another corporation or a
registration statement solely for the purpose of registering shares issued in a non-underwritten
offering in connection with a merger, combination or acquisition);

     “Relative” shall mean any spouse, parent, sibling or child of an individual;

     “Remaining Equity Shares” has the meaning given to such term in Section 3.2;

     “Remaining Preferred Shares” has meaning given to such term in Section 3.2A;

     “ROFO Offered Shares” has meaning given to such term in Section 6.2A(a);

     “ROFO Offered Shares Availability Notice” has meaning given to such term in Section
6.2A(a);

     “ROFO Selling Shareholder” has meaning given to such term in Section 6.2A(a);

     “SAIF” has the meaning assigned to such term in the preamble to this Agreement;

     “Second Prior Agreement” has the meaning assigned to such term in the recitals to this
Agreement;

     “Shleifer” has the meaning assigned to such term in the recitals to this Agreement;

Page 7 of 66

 

 

     “Second Subsequent Issue Price” has the meaning given to such term in Section 7.1;

     “Securities” means the Equity Shares, the Preferred Shares, or any other class of
capital shares or other equity securities or securities containing profit participation features,
or any options, warrants, rights or other securities convertible into or exchangeable or
exercisable for any such capital shares or other equity securities or securities containing profit
participation features;

     “Selling Shareholder” has the meaning given to such term in Section 6.2(a);

     “Series A Anti-Dilution Price” has the meaning given to such term in Section 7.2;

     “Series B Anti-Dilution Price” has the meaning given to such term in Section 7.3;

     “Series C Anti-Dilution Price” has the meaning given to such term in Section 7.4;

     “Series A Preferred Shareholder” shall mean those Persons listed as such on Schedule A
hereto;

     “Series B Preferred Shareholder” shall mean those Persons listed as such on Schedule A
hereto;

     “Series C Preferred Shareholder” shall mean those Persons listed as such on Schedule A
hereto;

     “Series A Preferred Shares” means the Series A preferred shares of the Company of a
par value of USD 0.01 each;

     “Series B Preferred Shares” means the Series B preferred shares of the Company of a
par value of USD 0.01 each;

     “Series C Preferred Shares” means the Series C preferred shares of the Company of a
par value of USD 0.01 each;

     “Series A Purchase Price” means USD 39.53 per Series A Preferred Share;

     “Series B Purchase Price” means USD 101.14 per Series B Preferred Share;

     “Series C Purchase Price” means USD 107.88 per Series C Preferred Share;

     “Series B Subscription Agreement” has the meaning assigned to such term in Section
9.4(f)(ii);

     “Shareholders” means SAIF, Travogue, the Founders, Helion, Sierra and PIP IV, PIP V,
Fixel, Shleifer, Dewan, and such other Persons as may become parties to this Agreement and holding
a legal or beneficial interest in the Equity Shares or Preferred Shares, together with their
successors and assigns, collectively, and “Shareholder” means any one of such Persons individually;

     “Sierra” has the meaning assigned to such term in the preamble to this Agreement;

     “Special Co-Sale Rights” has the meaning assigned to such term in Section 6.2(j);

Page 8 of 66

 

 

     “Subsidiaries” has the meaning given to such term in the Preferred Share Subscription
Agreement;

     “Tiger” has the meaning assigned to such term in the preamble to this Agreement;

     “Tiger Fund” has the meaning assigned to such term in the preamble to this Agreement;

     “Transfer” has the meaning given to such term in Section 6.1(a);

     “Travel Services” shall mean travel related services of selling and/or promotion of
air tickets, hotel reservations, and packaged tours;

     “Travogue” has the meaning assigned to such term in the preamble to this Agreement;

     “UNCITRAL Rules” has the meaning given to such term in Section 11.1(b); and

     “USD” or “United States Dollars” shall mean the lawful currency of the United
States of America.

     1.2 Headings. The headings and subheadings in this Agreement are included for
convenience and identification only and are not intended to describe, interpret, define or limit
the scope, extent or intent of this Agreement or any provision hereof in any manner whatsoever.

     1.3 Interpretation; Number and Gender. The definitions in Section 1.1 shall apply
equally to both the singular and plural form of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter form. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation". Unless the context otherwise requires, (a) all references to Sections, paragraphs,
clauses, Exhibits and Schedules are to Sections, paragraphs and clauses in, and Exhibits and
Schedules to, this Agreement; and (b) the terms “herein”, “hereof”, “hereto”, ‘hereunder” and words
of similar import refer to this Agreement as a whole. All references in this Agreement to
statutory provisions shall be construed as meaning and including references to: (a) any statutory
modification, consolidation or re-enactment (whether before or after the date of this Agreement)
for the time being in force; and (b) all statutory instruments or orders made pursuant to a
statutory provision. Any reference to the shareholding of the Company on a fully diluted basis
refers to the post Closing capitalization of the Company and shall be calculated after taking into
account all the Securities of the Company including the Equity Shares, the Preferred Shares to be
issued to under the Preferred Share Subscription Agreement, as well as all other Securities of the
Company.

SECTION II

EFFECTIVE DATE, PURPOSE AND SCOPE

     2.1 Effective Date. This Agreement shall come into force and effect from the
Effective Date.

     2.2 Compliance with Agreement. Subject to Applicable Law, each Shareholder, being a
party to this Agreement, shall at all times vote and act as a Shareholder of the Company to fulfill
and comply with the provisions of this Agreement, to satisfy its obligations hereunder and in all
other respects to comply with, and shall use all reasonable efforts to cause the Company to comply
with, this Agreement. Each Shareholder shall, at all times, cause its

Page 9 of 66

 

 

respective nominee(s) as
Directors to act in accordance with this Agreement, to amend the Constitution to conform to the
purposes and intent of this Agreement, and to cause the Company to adopt such amended Constitution
through the passage of appropriate Board and Shareholders’ resolutions and to take such other
actions as may be required under Applicable Law in this regard. The Company shall be bound by the
provisions of this Agreement to the fullest extent of its capacity and power under Applicable Law.

SECTION III

GENERAL PROVISIONS

     3.1 Structure of the Company.

          (a) Private Company. Subject to Section 3.3, the Company shall continue as a private
limited liability company under the laws of Mauritius.

          (b) Registered Office. Unless otherwise agreed by each of the Shareholders, the
Company shall continue to maintain its registered office at 10, Frere Felix De Valois Street, Port
Louis, Republic of Mauritius. The Company may also maintain such other offices at any other place
or places within or outside Mauritius as may from time to time be determined by the Board of the
Company. The Chief Executive Officer of the Company (“Chief Executive Officer”) shall
notify the Shareholders of any change in the address of the registered office /corporate office of
the Company.

     3.2 Issue of Securities by the Company. Subject to the provisions of Applicable Law
and subject to the provisions of Section 7 (but Section 7 will apply only if and to the extent that
the price per Security at which such new issuance occurs satisfies the conditions set forth in
Section 7 for the anti-dilution mechanism in Section 7 to apply), the Board of the Company may,
from time to time, issue and allot at such price and upon such terms as it may decide and as
permitted by Applicable Law, any Security; provided, except for any (a) employee stock options
issued under any stock option plan approved by the Board to the employees of the Company and/or any
Subsidiary, (b) Equity Shares issued upon the conversion of Preferred Shares outstanding as of the
Effective Date, as approved in accordance with the provisions of this Agreement, (c) Securities
issued to financial institutions in connection with commercial credit
arrangements, equipment financing or other similar financing arrangements, (d) Securities
issued pursuant to any stock splits, stock dividend, consolidation, bonus issue, rights issue or
like transactions; or (e) Securities issued to a non-financial corporation in connection with a
license, distribution, business development, or for other similar arrangements, provided such
issuances are approved by the Board and are for other than primarily equity financing purposes, the
Company shall not issue or sell or otherwise issue to any Person (including, without limitation,
any Shareholder) any Securities unless the Company complies with this Section 3.2 and unless, prior
to such issue and sale, each Shareholder shall have received from the Company (x) notice in writing
of the terms of the proposed issue; and (y) an opportunity to subscribe for such Securities on the
same terms and in an amount up to the product of such Shareholder’s Percentage Interest and the
total number of Securities proposed to be issued. If any Shareholder fails to subscribe for such
Securities up to the full amount of such Shareholder’s entitlement by notice in writing to the
Company within 30 Business Days from receipt of the notice from the Company of the proposed issue
of such Securities, or, upon subscription, fails to pay the Company for the subscribed Securities
within such 30 Business Day period, then such Shareholder shall be deemed to have renounced, in
favour of the other eligible Shareholders participating in the subscription, its right to subscribe
for the Securities that it has not subscribed or paid for, and the Company promptly shall notify
such other

Page 10 of 66

 

 

participating Shareholders in writing of the number of Securities with respect to which
the right to subscribe has been deemed renounced pursuant to this Section 3.2 and the Securities
still available for subscription (collectively, the “Remaining Securities”). Thereafter,
each other participating Shareholder shall have a right to subscribe for the Remaining Securities
in proportion to the Shares held by such other participating Shareholders (prior to receiving the
notice described in clause (y) above) divided by the total Securities held by all such other
participating Shareholders (prior to receiving the notice described in clause (y) above) until the
earliest of (i) the expiration of 30 Business Days from receipt of notice from the Company of the
Remaining Securities available for subscription pursuant to the second sentence of this Section
3.2, (ii) such time when all the Remaining Securities have been purchased by such other
participating Shareholders and (iii) such time when there are no Shareholders willing to purchase
any Remaining Securities. Notwithstanding any provision in this Agreement to the contrary, if any
Shareholder is prevented by Applicable Law from purchasing any Securities, such Shareholder may
designate one or more nominees of such Shareholder to purchase such Securities to the extent not
prohibited by Applicable Law, provided such purchaser (including any Shareholder) agrees to become
bound by the terms of this Agreement and simultaneously with the purchase of such Securities
becomes a party to this Agreement. Any Securities that are not purchased by the Shareholders
within 30 Business Days from receipt of the notice from the Company of the Remaining Securities
available for subscription pursuant to the second sentence of this Section 3.2, may be issued and
sold by the Company within 120 days of the end of the 30 Business Day period described in the
beginning of this sentence to any proposed purchaser identified by the Board of the Company on such
terms and conditions as the Board of the Company may deem fit provided that such terms and
conditions are no more favourable to the proposed purchaser than those notified by the Company to
the Shareholders and provided such purchaser agrees to become bound by the terms of this Agreement
and simultaneously
with the purchase of such Securities becomes a party to this Agreement, unless such purchaser
is already a Shareholder.

     It is further agreed that the pre-emptive right specified in this Section 3.2 shall terminate
upon occurrence of an IPO (as defined hereinafter).

     3.3 Initial Public Offering; Registration Rights.

          (a) The Shareholders will cause the Company or any of its Subsidiaries to undertake an initial
public offering (“IPO”) and sale of its Equity Shares and Preferred Shares (the IPO of
Preferred Shares to the extent permitted by Applicable Law) according to a time schedule and in
such global capital market or markets as the Board may determine subject to the provisions of
Section 5.4. The Company or such Subsidiary shall bear all costs and expenses relating to or in
connection with an IPO. The Company will use all commercially reasonable efforts to list the
Equity Shares and Preferred Shares held by the Shareholders pro-rated to the number of shares held
by each such Shareholder at the time of the IPO on a fully diluted and as if converted basis
(listing of Preferred Shares to the extent permitted by Applicable Law) or the Equity Shares issued
upon conversion of the Preferred Shares held by each such Party, or any shares of any of the
Subsidiaries held by the Company in conjunction with, or in any event as soon as possible,
following an IPO on any one or more of NASDAQ, The National Stock Exchange of India or Bombay Stock
Exchange Limited, as considered appropriate by the majority of the Preferred Shareholders, SAIF and
Deep Kalra, provided that, if such persons determine that the IPO must be on NASDAQ, the Founders,
Helion, Tiger and Sierra are not in any manner prohibited under Applicable Laws from listing their
shares on NASDAQ.

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          (b) In conjunction with or at any time after the closing of the Company’s IPO; the
Shareholders may request, in writing, that the Company effect a registration of all or any part of
the Registrable Shares owned by the Shareholders, on such forms and in the manner considered
appropriate by the Shareholders. Upon receipt of any such request, the Company shall promptly give
written notice of such proposed registration to all Shareholders holding Registrable Shares. Such
other Shareholders shall have the right, by giving written notice to the Company within thirty (30)
days after the Company provides its notice, to elect to have included in such registration such of
their Registrable Shares as such Shareholders may request in such notice of election, subject to
the approval of the underwriter managing the offering. Notwithstanding any other provision of this
Section 3.3, if the underwriter advises the Company that marketing factors require a limitation of
the number of securities to be underwritten, then the Company shall advise all holders of
Registrable Shares which would otherwise be underwritten pursuant hereto that the number of shares
that may be included in the underwriting shall be allocated to the holders of such Registrable
Shares (subject to the priority given to the Shareholders to the extent of the Preferred Shares and
Equity Shares held by the Shareholders) on a pro rata basis based on the number of Registrable
Shares requested by each such Shareholder, and the Shareholder to be included in the registration.
Any Registrable Shares excluded or withdrawn from such underwriting shall be withdrawn from the
registration. The provisions of the foregoing sentence shall
apply mutatis mutandis to the Equity Shares held by the Shareholders upon conversion of their
Preferred Shares. Thereupon, the Company shall, as expeditiously as possible, use all commercially
reasonable efforts to effect the registration of all Registrable Shares that the Company has been
requested so to register. Such registration shall be done on such forms and in such manner as is
considered appropriate by those holding a majority of the Registrable Shares.

          (c) At any time after the Company becomes eligible to file a Registration Statement relating
to secondary offerings, the Shareholders will have the right to require the Company to effect an
unlimited number of Registration Statements of all or any portion of the Registrable Shares held by
the Shareholders. Upon receipt of any such request, the Company shall promptly give written notice
of such proposed registration to all Shareholders holding Registrable Shares. Such other
Shareholders shall have the right, by giving written notice to the Company within thirty (30) days
after the Company provides its notice, to elect to have included in such registration such number
of their Registrable Shares as such Shareholders may request in such notice of election.
Thereupon, the Company shall, as expeditiously as possible, use all commercially reasonable efforts
to effect the registration on the applicable forms of all Registrable Shares that the Company has
been requested to register.

     3.4 Incidental Registration.

          (a) Whenever the Company proposes to file a Registration Statement, including, but not limited
to, Registration Statements relating to secondary offerings of securities of the Company, but
excluding Registration Statements pursuant to Section 3.3 and relating to employee benefit plans or
with respect to corporate reorganizations, at any time and from time to time, it will, at least
thirty (30) days prior to such filing, give written notice to all Shareholders of its intention to
do so and, upon the written request of a Shareholder or Shareholders given within twenty (20) days
after the Company provides such notice (which request shall state the intended method of
disposition of such Registrable Shares), the Company shall use its reasonable efforts to cause all
Registrable Shares that the Company has been requested by such Shareholder or Shareholders to
register or to be registered under Applicable Law to the extent necessary to permit their sale or
other disposition in accordance

Page 12 of 66

 

 

with the intended methods of distribution specified in the request
of such Shareholder or Shareholders; provided that the Company shall have the right to postpone or
withdraw any registration effected pursuant to this Section 3.4 without obligation to any
Shareholder.

          (b) In connection with any offering under this Section 3.4 involving an underwriting, the
Company shall not be required to include any Registrable Shares in such underwriting unless the
holders thereof accept the terms of the underwriting as agreed upon between the Company and the
underwriters selected by it, and then only in such quantity as will not, in the good faith opinion
of the underwriters, jeopardize the success of the offering by the Company. If, in the reasonable
opinion of the managing underwriter, the registration of all, or part of, the Registrable Shares
that the holders have requested to be included would materially and adversely affect such public
offering, then the Company shall be required to include in the underwriting only that number of
Registrable Shares, if any, that the managing underwriter in good faith believes may be sold
without causing such adverse effect. If the number of Registrable Shares to be included in the
underwriting in accordance with the foregoing is less than the total number of shares that the
holders of Registrable Shares have requested to be included, the Shareholders holding Registrable
Shares who have requested registration shall participate in the underwriting pro rata based upon
their total ownership of shares. If any holder would thus be entitled to include more shares than
such holder requested to be registered, the excess shall be allocated among other requesting
holders pro-rata based upon their total ownership of Registrable Shares.

     3.5 Registration Procedures. If and whenever the Company is required by the
provisions of this Agreement to use all commercially reasonable efforts to effect the registration
of any of the Registrable Shares under Applicable Law, the Company shall:

          (a) prepare and file with the relevant Governmental Authority a Registration Statement with
respect to such Registrable Shares and use all commercially reasonable efforts to cause that
Registration Statement to become and remain effective for the earlier of one-hundred twenty (120)
days or until the completion of the distribution;

          (b) as expeditiously as possible prepare and file with the relevant Government Authority any
amendments and supplements to the Registration Statement and the prospectus included in the
Registration Statement as may be necessary to keep the Registration Statement effective, and comply
with the provisions of Applicable Law with respect to the disposition of all securities covered by
such Registration Statement;

          (c) as expeditiously as possible furnish to each selling Shareholder such reasonable number of
copies of the registration statement, each amendment and supplement thereto, prospectus, including
a preliminary prospectus, in conformity with the requirements of Applicable Law, and such other
documents as the selling Shareholder may reasonably request in order to facilitate the public sale
or other disposition of the Registrable Shares owned by the selling Shareholder;

          (d) as expeditiously as possible use all commercially reasonable efforts to register or
qualify the Registrable Shares covered by the Registration Statement under the applicable
securities or other laws of such jurisdictions as the selling Shareholders shall reasonably
request, and do any and all other acts and things that may be necessary or desirable to enable the
selling Shareholders to consummate the public sale or other disposition in such jurisdictions
applicable to the Registrable Shares owned by the selling Shareholder;

Page 13 of 66

 

 

          (e) notify each selling Shareholder of such Registrable Shares at any time when a Registration
Statement related thereto is effective under the Applicable Law, of the happening of any event as a
result of which, or in the event the Company becomes aware that, the prospectus included in such
Registration Statement contains an untrue statement of a material fact or omits any fact necessary
to make the statements therein not misleading, and, at the request of any such seller, the Company
will prepare a supplement
or amendment to such prospectus so that, as thereafter delivered to the purchasers of such
Registrable Shares, such prospectus will not contain any untrue statement of a material fact or
omit to state any fact necessary to make the statements therein not misleading;

          (f) cause all such Registrable Shares to be listed on any one or more of NASDAQ, the National
Stock Exchange of India or Bombay Stock Exchange Limited, as considered appropriate by those
holding a majority of the Preferred Shares, SAIF and Deep Kalra, provided that, if the such persons
determine that the IPO must be on NASDAQ, the Founders, Helion, Tiger and Sierra are not in any
manner prohibited under Applicable Laws from listing their shares on NASDAQ;

          (g) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement in customary form with the managing underwriter of such offering.
Each Shareholder participating in such underwriting shall also enter into and perform its
obligations under such an agreement; and

          (h) furnish, at the request of the initiating Shareholders holding a majority of the shares
participating in the offering, on the date that such Registrable Shares are delivered to the
underwriters for sale, if such shares are being sold through underwriters, or, if such shares are
not being sold through underwriters, on the date that the Registration Statement with respect to
such Registrable Shares becomes effective: (i) an opinion, dated as of such date, from the counsel
representing the Company for the purpose of such registration, in the form and substance as is
customarily given to underwriters in an underwritten public offering and reasonably satisfactory to
a majority of the initiating Shareholders, addressed to the underwriters, if any, and to the
initiating Shareholders; and (ii) a letter dated as of such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering and reasonably
satisfactory to a majority of the initiating Shareholders, addressed to the underwriters, if any,
and if permitted by applicable accounting standards, to the initiating Shareholders.

     If the Company has delivered preliminary or final prospectuses to the selling Shareholders and
after having done so the prospectus is amended to comply with the requirements of Applicable Law,
the Company shall promptly notify the selling Shareholders and, if requested, the selling
Shareholders shall immediately cease making offers of Registrable Shares and return all
prospectuses to the Company. The Company shall promptly provide the selling Shareholders with
revised prospectuses and, following receipt of the revised prospectuses, the selling Shareholders
shall be free to resume making offers of the Registrable Shares.

     3.6 Allocation of Expenses. The Company will pay all Registration Expenses (as
defined below) of all registrations under this Agreement; provided, however, that if a registration
under Section 3.3 is withdrawn at the request of the Shareholders requesting such registration
(other than as a result of information concerning the business or financial condition of the
Company that is made known to the Shareholders after the date
on which such

Page 14 of 66

 

 

registration was requested) and if the requesting Shareholders elect not to have
such registration counted as a registration requested under Section 3.3, the requesting
Shareholders shall pay the Registration Expenses of such registration pro rata in accordance with
the number of their Registrable Shares included in such registration. For purposes of this
Section, the term “Registration Expenses” shall mean all expenses incurred by the Company
in complying with this Agreement, including, without limitation, all registration and filing fees,
exchange listing fees, printing expenses, fees and disbursements of counsel for the Company, the
reasonable fees and expenses of one (1) special counsel selected by the selling Shareholders to
represent the selling Shareholders, local jurisdiction fees and expenses, and the expense of any
special audits incidental to or required by any such registration, but excluding underwriting
discounts, selling commissions and the fees and expenses of selling Shareholders’ own counsel
(other than the counsel selected to represent all selling Shareholders).

     3.7 Indemnification with respect to Underwritten Offering. In the event that
Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering
pursuant to Section 3:

          (a) the Company agrees to enter into an underwriting agreement containing customary
representations and warranties with respect to the business and operations of an issuer of the
securities being registered and customary covenants and agreements to be performed by such issuer,
including without limitation customary provisions with respect to indemnification by the Company of
the underwriters of such offering; and

          (b) (i) to the extent permitted by Applicable Law, the Company will indemnify and hold
harmless each Shareholder, the partners, members, officers, directors and shareholders of each
Shareholder and legal counsel and accountants for each Shareholder against any losses, claims,
damages or liabilities (joint or several) to which they may become subject under Applicable Law,
insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out
of or are based upon any of the following statements, omissions or violations (collectively a
“Violation”): (A) any untrue statement of a material fact contained in such Registration
Statement, including any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, (B) the omission to state in such Registration Statement a
material fact required to be stated therein, or necessary to make the statements therein not
misleading or (C) any Violation by the Company of Applicable Law, and the Company will reimburse
each such Shareholder, controlling person or other aforementioned person for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action as such expenses are incurred; provided, however, that the
indemnity agreement contained in this Section 3.7(b)(i) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld), nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon a Violation that occurs in reliance upon and in
conformity with written information concerning a Shareholder furnished by such
Shareholder expressly for use in connection with such registration by any such Shareholder,
controlling person or other aforementioned person;

               (ii) to the extent permitted by law, each selling Shareholder will indemnify and
hold harmless the Company, each of its directors, each of its officers who has signed the
Registration Statement, each person, if any, who controls the Company, legal counsel and
accountants for the Company, any other Shareholder selling securities in such Registration
Statement and any controlling person of any such other Shareholder, against any

Page 15 of 66

 

 

losses, claims,
damages or liabilities (joint or several) to which any of the foregoing persons may become subject,
under Applicable Law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with written information
concerning such Shareholder furnished by such Shareholder expressly for use in connection with such
registration; and each such Shareholder will reimburse any person intended to be indemnified
pursuant to this subsection 3.7(b)(ii) for any legal or other expenses reasonably incurred by such
person in connection with investigating or defending any such loss, claim, damage, liability or
action as such expenses are incurred; provided, however, that the indemnity agreement contained in
this Section 3.7(b)(ii) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Shareholder
(which consent shall not be unreasonably withheld), and provided that in no event shall any
indemnity under this subsection 3.7(b)(ii) exceed the net proceeds from the offering received by
such Shareholder;

               (iii) notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in the underwriting agreement entered into in connection
with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control; and

               (iv) the obligations of the Company and Shareholders under this Section 3.7 shall
survive the completion of any offering of Registrable Shares in a Registration Statement under this
Section 3 and otherwise.

     3.8 Information by Shareholder. Each holder of Registrable Shares included in any
registration shall furnish to the Company such information regarding such holder and the
distribution proposed by such holder as the Company may reasonably request in writing and as shall
be required in connection with any registration, qualification or compliance referred to in this
Agreement.

     3.9 Flip up Structure. The Parties agree that they will on or before 31st December
2007 and thereafter from time to time, and no less frequently than every 12 months, review the
corporate structure of the Company to assess the feasibility of re-structuring the Company into
either a majority owned subsidiary of a company based in the US or in India with a majority or all
of the Shareholders of the Company swapping their shares for equivalent shares of such holding
company. The Parties agree to work
together in good faith to implement the proposed re-structuring to the extent possible in
accordance with all Applicable Law and regulatory requirements. It is agreed that implementation
of the proposed re-structuring shall be subject to there being positive benefits including tax
incentives and increased valuation for a proposed IPO. Any decision taken on this issue shall also
require prior approval of the Board in accordance with Section 5.4.

SECTION IV

MANAGEMENT OF THE COMPANY

     4.1 Charter Documents. The Constitution shall be in such form as is required by
Applicable Law and shall contain, inter alia, the provisions set out in this Agreement to the
extent not prohibited by Applicable Law, and shall otherwise be consistent with, and give effect
to, the terms of this Agreement. On or prior to the Effective Date, the Parties shall, and shall
cause the Company to and the Company shall, duly amend the Constitution so as to

Page 16 of 66

 

 

comply with the
provisions of this Section 4.1 to ensure that the Constitution of the Company conform to the terms
of this Agreement and contain the terms of this Agreement to the extent not prohibited by
Applicable Law. Prior to the Effective Date, the Founders, Travogue, SAIF, Helion, Tiger, Sierra,
and the Company shall have worked together to ensure that all Shareholder and Board authorizations
and consents required in order to effect such amendments have been obtained and satisfied prior to
the Effective Date. Within 10 days of the Effective Date, the Company shall make all requisite
filings relating to the Constitution with relevant Governmental Authorities, subject to the receipt
of all the documents reasonably requested by the Company from the Investors which are necessary for
making the requisite filings.

     4.2 General Powers.

          (a) The property, business and affairs of the Company and the Subsidiaries shall be managed
exclusively by and under the direction of the Board. The Board may exercise all such powers of the
Company or the Subsidiaries, as the case may be, and have such authority and do all such lawful
acts and things as are permitted by Applicable Law and its Constitution.

          (b) No regulation made by the Company or a Subsidiary in general meeting shall invalidate any
prior act of the Board which would have been valid if that regulation had not been made, unless the
aim of such regulation is to invalidate such prior act.

     4.3 Constitution of the Board of Directors & Observers.

          (a) The Company shall have a Board consisting of no more than ten (10) Directors. On or
immediately after the Effective Date, the strength of the Board shall be ten (10) Directors, as
follows:

               (i) 2 members recommended/nominated by SAIF (including one (1) Mauritian resident Director);

               (ii) 1 member recommended/nominated by Helion and 1 member recommended/ nominated by Sierra;

               (iii) 1 member recommended/nominated by the Founders (the Chief Executive Officer of the
Company and/or any Subsidiary); and

               (iv) 3 independent directors as presently on the Board of the Company and 2 independent
Mauritian resident Directors to be appointed on the Board of the Company (the “Independent
Directors”).

          (b) It is hereby agreed that (i) the Founders shall not have a right to recommend or nominate
Directors on the Board of the Company in the event the Founders, Travogue and the employees of the
Company and the Subsidiaries jointly hold less than 5% of the issued and paid up share capital of
Company on a fully diluted basis, (ii) SAIF shall not have a right to recommend or nominate
Directors on the Board of the Company in the event SAIF holds less than 5% of the issued and paid
up share capital of Company on a fully diluted basis, and (iii) Helion and Sierra shall not have a
right to recommend or nominate Directors on the Board of the Company in the event either Helion or
Sierra individually holds less than 5% of the share capital of the Company on a fully diluted
basis.

Page 17 of 66

 

 

          (c) Each of Helion, Tiger Fund and Sierra shall be entitled to appoint one observer, to visit
the meetings of the Board of the Company and meetings of the shareholders of the Company. It is
agreed by the Parties that such observer shall not have a right to vote at the meetings of the
Board or the meetings of the shareholders of the Company and shall only observe the proceedings of
the meetings of the Board or the meetings of the shareholders of the Company.

          (d) The Shareholders shall vote the Equity Shares or Preferred Shares held by them to elect
and appoint as Directors the individuals nominated by SAIF, the Founders, Helion, and Sierra in
accordance with this Agreement. Any person nominated as a Director by a Shareholder shall be
appointed and may be removed from such office only by the relevant nominating Shareholder, by a
memorandum signed in writing by such Shareholder, which shall take effect from the date stated in
such memorandum or, if no such date shall be stated, from the date when such memorandum is lodged
at the registered office of the Company or the Subsidiary, as the case may be. Notwithstanding the
foregoing, a Director shall be removed from office without notice if he is guilty of any gross
default or misconduct in connection with or affecting the Company Business, or is guilty of fraud,
dishonesty or any criminal offence (save for minor road traffic offences).

     4.3A Subsidiaries.

          (a) Each of the Subsidiaries shall have a board of directors consisting of no more than eight
(8) directors. On or immediately after the Effective Date, the strength of the Board shall be
eight (8) Directors, as follows:

               (i) 2 members recommended/nominated by SAIF;

               (ii) 1 member recommended/nominated by Helion;

               (iii) 1 member recommended/nominated by Sierra;

               (iv) 1 member recommended/nominated by the Founders (the Chief Executive Officer of the
Company and/or any Subsidiary); and

               (v) 3 independent directors as presently on the Board of the Subsidiaries.

     It is hereby agreed that (i) the Founders shall not have a right to recommend or nominate
Directors on the Board of the Subsidiaries in the event the Founders, Travogue and the employees of
the Company and the Subsidiaries jointly hold less than 5% of the issued and paid up share capital
of Company on a fully diluted basis, (ii) SAIF shall not have a right to recommend or nominate
Directors on the Board of the Subsidiaries in the event SAIF holds less than 5% of the issued and
paid up share capital of Company on a fully diluted basis, and (iii) Helion and Sierra shall not
have a right to recommend or nominate Directors on the Board of the Subsidiaries in the event
either Helion or Sierra individually holds less than 5% of the share capital of the Company on a
fully diluted basis.

          (b) The Shareholders agree to cause the Company and the Company shall vote the shares of such
Subsidiaries held by it to elect and appoint as Directors on the Board of the Subsidiaries, the
individuals nominated by SAIF, the Founders, Helion, and Sierra in accordance with this Agreement.

Page 18 of 66

 

 

          (c) Each of Helion, Tiger Fund and Sierra shall be entitled to appoint one observer, to visit
the meetings of the Board of the Subsidiaries and meetings of the shareholders of the Subsidiaries.
It is agreed by the Parties that such observer shall not have a right to vote at the meetings of
the Board or the meetings of the shareholders of the Subsidiaries and shall only observe the
proceedings of the meetings of the Board or the meetings of the shareholders of the Subsidiaries.

     4.3B Committees. Each committee/sub-committee of the Board shall be constituted in a
manner whereby SAIF, the Founders, Tiger Fund, Helion, and Sierra have a representation on such
committee/sub-committee in proportion to their representation on the Board (including observer
rights).

     4.4 Alternate Directors. Any Director appointed to the Board shall be entitled to
nominate an alternate to attend and vote at meetings of the Directors in his absence. Such
alternate shall be approved in writing by the Shareholder who appointed such nominated Director.

     4.5 D&O Insurance; Costs.

          (a) To the extent it is available and permissible under Applicable Law, the Shareholders shall
cause the Company to, and the Company shall maintain insurance coverage of an aggregate amount of
USD 3,000,000 to cover all the Directors and key
officers of the Company and the Subsidiaries in relation to the discharge of their respective
duties. The Company shall provide for standard indemnification provisions in the Constitution for
the Directors, executive officers, the Chief Executive Officer and other officers and
representatives of the Company in relation to the discharge of their respective duties.

     4.6 Meetings of Board; Quorum.

          (a) The Board shall hold no less than (i) one meeting every three months and (ii) four
meetings in any given financial year. Such meetings shall be held at the Company’s registered
office in Mauritius or such other place as the Board may from time to time determine. No less than
15 calendar days’ prior written notice of every meeting of the Board shall be given to every
Director of the Board; provided, however, that, any given meeting of the Board may be held upon
shorter notice if all the Directors waive such notice period. Such notice shall be accompanied by
the agenda setting out the business proposed to be transacted at such meeting of the Board. Any
Director may request the Chairman to call a meeting of the Board. Upon such request, the Chairman
shall call a meeting of the Board. If such meetings are held in Mauritius, all expenses and costs
incurred for such meetings by the Directors shall be borne by the Company.

          (b) Minutes of each meeting of the Board shall be taken and kept by the company secretary in
the books of the Company or the Subsidiary, as the case may be. Copies of the minutes of each such
meeting shall be delivered to each member of the Board as soon as practicable. If a member is not
present at any Board meeting, copies of all documents considered by the Board at such meeting shall
be promptly delivered to him with a copy of the relevant minutes.

          (c) To the extent permissible by Applicable Law, any Director and any observer may participate
in a Board meeting by means of a telephone or video conference.

Page 19 of 66

 

 

          (d) Notwithstanding any other provisions of this Section 4, a resolution in writing signed by
all Directors (which resolution may consist of several counterparts) shall be as valid and
effective as if it had been adopted by a duly convened meeting of the Board.

          (e) The presence in person of at least six (6) Directors on the Board shall be required to
constitute a quorum at a meeting of the Board or committee thereof; provided, however, that no
quorum shall exist unless two (2) Mauritian resident Independent Directors, one (1) Director
nominated by SAIF, one (1) Director nominated on the Board by Helion, one (1) Director nominated on
the Board by Sierra, and the Chief Executive Officer of the Company and/or any Subsidiary nominated
on the Board by the Founders is present. In the absence of a quorum, the meeting of the Board or
committee thereof shall be adjourned by the Directors present and shall be reconvened 14 days
thereafter on the same day of the week, time and place. At any such adjourned meeting, subject to
Section 4.7(b), and the quorum at such reconvened meeting shall be the presence in person of at
least five (5) Directors on the Board which shall include at least
two (2) Mauritian resident Independent Directors, one (1) Director nominated by SAIF, the
Chief Executive Officer of the Company, and one (1) Director nominated on the Board by Helion or
Sierra shall be required to constitute a quorum.

          (f) Each Director on the Board shall have only one vote. The Chairman of the Board shall not
have a second or casting vote. The Chairman shall be a Director nominated by the Shareholder
holding the largest percentage interest in the share capital of the Company on a fully diluted
basis. For the purpose of this Section 4.6(f), the Founders and Travogue shall collectively be
considered as one Shareholder and the Securities of the Company held by the employees of the
Company and the employees of the Subsidiaries on a fully diluted basis shall be included while
computing the percentage interest of the Founders and Travogue.

     4.7 Powers of the Directors.

          (a) Subject to the provisions of Section 4.7(b), the Board shall act by majority vote. For
the avoidance of doubt, all decisions, actions and resolutions of the Board shall, subject to the
provisions of Section 4.7(b), be adopted by the affirmative vote of a simple majority of the
members of the Board.

          (b) Notwithstanding any other provision of this Agreement to the contrary, no action or
decision will be taken by the Board (including by way of passing resolutions by circulation) in
respect of any of the provisions set out in Section 5.4 hereof without following the procedure set
out in Section 5.4.

     4.8 A Director may from time to time disclose to
the Shareholder who appointed him and its
representative such information as he has
regarding the Company or the Subsidiary, as the
case may be, or its business and operations as
shall reasonably be requested by the Shareholder
appointing him.The provisions of Sections
4.4 to 4.8, shall apply mutatis mutandis to the
Subsidiaries, so that the reference to the term
Company shall refer to such Subsidiary, the
reference to Mauritius in relation to the
Company shall refer to the country where the
registered office of the Subsidiary is situated
and the reference to other defined terms in
relation to the Company shall have the
correlative meaning in relation to each
Subsidiary.

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SECTION V

SHAREHOLDER MEETINGS

     5.1 General Meeting of Shareholders. The Company shall hold one annual meeting of the
shareholders in any given calendar year. Except as provided in this Section V, all general
meetings of the shareholders (whether annual meetings or special meetings) shall be governed by
Applicable Law and the Constitution. The Chairman of the Board of the Company shall preside at all
general meetings of the shareholders of the Company (including all annual meetings and special
meetings) provided that the Chairman of a general meeting shall not have a casting vote. If the
Chairman is absent or fails to serve as the presiding officer at any such general meeting of the
shareholders, a Director as may be mutually agreed by the Shareholders shall preside in the
Chairman’s place. To the extent permissible by Applicable Law, a shareholder may participate in a
general meeting by means of a telephone or video conference.

     5.2 Notice of Shareholders Meetings. Prior written notice of 21 calendar days shall
be given to the shareholders for all general meetings (including all annual meetings and special
meetings); provided; however; that any given meeting of the shareholders may be held upon shorter
notice if all the Shareholders waive such notice period in accordance with the provisions of
Applicable Law. Such notice shall be accompanied by the agenda setting out the business proposed
to be transacted at such meeting of the shareholders.

     5.3 Quorum. The quorum for a general meeting of the shareholders (including all
annual meetings and special meetings) shall be the presence in person or by proxy of at least six
(6) shareholders; provided, however, that no quorum shall exist until at least two (2) Mauritian
resident Independent Directors, one nominee or representative appointed or authorized by (i) SAIF,
(ii) Helion, (iii) Sierra and (iv) Tiger Fund, and Mr. Deep Kalra, are present at the meeting. In
the absence of a quorum, the general meeting shall be adjourned by the shareholders present and
shall be reconvened on such date, time and place as may be decided by the Board. The quorum at
such reconvened meeting shall be the presence in person or by proxy of at least five (5)
shareholders; provided, however, that no quorum for a reconvened meeting shall exist until at least
two (2) Mauritian resident Independent Directors, Mr. Deep Kalra, one nominee or representative
appointed or authorized by SAIF, and one nominee or representative appointed or authorized by
Helion, Tiger Fund or Sierra are present at the meeting. Prior written notice of 30 days shall be
given to all the Shareholders in order to reconvene such adjourned meetings; provided, however that
any given general meeting of shareholders may be held upon shorter notice if all the Shareholders
waive such notice period.

     5.4 Voting Requirements.

          (a) Except as required under Applicable Law and subject to Section 5.4 (c), the vote of a
majority of the shareholders of the Company present at a validly called meeting (including, without
limitation, a reconvened meeting) at which a quorum is present shall be required for any action to
be taken by the Company’s shareholders on any matter. Subject to Applicable Law, at each
shareholders meeting, each shareholder shall have the voting rights in proportion to such
shareholders’ share of the total issued and outstanding share capital of the Company (on an as
converted and fully diluted basis). Subject to Applicable Law, the holder of each Preferred Share
shall have the right to one vote for each Equity Share into which such Preferred Share could then
be converted, and with respect to such vote, such holder shall have full voting rights and powers
equal to the voting rights and powers of the holders of Equity Shares, and shall be entitled to
vote, together with holders of Equity Shares, with respect to any question upon which holders of
Equity Shares have the right to vote.

Page 21 of 66

 

          (b) Notwithstanding any other provisions of this Section 5, a resolution in writing signed by
all shareholders (which resolution may consist of several counterparts) shall be as valid and
effective as if it had been passed at a duly convened shareholders’ meeting if permitted in
accordance with Applicable Law.

          (c) Notwithstanding any other provision of this Agreement to the contrary, no action or
decision will be taken by the Company and/or its Subsidiaries (including by way of passing
resolutions by circulation) in respect of any of the matters listed in Schedule B hereof
without the consent of (i) the majority of the Preferred Shareholders voting together as a single
class, (ii) SAIF and (iii) Deep Kalra.

          (d) No decision of the Board shall be taken with respect to any matter listed in Schedule
B, with respect to which any Director nominated by SAIF, the Founders, Helion, or Sierra is
considered an interested Director under Applicable Law, unless such matter has been approved at a
meeting of the shareholders in the manner set forth in Section 5.4 (c) hereinabove.

          (e) To the extent permitted by Applicable Law, the provisions of Sections 5.1-5.4 including
Schedule B, shall apply mutatis mutandis to the Subsidiaries so that the reference to the
term Company shall refer to such Subsidiary and the reference to other defined terms in relation to
the Company shall have the correlative meaning in relation to each Subsidiary.

          (f) To the extent permitted by Applicable Law, it is agreed that the provisions of Section IV
and V to the extent applicable to the Subsidiaries shall also be applicable mutatis mutandis to
each of the future Subsidiaries of the Company.

     5.5 Deadlock.

          (a) Whenever any matter is submitted to the Board or to a general meeting (including annual
meetings or special meetings) of the Company and the Board or the shareholders at the relevant
general meeting (including annual meetings or special meetings) is unable to arrive at a decision
on the matter by reason of disagreement, then a deadlock shall be deemed to have occurred in
relation to that matter.

          (b) If and whenever a deadlock is deemed to have occurred, either the Founders, SAIF, Tiger
Fund, Helion, or Sierra, as the case may be, shall be entitled, within 30 days after the date on
which the deadlock occurred, by notice in writing to the other, to require the matter to which the
deadlock relates to be escalated to a senior executive of each of Tiger Fund, Helion, Sierra, the
Founders and SAIF, such persons not being Directors and the Chief Executive Officer of the Company
for mediation within 30 days, failing which the matter shall be referred to arbitration in
accordance with Section 12.1.

SECTION VI

DEALING WITH EQUITY SHARES AND PREFERRED SHARES

     6.1 Restrictions on Transfer of Equity Shares and Preferred Shares.

          (a) Except as expressly provided in this Agreement, none of the Founders, Travogue, SAIF,
Tiger, Helion or Sierra shall, directly or indirectly, sell, transfer, assign, pledge, charge,
mortgage or in any other way dispose of or otherwise create any Encumbrance

Page 22 of 66

 

on (any such event, a “Transfer”) any Equity Shares or Preferred Shares or any of its
rights or obligations under this Agreement except in accordance with the provisions hereof.

          (b) A purported Transfer of Equity Shares or Preferred Shares in contravention of the terms of
this Agreement shall be null and void and shall not be binding on the Company or the Board.

     6.2 Right of First Refusal; Co-sale Rights.

          (a) In the event that SAIF, Tiger, the Founders, or Travogue, desire to Transfer all or a
portion of the Equity Shares and/or Preferred Shares held by any of them (such seller, the
“Selling Shareholder”) pursuant to a bona fide offer by any Person (“Offeror”), the
Selling Shareholder shall immediately deliver a written notice (“Offer Notice”) to the
other holders of Equity Shares and Preferred Shares (the “Other Shareholders”) describing
accurately and in reasonable detail the terms and conditions of the offer, including the timing as
to execution, the number of Equity Shares and/or Preferred Shares subject to the offer (the
“Offer Shares”) and the price to be paid for such Equity Shares and/or Preferred Shares
pursuant to such offer, the name and address of the Offeror, any agreements or documents to be
executed and delivered relating to such offer, any related terms and conditions and any additional
information reasonably required by the Other Shareholder. Notwithstanding any provision of this
Agreement, the Selling Shareholder shall not Transfer the Offer Shares to, or enter into any
binding agreement in respect of the Offer Shares with the Offeror unless and until the terms and
requirements of Section 6.2(b) through (k) are satisfied. It is hereby clarified, other than as
set forth in Section 6.2(j) and Section 6.2(k) of this Agreement, that the provisions of Section
6.2 relating to the right of first refusal and Co-sale Rights shall apply only to SAIF, Tiger, the
Founders and Travogue and not to Helion and Sierra.

          (b) Upon the Offer Notice being delivered to the Other Shareholders, the Other Shareholders
shall have the right, exercisable at their sole discretion, to purchase all, but not less than all,
of the Offer Shares on such terms and conditions that are no less favourable to the Other
Shareholders than those specified in the Offer Notice in accordance with the terms of Section
6.2(c); provided, however, that if the Other Shareholders include the Founders and Travogue, and
SAIF or Tiger, as applicable, proposes to sell its Equity Shares and/or Preferred Shares to a
Competitor, then, upon the Offer Notice being delivered by SAIF or Tiger, as applicable, to the
Other Shareholders, the Founders and Travogue shall have the right, exercisable at their sole
discretion, to either (i) purchase (or where the Offer Shares constitute all the Equity Shares
and/or the Preferred Shares held by SAIF or Tiger, as applicable, nominate a third party to
purchase) all, but not less than all, of the Offer Shares on such terms and conditions as are
specified in the Offer Notice in accordance with the terms of Section 6.2(c) or (ii) exercise their
rights to sell all, but not less than all, of the Equity Shares and/or Preferred Shares held by
Travogue and the Founders in the manner contemplated in, and in accordance with the terms of,
Section 6.2(d). It is clarified that where the Other Shareholders include the Founders, the right
to purchase the Offer Shares may be exercised by them through Travogue provided that the notice and
other provisions contained in this Section 6.2 when sent to the Founders shall bind Travogue in the
same manner as such provisions bind any of the Founders.

          (c) If the Other Shareholders, in their sole discretion, elect to purchase or nominate a third
party to purchase, as applicable, all, but not less than all, of the Offer Shares pursuant to
Section 6.2(b) above, the Other Shareholders shall, within the time period set forth in the Offer
Notice, provided that such period shall in no event be less than seven (7) Business

Page 23 of 66

 

Days (such period, the “Offer Period”), give to the Selling Shareholder a notice in
writing exercising its right of first refusal (a “RFR Notice”). Each of the Other
Shareholders shall have the right to purchase a number of the Offer Shares equal to the product
obtained by multiplying (i) the aggregate number of Offer Shares by (ii) a fraction, the numerator
of which is the number of Equity Shares (calculated on a fully diluted basis assuming conversion of
all Preferred Shares) at the time owned by such Other Shareholder and the denominator of which is
the aggregate number of Equity Shares (calculated on a fully diluted basis assuming conversion of
all Preferred Shares) owned by all of the Other Shareholders (calculated on a fully diluted basis
assuming conversion of all Preferred Shares). Each Eligible Shareholder shall also have the
option, exercisable to purchase on a pro rata basis any remaining Offer Shares not purchased by
Other Shareholders, in which case, the Other Shareholders exercising such further option shall be
deemed to have elected to purchase such remaining Offer Shares on such pro rata basis, up to the
aggregate number of Shares which such Other Shareholder shall have specified. If an RFR Notice is
provided by the Other Shareholders, the transaction of purchase and sale shall be completed by the
Other Shareholders within the time frame specified in the offer by the Offeror, provided that such
period shall in no event be less than ten (10) Business Days following the expiry of the Offer
Period, and provided further that such obligation to complete is subject to receipt of requisite
governmental approvals which approvals shall be promptly applied for in good faith.

          (d) If Travogue and the Founders, in their sole discretion, decide to exercise their co-sale
rights pursuant to Section 6.2(b)(ii) within the Offer Period, Travogue and the Founders, shall be
entitled to participate in the sale by SAIF or Tiger, as applicable, of the Offer Shares
(“Co-sale Right”) by requiring the Offeror to purchase and acquire from Travogue and the
Founders (and SAIF or Tiger, as applicable, shall cause the Offeror to purchase and acquire from
Travogue and the Founders), on terms and conditions that are no less favorable to the Other
Shareholders than those contained in the Offer Notice, all of the Equity Shares and Preferred
Shares held by Travogue and the Founders. If Travogue and the Founders wish to exercise their
Co-sale Rights, Travogue and the Founders must give SAIF, or Tiger, as applicable, a notice in
writing (“Co-sale Notice”) within the Offer Period. If a Co-sale Notice is provided by
Travogue and the Founders, the transaction of purchase and sale shall be completed within the time
frame set in the offer by the Offeror, provided that such period shall in any event extend at least
ten (10) Business Days following the expiry of the Offer Period, and provided further that such
obligation to complete is subject to receipt of requisite governmental approvals which approvals
shall be promptly applied for in good faith. Unless and until the Offeror agrees to purchase all
the Equity Shares and the Preferred Shares offered by the Founders and Travogue in accordance with
the terms hereof, SAIF or Tiger, as applicable, shall not Transfer any of the Offer Shares owned by
it to the Offeror. Notwithstanding anything contained in this Agreement, neither Travogue nor the
Founders shall have any rights under this Section 6.2(d) whatsoever, unless the Offeror is a
Competitor.

          (e) If the Other Shareholders, in their sole discretion, do not exercise their rights under
Section 6.2(b), and do not, within the Offer Period, provide the RFR Notice, the Selling
Shareholder may sell the Offer Shares to the Offeror after the expiry of the Offer Period, within a
period of one (1) month and for a price and on other terms no more favourable to the Offeror than
those contained in the Offer Notice. If the Offer Shares are not sold within such one (1) month
period on such terms, the rights of the Other Shareholders pursuant to this Section 6.2 shall again
take effect with respect to any sale of Equity Shares and/or Preferred Shares of the Company held
by the Selling Shareholder.

Page 24 of 66

 

          (f) If the Offeror is a Competitor, and Travogue and the Founders do not exercise their rights
under Section 6.2(b)(i) or Section 6.2(b)(ii), and do not, within the Offer Period, provide either
the RFR Notice or the Co-sale Notice, SAIF or Tiger, as applicable, may sell the Offer Shares to
the Offeror after the expiry of the Offer Period, within a period of one (1) month and for a price
and on other terms no more favourable to the Offeror than those contained in the Offer Notice. If
the Offer Shares are not sold within such one month period on such terms, the rights of the Other
Shareholders pursuant to this Section 6.2 shall again take effect with respect to any sale to a
Competitor of Equity Shares and/or Preferred Shares of the Company held by the Selling Shareholder.

          (g) Notwithstanding any provision of this Agreement, the Other Shareholders shall be entitled
to require reasonable evidence from the Selling Shareholder that the purchase and sale of the Offer
Shares was completed at a price and on other terms no more favourable than those contained in the
Offer Notice.

          (h) All notices given under this Section shall also be given concurrently to the Company.

          (i) The Selling Shareholder shall at all times in soliciting or accepting any offers from any
third party, condition such proposed sale on the execution of a deed of adherence under which the
party to whom any Equity Shares and/or the Preferred Shares would be sold would agree to be bound
by the provisions of this Agreement. The Offeror shall, as a condition to the effectiveness of any
Transfer of Equity Shares and/or Preferred Shares contemplated in this Section 6.2, deliver to the
Company (i) such Offeror’s deed of adherence agreeing to be bound by the provisions of this
Agreement upon consummation of the Transfer and (ii) any other information reasonably requested by
the Company. The Selling Shareholder and/or the Offeror shall reimburse the Company for all
reasonable costs and expenses incurred by the Company in connection with any such Transfer.

          (j) It is agreed that the Founders or Travogue shall not have a right of first refusal in
respect of a Transfer by Helion or Sierra of any Equity Shares or Preferred Shares. Further,
Helion or Sierra shall have a right of first refusal in respect of a Transfer by the Founders or
Travogue of any Equity Shares or Preferred Shares. It is agreed that SAIF and Tiger shall not have
a right of first refusal in respect of a Transfer by Helion or Sierra to any Person of any Equity
Shares or Preferred Shares, and likewise, Helion and Sierra shall not have a right of first refusal
in respect of a Transfer by SAIF and Tiger of any Equity Shares or Preferred Shares. However, SAIF
shall have a co-sale right in respect of a Transfer by Helion, Tiger or Sierra to any Person of any
Equity Shares or Preferred Shares, and likewise, Helion, Tiger and Sierra shall have a co-sale
right in respect of a Transfer by SAIF to any Person of any Equity Shares or Preferred Shares, such
co-sale rights being hereinafter referred to as “Special Co-Sale Rights”. All such Special
Co-Sale Rights shall be exercised by SAIF, Helion, Tiger or Sierra, as the case may be, in
proportion to their fully diluted shareholding and in accordance with the provisions of Section
6.2(d) above. The provisions of Sections 6.2(d) shall apply mutatis mutandis to the Special
Co-Sale Rights so that the reference to the term Selling Shareholder and the reference to Other
Shareholders shall mean Helion, Tiger, Sierra or SAIF, the reference to Offer Notice shall mean an
offer notice given by the Selling Shareholder as understood in this Section 6.2(j), the reference
to Offer Shares shall mean the Equity Shares and/or Preferred Shares subject to the offer by the
Selling Shareholder, the reference to Co-Sale Notice shall mean the notice provided by Other
Shareholders as understood in this Section 6.2(j). It is further agreed that Helion or Sierra
shall not Transfer any Equity Shares or Preferred Shares to any Competitors until the expiry of
three (3) years from the Effective Date.

Page 25 of 66

 

It is agreed that in the event Helion or Sierra shall after three (3) years from the Effective
Date Transfer any Equity Shares or Preferred Shares to any third party purchaser, including to a
Competitor, such third party purchaser or Competitor shall not have the right to nominate a
director on the Board of the Company or the right to vote on the veto matters specified in Schedule
A hereto, unless such third party purchaser or Competitor, as the case may be, individually holds
more than 8% of the share capital of the Company on a fully diluted basis.

          (k) It is agreed that the rights specified in this Section 6.2 shall terminate upon occurrence
of an IPO of the shares of the Company at an offering price of not less than 125% of the purchase
price of the Series C Preferred Shares by the Series C Preferred Shareholders (as mentioned under
the Preferred Share Subscription Agreement), and with aggregate sale proceeds of at least USD
20,000,000 to be received collectively by all the Preferred Shareholders under the IPO.

     6.2A Right of First Offer.

          (a) If any of Helion or Sierra shall desire at any time within three (3) years from the
Effective Date to effect the Transfer of any of its Equity Shares and/or its Preferred Shares (the
“ROFO Offered Shares”), then such selling Shareholder (“ROFO Selling Shareholder”)
shall forthwith express its intention in writing to Transfer any of the ROFO Offered Shares to each
other Shareholder excluding SAIF (each such Shareholder an “Eligible Shareholder”). SAIF
shall not be entitled to this Right of First Offer. The Eligible Shareholder shall have the right
to quote a price for the purchase of the ROFO Offered Shares to the ROFO Selling Shareholder within
fourteen (14) days from date of receipt of the written intention of Transfer of the ROFO Offered
Shares by the ROFO Selling Shareholder. Upon receipt by the ROFO Selling Shareholder of the
written communication by the Eligible Shareholders containing the price offered by the Eligible
Shareholders for purchase of the ROFO Offered Shares, the ROFO Selling Shareholder shall be
entitled to find a third party purchaser, if any, within twenty-one (21) days from the date of
receipt such written communication from the Eligible Shareholders, who are willing to purchase the
ROFO Offered Shares at a price more than 5% of the price offered by the Eligible Shareholders for
the purchase of the ROFO Offered Shares. If the ROFO Selling Shareholder fails to or is unable to
find a third party purchaser within the time period specified above to purchase the ROFO Offered
Shares at a price more than 5% of the price quoted by the Eligible Shareholders, and the ROFO
Selling Shareholder proposes to sell its ROFO Offered Shares to the Eligible Shareholders, the ROFO
Selling Shareholder will indicate in writing to the Eligible Shareholders of such fact (“ROFO
Offered Shares Availability Notice”) and the Eligible Shareholders shall purchase the ROFO
Offered Shares from the ROFO Selling Shareholder should the ROFO Selling Shareholder decide to sell
the ROFO Offered Shares. In the event the Eligible Shareholders do not consummate the purchase of
ROFO Offered Shares within 30 days from the receipt of the ROFO Offered Shares Availability Notice
(“Defaulting Holder”), the ROFO Selling Shareholder shall be free to sell the ROFO Offered
Shares to the third party purchaser at any price it deems fit, in its sole discretion. It is
hereby agreed that the price quoted by the Eligible Shareholder for the first three times to the
ROFO Selling Shareholder for the purchase of the ROFO Offered Shares under this Section 6.2A(a)
shall not be binding on the Eligible Shareholder, and the Eligible Shareholder shall have the right
to reject, negotiate or re-negotiate the price so quoted for the first three times by the Eligible
Shareholder. Provided however that, it is agreed that the price quoted by the Eligible Shareholder
for the fourth time to the ROFO Selling Shareholder for the purchase of the ROFO Offered Shares
under this Section 6.2A(a) shall be binding on the Eligible Shareholder, and should the ROFO
Selling Shareholder decide to sell the ROFO

Page 26 of 66

 

Offered Shares to the Eligible Shareholder, the sale of the ROFO Offered Shares to the
Eligible Shareholder shall be at the price quoted by the Eligible Shareholder for the fourth time
to the ROFO Selling Shareholder.

          (b) In the event the ROFO Selling Shareholder has sent a ROFO Offered Shares Availability
Notice, each Eligible Shareholder shall have the right to purchase a number of the ROFO Offered
Shares equal to the product obtained by multiplying (i) the aggregate number of ROFO Offered Shares
by (ii) a fraction, the numerator of which is the number of Equity Shares and Preferred Shares
(calculated on a fully diluted basis) at the time owned by such Eligible Shareholder and the
denominator of which is the aggregate number of Equity Shares and Preferred Shares (calculated on a
fully diluted basis) owned by all Eligible Shareholders (calculated on a fully diluted basis).
Each Eligible Shareholder shall also have the option, exercisable to purchase on a pro rata basis
any remaining ROFO Offered Shares not purchased by other Eligible Shareholders, in which case, the
Eligible Shareholders exercising such further option shall be deemed to have elected to purchase
such remaining ROFO Offered Shares on such pro rata basis, up to the aggregate number of Shares
which such Eligible Shareholder shall have specified.

          (c) In the event that the ROFO Selling Shareholder sells the ROFO Offered Shares to a third
party purchaser pursuant to the provisions of Section 6.2A(a), such third party purchaser as a
condition precedent to the purchase of the ROFO Offered Shares, or any part thereof, shall
subscribe to the terms of this Agreement under a deed of adherence, and agree to be bound by all of
the terms and conditions of this Agreement.

          (d) In the event that a ROFO Selling Shareholder shall not have effected the Transfer of all
of its ROFO Offered Shares within 120 days after the date of the notice expressing its written
intention to Transfer the ROFO Offered Shares given pursuant to Section 6.2A(a), such ROFO Selling
Shareholder shall not thereafter Transfer of any ROFO Offered Shares without first reoffering such
Shares to each Eligible Shareholder in the manner set forth in Section 6.2A hereof.

          (e) It is agreed that Helion or Sierra shall not Transfer any Equity Shares or Preferred
Shares to any Competitors until the expiry of three (3) years from the Effective Date. It is
further agreed that after the expiry of three (3) years from the Effective Date, Helion or Sierra
shall be entitled to Transfer any of its Equity Shares or Preferred Shares to any third party
purchaser, including a Competitor. It is agreed that in the event Helion or Sierra shall, after
three (3) years from the Effective Date, Transfer any Equity Shares or Preferred Shares to any
third party purchaser, including to a Competitor in accordance with the terms specified in this
sub-section (e), such third party purchaser or Competitor shall not have the right to nominate a
director on the Board of the Company or the right to vote on the veto matters specified in Schedule
A hereto unless such third party purchaser or Competitor, as the case may be, individually holds
more than 8% of the share capital of the Company on a fully diluted basis. It is hereby agreed and
clarified that the right of first offer specified in Section 6.2A shall not apply in respect of a
Transfer by SAIF of its Equity Shares and/or Preferred Shares.

          (f) It is agreed that the rights specified in this Section 6.2A shall terminate upon
occurrence of an IPO of the shares of Company at an offering price of not less than 125% of the
purchase price of the Series C Preferred Shares by the Series C Preferred Shareholders (as
mentioned under the Preferred Share Subscription Agreement), and with aggregate sale proceeds of at
least USD 20,000,000 to be received collectively by all the Preferred Shareholders under the IPO.

Page 27 of 66

 

     6.3 Drag-Along Rights of Shareholder(s).

          (a) If at any time after three (3) years from the Effective Date the Shareholder(s) then
holding the largest number of Equity Shares together with the Shareholder(s) then holding the
largest Percentage Interest of the Preferred Shares (the “Majority Shareholders”) entertain
a bona fide arms’ length offer to purchase all of the Equity Shares and the Preferred Shares and
any other Securities held by the Majority Shareholders or, together with the Majority Shareholders,
any other Shareholders (such offer, a “Buyout Offer”) by any Person (the “Buyer”),
each of the other Shareholders (each such Shareholder, a “Minority Investor”) hereby agrees
if requested by the Majority Shareholder in connection with the Majority Shareholder’s acceptance
of the Buyout Offer, to transfer for value to the Buyer all of the Equity Shares and the Preferred
Shares and any other Securities then held by such Minority Investor in the manner and on the terms
set forth in this Section 6.3 (a “Drag Along Sale”). For the purpose of this Section 6.3,
the Founders and Travogue shall collectively be considered as one Shareholder.

          (b) The Majority Shareholders shall cause the Buyout Offer and all of the terms thereof to be
reduced to writing and shall promptly notify the Minority Investors and the Company as to whether
or not the Majority Shareholders intend to exercise its Drag Along Sale rights (such notice, the
“Drag Along Notice”) in connection with such Buyout Offer. The Drag Along Notice shall be
accompanied by a true copy of the Buyout Offer (which shall identify the Buyer and all relevant
information in connection therewith). If the Majority Shareholders intend to effect the Drag Along
Sale referred to in the Drag Along Notice on the same terms set forth in such notice, each Minority
Investor shall be bound and obligated to Transfer all of the Equity Shares and the Preferred Shares
and any other Securities then held by each such Minority Investor on the same terms and conditions
as applicable to the Majority Shareholder with respect to the Equity Shares and/or the Preferred
Shares and any other Securities being sold by the Majority Shareholder; provided, however, that the
Series B Shareholders and Series C Shareholders shall be under no obligation to transfer their
Preferred Shares (or Equity Shares convertible thereon), unless the proceeds to be received by such
shareholders pursuant to the Buyout Offer exceed USD 101.14 per Series B Preferred Share (as
adjusted for stock splits, combinations and the like) and USD 107.88 per Series C Preferred Share
(as adjusted for stock splits, combinations and the like).

          (c) Within forty-five (45) calendar days after the date of the Drag Along Notice, the Majority
Shareholders shall promptly notify each Minority Investor of the date on which the Drag Along Sale
will be consummated, which date shall be no later than the later of (i) ninety (90) calendar days
after the date of the Drag Along Notice and (ii) the satisfaction of any governmental approval or
filing requirements, if any. Each Minority Investor may effect its participation in such Drag
Along Sale hereunder by delivery to the Buyer, or to the Majority Shareholder for delivery to the
Buyer, of one (1) or more instruments or certificates, properly endorsed for Transfer, representing
all the Equity Shares and the Preferred Shares held by it together with the relevant stock transfer
or share transfer forms. At the time of consummation of the Drag Along Sale, the Buyer shall remit
directly to the Majority Shareholders and each participating Minority Investor that portion of the
sale proceeds to which each such person is entitled by reason of its participation with respect
thereto.

          (d) In the event that the Drag Along Sale is not consummated within the period required by
this Section 6.3 or the Buyer fails timely to remit to each participating Minority Investor its
respective portion of the sale proceeds, the Buyout Offer shall be deemed to lapse, and any
Transfer of Equity Shares and Preferred Shares pursuant to such Buyout Offer

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shall be in violation of the provisions of this Agreement unless the Majority Shareholder
sends a new Drag Along Notice and once again complies with the provisions of this Section 6.3 with
respect to such Buyout Offer.

     6.4 [Section not utilized].

     6.5 Exceptions.

          (a) Notwithstanding anything contained in Section VI of this Agreement, the restrictions set
forth in Section VI of this Agreement with respect to the Transfer of any Equity Shares and/or
Preferred Shares shall not apply to any Transfer of Equity Shares and/or Preferred Shares by SAIF
to any of its Affiliates (an “SAIF Affiliate”) provided that at the time of such Transfer,
such SAIF Affiliate (i) is not a Competitor, and (ii) does not hold an equity interest in a
Competitor that represents 20% or more of the paid-up equity share capital or preferred/preference
share capital of such Competitor. Each such SAIF Affiliate shall, as a condition to the
effectiveness of any Transfer of Equity Shares and/or Preferred Shares, deliver to the Company such
SAIF Affiliate’s deed of adherence agreeing to be bound by the provisions of this Agreement
(including this Section 6.5(a) as it applies to SAIF) upon consummation of the Transfer.

          (b) Notwithstanding anything contained in Section VI of this Agreement, the restrictions set
forth in Section VI of this Agreement with respect to the Transfer of any Equity Shares and/or
Preferred Shares shall not apply to (i) any Transfer of Equity Shares and/or Preferred Shares by
any of the Founders to Travogue, or by Travogue to any of the Founders, or any inter-se Transfer
amongst the Founders, or by any of the Founders to their Relatives provided that such Transfers
relate for the purpose of tax planning, estate planning and for such similar purposes, and that
such Relative of the Founders shall, in each case, as a condition to the effectiveness of any
Transfer of Equity Shares and/or Preferred Shares, deliver to the Company such Relative’s deed of
adherence agreeing to be bound by the provisions of this Agreement (including this Section 6.5(b)
as it applies to the Founders and Travogue) upon consummation of the Transfer.

          (c) Notwithstanding anything contained in Section VI of this Agreement, the restrictions set
forth in Section VI of this Agreement with respect to the Transfer of any Equity Shares and/or
Preferred Shares shall not apply to any Transfer of Equity Shares and/or Preferred Shares by
Helion, Tiger or Sierra to any of its Affiliates provided that at the time of such Transfer, such
Affiliate is not a Competitor. Each such Affiliate shall, as a condition to the effectiveness of
any Transfer of Equity Shares and/or Preferred Shares, deliver to the Company such Affiliate’s deed
of adherence agreeing to be bound by the provisions of this Agreement (including this Section
6.5(c) as it applies to Helion and Sierra) upon consummation of the Transfer.

SECTION VII

ANTI-DILUTION

     7.1
Anti-Dilution – Equity Shares. Except for any (a) Equity Shares issued to the
employees of the Company and/or any Subsidiary under any employee stock option plan approved by the
Board; and (b) Equity Shares issued to SAIF pursuant to this Section 7.1; if the Company, at any
time and from time to time after the date of this Agreement, issues additional Securities to any
Person at a price per Security that is lower than the Equity Share Anti-Dilution Price or the price
at which such Security is convertible into shares is less than the

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Equity Share Anti-Dilution Price, (such lower price per Security, the “Equity Share
Subsequent Issue Price”), SAIF and the Preferred Shareholders shall have the right to cause the
Company to issue, and the Founders, Travogue and SAIF, Helion, Tiger and Sierra shall cause the
Company to issue, and the Company shall be obligated to issue, (x) such number of additional Equity
Shares or Preferred Shares to SAIF and (y) such number of additional Preferred Shares to each of
Helion, Tiger and Sierra such that the average consideration paid by (i) SAIF per Equity Share or
Preferred Share to acquire all the Equity Shares or Preferred Shares issued to it by the Company
through the time of such issuance (including the Equity Shares or Preferred Shares acquired by SAIF
pursuant to this Section 7.1), and (ii) each of Helion, Tiger and Sierra per Preferred Share to
acquire all the Preferred Shares issued to each of Helion, Tiger and Sierra by the Company through
the time of issuance (including the Preferred Shares acquired by each of Helion, Tiger and Sierra
pursuant to this Section 7.1) is equal to the Equity Share Subsequent Issue Price.

     7.2
Anti-Dilution – Series A Preferred Shares. Except for any Securities issued (a)
to employees, consultants, officers or directors of the Company pursuant to preferred stock option
plans or preferred stock purchase plans (in each case, approved by the Board); (b) to financial
institutions in connection with commercial credit arrangements, equipment financing or other
similar financing arrangements, (c) pursuant to an IPO; (d) pursuant to any stock splits, stock
dividends or like transactions; or (e) to a non-financial corporation in connection with a license,
distribution, business development, or for other similar arrangements; if the Company, at any time
and from time to time after the date of this Agreement, issues Securities to any Person at a price
per Security that is lower than the Series A Purchase Price, but higher than the Equity Share
Anti-Dilution Price, or the price at which Security is convertible into shares is less than the
Series A Purchase Price, but higher than the Equity Share Anti-Dilution Price (such price per
Security “Series A Anti-Dilution Price”), the holders of Series A Preferred Shares shall
have the right to cause the Company to issue, and the Company shall be obligated to issue, such
number of additional Series A Preferred Shares to each respective holder of Series A Preferred
Shares, such that the average consideration paid by each respective holder of Series A Preferred
Shares per Series A Preferred Share to acquire all the Series A Preferred Shares issued to each
respective holder of Series A Preferred Shares by the Company through the time of such issuance
(including the Series A Preferred Shares acquired by them pursuant to this Section 7.2) is equal to
the Series A Anti-Dilution Price.

     7.3
Anti-Dilution – Series B Preferred Shares. Except for any Securities issued (i)
to employees, consultants, officers or directors of the Company pursuant to preferred stock option
plans or preferred stock purchase plans (in each case, approved by the Board); (ii) to financial
institutions in connection with commercial credit arrangements, equipment financing or other
similar financing arrangements, (iii) pursuant to an IPO; (iv) pursuant to any stock splits, stock
dividends or like transactions; or (v) to a non-financial corporation in connection with a license,
distribution, business development, or for other similar arrangements; if the Company, at any time
and from time to time after the date of this Agreement, issues Securities to any Person at a price
per Security that is lower than the Series B Purchase Price, but higher than the Equity Share
Anti-Dilution Price, or the price at which Security is convertible into shares is less than the
Series B Purchase Price, but higher than the Equity Share Anti-Dilution Price (such price per
Security “Series B Anti-Dilution Price”), the holders of Series B Preferred Shares shall
have the right to cause the Company to issue, and the Company shall be obligated to issue, such
number of additional Series B Preferred Shares to each respective holder of Series B Preferred
Shares, such that the average consideration paid by each respective holder of Series B Preferred
Shares per Series B Preferred Share to acquire all the Series B Preferred

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Shares issued to each respective holder of Series B Preferred Shares by the Company through
the time of such issuance (including the Series B Preferred Shares acquired by them pursuant to
this Section 7.3) is equal to the Series B Anti-Dilution Price.

     7.4
Anti-Dilution – Series C Preferred Shares. Except for any Securities issued (i) to
employees, consultants, officers or directors of the Company pursuant to preferred stock option
plans or preferred stock purchase plans (in each case, approved by the Board); (ii) to financial
institutions in connection with commercial credit arrangements, equipment financing or other
similar financing arrangements, (iii) pursuant to an IPO; (iv) pursuant to any stock splits, stock
dividends or like transactions; or (v) to a non-financial corporation in connection with a license,
distribution, business development, or for other similar arrangements; if the Company, at any time
and from time to time after the date of this Agreement, issues Securities to any Person at a price
per Security that is lower than the Series C Purchase Price, but higher than the Equity Share
Anti-Dilution Price, or the price at which Security is convertible into shares is less than the
Series C Purchase Price, but higher than the Equity Share Anti-Dilution Price (such price per
Security “Series C Anti-Dilution Price”), the holders of Series C Preferred Shares shall have the
right to cause the Company to issue, and the Company shall be obligated to issue, such number of
additional Series C Preferred Shares to each respective holder of Series C Preferred Shares, such
that the average consideration paid by each respective holder of Series C Preferred Shares per
Series C Preferred Share to acquire all the Series C Preferred Shares issued to each respective
holder of Series C Preferred Shares by the Company through the time of such issuance (including the
Series C Preferred Shares acquired by them pursuant to this Section 7.4) is equal to the Series C
Anti-Dilution Price.

It is agreed that the above Section 7.1, Section 7.2, Section 7.3 and Section 7.4 shall cease to be
operative upon consummation of an IPO of the shares of Company or a Subsidiary at an offering price
of not less than 125% of the purchase price of the Series C Preferred Shares by the Series C
Preferred Shareholders (as mentioned under the Preferred Share Subscription Agreement), and with
aggregate sale proceeds of at least USD 20,000,000 to be received collectively by all the Preferred
Shareholders under the IPO.

SECTION VIII

INFORMATION RIGHTS

     8.1 Inspection. The Company shall permit (i) the Founders, or any authorized
representative thereof, as long as Deep Kalra is in employment with the Company and/or any
Subsidiary, (ii) SAIF, or any authorized representative thereof, and (iii) Helion, Tiger or Sierra,
or any of their authorized representatives to visit and inspect the properties of the Company,
including its corporate and financial records, and to discuss its business finances and accounts
with officers of the Company, during normal business hours following reasonable notice and as often
as may be reasonably requested; provided that the normal functioning of the Company shall not in
any way be affected. It is hereby agreed that (i) the Founders shall not have the rights of
inspection specified herein in the event the Founders, Travogue and the employees of the Company
and the Subsidiaries jointly hold less than 5% of the issued and paid up share capital of Company
on a fully diluted basis, (ii) SAIF shall not have the rights of inspection specified herein in the
event SAIF holds less than 5% of the issued and paid up share capital of Company on a fully diluted
basis, and (iii) Helion, Tiger and Sierra, respectively, shall not have the rights of inspection
specified herein in the event either Helion, Tiger or Sierra, respectively, holds less than 5% of
the share capital of the Company on a fully diluted basis.

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     8.2 Financial Statements and Other Information.

          (a) The Company shall deliver and shall cause the Subsidiaries to deliver the following to
each of the Founders, SAIF, Helion, Tiger and Sierra for so long as there has been no consummation
of an IPO of the shares of Company or a Subsidiary at an offering price of not less than 125% of
the purchase price of the Series C Preferred Shares by the Series C Preferred Shareholders (as
mentioned under the Preferred Share Subscription Agreement), and with aggregate sale proceeds of at
least USD 20,000,000 to be received collectively by all the Preferred Shareholders under the IPO:

               (i) within ninety (90) days after the end of each fiscal year of the Company and its
Subsidiaries, beginning with the fiscal year ended March 31, 2008, an audited balance sheet of the
Company and its Subsidiaries as at the end of such year and audited statements of income and of
cash flows of the Company and its Subsidiaries for such year, certified by certified public
accountants, and prepared in accordance with generally accepted accounting principles consistently
applied (except as noted) and setting forth in each case in comparative form the figures from the
previous fiscal year, with an explanation of any unusual difference between them, all in reasonable
detail. Such financial statements shall be accompanied by a report and opinion thereon by
independent public accountants of international standing selected by the Board and a report by
management with a discussion of the Company’s and Subsidiaries’ business, including any changes in
the Company’s and Subsidiaries’ financial condition and any significant business developments;

               (ii) within thirty (30) days after the end of the first, second and third quarterly accounting
periods in each fiscal year of the Company and its Subsidiaries, beginning with the quarter ended
June 30, 2008, an unaudited balance sheet of the Company and its Subsidiaries as at the end of such
quarter and unaudited statements of income and of cash flows of the Company and its Subsidiaries
for such quarter and for the current fiscal year to date, prepared in accordance with generally
accepted accounting principles consistently applied with the exception that no notes need be
attached to such statements and year-end adjustment need not have been made, and setting forth in
each case in comparative form the figures from the previous fiscal year, with an explanation of any
material differences between them. Such financial statements shall be accompanied by a report by
management with a discussion of the Company’s and its Subsidiaries’ business, including any changes
in the Company’s and its Subsidiaries’ financial condition and any significant business
developments;

               (iii) as soon as available, but in any event no less than thirty (30) days prior to the
commencement of each new fiscal year, an annual budget and operating plans for such fiscal year
(and as soon as available, subsequent revisions thereto) of the Company and its Subsidiaries to be
approved by the Board;

               (iv) as soon as available, but in any event no later than fifteen (15) days following the
close of the month, monthly financial statements of the Company and its Subsidiaries;

               (v) with reasonable promptness, such other information and data pertaining to the Company and
its affairs as (A) the Founders as long as Deep Kalra is in employment with the Company and/or any
Subsidiary, and/or (B) SAIF may from time to time reasonably request, and/or (C) Helion, Tiger or
Sierra may from time to time reasonably request; provided that the cost and expenses relating and
incidental to preparation of such other information and data shall be borne by the Party requesting
the same; and

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               (vi) such other notices, information and data with respect to the Company as the Company
transmits to the holders of its capital stock at the same time it transmits such items to such
holders.

          (b) The Company shall also deliver to each Shareholder, regardless of its stock holdings, its
and its Subsidiaries annual reports required under Section 8.2(a)(i).

          (c) The foregoing financial statements shall be prepared on a consolidated and consolidating
basis if the Company then has any subsidiaries.

          (d) The financial statements delivered pursuant to Sections 8.2(a)(ii) shall be accompanied by
a certificate of the Company’s Chief Executive Officer and Chief Financial Officer stating that
such statements have been prepared in accordance with generally accepted accounting principles
consistently applied (except as noted) and fairly present the financial condition and results of
operations of the Company and the Subsidiaries at the date thereof and for the periods covered
thereby.

     8.3 Material Changes and Litigation. The Company will promptly notify SAIF of any
material adverse change in the business, properties, assets or condition, financial or otherwise,
of the Company and its Subsidiaries, taken as a whole on a consolidated basis, and of any event or
litigation or governmental proceeding or investigation pending or, to the reasonable knowledge of
the Company, threatened against the Company or any of its Subsidiaries, or against any officer,
director, key employee or principal stockholder of the Company or its Subsidiaries materially
affecting, or that, if adversely determined, would materially adversely affect, the Company’s and
its Subsidiaries’ present or then proposed business, properties, assets or condition (financial or
otherwise), and management’s proposed response thereto, taken as a whole on a consolidated basis.

     8.4 Termination of Information Rights. It
is agreed that the rights contained in this Section
8 shall terminate upon consummation of an IPO of
the shares of Company or the Subsidiary at an
offering price of not less than 125% of the
purchase price of the Series C Preferred Shares by
the Series C Preferred Shareholders (as mentioned
under the Preferred Share Subscription Agreement),
and with aggregate sale proceeds of at least USD
20,000,000 to be received collectively by all the
Preferred Shareholders under the IPO.

ARRANGEMENTS REGARDING TRANSFER

     8.5 Closing. Any Transfer shall be completed at the Company’s registered office or
another agreed location, on the date specified for closing. At such time, the transferor(s) shall
Transfer to the transferee(s) good and valid title to the Equity Shares or Preferred Shares being
transferred and shall deliver to the transferee(s) certificates, duly endorsed in blank for
Transfer by the holders of record and other documents of title evidencing ownership of the Equity
Shares or Preferred Shares being Transferred. In addition, if the transferor(s) Transfer(s) all
but not less than all of the Equity Shares or Preferred Shares held by such transferor(s) in the
Company, such transferor(s) shall deliver to the Company all records, accounts and other documents
in its possession belonging to the Company. Simultaneously, the transferee(s) shall pay to the
transferor(s) the purchase price payable for the Equity Shares or Preferred Shares being
Transferred in the manner reasonably requested by the transferor(s). The Company shall accordingly
effect the recording of the Transfer of the Equity Shares or Preferred Shares in its books and
records in accordance with all Applicable Laws. If (i) Helion or Sierra transfers its

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Preferred Shares or Equity Shares (issued upon conversion of the Preferred Shares) such that
upon completion of such Transfer, Helion or Sierra individually holds less than 5% of the share
capital of the Company on a fully diluted basis, or (ii) the Founders transfer the Preferred Shares
or Equity Shares or other Securities held by them such that Founders jointly hold less than 5% of
the share capital of the Company on a fully diluted basis, or (iii) SAIF transfers its Preferred
Shares or Equity Shares (issued upon conversion of the Preferred Shares) such that upon completion
of such Transfer, SAIF individually holds less than 5% of the share capital of the Company on a
fully diluted basis, then Helion, Sierra, Founders, or SAIF, as the case may be, shall promptly
deliver to the Company the resignations and releases of its nominees on the Board, all such
resignations to be effective no later than the time of delivery. For the avoidance of doubt it is
hereby clarified that Travogue and the Founders shall collectively, be considered as one
transferor, and the Equity Share capital held by the employees of the Company and the Subsidiaries
on a fully diluted basis shall be included while computing the percentage of the Equity Share
capital of the Company held by Founders and Travogue on a fully diluted basis.

SECTION IX

REPRESENTATIONS AND WARRANTIES & COVENANTS

     9.1 Representations and Warranties of Travogue. Travogue hereby represents and
warrants to and for the benefit of SAIF, Helion, Tiger and Sierra that:

          (a) It has been duly incorporated and is validly existing and in good standing under the laws
of the jurisdiction of its incorporation;

          (b) It has the corporate power and authority to enter into and perform its obligations under
this Agreement;

          (c) This Agreement has been duly and validly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms;

          (d) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (e) No consents or approvals of or filings or registrations with any Governmental Authority
are necessary to the reasonable knowledge of Travogue, and no consents or approvals of or filings
or registrations with any third party are necessary in connection with the execution and delivery
by Travogue of this Agreement and the consummation by Travogue of the transactions contemplated
hereby except such consents or approvals that have already been obtained and filings or
registrations that have already been made or are required to be made pursuant to the execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby.

     9.2 Representations and Warranties of the Founders. Each of the Founders severally
represents and warrants as to itself and for the benefit of SAIF, Helion, Tiger and Sierra that:

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          (a) It has the power and authority to enter into and perform its obligations under this
Agreement;

          (b) This Agreement has been duly executed and delivered by it and constitutes its valid and
binding obligation, enforceable against it in accordance with its terms;

          (c) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (d) It has obtained all approvals, sanctions, and permissions as are necessary in connection
with the execution and delivery by it of this Agreement and the consummation by it of the
transactions contemplated hereby and thereby.

     9.2A Representations and Warranties of SAIF. SAIF hereby represents and
warrants to and for the benefit of Travogue, Founders, Helion, Sierra, Tiger and the Company that:

          (a) It has been duly organized and is validly existing and in good standing under the laws of
the jurisdiction of its organization;

          (b) It has the requisite power and authority to enter into and perform its obligations under
this Agreement;

          (c) This Agreement has been duly and validly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms;

          (d) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (e) No consents or approvals of or filings or registrations with any Governmental Authority
are necessary to the reasonable knowledge of SAIF, and no consents or approvals of or filings or
registrations with any third party are necessary in connection with the execution and delivery by
SAIF of this Agreement and the consummation by SAIF of the transactions contemplated hereby except
such consents or approvals that have already been obtained and filings or registrations that have
already been made or are required to be made pursuant to the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby.

     9.2B Representations and Warranties of Helion. Helion hereby represents and
warrants to and for the benefit of Travogue, Founders, SAIF, Sierra, Tiger and the Company that:

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          (f) It has been duly organized and is validly existing and in good standing under the laws of
the jurisdiction of its organization;

          (g) It has the requisite power and authority to enter into and perform its obligations under
this Agreement;

          (h) This Agreement has been duly and validly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms;

          (i) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (j) No consents or approvals of or filings or registrations with any Governmental Authority
are necessary to the reasonable knowledge of Helion, and no consents or approvals of or filings or
registrations with any third party are necessary in connection with the execution and delivery by
Helion of this Agreement and the consummation by Helion of the transactions contemplated hereby
except such consents or approvals that have already been obtained and filings or registrations that
have already been made or are required to be made pursuant to the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby.

     9.2C Representations and Warranties of Sierra. Sierra hereby represents and
warrants to and for the benefit of Travogue, Founders, SAIF, Helion, Tiger and the Company that:

          (k) It has been duly incorporated and is validly existing and in good standing under the laws
of the jurisdiction of its incorporation;

          (l) It has the corporate power and authority to enter into and perform its obligations under
this Agreement;

          (m) This Agreement has been duly and validly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms;

          (n) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (o) No consents or approvals of or filings or registrations with any Governmental Authority
are necessary to the reasonable knowledge of Sierra, and no consents or approvals of or filings or
registrations with any third party are necessary in connection with the execution and delivery by
Sierra of this Agreement and the consummation by Sierra of the

Page 36 of 66

 

transactions contemplated hereby except such consents or approvals that have already been
obtained and filings or registrations that have already been made or are required to be made
pursuant to the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby.

     9.2D Representations and Warranties of PIP IV. PIP IV hereby represents and
warrants to and for the benefit of Travogue, the Founders, SAIF, Helion, Sierra and the Company
that: It has been duly organized and is validly existing and in good standing under the laws of
the jurisdiction of its organization;

          (b) It has the requisite power and authority to enter into and perform its obligations under
this Agreement;

          (c) This Agreement has been duly and validly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms;

          (d) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (e) No consents or approvals of or filings or registrations with any Governmental Authority
are necessary to the reasonable knowledge of PIP IV, and no consents or approvals of or filings or
registrations with any third party are necessary in connection with the execution and delivery by
PIP IV of this Agreement and the consummation by PIP IV of the transactions contemplated hereby
except such consents or approvals that have already been obtained and filings or registrations that
have already been made or are required to be made pursuant to the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby.

     9.2E Representations and Warranties of Fixel, Dewan and Shleifer. Each of
Fixel, Dewan and Shleifer severally represents and warrants as to itself and for the benefit of
SAIF, Helion, PIP IV, PIP V and Sierra that:

          (e) It has the power and authority to enter into and perform its obligations under this
Agreement;

          (f) This Agreement has been duly executed and delivered by it and constitutes its valid and
binding obligation, enforceable against it in accordance with its terms;

          (g) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

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          (h) It has obtained all approvals, sanctions, and permissions as are necessary in connection
with the execution and delivery by it of this Agreement and the consummation by it of the
transactions contemplated hereby and thereby.

     9.2D Representations and Warranties of PIP V. PIP V hereby represents and
warrants to and for the benefit of Travogue, the Founders, SAIF, Helion, Sierra and the Company
that: It has been duly organized and is validly existing and in good standing under the laws of
the jurisdiction of its organization;

          (b) It has the requisite power and authority to enter into and perform its obligations under
this Agreement;

          (c) This Agreement has been duly and validly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms;

          (d) It is not a party to, bound or affected by or subject to any indenture, mortgage, lease,
agreement, instrument, charter or by-law provision, statute, regulation, judgment, decree or law
that would be violated, contravened, breached by or under which default would occur or under which
any payment or repayment would be accelerated as a result of the execution and delivery of this
Agreement or the consummation of any of the transactions provided for in this Agreement; and

          (e) No consents or approvals of or filings or registrations with any Governmental Authority
are necessary to the reasonable knowledge of PIP V, and no consents or approvals of or filings or
registrations with any third party are necessary in connection with the execution and delivery by
PIP V of this Agreement and the consummation by PIP V of the transactions contemplated hereby
except such consents or approvals that have already been obtained and filings or registrations that
have already been made or are required to be made pursuant to the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby.

     9.3 Company’s Representations and Warranties.

          (a) The Company represents and warrants to and for the benefit of SAIF, Helion, Tiger and
Sierra and covenants with SAIF, Helion, Tiger and Sierra that during the term of this Agreement, it
shall not recognize any Transfer of Equity Shares by SAIF, Helion, Tiger, Sierra, the Founders or
Travogue or any other Shareholders if such Transfer occurs otherwise than in accordance with the
terms and provisions of this Agreement and that no Transfer of Equity Shares shall be registered or
noted on the Company’s books and records unless the Board (including a nominee of SAIF, nominee of
Helion, nominee of Sierra and the chief executive officer of the Company, or any Subsidiary,
nominated by the Founders) is reasonably satisfied that such Transfer is being made in accordance
with the terms and conditions of this Agreement.

     9.4 Other Covenants. The Parties covenant and agree as follows:

          (a) Amendment of Charter Documents. On the Effective Date, the Constitution shall be
amended and restated in conformity with this Agreement to reflect the rights and obligations of the
Shareholders and in order to give effect to the terms hereof under

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Applicable Law, and all of the restrictions on the transferability of Equity Shares and
Preferred Shares that are provided for in this Agreement shall, to the extent not prohibited by
Applicable Law, be expressly restated in the Constitution of the Company. Prior to the amendment
of the Constitution, the Shareholders will act in accordance with the provisions hereof and shall
act as if such amendments to the Constitution had already become effective. The amended and
restated Constitution shall be adopted by the Board or the Shareholders, as may be required under
Applicable Law, on or prior to the Effective Date.

          (b) Appointment of Statutory Auditor. Subject to the provisions of Schedule A, the
Directors nominated to the Board by SAIF shall be entitled to propose a recommendation for
statutory auditor to be appointed for the Company, and the other Shareholders agree that they will
use their reasonable efforts to cause the Directors nominated by them to vote in favor of the
statutory auditor so nominated. The Shareholders further agree that they will vote in favor of
such recommendation by the Board of the Company at the meeting of the Shareholders at which such
recommendation is considered. To the extent possible, the statutory auditor shall be one of the
big 4 accounting firms or their local Affiliate.

          (c) Transactions with the Company. Neither any Shareholder nor its Affiliates shall
engage in any transaction with the Company that is less favourable to the Company than the terms
that would be available to the Company in a comparable transaction which is conducted on the basis
of arm’s-length dealings with a third party.

          (d) Business in Competition with Company. So long as SAIF holds any Equity Shares or
Preferred Shares in the Company, SAIF shall not acquire or invest, directly or indirectly, in a
Competitor. Without the consent of the Company, Helion, Tiger and Sierra shall not acquire or
invest, directly or indirectly, in a Competitor until the earlier of either (i) 3 (three) years
after the Effective Date or (ii) an IPO of the Company or any Subsidiary. Notwithstanding the
foregoing, nothing contained in this subsection (d) shall preclude either (i) the sale, by
acquisition, merger or otherwise, of a business entity in which an Investor is a minority
shareholder to a Competitor, or (ii) the acquisition of a Competitor by a business entity in which
an Investor is a minority shareholder.

          (e) Dividends.

               (i) Subject to Section 5.4 of this Agreement, the Series C Preferred Shareholders shall be
entitled to receive dividends on a non-cumulative basis and at the rate of 8% per annum on their
Series C Preferred Shares, prior and in preference to any dividend being paid or declared on the
Series B Preferred Shares, the Series A Preferred Shares or the Equity Shares. The Series C
Preferred Shareholders shall not be entitled to receive such dividends on the Series C Preferred
Shares upon consummation of an IPO of the shares of the Company or a Subsidiary at an offering
price of not less than 125% of the purchase price of the Series C Preferred Shares by the Series C
Preferred Shareholders (as mentioned under the Preferred Share Subscription Agreement) and with
aggregate sale proceeds of at least USD 20,000,000 to be received collectively by all the Preferred
Shareholders under the IPO.

               (ii) Subject to Section 5.4 of this Agreement, the Series B Preferred Shareholders shall be
entitled to receive dividends on a non-cumulative basis and at the rate of 8% per annum on their
Series B Preferred Shares, prior and in preference to any dividend being paid or declared on the
Series A Preferred Shares or the Equity Shares. The Series B Preferred Shareholders shall not be
entitled to receive such dividends on the Series B Preferred Shares upon consummation of an IPO of
the shares of the Company or a Subsidiary at an offering price

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of not less than 125% of the purchase price of the Series C Preferred Shares by the Series C
Preferred Shareholders (as mentioned under the Preferred Share Subscription Agreement) and with
aggregate sale proceeds of at least USD 20,000,000 to be received collectively by all the Preferred
Shareholders under the IPO.

               (iii) Subject to Section 5.4 of this Agreement, the Series A Preferred Shareholders shall be
entitled to receive dividends on a non-cumulative basis and at the rate of 8% per annum on their
Series A Preferred Shares, prior and in preference to any dividend being paid or declared on the
Equity Shares. The Series A Preferred Shareholders shall not be entitled to receive such dividends
on the Series A Preferred Shares upon consummation of an IPO of the shares of the Company or a
Subsidiary at an offering price of not less than 125% of the purchase price of the Series C
Preferred Shares by the Series C Preferred Shareholders (as mentioned under the Preferred Share
Subscription Agreement) and with aggregate sale proceeds of at least USD 20,000,000 to be received
collectively by all the Preferred Shareholders under the IPO.

               (iv) After payment of such dividends, any additional dividends or distributions shall be
distributed among all holders of Equity Shares and Preferred Shares in proportion to the number of
Equity Shares that would be held by each such holder if all Preferred Shares were converted to
Equity Shares at the then effective conversion rate.

          (f) Liquidation Preference.

               (i) Upon occurrence of a Liquidation Event, the Series C Preferred Shareholders shall be
entitled to receive prior and in preference to any distribution of the proceeds of such Liquidation
Event to the Series B Preferred Shareholders, the Series A Preferred Shareholders and the Equity
Shareholders, the greater of (i) an amount equal to 100% of the purchase price of the Series C
Preferred Shares (as mentioned under the Preferred Share Subscription Agreement) together with any
accrued and unpaid dividends, or (ii) the percentage of proceeds received by the Company on
liquidation or winding up (after payment of all liabilities and expenses of the Company) as has a
direct relationship to the percentage of Series C Preferred Shares held by the Series C Preferred
Shareholders in the total share capital of the Company on a fully diluted basis. This Section
9.4(f)(i) shall cease to be operative upon consummation of an IPO of the shares of Company or a
Subsidiary at an offering price of not less than 125% of the purchase price of the Series C
Preferred Shares by the Series C Preferred Shareholders (as mentioned under the Preferred Share
Subscription Agreement) and with aggregate sale proceeds of at least USD 20,000,000 to be received
collectively by all the Preferred Shareholders under the IPO.

               (ii) Upon occurrence of a Liquidation Event, the Series B Preferred Shareholders shall be
entitled to receive prior and in preference to any distribution of the proceeds of such Liquidation
Event to the Series A Shareholders and the Equity Shareholders, the greater of (i) an amount equal
to 100% of the purchase price of the Series B Preferred Shares (as mentioned under the Series B
Preferred Share Subscription Agreement dated as of August 8, 2007 by and among the Company, SAIF,
the Founders, Helion, Sierra, PIP IV, Fixel, Dewan and Shleifer, the “Series B Subscription
Agreement”) together with any accrued and unpaid dividends, or (ii) the percentage of proceeds
received by the Company on liquidation or winding up (after payment of all liabilities and expenses
of the Company) as has a direct relationship to the percentage of Series B Preferred Shares held by
the Series B Preferred Shareholders in the total share capital of the Company on a fully diluted
basis. This Section 9.4(f)(ii) shall cease to be operative upon consummation of an IPO of the
shares of Company or

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a Subsidiary at an offering price of not less than 125% of the purchase price of the Series C
Preferred Shares by the Series C Preferred Shareholders (as mentioned under the Preferred Share
Subscription Agreement) and with aggregate sale proceeds of at least USD 20,000,000 to be received
collectively by all the Preferred Shareholders under the IPO.

               (iii) Upon occurrence of a Liquidation Event, the Series A Preferred Shareholders shall be
entitled to receive prior and in preference to any distribution of the proceeds of such Liquidation
Event to the Equity Shareholders, the greater of (i) an amount equal to 100% of the purchase price
of the Series A Preferred Shares (as mentioned under the [Equity Share Subscription Agreement])
together with any accrued and unpaid dividends, or (ii) the percentage of proceeds received by the
Company on liquidation or winding up (after payment of all liabilities and expenses of the Company)
as has a direct relationship to the percentage of Series A Preferred Shares held by the Series A
Preferred Shareholders in the total share capital of the Company on a fully diluted basis. This
Section 9.4(f)(iii) shall cease to be operative upon consummation of an IPO of the shares of
Company or the Subsidiary at an offering price of not less than 125% of the purchase price of the
Series C Preferred Shares by the Series C Preferred Shareholders (as mentioned under the Preferred
Share Subscription Agreement) and with aggregate sale proceeds of at least USD 20,000,000 to be
received collectively by all the Preferred Shareholders under the IPO.

               (iv) Upon completion of the distribution required by Section 9.4(f)(i), Section 9.4(f)(ii) and
Section 9.4(f)(iii) all of the remaining proceeds of a Liquidation Event shall be distributed among
the holders of Preferred Shares and Equity Shares pro rata based on the number of Equity Shares
held by each (assuming full conversion of all such Preferred Shares).

          (g) Redemption of Preferred Shares. Subject to Section 5.4 of this Agreement, the
Series C Preferred Shares may be redeemed upon approval of those holding a majority of the Series C
Preferred Shares, the Series B Preferred Shares may be redeemed upon approval of those holding a
majority of the Series B Preferred Shares and the Series A Preferred Shares may be redeemed upon
approval of those holding a majority of the Series A Preferred Shares. Additionally, subject to
Section 5.4 of this Agreement and in the event of non-consummation of an IPO of the Company within
four (4) years from the Effective Date, the Preferred Shares may be redeemed by the Company at any
time after four (4) years from the Effective Date at the price at which such Preferred Shares were
purchased by SAIF, Helion, Tiger and Sierra (as mentioned in the Preferred Share Subscription
Agreement, the Series B Subscription Agreement and [the Equity Share Subscription Agreement], as
applicable), as equitably adjusted for share splits, share combinations, share dividends and
recapitalizations plus any accrued and unpaid dividend declared on the Preferred Shares.

          (h) It is agreed that neither the Company nor any of the Founders, Travogue, SAIF, Helion,
Tiger or Sierra shall pay a finder’s fee, commission or brokerage in cash or any other form of
consideration in relation to the Financing.

          (i) It is agreed that no Preferred Shareholder (or such Preferred Shareholder becoming an
Equity Shareholder upon conversion of Preferred Shares to Equity Shares) shall sell, dispose of or
otherwise create any encumbrance on the Preferred Shares (or Equity Shares issued upon conversion)
other than the Registrable Shares for a period of 180 days after the IPO of the Company or its
Subsidiaries if all the directors, officers and other nominal shareholders of the Company are
similarly bound by this restriction. For this purpose, it is agreed that the Company shall ensure
that all present and future holders of shares of more than

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or equal to 1% of the share capital of the Company on a fully diluted basis (including all
option holders or warrant holders) execute an agreement agreeing to be bound by this lock-in
restriction specified in this sub-section (i).

     9.5 Survival of Representations. All of the representations, warranties and covenants
made in this Agreement shall survive and continue to be in effect after the execution of this
Agreement and shall be deemed to be continuing and in full force and effect.

     9.6 Travogue Transfer. Each of the Founders and Travogue agree, acknowledge and
confirm that notwithstanding any provision of this Agreement, so long as Travogue holds any Equity
Shares in the Company, except with the prior written consent of each of the Investors, (a) the
shares of Travogue will not be Transferred to any Person other than to an individual who is a
Founder or a Relative of a Founder for the purpose of tax planning, estate planning and for such
similar purposes; and (b) they or any of them will not enter into any arrangement, agreement or
understanding with any Person (other than a Founder or a Relative of such Founder) with respect to
the Transfer of any shares (or any rights associated with such shares) of Travogue; and (c) they
will not take any actions or enter into any arrangements, agreements or understandings in respect
of, or otherwise Transfer, any assets of Travogue; provided, however that without limiting the
generality of the foregoing, the consent of each Investor shall not be unreasonably withheld if the
Founders intend to restructure Travogue or wind-up Travogue in connection with an IPO by the
Company or any Subsidiary. Each of the Founders and Travogue further agree, acknowledge and
confirm that if (x) any of the shares of Travogue are proposed to be Transferred to a Relative of a
Founder, or (y) any arrangement, agreement or understanding is proposed to be entered into by any
of Transfer of any shares the Founders or Travogue with a Relative of a Founder with respect to the
of Travogue to such Relative of a Founder, each of the Founders and Travogue will ensure that such
Relative shall, in each case, as a condition to the effectiveness of any such Transfer of shares of
Travogue to such Relative, deliver to the Company such Relative’s deed of adherence agreeing to be
bound by the provisions of this Agreement upon the consummation of any such Transfer, including all
of the restrictions set forth in this Section 9.6 as it applies to the Founders. In addition, each
of the Founders and any Relative of a Founder who holds any shares of Travogue shall, and shall
cause Travogue to, maintain its articles of association such that the restrictions on the Transfer
of shares of Travogue contemplated under this Section 9.6 are duly incorporated in the articles of
association of Travogue.

     9.7 General Covenants.

          (a) Covenants. Each of the Founders hereby jointly and severally covenants to the
following:

               (i) Obligations and Taxes. The Founders shall cause the Company to (A) comply with
all obligations pursuant to any contract or agreement, whether oral or written, express or implied,
as such obligations become due and (B) promptly pay and discharge all taxes, assessments and
governmental charges imposed upon its properties or upon the income or profits therefrom and all
claims for labor, materials or supplies which if unpaid would by law become a lien upon any
property, unless and to the extent that the obligations set forth in clauses (i) and (ii) in this
Section 9.7(a) are being contested in good faith and by appropriate proceedings and
adequate reserves (as determined in accordance with the generally acceptable accounting principles)
have been established on its books with respect thereto.

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               (ii) Material Law. The Founders shall cause the Company to comply with all applicable
laws, rules, and regulations of all governmental authorities, the violation of which would
reasonably be expected to have a material adverse effect upon the financial condition, operating
results, assets, operations or business prospects of the Company or any Subsidiary.

               (iii) Corporate Opportunity. Each Founder (for so long as such Founder holds any
Equity Shares, or is employed by or serves as a director or officer of the Company or a
Subsidiary), shall bring all investment or business opportunities relating to the Company Business
to the Company of which any of the foregoing become aware and which they believe are, or may be,
within the scope of the Company Business or any of its Subsidiaries or are otherwise competitive
with the business of the Company or any of its Subsidiaries.

     9.8 Conversion Procedure.

          (a) At any time and from time to time, the Preferred Shareholders may convert all or any
portion of the Preferred Shares held by them into Equity Shares.

          (b) Except as otherwise provided herein, each conversion of Preferred Shares shall be deemed
to have been effected upon the Company taking on record the surrender of Preferred Shares and upon
the Company issuing the share certificate representing the Equity Shares issued upon conversion of
the Preferred Shares. At the time any such conversion has been effected, the rights (i.e., those
rights to which a Preferred Shareholder is entitled solely by virtue of being a Preferred
Shareholder) of the Preferred Shareholders converting their Preferred Shares shall cease and the
converting Preferred Shareholders to the extent to which they convert their Preferred Shares shall
be deemed to have become the holder of record of Equity Shares represented thereby.

          (c) Notwithstanding any other provision hereof, if a conversion of Preferred Shares is to be
made in connection with an IPO, a Liquidation Event or other transaction affecting the Company, the
conversion of any shares of Preferred Shares may, at the election of the Preferred Shareholders, be
conditioned upon the consummation of such transaction, in which case such conversion shall not be
deemed to be effective until such transaction has been consummated.

          (d) If there is a change such that the securities issuable upon conversion of the Preferred
Shares are issued by an entity other than the Company or if there is a change in the type or class
of securities so issuable, then the term “Equity Share” shall mean one share of the
security issuable upon conversion of the Preferred Shares if such security is issuable in shares,
or shall mean the smallest unit in which such security is issuable if such security is not issuable
in shares.

          (e) As soon as possible after a conversion has been effected (but in any event within five
business days in the case of subparagraph (i) below), the Company shall deliver to the Preferred
Shareholders:

               (i) a certificate or certificates representing the number of shares of Equity Shares issuable
by reason of such conversion in such name or names and such denomination or denominations as the
Preferred Shareholders have specified;

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               (ii) payment in an amount equal to all accrued dividends with respect to each Preferred Share
converted which have been declared and not been paid prior thereto; and

               (iii) a certificate representing any Preferred Shares which were represented by the
certificate or certificates delivered to the Company in connection with such conversion but which
Preferred Shares were not converted.

          (f) The Company shall declare the payment of all dividends payable on the Preferred Shares.
If the Company is not permitted under Applicable Law to pay any portion of the declared and accrued
and unpaid dividends on the Preferred Shares being converted, the Company shall pay such dividends
to the Preferred Shareholders as soon thereafter as funds of the Company are legally available for
such payment. At the request of the Preferred Shareholders, the Company shall provide the
Preferred Shareholders with written evidence of its obligation to the Preferred Shareholders.

          (g) The issuance of share certificates for Equity Shares upon conversion of Preferred Shares
shall be made without charge to the Preferred Shareholders for any issuance tax in respect thereof
or other cost incurred by the Company in connection with such conversion and the related issuance
of shares of Equity Shares. Upon conversion of each share of Preferred Shares, the Company shall
take all such actions as are necessary in order to ensure that the Equity Shares issuable with
respect to such conversion shall be validly issued, fully paid and non-assessable, free and clear
of all taxes, liens, charges and encumbrances with respect to the issuance thereof.

          (h) The Company shall not close its books against the transfer of Preferred Shares or of
Equity Shares issued or issuable upon conversion of Preferred Shares in any manner which interferes
with the timely conversion of Preferred Shares. Provided, however, that the Company shall be
entitled to close such books if the Company has provided such Preferred Shareholders (or Equity
Shareholders) as the case may be a notice specifying the date of closure of the books and such
Preferred Shareholder (or Equity Shareholder) does not notify the Company and take necessary action
for having its shares converted within fifteen (15) days from the date of issue of notice by the
Company. The Company shall assist and cooperate with the Preferred Shareholders to make any
governmental filings or obtain any governmental approval prior to or in connection with any
conversion of Preferred Shares hereunder (including, without limitation, making any filings
required to be made by the Company).

          (i) The Company shall at all times reserve and keep available out of its authorized but
unissued shares of Equity Shares, solely for the purpose of issuance upon the conversion of the
Preferred Shares, such number of shares of Equity Shares issuable upon the conversion of all
outstanding Preferred Shares. The Company shall take all such actions as may be necessary to
assure that all such shares of Equity Shares may be so issued without violation of any applicable
law or governmental regulation or any requirements of any domestic securities exchange upon which
shares of Equity Shares may be listed (except for official notice of issuance which shall be
immediately delivered by the Company upon each such issuance). The Company shall not take any
action which would cause the number of authorized but unissued shares of Equity Shares to be less
than the number of such shares required to be reserved hereunder for issuance upon conversion of
the Preferred Shares.

          (j) If the Equity Shares issuable by reason of conversion of Preferred Shares are convertible
into or exchangeable for any other share or Securities of the Company,

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the Company shall, at the Preferred Shareholders’ option, upon surrender of the Preferred
Shares to be converted by the Preferred Shareholders as provided herein together with any notice,
statement or payment required to effect such conversion or exchange of Equity Shares, deliver to
the Preferred Shareholders or as otherwise specified by the Preferred Shareholders a certificate or
certificates representing the shares or Securities into which the shares of Equity Shares issuable
by reason of such conversion are so convertible or exchangeable, registered in such name or names
and in such denomination or denominations as the Preferred Shareholders have specified.

          (k) One Preferred Share shall be converted into one Equity Share (“Conversion Ratio”).
In order to prevent dilution of the conversion rights granted under this Section 9.8(k), the
conversion ratio shall be subject to adjustment from time to time in accordance with this Section
9.8(k). If the Company at any time subdivides (by any share split, share dividend,
recapitalization or otherwise) one or more classes of its outstanding shares of Equity Shares into
a greater number of shares, the Conversion Ratio in effect immediately prior to such subdivision
shall be proportionately reduced, and if the Company at any time combines (by reverse share split
or otherwise) one or more classes of its outstanding shares of Equity Shares into a smaller number
of shares, the Conversion Ratio in effect immediately prior to such combination shall be
proportionately increased.

          (l) The Company shall keep at its principal office a register for the registration of
conversion of the Preferred Shares to Equity Shares.

          (m) Effect of Conversion. Upon conversion of the Preferred Shares into Equity Shares
in accordance with the procedure set forth in this Section 9.8, the holders of the Equity Shares
received upon conversion of Preferred Shares shall continue to have the rights available to them
under this Agreement except the rights of liquidation preference and dividend at a fixed coupon
rate of 8% linked to the Preferred Shares.

SECTION X

INDEMNIFICATION; CONFIDENTIALITY

     10.1 Indemnification. Each Shareholder agrees to indemnify, defend and hold harmless each
of the Company, the other Shareholder(s), and their respective lawful successors and assigns from
and against any and all losses, liabilities, claims, damages, costs and expenses (including
reasonable legal fees and disbursements in connection therewith and interest chargeable thereon)
asserted against or incurred by the Company or such other Shareholder(s) that arise out of, result
from, or may be payable by virtue of, any breach or non-performance of any representation,
warranty, covenant or agreement made or obligation to be performed by the indemnifying Shareholder
pursuant to this Agreement; provided, however, that the indemnifying Shareholder shall not be
liable (whether in contract, tort, misrepresentation, warranty, negligence, strict liability or
otherwise) for any special, indirect, incidental or consequential damages arising out of or in
connection with this Agreement, or any performance, non-performance or breach hereof; provided,
however, that any Shareholders’ maximum aggregate liability to the Company and the other
Shareholders under this Agreement shall not in any event exceed the price at which the Preferred
Shares and/or Equity Shares, as the case may be, were purchased by the respective Shareholder (as
such price may be equitably adjusted for share splits, share combinations, share dividends,
recapitalizations and the like).

     10.2 Confidentiality. Any communications between the Parties, the terms and
conditions of this Agreement, the Preferred Share Subscription Agreement and any other

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documents contemplated hereby, the transactions contemplated hereunder and there under, and
any other information and other material supplied to or received by a Party from any other Party
which is either marked “Confidential” or is by its nature intended to be exclusively for the
knowledge of the recipient alone and any information concerning the business of the Company, or the
business, transactions, operations or financial arrangements of the disclosing Party or of any
Person with whom any of them has a confidential relationship (together, the “Confidential
Information”), shall not be disclosed by the recipient to any third Persons (other than to the
recipient’s Affiliates or their officers, employees and advisers on a need to know basis) unless or
until:

          (a) such information is received from a third Person without any condition of confidentiality;
or

          (b) the recipient is compelled to disclose such information by any governmental authority or
pursuant to Applicable Law; or

          (c) the recipient can reasonably demonstrate that the information is available in the public
domain, whereupon, to the extent that it is public, this obligation shall cease; or

          (d) it is required to be furnished to the bankers of or investors or potential bankers or
investors in the Company and in such case such disclosure shall only be made in confidence and the
recipient shall procure that each such Person to whom disclosure is made shall before such
disclosure give an undertaking on the same terms as this Section 10.2.

     10.3 Public Announcement. No Party shall issue or cause the publication of, any press
release or other announcement or public communication concerning the transactions contemplated by
this Agreement or the Preferred Share Subscription Agreement, except (a) with the prior written
approval of the other Parties, which written approval shall not be unreasonably withheld (following
provision and review of the draft announcement or communication) or (b) when required by Applicable
Law, after notification (of not less than five (5) business days prior to such press release,
announcement or communication unless otherwise required by any governmental authority) to the other
Parties, and then only to the extent required by Applicable Law; provided, however, that the
Company shall not use Tiger’s name in any manner, context or format (including references on or
links to websites, or in press releases) without the prior written consent of Tiger. In accordance
with the provisions of this Section 10.3, it is agreed that Helion, Tiger and/or Sierra shall have
the right to issue make announcements and issue advertisements in financial and other newspapers,
journals and mailings at its own expense and discretion describing their respective role in the
Financing.

SECTION XI

MISCELLANEOUS

     11.1 Arbitration.

          (a) The Parties agree that in the event of any disputes, differences, controversies and
questions directly or indirectly arising at any time under, out of, in connection with or in
relation to this Agreement (or the subject matter of this Agreement) including, without limitation,
all disputes, differences, controversies and questions relating to the validity, interpretation,
construction, performance and enforcement of any provision of this Agreement (“Dispute”),
the Parties shall attempt to resolve the Dispute through good faith

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consultation and such consultation shall begin promptly after one Party has given to the other
Parties a written request for such consultation.

          (b) In the event of such consultation does not result in a resolution of such Dispute, then
within a period of thirty (30) days of the same being referred to consultation any Party may refer
such Dispute to final and binding arbitration. Such arbitration shall be governed by the UNCITRAL
Arbitration Rules (the “UNCITRAL Rules”) and shall be held in Singapore. All proceedings
of such arbitration shall be in the English language. Courts located in Singapore shall be vested
with non-exclusive jurisdiction with respect to matters ancillary to the arbitral process,
including, in particular, proceedings to compel or otherwise in support of the arbitral process and
the Parties expressly submit to the jurisdiction of such courts. The Parties to this Agreement
specifically agree that no proceedings shall be brought in any court or administrative tribunal for
the purpose of seeking to stay, enjoin, or otherwise interfere with the consultation or arbitral
processes hereunder, including any court or administrative tribunal located within India or
Mauritius or US. Judgment upon the arbitration award may be entered in any court of competent
jurisdiction or application may be made to such court for a judicial acceptance of the award and an
order of enforcement, as the case may be.

          (c) The Parties agree that the arbitral panel shall comprise of a panel of three arbitrators,
one arbitrator to be appointed by the Party or Parties bringing the claim, one arbitrator to be
appointed by the respondents named, and the third arbitrator to be appointed by the first two
arbitrators, all in accordance with the UNCITRAL Rules. In the event that any appointments are not
made as specified herein within 14 (fourteen) days of notification by either party of a Dispute,
such appointments shall be made in accordance with the UNCITRAL Rules.

          (d) Arbitration awards rendered shall be final and binding and shall not be subject to any
form of appeal. The losing party(ies), as determined by the arbitrators, shall pay all reasonable
out-of-pocket expenses (including, without limitation, reasonable attorneys’ fees) incurred by the
prevailing party(ies), as determined by the arbitrators, in connection with any Dispute unless the
arbitrators direct otherwise.

     11.2 Application of this Agreement.

          (a) The terms of this Agreement shall apply mutatis mutandis to any Equity
Shares (i) resulting from any conversion, reclassification, redesignation, subdivision or
consolidation or other change of the Equity Shares of the Company; and (ii) of the Company or any
successor body corporate which may be received by the Shareholders as a result of any merger,
amalgamation, arrangement or other reorganization of or including the Company; and prior to any
such action being taken, the Parties shall give due consideration to any changes which may be
required to this Agreement in order to give effect to the intent of this Section.

          (b) The terms of this Agreement shall apply mutatis mutandis to any Preferred
Shares (i) resulting from any conversion, reclassification, redesignation, subdivision or
consolidation or other change of the Preferred Shares of the Company; and (ii) of the Company or
any successor body corporate which may be received by the Shareholders as a result of any merger,
amalgamation, arrangement or other reorganization of or including the Company; and prior to any
such action being taken, the Parties shall give due consideration to any changes which may be
required to this Agreement in order to give effect to the intent of this Section.

Page 47 of 66

 

     11.3 Conflict with Constitution. Subject to Applicable Law, if there is any
ambiguity, inconsistency or conflict between the provisions of the Company’s Constitution (as
amended in accordance with the terms hereof through the date when such ambiguity, conflict or
inconsistency arises or is deemed to arise) and this Agreement, such ambiguity, inconsistency or
conflict shall be resolved by giving precedence to the provisions of this Agreement over the
Constitution and the Parties promptly shall take all such actions and steps as are necessary to
amend the Constitution of the Company to eliminate such inconsistency or conflicting provision or
term from the Constitution and to replace it with a provision or term that is consistent with the
provisions of this Agreement. In the meantime, while any such amendments to the Constitution are
pending, no Party hereto shall seek to enforce the provision of the articles that is being amended
so as to avoid inconsistency with the provisions hereof.

     11.4 Further Assurances. The Parties shall, with reasonable diligence, do all such
acts and things and provide all such reasonable assurances as may be required to consummate the
transactions contemplated by this Agreement, and each Party shall provide such further documents or
instruments required by any other Party as may be reasonably necessary or desirable to effect the
purpose of this Agreement and to carry out its provisions.

     11.5 Benefit of the Agreement. This Agreement shall enure to the benefit of and be
binding upon successors and permitted assigns of the Parties hereto.

     11.6 Entire Agreement. This Agreement, together with the Preferred Share Subscription
Agreement, any other ancillary agreement executed pursuant hereto or thereto and any deeds of
adherence executed pursuant to this Agreement, constitute the entire agreement between the Parties
with respect to the subject matter of this Agreement and cancels and supersedes any prior
understandings and agreements between the Parties with respect to such subject matter, including
the Shareholders Agreement dated 25 April 2005 executed by SAIF, Travogue, the Founders and the
Company, the Equity Share Subscription Agreement, the Amended and Restated Shareholders Agreement
dated as of April 12, 2006 and the Second Prior Agreement. There are no representations,
warranties, terms, conditions, undertakings or collateral agreements, express, implied or
statutory, between the Parties as to the transactions set forth herein other than those expressly
set forth in this Agreement, the Constitution, the Preferred Share Subscription Agreement and any
other ancillary agreement executed pursuant hereto or thereto.

     11.7 Amendments and Waivers. No amendment to this Agreement shall be valid or binding
unless set forth in writing and duly executed by all of the Parties. To the extent any such
modification or amendment requires a corresponding modification or amendment to the Constitution,
the Parties shall use their reasonable efforts in good faith to cause all such modifications or
amendments to the Constitution. No waiver of any breach of any provision of this Agreement shall
be effective or binding unless made in writing and signed by the Party purporting to give the same
and, unless otherwise provided in the written waiver, shall be limited to the specific breach
waived.

     11.8 Assignment. This Agreement and the rights, obligations and duties hereunder
shall inure to the benefit of the Parties hereto and to their respective successors and permitted
assigns. Notwithstanding anything contained herein, no Party hereto shall assign this Agreement or
any rights and obligations hereunder to any Person without the prior written consent of the other
Parties hereto; provided, however, SAIF may, at any time assign this Agreement or all of its rights
and/or obligations hereunder to any Affiliate of SAIF provided that, without limiting the
generality of Section VI , (a) such Affiliate is not a Competitor at the

Page 48 of 66

 

time of such assignment, (b) at the time of such assignment, such Affiliate does not hold an
equity interest in a Competitor that represents 20% or more of the paid-up share capital of such
Competitor, (c) SAIF has provided reasonable prior notice of such assignment to each of the
Founders and the Company and (d) Helion, Tiger and Sierra may, at any time assign this Agreement or
all of its rights and/or obligations hereunder to any Affiliate of Helion, Tiger or Sierra,
respectively, without limiting the generality of Section VI that such Affiliate is not a Competitor
at the time of such assignment.

     11.9 Termination.

          (a) This Agreement shall terminate upon:

               (i) The written agreement of the Parties; or

               (ii) The dissolution, liquidation or winding up of the Company;

               (iii) Except as provided in Section 11.9(b), the rights and obligations of a Shareholder
hereunder automatically shall terminate from and as of the time such Shareholder, directly or
indirectly, no longer or (if such Shareholder has Transferred all of the Equity Shares or Preferred
Shares held by it to one or more Affiliates, then none of such Shareholder’s Affiliates) owns or
holds any Shares. Provided further that the rights of Helion and Sierra, Tiger, Founders and SAIF
under Section III, Section IV and Section V shall terminate automatically from and as of the time
Helion or Sierra, as the case may be, individually owns or holds less than 5% of the total issued
and paid up share capital of the Company on a fully diluted basis, or the Founders or SAIF, as the
case may be, owns or holds less than 5% of the total issued and paid up share capital of the
Company on a fully diluted basis.

               (iv) Any breach by any of the Parties (other than the Company) (the “Defaulting
Party”) of any of their representations and warranties, undertakings, obligations and/or
covenants in this Agreement or a default in compliance with the terms and conditions of this
Agreement which is not cured within 45 days of notice thereof being given to the Defaulting Party
by the non-defaulting Party (“Non-Defaulting Party”).

          (b) The termination of this Agreement shall not discharge, affect or otherwise modify the
rights and obligations of the Parties established or incurred prior to such termination.
Notwithstanding anything to the contrary, the provisions in this Agreement relating to
Indemnification, Confidentiality, Arbitration, Notices, Governing Law and other representations,
warranties, covenants and obligations which by their nature are intended to survive shall survive
the termination of this Agreement.

     11.10 Severability. If any provision of this Agreement is determined to be invalid or
unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such
provision or part of such provision and the remaining part of such provision and all other
provisions of this Agreement shall continue to be in full force and effect.

     11.11 Specific Performance. Each of the Parties acknowledges and agrees that the
other Parties would be damaged irreparably in the event that any of the provisions of this
Agreement are not performed in accordance with their specific terms or otherwise are breached.
Accordingly, each of the Parties agrees that the other Parties shall be entitled to an injunction
or injunctions to prevent breaches of the provisions of this Agreement and to enforce

Page 49 of 66

 

specifically this Agreement and the terms and provisions hereof, without proving damages, in addition to
any other remedy to which they may be entitled.

     11.12 No Partnership; No Third Party Rights.

          (a) The Parties hereto agree that nothing in this Agreement shall be deemed to create a
partnership, agency or any other relationship between them, except as otherwise expressly stated
herein.

          (b) Nothing herein expressed or implied is intended, nor shall it be construed, to confer upon
or give to any third party any rights or remedies under or by reason of this Agreement.

     11.13 [Section not utilised].

     11.14 Notices. Any notice, claim or demand in connection with this Agreement shall be in
writing in English (a “Notice”) and shall be sufficiently given upon personal delivery, or
upon confirmed receipt if sent by post, upon confirmed transmission by facsimile or electronic
mail, or upon confirmed delivery by overnight commercial courier service, to the addresses below
(or at such other address as a Party may designate by seven (7) days’ advance written notice to the
other Parties):

	 	(a)	 	If to SAIF, to:
	 
	 	 	 	Softbank Asia Infrastructure Fund,

Two Palo Alto Square,

Suite 5000,

3000 El Camino Road,

Palo Alto, CA 94306,

U.S.A.

Telephone No.: 650 319 2763

e-Facsimile No.: 415 276 3185

Attention: Mr. Ravi Adusumalli

	 	 	Copy to:

	 	 	 	SAIF Advisors Ltd.

Suites 2115-2118,

Two Pacific Place

88 Queensway,

Hong Kong

Attention: Mr. Brandon Lin

Telephone No: 852 2918 2206

Facsimile No: 852 2234 9116
	 
	 	 	 	Attention: Mr. Jason So

Telephone No.: 852 2918 2205

Facsimile No.: 852 2234 9116
	 
	 	(b)	 	If to Travogue, to:

Page 50 of 66

 

	 	 	 	75-76, Adchini, Sri Aurobindo Marg,

New Delhi – 110 017, India

Attention: Deep Kalra

Telephone No: +91-11-26566867

Facsimile No: +91-11-26521471;
	 
	 	(c)	 	If to the Founders, to:
	 
	 	 	 	J-6/11A, DLF Phase II, Gurgaon,

Haryana, India,

Attention: Deep Kalra

Telephone No: +91-11-26566867

Facsimile No: +91-11-265231471; and
	 
	 	(d)	 	If to the Company, to:
	 
	 	 	 	10, Frere Felix De Valois Street,

Port Louis, Republic of Mauritius

Attention: Santanand Soorkia

Telephone No: +230-2023000

Facsimile No: +1-267-9375170.
	 
	 	(e)	 	If to Helion, to:
	 
	 	 	 	International Management (Mauritius) Ltd

Les Cascades Building

Edith Cavell Street Port Louis, Mauritius

Facsimile: (230) 212 9833

For attention of: Natarajan R
	 
	 	(f)	 	If to Sierra, to:
	 
	 	(g)	 	In the case of Tiger to:
	 
	 	 	 	Lee Fixel

Scott Shleifer

Feroz Dewan

Tiger Global Management

101 Park Avenue, 48th Floor

New York, NY 10178

USA
	 
	 	 	 	Telephone No.: 001-212-984-8800

Fax.: 001-212-557-1701

Page 51 of 66

 

	 	 	 	With a copy to:

Gunderson Dettmer

220 W. 42nd Street, Floor 21

New York, NY 10036

USA
	 
	 	 	 	Attention: Ward Breeze

Telephone No.: 001-212-430-3134

Facsimile No.: 001-877-881-3007

     Any Party hereto may change the foregoing address and telephone and facsimile numbers upon
notice to the other parties in accordance with this Section 11.14.

     11.15 Governing Law. This Agreement shall be governed and interpreted by and
construed in accordance with the laws of the Republic of India, without giving effect to the
principles of conflict of laws thereunder.

     11.16 U.S. Tax Matters.

          (a) The Company will comply and will cause its Subsidiaries to comply with all record-keeping,
reporting, and other requests necessary for the Company and its Subsidiaries to comply with any
applicable U.S. tax law or to allow any direct or indirect Shareholder to avail itself of any
provision of U.S. tax law.

          (b) The Company acknowledges that certain investors may be, or may be comprised of investors
that are, U.S. persons and that the U.S. income tax consequences to those persons of the investment
in the Company will be significantly affected by whether the Company and/or any of the entities in
which it owns an equity interest at any time is classified as a partnership or a branch for U.S.
federal income tax purposes.

          (c) Immediately after the Effective Date, the Company will not be a “Controlled Foreign
Corporation” (“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or
any successor thereto) (the “Code”) with respect to the Securities held by each
Shareholder. In the event that the Company is determined by counsel or accountants for a
Shareholder to be a CFC with respect to the Securities held by such Shareholder, the Company agrees
to use commercially reasonable efforts to avoid generating Subpart F Income (as defined in Section
952 of the Code) (“Subpart F Income”). No later than 45 days following the end of each
Company taxable year, the Company shall provide the following information to each Shareholder: (i)
the Company’s capitalization table as of the end of the last day of such taxable year and (ii) a
report regarding the Company’s status as a CFC. In addition, the Company shall provide each
Shareholder with access to such other Company information as may be required by each Shareholder to
determine the Company’s status as a CFC and to determine whether such Shareholder or any of the
Shareholder’s Partners is required to report its pro rata portion of the Company’s Subpart F Income
on its United States federal income tax return, or to allow such Shareholder or such Shareholder’s
Partners to otherwise comply with applicable United States federal income tax laws. For purposes
of this Section 11.16, (i) the term “Shareholder’s Partners” shall mean each of the
Shareholder’s shareholders, partners, members or other equity holders and any direct or indirect
equity owners of such entities and (ii) the “Company” shall mean the Company and any of its
subsidiaries.

Page 52 of 66

 

          (d) The Company has never been, and, to the best of its knowledge after consultation with its
tax advisors, will not be with respect to its taxable year during which the Effective Date occurs,
a “passive foreign investment company” (“PFIC”) within the meaning of Section 1297 of the
Code. The Company shall use commercially reasonable efforts to avoid being a PFIC. The Company
shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a
PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or that there
is a likelihood of the Company being classified as a PFIC for any taxable year, the Company shall
promptly notify each Shareholder of such status or risk, as the case may be. In addition, to
ensure that each Shareholder’s Partners have sufficient information to make a “Qualified Electing
Fund” election or file a “Protective Statement” pursuant to Treasury Regulation Section 1.1295-3,
as amended (or any successor thereto), the Company shall provide annual financial information to
each Shareholder in the form provided in the attached PFIC Exhibit (or in such other form as may be
required to reflect changes in applicable law) as soon as reasonably practicable following the end
of each taxable year of each Shareholder (but in no event later than ninety (90) days following the
end of each such taxable year), and shall provide each Shareholder with access to such other
Company information as may be required for purposes of filing U.S. federal income tax returns in
connection with such Qualified Electing Fund election or Protective Statement. In the event that
any Shareholder’s Partner has made a “Qualified Electing Fund” election must include in its gross
income for a particular taxable year its pro rata share of the Company’s earnings and profits
pursuant to Section 1293 of the Code, the Company agrees to make a dividend distribution to such
Shareholder (no later than ninety (90) days following the end of the Company’s taxable year or, if
later, ninety (90) days after the Company is informed by such Shareholder that the Shareholder’s
Partner has been required to recognize such an income inclusion) in an amount equal to fifty
percent (50%) of the amount that would be included by such Shareholder if such Shareholder were a
“United States person” as such term is defined in Section 7701(a)(30) of the Code and had such
Shareholder made a valid and timely “Qualified Electing Fund” election which was applicable to such
taxable year.

          (e) The Company shall take such actions, including making an election to be treated as a
corporation or refraining from making an election to be treated as a partnership, as may be
required to ensure that at all times the Company is treated as corporation for United States
federal income tax purposes.

          (f) The Company shall make due inquiry with its tax advisors (and shall cooperate with each
Shareholder’s tax advisor’s with respect to such inquiry) on at least an annual basis regarding
whether each Shareholder’s or any Shareholder’s Partner’s direct or indirect interest in the
Company is subject to the reporting requirements of either or both of Sections 6038 and 6038B of
the Code (and the Company shall duly inform each Shareholder of the results of such determination),
and in the event that a Shareholder’s or any Shareholder’s Partner’s direct or indirect interest in
the Company is determined by the Company’s tax advisors or a Shareholder’s tax advisors to be
subject to the reporting requirements of either or both of Sections 6038 and 6038B, the Company
agrees, upon a request from such Shareholder, to provide such information as may be necessary to
fulfill any Shareholder’s or any Shareholder’s Partner’s obligations thereunder.

          (g) With respect to any taxable year in which the Company is classified either as a (i) CFC or
(ii) PFIC, the Company shall pay a dividend to its shareholders (to the extent permitted by
Applicable Law) in an amount equal to 50% of the sum of the Company’s

Page 53 of 66

 

ordinary earnings and net capital gain as defined for purposes of Section 1293(a)(1) of the
Code.

     11.17 Counterparts. This Agreement may be executed by the Parties in separate
counterparts each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument. A facsimile transmission of
the executed signature page of this Agreement by a Party shall constitute due and proper execution
of this Agreement by such Party.

[Remainder of page intentionally left blank.]

Page 54 of 66

 

The parties hereto have caused their duly authorized representatives to execute this agreement on
the day and year first hereinabove written

	 	 	 	 	 	 	 
	Witnessed by:	 	/s/ Yiu Lai Ping	 	SB ASIA INVESTMENT FUND II L.P.
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Name:     
	 	Lai-ping Yiu	 	By:	 	/s/ Andrew Y. Yan
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Address:
	 	Suites 2115-2118,	 	Name:	 	Andrew Y. Yan
	 
	 	2 Pacific Place, 88 Queensway,	 	Title:	 	Authorized Signatory
	 
	 	Hong Kong	 	 	 	 

TRAVOGUE ELECTRONIC TRAVEL

PRIVATE LIMITED

	 	 	 	 	 
	 	 
	/s/ Deep Kalra
 	 	 
	 	 	 
	Name:  	Deep Kalra
	 	 
	Title:  	Director 	 	 
	 

Page 55 of 66

 

	 	 	 	 	 
	MR. DEEP KALRA

 	 	 
	/s/ Deep Kalra
 	 	 
	 	 	 
	 	 	 
	 
	MR. KEYUR JOSHI

 	 	 
	/s/ Keyur Joshi
 	 	 
	 	 	 
	 	 	 
	 
	MR. SACHIN BHATIA

 	 	 
	/s/ Sachin Bhatia
 	 	 
	 	 	 
	 	 	 
	 
	HELION VENTURE PARTNERS, LLC

 	 	 
	By:  	/s/ Heerdaye Jugbandhan
 	 	 
	 	Name: Heerdaye Jugbandhan	 
		Title: Director 	 
	 

Page 56 of 66

 

	 	 	 	 	 
	SIERRA VENTURES VIII-A, L.P.

 	 	 
	By:  	     /s/ Aditya Tim Guleri	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

	 	 	 	 	 
	SIERRA VENTURES VIII-B, L.P.

 	 	 
	By:  	     /s/ Aditya Tim Guleri	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

	 	 	 	 	 
	SIERRA VENTURES ASSOCIATES VIII, LLC

 	 	 
	By:  	     /s/ Aditya Tim Guleri	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

	 	 	 	 	 
	International Web Travel Private Limited

 	 	 
	/s/ Deep Kalra	 	 
	Deep Kalra 	 	 
	Director 	 	 

Page 57 of 66

 

	       	             	 	 	 
	LEE FIXEL

 	 	 
	/s/ Lee Fixel
 	 	 

	       	             	 	 	 
	 	 	 	 	 
	Feroz Dewan

 	 	 
	/s/ Feroz Dewan
 	 	 

	       	             	 	 	 
	 	 	 	 	 
	Scott Shleifer

 	 	 
	/s/ Scott Shleifer
 	 	 

Page 58 of 66

 

TIGER GLOBAL PRIVATE

INVESTMENT PARTNERS IV, L.P.

	By:	 	Tiger Global PIP Performance IV, L.P.

	Its:	 	General Partner

	By:	 	Tiger Global PIP Management IV, Ltd.

	Its:	 	General Partner

	 	 	 	 	 
	By:  	/s/ Charles P. Coleman, III
 	 	 
	 	Name:  	Charles P. Coleman, III 	 	 
	 	Title:  	Director 	 	 

TIGER GLOBAL PRIVATE

INVESTMENT PARTNERS V, L.P.

	By:	 	Tiger Global PIP Performance V, L.P.

	Its:	 	General Partner

	By:	 	Tiger Global PIP Management V, Ltd.

	Its:	 	General Partner

	 	 	 	 	 
	By:  	/s/ Charles P. Coleman, III
 	 	 
	 	Name:  	Charles P. Coleman, III 	 	 
	 	Title:  	Director 	 	 

Page 59 of 66

 

Schedule A

Series A Preferred Shareholder

SAIF

Helion

Sierra

Series B Preferred Shareholder

SAIF

Helion

Sierra

PIP IV

Fixel

Shleifer

Dewan

Series C Preferred Shareholder

SAIF

Helion

Sierra

PIP V

Fixel

Dewan

Page 60 of 66

 

 

SCHEDULE B

VETO MATTERS

	i.	 	The commencement of any business other than the business of Travel Services;
	 
	ii.	 	Any increase, reduction, sub-division, reorganisation, reclassification, redemption
of the authorized, issued, or paid up share capital of the Company (unless provided for
in this Agreement); or any issuance, grant, repurchase or cancellation of any shares or
other securities of the Company (including employee stock options unless provided for in
this Agreement or the Preferred Share Subscription Agreement) or any change in rights
attached to any class of shares or conversion of any security other than the Preferred
Shares into, any share capital of the Company and the terms and conditions of any of the
foregoing;
	 
	iii.	 	Any action to list any shares or securities of the Company on any stock exchange,
whether in India or abroad, and the terms and conditions of such initial public offering,
including with respect to its size, pricing and timing;
	 
	iv.	 	[clause not utilized]
	 
	v.	 	Any transaction or a series of transactions which would entail the sale, lease,
transfer, disposal or encumbrance of 5% (five percent) or more of the Company’s or
Subsidiary’s assets or property including intellectual property rights of the Company or
a Subsidiary in any financial year; provided that aforesaid threshold of 5% shall not be
applicable in the case of intellectual property rights;
	 
	vi.	 	Any merger, acquisition, consolidation, reorganization, amalgamation or other
business combination involving the Company, investment decisions (except for any
decisions relating to any investments of surplus cash (over and above the amounts
required under the annual budget) in government securities and mutual funds) including
creation of any subsidiary or other controlled entity and any action for winding up or
liquidation of the Company or for the appointment of a receiver or liquidator;
	 
	vii.	 	buy back of any Equity Shares of the Company (other than repurchases of stock owned
by the management and employees, after approval of the Board), or redemption of any
series of preferred shares ranking subordinate to the Preferred Shares;
	 
	viii.	 	amendment or waiver of any provision of the Constitution of the Company or of the
constitutive documents of its Subsidiaries;
	 
	ix.	 	Any change in the composition of the Board;
	 
	x.	 	Any agreement with a related party;
	 
	xi.	 	Approval or amendment to the annual budget and the annual accounts of the Company;
	 
	xii.	 	Appointment, changes or removal of key employees or adoption or amendment of their
employment contracts with the Company;

Page 61 of 66

 

 

	xiii.	 	The entering into, variation or termination of any agreement material to the
business of the Company or outside the ordinary scope of business of the Company;
	 
	xiv.	 	Any change in the statutory auditors of the Company (if the statutory auditor is a
company other than a member of the Big Four Firms;
	 
	xv.	 	The granting of loans or advances in excess of USD 50,000 to any person other than in the
ordinary course of business;
	 
	xvi.	 	Initiation or settlement in any jurisdiction of legal or arbitration proceedings (other
than routine debt collection or any disputes, actions or claims between or among the Parties
to this Agreement, the Preferred Share Subscription Agreement or the Employment Agreement or
any assignees or successor thereof) which involves an amount (including related costs) in
excess of USD 100,000;
	 
	xvii.	 	Incurrence of indebtedness of the Company or its Subsidiaries in excess of a sum of USD
500,000 (USD Five Hundred Thousand Only);
	 
	xviii.	 	Capital expenditure in excess of an amount of USD 500,000 in any financial year, not
contemplated by the operating budget approved by the Board of the Company or its
Subsidiaries;
	 
	xix.	 	Paying or declaring a dividend on any Equity Shares or any series of preferred shares
ranking subordinate to or on par with the Preferred Shares, including for payment or
declaration of dividend on the Preferred Shares;
	 
	xx.	 	Establishing or investing in any subsidiaries or joint ventures by the Company, either
directly or through any of its Subsidiaries, or divestment in any subsidiaries or joint
ventures by the Company, either directly or through any of its Subsidiaries;
	 
	xxi.	 	Grant of any new stock option or stock equivalent by the Company or its Subsidiaries, and
such grant containing provisions for accelerated vesting upon (a) change of control of the
Company or its Subsidiaries, (b) sale of all or substantially all of the assets or Shares of
the Company or its Subsidiaries, and (c) termination of employment or similar event;
	 
	xxii.	 	Increase in the number of Equity Shares reserved under the equity incentive plans of the
Company or its Subsidiaries;
	 
	xxiii.	 	Entering into any transaction by the Company or its Subsidiaries with any of their
directors or Key Managerial Personnel;
	 
	xxiv.	 	Restructuring the Company in accordance with Section 3.9;
	 
	xxv.	 	Any commitment or agreement or delegation of powers to do any of the foregoing.

Provided, however, that, the consent of Deep Kalra for any of the actions specified in (iii), (v)
and (vi) above shall no longer be required if any of such actions occur after the earlier of (i) 3
(three) years after the Effective Date or (ii) an IPO of the Company or any Subsidiary.

Page 62 of 66

 

 

SCHEDULE C

LIST OF COMPETITORS

Yatra.com

Travel Guru.com

ClearTrip.Com

Desiya.com

FlightRaja.com / FlightOrder.com (or their parent company EOS ltd)

FlightRaja.com/Via.com

Arzoo.com

JourneyMart.com

Tripmela.com

Tripper.com

TravelmartIndia.com

Travel Tours / Travel Air

Travelport

Thomas Cook

Cox & Kings / Eezego1.com

Sita/Kuoni / SOTC

TCI

ITH

Raj Travels

Kesari Tours

Orbit Travel & Tours

Eeze Tours Online

Any entity organized in India that is a joint venture of Travelocity, Expedia or Zuji

Any travel search company registered in India using the word ‘travel’ in its metatag and deriving a
majority of their revenues from within India.

Any of the competitors listed in this Schedule C shall be deemed removed from this Schedule C upon
such competitor’s initial public offering or upon the Company’s or any Subsidiary’s IPO.

Page 63 of 66

 

 

PFIC EXHIBIT

Annual Information Statement

	(1)	   _    	This questionnaire applies to the
taxable year of International Web
Travel Private Limited (the “Company”)
beginning on January 1, 20_____, and
ending on December 31, 20_____.
	 
	(2)	   _    	Please check here if 75% or more of
the company’s gross income constitutes
passive income. 

                    Passive income: For purposes of this test, passive income includes:

	 	n
	 	Dividends, interests, royalties, rents and annuities, excluding,
however, rents and royalties which are received from an unrelated party in
connection with the active conduct of a trade or business.
	 
	 	n
	 	Net gains from the sale or exchange of property—

	 	 
¡	 	which gives rise to dividends,
interest, rents or annuities (excluding, however, property used in
the conduct of a banking, finance or similar business, or in the
conduct of an insurance business);

	 	 
¡	 	which is an interest in a trust, partnership, or REMIC; or
	 
	 	 
¡	 	which does not give rise to income.

	 	n
	 	Net gains from transactions in commodities.
	 
	 	n
	 	Net foreign currency gains.
	 
	 	n
	 	Any income equivalent to interest.

	 	 	 	Look-through rule: if the Company owns, directly or indirectly, 25% of the
stock by value of another corporation, the Company must take into account its
proportionate share of the income received by such other corporation.

	(3)	   _    	Please check here if the average fair market value during the taxable year of
passive assets held by the company equals 50% or more of the average fair market value of all
of the company’s assets.

		 	 	Note: This test is applied on a gross basis; no liabilities are taken into account.

		 	 	Passive Assets: For purposes of this test, “passive assets” are those
assets which generate (or are reasonably expected to generate) passive income (as
defined above). Assets which generate partly passive and partly non-passive income
are considered passive assets to the extent of the relative proportion of passive
income (compared to non-passive income) generated in a particular taxable year by
such assets. Please note the following:

	 	n
	 	A trade or service receivable is non-passive if it results from sales or
services provided in the ordinary course of business.
	 
	 	n
	 	Intangible assets that produce identifiable items of income, such as
patents or licenses, are characterized in terms of the type of income
produced.

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	 	n
	 	Goodwill and going concern value must be identified to a specific income
producing activity and are characterized in accordance with the nature of
that activity.
	 
	 	n
	 	Cash and other assets easily convertible into cash are passive assets,
even when used as working capital.
	 
	 	n
	 	Stock and securities (including tax-exempt securities) are passive
assets, unless held by a dealer as inventory.

		 	 	Average value: For purposes of this test, “average fair market value”
equals the average quarterly fair market value of the assets for the relevant
taxable year.

		 	 	Look-through rule: if the Company owns, directly or indirectly, 25% of the
stock by value of another corporation, the Company must take into account its
proportionate share of the passive assets of such other corporation.

	(4)	   _    	Please check here if (A) more than
50% of the company’s stock (by voting
power or by value) is owned by five or
fewer U.S. persons or entities and (b)
the average aggregate adjusted tax bases
(as determined under U.S. tax principles)
during the taxable year of the passive
assets held by the company equals 50% or
more of the average aggregate adjusted
tax bases of all of the company’s
assets.

		 	 	Average value: For purposes of this test,
“average aggregate adjusted tax bases”
equals the average quarterly aggregate
adjusted tax bases of the assets for the
relevant taxable year.
	 
		 	 	Look-through rule: if the Company owns,
directly or indirectly, 25% of the stock
by value of another corporation, the
Company must take into account its
proportionate share of the passive assets
of such other corporation

	(5)	 	[Investor] has the following pro-rata share of the ordinary earnings and net capital gain
of the company as determined under U.S. income tax principles for the taxable year of the
company:
	 
	 	 	Ordinary Earnings:                      (as determined under U.S. income tax principles)
	 
	 	 	Net Capital Gain:                      (as determined under U.S income tax principles)
	 
	 	 	Pro Rata Share: For purposes of the foregoing, the shareholder’s pro rata share
equals the amount that would have been distributed with respect to the shareholder’s stock
if, on each day during the taxable year of the Company, the Company had distributed to each
shareholder its pro rata share of that day’s ratable share (determined by allocating to each
day of the year, an equal amount of the Company’s aggregate
ordinary earnings and aggregate net capital gain for such year) of the Company’s ordinary
earnings and net capital gain for such year. Determination of a shareholder’s pro rata
share will

Page 65 of 66

 

 

	 	 	require reference to the Company’s charter, certificate of incorporation,
articles of association or other comparable governing document.

	(6)	 	The amount of cash and fair market value of other property distributed or deemed distributed
by Company to [Investor] during the taxable year specified in paragraph 1. is as follows:

Cash:                     

Fair Market Value of Property:                     

	(7)	 	Company will permit [Investor] to inspect and copy Company’s permanent books of account,
records, and such other documents as may be maintained by Company that are necessary to
establish that PFIC ordinary earnings and net capital gain, as provided in Section 1293(e) of
the U.S. Internal Revenue Code of 1986, as amended (or any successor provision thereto), are
computed in accordance with U.S. income tax principles.

     The foregoing representations are true and accurate as of the date hereof. If in any
respect such representations shall cease to be true and accurate, the undersigned shall give
immediate notice of such fact to [Investor].

	 	 	 	 	 
	 	INTERNATIONAL WEB TRAVEL PRIVATE LIMITED

 	 
	 	By:  	 	 
	 	 	 	 
	 	Name:  	 	 
	 
	 	Title:  	 	 
	 

Date:                                         

Page 66 of 66

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