Document:

TRX, Inc. Executive Annual Incentive Plan

 Exhibit 10.37 
  
 

 
  
 TRX, INC. 
 EXECUTIVE ANNUAL INCENTIVE PLAN 
  
 Section 1. Purpose and Scope. 
  
 The purpose of the TRX, Inc. Executive Annual Incentive Plan (the “Plan”) is as follows: (i) to provide annual cash incentives and rewards
for the executive officers of the Company; (ii) to attract and retain qualified executives by providing performance-based compensation as an incentive for their efforts to achieve the Company’s financial and strategic objectives; and
(iii) to qualify compensation paid under the Plan as “performance-based compensation” within the meaning of Section 162(m) of the Code, in order to preserve the Company’s tax deduction for compensation paid under the Plan.

  
 Section 2. Definitions. 
  
 The following words and phrases as used in this Plan shall have the meanings
set forth in this Section unless a different meaning is clearly required by the context. 
  
 2.1 “Affiliate” shall mean, as of any date, an entity that, directly or indirectly, controls, is controlled by, or is under common control with the Company, pursuant to the provisions of Code Sections
414(b), (c), (m) or (o). 
  
 2.2 “Base
Compensation” shall mean a Participant’s base rate of salary prorated over the Plan Year (e.g., if a Participant’s base salary rate is $10,000 per month (or $120,000 annually) for the first six months of the Plan Year and
then $15,000 per month (or $180,000 annually) for the last six months of the year, then his Base Compensation for the Plan Year for purposes of the Plan will be $150,000). 
  
 2.3 “Board” shall mean the Board of Directors of the Company. 
  
 2.4 “Change in Control” shall mean the occurrence of any of
the following events following the Effective Date of this Plan: 
  
 (a) Acquisition of Substantial Percentage. The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act) of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the 1934 Act) of 50% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Common Stock”) or (ii) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change of Control: 
  
 (i) any acquisition directly from the Company; 

 
 (ii) any acquisition by the Company or any of its
Affiliates; or 
  
 (iii) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates; 
  
 provided further, that if any such individual, entity or group subsequently becomes required to or does report its ownership of Outstanding Common Stock
and Outstanding Voting Securities on Schedule 13D (or any successor Schedule) then, for purposes of this Section, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group
becomes required to or does so file, beneficial ownership of all of the Outstanding Common Stock and Outstanding Voting Securities beneficially owned by it on such date; or 

 (b) Change of Majority of Board Members. During any consecutive twelve
(12) month period, individuals who, as of the beginning of that period, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming
a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule
14a-11 of Regulation 14A promulgated under the 1934 Act) or other actual or threatened solicitation of proxies or consents; or 
  
 (c) Reorganization, Merger or Consolidation. There is consummated a reorganization, merger or consolidation, in each case, with
respect to which all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Group Common Stock and Outstanding Group Voting Securities immediately prior to such reorganization, merger or
consolidation, beneficially own, directly or indirectly, less than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation (or any parent thereof) in substantially the same proportions as their ownership, immediately prior to such reorganization, merger or
consolidation of the Outstanding Group Common Stock and the Outstanding Group Voting Securities, as the case may be; or 
  
 (d) Disposition of Assets. Consummation of the sale or other disposition of all or substantially all of the assets of the Company.

  
 2.5 “Chief Executive Officer” or
“CEO” shall mean the Chief Executive Officer of the Company. 
  
 2.6 “Committee” shall mean the Compensation Committee of the Board or a subcommittee of that committee, the members of which shall all be qualified as “outside directors” under Code
Section 162(m), to administer the Plan for each Plan Year, pursuant to Section 9.2. 
  
 2.7 “Company” shall mean TRX, Inc., a Georgia corporation, and any successor thereto. 
  
 2.8 “Effective Date” shall mean the effective date of this Plan, 1 January 2006. 
  
 2.9 “Eligible Employee” shall mean the Chief Executive
Officer, the Chief Operating Officer, the Chief Financial Officer and any Executive Vice President of the Company who are approved by the Committee for participation in the Plan for a particular Plan Year. 
  
 2.10 “Maximum Performance Award” shall mean an amount not
greater than $1,000,000 respect to any Performance Award for any individual for any Plan Year. 
  
 2.11 “Outside Directors” shall mean members of the Board who qualify as outside directors, as that term is defined in Section 162(m) of the Code and the regulations issued thereunder. 

 
 2.12 “Participant” shall mean an Eligible Employee
approved by the Committee under Section 3 to participate in the Plan, who has been notified by the CEO of his or her approved participation. 
  
 2.13 “Performance Award” shall mean the cash bonus awarded to a Participant under the terms of the Plan. Performance Awards shall usually
be determined as a percentage of the Participant’s Base Compensation, subject to the Committee’s discretion. 
  
 2.14 “Performance Measure” means any one or more of the objective criteria or measurements by which specific performance goals may be
established and performance may be measured, as determined by the Committee in its discretion for any particular Plan Year, pursuant to the provisions of Section 4.3. 
  
 2.15 “Plan” shall mean this TRX, Inc. Executive Annual Incentive Plan, as amended from time to time.

 2.16 “Plan Year” shall mean the 12-month period ending on each 31 December: provided
that if the Company’s fiscal year should be changed to any other 12-month period, then the Plan Year shall contemporaneously and automatically change to such 12-month period. 
  
 Section 3. Participation. 
  
 3.1 Eligibility to Participate. As soon as possible following the commencement of each Plan Year, the Committee shall specify by name or position
the Eligible Employees designated to participate in the Plan for that Plan Year. The Committee shall retain discretion to name as a Participant an employee hired or promoted into an Eligible Employee position for the first time after the
commencement of the Plan Year. A Participant must remain employed by the Company through the last day of the Plan Year for which the Performance Award is awarded in order to be eligible to receive a Performance Award for that Plan Year. 

 
 3.2 Termination of Participation. A Participant’s
participation in the Plan shall terminate upon his termination of employment with the Company. The Committee shall retain the discretion to reduce participation in the Plan to a level less than full participation or to suspend or terminate
participation of any Participant reassigned to substantially different duties, undertaking an authorized leave of absence or disqualified for any reason by the Committee. Notice of the reduction in participation or suspension or termination
of any individual Participant shall be forwarded to the CEO and the affected Participant or Participants in writing. 
  
 Section 4. Establishment of Performance Measures and Performance Awards. 
  
 4.1 Time of Establishment. No later than ninety (90) days after the commencement of the Plan Year, the Committee
shall specify in writing the Performance Measures and Performance Awards which are to apply for that Plan Year with regard to each Participant or each group of Participants (by name or position), subject to the provisions of Sections 4.2 and 4.3. In
its discretion, the Committee may establish minimum, target and maximum levels of Performance Measures and the related Performance Awards for each Plan Year. The Committee may establish Performance Measures for each Participant’s individual
performance, as well as establishing Performance Measures based on corporate performance. 
  
 4.2 Performance Awards. The amount of Performance Awards may vary among Participants and from Plan Year to Plan Year; however, no individual Performance Award shall exceed the Maximum Performance Award.

  
 4.3 Performance Measures. Performance measures may
include the following: (i) earnings before all or any taxes (“EBT”); (ii) earnings before all or any of interest expense, taxes, depreciation and amortization (“EBITDA”); (iii) earnings before all or any of
interest expense, taxes, depreciation, amortization and rent (“EBITDAR”); (iv) earnings before all or any of interest expense and taxes (“EBIT”); (v) net earnings; (vi) net income; (vii) operating income or
margin; (viii) earnings per share; (ix) growth; (x) return on shareholders’ equity; (xi) capital expenditures; (xii) expenses and expense ratio management; (xiii) return on investment; (xiv) improvements in
capital structure; (xv) profitability of an identifiable business unit or product; (xvi) profit margins; (xvii) stock price; (xviii) market share; (xvix) revenues; (xx) costs; (xxi) cash flow; (xxii) working
capital; (xxiii) return on assets; (xxiv) economic value added; (xxv) industry indices; (xxvi) peer group performance; (xxvii) regulatory ratings; (xxviii) asset quality; (xxix) gross or net profit; (xxx) net
sales; (xxxi) total shareholder return; (xxxii) sales (net or gross) measured by product line, territory, customers or other category; (xxxiii) earnings from continuing operations; (xxxiv) net worth; and (xxxv) levels of
expense, cost or liability by category, operating unit or any other delineation. Performance Measures may relate to the Company and/or one or more of its Affiliates, one or more of its divisions or units or any combination of the foregoing, on a
consolidated or nonconsolidated basis, and may be applied on an absolute basis or be relative to one or more peer group companies or indices, or any combination thereof, all as the Committee determines. In addition, to the extent consistent with the
requirements of Code §162(m), the Performance Measures may be calculated without regard to extraordinary items. 
  
 Section 5. Determination of Amount of Performance Awards. 
  
 5.1 Committee Certification Regarding Performance Measures. As soon as practicable following the end of each Plan Year, the Committee shall certify
for each Participant whether the Performance Measures for that Plan Year have been met. If such Measures have been met, the Committee will award such Participant the 

 
Performance Award established under Section 4 hereof. The Board shall have final approval of the amounts of the Performance Awards payable to the
executive officers of the Company, as recommended and previously approved by the Committee. 
  
 5.2 Maximum Award. No individual Performance Award to a Participant for a Plan Year may exceed the Maximum Performance Award. 
  
 5.3 Limitation on Award Amount. The Committee shall not increase the amount of any Performance Award for any Plan
Year. 
  
 Section 6. Payment of Awards. 
  
 Performance Awards for a given Plan Year shall be paid in cash as soon as
practicable following the certification by the Committee of the attainment of the Performance Measures. The Committee shall certify the attainment of the Performance Measures in a timely manner so that the Performance Awards shall be paid no later
than 2  1/2 months after the close of the applicable Plan Year. However, such payment may be subject to deferral
pursuant to the provisions of any applicable deferred compensation plan maintained by the Company. 
  
 Section 7. Termination of Employment. 
  
 A Participant whose employment with the Company is terminated for any reason (voluntarily or involuntarily) prior to the last day of the Plan Year for which a Performance Award applies shall be disqualified from the
Plan for that Plan Year. 
  
 Section 8. Change in Control.

  
 Upon the occurrence of a Change in Control, each
Participant shall receive an immediate lump sum cash payment of the Performance Award (if any) based on the level of Performance Measures that have actually been attained as of the date of the Change in Control. The amount of the Performance Award
shall be consistent with the minimum, target or maximum level of Performance Measures actually achieved. 
  
 Section 9. Plan Administration. 
  
 9.1 Administration by Committee. The Plan shall be administered by the Committee, which shall have the authority in its sole discretion, subject to the provisions of the Plan, to administer the Plan and to
exercise all the powers either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan. 
  
 9.2 Appointment of Committee. The Board shall appoint the Committee from among its members to serve at the pleasure of the Board. The Board from
time to time may remove members from, or add members to, the Committee and shall fill all vacancies thereon. The Committee shall at all times consist solely of two or more Outside Directors. 
  
 9.3 Interpretation of Plan Provisions. The Committee shall have
complete discretion to construe and interpret the Plan and may adopt rules and regulations governing administration of the Plan. The Committee may consult with the management of the Company but shall retain responsibility for administration of the
Plan. The Committee’s decisions, actions and interpretations regarding the Plan shall be final and binding upon all Participants. 
  
 Section 10. Compliance with Section 162(m) of the Code. 
  
 The Company intends that Performance Awards under this Plan satisfy the applicable requirements of Section 162(m) of the Code so that such Code
section does not deny the Company a tax deduction for such Performance Awards. It is intended that the Plan shall be operated and interpreted such that Performance Awards remain tax deductible by the Company, except to the extent set forth in
Section 13. 

 Section 11. Nonassignability. 
  
 No Performance Award granted to a Participant under the Plan shall be assignable or transferable, except by will or by the
laws of descent and distribution. 
  
 Section 12. Effective Date and Term of
Plan. 
  
 The Plan shall be effective as of
1 January 2006, subject to approval by the shareholders of the Company. The Plan shall continue from year to year until terminated by the Board. 
  
 Section 13. Amendment and Termination of the Plan. 
  
 The Board may amend, modify or terminate the Plan at any time and from time to time. Notwithstanding the foregoing, no such amendment, modification or
termination shall affect the payment of a Performance Award for a Plan Year already ended. In addition, any amendment or modification of the Plan shall be subject to shareholder approval if necessary for purposes of continuing to qualify
compensation paid under the Plan as “performance-based compensation” under Code Section 162(m). 
  
 Section 14. General Provisions. 
  
 14.1 Unfunded Plan. The Plan shall be an unfunded incentive compensation arrangement for a select group of key management employees of the Company. Nothing contained in the Plan, and no action taken pursuant to
the Plan, shall create or be construed to create a trust of any kind. A Participant’s right to receive a Performance Award shall be no greater than the right of an unsecured general creditor of the Company. All Performance Awards shall be paid
from the general funds of the Company, and no segregation of assets shall be made to ensure payment of Performance Awards. 
  
 14.2 Governing Law. The Plan shall be interpreted, construed and administered in accordance with the laws of the State of Georgia, without giving
effect to principles of conflicts of law. 
  
 14.3 Section
Headings. The section headings contained in the Plan are for purposes of convenience only and are not intended to define or limit the contents of the Plan’s sections. 
  
 14.4 Effect on Employment. Nothing contained in the Plan shall affect or be construed as affecting the terms of
employment of any Eligible Employee except as expressly provided in the Plan. Nothing in the Plan shall affect or be construed as affecting the right of the Company to terminate the employment of an Eligible Employee at any time for any reason, with
or without cause. 
  
 14.5 Successors. All obligations of
the Company with respect to Performance Awards granted under the Plan shall be binding upon any successor to the Company, whether such successor is the result of an acquisition of stock or assets of the Company, a merger, a consolidation or
otherwise. 
  
 14.6 Withholding of Taxes. The Company shall
deduct from each Performance Award the amount of any taxes required to be withheld by any federal, state or local governmental authority. 
  
 IN WITNESS WHEREOF, TRX, Inc. has caused this Plan to be executed this _14th_ day of February, 2006. 
  

			
	TRX, INC.
		
	By:	 	 
		
	 Title:Alliance Agreement dated February 9, 2006

 Exhibit 10.38 
  
 ALLIANCE AGREEMENT 
  
 This alliance agreement (“Alliance Agreement”) is made and entered into as of February 9, 2006 (“Effective Date”),
by and between TRX, Inc., a Georgia corporation (“TRX”) and E2E SerWiz Solutions Limited, a corporation formed under the laws of India (“SWS”). 
  
 WHEREAS, TRX, Inc. and its wholly owned subsidiary, TRX Fulfillment Services, LLC, entered into that certain Shared Services
Agreement with SWS, effective as of November 1, 2005, which relates to certain services provided to [*] by TRX and SWS (the “Shared Services Agreement”). 
  
 WHEREAS, TRX and SWS enter into this agreement to memorialize an alliance agreement between TRX and SWS related to future
business opportunities of the parties. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Shared Services Agreement. 
  

NOW, THEREFORE, for and in consideration of the agreements set forth below, TRX and SWS agrees as follows: 
  
 1. TRX Referrals to SWS. 
  
 (a) During the Term (as defined below), so long as SWS has not breached the
provisions of either the Shared Services Agreement or the SWS/[*] Agreement (which breach has not been cured in accordance with the terms of the applicable agreement), TRX and its subsidiaries and affiliates shall use their commercially reasonable
efforts to encourage TRX’s present or prospective clients (the “TRX Referred Clients”) to utilize SWS for services that are the same as or substantially similar to the TRX/[*] Services. Further, if TRX solicits any entity, or
if any entity approaches TRX, to provide services that are the same as or substantially similar to the TRX/[*] Services, then TRX shall [*] refer such entity to SWS, and for a period of [*] days thereafter, TRX shall not directly or indirectly
assist or refer such entity to any other party. SWS shall not communicate information relating to TRX Referred Client, including, but not limited to, the identity of such TRX Referred Client or the fact that such TRX Referred Client was referred by
TRX to SWS, to any of its affiliates; provided, however, SWS shall not be prevented from sharing any information about any TRX Referred Client to any of its affiliates which are subsidiaries. 
  
 (b) To the extent that SWS or any subsidiary thereof enters into an agreement
to perform services or provide products for any TRX Referred Client (each a “TRX Referral Agreement”), SWS shall pay to TRX a referral fee (the “TRX Referral Fee”) for all TRX Referred Clients as follows:

  
 (i) SWS shall pay to TRX a TRX Referral Fee equal to [*] of
[*] received by SWS and its subsidiaries on account of services performed and products provided for such TRX Referred Client during the [*] of the TRX Referral Agreement; 
  
 (ii) SWS shall pay to TRX a TRX Referral Fee equal to [*] of [*] received by SWS and its subsidiaries on account of services
performed and products provided for such TRX Referred Client during the [*] of the TRX Referral Agreement; and 
  
 [*] - Confidential Treatment Requested 
  
  

 (iii) SWS shall pay to TRX a TRX Referral Fee equal to [*] of [*] received by SWS and its subsidiaries on
account of services performed and products provided for such TRX Referred Client during the [*] of the TRX Referral Agreement. 
  
 (c) Notwithstanding the provisions of Section l(b) above, (i) no TRX Referral Fee shall be due with respect to services performed and products
provided by SWS and its subsidiaries for the [*] of [*]; and (ii) with respect to any TRX Referral Agreement with [*] for the [*], (A) no TRX Referral Fee shall be due with respect to services performed and products provided by SWS and its
subsidiaries during the first [*] of the term of such TRX Referral Agreement, and (B) a TRX Referral Fee shall be due with respect to such services performed and products provided on or after the first [*] of the term of such TRX Referral
Agreement, with the [*] period being treated as the [*] of such agreement for purposes of Section l(b), the [*] period being treated as the “[*]” of such agreement for purposes of Section l(b), and so forth through the [*] period of such
agreement, which shall be treated as the “[*]” of such agreement for purposes of Section l(b). 
  
 (d) In addition to the TRX Referral Fee, for each of the [*] of each TRX Referral Agreement (including any TRX Referral Agreement with [*] for the [*]),
SWS shall pay to TRX an additional referral fee (the “TRX Additional Fee”) equal to [*] of [*] received by SWS and its subsidiaries on account of services performed and products provided for such TRX Referred Client [*] by SWS and
its subsidiaries. For purposes of clarification, in the calculation of the applicable fees due with respect to any TRX Referral Agreement, if, for example, the TRX Referral Agreement is in its [*] and [*] of the [*] are due to services provided by
SWS [*], SWS would pay TRX the TRX Referral Fee (which would be equal to [*] of [*] received by SWS and its subsidiaries on account of all services performed and products provided for such TRX Referred Client during the [*] of the TRX Referral
Agreement) plus the TRX Additional Fee (which would be equal to [*] of the [*]). 
  
 (e) No additional TRX Referral Fee or TRX Additional Fee shall be due with respect to services performed and products provided for any TRX Referred Client during the period after the [*] anniversary of the TRX
Referral Agreement with such TRX Referred Client (or, in the case of a TRX Referral Agreement with [*] for the [*], the [*] anniversary). 
  
 (f) Any TRX Referral Fee and TRX Additional Fee due from SWS to TRX hereunder shall be payable [*] in arrears with respect to the preceding [*] of the
applicable TRX Referral Agreement (or such shorter period as is remaining in the term of such TRX Referral Agreement). Payments shall be due within thirty (30) days after the end of the applicable [*] (or such shorter period as is remaining in
the term of such TRX Referral Agreement). 
  
 [*] - Confidential
Treatment Requested 
  
  

 (g) The TRX Referral Fee and TRX Additional Fee shall continue to be due and payable with respect to any
extension or renewal term of any TRX Referral Agreement as well as with respect to new or additional agreements entered into between SWS and/or its subsidiaries and the TRX Referred Client. For purposes of clarification, in the calculation of the
applicable TRX Referral Fee and TRX Additional Fee due with respect to any TRX Referral Agreement, extension or renewal periods and new or additional agreements shall be treated as having started on the first day of the initial term of the
applicable TRX Referral Agreement. 
  
 (h) No TRX Referral Fee or
TRX Additional Fee shall be due with respect to any TRX Referral Agreement with a stated term of less than [*] months; provided that if such TRX Referral Agreement is extended or renewed or SWS and/or its subsidiaries enters into any new or
additional agreements with the applicable TRX Referred Client, then (i) any extension or renewal periods and/or the term of any such new or additional agreements shall be added to the initial period of such TRX Referral Agreement, and
(ii) if the aggregate term is in excess of [*] months, the TRX Referral Fee and TRX Additional Fee shall be due with respect to the aggregate period of such TRX Referral Agreement retroactive to the commencement of the initial term thereof.

  
 (i) For the avoidance of doubt, any agreement entered into by
SWS or any subsidiary thereof with any TRX Referred Client within [*] of TRX’s or its affiliate’s (including subsidiary’s) referral of such TRX Referred Client to SWS, shall automatically be deemed a TRX Referral Agreement for all
purposes hereunder. 
  
 2. SWS Referrals to TRX.

  
 (a) During the Term, so long as TRX has not breached the
provisions of the Shared Services Agreement (which breach has not been cured in accordance with the terms of the Shared Services Agreement), SWS and its subsidiaries shall use their commercially reasonable efforts to encourage SWS’ present or
prospective clients (the “SWS Referred Clients”) to utilize TRX for products and services that are the same as and/or substantially similar to those provided or performed by TRX for other TRX customers as of the date of this
Agreement, which includes any products or services described in the “Solutions” section of TRX’s website as described on Exhibit H to the Shared Services Agreement. Further, if SWS solicits any entity, or if any entity
approaches SWS, to provide products or services that are the same as and/or substantially similar to those provided or performed by TRX for other TRX customers as of the date of this Agreement, then SWS shall exclusively refer such entity to TRX,
and for a period of [*] days thereafter, SWS shall not directly or indirectly assist or refer such entity to any other party. 
  
 (b) To the extent that TRX or any affiliate (including subsidiary) thereof enters into an agreement to perform services for any SWS Referred Client (each
an “SWS Referral Agreement”), TRX shall pay to SWS a referral fee (the “SWS Referral Fee”) as follows: 
  
 (i) TRX shall pay to SWS a SWS Referral Fee equal to [*] of [*] received by TRX or its affiliates/subsidiaries on account of services performed and
products provided for such SWS Referred Client during the [*] of the SWS Referral Agreement; 
  
 [*] - Confidential Treatment Requested 

 (ii) TRX shall pay to SWS a SWS Referral Fee equal to [*] of [*] received by TRX or its
affiliates/subsidiaries on account of services performed and products provided for such SWS Referred Client during the [*] of the SWS Referral Agreement; and 
  
 (iii) TRX shall pay to SWS a SWS Referral Fee equal to [*] of [*] received by TRX or its affiliates/subsidiaries on account of services performed and
products provided for such SWS Referred Client during the [*] of the SWS Referral Agreement. 
  
 (c) No additional SWS Referral Fee shall be due with respect to services performed and products provided for such SWS Referred Client during the period after the [*] anniversary of the SWS Referral Agreement with such
SWS Referred Client. 
  
 (d) Any SWS Referral Fee due from TRX to
SWS hereunder shall be payable [*] in arrears with respect to the preceding [*] of the applicable SWS Referral Agreement (or such shorter period as is remaining in the term of such SWS Referral Agreement). Payments shall be due within thirty
(30) days after the end of the applicable [*] period. 
  
 (e)
The SWS Referral Fee shall continue to be due and payable with respect to any extension or renewal term of any SWS Referral Agreement as well as with respect to new or additional agreements entered into between TRX and/or its affiliates/subsidiaries
and the SWS Referred Client. For purposes of clarification, in the calculation of the applicable SWS Referral Fee due with respect to any SWS Referral Agreement, extension or renewal periods and new or additional agreements shall be treated as
having started on the first day of the initial term of the applicable SWS Referral Agreement. 
  
 (f) No SWS Referral Fee shall be due with respect to any SWS Referral Agreement with a stated term of less than [*] months; provided that if such SWS Referral Agreement is extended or renewed or TRX and/or its
affiliates/subsidiaries enters into any new or additional agreements with the applicable SWS Referred Client, then (i) any extension or renewal periods and/or the term of any such new or additional agreements shall be added to the initial
period of such SWS Referral Agreement, and (ii) if the aggregate term is in excess of [*] months, the SWS Referral Fee shall be due with respect to the aggregate period of such SWS Referral Agreement retroactive to the commencement of the
initial term thereof. 
  
 (g) For the avoidance of doubt, any
agreement entered into by TRX or any affiliate (including subsidiary) thereof with any SWS Referred Client within [*] of SWS’ or its subsidiary’s referral of such SWS Referred Client to TRX, shall automatically be deemed a SWS Referral
Agreement for all purposes hereunder. 
  
 3. Review
Rights. Each party (an “Auditing Party”) shall have full and unfettered right to audit the revenues received by the other party (the “Audited Party”) with respect to any TRX Referral Agreement or SWS
Referral Agreement, as applicable, at the Auditing Party’s sole cost and expense, and the Audited Party shall cooperate with the Auditing Party in this regard, and upon receiving reasonable advance notice from the Auditing Party demanding an
audit, the Audited Party shall permit the Auditing Party or its duly designated agent or auditor to audit the 
  
 [*] - Confidential Treatment Requested 

 applicable revenues received. Any dispute with respect to TRX Referral Fees, TRX Additional Fees or SWS Referral Fees due
hereunder shall be resolved pursuant to the provisions of Section 11 of the Shared Services Agreement, which shall be deemed incorporated herein by this reference. The audited information shall be deemed confidential and the Auditing Party
shall take reasonable measures to maintain the confidentiality of such information. 
  
 4. Term. The parties’ respective commitments under Sections 1(a) and 2(a) of this letter Agreement shall remain in effect until the date that is five years after the date hereof (the
“Initial Term”) and shall continue for each additional 12-month period thereafter (each a “Renewal Term”), unless either party provides written notice to the other, at least ninety (90) days prior to the end of
the Initial Term or any Renewal Term, of its desire to terminate such commitments at the end of the Initial Term or Renewal Term, as applicable. (The Initial Term and any Renewal Terms are collectively referred to herein as the
“Term”). For the avoidance of doubt, the rights and obligations of the parties with respect to TRX Referral Fees, TRX Additional Fees and SWS Referral Fees due on account of TRX Referral Agreements and SWS Referral Agreements, as
applicable, entered into during the Term shall continue and remain in full force and effect after the end of the Term. 
  
 5. Binding Nature and Assignment. This Agreement shall be binding on and inure to the benefit of the parties and their respective successors
and assigns. Neither party may assign any of its rights or obligations under this letter agreement without the prior written consent of the other, which consent shall not be unreasonably withheld. 
  
 6. Notices. Any notice given pursuant to this letter agreement
shall be provided in the manner described in the Shared Services Agreement. 
  
 7. Headings. The Section headings used herein are for convenience only and shall not affect the interpretation hereof. 
  
 8. Severability. If any provision of this letter agreement is found to be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 9. Waiver. No delay or omission by either party to exercise any
right or power under this letter agreement or pursuant to applicable law shall impair such right or power or be construed as a waiver thereof. A waiver by any party of any covenant or breach shall not be construed to be a waiver of any other
covenant or succeeding breach. 
  
 10. Publicity.
All media releases, public announcements and public disclosures by either party relating to this letter agreement, including, without limitation, promotional or marketing material, but not including any disclosure required by legal, accounting or
regulatory requirements, shall be approved by the parties prior to such release. 
  
 11. Entire Agreement. This letter agreement and the Shared Services Agreement constitute the entire agreement between the parties regarding the subject matter hereof and supersede all prior agreements
and understandings. No amendment, modification, waiver or discharge of this Agreement shall be valid unless in writing and signed by authorized representatives of both Parties. 

 12. Governing Law. This letter agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Georgia without giving effect to the conflict of law principle thereof. 
  
 13. Multiple Counterparts. This letter agreement may be executed in a number of identical counterparts, each of which shall be deemed an
original for all purposes and all of which constitute, collectively, one document. 
  
 14. Third-Party Claims. This Agreement has been entered into for the sole benefit of TRX and SWS, and in no event shall any third-party beneficiaries be created thereby. 
  

							
	TRX, Inc	 	E2E SerWiz Solutions Limited
				
	By:	 	 /s/ Victor P. Pynn

	 	By:	 	 /s/ M. N. RAO

	Name:	 	Victor P. Pynn	 	Name:	 	M. N. RAO
	Title:	 	COO	 	Title:	 	CEO
	Date:	 	Feb 9/06.	 	Date:	 	9th Feb. 06.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]