Document:

EX-10.3

EXHIBIT 10.3

FOURTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

This Fourth Amended and Restated Shareholders Agreement (this “Agreement”) is dated as of
this 16th day of July, 2010 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 C 210, Second Floor, Sarvodaya
Enclave, 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, USA (collectively, “Sierra”);
	 
	(6)	 	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS IV, L.P., an exempted limited partnership formed
under the laws of the Cayman Islands (“PIP IV”), and TIGER GLOBAL PRIVATE INVESTMENT
PARTNERS V, L.P., an exempted limited partnership formed under the laws of the Cayman Islands,
each with its principal office at 101 Park Avenue, 48th Floor, New York, NY 10178,
USA (“PIP V” and together with PIP IV, “Tiger Fund”);
	 
	(7)	 	LEE FIXEL, a resident of the United States of America with an address c/o Tiger Global
Management, L.L.C., 101 Park Avenue, 48th Floor, New York, NY 10178, USA
(“Fixel”);
	 
	(8)	 	FEROZ DEWAN, a resident of the United States of America with an address c/o Tiger Global
Management, L.L.C., 101 Park Avenue, 48th Floor, New York, NY 10178, USA
(“Dewan”);
	 
	(9)	 	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

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	(10)	 	MAKEMYTRIP LIMITED (previously known as International Web Travel Private Limited), a
company incorporated in Mauritius, with company number 24478/5832 and having its registered
office at Rogers House, 5 President John Kennedy Street, Port Louis, Republic of Mauritius
(the “Company”).

Recitals

          A. The Parties (as defined below) hereto are party to and have executed a Third Amended and
Restated Shareholders Agreement dated May 20, 2008 (the “Previous Shareholders Agreement”).

          B. The Company proposes to undertake an initial public offering (the “IPO”) of its
ordinary shares in the United States and in this connection, has submitted a listing application to
the NASDAQ Global Market for a listing of its ordinary shares on the NASDAQ Global Market. In
connection with the IPO, the Parties have agreed to terminate the Previous Shareholders Agreement
and to accept the terms of this Agreement, with effect from the date of completion of the IPO (the
“Effective Date”).

     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 Previous Shareholders 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:

     “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 properties, assets, officers, directors or
employees, as the case may be from time to time;

     “Commission” means the United States Securities and Exchange Commission, or any
successor governmental agency or authority thereto;

     “Competitor” means any entity specified in the Schedule to 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 the Schedule to this Agreement, or any
Person who acquires any entity specified in the Schedule to 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);

     “Dispute” has the meaning given to such term in Section 4.1(a);

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     “Equity Shares” shall mean the ordinary shares of the Company of a par value of
USD0.01 each for the time being;

     “Exchange Act” means the United States Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder;

     “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 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;

     “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;

     “Registrable Shares” means:

     (i) any Equity Shares held by any of the Shareholders 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 Equity Shares that are Registrable Shares shall cease to be
Registrable Shares:

     (a) upon any sale pursuant to a Registration Statement or Rule 144 under the Securities Act,

     (b) with respect to a Shareholder, when such Shareholder is eligible to sell, transfer or
otherwise convey all of such Shareholder’s Registrable Shares without restriction 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 3.4;

     “Registration Statement” means a registration statement of the Company, concerning the
sale of its securities to the public, on an appropriate form under the Securities Act, including a
prospectus included therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and all material incorporated by reference therein;

     “Securities Act” means the United States Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder;

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

     “Subsidiaries” shall mean MakeMyTrip (India) Private Limited and MakeMyTrip.com Inc.;

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

     “UNCITRAL Rules” has the meaning given to such term in Section 4.1(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 and clauses are
to Sections, paragraphs and clauses in 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.

SECTION II

EFFECTIVE DATE

     This Agreement shall only come into force and effect from the Effective Date. In the event
that the Effective Date does not occur by December 31, 2010, this Agreement shall be terminated.

SECTION III

REGISTRATION RIGHTS

     3.1 Demand Registration Rights.

          (a) Subject to the terms of this Agreement, at any time or from time to time after the date
falling 180 days after the consummation of the IPO, one or more of the Shareholders may request, in
writing, that the Company effect a registration under the

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Securities Act 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 (provided that the Registrable
Shares to be so registered have a proposed aggregate offering price net of underwriting
commissions, if any, of at least US$5,000,000 in the aggregate). 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, subject to the approval of the underwriter(s) managing the
offering (if any). Notwithstanding any other provision of this Section 3.1, if such underwriter(s)
advises the Company that marketing factors require a limitation of the number of Equity Shares to
be included in such offering, then the Company shall advise all holders of Registrable Shares which
would otherwise have been included in such registration that the number of Registrable Shares that
may be included in such registration shall be allocated to the holders of such Registrable Shares
on a pro rata basis based upon their total ownership of Registrable Shares. If any holder would
thus be entitled to include more Equity Shares than such holder requested to be registered, the
excess shall be allocated among the other requesting holders on a pro rata basis based upon the
number of Registrable Shares requested by each such holder to be included in the registration. Any
Registrable Shares excluded or withdrawn from such registration shall be withdrawn from the
registration. Subject to the foregoing, 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 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 to be
registered in such registration.

          (b) At any time after the Company becomes eligible to file a Registration Statement on Form
F-3 (or any similar or successor form for which the Company then qualifies relating to secondary
offerings), one or more of the Shareholders will have the right to require the Company to effect
the registration on Form F-3 (or any similar or successor form for which the Company then
qualifies) 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 other 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
Form F-3 (or any similar or successor form for which the Company then qualifies) of all Registrable
Shares that the Company has been requested to register (provided that the Company shall not be
required to effect any registration of Registrable Shares unless such Registrable Shares have a
proposed aggregate offering price net of underwriting commissions (if any) of at least US$5,000,000
in the aggregate).

          (c) The Company shall not be required to effect:

               (i) more than two registrations in any twelve month period pursuant to
sub-section (a) above; and

               (ii) more than two registrations in any twelve month period pursuant to
sub-section (b) above,

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provided, however, that, in each case, no Shareholder may make more than one request in any six
month period.

          (d) The Company shall not be obligated to register any Registrable Shares pursuant to this
Section 3.1:

        (i) if, within ten (10) days of the receipt of any request from any Shareholder
to register Registrable Shares under this Section 3.1, the Company gives notice to
the Shareholders requesting registration of its bona fide intention to effect the
filing for its own account of a Registration Statement of Equity Shares within sixty
(60) days of the receipt of such request; provided that the Company is actively
employing in good faith its reasonable best efforts to cause such Registration
Statement to become effective within sixty (60) days of its initial filing and,
provided further that the Shareholders shall be entitled to join such registration
upon the terms and subject to the conditions of this Agreement; or

        (ii) during the period starting with the date of filing by the Company of, and
ending six (6) months following the effective date of, any Registration Statement
pertaining to Equity Shares; provided that the Shareholders shall be entitled to
join such registration upon the terms and subject to the conditions of this
Agreement; or

        (iii) if, after receiving a request for registration from any Shareholder
pursuant to Section 3.1 hereof, the Company furnishes to the Shareholders a notice
signed by the chief executive officer of the Company stating that, in the good faith
judgment of the Company’s board of directors, it would be materially detrimental to
the Company or its members for the requested Registration Statement to be filed in
the near future, then the Company shall have the right to defer such requested
registration for such period during which such registration would be considered by
the Company to be materially detrimental; provided that such deferral by the Company
shall not exceed 180 days from the receipt of any such request duly submitted by
Shareholders under Section 3.1 to register Registrable Shares and, provided further,
that the Company may not register any of its other securities during such 180-day
period. Notwithstanding anything to the contrary herein, the Company shall not be
entitled to exercise this right to defer a requested registration more than once in
any 12-month period.

     3.2 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 3.1 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 the

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Securities Act to the extent necessary to permit their sale or other disposition in accordance
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 3.2 without obligation to any Shareholder.

          (b) In connection with any registration under this Section 3.2 involving an underwriting, the
Company shall not be required to include any Registrable Shares in such registration 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 underwriter(s), jeopardize the success of such offering. If, in the reasonable opinion of
the managing underwriter(s), 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 registration only that number of Registrable
Shares, if any, that the managing underwriter(s) in good faith believes may be sold without causing
such adverse effect. If the number of Registrable Shares to be included in the offering in
accordance with the foregoing is less than the total number of Equity 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 registration pro rata based upon their total
ownership of Registrable Shares. If any holder would thus be entitled to include more Equity
Shares than such holder requested to be registered, the excess shall be allocated among the other
requesting holders on a pro rata basis based upon the number of Registrable Shares requested by
each such holder to be included in the registration.

     3.3 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 the Securities Act, the Company shall:

          (a) prepare and file with the Commission 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 and twenty (120) days or until the
completion of the distribution;

          (b) as expeditiously as possible prepare and file with the Commission 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 until the earlier of the sale of
all Registrable Shares covered thereby or 90 days after the effective date thereof;

          (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 the Securities Act, 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 Blue Sky laws of such states 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

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states of the Registrable Shares owned by the selling Shareholder provided, however, that the
Company shall not be required in connection with this paragraph (d) to qualify as a foreign
corporation or execute a general consent to service of process in any jurisdiction;

          (e) notify each selling Shareholder of such Registrable Shares at any time when a Registration
Statement related thereto becomes effective under the Securities Act, 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 the NASDAQ or such other stock exchange
on which the Equity Shares are then listed;

          (g) if required by the underwriters, 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(s) of such offering. Each Shareholder participating in such underwritten
offering shall also enter into and perform its obligations under such an agreement; and

          (h) in the event of any underwritten offering, furnish, at the request of the managing
underwriter(s), on the date that such Registrable Shares are delivered to the underwriters for
sale: (i) an opinion, dated as of such date, from the counsel representing the Company for the
purpose of such registration, in such form and substance as is customarily given to underwriters in
an underwritten public offering and reasonably satisfactory to the managing underwriter(s),
addressed to the underwriters; and (ii) a letter dated as of such date, from the independent
certified public accountants of the Company, in such form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering and
reasonably satisfactory to the managing underwriter(s), addressed to the underwriters.

     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 the Securities
Act or because the prospectus contains a material misstatement or omission, 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.

     3.4 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 3.1 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 registration was
requested) and if the requesting Shareholders elect not to have such registration counted as a
registration requested under Section 3.1, the requesting Shareholders shall pay the Registration
Expenses of such registration pro rata in accordance with the

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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, road show 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, state Blue Sky fees and expenses (if any), fees
and expenses of the Company’s independent auditors, 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).

     3.5 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 this
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 the seller of such Registrable Shares, each underwriter of such Registrable Shares and
each other person, if any, who controls such seller or underwriter within the meaning of the
Securities Act or the Exchange Act against any losses, claims, damages or liabilities (joint or
several) to which any of the foregoing persons may become subject under the Securities Act, the
Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in such Registration Statement,
including any preliminary prospectus or final prospectus contained in the Registration Statement,
or any amendment or supplement to such Registration Statement, or arise out of or are based upon
the omission or alleged omission to state a material fact required to be stated therein, or
necessary to make the statements therein not misleading; and the Company will reimburse each such
seller, underwriter and controlling person for any legal or other expenses reasonably incurred by
such seller, underwriter or controlling 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 3.5(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 any untrue statement or omission made in such
Registration Statement, preliminary prospectus or final prospectus, or any such amendment or
supplement, 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

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officers who has signed the Registration Statement, each person, if any, who
controls the Company or any such underwriter within the meaning of the Securities
Act or the Exchange Act, any other Shareholder selling securities in such
Registration Statement and any controlling person of any such other Shareholder,
against any losses, claims, damages or liabilities (joint or several) to which any
of the foregoing persons may become subject, under the Securities Act, the Exchange
Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereto) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained
in such Registration Statement, including any preliminary prospectus or final
prospectus contained in the Registration Statement, or any amendment or supplement
to such Registration Statement, or arise out of or are based upon the omission or
alleged omission to state a material fact required to be stated therein, or
necessary to make the statements therein not misleading, if the statement or
omission was made 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 3.5(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 3.5(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 3.5(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 3.5
shall survive the completion of any offering of Registrable Shares in a Registration
Statement under this Section 3 and otherwise.

     3.6 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.

     3.7 Limitations on Subsequent Registration Rights. From and after the Effective Date of
this Agreement, the Company shall not, without the prior written consent of the holders of a
majority of the Registrable Shares then outstanding, enter into any agreement with any holder or
prospective holder of any Equity Shares that would allow such holder or prospective holder (a) to
include such Equity Shares in any Registration Statement filed pursuant to Section 3 hereof, unless
under the terms of such agreement such holder or prospective holder may

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include such Equity Shares in any such registration only to the extent that the inclusion of such
Equity Shares will not reduce the amount of Registrable Shares of the Shareholders that are to be
included in such registration; (b) to demand registration of their securities; or (c) to cause the
Company to include such Equity Shares in any Registration Statement filed pursuant to Section 3
hereof on a basis more favorable to such holder or prospective holder than is provided to the
Shareholders hereunder.

SECTION IV

MISCELLANEOUS

     4.1 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 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 the State of New York. All
proceedings of such arbitration shall be in the English language. Courts located in the State of
New York 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 the United States. 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.

Page 11 of 20

 

     4.2 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.

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

     4.4 Entire Agreement. This Agreement constitutes 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.

     4.5 Amendments and Waivers. No amendment to this Agreement shall be valid or binding
unless set forth in writing and duly executed by the Company and Shareholders holding not less than
sixty six and two-thirds percent (66 2/3%) of the Registrable Shares (including in all cases, Mr.
Deep Kalra, for so long as Mr. Deep Kalra owns at least five percent (5%) of the Equity Shares),
provided, however, that the written consent of a holder of Registrable Shares must be obtained for
any amendment to this Agreement which materially and adversely affects the rights of such holder
but does not similarly materially and adversely affect the rights of other holders of Registrable
Shares. 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.

     4.6 Assignment. This Agreement and the rights, obligations and duties hereunder shall
inure to the benefit of the Parties hereto and to their respective successors. 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, that each Shareholder may, at any time assign all of its rights and/or
obligations hereunder to any Person, provided that (a) such Person is not a Competitor at the time
of such assignment, (b) at the time of such assignment, such Person does not hold an equity
interest in a Competitor that represents 10% or more of the paid-up share capital of such
Competitor, and (c) the assigning Shareholder has provided reasonable prior notice of such
assignment to the Company and caused such assignee to agree in writing to be bound by the
provisions of this Agreement as if it were a party hereto.

     4.7 Termination.

          Subject to Section II, this Agreement shall terminate upon:

          (a) the written agreement of the Parties;

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

          (c) on the date as of which all the Registrable Shares have been sold pursuant to any
registration hereunder or when all Ordinary Shares cease to be Registrable Shares as defined
herein; and/or

Page 12 of 20

 

          (d) with respect to any Party when such Party ceases to hold any Registrable Shares.

     4.8 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.

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

     4.10 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.

     4.11 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:
	 
	 	 	 	SB Asia Infrastructure Fund,

Two Palo Alto Square,

Suite 5000,

3000 El Camino Road,

Palo Alto, CA 94306,

USA

Telephone No.: +650 319 2763

Facsimile No.: +415 276 3185

Attention: Mr. Ravi Adusumalli

Page 13 of 20

 

	          	 	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:

	          	     	C 210, Second Floor,

Sarvodaya Enclave,

New Delhi, 110 017, India

Attention: Deep Kalra

Telephone No: +91 124 4056581
	 
	          (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
	 
	          (d)	 	If to the Company, to:
	 
	 	 	Rogers House, 5 President John Kennedy Street,

Port Louis, Republic of Mauritius

Attention: Gyaneshwarnath Gowrea

Telephone No: +230-2023000

Facsimile No: +230 212 5265 / +230 208 0572
	 
	 	 	Copy to:
	 
	 	 	103, Udyog Vihar, Phase 1

Gurgaon, Haryana 122016, India

Attention: Deep Kalra & Rajesh Magow

Telephone No: +91 124 4395000

Facsimile No: +91 124 4395001
	 
	          (e)	 	If to Helion, to:
	 
	 	 	Helion Venture Partners LLC

Page 14 of 20

 

	               	 	c/o International Management (Mauritius) Ltd

Les Cascades Building

Edith Cavell Street Port Louis, Mauritius

Facsimile: +230 212 9833

For attention of: Heerdaye Jugbandhan
	 
	          (f)	 	If to Sierra, to:
	 
	          	 	Aditya Tim Guleri

2884, Sand Hill Road Suite 100

Menlo Park

California, CA 94025

USA
	 
	 	 	Telephone No.: +1-650-854-1000
	 
	          (g)	 	If to Tiger Fund to:
	 
	 	 	Lee Fixel

Scott Shleifer

Feroz Dewan

Tiger Global Management

101 Park Avenue, 48th Floor

New York, NY 10178

USA
	 
	 	 	Telephone No.: +1-212-984-8800

Fax.: +1-212-557-1701
	 
	 	 	With a copy to:

Gunderson Dettmer

220 W. 42nd Street, Floor 21

New York, NY 10036

USA
	 
	 	 	Attention: Ward Breeze

Telephone No.: +1-212-430-3134

Facsimile No.: +1-877-881-3007

     Any Party hereto may change the foregoing address and telephone and facsimile numbers upon
notice to the other parties in accordance with this Section 4.11.

     4.12 Governing Law. This Agreement shall be governed and interpreted by and construed in
accordance with the laws of the State of New York, without giving effect to the principles of
conflict of laws thereunder.

     4.13 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.

Page 15 of 20

 

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

	 	 	 	 	 
	SB ASIA INVESTMENT FUND II L.P.

 	 	 
	By:  	/s/
Andrew Y. Yan
 	 	 
	 	Name : Andrew Y. Yan	 	 
	 	Title : Authorized Signatory	 	 
	 
	 
	 
	TRAVOGUE ELECTRONIC TRAVEL PRIVATE LIMITED

 	 
	By:  	/s/
Deep Kalra
 	 	 
	 	Name : Deep Kalra	 	 
	 	Title : Director	 	 
	 
	 
	 
	MR. DEEP KALRA

/s/ Deep Kalra 	 	 
	 	 	 
	 	 	 
	MR. KEYUR JOSHI

/s/ Keyur Joshi 	 	 
	 	 	 
	 
	MR. SACHIN BHATIA

/s/ Sachin Bhatia 	 	 
	 

Page 16 of 20

 

	 	 	 	 	 
	HELION VENTURE PARTNERS LLC

 	 	 
	By:  	/s/
Dourvesh Kumar Chumun
 	 	 
	 	Name : Dourvesh Kumar Chumun	 	 
	 	Title : Director	 	 
	 
	 
	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 : 	 	 
	 

Page 17 of 20

 

	 	 	 	 	 
	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS IV, L.P.

 	 	 
	By:  	/s/
Charles P. Coleman
 	 	 
	 	Name : 	 	 
	 	Title : 	 	 
	 

	 	 	 	 	 
	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS V, L.P.

 	 
	By:  	/s/
Charles P. Coleman
 	 	 
	 	Name : 	 	 
	 	Title : 	 	 
	 

	 	 	 	 	 
	MR. LEE FIXEL

/s/ Lee Fixel
 	 	 
	 	 	 
	 

	 	 	 	 	 
	MR. FEROZ DEWAN

/s/ Feroz Dewan 	 	 
	 	 	 
	 

	 	 	 	 	 
	MR. SCOTT SHLEIFER

/s/ Scott Shleifer 	 	 
	 	 	 

Page 18 of 20

 

	 	 	 	 	 
	MAKEMYTRIP LIMITED

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

Page 19 of 20

 

	 	 	 	 	 

SCHEDULE

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.

Page 20 of 20EX-10.4

EXHIBIT 10.4

Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for
confidential treatment and have been filed separately with the Securities and Exchange Commission

Subscriber Agreement

MAKEMYTRIP (INDIA) PRIVATE LIMITED

Effective: 01st February, 2009

 

 

This Subscriber agreement (“Agreement”) is signed by and between MAKEMYTRIP (INDIA) PRIVATE LIMITED
a company having its registered office at F-46, Malhotra Building, Connaught Circus, Connaught
Place, New Delhi 110001,India and its other offices, branches, implants, subsidiaries, websites,
etc (hereinafter referred to as MMT) represented by Mr. Rajesh Magow (Chief Financial Officer) and
Amadeus India Pvt. Ltd. having its registered office at E-9, Connaught House, Connaught Place, New
Delhi 110001(hereinafter referred to as ”AIPL”).

			
	1.	 	Object of Agreement

	 	 	MMT requires an interface/tool/functionality to make bookings of some airlines on its website
or other channels. AIPL has this software/tool/functionality available with them which is
known as Amadeus Global Distribution System (GDS). This GDS provides rich travel content
including reservation facility on airlines. It can enable MMT to provide better services to
travelers.
	 
	 	 	MMT wants to ensure uninterrupted availability of GDS for 4 years since it expects to make 6
million segments in this period. It has agreed to use GDS on exclusive basis for 4 years.
AIPL has agreed to provide GDS Access to MMT for a period of 4 years.

			
	2.	 	Basis of Agreement

	 	 	This Agreement is based on the following assumptions:
	 
	2.1	 	MMT will use the Amadeus GDS as the sole and exclusive GDS (including where airline direct
connections may exist) for its reservations business at its present or future MMT Locations
in India for a minimum period of Four years except in the circumstances specified in clause
5.1.
	 
	2.2	 	AIPL would provide appropriate software access to Amadeus Reservation Platform software to
enable access to Amadeus GDS from the MMT Locations.
	 
	2.3	 	All rights in the software provided by AIPL to MMT for use shall remain with AIPL at all
times during the Term of this AGREEMENT or after termination of this AGREEMENT.

			
	3.	 	Scope of Agreement

	 	 	The scope of this agreement is limited to all present and future MMT Locations, websites etc
producing business from Indian Subcontinent.
	 
	 	 	The sale or transfer of ownership of MMT either partially or fully, or the downsizing (e.g.,
removal or disconnection of any Resources etc. hereunder or pursuant to any other MMT
Agreement) of any MMT Location will not affect any obligations under this Agreement except as
otherwise agreed by AIPL in writing. This agreement will supersede and replace any other
previous agreements signed between the parties before the signature of this agreement.

			
	4.	 	Contract Term and expiration

	 	 	This AGREEMENT shall come into effect on the 1st day of February, 2009 (“Effective
Date”) and shall continue in full force and effect for a contractual period of at least Four
(04) years (“Term”) up to 31 January, 2013. After that it will expire automatically. Parties
may enter into a new agreement based on mutual

 

 

	 	 	discussions.

	 	 	Right of First Refusal (ROFR): After the expiry of this agreement if MMT receives and intends
to accept a bona fide offer from a third party (“Third party offer”) for the subject matter as
is provided for in this Agreement, then MMT shall first give written notice (the “ROFR
Notice”) to AIPL to such effect, enclosing a copy of such Third Party offer. The ROFR Notice
shall describe, without limitation, all of the material terms and conditions of the proposed
offer. Upon receipt of the ROFR Notice, AIPL shall have the first right and option to match
the same based upon all of the material terms and conditions specified in the ROFR Notice,
exercisable for thirty (30) days (“Acceptance Period”) after receipt of the ROFR Notice.
Failure of AIPL to respond to the ROFR Notice within Acceptance Period shall be deemed to
constitute a notification to MMT of its decision not to exercise the first right and option to
proceed with the Third Party Offer and MMT will accept Third Party Offer on the same terms and
conditions specified in the ROFR Notice without any deviation. Any deviation in the terms and
conditions from those contained in the ROFR Notice whether during the Acceptance Period or
thereafter shall immediately be notified to AIPL by MMT in writing and in such event
Acceptance Period for AIPL to exercise its ROFR right will commence from the date of such
notification.

			
	5.	 	Commitments of MMT

	5.1	 	MMT will use the Amadeus GDS as the sole and exclusive GDS (including where airline direct
connections may exist) for its reservations requirements at its present or future MMT
Locations in Indian Subcontinent for a minimum period of Four (04) years except when

	 	5.1.1	 	Any legal authorities/courts have issued instruction/order applicable in general to
all subscribers, travel agencies including online travel agencies, users of GDS etc. for
not using the Amadeus GDS.
	 
	 	5.1.2	 	Content is not available on Amadeus GDS.
	 
	 	5.1.3	 	Upon reasonable evidence from MMT that due to technical or other deficiency at Amadeus
GDS host server, MMT website is not able to connect to Amadeus GDS (and not due to MMT
connectivity/equipment problem) and only for the such duration of problem at Amadeus GDS
host server, however if there is consistent failure (consistent failure means 5 or more
instances in a given calendar year of inability to complete the booking of an Amadeus PNR
in a continuous or non continuous failure of 4 hour period in a week) at host server than
the switch back to Amadeus GDS shall only happen when the technical issue is fully resolved

	5.2	 	MMT will contract for software access to the Amadeus GDS with AIPL for a period of the Term.
	 
	5.3	 	MMT will make its staff available for training on the Amadeus GDS and other software products
if and when required. The training program and schedule will be designed with the help of
AIPL.
	 
	5.4	 	MMT will not use any of the AIPL provided software, connectivity equipment, etc.
(“Resources”) as specified in the “Resource Table” for any purpose other than access to and
booking through Amadeus GDS and will not install any other software except with the written
permission from AIPL.
	 
	5.5	 	The MMT shall ensure that only the authorised staff and personnel who are trained

 

 

	 	 	 
	REDACTED

	 	Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for
confidential treatment and have been filed separately with the Securities and Exchange Commission

	 	 	in using the Resources and Amadeus GDS are allowed access to the Resources and will not
permit any unauthorised use of/access to the System, the Equipment, any user sign-on identity
assigned to the MMT;
	 
	5.6	 	MMT will also not remove/shift or de-install or cause to remove/shift/de-install by any
person (other than AIPL Staff) any of the Resources from the MMT Location where it was
originally provided by AIPL. MMT will contact AIPL for any removal/shifting or de-installation
of Resources from any MMT Location.
	 
	5.7	 	AIPL will provide following Resources to MMT free of cost for software connectivity and
enabling access to Amadeus GDS
	 
	 	 	Resource Table:

	 	 	 
	AIPL Investment	 	Description
	Connectivity

	 	One Private IP Connectivity for Amadeus Access

	5.8	 	AIPL will be responsible for maintenance and upkeep of the resources provided to the MMT.
However, any damage caused to the Resources by MMT or its staff will be made good by the MMT.

			
	6	 	Loyalty Signing Bonus

	 	 	Upon execution of this Agreement, AIPL would pay the MMT one time loyalty Signing Bonus of
XXXXXXXXXXXXXXXXXXXXXXXXXXXXX as per schedule below:

	 	 	 
	Signing Bonus Amount	 	Payment schedule
	XXXXXXXXXXX

	 	Upon signature of this agreement
	XXXXXXXXXXX

	 	on/before 31 March, 2009 subject to successful Migration to Amadeus GDS

	 	 	Successful Migration to Amadeus GDS is defined as:

	 	-	 	100% reservation booked on Amadeus GDS on or before 31st March 2009
and for the remainder of the Term,
	 
	 	-	 	90% BSP and Airline Ticket Capping on Amadeus GDS (alternative GDS to be used
only for ticketing in instances where the Amadeus System is unavailable),
	 
	 	-	 	Minimum 66,000 segments to be booked on Amadeus GDS from Effective Date until
31st March 2009,
	 
	 	-	 	Neither company (MMT, AIPL) to have filed for or be in liquidation at the time
of payment.

			
	7	 	Eligibility to Loyalty Incentive and Payment terms

	7.1	 	AIPL will pay MMT a loyalty incentive as per the rates mentioned in the Incentive
schedule below:

	 	 	 	Incentive Schedule:

	 	 	 
	 	 	Incentive rate* per net
	Segment eligibility criteria	 	segment
	International segments

	 	XXXXXXX
	Domestic segments (Jet Airways and Jetlite)

	 	XXXXXXX

 

 

	 	 	 
	REDACTED

	 	Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for
confidential treatment and have been filed separately with the Securities and Exchange Commission

	 	 	 
	 	 	Incentive rate* per net
	Segment eligibility criteria	 	segment
	Domestic segments (NACIL and Kingfisher)

	 	XXXXX
	Any other Domestic airline

	 	At the rate mutually agreed in writing

 

			
	*	 	The above Loyalty Incentive rates are based on **TT buying rate of 1 USD = INR 50 and will
remain unchanged so long as USD/INR rate fluctuation is within 10% range (i.e. between INR 45
to 55). In case there is more than 10% fluctuation in the above INR/USD rate, the per segment
incentive rates will be increased/decreased by the same % that exceeds 10%.
	 
	 	 	For example: if INR/USD rate goes up to 56, the total % fluctuation is 12% (6*100/50).
Permissible range is 10% so net increase is 2% (12%-10%). If the incentive rate is Rs. 110,
revised rate will be increased by 2% i.e. 110*102%) = Rs.112.20.
	 
	 	 	Similarly, if INR/USD rate is 44, net decrease is 2% (12%-10%). So the incentive rate of Rs.
110 will decrease by 2% i.e. 110-(110*2%) = Rs.107.80.
	 
	**	 	Daily rate sheet of Standard Chartered bank, Connaught Place will be used for USD TT buying
rate reference)

	7.2	 	Loyalty Incentive will be paid to the MMT as per Payment Schedule below within 45 days from
the end of Relevant Incentive period:

	 	 	 	Payment Schedule:

	 	 	 
	Loyalty Incentive payment	 	Relevant Incentive period
	1st Incentive payment

	 	Feb 2009 — Sep 2009
	2nd Incentive payment

	 	Oct 2009 — March 2010
	3rd Incentive payment

	 	Apr 2010 — Sep 2010
	4th Incentive payment

	 	Oct 2010 — March 2011
	5th Incentive payment

	 	Apr 2011 — Sep 2011
	6th Incentive payment

	 	Oct 2011 — March 2012
	7th Incentive payment

	 	Apr 2012 — Sep 2012
	8th Incentive payment

	 	Oct 2012 — Jan 2013

	 	 	 	AIPL shall ensure timely payment of such incentives.

	7.3	 	Short Fall Segment Adjustment
	 
	 	 	If MMT books less than XXXXX net segments during the Term, XXXXXXXXXXX XXXX per segment for
every shortfall segment below XXXXXXX will be adjusted/ recoverable from MMT. First such
shortfall review and adjustment, if any, will be done midterm as per clause 7.4 below.
	 
	7.4	 	Midterm Review
	 
	 	 	If during first two years from Effective Date MMT books less than XXXXXXXXXXX Segments then
Shortfall segments from XXXXXX would be adjusted from the 4th loyalty incentive
payment due for the period Oct 2010-March 2011 and subsequent Loyalty Incentive payments, if
required, at XXXXXXXXXXXXXXXXXXXX per segment for shortfall segments. For example: By Jan
2011 MMT produces XXXX segments, a shortfall of XXXXXX segments; the total amount deductible
from loyalty incentive payment would be XXXXXXXXXXXXXXXXXXXXXXXX.

 

 

	7.5	 	For the purpose of this agreement, the year means 12 successive months commencing from the
Effective Date
	 
	7.6	 	All the payment will be made after statutory deductions, as applicable.
	 
	7.7	 	A segment means a leg of a trip or a car or hotel booking within the itinerary of a PNR which
remains active and un-cancelled twenty four (24) hours after the scheduled departure date or
car pick-up or hotel check-in date and which is billable to an Amadeus system participating
vendor. Passive and Waitlisted Air, Car and Hotel segments will not be counted as billable
segments. Segments entered for non-participating airlines and open segments are not included
in segment counts. Only segments for which Amadeus charges a standard booking fee to the
provider will be counted. Also should there be a decrease of chargeable booking fee from
Amadeus to the providers, due to an overall change in the industry, in such case Amadeus
reserves the right to not count these segments as billable and hence the same would not
qualify for the payment of Incentive.
	 
	7.8	 	Should the MMT require any Resources in addition to as specified in the Resource Table, the
MMT’s eligibility to qualify for loyalty incentive referred in the “Incentive Schedule” shall
be subject to change but any change would be mutually discussed and agreed before any changes
effected in the resource table.
	 
	7.9	 	Notwithstanding anything written in Clause 12, in the event MMT disputes the segments volume
based on which incentive is calculated by AIPL, the MMT must prove and substantiate such claim
with proper records (electronic or otherwise) of all Segments made failing which AIPL’s
calculations will be final and binding.

			
	8	 	Segment Bookings on Amadeus GDS

	8.1	 	The MMT agrees that, as a material condition to this Agreement, MMT shall use the Amadeus
System as its sole and exclusive GDS (including where airline direct connections may exist)
for making bookings for the duration of the Term except in the circumstances specified in
clause 5.1.
	 
	8.2	 	The MMT shall not intentionally make any flight, hotel, rail, cruise, rental car or other
reservation on Amadeus GDS without a specific customer request made in good faith and shall
not make any reservations which are speculative, fictitious or duplicative, nor shall the
MMT make any reservation for fares where reasonable enquiry by the MMT would show that such
fares had been incorrectly quoted through the Amadeus GDS.
	 
	8.3	 	The MMT will not make any live test bookings through Amadeus GDS without AIPL’s prior
written consent to the MMT to do so and provided always that such bookings are cancelled
promptly thereafter.
	 
	8.4	 	The MMT shall comply with all International Air Transport Association (IATA) and other
travel industry, governmental and regulatory laws, regulations and rules relevant to this
Agreement and the services provided therein.
	 
	8.5	 	A breach of Clauses 8.1, 8.2, 8.3 and 8.4 above, inter alia, shall be considered a material
breach of the contract.

			
	9	 	Terminations

	9.1	 	The agreement will be terminated automatically after the expiry of the Contract

 

 

	 	 	Term agreed in Clause 4 above.
	 
	9.2	 	Each Party shall be entitled to terminate this Agreement immediately upon written notice
during the Term in the event that:

	 	(i)	 	the other party becomes insolvent, makes any assignment for the benefit of
creditors, offers a composition or extension to creditors, suspends payment, consents to
or suffers the appointment of a receiver, a trustee, a committee of creditors or a
liquidating agent files or has filed against it a petition in bankruptcy or
seeking reorganisation, arrangement or readjustment of its debts or its dissolution or
liquidation or for any other relief under any bankruptcy or insolvency law and upon
demand of the first party, unless a guarantee is raised to the benefit and satisfaction
of the first party, and/or
	 
	 	(ii)	 	the other party does not comply with the terms and conditions of this Agreement and
such non-compliance constitutes a material breach of contract and the other party does
not rectify the breach within 30 days from the first party’s written notice specifying
the breach. Any such notice shall describe in detail the facts and circumstances
supporting the allegation of breach.

	9.3	 	In the event that this Agreement is terminated for any reason during the Term,
other than by MMT pursuant to sub-clauses (i) or (ii) above, MMT agrees to refund to AIPL,
without the requirement of notice or demand, the full amount of all Signing Bonus
(as per clause 6 above) including the amount of any statutory deduction made there from, paid
by AIPL to MMT as of the date of such termination under clause 7.1 .
	 
	9.4	 	In case agreement is terminated by AIPL other than pursuant to clause 9.2 sub-clauses (i) or
(ii) above, no refund of Signing Bonus will be payable by MMT to AIPL. In addition, AIPL will
have to pay MMT all segment fee accrued under clause 7 up to the date of termination.
	 
	9.5	 	On expiry or early termination of this AGREEMENT by any reason whatsoever, AIPL shall be
fully entitled to de-activate the software access/connectivity, de-install the
software/hardware/equipments/communication links etc. provided by AIPL from all MMT Locations.
MMT will give AIPL undisputed right to enter MMT Locations to de-install/remove all the
Resources and to reclaim the possession thereof. In the event MMT does not within 15 days from
the termination of the agreement, permit AIPL to de-install the Resources etc from all MMT
Locations, MMT will have to pay damages @Rs.10,000/- (Ten thousand) per day per
equipment/hardware item installed at MMT’s locations from the date of termination till the day
AIPL is able to remove all its Resources from MMT locations. This is without prejudice to
legal rights of AIPL.

			
	10	 	Confidentiality and Secrecy

	10.1	 	Confidentiality: This document is intended only for the use of the MMT. It contains
confidential information, which is the property of AIPL and shall therefore not be disclosed
by MMT in any form whatsoever. Any dissemination, distribution, copying or disclosure is
strictly prohibited. AIPL disclaims any and all liability from the use of the information
contained in this document. In the event of a breach of the previous provisions, AIPL shall be
entitled to seek injunctive relief in any court of competent jurisdiction restraining you from
disclosing any information or to pursuing any other remedies available to it. AIPL shall not
disclose MMT business information/knowledge gained through this arrangement during the term of
this agreement to any other agent. In the event of a breach of the previous provision, MMT
shall be entitled to seek injunctive relief in any court of competent jurisdiction

 

 

	 	 	restraining AIPL from disclosing any information or to pursuing any other remedies
available to it.
	 
	10.2	 	Secrecy: This agreement and financial terms hereto are in the knowledge
of only the signatories of this agreement. It will, therefore, be the responsibility
of all the signatories to this agreement to ensure that no information or terms and
condition of this agreement are misused in any manner to harm the other party.
However, both Parties will issue a joint press release upon execution of the
Subscriber Agreement, such press release will be approved jointly by AIPL and MMT.

			
	11.	 	Liability

	 	 	AIPL shall not be liable for any loss (including monetary loss), injury or damage
which MMT may suffer, jointly or severally, by reason of any malfunction or failure
of the System or by reason of any incorrect or unauthorized operation of the
system/equipments, including but not limited to loss sustained either directly or
indirectly by MMT jointly or severally, in consequence of any claim against them,
jointly or severally by any agent, the traveling public, any airline, content
provider or any third party.

			
	12.	 	Dispute Resolution

	12.1	 	In case of any dispute, the parties shall refer by notice in writing
such dispute between the parties arising out of or relating to this Agreement to
their respective contract managers for resolution. The contract managers shall
negotiate in good faith to attempt to resolve such disputes.
	 
	12.2	 	If any dispute cannot be resolved by the contract managers within 21 days
(or such other time as agreed in writing between the parties) after it has been
referred to them, the dispute shall be referred to the CEO/Director of respective
party, who shall negotiate in good faith to resolve such disputes within a further
21 days or such time as agreed in writing between the parties.
	 
	12.3	 	Should the respective directors be unable to resolve any dispute in
accordance with Clause 12.2, then Clause 13 shall apply in respect of that dispute.
	 
	12.4	 	For the avoidance of doubt, use of this dispute resolution procedure will
not constitute a waiver of any right of either party to issue proceedings or make
any claim in respect of this Agreement in accordance with Clause 13 where the
parties have been unable to resolve this dispute by the procedures set out in this
Clause 12.
	 
	12.5	 	Unless concluded with a written legally binding agreement, all
negotiations (including any correspondence, discussions, exchanges or offers)
connected with any procedures set out in this Clause 12 shall be confidential (save
that the parties may disclose the same to their respective legal advisors and any
mediator) and neither party shall be entitled to disclose information regarding the
conduct of such procedures or negotiations in any future proceedings.

			
	13.	 	Governing Law and Arbitration

	13.1	 	This Agreement shall be governed by Indian law and the parties submit to
the exclusive jurisdiction of the courts of Delhi.
	 
	13.2	 	The parties hereto agree that any dispute arising out of or in connection with this

 

 

	 	 	AGREEMENT, which cannot be resolved amicably between the parties that remains unresolved as
per clause 12 above, shall be referred to and finally settled by arbitration held in
accordance with Arbitration and Conciliation Act, 1996. The place of arbitration shall be New
Delhi, India and the language will be English. The award of the arbitrator shall be final and
may be entered and enforced in any court having competent jurisdiction.

			
	14.	 	Force Majeure

	 	 	The parties hereto shall not be liable for failure or delay in the performance of this
AGREEMENT if such failure or delay is caused by any Act of God, Act of Government Authority,
fire, strike, riot or war, or any other cause beyond the control of the parties hereto.

			
	15.	 	Miscellaneous Provisions

	15.1	 	Any modification/addition to this agreement will be effective only if done in writing and
signed by both the parties.
	 
	15.2	 	Either Party may at its discretion during the Term set off against any amounts due from the
other Party hereunder or under any other agreements between the Parties hereto any amounts
which are due under this Agreement or those other agreements.
	 
	15.3	 	This Agreement supersedes any previous agreement or arrangement between the parties or any
of them relating to the subject matter of this Agreement, and any such agreement or
arrangement shall, with effect from the Effective Date, be deemed to be terminated by mutual
consent of the parties; and, except for any accrued right or liability of any of the parties
at the Effective Date, none of the parties shall be deemed to have any further right or
obligation, or any accrued right or liability, under any such agreement or arrangement.
	 
	15.4	 	Each party acknowledges that, in entering into this Agreement, it does not rely on any
representation, warranty or other provision except as expressly provided in this Agreement,
and any conditions, warranties or other terms implied by statute or common law are excluded
to the fullest extent permitted by law, but nothing in this Agreement shall affect the
liability of any party for any fraudulent misrepresentation.
	 
	15.5	 	Neither party shall assign, subcontract or otherwise delegate all or any of its rights or
obligations under this Agreement, unless prior written consent has been obtained from the
other party, such consent not to be unreasonably withheld; provided, however, that the
assignment of this Agreement to a successor organization by merger, acquisition or a similar
restructuring shall require prior written intimation (and shall not require consent). In any
case, the rights and obligations of both the parties under this agreement shall be protected
unless otherwise agreed upon mutually in writing In the event of any permitted assignment
this Agreement shall continue to bind the successors in title and assigns of the relevant
parties.
	 
	15.6	 	Nothing in this Agreement shall create, or be deemed to create, a partnership, or the
relationship of principal and agent, between the parties.
	 
	15.7	 	Notices
	 
	 	 	All notices hereunder shall be in writing and sent by registered post or recorded
delivery mail, email or fax to the addresses of the parties set forth below:

 

 

	 	a.	 	MakeMytrip India Private Limited

103, Udyog Vihar, Phase 1,

Gurgaon 122016
	 
	 	b.	 	Amadeus India Private Limited

E-9, Connaught House,

Connaught Place,

New Delhi 110001

	 	 	Or such other address, telex, fax or email any party furnishes to the other/s in accordance
with this clause.

			
	16.	 	Execution

	 	 	The parties here to have executed this AGREEMENT by their duly authorized signatories setting
their hands hereunto and to two others of the same tenor and date on this 4th day
of February 2009, at New Delhi.

	 	 	 
	Signed and Agreed By:

	 	 
	Makemytrip (India) Pvt. Ltd.

	 	Amadeus India Pvt. Ltd.
	 	 	 
	/s/ Rajesh Magow

	 	/s/ Rakesh Bansal

	 	 	 
	Name: Rajesh Magow 

Title: CFO

	 	Name: Rakesh Bansal

Title: CEO

 

 

Annexure 1:

The following Locations will be included in the Total Group Business of MMT:

	 	 	 	 	 	 	 
	Makemytrip

	 	103, Udyog Vihar Phase 1, Gurgaon.
	 	Yes
	 	DELWI2202

 

			
	*	 	The list can be modified by either of the parties after being agreed in writing.

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