Document:

EXHIBIT 10.2

 

SHARE TRANSFER
AGREEMENT

 

 

DATED OCTOBER 01,
2004

 

 

TRAVELOCITY HOLDINGS
GMBH

 

RM 2422
VERMÖGENSVERWALTUNGS GMBH

RENAMED: TRAVELOCITY SABRE GMBH

 

 

Allen & Overy LLP

 

Frankfurt

 

 

CONTENTS

 

	
  Clause

  	
   

  	
  Page

  
	
  1.

  	
  INTERPRETATION

  	
  2

  
	
  2.

  	
  TRANSFER OF SHARES

  	
  2

  
	
  3.

  	
  CONFIDENTIALITY

  	
  3

  
	
  4.

  	
  MISCELLANEOUS

  	
  4

  

 

 

THIS AGREEMENT
is made in Hamburg on October 01, 2004

 

BETWEEN

 

(1)                                  Travelocity Holdings GmbH (TEU) having its corporate seat in Munich, Germany,
registered with the commercial register of the local court of Munich under
HRB 141917; and

 

(2)                                  RM 2422 Vermögensverwaltungs
GmbH, renamed, Travelocity Sabre GmbH (NewCo)
having its corporate seat in Munich, Germany, registered with the commercial
register of the local court of Munich under HRB 152122,

 

TEU and NewCo
are hereinafter also referred to as Party and
together as the Parties.

 

WHEREAS:

 

(A)                              TEU is a wholly owned
subsidiary of Kommanditgesellschaft TRAVEL OVERLAND Flugreisen GmbH & Co,
Munich, registered with the commercial register of the local court in Munich
under HRA 70203 (TEU Partnership).

 

(B)                                TEU holds 100% of the shares
in the following companies:

 

•                  RM 2422 Vermögensverwaltungs
GmbH, renamed, Travelocity Sabre GmbH (NewCo);

 

•                  Travelocity.co.uk Ltd., a
company incorporated in England with registration number 03007698, and with its
registered address at Western House, Cambridge Road, Stanstead, Essex, CM2 4
8BZ (Travelocity UK);

 

•                  Resfeber Sverige AB, a company
incorporated in Sweden with company register number 556551-8957 and with its
registered address at Kungsgatan 38, 3 tr 111 35 Stockholm (Travelocity Scandinavia);

 

•                  Usit Connections SAS, a
company incorporated in France and registered with the Nice
Commercial Court under the number 702 054 974 (1984 B 00632) with its registered address at
455 Promenade des Anglais — Immeuble Arénice, 06299 Nice Cedex 03 (Usit Connections); and

 

•                  Travelocity France SAS, a
company incorporated in France with registration number 441 687 928 RCS Paris,
and with registered address at 77 rue La Boëtie, 75008 Paris (Travelocity France).

 

(C)                                On August 20, 2004 Otto
(GmbH & Co KG) (OTTO),
Travelocity.com LP (TVLY), Otto
Freizeit und Touristik GmbH, Hamburg (OFT) and TEU,
amongst others, entered into the master agreement (deed no. 1285/2004 of the
notary Dr. Axel Pfeifer, Hamburg) (the Master Agreement).

 

(D)                               Under the Master Agreement,
the parties to such agreement agreed on a restructuring of the joint venture
activities of OFT, OTTO and TVLY conducted under the joint venture agreement
between OFT, TVLY and OTTO dated 7 September 2001 (Deed No. 1703/2001 of
the notary Dr. Axel Pfeifer, Hamburg).

 

1

 

(E)                                 As part of the restructuring
process, TEU acquired 100% of the shares in NewCo. Subsequently, TEU, in its
position as sole shareholder of NewCo, passed a shareholder’s resolution of
NewCo according to which TEU would have to contribute its shareholdings in
Travelocity UK, Travelocity Scandinavia, Usit Connections and Travelocity
France at fair market value (Teilwert) into
the capital reserves of NewCo.

 

(F)                                 In order to implement the
above shareholder’s resolution and in accordance with clause 4.3(b) of the
Master Agreement, TEU and NewCo wish to agree on the transfer of TEU’s shares
in Travelocity UK, Travelocity Scandinavia, Usit Connections and Travelocity
France to NewCo.

 

NOW IT IS HEREBY AGREED as follows:

 

1.                                      INTERPRETATION

 

1.1                                 The terms defined in the
following definitions shall have the meaning ascribed to them wherever used in
this Agreement unless otherwise defined in the respective Clause.

 

Affiliate means any corporation,
partnership or other legal entity in which one of the Parties owns, directly or
indirectly, an interest that provides it with more than 50 % of the ownership
voting rights.

 

Agreement means this Share Transfer
Agreement.

 

Clause means a clause of this
Agreement.

 

Exhibit means any annex, appendix,
exhibit or schedule to this Agreement.

 

France
Shares means
all shares (being 26,000) in Usit Connections and all shares (being 63,700) in
Travelocity France.

 

Scandinavian
Shares
means all shares in Travelocity Scandinavia.

 

Signing
Date means
the date of this Agreement.

 

UK
Shares
means issued share capital of GBP 14,766,000 divided into 240,000 ordinary
shares of £1 each and 14,526,000 redeemable preference shares of £1 each in
Travelocity UK.

 

1.2                                 Unless this Agreement provides
for separate definitions for the singular and the plural (e.g.
Company/Companies), the singular shall include the plural and vice versa and words denoting a person shall include, unless
otherwise stated, that person’s legal successors or assignees.

 

1.3                                 The headings in this Agreement
are for convenience only and do not affect its interpretation.

 

1.3                                 Any Exhibit to this Agreement
shall take effect as if set out in this Agreement and references to this
Agreement shall include its Exhibits.

 

2.                                      TRANSFER OF SHARES

 

2.1                               Transfer of Shares in
Travelocity UK

 

(a)                                  TEU hereby transfers the UK
Shares to NewCo and NewCo hereby accepts such transfer. The UK Shares are
transferred with all rights and entitlements relating thereto.

 

2

 

(b)                                 TEU shall procure:

 

(i)                                     the delivery to Newco of duly
executed transfers of the UK Shares in favour of Newco or as it may direct;

 

(ii)                                  the delivery to Newco of share
certificate(s) representing the UK Shares (or an express indemnity in a form
satisfactory to Newco in the case of any found to be missing); and

 

that a board
meeting is held at Travelocity UK where it shall be resolved that the transfers
referred to in subclause 2.1(b)(i) are approved for registration.

 

(c)                                  The Parties hereby certify
that this in a voluntary disposition inter vivos for no consideration in money
or money’s worth nor any consideration referred to in s57 Stamp Act 1891
(consideration in satisfaction of a debt) and is therefore exempt under Category ‘L’ Stamp Duty (Exempt Instruments)
Regulations SI 1987/516.

 

2.2                               Transfer of Shares in
Travelocity Scandinavia

 

(a)                                  TEU hereby transfers the
Scandinavian Shares to NewCo and NewCo hereby accepts such transfer. The
Scandinavian Shares are transferred with all rights and entitlements relating
thereto.

 

(b)                                 TEU hereby agrees to

 

(i)                                     deliver to NewCo the share
certificates representing all the shares in Travelocity Scandinavia duly
endorsed in blank (or to NewCo), together with all and any pertaining dividend
coupons, issue certificates and other coupons and certificates; and

 

(ii)                                  procure that NewCo is duly
entered into the share ledger of the Travelocity Scandinavia as holder of the
Shares.

 

2.3                               Transfer of Shares in Usit
Connections and Travelocity France

 

TEU hereby and
under the two ordres de mouvement attached
hereto as Exhibit 2.3 (a) and Exhibit
2.3. (b) transfers the France Shares to NewCo and NewCo hereby and
under said ordres de mouvement accepts such
transfer. The France Shares are transferred with all rights and entitlements
relating thereto.

 

2.4                               Transfer at fair market value
(Teilwert)

 

In accordance
with the shareholder’s resolution of NewCo mentioned in the recitals under (E),
the transfers will be performed on the basis of the fair market value (Teilwert) of the shares of Euro 53,140,000 (in words:
fifty-three million one hundred forty thousand Euros). All shares will be
contributed to the capital reserves of NewCo.

 

3.                                      CONFIDENTIALITY

 

The contents
of this Agreement, its existence and all matters relating to this Agreement as
well as the negotiations relating to this Agreement shall be held confidential,
and each Party agrees not to divulge any such information to any person without
the prior written approval of the other Parties, such approval not to be
unreasonably withheld or delayed. Either party may, without such approval,
announce or disclose such matters or information if required to do so

 

3

 

by law or the
rules of any relevant stock exchange or governmental or other regulatory or
supervisory body or authority of competent jurisdiction to whose rules the
Party making the announcement or disclosure is subject, provided always that
the Party making such announcement or disclosure shall consult with the other
Parties in advance as to the form, contents and timing of such announcement or
disclosure.

 

4.                                      MISCELLANEOUS

 

4.1                               Costs/Expenses

 

Clause 11 of
the Master Agreement shall apply mutatis mutandis.

 

4.2                               Governing Law and Dispute
Resolution

 

This Agreement
and the rights of the Parties hereunder shall be governed by and construed in
accordance with the laws of the Federal Republic of Germany except that (i) the
share transfer under Clause 2.1 shall be governed by UK law; (ii) the share
transfer under Clause 2.2 shall be governed by Swedish law; and (iii) the share
transfers under Clause 2.3 shall be governed by French law. The competent court
of Frankfurt/Main shall have exclusive jurisdiction.

 

4.3                               Waiver

 

None of the
terms of this Agreement shall be deemed to have been waived by either Party,
unless such waiver is in writing and signed by that Party. The waiver by either
Party of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any other provision of this Agreement or of any
further breach of the provision so waived. No extension of time for the
performance of any obligation or act hereunder shall be deemed to be an
extension of time for the performance of any other obligation or act.

 

4.4                               Amendments and Modifications

 

This Agreement
may not be modified, amended or changed in any respect except in writing,
unless notarisation is required. The same shall apply to any waiver of the need
to comply with this Clause 4.4.

 

4.5                               Assignment

 

Neither Party
may assign or charge any of its rights under this Agreement without the prior
written consent of the other Parties always provided that the Parties may
assign its rights under this Agreement to an Affiliate without such consent.

 

4.6                               Severability

 

Each provision
of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be or
become wholly or partially unenforceable or invalid under any applicable law,
such provision shall be ineffective only to the extent of such unenforceability
or invalidity, and the remaining provisions of this Agreement shall continue to
be binding and in full force and effect. The same shall apply if it should
transpire that this Agreement contains an omission. Instead of the invalid or
unenforceable provision the Parties shall agree on an appropriate provision
which comes as close as legally possible to what the Parties were trying to
achieve with the invalid or unenforceable provision (or, as the case may be,
the invalid or unenforceable part thereof). In the event that an omission needs
to be rectified, a provision shall be agreed upon which in

 

4

 

view of the
purpose and intent of this Agreement comes as close as possible to what the
Parties would have agreed if they had been aware of the omission at the time
that this Agreement was concluded.

 

5Exhibit 10.3

 

SHARE PURCHASE AND
TRANSFER AGREEMENT

 

 

DATED OCTOBER 01, 2004

 

 

TRAVELOCITY HOLDINGS
GMBH

 

KOMMANDITGESELLSCHAFT
TRAVEL OVERLAND

FLUGREISEN GMBH & CO

 

Allen & Overy LLP

 

Frankfurt

 

 

CONTENTS

 

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  INTERPRETATION

  	
  2

  
	
  2.

  	
  SALE AND PURCHASE

  	
  3

  
	
  3.

  	
  STATEMENTS OF THE SELLER

  	
  3

  
	
  4.

  	
  CONFIDENTIALITY

  	
  3

  
	
  5.

  	
  MISCELLANEOUS

  	
  3

  

 

 

THIS AGREEMENT is made in Hamburg on
October 01, 2004

 

BETWEEN

 

(1)                                  Travelocity Holdings GmbH (TEU or the Seller) having
its corporate seat in Munich, Germany, registered with the commercial register
of the local court of Munich under HRB 141917; and

 

(2)                                  Kommanditgesellschaft TRAVEL
OVERLAND Flugreisen GmbH & Co, Munich, (TEU
Partnership or the Buyer),
registered with the commercial register of the local court in Munich under HRA
70203,

 

TEU and TEU Partnership are hereinafter
also referred to as Party and
together as the Parties.

 

WHEREAS:

 

(A)                              TEU Partnership is equally
owned by Otto Freizeit und Touristik GmbH, Hamburg (OFT),
and Travelocity GmbH, Munich (TVL GmbH).

 

(B)                                TEU is a wholly owned
subsidiary of TEU Partnership.

 

(C)                                TEU holds 100% in Travelocity
Sabre GmbH (NewCo), having its corporate seat
in Munich, Germany, registered with the commercial register of the local court
of Munich under HRB 152122, having a registered share capital (Stammkapital) of Euro 25,000, divided in one share in the
nominal amount of Euro 25,000.

 

(D)                               On August 20, 2004, Otto (GmbH
& Co KG) (OTTO), Travelocity.com LP (TVLY), Otto Freizeit und Touristik GmbH, Hamburg (OFT) and TEU Partnership, amongst others, entered into the
master agreement (deed no. 1285/2004 of the notary Dr. irur Axel Pfeifer,
Hamburg, ) (the Master Agreement).

 

(E)                                 Under the Master Agreement,
the parties to such agreement agreed on a restructuring of the joint venture
activities of OFT, OTTO and TVLY conducted under the joint venture agreement
between OFT, TVLY and OTTO dated 7 September 2001 (Deed No. 1703/2001 of the
notary Dr. Axel Pfeifer, Hamburg).

 

(F)                                 Until the date of this
Agreement the joint venture activities were conducted through TEU Partnership
and its subsidiaries. In more detail, TEU Partnership held 100% of the shares
in TEU. TEU held 100% of the shares in the following companies:

 

•                  Travelocity.co.uk Ltd., a company
incorporated in England with registration number 03007698, and with its
registered address at Western House, Cambridge Road, Stanstead, Essex, CM2 4
8BZ;

 

•                  Resfeber Sverige AB, a company incorporated
in Sweden with company registration number 556551-8957 and with its registered
address at Kungsgatan 38, 3 tr, 11135 Stockholm;

 

1

 

•                  Usit Connections SAS, a company
incorporated in France and registered with the Nice Commercial Court under
the number 702 054 974 (1984 B 00632) with its registered address at 455 Promenade des
Anglais – Immeuble Arénice, 06299 Nice Cedex 03 having a registered share capital of EUR
390,000 divided in 26,000 shares of a par value of EUR 15 each (Usit Connections); and

 

•                  Travelocity France SAS, a company
incorporated in France with registration number 441 687 928 RCS Paris, and with
registered address at 77 rue La Boëtie, 75008 Paris having a registered share
capital of EUR 637,000 divided in 63,700 shares of a par value of EUR 10 each.

 

(G)                                As part of the restructuring
process, TEU acquired 100% of the shares in NewCo. Subsequently, TEU
transferred all shares in Travelocity.co.uk Ltd, Resfeber Sverige AB, Usit
Connections SAS and Travelocity France SAS to NewCo.

 

(H)                               In accordance with clause
4.4(c) of the Master Agreement, TEU wishes to sell and transfer, and TEU
Partnership wishes to acquire, TEU Partnership’s 100% shareholding in NewCo.

 

NOW IT IS HEREBY AGREED as follows:

 

1.                                      INTERPRETATION

 

1.1                                 The terms defined in the following
definitions shall have the meaning ascribed to them wherever used in this
Agreement unless otherwise defined in the respective Clause.

 

Affiliate means any corporation,
partnership or other legal entity in which one of the Parties owns, directly or
indirectly, an interest that provides it with more than 50 % of the ownership
voting rights.

 

Agreement means this Share Purchase and
Transfer Agreement.

 

Clause means a clause of this
Agreement.

 

Euribor means the percentage rate per
annum determined by the Banking Federation of the European Union for a
three-month period, as defined under http://www.euribor.org.

 

Exhibit means any annex, appendix,
exhibit or schedule to this Agreement.

 

Share
means
the share in the nominal amount of Euro 25,000 in NewCo held by TEU.

 

Signing
Date means
the date of this Agreement.

 

1.2                                 Unless this Agreement provides for separate
definitions for the singular and the plural (e.g. Company/Companies), the
singular shall include the plural and vice versa and
words denoting a person shall include, unless otherwise stated, that person’s
legal successors or assignees.

 

1.3           The headings in this Agreement are
for convenience only and do not affect its interpretation.

 

1.4                                 Any Exhibit to this Agreement shall take
effect as if set out in this Agreement and references to this Agreement shall
include its Exhibits.

 

2

 

2.                                      SALE AND PURCHASE

 

2.1                               Sale and Purchase and
Conditional Transfer of the Share

 

The Seller hereby agrees to sell and
transfer (verkauft und übereignet) the Share to
the Buyer and the Buyer hereby purchases and agrees to acquire (kauft und nimmt Übereignung an) the Share. The Share is sold
and transferred with all rights and entitlements relating thereto.

 

2.2                               Purchase Price

 

(a)                                  The purchase price for the
Share amounts to Euro 53,140,000 (in words: fifty-three million one hundred
forty thousand Euros) (the Purchase Price).

 

(b)                                 The Purchase Price equals the
fair market value (Teilwert) of
the Share.  The Parties
understand that the Purchase Price is exempted from § 4 no. 8(f) of the German
VAT Act (Umsatzsteuergesetz).

 

(c)                                  The Purchase Price is payable
3 business days after TEU Partnership sends a corresponding written request to
TEU. Until payment the Purchase Price shall bear interest at a rate of 2
percentage points above Euribor.

 

3.                                      STATEMENTS OF THE SELLER

 

3.1                                 The Seller hereby represents
to the Buyer by way of an independent obligation (selbständige
Verpflichtung) within the meaning of § 311 of the German Civil Code
(Bürgerliches Gesetzbuch) that the Seller is the
legal and beneficial owner of the Share, which is free of any encumbrances or
any other rights for the benefit of third parties. The Seller has the right and
the power to freely dispose of the Share, and no consent of any third party
would be required for such disposal, and such disposal would not violate the
right of any third party.

 

3.2                                 All statutory rights of the Buyer (gesetzlich begründete Ansprüche) in connection with the sale
and transfer of the Share shall be excluded.

 

4.                                      CONFIDENTIALITY

 

The contents of this Agreement, its
existence and all matters relating to this Agreement as well as the
negotiations relating to this Agreement shall be held confidential, and each
Party agrees not to divulge any such information to any person without the
prior written approval of the other Parties, such approval not to be
unreasonably withheld or delayed. Either party may, without such approval,
announce or disclose such matters or information if required to do so by law or
the rules of any relevant stock exchange or governmental or other regulatory or
supervisory body or authority of competent jurisdiction to whose rules the
Party making the announcement or disclosure is subject, provided always that
the Party making such announcement or disclosure shall consult with the other
Parties in advance as to the form, contents and timing of such announcement or
disclosure.

 

5.                                      MISCELLANEOUS

 

5.1                               Costs/Expenses

 

Clause 11 of the Master Agreement shall
apply mutatis mutandis.

 

3

 

5.2                               Notification in accordance
with § 16 GmbHG

 

The Parties undertake to notify the company
of the share transfers performed under this Agreement in accordance with § 16 I
GmbHG immediately after the notarisation of this Agreement.

 

5.3                               Governing Law and Dispute
Resolution

 

This Agreement and the rights of the
Parties hereunder shall be governed by and construed in accordance with the
laws of the Federal Republic of Germany. The competent court of Frankfurt/Main
shall have exclusive jurisdiction.

 

5.4                               Waiver

 

None of the terms of this Agreement shall
be deemed to have been waived by either Party, unless such waiver is in writing
and signed by that Party. The waiver by either Party of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of
any other provision of this Agreement or of any further breach of the provision
so waived. No extension of time for the performance of any obligation or act
hereunder shall be deemed to be an extension of time for the performance of any
other obligation or act.

 

5.5                               Amendments and Modifications

 

This Agreement may not be modified, amended
or changed in any respect except in writing, unless notarisation is required.
The same shall apply to any waiver of the need to comply with this Clause 5.5.

 

5.6                               Assignment

 

Neither Party may assign or charge any of
its rights under this Agreement without the prior written consent of the other
Parties always provided that the Parties may assign its rights under this
Agreement to an Affiliate without such consent.

 

5.7                               Severability

 

Each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement shall be or become wholly or partially
unenforceable or invalid under any applicable law, such provision shall be
ineffective only to the extent of such unenforceability or invalidity, and the
remaining provisions of this Agreement shall continue to be binding and in full
force and effect. The same shall apply if it should transpire that this
Agreement contains an omission. Instead of the invalid or unenforceable
provision the Parties shall agree on an appropriate provision which comes as
close as legally possible to what the Parties were trying to achieve with the
invalid or unenforceable provision (or, as the case may be, the invalid or
unenforceable part thereof). In the event that an omission needs to be
rectified, a provision shall be agreed upon which in view of the purpose and
intent of this Agreement comes as close as possible to what the Parties would
have agreed if they had been aware of the omission at the time that this
Agreement was concluded.

 

4

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