Document:

Exhibit 10.21

 

September 27, 2016

 

To each of the Shareholders of

Yatra set forth on the Signature

Pages Hereto

 

Re: Letter Agreement

 

Ladies and Gentlemen:

 

As you may be aware,
Yatra Online, Inc., a Cayman Islands exempted company limited by shares (the “Company”), intends to have its ordinary
shares (“Ordinary Shares”) commence trading on NASDAQ on or before December 19, 2016.

 

Pursuant to the Company’s
articles of association (the “Articles”), all of the preference shares of the Company may be converted into Ordinary
Shares at the option of the holder thereof. In order to facilitate the proposed listing which shall be for the benefit of the Company
and all its shareholders and recognizing the amount invested by each shareholder, each of the undersigned holders of preference
shares of the Company hereby agrees to exercise its right under the Articles to convert their preference shares into Ordinary Shares
effective immediately prior to the commencement of trading of the Ordinary Shares on NASDAQ (the “Conversion”).

 

The Company and each
of the undersigned shareholders of the Company acknowledge and agree that upon the consummation of the Conversion, the issued share
capital of the Company, as shown on the Company's register of members, will be as set forth in Exhibit A.

 

The Company and each
of the undersigned shareholders of the Company agree to do all things necessary to consummate the Conversion, including voting
such shareholder’s preference shares in favor of any resolutions necessary to approve the Conversion (whether at a shareholders’
meeting or pursuant to a written consent of shareholders).

 

This letter shall be
governed in all respects by the laws of the Cayman Islands as such laws are applied to agreements between Cayman Islands residents
entered into and performed entirely in the Cayman Islands.

 

This letter and the
Exhibits hereto and the other documents referred to herein or delivered pursuant thereto constitute the full and entire understanding
and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any
manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and
therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties,
covenants or agreements outside of this letter.

 

In the event one or
more of the provisions of this letter should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other provisions of this letter, and this letter shall be construed
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

This letter may be
amended or modified only upon the written consent of the Company and each of the undersigned shareholders of the Company.

 

 

[SIGNATURE PAGE TO LETTER]

     

     

    

 

Each undersigned shareholder
hereby represents and warrants to the Company as follows: (a) such shareholder has all necessary power and authority under all
applicable provisions of law to execute and deliver this letter and to carry out its provisions; (b) all action on such shareholder’s
part required for the lawful execution and delivery of this letter have been taken; and (c) upon such shareholder’s execution
and delivery, this letter will be valid and binding obligations of such shareholder, enforceable against such shareholder in accordance
with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general
application affecting enforcement of creditors’ rights and (ii) as limited by general principles of equity that restrict
the availability of equitable remedies. Each undersigned shareholder agrees to indemnify the Company for any claims, losses or
expenses incurred by the Company as a result of any of the representations of such shareholder set forth herein being untrue.

 

Unless otherwise provided
herein, any notice required or permitted under this letter shall be deemed effective upon the earlier of (a) actual receipt or
(b) (i) on the day of delivery by email or confirmed facsimile transmission, (ii) three business day after the business day of
deposit with an internationally recognized overnight courier service for express delivery, freight prepaid, or (iii) seven business
days after deposit with the United States Post Office for delivery by registered or certified mail, shall be addressed to the party
to be notified at the address indicated for such party on such shareholder’s signature page hereto, or at such other address
as such party may designate by ten (10) days’ advance written notice to the other parties.

 

If the Company issues
additional Ordinary Shares or preference shares at any time between the date of this letter and the effectiveness of the Conversion
(“Additional Shares”) the Company shall ensure that the holders of such Additional Shares shall become a party to this
letter by executing and delivering a counterpart signature page hereto thereby agreeing to be bound by and subject to the terms
of this letter as an undersigned shareholders hereunder and the Company shall update Exhibit A to reflect the issuance of such
Additional Shares.

 

This letter may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

 

Sincerely,

 

 

By: /s/ Dhruv Shringi             

 

Name: Dhruv Shringi              

 

Title: CEO                                         

 

 

 

[Shareholder Signature Pages Follow]

 

     

     

    

Acknowledged and Concurred,

 

ORDINARY
SHAREHOLDERS

 

 

 

/s/ Dhruv Shringi _________________________

 

Dhruv Shringi

 

Address: ________________________________

 

________________________________________

 

 

 

 

/s/ Manish
Amin________________________

 

Manish Amin

 

Address: _________________________________

 

_________________________________________

 

 

 

 

/s/ Harshal
Shah__________________________

 

Harshal Shah

 

Address: ________________________________

 

________________________________________

 

 

 

/s/ Haresh
Chawla__________________________

 

Haresh Chawla

 

Address: _________________________________

 

_________________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

  

Acknowledged and Concurred,

 

ORDINARY
SHAREHOLDERS

 

 

 

Wortal, Inc.

 

 

 

By:
/s/ Uday Bellary ______________________

 

 

 

Print
Name: Uday Bellary_________________

 

 

 

Title:
Chairman of the Board_______________________

 

Address: ______________________________

 

______________________________________

 

 

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

 

Norwest Venture Partners
X, LP

 

By: Genesis VC Partners X, LLC,
General Partner

 

 

 

By:
/s/ Promod Haque______________________

 

 

 

Print Name: Promod Haque__________________

 

 

 

Title: Managing Partner_____________________

 

Address: ________________________________

 

________________________________________

 

 

 

 

 

Norwest Venture Partners
IX, LP

 

By: Genesis VC Partners IX, LLC,
General Partner

 

 

 

By:
/s/ Promod Haque_______________________

 

 

 

Print Name: Promod Haque____________________

 

 

 

Title: Managing Partner_____________________

 

Address: ________________________________

 

________________________________________

 

  

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

 

Vertex Asia Fund Pte. Ltd.

 

 

 

By:
/s/ Chua Joo Hock______________________

 

 

 

Print Name: Chua Joo Hock________________

 

 

 

Title:
Director______________________

 

Address: _________________________

 

_________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

Rajasthan Trustee Company Pvt
Ltd A/c SME Tech Fund RVCF Trust II

 

 

 

By:
/s/ Girish Gupta________________________

 

 

 

Print Name: Girish Gupta___________________

 

 

 

Title: CEO,
Rajasthan Asset Management Co Pvt Ltd

 

Address: _________________________________

 

________________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

 

IDG Ventures India Fund II LLC.

 

 

 

By:
/s/ Gulstan Ramgockim_________________

 

 

 

Print Name: Gulstan Ramgockim____________

 

 

 

Title:
Director______________________

 

Address: _________________________

 

_________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

 

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

 

Reliance Capital Limited

 

 

 

By: /s/ Amit Bapna__________________

 

 

 

Print Name: Amit Bapna________________

 

 

 

Title: CFO____________________________

 

Address: _____________________________

 

_____________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES AND 

 

ORDINARY SHARES

 

 

 

E-18 Limited

 

 

 

By: [illegible]_____________________

 

 

 

Print Name: CCY Management Limited_________

 

 

 

Title: Director___________________________

 

Address: _______________________________

 

_______________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

 

 

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

 

Intel Capital Corporation

 

 

 

By: /s/ Michael J
Scown_______________________

 

 

 

Print Name: Michael J Scown_______________

 

 

 

Title: Authorized Signatory____________________

 

Address: _________________________________

 

_________________________________________

 

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

 

Valiant Capital Master
Fund LP

 

 

 

By: /s/ Brian Miller___________________________

 

 

 

Print Name: Brian Miller__________________

 

 

 

Title: CFO_____________________________

 

 

 

Valiant Capital Partners
LP

 

 

 

By: /s/ Brian Miller____________________________

 

 

 

Print Name: Brian Miller____________________

 

 

 

Title: CFO_________________________________

 

Address: __________________________________

 

__________________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF OF A RIGHT TO SWAP
ORDINARY SHARES OF YATRA ONLINE PRIVATE LIMITED FOR ORDINARY SHARES OF YATRA ONLINE, INC.

 

Capital18 Fincap Private Limited

 

 

 

By: /s/ Kshipra Jatana_________________________

 

 

 

Print Name: Kshipra Jatana_____________________

 

 

 

Title: Authorized Signatory_______________________

 

Address: _____________________________________

 

_____________________________________________

 

 

 

 

Pandara Trust Scheme I

 

 

 

By: /s/ Tc Meenakshisundaram_____________________

 

 

 

Print Name: Tc Meenakshisundaram____________

 

 

 

Title: Designated Partner_____________________

 

Address: ________________________________

 

________________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

Acknowledged and Concurred,

 

HOLDERS OF PREFERENCE
SHARES

 

 

Macquarie Corporate
Holdings Pty Limited

 

 

 

By: /s/ Glen Butler_______________________

 

 

 

Print Name: Glen Butler_____________________

 

 

 

Title: Division Director______________________

 

Address: ________________________________

 

________________________________________

 

 

 

Macquarie Corporate
Holdings Pty Limited

 

 

 

By: /s/ Angus Buckley___________________

 

 

 

Print Name: Angus Buckley__________________

 

 

 

Title: Division Director_______________________

 

Address: _________________________________

 

_________________________________________

 

 

 

[SIGNATURE PAGE TO LETTER]

 

     

     

    

 

Exhibit A*

 

	Shareholder	Ordinary
    Shares 

    Post-Conversion	Ordinary
    Shares

    Post-Reverse Stock Split**	Percentage
    Ownership
	Dhruv Shringi	1,470,000	 271,013	1.24%
	E-18 Limited	10,449,264	 1,926,454	8.78%
	Capital18 Fincap Private Limited***	3,090,543	 569,781	2.60%
	Haresh Chawla	168,000	 30,973	0.14%
	Harshal Shah	168,000	 30,973	0.14%
	IDG Ventures India Fund II LLC	5,307,377	 978,482	4.46%
	Pandara Trust Scheme I***	936,386	 172,635	0.79%
	Intel Capital Corporation 	11,810,030	 2,177,328	9.92%
	Macquarie Corporate Holdings Pty Limited	1,759,331	 324,355	1.48%
	Manish Amin	1,470,000	 271,013	1.24%
	 	 	 	 
	Norwest Venture Partners IX, LP	18,620,098	 3,432,850	15.64%
	Norwest Venture Partners X, LP	18,620,099	 3,432,850	15.64%
	Rajast Rajasthan Trustee Company Pvt Ltd A/c SME Tech Fund RVCF Trust II	1,560,145	 287,632	1.31%
	Reliance Capital Limited	16,401,744	 3,023,869	13.78%
	 	 	 	 
	 	 	 	 
	Valiant Capital Master Fund LP	12,456,049	 2,296,430	10.47%
	Valiant Capital Partners LP	11,261,211	 2,076,147	9.46%
	Vertex Asia Fund Pte. Ltd	3,268,842	 602,652	2.75%
	Wortal, Inc.	204,105	 37,629	0.17%
	Total	119,021,225	21,943,066	100.00%

 

* Does not include:
(a) Ordinary Shares issuable upon exercise of outstanding Company options; (b) Ordinary Shares issuable upon exercise of outstanding
warrants to purchase an aggregate of 46,459 post-Reverse Split Ordinary Shares held by Macquarie Corporate Holdings Pty Limited
or warrants to purchase an aggregate of 43,366 post-Reverse Split Ordinary Shares held by Silicon Valley Bank; (c) 277 post-Reverse
Split Ordinary Shares allocated but not yet issued to Matrix India Entertainment Consultants Private Limited; or (d) 1,567 post-Reverse
Split Ordinary Shares allocated but not yet issued to Salman Khan.

 

**A reverse-split on a
5.4240926 for 1 basis, with fractional shares rounded to the nearest whole share after aggregating all fractional shares held by
the applicable shareholder, is being effected by the Company. 

 

***Ordinary Shares issuable
upon swap of ordinary shares of Yatra Online Private Limited.Exhibit 10.22

 

***Text Omitted and Filed Separately with the Securities and Exchange Commission Confidential Treatment Requested Under 17
C.F.R. Sections 200.80(b)(4) and 240.24b-2

 

GLOBAL AGREEMENT

 

This Global Agreement (“Agreement”)
is effective as of 1 July 2012 (“Effective Date”) and is between:

 

Amadeus IT Group, S.A., a Spanish
company with principal offices at Salvador de Madrigal, 1 - 28027 Madrid, Spain ( “Amadeus”), and

 

Yatra Online Private Limited, an
Indian company having its registered office at Unit No. 208/209, 2nd Floor, C-Wing, Trade World Centre, Kamala Mills, Senapati
Bapat Marg, Lower Parel (W), Mumbai-400 013, Maharashtra, India (“Customer”)

 

(each a “Party” and collectively
the “Parties”)

 

RECITALS

 

WHEREAS, the Amadeus Group
has developed and is operating a fully automated global reservations and distribution system known as the Amadeus System (defined
below), with the ability to perform comprehensive information, communications, reservations, ticketing and related functions;

 

WHEREAS, Customer desires
to utilize the Amadeus System and other related products and services;

 

IT IS AGREED:

 

		1.	DEFINITIONS

 

The following definitions shall
apply to the terms used in this Agreement unless the context otherwise requires:

 

		1.1	“Agreement” means this Global Agreement, and any Exhibit attached hereto, as
amended or supplemented from time to time.

 

		1.2	“Amadeus Group” means the group of legal entities established in order to organize,
develop, operate, and market the Amadeus System, including Amadeus IT Group, S.A., its subsidiaries and affiliated companies.

 

		1.3	“Amadeus ACO” means an Amadeus Commercial Organization distributing the Amadeus
System within a specified market.

 

		1.4	“Amadeus System” or “System” means the global distribution system
(GDS) being developed, operated and distributed by the Amadeus Group. 

 

		1.5	“Amadeus Web Services” means the application program interface, which consists
of a platform-neutral offering that adheres to cross-platform Web services standards, and related infrastructure, including but
not limited to Amadeus System connectivity, software and services, made available by the Amadeus Group to Customer for the development
of Client Applications as referenced in Exhibit 4 hereto.

 

		1.6	“Booking” means an individual air, car or hotel reservation entry in the itinerary
portion of a PNR processed and booked in the Amadeus System which has not been cancelled, unconfirmed or unfulfilled and which
are billable to the Provider. “Net Bookings” are calculated as Bookings less cancellations. Such calculation shall
be done on a monthly basis.

 

		1.7	“Content” means all airline, car or hotel computerised travel information containing
information about schedules, availability, fares and related services, and through which reservations can be made and/or tickets
issued through the Amadeus System.

 

     

     

    

 

		1.8	“Customer Locations” means Customer and its wholly owned and majority owned
locations, all of which are identified on Exhibit 1 hereto. Additional Customer Locations may be added by mutual written agreement
in accordance with Exhibit 5, and at mutually agreed commercial terms.

 

		1.9	“Customer Equipment” means equipment, hardware, software and any other material
that is not provided by Amadeus or an Amadeus ACO.

 

		1.10	“Eligible Booking” means those Net Bookings that have been paid for by the Provider
to Amadeus.

 

		1.11	“Equipment” means hardware provided to Customer by Amadeus or an Amadeus ACO.

 

		1.12	“GDS” shall mean a global distribution system (commonly referred to as a computerized
reservation system). A GDS (i) collects, stores, processes, displays and/or distributes information through computer terminals
and other devices concerning air and/or ground transportation, lodging and other travel related products and services offered by
travel suppliers; (ii) enables travel agencies, corporations and/or travel wholesalers to reserve or otherwise confirm the use
of, or make inquiries or obtain information in relation to, such products and services and/or (iii) processes transactions for
the acquisition or use of such products and services. For the avoidance of doubt, GDS shall include but not be limited to each
of the global distribution systems operated by Abacus, Amadeus, Axess, Farelogix, G2 Switchworks, Infini, ITA, Sabre, Sirena, Topas,
Travelport, Travelsky, and their respective affiliates, successors and assigns, and any other system with multi-provider content
offering such content to travel agencies, corporations and/or travel wholesalers.

 

		1.13	“Location” means a physical travel service management location identified by
a specific physical street address and office ID.

 

		1.14	“Master Pricer" means an automated low fare search tool especially adapted to
online travel agents. Master Pricer is designed to allow many interactions in the flight and fare search and is only available
via Amadeus Web Services.

 

		1.15	“PNR” means passenger name record.

 

		1.16	“Preferred GDS” means [...***...] or more of Customer’s total
GDS Bookings will be made on the Amadeus System. For the purpose of this definition, bookings which Amadeus has indicated in writing
would not be Eligible Bookings shall not be counted among Customer’s total GDS Bookings.

 

		1.17	“Provider” means a provider of travel related services that makes its data available
through the Amadeus System. 

 

		1.18	“Review Period” means a period of every twelve months, the first such Review
Period commencing on the Effective Date, and subsequent Review Periods commencing on each anniversary of the Effective Date during
the Term and any Extension.

 

		1.20	“Software” means software and related documentation provided by Amadeus or an
Amadeus ACO.

 

		1.21	“Subscriber Agreement” means an agreement between Amadeus or an Amadeus ACO
and a customer covering the provision of Amadeus and/or Amadeus ACO related products and services.

 

		1.22	“Taxes” means any VAT, federal, state
or local tax, surcharge, education charge, levy, duty or similar charge that is imposed on the sale, lease, transfer or use of
any products or services made available to Customer or a Customer Location pursuant to this Agreement.

 

    ***Confidential Treatment Requested***

     

    

 

		1.23	“Transaction” or “Central System Transaction” means a request
to process data that is transmitted to the Amadeus System. Multiple data elements transmitted to the Amadeus System in a string
will be counted as one Transaction. Data elements transmitted via wizards, macros, robotics and similar means may result in multiple
Transactions that are not apparent to the Amadeus System user. A “Central System Transaction” means a Transaction on
the Amadeus System not including low fare search transactions (e.g Master Pricer).

 

		1.24	“User” or “Users” means individuals that access the Amadeus System
over a Web-Site.

 

		1.25	“Web-Site” means any internet web-site or mobile application owned and operated
by Customer that is made available to Users.

 

		2.	TERM

 

			This Agreement, unless terminated earlier
by mutual consent of both the Parties, shall be effective from 1 July 2012 for a period of four (4) years and six (6) months, expiring
on 31 December 2016 (the “Term”), at which point this Agreement will automatically terminate without further action
by the Parties unless: (i) the Parties mutually agree in writing to an extension of this Agreement or (ii) the Customer fails to
fulfill its obligation pursuant to Clause 3.3 hereof, in which case the Agreement will automatically extend for additional one
month periods until such time as the Customer has created [...***...]
Net Bookings from its Customer Locations (sub-sections (i) or (ii) of this Clause 2 referred to herein as an “Extension”).
Subject to the aforementioned, Parties may enter into a new agreement based on mutual discussions. 

 

		3.	ESSENTIAL CONDITIONS OF THE AGREEMENT / CONTRACTING

 

			The following conditions agreed between the Parties form the base of this Agreement:

 

		3.1	Customer agrees that, as a material condition of this Agreement, Amadeus shall be used as its Preferred
GDS during any Review Period (including where airline direct connections may exist) for its reservations and air ticketing requirements
at its present or future Customer Locations, except where:

 

		(i)	certain content is not available on the Amadeus System;
or

 

		(ii)	upon reasonable evidence from Customer that due solely
to technical or other deficiencies with the Amadeus connection or Equipment (and not that of Customer), that the Amadeus System
is not connected to Customer Locations or Web-Site, but only for the limited period that such defect has not been corrected.

 

		3.2	In case of non-compliance with Clause 3.1 above, Amadeus will have the right to obtain an injunction
to prohibit Customer from using any other GDS other than Amadeus amongst other remedies.

 

		3.3	Customer shall create [...***...]
Net Bookings from all its Customer Locations combined during the Term together with any Extension. 

 

		3.4	This Agreement applies only to the Customer Locations listed
in Exhibit 1, and as may otherwise be agreed by the Parties in writing from time to time and upon completion and execution of
an Amendment to the Agreement (Exhibit 5).

 

		3.5	Where shareholdings in a new business in India are majority or wholly owned by Customer,
Bookings from such business shall automatically be counted under this Agreement. If, however, shareholdings in a business are not
majority owned by Customer, Bookings from such business will not automatically be counted under this Agreement.

 

		3.6	Notwithstanding the foregoing, in the event Customer or a Customer Location acquires business that
is already utilizing the Amadeus System and Customer desires Bookings from such business to be counted under this Agreement then
such Bookings will be counted and covered under this Agreement, but only subject to such business fulfilling all of its contractual
obligations under its existing Amadeus contract, and upon completion and execution of an Amendment to the Agreement (Exhibit 5).

 

    ***Confidential Treatment Requested***

     

    

 

		3.7	A breach of Clause 3.1 above shall be considered a material
breach of the Agreement in addition to other matters that may be material breaches under Clause 10 of this Agreement.

 

		4.	PRODUCTS AND SERVICES

 

		4.1	Generally. Customer Locations will be provided
access to the System and may order the products and services reflected on the attached Exhibits and/or as otherwise provided by
Amadeus and the Amadeus ACOs. Customer Locations will order all products and services directly from Amadeus unless otherwise directed.
In the event that Customer Locations wish to order products and services from an ACO then such Customer Location must enter into
a Subscriber Agreement with that ACO, even if such Customer Location is already a party to this Agreement.

 

		4.2	The System

 

		A.	System Access. Amadeus will grant access to the Amadeus System to all Customer Locations.

 

		B.	Ownership/Use. The System is Amadeus’ proprietary information and a trade secret.

 

		C.	System Modifications. Amadeus or its licensors may, in its discretion modify, replace,
substitute and/or upgrade or enhance the functions and components of, and data provided through, the System without any obligation
to Customer or any Customer Location.

 

		D.	Interference with System Performance. If Customer Equipment degrades or interferes
with System performance, or is an unauthorized modification thereto, Customer understands that all resulting downtime and costs
will be Customer’s or the applicable Customer Location’s sole responsibility.

 

		E.	Suspension of Access. Amadeus may suspend System access for a particular Customer
Location without liability if:

 

		(1)	Amadeus reasonably believes that an abuse or misuse of the System is being caused, permitted or
enabled by such particular Customer Location or on such particular Customer Location’s behalf; or

 

		(2)	Such particular Customer Location attempts unauthorized modifications to the System; or

 

		(3)	Such particular Customer Location's access causes degradation to the System or interference with
use of the System by other users, or causes a condition which may place Amadeus in potential or actual breach of its agreements
with other parties (e.g., in the event of robotic software causing an inordinate amount of Transactions to hit the System).

 

			If System access is suspended pursuant to E(1), E(2) or E(3) above, Amadeus will notify the Customer
Location as soon as reasonably possible. The particular affected Customer Location will have thirty (30) days to cure the degradation,
interference or other problem. If the cure is not effected within said period, then this Agreement may be terminated as to such
affected Customer Location without liability to the Customer Location or any other party.

 

     

     

    

 

		5.	CHARGES FOR PRODUCTS AND SERVICES

 

		5.1	Generally. Charges for products and services
provided to Customer Locations are as stated in the attached Exhibits and Taxes thereon will be as agreed under Clause 7 below.
Charges for other products and services will be at Amadeus’ or the applicable Amadeus ACO’s then prevailing rates.
Only Customer Locations are entitled to the pricing identified in the attached Exhibits.

 

		5.2	Payment of Charges. Unless otherwise agreed between the Parties, Amadeus will invoice
Customer for Amadeus centrally provided products and services. Any sums due to Customer by Amadeus may be offset by Amadeus against
charges invoiced and owed by Customer.

 

			Amadeus may impose a late charge for any
payments not received by the due date. Said late charge shall not exceed amounts authorized by applicable law. 

 

		6.	ADVANCE INCENTIVE AND LOYALTY SIGNING BONUS

 

In
exchange for Customer’s use of the System in the Customer Locations as detailed under Exhibit 1, Customer will qualify for
the Advance Incentive and Loyalty Signing Bonus identified on and subject to Exhibit 2. Any repayments of the Advance Incentive
or Loyalty Signing Bonus or as referenced in Exhibit 2 will be along with interest at a compounded annual rate of [...***...]
from the date the payment was made by Amadeus. 

 

		7.	TAXES

 

The Parties agree to comply
with any and all applicable Tax laws and regulations. Charges for products and services and payment of the Loyalty Signing Bonus,
Advance Incentive and Loyalty Incentives are exclusive of Taxes. For the transactions contemplated hereunder, Amadeus shall be
liable for any Taxes which must be paid to Spanish tax authorities and Customer shall be liable for any Taxes which must be paid
to Indian tax authorities. Should Customer be required under applicable law to withhold or deduct any portion of the payments due
to Amadeus as repayment of any portion of either the Loyalty Signing Bonus or Advance Incentive, then the sum payable to Amadeus
will be increased by the amount necessary to yield to Amadeus an amount equal to the sum it would have received had no withholdings
or deductions been made. Payment to Amadeus for products and services (such as those described in Exhibit 3 hereof) shall be subject
to statutory withholding, and the Customer shall provide Amadeus with formal withholding certificates for all amounts withheld.
The Parties will cooperate in good faith to obtain refunds of any taxes paid to the authorities that should not have been charged
and/or paid. The Parties’ agreement to this clause is based on tax laws and regulations effective as of the Effective Date.
Should there be a material change in tax laws or regulations which affect the transactions hereunder, the Parties shall discuss
in good faith possible changes to their respective tax obligations pursuant this clause.

 

		8.	WARRANTIES DISCLAIMER/LIMITATIONS

 

		8.1	DISCLAIMER OF ALL OTHER WARRANTIES AND REMEDIES.
AMADEUS MAKES NO WARRANTIES TO CUSTOMER UNDER THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ACCURACY OR COMPLETENESS OF THE DATA DERIVED FROM THE SYSTEM, NON-INFRINGEMENT,
OR ANY IMPLIED WARRANTIES ARISING OUT OF COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, OR THAT AMADEUS OR THE AMADEUS
ACO WILL MAKE THE DATA OF ANY PARTICULAR PROVIDER AVAILABLE TO CUSTOMER OR CUSTOMER LOCATIONS ON THE SYSTEM.

 

    ***Confidential Treatment Requested***

     

    

 

		8.2	LIABILITY LIMITATIONS

 

		A.	Dishonored Reservations. IF A PROVIDER DOES
NOT HONOR A RESERVATION BOOKED THROUGH THE SYSTEM DUE TO OVER SALE OR LACK OF A RECORD OF THE RESERVATION, THE SOLE REMEDY WILL
BE AS SET FORTH IN THE PROVIDER’S TARIFF OR THE PROVIDER’S APPLICABLE POLICIES AND PROCEDURES.

 

		B.	Limitation of Liability. EXCEPT FOR (A) ACCRUED SUMS EXPRESSLY OWED UNDER THIS AGREEMENT
BY EITHER PARTY TO THE OTHER; (B) ANY EXPRESS INDEMNITY OBLIGATIONS HEREIN; (C) ANY PAYMENT OBLIGATIONS PURSUANT TO AN EXHIBIT;
AND (D) DIRECT DAMAGES FOR BREACHES OF CONFIDENTIALITY, GROSS NEGLIGENCE OR WILFUL MISCONDUCT, NEITHER PARTY WILL BE LIABLE TO
THE OTHER, UNDER ANY THEORY OF LIABILITY OR ANY FORM OF ACTION FOR ANY OTHER DAMAGE INCLUDING LOSS OF PROFITS OR BUSINESS OR ANY
INCIDENTAL, SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT, CONSEQUENTIAL, INTEREST, REVENUE, SAVINGS OR ANY OTHER ECONOMIC LOSS, OR THE
COMPILATION, COMMUNICATION, DELIVERY OR LOSS OF USE OF ANY DATA, EVEN IF THE DEFAULTING PARTY HAD BEEN ADVISED OF, KNEW, OR SHOULD
HAVE KNOWN OF THE POSSIBILITY THEREOF.

 

TO THE EXTENT THAT EITHER PARTY
HAS ANY OTHER LIABILITY UNDER THIS AGREEMENT OR IN RELATION TO THIS AGREEMENT UNDER ANY THEORY OF LIABILITY, INCLUDING CONTRACT
AND TORT, THEN EACH PARTY'S LIABILITY FOR DAMAGES TO THE OTHER HEREUNDER, EXCEPT IN THE CASE OF WILFUL MISCONDUCT OR GROSS NEGLIGENCE
OF THE PARTY, WILL BE LIMITED TO ONE HUNDRED THOUSAND (100,000) U.S. DOLLARS.

 

		9.	CONFIDENTIALITY

 

The Parties will not disclose
any of the terms and conditions of this Agreement, including but not limited to pricing, loyalty bonus or incentive terms, to any
third party without the other Party’s written consent. Further, both Parties agree not to disclose the other Party’s
or any Customer Location’s Confidential Information without written consent. “Confidential Information” includes
the terms and conditions of this Agreement and otherwise means information, not generally known in the relevant trade or industry,
which was received by a Party (the “Receiving Party”) from the other Party or a Customer Location (the “Disclosing
Party” as applicable), and which is information relating to: (1) trade secrets of the Disclosing Party; (2) existing or contemplated
products, services, technology, designs, processes, formulae, computer systems, algorithms, research or developments of the Disclosing
Party; or (3) business plans, sales or marketing methods, methods of doing business, customer lists or requirements, and supplier
information of the Disclosing Party. “Confidential Information” does not include information (1) already known to the
Receiving Party at the time of disclosure (unless under a pre-existing obligation of confidence); (2) that becomes publicly available
(other than due to a breach by the Receiving Party); (3) is rightfully received by the Receiving Party from a third party without
an obligation of confidentiality; (4) is independently developed by the Receiving Party without reference to the Disclosing Party’s
Confidential Information, or (5) relates to data generated through the System which is disclosed by Amadeus to or as required by
third parties in the normal and customary course of Amadeus’ business (for example MIDT data).

 

     

     

    

 

		10.	TERMINATION/EFFECT OF TERMINATION

 

		10.1	Termination. The Agreement will be terminated in accordance with Clause 2 above.
Neither Party may terminate this Agreement for convenience. In addition to any other termination rights expressly provided for
in this Agreement, this Agreement may be terminated by either Party:

 

		(i)	for a material breach of any term of the Agreement by the other Party, in the event that the other
Party fails to cure such breach within thirty (30) days after receipt of notice;

 

		(ii)	upon notice if the other Party breaches Clause 9 above and fails to cure all consequences arising
from such breach within five (5) days’ notice of the breach;

 

		(iii)	if the other Party becomes insolvent, makes an assignment for the benefit of creditors, suffers
the appointment of a receiver, a trustee, a creditors committee, or a petition in bankruptcy or seeks reorganization, or readjustment
of its debts or its dissolution or liquidation or for any other relief under any bankruptcy or insolvency law, or has entered against
it a judgement or decree for its dissolution which remains undismissed or undischarged or unbonded for a period of thirty (30)
days, or if the other party shall take any step leading to the cessation as a going concern, or ceases operations for reasons other
than a strike.

 

		10.2	Effect of Termination.

 

		(i)	In the event of termination of this Agreement, (a) the Parties will promptly return all Confidential
Information to the Disclosing Party, and (b) Customer Locations will no longer be entitled to the pricing or any incentives that
may be identified in this Agreement.

 

		(ii)	A. In the event that this Agreement is terminated during the Term or any Extension by (a) Customer
for any reason other than pursuant to Clause 10.1 (i), (ii) or (iii) or 13.2 below or (b) Amadeus, pursuant to Clause 10.1 (i)
or (ii) above, and Customer has created less than [...***...] Net Bookings, Customer agrees to pay back to Amadeus, without
the requirement for notice or demand, and within ten (10)days following the termination of this Agreement: (A) the entire amount of the Loyalty Signing Bonus as detailed in Exhibit 2 (I) including interest at
a compounded annual rate of ten percent (10%) from the date such Loyalty Signing Bonus was paid; and (B) any Advance Incentive
paid to Customer not off-set by Loyalty Incentives earned by the Customer until the date of termination (as detailed in Exhibit
2 (II) and (III) herewith), including interest at a compounded annual rate of ten percent (10%) from the date the Advance Incentive
was paid.

 

B. In the event that this Agreement
is terminated during the Term or any Extension by (a) Customer for any reason other than pursuant to Clause 10.1 (i), (ii) or (iii)
or 13.2 below or (b) Amadeus, pursuant to Clause 10.1 (i) or (ii) above, and Customer has created [...***...] Net Bookings
or more, Customer agrees to pay back to Amadeus, without the requirement for notice or demand, and within ten (10) days following
the termination of this Agreement: (A) four million two hundred thousand U.S. Dollars (US$4,200,000) including interest at a compounded annual
rate of ten percent (10%) from the date the Advance Incentive was paid; and (B) any Advance Incentive paid to Customer not off-set
by Loyalty Incentives earned by the Customer until the date of termination (as detailed in Exhibit 2 (II) and (III) herewith),
including interest at a compounded annual rate of ten percent (10%) from the date the Advance Incentive was paid.

 

		(iii)	In the event that this Agreement is terminated during the Term or any Extension by Amadeus pursuant
to Clause 10.1 (iii) above or by either Party pursuant to Clause 13.2 or 13.6, or this Agreement is mutually terminated in writing
by both Parties, then Customer shall refund to Amadeus the amount equal to the sum of: (A) the entire Loyalty Signing Bonus paid by Amadeus pursuant to Exhibit 2 (I) and (B) the Advance Incentive
paid by Amadeus pursuant to Exhibit 2 (II) ((A) and (B) together "Gross Refund Amount") after deducting from such Gross
Refund Amount an amount equal to the sum of: (C) Loyalty Incentives pursuant to Exhibit 2 (III) earned on Eligible Bookings made
from the Effective Date of the Agreement until the date of termination of this Agreement and (D) two U.S. Dollars and Fifty cents
(US$2.50) per Net Booking under 2,560,000 (two million five hundred and sixty thousand) Net Bookings made
by the Customer on the Amadeus System from the Effective Date until the date of termination of this Agreement. Any such payment
will be paid within ten (10) days following termination of the Agreement along with interest at a compounded annual rate of ten percent (10%)
from the date the Loyalty Signing Bonus and the Advance Incentive was paid.

 

    ***Confidential Treatment Requested***

     

    

 

		11.	NOTICES

 

Notices and consents under
this Agreement must be in writing, and will be deemed delivered: (1) five (5) business days after being sent by first class mail
to the address below (or identified on the form attached as Exhibit 1); or (2) two (2) business days after being sent by way of
a nationally recognized overnight delivery service to the address below (or identified on the form attached as Exhibit 1); or (3)
immediately upon hand delivery, in each case to the person identified below.

 

	
        To: Amadeus IT Group, S.A.

         

        Same address as above.

         

         

         

        Attn: Global Customers IT Solutions

         

        For any claims hereunder, a copy
        to General Counsel.
	
        To: Yatra Online Private Limited 

         

        1101-03, Tower B,

        11th Floor, Unitech Cyber Park

        Sector – 39, Gurgaon – 122 001

         

        Attn: Mr. Dhruv Shringi

 

Either Party may give written
notice to the other Party of such other address(es) to which notices shall be sent, and thereafter notices shall be sent to such
new or additional addresses.

 

		12.	ARBITRATION 

 

Any question
concerning the existence, validity, or termination of this Agreement, and any other dispute arising out of or relating to this
Agreement, that cannot be resolved by agreement between the Parties shall be finally settled by arbitration according to the ICC
Rules and the following:

 

		12.1	The number of arbitrators shall be three (3). Each Party
shall nominate one (1) arbitrator for confirmation by the ICC. If a Party fails to nominate an arbitrator within the time period
specified by the ICC Rules, the ICC Court of Arbitration shall appoint an arbitrator for that Party. The arbitrators nominated
by (or on behalf of) the Parties shall, within twenty-one (21) days after their confirmation by the ICC Court of Arbitration,
agree on a third arbitrator who shall act as the chairman.

 

		12.2	The language of the arbitration shall be English.

 

		12.3	The decision of the arbitrators shall be final, conclusive
and binding on the Parties. Any award rendered by the arbitrators may be enforced by any court or authority of competent jurisdiction.

 

		12.4	The place of the arbitration shall be Singapore.

 

		12.5	Any monetary award shall be denominated in U.S Dollars.

 

		12.6	The arbitrators shall be bound to follow the terms and conditions of this Agreement including,
but not limited to, all limitations of liability provided herein.

 

     

     

    

 

		13.	GENERAL PROVISIONS

 

		13.1	Assignment. Customer may not assign this Agreement or any right or obligation under
this Agreement without Amadeus’ consent, which will not be unreasonably withheld. If Amadeus permits an assignment, the assignee
will be deemed to have assumed and be bound by all of Customer obligations under this Agreement. Subject to prior written approval
given by the Customer, which will not be unreasonably withheld, Amadeus may assign this Agreement to (i) a company within the Amadeus
Group, and (ii) to any entity that acquires substantially all of Amadeus’ assets.

 

		13.2	Force Majeure. Neither Party shall be responsible for, nor be deemed to be in default
under this Agreement on account of, any failure to perform or delay in performance hereunder caused directly or indirectly by any
fact beyond such Party’s reasonable control including, but not limited to, acts of God, war, terrorism, criminal acts of
third parties, embargo, strikes or other labour disputes, work stoppages, riots, civil unrest, fires or acts of government (“Force
Majeure”). The Party claiming that Force Majeure has occurred shall without unnecessary delay notify the other Party in writing
of the cause and effect of the Force Majeure. The Parties shall use their best efforts to avoid, overcome and offset the effects
of any cause or potential cause of an event of Force Majeure. The Party claiming Force Majeure shall notify the other Party immediately
of the cessation of the Force Majeure. Upon cessation of the cause of the Force Majeure, this Agreement shall again become fully
operative, provided that should such Force Majeure event continue for greater than thirty (30) days, either Party may terminate
this Agreement upon written notice to the other Party, and the provisions of Clause 10 will apply.

 

		13.3	IP/Tradenames/Trademarks. The owner of all patent, trademark, copyright and any other
intellectual property right will continue to be the owner of such property rights. No right to such property is granted by one
Party to the other by virtue of this Agreement. Except for Amadeus’ right to identify Customer as a customer of Amadeus,
the Parties will not use one another’s tradename or trademarks without prior written consent of the owner. Amadeus will own
all development provided or funded by Amadeus or its contractors except solely as otherwise agreed in writing.

 

		13.4	Governing Law. This Agreement is governed by and construed in accordance with the
laws of England and Wales, exclusive of conflicts of law principles.

 

		13.5	Material Revenue Change. Should there be a decrease of chargeable booking fee from
Amadeus to any Provider, Amadeus upon receiving intimation to this effect, shall notify Customer of such change. The Parties agree
to negotiate in good faith any adjustments necessary to the Loyalty Incentive rates for such Eligible Bookings resulting from such
change. In the event that the Parties cannot agree to such adjustments after reasonable consultations and escalation to senior
management within their respective organizations during a period of no less than forty-five (45) days, Amadeus may reduce the Loyalty
Incentive on such segments. In such cases and at Customer’s request, Amadeus shall facilitate a certificate issued by an
independent third party auditor or accounting firm confirming that the reduction in the Loyalty Incentive to Customer is in proportion
to the reduction in the booking fee from the applicable Provider.

 

		13.6	Change in Law/Regulation. The Parties understand that the travel industry in which
they operate is constantly evolving due to technological advancements, regulatory overview and changes in Provider distribution
policies. The Parties desire the flexibility to address material changes in the industry. Accordingly, in the event there is a
material change in any law or regulation governing or applying to GDSs, Providers or travel agency companies which have or will
have a direct or indirect material adverse effect upon the benefits of this Agreement to either Party, then the affected Party
may notify the other Party of such material change in law or regulation, as well as proposed changes to this Agreement (the “Notice”).
The Parties will then meet as appropriate with the goal of addressing the proposed changes in good faith. If the Parties do not
agree to such changes within forty-five (45) days after the date of the Notice, then the affected Party may terminate this Agreement
upon ninety (90) days written prior notice to the other Party and the provisions of Clause 10 will apply.

 

     

     

    

 

		13.7	Booking and Transaction Counts. Amadeus relies
on automated records for Booking and Transaction data. In the event Customer disputes the Booking volume, Customer must prove
and substantiate such claim with proper records (electronic or otherwise) of all Bookings made within sixty (60) days from date
of intimation of Booking volumes by Amadeus to Customer failing which Amadeus' calculations will be final and binding.

 

		13.8	Waiver. No waiver of any provision or of
any breach of this Agreement shall constitute a waiver of any other provision or of any subsequent breach.

 

		13.9	Independence. In no event shall either Party
act as an agent of the other. The Parties are entirely independent from the other and this Agreement in no manner creates a partnership,
joint venture or similar relationship.

 

		13.10	Entire Agreement / Modification. This Agreement constitutes the entire agreement
between the Parties with respect to this subject matter and supersedes and cancels all prior agreements or understandings, oral
or written. This Agreement may not be modified or amended except in writing, signed by authorized representatives of each Party.

 

		13.11	Third Party Beneficiary. This Agreement is for the benefit of the Parties only. It
does not confer any rights or benefits on any other party.

 

		13.12	Identification of Customer and Customer Locations. Customer agrees, and will cause
Customer Locations to agree as necessary, to their identification in any marketing, booking and sales data that Amadeus, Amadeus
IT Group, S.A. or any other company of the Amadeus Group decides to make available.

 

		13.13	Severability. If any provision of this Agreement shall be invalid, illegal, or unenforceable
in any respect, it shall be ineffective only to the extent of such invalidity, illegality or unenforceability and shall not in
any way affect or impair the validity, legality and enforceability of the balance of such provision or any other provision of this
Agreement. The Parties shall endeavour in good faith negotiations to replace the invalid, illegal or unenforceable provision(s)
or such portion thereof with such valid, legal and enforceable provision(s) the economic effect or which is as close as possible
to that of the invalid, illegal or unenforceable provision(s).

 

		13.14	Captions. The captions appearing in this Agreement have been inserted as a matter
of convenience and in no way define, limit or enlarge the scope of any provision of this Agreement.

 

		13.15	Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

     

     

    

 

IN WITNESS THEREOF, the Parties
hereto have executed this Agreement as of the dates below.

 

	Amadeus IT Group, S.A.	 	Yatra Online Private Limited
	 	 	 
	Name:	Holger Taubmann	 	Name:	Dhruv Shringi
	 	 	 	 	 
	Title:	SVP Distribution	 	Title:	CEO
	 	 	 	 	 
	Date:	Sept 14, 2012	 	Date:	Sept 14, 2012

 

	/s/ Holger Taubmann	 	/s/ Dhruv Shringi 
	Signature	 	Signature

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