Document:

Exhibit 10.28

 

EXECUTION VERSION

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN REDACTED FROM THIS EXHIBIT BECAUSE IT IS (1) NOT MATERIAL AND (2) THE TYPE THAT THE
REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. “[***]” INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

GLOBAL CORPORATE PAYMENTS OPERATING AGREEMENT

 

by and between

 

American Express Travel Related Services Company, Inc.

 

and

 

GBT III B.V.

 

Dated as of June 30, 2014

 

    

    

    

 

TABLE OF CONTENTS

 

	Article I
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01.	Certain Terms	5
	Section 1.02.	Construction	10
	 	 	 
	Article II
	 	 	 
	OPERATIONS
	 	 	 
	Section 2.01.	Data Sharing	10
	Section 2.02.	Joint Client Services	14
	Section 2.03.	Product Development	15
	Section 2.04.	[***] Agreements Obligations	16
	Section 2.05.	Lead Referral Services Agreement	17
	Section 2.06.	Executive Steering Committee	17
	Section 2.07.	Conferences and Trade Shows	17
	Section 2.08.	Exclusivity	18
	Section 2.09.	MR Program Support	18
	Section 2.10.	Audit	18
	 	 	 
	Article III
	 	 	 
	COVENANTS
	 	 	 
	Section 3.01.	Books and Records	18
	Section 3.02.	Legal Compliance	18
	Section 3.03.	Further Assurances	19
	 	 	 
	Article IV
	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	Section 4.01.	Representations and Warranties
    of the Parties	19
	 	 	 
	Article V
	 	 	 
	CONFIDENTIALITY
	 	 	 
	Section 5.01.	Confidentiality	20
	Section 5.02.	Use of Confidential Information	21
	Section 5.03.	Return or Destruction of Confidential
    Information	21
	Section 5.04.	Notice of Disclosure of Confidential
    Information	21
	Section 5.05.	Remedies	22

 

    2

    

    

 

	Article VI
	 	 	 
	TERM AND TERMINATION
	 	 	 
	Section 6.01.	Term and Renewal	22
	Section 6.02.	Termination for Breach/Insolvency	22
	Section 6.03.	Termination by Agreement	22
	Section 6.04.	Termination for Specific Events	22
	Section 6.05.	Survival	23
	 	 	 
	Article VII
	 	 	 
	[RESERVED]
	 	 	 
	Article VIII
	 	 	 
	INDEMNIFICATION
	 	 	 
	Section 8.01.	Mutual Indemnification	23
	Section 8.02.	Indemnification Procedures	23
	Section 8.03.	Limitations of Liability	24
	Section 8.04.	Remedies Cumulative	25
	 	 	 
	Article IX
	 	 	 
	MISCELLANEOUS
	 	 	 
	Section 9.01.	Fees and Expenses	25
	Section 9.02.	Amendment and Modification	25
	Section 9.03.	Notices	25
	Section 9.04.	Mediation and Arbitration	26
	Section 9.05.	Governing Law; Jurisdiction
    and Venue	27
	Section 9.06.	Entire Agreement; No Third-Party
    Beneficiaries	28
	Section 9.07.	Severability	28
	Section 9.08.	Intellectual Property	28
	Section 9.09.	Extension; Waiver	28
	Section 9.10.	Force Majeure	29
	Section 9.11.	Assignment	29
	Section 9.12.	Subcontracting	29
	Section 9.13.	Counterparts	30
	Section 9.14.	Relationship of the Parties	30

 

	Exhibit 1	– Data to be Provided by GBT Holdco to Amex
	Exhibit 2	– Lead Referral Services Agreement
	Exhibit 3	– Existing Jointly Developed Intellectual Property that Remains Exclusive to Amex
	Exhibit 4	– Intercompany Binding Corporate Data Rules
	Schedule I 	– Related Agreements

 

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GLOBAL CORPORATE PAYMENTS OPERATING AGREEMENT

 

This GLOBAL CORPORATE PAYMENTS OPERATING AGREEMENT,
dated as of June 30, 2014 (the “Effective Date”), is entered into by American Express Travel Related Services
Company, Inc., a corporation organized under the laws of the State of New York (“Amex”) and GBT III B.V., a private
company with limited liability organized under the laws of the Netherlands (“GBT Holdco”) (each a “Party”
and collectively the “Parties”). Capitalized terms used in this Agreement have the respective meanings assigned to
them in Section 1.01.

 

WHEREAS, Amex, by itself and through its Affiliates,
is currently engaged in the Global Business Travel business (the “GBT Business”) and the Global Corporate Payments
business (the “GCP Business”);

 

WHEREAS, Amex and GBT Holdco have entered into
or are entering into certain transaction agreements, including that certain Share Purchase Agreement by and among Amex, GBT Holdco, and
Juweel Investors Limited, a limited company organized under the laws of the Cayman Islands (“Juweel”), dated as of
March 14, 2014 (the “Share Purchase Agreement”), that certain Shareholders Agreement by and among GBT Holdco,
American Express Travel Holdings Netherlands Coöperatief U.A, a cooperative organized under the laws of the Netherlands, and Juweel
Investors Coöperatief U.A., a cooperative organized under the laws of the Netherlands, dated as of June 30, 2014 (the “Shareholders
Agreement”); and other Related Agreements (as defined below), whereby Amex has agreed to transfer, and GBT Holdco has agreed
to assume, certain assets and liabilities comprising the GBT Business, and whereby Amex and GBT Holdco have agreed to terms and conditions
regarding Amex’s ownership and management of GBT Holdco, in each case subject to the terms and conditions thereof;

 

WHEREAS, the Parties acknowledge that it is strategically
important to each of the GCP Business and the GBT Business to collect, analyze, and use Data related to their respective Clients (as defined
below) to improve service to such Clients and develop new products and systems, and the Parties would each benefit from sharing certain
Data related to such Clients as set forth in this Agreement;

 

WHEREAS, the Parties acknowledge that the maintenance
and expansion of commercial relationships with current and future Joint Clients (as defined below) requires cooperation between the Parties
to provide an exemplary customer service experience and efficient business growth, and the Parties desire to establish the terms and conditions
of such cooperation;

 

WHEREAS, Amex is currently party to that certain
[***] Agreement with [***], dated as of [***] (the “GCP[***] Agreement”) and that certain [***] Agreement with [***],
dated as of [***] (the “GBT[***] Agreement”), whereby such agreements are and will continue to be strategically important
to Amex, and the Parties wish to allocate certain responsibilities to ensure the continued fulfillment of certain obligations thereunder;

 

WHEREAS, the Parties acknowledge that lead generation
between the Parties, in the form of referrals of Clients from one Party to the other is strategically and economically valuable and will
allow each Party to expand and strengthen their respective businesses, and the Parties wish to establish a system of incentives for referrals
to establish and expand this practice; and

 

    4

    

    

 

WHEREAS, the Parties wish to set forth the terms
of their relationship relative to the matters described above.

 

NOW, THEREFORE, in consideration of the promises
and the mutual agreements set forth herein, and intending to be legally bound, the Parties hereby agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.01.     Certain
Terms. The following contains definitions of certain terms, which shall have the meanings set forth below when used in this Agreement:

 

“Action” means any Claim, action,
suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority.

 

“AECB” means American Express
Centurion Bank.

 

“Affiliate” means, with respect
to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person, including
its Subsidiaries; provided, however, that for purposes of this Agreement, GBT Holdco and Amex shall not be deemed to be
Affiliates. The term “control” (including, with correlative meaning, the terms “controlled by” and “under
common control with”) as used with respect to any Person means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or
otherwise.

 

“Agent” means a Person’s
shareholder, officer, director, employee, accountant, attorney, contractor, subcontractor, representative or agent.

 

“Agreement” means this Global
Corporate Payments Operating Agreement, including all Articles, Sections, Exhibits and Schedules hereto.

 

“Amex” has the meaning ascribed
to it in the preamble.

 

“Amex Card Transaction Data”
means all Data related to purchases and other transactions made using a Card issued or administrated by Amex, FSB, AECB, their Affiliates,
or any of their co-branded credit card program partners.

 

“Amex Competitor” means any
Person that [***].

 

“Amex Network” means the computer
network of Amex, including all Amex databases, systems and environments.

 

“Applicable Laws” means, collectively,
(a) all Laws now in effect or hereinafter enacted or adopted, in any jurisdiction, applicable to the obligations and performance
of the applicable Party and its Affiliates and any and all other matters relating to the subject matter of this Agreement, including
the Data Protection Legislation and (b) all judgments, requests, directives, regulatory guidance, demands or similar orders of any
Governmental Authority having authority, oversight jurisdiction or similar power over any such Party or its Affiliates.

 

    5

    

    

 

“Arbiter” means the arbitration
or mediation official assigned or selected to arbitrate or mediate any dispute in accordance with the rules of the American Arbitration
Association or JAMS, pursuant to Section 9.04 herein.

 

“BTAConnect” means the Amex
Business Travel Account online reconciliation platform for connecting travel agencies, corporate travel managers, and Amex payment servicing
resources in applicable markets.

 

“Business Travel Account” mean
the centrally billed business travel payment account provided by Amex.

 

“Card” means any charge card
or other payment product of the GCP Business issued by Amex or any of its Affiliates.

 

“Card Member” means any holder
of a Card, or any other credit card or charge card or other payment product issued by Amex, its parent companies, any of its Affiliates,
or any of its licensees.

 

“Claims” means collectively,
all claims, demands, suits, proceedings, and/or actions, actual or threatened.

 

“Client” means any Person that
receives products or services from either Party, including payment products and services, travel-related products, travel program consulting,
and travel booking services.

 

“Client Data” means, with respect
to a Client, all Data with respect to such Client.

 

“[***]” has the meaning ascribed to
it in the recitals.

 

“Confidential Information”
has the meaning ascribed to it in Section 5.01.

 

“Contract” means, with respect
to any Person, all contracts, agreements, consulting arrangements, leases and subleases (including leases and subleases of real property),
licenses, commitments, sales and purchase orders, and other undertakings of any kind, whether written or oral, to which such Person is
a party, under which such Person is otherwise entitled to benefits, or by which such Person is otherwise bound.

 

“[***]” has the meaning ascribed to
it in the GCP-[***] Agreement.

 

“Data” means any data or other
information, in any form or format, including interim, processed, compiled, summarized or derivative versions of such data or information
that may exist in any system, database or record.

 

“Data Protection Legislation”
means (i) directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals
with regards to the processing of Personal Data and on the free movement of such data, or any future European Union directive or regulation
replacing such directive coming into force during the Term (the “EU Data Protection Legislation”), (ii) all national
or other Laws implementing the EU Data Protection Legislation and (iii) any other applicable European Union, national or other Laws
relating to the processing of Personal Data, in force as of the date of this Agreement or coming into force during the Term. For the
purpose of this Agreement, the terms “Personal Data,” “processing,” “controller”
and “processor” shall have the meanings ascribed to them in the EU Data Protection Legislation.

 

    6

    

    

 

“Data Governance Team” has
the meaning ascribed to it in Section 2.01(g).

 

“Data Sharing Plan” has the
meaning attributed to it in Section 2.01(a).

 

“Disclosing Party” has the
meaning ascribed to it in Section 5.01(a).

 

“Dispute” has the meaning ascribed
to it in Section 9.04(a).

 

“Effective Date” has the meaning
ascribed to it in the preamble.

 

“Expiration Date” means January 1,
2022, unless amended or extended pursuant to the terms hereof.

 

“FSB” means American Express
Bank, FSB, a federal savings bank.

 

“GBT Business” has the meaning
ascribed to it in the recitals.

 

“GBT-[***] Agreement” has the
meaning ascribed to it in the recitals.

 

“GBT Holdco” has the meaning
ascribed to it in the preamble.

 

“GBT Holdco Advisory” means
any travel program consulting services provided by GBT Holdco to Clients of Amex and its Affiliates and/or GBT Holdco and its Affiliates.

 

“GBT Holdco TMC” means the
travel management company business of GBT Holdco, which includes the selecting and booking of specific travel products and services for
GBT Holdco’s Clients.

 

“GCP-[***] Agreement” has the
meaning ascribed to it in the recitals.

 

“GCP Business” has the meaning
ascribed to it in the recitals.

 

“GCP Consulting” means the
travel program consulting business line within the GCP Business.

 

“GCP Corporate Membership Rewards”
means that program through which Amex provides loyalty benefits and redemption options to Clients and/or Card Members.

 

“Governmental Authority” means
any United States or non-United States federal, state, provincial, regional, or local authority, legislative body, court, government,
or self-regulatory organization (including any stock exchange), commission, tribunal or organization, or any regulatory agency, or any
political or other subdivision, department or branch of any of the foregoing.

 

    7

    

    

 

“Indemnified Party” has the
meaning ascribed to it in Section 8.01.

 

“Indemnifying Party” has the
meaning ascribed to it in Section 8.01.

 

“Initial Term” has the meaning
ascribed to it in Section 6.01.

 

“Intellectual Property” means
all intellectual property or other proprietary rights arising under any: (a) trademarks, service marks, trade names, or other source
identifiers, including all associated goodwill and any applications or registration therefor (collectively, “Trademarks”);
(b) original works of authorship, copyrights, and any registrations or applications therefor; (c) patents, patents applications,
and all reissues, divisions, continuations-in-part and extensions thereof; (d) computer software, including source code, object
code, algorithms, databases, Data files (including all Data and collections and compilations of Data and other information) and all related
documentation; (e) confidential or proprietary information, including trade secrets, know-how, and customer lists; and (f) all
rights and incidents of interest in and to all noncompetition or confidentiality agreements, in each case including any all applications
therefor or registrations, renewals, modifications and extensions thereof.

 

“Intercompany Binding Corporate Data
Rules” means those Amex rules and policies listed on Exhibit 4 related to the protection of privacy and Personal
Data with regards to transfers thereof between business units, divisions, and Affiliates of Amex, adopted in order to comply with Applicable
Laws regarding Data privacy and the processing of Personal Data.

 

“Joint Client” means any current
or former Client of both GBT Holdco and the GCP Business, or any Person who is reasonably likely to become a Client of both GBT Holdco
and the GCP Business, in each case regardless of whether such Joint Client became a Client of both parties jointly or independently of
the other party.

 

“Joint Client Data” means,
with respect to a Joint Client, all Data with respect to such Joint Client.

 

“Joint Client Support Plan”
has the meaning ascribed to it in Section 2.02(a).

 

“Joint Product Agreement” has
the meaning ascribed to it in Section 2.03(a).

 

“Joint Product Steering Committee”
has the meaning ascribed to it in Section 2.03(a).

 

“Jointly Developed IP” has
the meaning ascribed to it in Section 2.03(c)(iii).

 

“Juweel” has the meaning ascribed
to it in the preamble.

 

“Law” means any law (including
common law) statute, ordinance, regulation, rule, code or other requirement or rule enacted or promulgated by any Government Authority.

 

    8

    

    

 

“Losses” means, collectively,
all claims, judgments, losses, liabilities, fines, costs, damages, settlements or expenses, including costs of investigation or litigation
or other proceedings and taxes and reasonable attorneys’ fees including interest and penalties recovered by a third party with
respect thereto, whether or not a lawsuit has been filed.

 

“LRSA” has the meaning ascribed
to it in Section 2.05.

 

“Masked Data” means Data that
contains no Personally Identifiable Information.

 

“Master Reorganization Agreement”
means that Master Reorganization Agreement entered into by and between Amex and GBT Holdco, dated as of March 14, 2014, as amended
on June 30, 2014.

 

“Meetings and Events Services”
has the meaning ascribed to it in Section 2.03(b).

 

“Meetings and Events Services Plan”
has the meaning ascribed to it in Section 2.03(b).

 

“Party” has the meaning ascribed
to it in the preamble.

 

“Payment” means any transfer
of money or other consideration from one Party to the other Party pursuant to or necessitated by this Agreement.

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated organization
or other entity, including any Governmental Authority.

 

“Personally Identifiable Information”
or “PII” means (a) with respect to an individual natural person, Data that (i) could reasonably identify such
person, including such person’s name, Social Security number, driver’s license number, credit card number, physical address,
photograph, email address and/or facsimile or telephone number; (ii) could be used to authenticate such person; or (iii) could
identify such person when combined (with itself or with other Data); and (b) with respect to a Client, Data that could specifically
identify such Client.

 

“Prospective Agreements” means,
collectively, the Data Sharing Plan, Joint Client Support Plan, the Joint Products Agreement, the LRSA, and the Meeting & Events
Services Plan, in each case only after the respective Contract has been executed by the Parties or their Affiliates.

 

“Receiving Party” has the meaning
ascribed to it in Section 5.01(a).

 

“Related Agreements” means
the Contracts set forth in Schedule I.

 

“Relationship Manager” means
the employee of each Party primarily responsible for serving as the contact person of such Party for matters relating to this Agreement.

 

“Renewal Term” has the meaning
ascribed to it in Section 6.01.

 

“Sales and Marketing Plan”
has the meaning ascribed to it in Exhibit 2.

 

    9

    

    

 

“Share Purchase Agreement”
has the meaning ascribed to it in the recitals.

 

“Shareholders Agreement” has
the meaning ascribed to it in the recitals.

 

“Subsidiary” means, with respect
to any Person, any corporation or other organization, whether incorporated or unincorporated, of which (a) at least a majority of
the equity securities or other interests having by their terms ordinary voting power to elect a majority of the Board of Directors or
other Person or Persons performing similar functions with respect to such corporation or other organization is directly or indirectly
owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries or
(b) such Person or any other Subsidiary of such Person is a general partner (excluding any such partnership where such Person or
any Subsidiary of such Person does not have a majority of the voting interests in such partnership).

 

“Term” has the meaning ascribed
to it in Section 6.01.

 

“Trademark” has the meaning
ascribed to it in the definition of Intellectual Property.

 

“Trademark License Agreement”
means that certain Trademark License Agreement between Amex, GBT US LLC, a limited liability company organized under the laws of the
State of Delaware, and, solely for purposes of Section 13.4 therein, GBT Holdco, dated as of June 30, 2014.

 

“U.S.” means the United States
of America.

 

Section 1.02.     Construction.
As used herein, (a) all references to the plural number shall include the singular number (and vice versa); (b) all references
to the masculine gender shall include the feminine gender (and vice versa); (c) the words “include” and “including”
shall mean include or including without limiting the generality of the description preceding such term and are used in an illustrative
sense and not a limiting sense; and (d) all references to “herein” or like words shall refer to this Agreement. Section headings
are for convenience only and are not to be construed as part of this Agreement. Unless the context of this Agreement requires otherwise,
 “will” and “will not” are expressions of command, not merely expressions of future intent or expectation.

 

Article II

 

OPERATIONS

 

Section 2.01.     Data
Sharing.

 

(a)        Data
Sharing Plan. The Parties shall cooperate in good faith and shall use commercially reasonable efforts to enter into a binding agreement
within one hundred twenty (120) days of the Effective Date setting forth the terms, conditions, rights and obligations of each Party
with respect to the sharing of Client Data under this Agreement and the Prospective Agreements between the Parties, their respective
business units and their respective Affiliates (the “Data Sharing Plan”). For the avoidance of doubt, for the purposes
of this Article II (other than Section 2.01(i)) and the Data Sharing Plan, the term Data shall be understood
to include only non-consumer Data, and with respect to Data provided by Amex, shall be understood to include only Data derived from the
GCP Business. The Data Sharing Plan shall include, at a minimum, the terms and conditions set forth in this Section 2.01,
including: (i) types of Data required to be shared by each Party and each respective business unit or Affiliate thereof; (ii) forms
and formats of Data to be shared; (iii) the specific business units or Affiliates of each Party who shall have access to each type
of Data and the extent of such access; (iv) Data privacy, protection and retention policies, including with respect to creation
and provision of Masked Data and required demographic and firmographic information to be provided with such Masked Data; and (v) Data
governance processes.

 

    10

    

    

 

(b)       Data
Sharing Between the Parties.

 

(i)            GBT
Holdco’s Provision of Data to Amex. GBT Holdco shall, subject to Applicable Laws and any required Client consent, provide its
and its Affiliates’ Client Data to Amex or Amex’s designated Affiliates, including (A) all Data as set forth in Exhibit 1;
(B) all Joint Client Data, including all travel-related Data of Joint Clients (which shall include Data related to travel products
and services offered to or purchased by Joint Clients) and all transaction-level Data; (C) all transaction-level Data of the GBT
Holdco’s Clients that are not Joint Clients, subject to binding contractual obligations therewith; and (D) any such other
Joint Client Data as the Parties shall mutually agree upon in writing. Notwithstanding any of the foregoing, transaction-level Data provided
to Amex or its designated Affiliates will not include any PII; provided, however, that to the extent such Data cannot be
provided by GBT Holdco without also providing PII to Amex, GBT Holdco shall use commercially reasonable efforts to create Masked Data
therefrom and promptly provide such Masked Data to Amex or its designated Affiliates.

 

(ii)           Amex’s
Provision of Data to GBT Holdco. Amex shall, subject to Applicable Laws and any required Client consent, provide such Joint Client
Data to GBT Holdco as GBT Holdco shall reasonably request, subject to further clarification under the Data Sharing Plan and the Joint
Client Support Plan, and as determined and agreed to by the Data Governance Team; provided, however, that in no event shall
such Data include PII.

 

(c)        Data
Use.

 

(i)            GBT
Holdco’s Use of Data Provided by Amex. With respect to any Data provided by Amex to GBT Holdco, GBT Holdco shall, subject to
Applicable Laws: (A) use such Data solely for such uses as reasonably necessary in order for GBT Holdco to satisfy its obligations
or exercise its rights under this Agreement or the Prospective Agreements or as the Parties shall otherwise mutually agree in writing;
(B) restrict access to such Data exclusively to its employees who specifically require access to such Data in the course of performing
GBT Holdco’s obligations under this Agreement or the Prospective Agreements, or as allowed by the Data Sharing Plan or the Joint
Client Support Plan, or as the Parties may otherwise mutually agree in writing; and (C) not use any such Data for offering, promoting
or marketing of any of its products or services to any Clients of Amex without the prior written consent of Amex. The Parties acknowledge
that, in the course of processing Data provided by Amex hereunder, GBT Holdco and its Affiliates will act solely as a processor with
respect to any Personal Data in respect of which Amex or one of its Affiliates is a controller. As a result, GBT Holdco and its Affiliates
will only process any such Personal Data (i) on behalf of Amex or its applicable Affiliate and (ii) in accordance with the
reasonable instructions of Amex or its applicable Affiliate, provided that such instructions comply with Applicable Law.

 

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(ii)           Amex’s
Use of Data Provided by GBT Holdco. With respect to any Data provided by GBT Holdco to Amex or its designated Affiliates, Amex and
its Affiliates shall, subject to Applicable Laws, Article V herein and the restrictions set forth in Article VII of
the Shareholders Agreement, have the right to use any and all Data provided to Amex or its Affiliates by GBT Holdco for any and all purposes,
in Amex’s reasonable discretion, including Client reporting, internal reporting, consulting, process automation, marketing analytics
and business performance reporting. Amex and its designated Affiliates shall have the right to use Data provided by GBT Holdco for up
to five (5) years following the expiration or termination of this Agreement or the Data Sharing Plan, whichever is later, and to
further retain such Data for such period of time as required under Amex’s then-current record retention policies, in each case
subject to Applicable Law and Client contractual obligations.

 

(d)       Security
and Data Protection.

 

(i)            Each
Party and, if applicable, its Affiliates shall provide a secure environment for the Data provided by the other Party or its Affiliates
and shall use commercially reasonable administrative, technical, and physical safeguards designed to protect the security, integrity,
and confidentiality of such Data, which safeguards shall be no less rigorous than the safeguards used to protect the Data of such Party’s
own Clients.

 

(ii)           Each
Party and, if applicable, its Affiliates shall implement and maintain internal policies requiring appropriate encryption of Data that
is transmitted by such Party or its Affiliates outside of the Amex Network in accordance with applicable industry standards and Applicable
Laws. In furtherance of the foregoing, the Parties shall maintain appropriate privacy and information security programs as required under
Applicable Law and that each include appropriate policies, processes, practices and controls in connection with the storage, maintenance,
usage, disclosure and all other processing of Data.

 

(e)        Data
Ownership. As between the Parties, all right, title, and interest in and to any Data provided by any Party or its Affiliates to the
other Party or its Affiliates, including any Intellectual Property thereto, shall be solely and exclusively owned by the providing Party
or the applicable Affiliate, and, unless explicitly set forth therein or otherwise agreed to by the Parties in writing, (i) nothing
in this Agreement, the Prospective Agreements, or the Related Agreements shall convey any rights or interests in such Data to the Receiving
Party and (ii) unless such use is reasonably necessary in order for the Receiving Party to satisfy its obligations or exercise its
rights under this Agreement or the Prospective Agreements, the Receiving Party shall not edit, modify, create derivatives, combinations
or compilations of, combine, associate, synthesize, reverse engineer, reproduce, display, distribute, disclose or otherwise use any such
Data.

 

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(f)        Data
Consents. Each Party shall use commercially reasonable efforts to obtain and maintain in effect (including by means of renewal),
the consent of all Clients (including Joint Clients) to the sharing and the use of Data by both of the Parties, provided that,
(i) such consent shall be obtained in accordance with Applicable Law and (ii) if either Party is not able to obtain any such
consent, such Party shall not be required to provide the affected Data until such consent has been granted. Each Party shall bear its
own costs with respect to obtaining such consent. In the event one Party requests incremental efforts to obtain such consent, the requesting
Party may reimburse the other Party or its Affiliates, as applicable, for reasonable costs related thereto.

 

(g)       Data
Governance Team. The Parties each agree to assign certain of their respective employees to a joint Party team tasked with overseeing,
coordinating and enhancing Data sharing between the Parties (the “Data Governance Team”). The Data Governance Team
shall meet regularly and one (1) member of the Data Governance Team from each Party shall be designated the primary point of contact
for the other Party for any Data-related inquiries.

 

(h)       BTAConnect.
BTAConnect shall be the sole and exclusive tool that GBT Holdco shall use for the servicing and reconciliation of any travel account
of any Joint Client that utilizes a GCP Business travel account in a country or jurisdiction where BTAConnect is available.

 

(i)         Third
Party Data. With respect to any Data sourced by one Party from other Persons (but not Clients) that is or could be beneficial to
the other Party: (i) the Parties agree to work together to secure access to such Data on preferential terms; (ii) the Parties
shall use reasonable efforts to agree on division of fees or costs associated with access to such Data; and (iii) the Parties shall
use reasonable efforts to agree on a proportional division of fees or costs with respect to Data used by one Party that was previously
independently sourced and provided by the other Party.

 

(j)         Compliance.

 

(i)            Each
Party’s obligations under this Agreement and the Data Sharing Plan shall at all times be subject to all Applicable Laws.

 

(ii)           Notwithstanding
anything herein to the contrary, in all matters relating to the sharing and use of Data pursuant to this Agreement and the Data Sharing
Plan, the Parties and their respective Affiliates shall comply with all requirements of all Applicable Laws concerning privacy and Personal
Data, including the Data Protection Legislation.

 

(iii)          GBT
Holdco shall comply with all Intercompany Binding Corporate Data Rules currently in place between Amex business units and its Affiliates
regarding the use and protection of Personal Data to ensure that GBT Holdco’s internal Data security policies are in no case less
stringent than required by Applicable Laws.

 

(k)        Fees
for Data Sharing. During the Term (and subject to Section 2.01(f) and Section 2.01(i)), no fees, costs,
or expenses associated with Data shared under the Data Sharing Plan shall be payable by any Party or its Affiliates to the other Party
or its Affiliates.

 

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Section 2.02.     Joint
Client Services.

 

(a)        Joint
Client Support Plan. The Parties agree to cooperate in good faith with respect to all activities that involve Joint Clients. In furtherance
of the foregoing, each Party shall use commercially reasonable efforts to enter into an agreement with the other Party setting forth
the terms, conditions, rights and obligations of each Party with respect to Joint Client activities (the “Joint Client Support
Plan”) within one hundred twenty (120) days of the Effective Date. The Joint Client Support Plan shall include terms and conditions
regarding: (i) subject to the Data Sharing Plan, sharing of Data related to Joint Clients, including for purposes of offering, promoting
or marketing products or services to Joint Clients, product development, reporting and insight development (e.g., travel/card matching
and benchmarking); (ii) each Party’s rights and obligations with respect to all communication with Joint Clients, including
clear rules for frequency, format and content of all Joint Client communication, engagement and offering, promoting and marketing
related to existing and new services and other activities in order to avoid duplicative or inconsistent communication and to ensure seamless
customer service; (iii) coordination of all other Joint Client relationship activities, including each Party’s responsibilities
with respect to reviews of Joint Client accounts, Joint Client account development and communication across each Party’s respective
Joint Client account management teams; and (iv) each Party’s rights and obligations with respect to offering, promoting or
marketing to potential Clients of GBT Holdco Advisory and GCP Consulting, including clear rules of priority to prevent duplicative
offering, promoting or marketing.

 

(b)       Joint
Client Categories. The terms and conditions of the Joint Client Support Plan shall be tailored to all permutations of Joint Client
categories, including Joint Clients that: (i) are Clients of the GCP Business and, with respect to GBT Holdco, solely Clients of
GBT Holdco TMC, (ii) are Clients of the GCP Business and GBT Holdco TMC and that also have either a GBT Holdco Advisory or a GCP
Consulting relationship; (iii) are Clients of the GCP Business (either with or without GCP Consulting relationship) and, with respect
to GBT Holdco, solely Clients of GBT Holdco Advisory; and (iv) are Clients of both the GCP Business and GBT Holdco TMC and that
also have both GBT Holdco Advisory and GCP Consulting relationships.

 

(c)        Right
of First Refusal. In the event GBT Holdco (i) pursues a renewal or expansion of an existing relationship with a Joint Client,
or (ii) wishes to solicit any Person with a joint offer that includes products or services from a third party that are substantially
similar to those offered by the GCP Business, then, in either case, GBT Holdco shall notify Amex of such renewal, expansion or prospective
relationship, and Amex shall have the exclusive right of first refusal to participate with GBT Holdco in such renewal, expansion or prospective
relationship offer, except in the case that a Person, other than a Joint Client, expressly names a specific Amex Competitor from
whom they want payment products solutions. In the event Amex declines to participate, for the purposes of soliciting such renewal, expansion
or prospective relationship only, GBT Holdco may partner with a provider of products or services similar to those offered by the GCP
Business of its choosing, subject to the terms of this Agreement; provided, however, that the foregoing may be further
modified under the Joint Client Support Plan.

 

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Section 2.03.     Product
Development.

 

(a)        Product
Development Committee. The Parties shall establish and maintain a joint product steering committee (the “Joint Product Steering
Committee”), made up of at least one (1) representative of each Party, to identify prospective joint development opportunities
and coordinate efforts between the Parties therefor. The Parties shall enter into an agreement (the “Joint Product Agreement”)
to address, among other things, exclusivity and ownership rights with respect to any joint product development that the Parties may mutually
agree to pursue.

 

(b)       Meetings &
Events Joint Product Development. Each Party shall use commercially reasonable efforts to enter into an agreement with the other
Party setting forth the terms, conditions, rights and obligations of each Party with respect to consulting and end-to-end integrated
meetings and events services (such agreement, the “Meetings and Events Services Plan,” and such services, the “Meetings
and Events Services”). The Meetings and Events Services Plan shall include terms and conditions regarding lead generation,
sales and marketing. Under the Meetings and Events Services Plan, Amex (including the GCP Business), in collaboration with GBT Holdco,
shall have the right to offer, market, promote and sell Meetings and Events Services as part of its own suite of products. The Parties
agree, with respect to any Meetings and Events Services, that GBT Holdco will be the sole and exclusive outsourcing vendor to Amex with
respect to such services, including transient/group travel, event sourcing, execution and planning, on terms to be mutually agreed to
by the Parties. For the avoidance of doubt, the terms and conditions describing rights and obligations of each Party with respect to
Meetings & Events Services related to Joint Clients shall be set forth in the Joint Client Support Plan.

 

(c)        Intellectual
Property.

 

(i)            As
between the Parties and subject to each Party’s pre-existing rights, with respect to any Intellectual Property (other than Data)
developed or created exclusively by Amex or its Affiliates in the course of performing its obligations under this Agreement, Amex shall
exclusively own all right, title and interest in and to such Intellectual Property.

 

(ii)           As
between the Parties and subject to each Party’s pre-existing rights, with respect to any Intellectual Property (other than Data)
developed or created exclusively by GBT Holdco or its Affiliates in the course of performing its obligations under this Agreement, GBT
Holdco shall exclusively own all right, title and interest in and to such Intellectual Property.

 

(iii)          As
between the Parties and subject to each Party’s pre-existing rights, with respect to any Intellectual Property (other than Data)
developed or created jointly by Amex and GBT Holdco or their respective Affiliates in the course of performing their obligations under
this Agreement (“Jointly Developed IP”), (A) Amex shall exclusively own all right, title and interest in and
to such Jointly Developed IP and to the existing jointly developed intellectual property listed in Exhibit 3, and (B) Amex
hereby grants to GBT Holdco a perpetual, irrevocable, non-transferable (except as set forth in Section 2.03(c)(v) below),
worldwide, non-exclusive, royalty-free license, solely under such Jointly Developed IP (other than Trademarks), to use, reproduce, publish,
display, perform, make, have made, sell, offer to sell and import any product or service embodying such Jointly Developed IP or otherwise
exploit the Jointly Developed IP in any manner or method within it sole discretion. For the avoidance of doubt for a patent to be Jointly
Developed IP, at least one employee of each of Amex and GBT Holdco (or of each Party’s respective Affiliate performing such Party’s
obligations under this Agreement) needs to be a properly named inventor of such patent.

 

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(iv)          Except
as otherwise provided in the Master Reorganization Agreement, and notwithstanding anything in this Agreement to the contrary, all products
and services, and any Intellectual Property developed or in the process of being developed prior to the Effective Date, including products
and services set forth in Exhibit 3 hereto, or otherwise developed by Amex outside of the scope of this Agreement, shall
be owned solely and exclusively by Amex.

 

(v)           With
respect to the licenses granted in Section 2.03(c)(iii), GBT Holdco may not assign such rights without the prior written
consent of Amex; provided that, subject to the terms of the Shareholders Agreement or Share Purchase Agreement, GBT Holdco may
assign such rights, in whole, in connection with any merger or sale of substantially all of its assets.

 

(vi)          The
parties agree to equally share the costs of prosecuting and maintaining any patent included within the Jointly Developed IP, unless otherwise
agreed.

 

Section 2.04.     [***]
Agreements Obligations.

 

(a)        Obligations
under [***] Agreements.

 

(i)            GBT
Holdco shall, on behalf and for the benefit of Amex, assume and perform all of the services, obligations and other responsibilities that
the GBT Business has performed prior to the Effective Date with respect to, in accordance with and pursuant to the terms of, the GBT-[***]
Agreement, and shall use commercially reasonable efforts to extend the term of the GBT-[***] Agreement to at least match the term of
the GCP-[***] Agreement which expires on [***] and is subject to three (3) automatic annual renewals.

 

(ii)           GBT
Holdco shall, on behalf and for the benefit of Amex, assume and perform all of the services, obligations and other responsibilities that
GBT Business has performed prior to the Effective Date with respect to, in accordance with and pursuant to the terms of, the GCP-[***]
Agreement, including the obligations set forth in Sections 4.7, 4.14, 5.2(e), 7.5, 7.6, 7.8, 8.3(b), 8.4, 9.2, 9.4, 10, 11, and 12 thereunder
, as well as the obligations set forth in Section 5.1 thereto, which obligates Amex and GBT Holdco to market only [***].

 

(b)       Annual
Revenue Targets. GBT Holdco shall meet the following annual revenue targets for submitting leads to [***] as currently detailed in
Section 8.1 of the [***] Agreement and Section 5.3(a) of the GCP-[***] Agreement, and shall share revenue with [***] in
accordance with Section 8.5 of the GBT-[***] Agreement; provided that in the event that GBT Holdco shall miss any of the
targets for the applicable year as set forth in this Section 2.04(b), GBT Holdco shall pay [***] under the terms of the GCP-[***]
Agreement as in effect at such time:

 

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(i)            [***]

 

provided,
however, that (i) GBT Holdco is not responsible for any payment relating to the GBT-[***] Agreement and GCP-[***] Agreement
for any period prior to [***]; and (ii) with respect to Year 1 above, GBT Holdco shall only be responsible to pay Amex the amount
of any such shortfall multiplied by a fraction, the numerator of which is the number of days in the period from the date hereof through
[***], and the denominator of which is 365.

 

(c)        Reporting.
GBT Holdco shall, on a monthly basis, provide a written report to Amex, in a form to be agreed upon by the Parties, setting forth GBT
Holdco’s progress in meeting the applicable targets for each applicable period set forth in Section 2.04(b). GBT Holdco
shall appoint and maintain a dedicated point of contact to assist and coordinate efforts with Amex respect to all obligations related
to [***], including the GBT-[***] Agreement and the GCP-[***] Agreement.

 

(d)       Sales
team. GBT Holdco shall provide incentive payments to GBT Holdco’s sales force with respect to generating leads for [***] for
Eligible Subscription Services, as defined in the GCP-[***] Agreement.

 

(e)        Termination.
In the event that the GCP-[***] Agreement is terminated for any reason, all obligations set forth in this Section 2.04 shall
also terminate; provided, however, that each Party shall continue to make Payments due under this Section 2.04
for any lead generation that occurred prior to such termination of the GCP-[***] Agreement.

 

Section 2.05.     Lead
Referral Services Agreement. The Parties each agree to the terms of the lead referral services agreement (the “LRSA”)
set forth in Exhibit 2. Each Party shall use commercially reasonable efforts to cause their respective Affiliates, as applicable,
to execute an addendum binding them to the terms of the LRSA within one hundred and twenty (120) days of the Effective Date. Furthermore,
the Parties shall use commercially reasonable efforts to mutually define and agree to a Sales and Marketing Plan, as defined in the LRSA,
within one hundred and twenty (120) days of the Effective Date. In the event of any inconsistency between the terms of the LRSA and the
terms of this Agreement, the terms of this Agreement shall govern.

 

Section 2.06.     Executive
Steering Committee. Senior managers of each Party (including, on behalf of Amex, a manager of the GCP Business) shall hold joint
review meetings, no less than twice in each calendar year, at a suitable location reasonably selected by Amex. The purpose of such meetings
shall be to discuss performance of the Parties under this Agreement and any new opportunities for expansion of the Parties’ cooperation.

 

Section 2.07.     Conferences
and Trade Shows. The Parties shall coordinate their presence at conferences and tradeshows during the period for which GBT Holdco
has rights to the Amex brand pursuant to the Trademark License Agreement, which coordination may include sharing of costs and expenses
for mutually attended events, sharing trade shows booths, and any other cooperation that the Parties may mutually agree upon in writing.

 

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Section 2.08.     Exclusivity.
During the Term, GBT Holdco agrees that, for each applicable country or jurisdiction, Amex payment products (including GCP Business products)
shall be the sole and exclusive payment solution offered, promoted and marketed by GBT Holdco or its Subsidiaries to any Client or any
Person that is reasonably likely to become a Client. GBT Holdco shall not, and shall ensure that its Subsidiaries do not, whether directly
or indirectly, offer, promote or market any non-Amex payment solutions, including: (a) payment solutions provided by [***], or any
of their respective Affiliates; (b) payment solutions provided by issuing networks, including [***], or any their respective Affiliates;
(c) payment solutions offered, promoted or marketed by any non-traditional payment providers, including [***]; or (d) payment
solutions offered by any other Amex Competitors, in each case except as provided in Section 2.02(c). For the avoidance of doubt,
nothing in this Section 2.08 shall restrict GBT Holdco from accepting payment products of Amex Competitors or from developing technical
integration of products that support payments made via Amex Competitors, provided, however, that in the event of any such technical integration,
Amex shall have the right to integrate similar products for the benefit of the GCP Business.

 

Section 2.09.     MR
Program Support. Subject to mutual written agreement between the Parties, GBT Holdco may act as a redemption partner in the GCP Corporate
Membership Rewards program, with agreed-upon services and products to be offered through the GCP Corporate Membership Rewards program
by GBT Holdco.

 

Section 2.10.     Audit.
GBT Holdco shall afford to Amex (or a mutually agreed-upon Agent of Amex) and their auditors access to all of the books, records and
properties of GBT Holdco, during normal business hours and upon reasonable advance notice, to enable Amex to audit the performance of
GBT Holdco under this Agreement, and GBT Holdco shall provide reasonable cooperation and assistance to any such Persons, including permitting
such Persons to make copies of such book and records and to discuss all aspects of GBT Holdco’s business related to this Agreement
with any Agents of Amex, and GBT Holdco shall provide to Amex responses to all written requests for information regarding GBT Holdco’s
performance under this Agreement; provided, however, that such audit, investigation, and preparation of responses shall not unreasonably
or adversely impact GBT Holdco’s regular operations and business. Such audit shall be completed at Amex’s sole expense.

 

Article III

 

COVENANTS

 

Section 3.01.     Books
and Records. Each Party shall maintain complete and detailed financial, administrative and other books and records relating to this
Agreement until the later of (a) one (1) year following the expiration or termination of this Agreement and (b) the period
of continuing performance under Article VI.

 

Section 3.02.     Legal
Compliance. Each Party represents, warrants and covenants that it shall comply with and perform its obligations hereunder in compliance
with all Applicable Laws including the United States Foreign Corrupt Practices Act of 1977, as amended, and the United Kingdom Bribery
Act of 2010, as amended, as well as the rules and regulations and terms and conditions of the Airlines Reporting Corporation, the
Bank Settlement Plan, the International Air Transport Association, and the International Airlines Travel Agent Network, and their successors,
as applicable; provided, however, that if any Governmental Authority seeks to access any Confidential Information, the Parties shall
comply with the provisions of Article V herein.

 

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Section 3.03.     Further
Assurances. Each Party shall, at its own expense and upon the reasonable request of the other Party, duly execute and deliver, or
cause to be duly executed and delivered, to such Party such further instruments, and do and cause to be done such further acts, as may
be necessary or proper in the reasonable opinion of such Party to carry out more effectively the provisions and purposes of this Agreement.

 

Article IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section 4.01.     Representations
and Warranties of the Parties. Each Party represents and warrants to the other Party that:

 

(a)        Organization.
Such Party is a corporation or other legal entity duly organized, validly existing and in good standing (where such concept exists) under
the laws of the jurisdiction of its organization, and has all requisite corporate or other power and authority and all necessary material
governmental approvals to own, lease and operate its properties and to carry on its business as now being conducted.

 

(b)        Authority;
Validity of Agreement. Such Party has the requisite corporate or other power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. This Agreement has been duly executed and delivered by such Party, and, assuming due and valid
authorization, execution and delivery hereof by the other Party hereto, this Agreement is a valid and binding obligation, enforceable
against it in accordance with its terms.

 

(c)        Consents
and Approvals; No Violations. None of the execution, delivery or performance of this Agreement by such Party or compliance by it
with any of the provisions hereof will (i) conflict with or result in any breach of any provision of the certificate of incorporation
and by-laws or similar organizational documents of such Party, (ii) require any filing with, or permit, authorization, consent or
approval of, any Governmental Authority, (iii) result in a violation or breach of, or constitute (with or without due notice or
lapse of time or both) a default (or give rise to any right of termination, amendment, suspension, cancellation or acceleration) under,
or trigger an obligation to pay any consideration, royalties or other amounts in excess of those amounts otherwise owed by such Party,
or require any consent under, or result in the creation of any encumbrance on any of its material property or assets pursuant to any
of the terms, conditions or provisions of any material Contract or other instrument or obligation to which such Party or by which it
or any of its respective properties or assets may be bound or (iv) violate any Applicable Law which such Party, any of its Subsidiaries
or any of their properties or assets may be subject to, excluding from the foregoing clauses (ii), (iii) and (iv) such filings,
permits, authorizations, consents, violations, breaches, defaults, rights, obligations or encumbrances which would not, individually
or in the aggregate, have a material adverse effect on such Party.

 

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(d)       Litigation.
As of the date hereof, there is no Action pending or, to the knowledge of such Party, threatened against or involving such Party or any
of its Affiliates that challenges the validity of this Agreement or seeks to prevent, enjoin, alter or materially delay any of the aspects
of the performance of any of its obligations under this Agreement.

 

(e)        No
Other Representations. Except as to matters expressly covered in this Article IV or in any Related Agreement, each Party
hereby disclaims all other representations, warranties and guarantees, whether express or implied.

 

Article V

 

CONFIDENTIALITY

 

Section 5.01.     Confidentiality.

 

(a)        For
purposes of this Agreement, “Confidential Information” means, with respect to each of the Parties and their respective
Affiliates, information of a confidential or proprietary nature that the receiving Party or its Affiliates (the “Receiving Party”)
receive from the other Party or its Affiliates (the “Disclosing Party”) in the performance of or in connection with
this Agreement, including any Data related to any Client of either Party or their respective Affiliates; information related to any patents,
know-how, designs, formulas, processes, technology, plans, trade secrets, inventions, discoveries, improvements and ideas or works of
authorship or other information relating to the business of either Party or their respective Affiliates; information concerning any of
the Parties’ or their respective Affiliates’ past, current or possible future products or projects; information about its
research, development, purchasing, accounting, marketing, or selling of products or services; and information concerning any of its past,
current or possible future Clients or business prospects.

 

(b)       Each
Party and, if applicable, their respective Affiliates shall preserve the strictest confidence of all the terms of this Agreement and
all Confidential Information using at least the same degree of care as it employs in maintaining in confidence its own confidential information
of a similar nature, but in no event less than a reasonable degree of care.

 

(c)        The
foregoing confidentiality obligations shall not apply to information that is: (i) already known and free of any restriction on the
Receiving Party prior to the date of disclosure thereof by the Disclosing Party; (ii) subsequently learned on a non-confidential
and lawful basis from an independent third party not bound by this Agreement; (iii) already in or hereafter becomes part of the
public domain through no fault of the Receiving Party; (iv) expressed in writing by the Disclosing Party to be non-confidential;
(v) mutually deemed in writing to be non-confidential by the Parties pursuant to this Agreement or the Data Sharing Plan; (vi) in
an aggregate form not attributable to the Disclosing Party; or (vii) required by Applicable Law to be disclosed; provided,
however, that if not prohibited by Applicable Law and if practicable, the Receiving Party shall (A) give prompt written notice
of any such request or requirement to the Disclosing Party, and the Confidential Information of the Disclosing Party it believes it is
required to disclose; and (B) cooperate to the extent practicable with the Disclosing Party, at the Disclosing Party’s expense,
with any reasonable efforts of the Disclosing Party to avoid or minimize such disclosure and/or obtain confidential treatment thereof
or other protective order. If the Disclosing Party is unable to obtain a protective order of confidential treatment, the Receiving Party
may disclose the Disclosing Party’s Confidential Information without breach of this Agreement.

 

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Section 5.02.     Use
of Confidential Information.

 

(a)        Except
with the prior written consent of the Disclosing Party, the Receiving Party shall not use or disclose any Confidential Information to
any Person except in accordance with the terms of this Agreement, including the Data use provisions set forth in Section 2.01(c) hereto,
provided that the Receiving Party shall not use any of the Disclosing Party’s Confidential Information for any purpose,
other than that the Receiving Party may disclose the Disclosing Party’s Confidential Information to its Affiliates or Agents, including
its legal and financial consultants (but only insofar as those people or entities require access to such Confidential Information to
enable the Party to fulfill its obligations under this Agreement), and provided, further, that such Affiliates, Agents
and consultants comply with the confidentiality provisions set forth in this Article V and elsewhere in this Agreement, any
Prospective Agreement, and any Related Agreement. The Receiving Party shall not take any other action with respect to the other Party’s
Confidential Information inconsistent with the confidential and proprietary nature of such information.

 

(b)       Notwithstanding
anything in this Agreement to the contrary (except as set forth in this Section 5.02), Amex Card Transaction Data shall not
be disclosed, sold, assigned, leased, or otherwise provided by GBT Holdco or any of its Affiliates to any Person, or otherwise used by
GBT Holdco or any of its Affiliates, to the extent such Amex Card Transaction Data identifies, or is capable of identifying, (i) Card
Members, either individually or as a Card Member; (ii) the value, number or nature of transactions conducted by Card Members or
Joint Clients; or (iii) transactions made using Cards or a specific type of Card (as opposed to transactions generally).

 

Section 5.03.      Return
or Destruction of Confidential Information. Each Party and, if applicable, their respective Affiliates, shall return Confidential
Information of the other Party or its Affiliates, or destroy it, upon the termination or expiration of this Agreement, subject to Applicable
Laws requiring its retention and any provisions of this Agreement allowing retention of Data, and in the case of electronic Data, automatic
back-up procedures, and each Party shall certify to the other Party in writing that such Confidential Information has been destroyed
within ten (10) days of such destruction. To the extent that a Party or its Affiliates retains Confidential Information of the other
Party or its Affiliates following the termination or expiration of this Agreement as permitted by this Agreement, such Confidential Information
shall continue to be subject to the requirements of this Article V.

 

Section 5.04.      Notice
of Disclosure of Confidential Information. In the event that either Party learns that Confidential Information of the other Party
or its Affiliates has been disclosed to or accessed by an unauthorized Person, such Party shall give reasonably prompt notice of such
event to the other Party’s Relationship Manager.

 

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Section 5.05.     Remedies.

 

(a)        Without
prejudice to any other rights or remedies that a Party may have under this Agreement, the Parties acknowledge and agree that damages
would not be an adequate remedy for any breach of this Article V, that the remedies of injunction, specific performance and
other equitable relief are appropriate for any threatened or actual breach of any such provision, and that no proof of special damages
shall be necessary for the enforcement of the rights under this Article V.

 

(b)       The
obligations contained in this Article V shall survive the termination of this Agreement.

 

Article VI

 

TERM
AND TERMINATION

 

Section 6.01.     Term
and Renewal. This Agreement shall be effective as of the Effective Date. The term of this Agreement shall commence on the Effective
Date and continue until the Expiration Date (the “Initial Term”), and shall thereafter automatically renew for additional
one (1) -year terms (each, a “Renewal Term” and, together with the Initial Term, the “Term”), unless (i) terminated
earlier pursuant to Section 6.02, Section 6.03, Section 6.04, Section 9.10 or (ii) either Party provides written
notice of non-renewal at least 90 days prior to the expiration of the Initial Term or any Renewal Term, as applicable.

 

Section 6.02.     Termination
for Breach/Insolvency. Either Party may terminate this Agreement, effective immediately, upon written notice to the other Party thereof,
if the other Party (a) has committed a material breach of its obligations under this Agreement and has failed to cure such material
breach within sixty (60) days of receipt by the other Party of written notice thereof; (b) has liquidated or dissolved; or (c) becomes
or is adjudicated insolvent, is unable to meet or has ceased paying its debts generally as they become due, is subject to any insolvency
or bankruptcy proceeding, makes an assignment for the benefit of creditors or is subject to receivership, conservatorship or liquidation.

 

Section 6.03.     Termination
by Agreement. The Parties shall have the right to terminate this Agreement by mutual written consent at any time.

 

Section 6.04.     Termination
for Specific Events. Amex may terminate this Agreement immediately, upon written notice to GBT Holdco, if;

 

(a)        GBT
Holdco fails to pay any undisputed amounts due in accordance with the terms of this Agreement;

 

(b)       GBT
Holdco acquires, merges or enters into a Contract with any Amex Competitor without the consent of Amex (which consent will be understood
to be given by Amex if it exercises its right of refusal set forth in Section 2.02(c)), other than Contracts entered into
in the ordinary course of business with a business travel Client of GBT Holdco;

 

(c)        Amex
at any time triggers the “Step-Down” provision of Section 8.2(a) of the Trademark License Agreement (as that term
is understood in the Trademark License Agreement);

 

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(d)       Juweel
at any time triggers the “Step-Down” provision of Section 8.2(b) of the Trademark License Agreement (as that term
is understood in the Trademark License Agreement); or

 

(e)        (i) the
 “Enterprise Compliance Period” in the Shareholder’s Agreement (as defined therein) expires, or (ii) the Shareholder’s
Agreement expires or is terminated.

 

Section 6.05.     Survival.

 

(a)        Continuing
Obligations. GBT Holdco shall continue to perform the following obligations under this Agreement: (i) the obligations set forth
in Section 2.04 relating to GBT Holdco Lead Generation for [***] through the expiration or termination of the GBT-[***] Agreement;
(ii) the obligations to share travel-related Data as set forth in Section 2.01(b) and Exhibit 1 for
a period of twelve (12) months following expiration or termination of this Agreement; and (iii) the obligations to share Data necessary
to continue servicing Joint Clients shall survive for the term of the relationship with such Joint Client.

 

(b)       Surviving
Provisions. The following provisions of this Agreement shall survive the termination of this Agreement: Section 1.01,
Section 1.02, Section 2.01(c), Section 2.01(d)(i), Section 2.01(e), Section 2.01(j),
Section 2.03(c) (except for clause (iii)(B) thereof), Section 2.04(e), Section 3.01, Section 3.02,
Article V, Section 6.04(e), Article VIII, Section 9.05, Section 9.06, Section 9.07,
Section 9.08 and Section 9.14.

 

Article VII

 

[RESERVED]

 

Article VIII

 

INDEMNIFICATION

 

Section 8.01.     Mutual
Indemnification. Subject to Section 8.03, each Party hereto (the “Indemnifying Party”) will indemnify, defend and
hold harmless the other Party and any Affiliate or Agent of the other Party (collectively, the “Indemnified Party”), from
and against any and all Losses that result from, arise out of, relate to or are incurred by reason of or on account of a third-party
Claim due to: (i) the Indemnifying Party’s or its Affiliate’s or its Agent’s failure to perform its duties or
obligations under this Agreement; (ii) the gross negligence or willful or intentional misconduct of the Indemnifying Party or its
Affiliates or its Agents in the course of the performance of its or their duties and obligations under this Agreement; (iii) the
Indemnifying Party’s or its Affiliate’s or Agent’s breach of any representation, warranty or covenant hereunder; or
(iv) the failure of the Indemnifying Party (including its Affiliates and Agents that perform on behalf of the Indemnifying Party
hereunder) to comply with its obligations set forth in Section 3.02.

 

Section 8.02.     Indemnification
Procedures.

 

(a)        Each
Indemnified Party shall promptly notify the Indemnifying Party in respect of any Losses of which the Indemnified Party becomes aware
which may give rise to a right of indemnification pursuant to Section 8.01. If an Indemnified Party fails to give prompt
notice of any such Losses to the Indemnifying Party, such failure shall not limit the liability of the Indemnifying Party, except to
the extent the Indemnifying Party demonstrates that it is prejudiced thereby.

 

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(b)       Each
Indemnifying Party shall have the right to defend or settle any Losses for which it is obligated to indemnify an Indemnified Party; provided,
however, that the Indemnifying Party shall not settle any Action without the Indemnified Party’s prior written approval
where such settlement would involve an admission of wrongdoing, continuing liability or diminution of rights or increase of obligations
assumed by the Indemnified Party under this Agreement or require the Indemnified Party to pay any amounts to any Person.

 

(c)        Each
Indemnified Party shall have the right to participate in the defense of any Claims at its own expense and with its own counsel.

 

(d)       Each
Party shall reasonably cooperate with the other Party to defend, settle or investigate any Claims or potential Claims made by any Person
against such Party on the basis of any alleged act or failure to act, whether or not such Claims are subject to indemnification hereunder,
provided that the requesting Party shall reimburse the other Party for any reasonable out-of-pocket expenses incurred in complying
with this Section 8.02.

 

Section 8.03.     Limitations
of Liability.

 

(a)        NOTWITHSTANDING
ANY OTHER PROVISIONS HEREOF, IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL,
PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES OF ANY KIND, NOR FOR ANY LOST PROFITS OR REVENUES, LOST SAVINGS OR LOST BUSINESS, RELATING
TO, IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT. THE MAXIMUM AMOUNT OF LOSSES FOR WHICH EITHER PARTY MAY BE LIABLE
IN CONNECTION WITH ANY CLAIM RELATING TO THIS AGREEMENT, SHALL BE LIMITED TO FIVE MILLION U.S. DOLLARS ($5,000,000); PROVIDED, HOWEVER,
THAT THE AFOREMENTIONED LIMITATION ON LIABILITY SHALL NOT BE APPLICABLE TO ANY DIRECT CLAIMS, DAMAGES OR OTHER LIABILITIES ARISING FROM
A PARTY’S BREACH OF ARTICLE V HERETO OR RELATED TO ITS IMPROPER HANDLING OF OR FAILURE TO SECURE ANY CONFIDENTIAL INFORMATION
(INCLUDING DATA).

 

(b)       Notwithstanding
anything else in this Agreement to the contrary, no Party shall be liable in connection with a Claim made against it for any Losses to
the extent that:

 

(i)            the
Loss that is the subject of such Claim has already been recovered in respect of another Claim or is a Loss for which the Indemnified
Party has been compensated or otherwise made good; or

 

(ii)           such
Claim relates to a Claim for which indemnity or other alternative remedies are provided for under any Related Agreement and such remedies
have not yet been exhausted thereunder.

 

    24

    

    

 

Section 8.04.     Remedies
Cumulative. Subject to any other provision of this Agreement stating otherwise (including any exculpatory provisions), the remedies
provided for in this Agreement shall be cumulative and shall not preclude assertion by any Party hereto of any other rights or the seeking
of any other remedies against the other Party.

 

Article IX

 

MISCELLANEOUS

 

Section 9.01.     Fees
and Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the Party incurring such expenses,
except as otherwise specifically provided in this Agreement.

 

Section 9.02.     Amendment
and Modification. This Agreement may be amended, modified and supplemented in any and all respects, but only by a written instrument
signed by all of the Parties expressly stating that such instrument is intended to amend, modify or supplement this Agreement.

 

Section 9.03.     Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given (and shall be deemed to have been duly given
upon receipt) if mailed, delivered personally, sent by facsimile (which is confirmed), by electronic mail (which is confirmed) or sent
by an overnight courier service, such as Federal Express, to the Parties at the following addresses (or at such other address for a Party
as shall be specified by like notice):

 

To Amex:

 

American Express Travel Related Services Company, Inc.

American Express Tower

World Financial Center

New York, New York 10285-3500

Attn: Susan Sobbott - President, Global Corporate Payments

 

With an informational copy to:

 

General Counsel’s Office

American Express Travel Related Services Company, Inc.

American Express Tower

World Financial Center

New York, New York 10285-4900

Attn: Lead Senior Attorney – Global Corporate Payments

 

To GBT Holdco:

 

GBT III B.V.

Hoogoorddreef 15 Atlas-Arena

1101 BA Amsterdam

Attn: General Counsel’s Office and William Glenn

 

    25

    

    

 

With an informational copy to:

 

Juweel Investors Limited

119 West 40th Street, 12th Floor

New York, NY 10018

Attn: Secretary

 

Section 9.04.     Mediation
and Arbitration.

 

(a)        The
Parties agree that any and all disputes, claims or controversies arising out of or related to this Agreement, including any Claims under
any Applicable Law (“Disputes”), shall be submitted to mediation. If a Dispute is not resolved through mediation within
forty-five (45) days from such submission, it shall be submitted for binding arbitration upon the demand of either Party. Any mediation
and/or arbitration shall take place in the State of New York, New York County, and shall be administered by, and pursuant to the rules of,
the American Arbitration Association or JAMS, upon the election of the Party asserting the Dispute. In the event of any inconsistency
between this Section 9.04 and any rule of the arbitration organization, this Section 9.04 will control.
Except as otherwise provided for herein, neither Party will have the right to litigate Disputes.

 

(b)       DISPUTES
SHALL BE ARBITRATED ON AN INDIVIDUAL BASIS. THERE SHALL BE NO RIGHT OR AUTHORITY FOR ANY DISPUTES TO BE ARBITRATED ON A CLASS ACTION
BASES OR IN A PURPORTED REPRESENTATIVE CAPACITY ON BEHALF OF THE GENERAL PUBLIC OR OTHER ENTITIES SIMILARLY SITUATED. Furthermore, Disputes
brought by either Party against the other Party may not be joined or consolidated in arbitration with Disputes brought by or against
any third party, unless agreed to in writing by all Parties. The Arbiters’ authority to resolve Disputes and to make awards is
limited to Disputes between the Parties alone, and is subject to the limitations of liability set forth in this Agreement. No arbitration
award or decision shall be given preclusive effect as to issues or claims in any Dispute with anyone who is not a Party to the arbitration.
The mediation/arbitration proceedings and all documentation and/or information related to such processes shall be deemed confidential.
All offers, promises, conduct and statements, whether written or oral, made in the course of the negotiations and arbitration by any
of the Parties, their Agents, experts, and by the Arbiters, are confidential, privileged and inadmissible for any purpose, including
impeachment, in any litigation or other proceeding involving the Parties, provided that evidence that is otherwise admissible
or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the negotiation or arbitration. Should
any portion of this subclause (b) be stricken from this Agreement or deemed otherwise unenforceable, then this entire Section 9.04
 shall not apply, other than this sentence.

 

(c)        Notwithstanding
the foregoing, the Parties expressly agree that a mediation or an arbitral tribunal appointed hereunder or under any of the Related Agreements
may exercise jurisdiction with respect to Disputes or controversies arising under, out of, relating to or in connection with this Agreement
and any of the Related Agreements, which are related by common questions of law or fact that could result in conflicting awards or obligations,
and the Parties expressly consent to the consolidation of arbitrations commenced hereunder and/or under one or more of the Related Agreements.
When arbitrations are consolidated as contemplated herein, they shall be consolidated into the mediation or arbitration that commenced
first, unless otherwise agreed by the Parties.

 

    26

    

    

 

(d)       Subject
to the second sentence of subclause (e) below, the Parties shall be equally responsible for paying the mediation and arbitration
fees (including filing, administrative, hearing and/or other fees) incurred hereunder, provided by the rules of the arbitration
organization selected in accordance with this Section 9.04.

 

(e)        The
Parties agree that the Arbiters’ decision shall be final and binding. The provisions of this Section 9.04 may be enforced
in a court of competent jurisdiction, and the Party seeking enforcement shall be entitled to an award of all costs, fees and expenses
incurred in obtaining the enforcement of this provision to be paid to the Party against whom enforcement is ordered.

 

(f)        Subject
to Section 9.05, either Party shall have the right to seek equitable relief (i) in arbitration prior to the arbitration
proceedings to enforce the status quo, and (ii) in a court to enforce the confidentiality provisions set forth in Article V.
For the avoidance of doubt, nothing in this Section 9.04 shall prevent either Party from seeking an injunction against the
unauthorized use or disclosure of that Party’s or its Affiliates’ Intellectual Property or Confidential Information in accordance
with Article V. The Parties shall be entitled to seek appropriate equitable relief in addition to whatever remedies it might
have at law (without being required to post a bond or other security or provide special proof, which requirement the Parties agree to
waive).

 

(g)       This
arbitration provision is made pursuant to a transaction involving interstate commerce, and shall be governed by the Federal Arbitration
Act, 9 U.S.C. Sections 1-16, as amended.

 

Section 9.05.     Governing
Law; Jurisdiction and Venue.

 

(a)        This
Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to any choice
or conflict of law provision or rule thereof or any other jurisdiction that would give rise to the application of the Laws of another
jurisdiction.

 

(b)       Any
Dispute arising out of, relating to or in connection with this Agreement (other than those submitted to an Arbiter in accordance with
Section 9.04), including any Dispute regarding the validity or termination of this Agreement, or the performance or breach
of this Agreement, shall be brought exclusively in the Supreme Court of the State of New York or the United States District Court for
the Southern District of New York, in each case, in a court sitting in New York County, and the appellate courts having jurisdiction
with respect to appeals from such courts. In that context, and without limiting the generality of the foregoing, each of the Parties
irrevocably and unconditionally:

 

(i)            consents
that any such Action may and shall be brought in such courts and waives any objection that it may now or hereafter have to the venue
or jurisdiction of any such Action in any such court or that such Action was brought in an inconvenient court and agrees not to plead
or claim the same;

 

    27

    

    

 

(ii)           waives
all right to trial by jury in any Action;

 

(iii)          agrees
that service of process in any such Action may be effected by mailing a copy of such process by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Party at its address as provided in Section 9.03; and

 

(iv)          agrees
that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the Laws of the State
of New York.

 

Section 9.06.     Entire
Agreement; No Third-Party Beneficiaries. This Agreement (a) constitutes the Parties’ entire agreement on and supersede
all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof and thereof,
and (b) is not intended to confer upon any Person other than the parties hereto and thereto any rights, benefits or remedies hereunder
or thereunder.

 

Section 9.07.     Severability.
Any term or provision of this Agreement that is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable
in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or
the validity or enforceability of such invalid, void or unenforceable term or provision in any other situation or in any other jurisdiction.
If the final judgment of a Governmental Authority of competent jurisdiction declares that any term or provision hereof is invalid, void
or unenforceable in a jurisdiction, such term or provision shall be fully severable from this Agreement and this Agreement shall be construed
and enforced in such jurisdiction as though such invalid, void or unenforceable term or provision never comprised a part hereof. Furthermore,
the Parties shall negotiate in good faith to reduce the scope, duration, area or applicability of the term or provision, to delete specific
words or phrases, or to replace any invalid, void or unenforceable term or provision with a term or provision that is valid and enforceable
in the relevant jurisdiction and that comes closest to expressing the intention of the invalid or unenforceable term or provision in
such jurisdiction.

 

Section 9.08.     Intellectual
Property. Except as otherwise expressly provided in Section 2.03(c) or otherwise mutually agreed to in writing by the Parties,
nothing in this Agreement shall have the effect of granting to or vesting in either Party any Intellectual Property or any other right,
title or interest in or to any information, Data (including in the case of Amex, the Amex End User Data), materials, ideas, strategies,
concepts or policies of, or any work provided, devised, developed or created by, the other Party in relation to this Agreement or otherwise
owned by the other Party.

 

Section 9.09.     Extension;
Waiver. Any Party may, on its own behalf, (a) extend the time for the performance of any of the obligations or other acts of
the other Party, (b) waive any inaccuracies in the representations and warranties of the other Party contained in this Agreement
or in any document delivered pursuant to this Agreement or (c) waive compliance by the other Party with any of the agreements or
conditions contained in this Agreement. Any agreement on the part of a Party to any such extension or waiver shall be valid only if set
forth in an instrument in writing signed by or on behalf of such Party. The failure of any Party to assert any of its rights under this
Agreement or otherwise shall not constitute a waiver of those rights.

 

    28

    

    

 

Section 9.10.     Force
Majeure. If any Party is unable to perform its obligations under this Agreement in whole or in part as a consequence of events beyond
its reasonable control (including acts of God, terrorism, fire, explosion, public utility failure, accident, floods, embargoes, epidemics,
war, nuclear disaster or riot), such failure to perform shall not be considered a breach of this Agreement during the period of such
disability (labor strikes, lockouts or other labor issues shall not be deemed to be beyond a Party’s reasonable control). Upon
the occurrence of any such force majeure event, the disabled Party shall promptly notify the other Party in writing of the occurrence
thereof, the extent of its inability to perform its obligations under the Agreement as a consequence thereof, the expected duration of
such inability to perform, and of any material developments that appear reasonably likely to further adversely affect the ability of
the disabled Party to perform any of its obligations under this agreement in whole or in part. If a Party is unable to perform its obligations
under this Agreement as a consequence of a force majeure event as described above for more than six (6) months, then the other Party
shall have the right to terminate this Agreement immediately upon written notice.

 

Section 9.11.     Assignment.

 

(a)       Subject
to Section 9.11(b), neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by
any Party (whether by operation of Law or otherwise) without the prior written consent of the other Party, and any such attempted assignment
shall be null and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the Parties and their respective successors and assigns.

 

(b)       Either
Party may assign this Agreement or its rights or obligations hereunder or delegate the performance of its obligations hereunder to any
of its Affiliates to perform the obligations upon written notice to the other Party, provided, however, that (i) such
assignment shall not in any manner limit or affect assignor’s obligations hereunder; (ii) such assignment shall be valid for
so long as such assignee remains an Affiliate of the assigning Party; and (iii) such assignee may not assign the rights or obligations
hereunder to any other party. Notwithstanding the foregoing, in no event may GBT Holdco assign any of its rights or obligations or delegate
the performance of its obligations hereunder to any Affiliate that is an Amex Competitor, as that term is defined herein or in any Related
Agreement.

 

Section 9.12.     Subcontracting.
Neither Party may subcontract any of their services, responsibilities or duties hereunder without the prior written consent of the other
Party; provided, however, that nothing in this Agreement shall prevent either Party from delegating responsibilities under this Agreement
to any of its Affiliates. In the event that any services, responsibilities, or duties under this Agreement are subcontracted, the subcontracting
Party shall remain fully responsible for the performance of all obligations under this Agreement notwithstanding any subcontracting.
Notwithstanding the foregoing, in no event may GBT Holdco subcontract any of its services, responsibilities or duties hereunder to any
Affiliate that is an Amex Competitor, as that term is defined herein or in any Related Agreement.

 

    29

    

    

 

Section 9.13.     Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become
effective when the two or more counterparts have been signed by each of the Parties and delivered to the other Party. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile, “.pdf” or other electronic transmission will
be as effective as delivery of a manually executed counterpart of this Agreement.

 

Section 9.14.     Relationship
of the Parties. The Parties acknowledge that nothing in this Agreement is intended or shall be construed to create or establish any
agency, partnership or joint venture relationship between the Parties, and that neither Party can take any action which is legally binding
on the other without the prior written consent of the Party to be charged; the Parties expressly disclaim such relationship and agree
that they are acting solely as independent contractors hereunder.

 

[remainder of page left intentionally
blank]

 

    30

    

    

 

IN WITNESS WHEREOF, Amex and GBT Holdco have caused
this Agreement to be executed and delivered as of the date and year first written above.

 

AMEX:

 

	 	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

 a New York corporation
	 	 
	 	 
	 	By:	/s/ Susan Sobbott
	 	Name: Susan Sobbott
	 	Title: President, Global Corporate Payments

 

GBT HOLDCO:

 

	 	GBT III B.V., 

a Netherlands private company with limited liability
	 	 
	 	 
	 	By:	/s/ William H. Glenn
	 	Name: William H. Glenn
	 	Title: President and Chief Executive Officer

 

[Signature page to Global Corporate Payments
Operating Agreement]Exhibit 10.28.1

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN REDACTED FROM THIS EXHIBIT BECAUSE IT IS (1) NOT MATERIAL AND (2) THE TYPE
THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. “[***]” INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

AMENDMENT NO. 1

TO

GLOBAL COMMERCIAL SERVICES OPERATING AGREEMENT

 

This AMENDMENT NO. 1 (“Amendment”)
effective as of [DE-SPAC CLOSING DATE], 2022 (the “Amendment No. 1 Effective Date”) by and among American Express
Travel Related Services Company, Inc., a corporation organized under the laws of the State of New York (“Amex”), GBT
III B.V., a private company with limited liability organized under the laws of the Netherlands (“GBT III B.V.”) and
GBT Travel Services UK Limited, a private limited company organized under the laws of the United Kingdom (“GBT UK”)
(each, individually, a “Party” and, together, the “Parties”), amends and supplements that certain
Global Corporate Payments Operating Agreement by and between Amex and GBT III B.V., dated as of June 30, 2014 (as amended by this Amendment
and as has been or may be further amended from time to time hereinafter, the “Agreement”).

 

WITNESSETH

 

WHEREAS,
Amex and GBT III B.V. entered into the Agreement, pursuant to which Amex and GBT III B.V. have undertaken to, inter alia, collect,
analyze, and use Data related to their respective Clients to improve service to such Clients and develop new products and systems and
cooperate to provide an exemplary customer service experience and efficient business growth to current and future Joint Clients;

 

WHEREAS,
in connection with a corporate restructuring, among other things, GBT III B.V. became an indirect wholly owned subsidiary of GBT JerseyCo
Limited, a company limited by shares incorporated under the laws of Jersey (“GBT Jersey”); and

 

WHEREAS, in connection with the consummation of the business combination and the other transactions contemplated by that certain Business
Combination Agreement, dated as of December 2, 2021 (the “BCA”), by and between GBT Jersey and Apollo Strategic Growth Capital,
a Cayman Islands exempted company (“Acquiror”), pursuant to which, among other things, Acquiror will migrate to Delaware and
domesticate as Global Business Travel Group, Inc., a Delaware corporation, a direct parent of GBT Jersey and an indirect parent of GBT
UK (“GBT Pubco”), Amex and GBT III B.V., in accordance with Section 9.02 of the Agreement, desire to amend the Agreement as
set forth herein to reflect certain understandings.

 

NOW,
THEREFORE, in consideration of the promises and covenants set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties mutually agree as follows:

 

1.            Assignment
and Assumption. Effective as of the Amendment No. 1 Effective Date, (a) GBT III B.V. hereby assigns to GBT UK all of its
rights, duties and obligations under the Agreement, and (b) GBT UK hereby assumes all rights and agrees to perform all duties and
obligations of GBT III B.V. under the Agreement whether arising or accruing prior to or from and after the Amendment No. 1 Effective
Date. Amex hereby consents to the assignment and assumption set forth in this Section 1.

 

    

     

    

 

2.             Amendment
to Preamble. The Preamble of the Agreement is hereby amended and restated as follows:

 

“This
GLOBAL COMMERCIAL SERVICES OPERATING AGREEMENT, dated as of June 30, 2014 (the “Effective Date”), is entered into
by American Express Travel Related Services Company, Inc., a corporation organized under the laws of the State of New York (“Amex”)
and GBT Holdco (each a “Party” and collectively the “Parties”). Capitalized terms used in this
Agreement have the respective meanings assigned to them in Section 1.01.”

 

3.             Amendments
to Recitals.

 

		(a)	The first recital of the Agreement is hereby amended and restated
                                            as follows:

 

“WHEREAS, GBT Holdco, by itself and through its Affiliates,
is currently engaged in the Business (as defined in the Trademark License Agreement (as defined in Section 1.01 below)),
and Amex, by itself and through its Affiliates, is currently engaged in the GCS Business;”

 

		(b)	The second recital of the Agreement is hereby amended and restated
                                            as follows:

 

“WHEREAS, Amex and GBT III B.V. entered into certain
transaction agreements, including that certain Share Purchase Agreement by and among Amex, GBT III B.V., and Juweel Investors Limited,
a limited company organized under the laws of the Cayman Islands (“Juweel”), dated as of March 14, 2014 (the “Share
Purchase Agreement”), that certain Initial Shareholders Agreement by and among GBT III B.V., American Express Travel Holdings
Netherlands Coöperatief U.A, a cooperative organized under the laws of the Netherlands, and Juweel Investors Coöperatief U.A.,
a cooperative organized under the laws of the Netherlands; and other Related Agreements (as defined below), pursuant to which Amex transferred
and GBT III B.V. assumed certain assets and liabilities comprising the GBT Business, and pursuant to which Amex and GBT III B.V. agreed
to terms and conditions regarding Amex’s ownership and management of GBT III B.V., in each case subject to the terms and conditions
thereof;”

 

		(c)	The fifth recital of the Agreement is hereby deleted in its entirety.

 

4.             Amendments
to Definitions.

 

		(a)	Section 1.01 of the Agreement is hereby amended by deleting
                                            each of the corresponding definitions in its entirety and restating it with the following
                                            defined terms:

 

“Affiliate” means, with respect to any
Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person, including its Subsidiaries;
provided, however, that, for purposes of this Agreement, (i) (A) Amex and its Affiliates shall not be deemed
to be Affiliates of GBT Pubco or any of its Subsidiaries and (B) no other Person, or its direct and indirect equity holders, or
any of their respective Affiliates, that is a public shareholder of GBT Pubco, shall be deemed to be an Affiliate of GBT Pubco or any
of its Subsidiaries solely due to its share ownership in GBT Pubco, (ii) GBT Pubco and each of its Subsidiaries shall not be deemed
to be an Affiliate of Amex or any of its Affiliates or any other Person described in clause (i) above, and (iii) for the avoidance
of doubt, GBT Pubco and its Subsidiaries shall be deemed to be Affiliates of GBT UK and its Subsidiaries. The term “control”
(including, with correlative meaning, the terms “controlled by” and “under common control with”) as used with
respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract, or otherwise.”

 

    

     

    

 

“Agreement” means this Global Commercial
Services Operating Agreement, including all Articles, Sections, Exhibits and Schedules hereto.

 

“Amex Competitor” means (i) any
Person [***], and (ii) any Person listed on Schedule IV attached hereto, as may be amended from time to time pursuant to
Section 5(c) below.

 

“GBT Holdco” means (i) with respect
to periods prior to the Amendment No. 1 Effective Date, GBT III B.V., and (ii) with respect to periods from and after the Amendment
No. 1 Effective Date, GBT UK.

 

“Shareholders Agreement” means (i) with
respect to periods prior to December 10, 2019, the Shareholders Agreement by and among GBT III B.V., American Express Travel Holdings
Netherlands Coöperatief U.A. and Juweel Investors Coöperatief U.A., dated as of June 30, 2014 (the “Initial Shareholders
Agreement”), (ii) with respect to periods from December 10, 2019 through March 14, 2021, the Shareholders Agreement
by and among GBT JerseyCo Limited, American Express Travel Holdings Netherlands Coöperatief U.A., Juweel Investors Coöperatief
U.A., dated as of December 10, 2019, (iii) with respect to periods from March 15, 2021 through October 30, 2021,
the Shareholders Agreement by and among GBT JerseyCo Limited, American Express Travel Holdings Netherlands Coöperatief U.A., Juweel
Investors Limited, dated as of March 15, 2021; and (iv) with respect to periods from and after November 1, 2021, the Shareholders
Agreement by and among GBT JerseyCo Limited, American Express Travel Holdings Netherlands Coöperatief U.A., Juweel Investors Limited,
dated as of November 1, 2021; and (v) with respect to periods from and after [DE-SPAC CLOSING DATE], 2022, the Shareholders
Agreement by and among GBT JerseyCo Limited, American Express Travel Holdings Netherlands Coöperatief U.A., Juweel Investors (SPC)
Limited and EG Corporate Travel Holdings LLC, dated as of [DE-SPAC CLOSING DATE], 2022.

 

    3

     

    

 

“Trademark License Agreement” means
that certain Amended & Restated Trademark License Agreement, dated as of [DE-SPAC CLOSING DATE], by and among Amex, GBT UK,
and, (i) solely for purposes of Section 1.2 therein, GBT Jersey, (ii) solely for purposes of Sections 1.3
and 3.1(c)(i) therein, GBT US LLC, (iii) solely for purposes of Sections 1.3, 2.1(c)(i) and 13.4
therein, GBT Pubco, and (iv) solely for purposes of Section 1.3 therein, GBT III B.V.

 

		(b)	Section 1.01 of the Agreement is hereby amended by inserting
                                            the following new definitions in the corresponding alphabetical order:

 

“Amended
and Restated LRSA” has the meaning ascribed to it in Section 2.05.

 

“Amendment No. 1 Effective Date”
means [DE-SPAC CLOSING DATE], 2022.

 

“Amex
Group” means American Express Company and its Affiliates, other than any entity in GBT Group or any Person in which Amex Group
controls 50% or less of such Person by vote and does not, directly or indirectly, have the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise; provided that
Amex Group shall exclude Express (Hangzhou) Technology Services Company Limited, a joint venture organized in the People’s Republic
of China for network clearing and settlement.

 

“Amex Membership Rewards Program” means
the programs developed by Amex, under which individual Card Members or corporations who are enrolled in the Membership Rewards® or
Corporate Membership Rewards® program earn points for charges made on eligible, enrolled Cards (as defined below) and as Amex may
otherwise determine, and enrollees may redeem such points for various rewards offered through such programs.

 

“Business” has the meaning set forth
in the Trademark License Agreement.

 

“Business Entities” means any business
entities (whether for-profit, not-for-profit or non-profit), governments, government agencies, government organizations or other entities.

 

“Covered
Services” means (x) any services of the Business other than Other Business Travel Services and (y) any Covered
Other Services.

 

“Covered
Other Services” means any other services related to business travel that are listed on Schedule E hereto, as may be
amended from time to time pursuant to Section 2.08(e)(i)(C) hereof.

 

“Designated Amex Competitor” means any
company listed on Schedule VII.

 

“Designated Company” means any company
which (x) is an [***] or (y) provides [***].

 

    4

     

    

 

“Designated Services” means [***]
Services or [***].

 

“Eligible Prospect” means, (i) with
respect to GBT Group’s lead share obligations to Amex Group hereunder, a Person that (x) GBT Group has reasonably identified
as a candidate for a Payment Product and (y) is qualified as a candidate due to having inquired about or otherwise expressed interest,
whether solicited or unsolicited, in any Payment Product or consented to being contacted by representatives of the Amex Group, and (ii) with
respect to Amex Group’s lead share obligations to GBT Group hereunder, a Person that (x) Amex Group has reasonably identified
as a candidate for a Covered Service and (y) is qualified as a candidate due to having inquired about or otherwise expressed interest
whether solicited or unsolicited, in any Covered Service or consented to being contacted by representatives of the GBT Group.

 

“Executive Partnership Forum” means
a committee consisting of at least four (4) representatives of each Party, including (a) with respect to representatives of
Amex, an Executive Vice President, in addition to Vice President or more senior individuals from the GCS Business product, client and
partnership organizations, and (b) with respect to representatives of GBT Holdco, individuals of substantially similar seniority
and responsibilities to the individuals described in the foregoing clause (a). The initial members of the Executive Partnership Forum
shall be set forth on Schedule II and each Party may update its representatives at any time by email notice to the other Party.

 

“[***] Company” means a provider of
[***] Services.

 

“[***] Services” means [***]
products, services or solutions.

 

“GBT Competitor” means any [***] provider,
and such other competitors agreed by Amex and GBT Holdco.

 

“GBT
Designated Competitor List” has the meaning ascribed to it in Section 2.08(e)(ii)(A)(i).

 

“GBT
Group” means GBT Pubco and its Affiliates, other than (x) any entity in Amex Group or (y) any Person in which
GBT Group controls 50% or less of such Person by vote and does not, directly or indirectly, have the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise.

 

“GBT Pubco” means Global Business Travel
Group, Inc., a Delaware corporation.

 

“GBT UK” means GBT Travel Services UK
Limited, a private limited company organized under the laws of the United Kingdom.

 

    5

     

    

 

“GCS Business” means the Global Corporate
Payments’ or Global Commercial Services’ global corporate payments business of the Amex Group. For the avoidance of doubt,
the renaming or rebranding of the GCS Business, or the expansion of the GCS Business beyond corporate payments, shall not affect the
parties’ rights or obligations hereunder.

 

“Initial Shareholders Agreement” has
the meaning ascribed to it in the definition of “Shareholders Agreement”.

 

“M&E Booking Services” means the
M&E Business (as defined in the Trademark License Agreement) other than [***] Services.

 

“[***] Services” means a [***] platform
for [***] that, other than with respect to any company listed on Section (C) of Schedule V as of the Amendment
No. 1 Effective Date, does not include any other [***].

 

“[***]” means any [***] provider.

 

“Other Business Travel Services” has
the meaning set forth in the Trademark License Agreement. For the avoidance of doubt, [***] Services shall be deemed Other Business Travel
Services.

 

“Payment Products” means payment products,
services or solutions (including corporate credit cards); provided, for the avoidance of doubt, that [***] Services are
not Payment Products.

 

“Potential Client” means any Person
that is reasonably likely to become a Client.

 

“Restricted
Designated Company Offeror” has the meaning ascribed to it in Section 2.08(e)(ii)(B)(ii).

 

“Restricted
[***] Offeror” has the meaning ascribed to it in Section 2.08(e)(ii)(A)(iv).

 

“Termination Fee” has the meaning ascribed
to it in Section 2.08(b).

 

“Territory” means, (i) with respect
to GBT Group’s lead share obligations to Amex Group hereunder, any country where Amex Group provides Payment Products, and (ii) with
respect to Amex Group’s lead share obligations to GBT Group hereunder, any country where GBT Group provides Covered Services.

 

“[***]” means any online, digital or
offline [***].

 

    6

     

    

 

		(c)	The defined term “GCP Business” shall be deleted in its
                                            entirety and any references to the “GCP Business” in the Agreement (including
                                            any amendments or documents ancillary thereto) shall instead be deemed to refer to the “GCS
                                            Business”.

 

		(d)	The defined term “GCP Corporate Membership Rewards” shall
                                            be deleted in its entirety and any references to the “GCP Corporate Membership Rewards”
                                            in the Agreement (including any amendments or documents ancillary thereto) shall instead
                                            be deemed to refer to the “Amex Membership Rewards Program”.

 

5.             Amendments
to Schedules.

 

		(a)	Schedule A attached hereto shall be inserted as Schedule II
                                            to the Agreement.

 

		(b)	Schedule B attached hereto shall be inserted as Schedule III
                                            to the Agreement.

 

		(c)	Schedule
                                            C attached hereto shall be inserted as Schedule IV to the Agreement. Not more than
                                            once every twelve (12) calendar month period, upon thirty (30) days’ prior written
                                            notice to (i) GBT Holdco, Amex may request to modify Schedule IV by providing
                                            written notice thereof to GBT Holdco setting forth the names of any Persons that [***], and
                                            (ii) Amex, GBT Holdco (if GBT Holdco has a good faith belief that a Person does not
                                            qualify for inclusion on Schedule IV) may request deletion of any Person from
                                            Schedule IV by providing written notice thereof to Amex. The requesting Party’s
                                            notice shall state why the requesting Party believes such Person should be added or removed
                                            from Schedule IV, as applicable, and include such information reasonably necessary
                                            for the Parties to make a determination as to whether such Person is, or is not, [***]. If
                                            the Parties shall fail to mutually agree to the addition or removal of any such Person within
                                            thirty (30) days from receipt by a Party of the applicable notice, the matter shall be escalated
                                            to the Executive Partnership Forum and the members of the Executive Partnership Forum shall
                                            discuss in good faith as to whether such Person should be added or removed from Schedule
                                            IV, as applicable. If no such written agreement by the Executive Partnership Forum is
                                            timely made, the matter shall be immediately referred to the Chief Executive Officer of Amex
                                            Group and the Chief Executive Officer of GBT Group for final resolution. At any time upon
                                            written notice to GBT Holdco, Amex may also delete from Schedule IV the name of any
                                            Person. If any Person listed on Schedule IV is acquired by or merges with any other
                                            Person, engages in a reorganization, spinoff or sale of all or part of its [***], Schedule
                                            IV shall automatically be deemed to be modified to reflect such transaction.

 

		(d)	Schedule D attached hereto shall be inserted as Schedule V
                                            to the Agreement.

 

		(e)	Schedule E attached hereto shall be inserted as Schedule VI
                                            to the Agreement.

 

		(f)	Schedule F attached hereto shall be inserted as Schedule VII
                                            to the Agreement.

 

    7

     

    

 

		(g)	Schedule G attached hereto shall be inserted as Schedule VIII
                                            to the Agreement. A Party may request to modify Schedule VIII by providing written
                                            notice thereof to the other Party outlining the proposed changes to the countries included
                                            in Schedule VIII. The requesting Party’s notice shall state why the requesting
                                            Party believes such change should made, as applicable, and include such information reasonably
                                            necessary for the Parties to make a determination. If the Parties shall fail to mutually
                                            agree to the proposed change within thirty (30) days from receipt by a Party of the applicable
                                            notice, the matter shall be escalated to the Executive Partnership Forum and the members
                                            of the Executive Partnership Forum shall discuss in good faith as to whether such change
                                            to Schedule VIII should be made. If no such agreement by the Executive Partnership
                                            Forum is timely made, the matter shall be immediately referred to the Chief Executive Officer
                                            of Amex Group and the Chief Executive Officer of GBT Group for final resolution.

 

6.             Amendments
to Section 1.02.

 

		(a)	Section 1.02 of the Agreement is hereby amended and restated
                                            in its entirety as follows:

 

“Construction. As used herein, (a) all
references to the plural number shall include the singular number (and vice versa); (b) all references to the masculine gender shall
include the feminine gender (and vice versa); (c) the words “include” and “including” shall mean include
or including without limiting the generality of the description preceding such term and are used in an illustrative sense and not a limiting
sense; (d) all references to “herein” or like words shall refer to this Agreement; (e) all references to an agreement
shall be deemed to be a reference to such agreement, as amended, restated, modified and supplemented; (f) the phrase “to the
extent” shall mean the degree to which a subject or other item extends and shall not simply mean “if” and (g) the
word “or” is used in the inclusive sense of “and/or”. Section headings are for convenience only and are
not to be construed as part of this Agreement. Unless the context of this Agreement requires otherwise, “will” and “will
not” are expressions of command, not merely expressions of future intent or expectation.”

 

		7.	Amendments to Section 2.01.

 

		(a)	Section 2.01(c)(i) of
                                            the Agreement is hereby amended and restated in its entirety as follows:

 

“(i) GBT
Holdco’s Use of Data Provided by Amex Group. With respect to any Data provided by Amex Group to GBT Holdco or designated members
of the GBT Group, GBT Holdco or such designees shall, subject to Applicable Laws and Article V herein, and the terms
of the Data Sharing Plan, have the right to use any and all Data provided to GBT Holdco or such designees by Amex Group for any and all
purposes, in GBT Holdco’s reasonable discretion, including Client reporting, internal reporting, consulting, process automation,
marketing analytics and business performance reporting. GBT Holdco and such designees shall have the right to use Data provided by Amex
Group for up to five (5) years following the expiration or termination of this Agreement or the Data Sharing Plan, whichever is
later, and to further retain such Data for such period as required under GBT Holdco’s then-current record retention policies, in
each case subject to Applicable Law and Client contractual obligations.”

 

    8

     

    

 

		(b)	Section 2.01(c)(ii) of the Agreement is hereby amended
                                            and restated in its entirety as follows:

 

“(ii) Amex’s Use of Data Provided by GBT Group.
With respect to any Data provided by GBT Group to Amex or designated members of the Amex Group, Amex or such designees shall, subject
to Applicable Laws, Article V herein, and the terms of the Data Sharing Plan, have the right to use any and all Data provided
to the Amex or such designees by GBT Group for any and all purposes, in Amex’s reasonable discretion, including Client reporting,
internal reporting, consulting, process automation, marketing analytics and business performance reporting. Amex and such designees shall
have the right to use Data provided by GBT Group for up to five (5) years following the expiration or termination of this Agreement or
the Data Sharing Plan, whichever is later, and to further retain such Data for such period of time as required under Amex’s then-current
record retention policies, in each case subject to Applicable law and Client contractual obligations.”

 

8.             [RESERVED]

 

9.             Amendments
to Sections 2.04 and 2.06. Each of Section 2.04 and Section 2.06 of the Agreement is hereby amended and restated in its
entirety as follows:

 

“Intentionally Omitted.”

 

10.           Amendments
to Section 2.05. Section 2.05 of the Agreement is hereby amended and restated in its entirety as follows:

 

“SECTION 2.05.  Lead
Referral Services Agreement. In furtherance of the execution of this Amendment, within sixty (60) days of the Amendment No. 1 Effective
Date the Parties will execute an amended and restated lead referral services agreement consistent with the terms of this Amendment (the
 “Amended and Restated LRSA”) including, without limitation, the terms set forth in Section 2.12(c) hereto.
All leads shared between Amex Group and GBT Group pursuant to this Article II shall be subject to the terms of the Amended and
Restated LRSA. Notwithstanding the foregoing, in the event of any inconsistency between the terms of the LRSA or the Amended and Restated
LRSA and the terms of this Agreement, as amended, the terms of this Agreement, as so amended, shall govern.”

 

    9

     

    

 

		11.	Amendments to Section 2.08. Section 2.08 of the Agreement
                                            is hereby amended and restated in its entirety as follows:

 

“(a) (1) GBT
Holdco agrees that: (i) Payment Products offered by Amex Group through the GCS Business shall be the sole and exclusive Payment Products
offered, promoted and marketed by the GBT Group to any Client or any Potential Client, including, for the avoidance of doubt, through
any pilot or similar test program; (ii) for each applicable country or jurisdiction in which Amex Group offers Payment Products, they
shall be the sole and exclusive Payment Products made available by the GBT Group to their respective full and part time employees; and
(iii) for the avoidance of doubt, the exclusivity obligations of the GBT Group in respect of the Payment Products set forth in Section 2.08(a)(1)(i)-(ii)
shall apply in all cases with respect to Payment Products delivered in connection with the provision of Designated Services directly
or indirectly as illustrated by Section 2.08(a)(2). GBT Holdco further agrees that (x) GBT Group will use Payment Products offered
by Amex as the default and/or first payment option when a Client and its personnel use or otherwise select a payment method and
(y) in circumstances where a Client is not offered a default and/or first payment option (including in the context of online, mobile
or offline communications), GBT Group will endeavor to implement procedures which have the same intended outcome of Amex being the default
and/or first payment method.

 

(a) (2) The following non-exhaustive examples
are included solely for purposes of illustrating the intent of the Parties with respect to Section 2.08(a)(1) above: (w) if GBT
Group offers, markets or promotes to its Clients travel services of a travel supplier, and such travel supplier makes non-Amex Payment
Products available to its customers (including, without limitation, GBT Clients) in connection with such travel supplier’s services,
GBT Group would not be in breach of Section 2.08(a)(1) as a result thereof; (x) if GBT Group offers, markets or promotes
to its Clients transportation services of an airline, and such airline has a co-brand card relationship with an Amex Competitor which
co-brand card relationship is marketed by such airline and/or such Amex Competitor but which co-brand card relationship is not offered,
promoted or marketed by GBT Group, the marketing by the airline and/or such Amex Competitor shall not be imputed to GBT Group and the
marketing of such transportation services by GBT Group would not constitute a breach of Section 2.08(a)(1); (y) if GBT Group enters
into an agreement or relationship with a hotel, pursuant to which GBT offers, promotes or markets to (or agrees to permit such hotel
to offer, promote or market to) GBT Group’s Clients such hotel’s co-branded card with an Amex Competitor, GBT would be in
breach of Section 2.08(a)(1) as a result thereof; and (z) if GBT Group enters into an agreement with an [***] Company, pursuant
to which GBT Group agrees to introduce Clients of GBT Group to such company for such company to offer, promote or market non-Amex Payment
Products to such Clients, GBT would be in breach of Section 2.08(a)(1)(iii) as a result thereof.

 

    10

     

    

 

(b) Early
Termination Process. The obligations set forth in Section 2.08(a) shall be applied to Persons or businesses (including
any subsidiaries or affiliates thereof, each, a “Target”) acquired by GBT Group following the Amendment No.1 Effective
Date pursuant to a merger, stock or asset purchase, tender offer or other similar business combination transaction (collectively hereinafter
referred to as an “acquisition”), as set forth in this Section 2.08(b). As promptly as reasonably practicable
following consummation of any acquisition by GBT Group of any Target, GBT Holdco shall, to the extent permitted under Applicable Laws,
cause such Target to use reasonable best efforts to comply with Section 2.08(a); provided, that no such Target shall
be required to breach any of its contractual obligations in effect as of the consummation of such acquisition to the extent prohibiting
it from complying with the foregoing obligations (and GBT Group shall not be deemed in breach of the applicable restrictions in Section 2.08(a) with
respect to such Target during the pendency of such contractual obligations); provided, further, that (w) GBT Holdco
shall not, and shall cause its Affiliates (including such Target from and after consummation of such acquisition) not to, renew (or permit
the autorenewal of) or extend any such contractual obligation, (x) GBT Holdco shall terminate or cause to be terminated such contractual
obligation as soon as permitted by the terms of the contract providing for such obligation, (y) GBT Holdco shall cause such Target
not to expand the scope of any such contractual obligation beyond the scope in effect as of the date of the consummation of such acquisition
and (z) during the period between the execution of the definitive agreement with respect to such acquisition and consummation of
such acquisition, GBT Holdco shall not, and shall cause its Affiliates not to, direct or permit (to the extent GBT Holdco’s or
its Affiliates’ consent is required for such action to be taken pursuant to such definitive agreement) such Target to enter into,
extend or renew (or permit the autorenewal of) any contractual obligation that would prevent such Target (or any of its Affiliates that
will remain Affiliates upon consummation of such acquisition) from complying with the terms of Section 2.08(a) following
the consummation of such acquisition. Notwithstanding anything in the foregoing sentence to the contrary, if Amex requests that
GBT Holdco or its Affiliates, following consummation of such acquisition, cause any Target (and its Affiliates) to terminate an agreement
that is inconsistent with Section 2.08(a) prior to the end of the term of such agreement, GBT Holdco shall provide to
Amex reasonable detail setting forth the amount such Target (or any of its Affiliates) would be required to pay the applicable counterparty
pursuant to the terms of such agreement to exit such agreement prior to the end of the term, and (ii) to the extent any such agreement
does not include an early termination right (with or without payment) for such Target (or any of its Affiliates), Amex and GBT Holdco
shall discuss in good faith [***]. If Amex, in its sole discretion, agrees to pay or reimburse GBT Group the Termination Fee, and the
applicable counterparty agrees to mutually terminate such agreement, the parties shall document the same in a writing signed by authorized
officers of each of Amex and GBT Holdco (or its Affiliates, as applicable), GBT Holdco or its Affiliates shall cause such acquired entity
to exit such agreement on such terms, and GBT Holdco or its Affiliates and such Target (or any of its Affiliates) to exit such agreement
shall have a reasonable period of time thereafter to comply with Section 2.08(a). As used herein “consummation”
means completion or “closing” of an acquisition in accordance with the terms of the associated acquisition documents.

 

(c) Intentionally Omitted.

 

    11

     

    

 

(d) For the avoidance of doubt, nothing in this Agreement
shall restrict: (i) GBT Group from accepting payments from other payment solution providers (in addition to accepting payments from Amex
Group), including Amex Competitors, or (ii) from developing technical integration of products that support payments made via other payment
solution providers, provided, however, that in the event of any such technical integration, Amex Group shall have the right
to integrate similar products. If a Client of GBT Group makes an unsolicited request to GBT Group to use only the products of non-Amex
payment providers, including those of an Amex Competitor in a manner that is inconsistent with the requirements of Section 2.08(a),
GBT Holdco shall be permitted to comply with the terms of that specific request for such Client.

 

(e) (i) Lead Sharing and Promotion/Marketing
of Designated Services:

 

(A) GBT Group shall provide leads for, and facilitate
the introduction of, Eligible Prospects exclusively to Amex Group. As of the Amendment No. 1 Effective Date, GBT Group’s lead sharing
program with Amex Group shall include the countries listed on Schedule VIII hereto in accordance with the terms of Schedule
VIII and the Amended and Restated LRSA. In no event shall GBT Group refer any such Eligible Prospect to (x) any other provider of
Payment Products, including any Amex Competitor or (y) any provider of Designated Services. In no event shall GBT Group provide a lead
of an Eligible Prospect to any Amex Competitor.

 

(B) Amex Group shall provide leads for, and facilitate
the introduction of. Eligible Prospects exclusively to GBT Group. As of the Amendment No. 1 Effective Date, Amex Group’s lead
sharing program with GBT Group shall include the countries listed on Schedule VIII hereto in accordance with the terms of Schedule
VIII and the Amended and Restated LRSA. In no event shall Amex Group refer any Eligible Prospect to (x) any other provider of
Covered Services, including any GBT Competitor or (y) any provider of Designated Services. In no event shall Amex Group provide
a lead of an Eligible Prospect to any GBT Competitor.

 

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(C) Covered Other Services:

 

(I) GBT Holdco may propose to the Executive Partnership
Forum that any GBT Group product or service that GBT reasonably believes constitutes an Other Business Travel Service be added as a Covered
Other Service. Such proposal shall be made pursuant to a notice delivered to the Executive Partnership Forum at least 30 business days
in advance of the next quarterly meeting with sufficient information for the Executive Partnership Forum members to evaluate the proposal
and GBT Holdco shall promptly answer any questions from the Executive Partnership Forum in connection therewith. Amex may object to such
request if Amex in good faith believes one or more of the following criteria are met: (i) such product or service does not reasonably
constitute an Other Business Travel Service; (ii) such product or service is substantially similar to any product or service owned, operated
or offered by Amex Group (other than any third-party product, service or solution); provided, however, that Amex Group shall not be precluded
from asserting this clause (ii) if adding such proposed Other Business Travel Service as a Covered Other Service would cause Amex Group
to breach any existing agreements with Persons in effect as of the date of such notice and Amex Group shall not be required to breach
or, other than with respect to GBT Competitors, terminate any existing agreements with such Persons in effect as of the date of such
notice; provided further, however, that Amex Group shall terminate or cause to be terminated any existing agreement with a GBT Competitor
in effect as of the date of such notice as soon as permitted by the terms of such agreement; or (iii) such product or service would require
substantial modifications or costs with respect to Amex Group’s sales and marketing program under the Amended and Restated LRSA
with respect to the Covered Services. If no such objection is made by Amex, such product or service shall be deemed to be a Covered Other
Service and Schedule VI(a) hereto shall be amended to add such product or service as a Covered Other Service.

 

(II) GBT Holdco may from time to time also propose
that any product or service offered by GBT Group outside of the Business be added as a Covered Other Service by delivering notice of
such request to the Executive Partnership Forum at least 10 business days in advance of its next quarterly meeting. GBT Holdco shall
promptly answer any questions from the Executive Partnership Forum in advance of the meeting. The Executive Partnership Forum shall consider
such request in good faith, taking into account whether: (i) such product or service is substantially similar to any product or
service owned, operated or offered by Amex Group (other than any third-party product, service or solution); provided, however, that Amex
Group shall not be precluded from asserting this clause (i) if adding such proposed product or service as a Covered Other Service
would cause Amex Group to breach any existing agreements with Persons in effect as of the date of such notice and Amex Group shall not
be required to breach or, other than with respect to GBT Competitors, terminate any existing agreements with such Persons in effect as
of the date of such notice; provided further, however, that Amex Group shall terminate or cause to be terminated any existing agreement
with a GBT Competitor in effect as of the date of such notice as soon as permitted by the terms of such agreement; or (ii) such
product or service would require substantial modifications or costs with respect to Amex Group’s sales and marketing program under
the Amended and Restated LRSA with respect to the Covered Services. If the Amex Group and GBT Group representatives on the Executive
Partnership Forum mutually agree that such product or services shall be added as a Covered Other Service, the Parties shall amend Schedule
VI(b) to add such product or service as a Covered Other Service.

 

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(ii) Designated Services: The Parties
acknowledge that due to the unique nature of the Designated Services which by their nature are ancillary to both business travel and
payments, the Parties have included the following provisions in this Agreement to clarify the requirements with respect to Designated
Services. With respect to Designated Services:

 

(A) (i) Amex
Group shall not share Designated Services leads with those [***] platform, product, service or solution in each case listed on Schedule
V(A) (as may be amended from time to time as set forth in this Section 2.08(e)(ii)(A), the “GBT Designated Competitor
List”). Except as set forth in Section 2.08(e)(ii)(A)(ii) or Section 2.08(e)(ii)(A)(iii) below, the GBT Designated
Competitor List may be updated each calendar quarter by GBT Holdco at the applicable meeting of the Executive Partnership Forum GBT may
add to the GBT Designated Competitor List any Designated Company (x) with which Amex Group has no commercial relationship for lead sharing
related to Designated Services and (y) that develops or acquires any proprietary [***] platform, product, service or solution. If GBT
seeks to update the GBT Designated Competitor List at any such meeting, GBT shall deliver to Amex written notice of such proposed update
at least thirty (30) business days in advance of such meeting, confirming the requirements of clauses (x) and (y).

 

(ii) Subject
to Section 2.08(e)(ii)(A)(iv), Amex Group may share Designated Services leads with those certain Persons listed on Schedule
V(B) that in each case [***] platform, product, service or solution and with which Amex Group has a relationship. Notwithstanding
anything to the contrary in this Agreement but subject to Section 2.08(e)(ii)(A)(iv), (x) such Persons listed on Schedule
V(B) shall not at any time be added to the GBT Designated Competitor List, and (y) Amex shall not be required to breach or terminate,
and shall be permitted to renew, any existing agreements with such Persons in effect as of the Amendment No. 1 Effective Date.

 

(iii) Subject
to Section 2.08(e)(ii)(A)(iv), Amex Group may share Designated Services leads with any Designated Company that (x) is
not and is not owned or controlled by a GBT Competitor and (y) is not known by Amex, following reasonable due diligence (including,
without limitation, directly asking the applicable Designated Company whether it [***] platform, product, service or solution), to [***]
platform, product, service or solution at the time Amex Group, as applicable, enters into a commercial agreement for lead sharing related
to Designated Services with such Designated Company, even if such Designated Company at a later date acquires or develops any [***] platform,
product, service or solution. Notwithstanding anything to the contrary in this Agreement but subject to Section 2.08(e)(ii)(A)(iv),
(x) such Designated Companies shall not at any time be added to the GBT Designated Competitor List and (y) the applicable Amex Group
entity shall not be required to breach or terminate, and shall be permitted to renew, any such agreements with such Designated Companies.

 

    14

     

    

 

(iv)
If, from and after the Amendment No. 1 Effective Date, Amex Group seeks to (1) renew (or permit auto-renewal of) or enter
into a new contract with any entity referred to in Section 2.08(e)(ii)(A)(ii) or Section 2.08(e)(ii)(A)(iii) or
(2) enter into a new contract with a Designated Company not referred to in clause (1) that offers any [***]  (any such
Person in clauses (1) or (2) above, a “Restricted [***] Offeror”), Amex shall: (w) provide GBT with prior notice
thereof that such Designated Company is a Restricted [***] Offeror; provided, however, that with respect to any new Restricted [***]
Offeror (i.e., not an existing Amex Group counterparty), Amex shall provide such notice promptly upon becoming aware that such
counterparty is a Restricted [***] Offeror following reasonable due diligence (including, without limitation, directly asking the
applicable Designated Company whether it owns any non-proprietary [***] platform, product, service or solution); (x) use reasonable
best efforts to include GBT Holdco in partnership discussions between Amex (or such Amex Group entity engaging in partnership
discussions) and such Restricted [***] Offeror; and (y) reasonably cooperate with GBT Holdco and each of GBT Holdco and Amex Group
shall use commercially reasonable efforts to negotiate that such Restricted [***] Offeror use GBT Group as its [***]. Regardless of
whether GBT Group becomes the [***] provider for such Restricted [***] Offeror, if, from and after the Amendment No. 1 Effective
Date, Amex Group executes a new or renewed agreement that includes lead sharing (including permitting auto-renewal thereof), as
applicable, with such Restricted [***] Offeror which requires such Restricted [***] Offeror not to offer, promote or market any
[***] platform, product, service or solution of Amex Competitors to any Amex Group customers introduced by Amex to such Restricted
[***] Offeror pursuant thereto, Amex shall, as of the effective date of such new or renewed agreement (including auto-renewal
thereof), contractually require such Restricted [***] Offeror not to offer, promote or market any [***] platform, product, service
or solution to such Amex Group customers introduced by Amex Group to such Restricted [***] Offeror pursuant to such agreement.
Additionally, with respect to any Designated Company described in Section 2.08(e)(ii)(A)(ii) or Section
2.08(e)(ii)(A)(iii), if the applicable agreement that includes lead sharing between Amex Group and such Designated Company
existing as of Amendment No. 1 Effective Date requires such Designated Company not to offer, promote or market any platform,
product, service or solution of [***] introduced by Amex Group to such Designated Company pursuant thereto, Amex Group shall use
commercially reasonable efforts to modify such existing agreement that includes lead sharing to require such Designated Company not
to offer, promote or market any [***] platform, product, service or solution to such [***] introduced by Amex Group to such
Designated Company pursuant such agreement that includes lead sharing. For the avoidance of doubt, any agreement that includes lead
sharing between Amex and a Designated Company or Restricted [***] Offeror modified pursuant to this Agreement may permit such
Designated Company or Restricted [***] Offeror to implement a [***] platform, product, service or solution for any customers
introduced thereto by Amex only if expressly requested by such customer.

 

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(v) (A) If
Amex Group offers, promotes or markets any Designated Services of a Designated Company and such Designated Company merges with, is
acquired by or otherwise engages in a business combination transaction with a GBT Competitor (the resulting entity, an “Acquired
GBT Competitor Designated Company”), subject to the terms of this Section 2.08(e)(ii)(A)(v)(A) and Section 2.08(e)(ii)(A)(v)(C)
below, Amex Group shall wind down such efforts and cease offering, promoting and marketing such Designated Services as soon as reasonably
practicable after the closing date of such merger, acquisition or transaction; provided, however, that in no event shall Amex Group be
required to breach any existing contract or agreement in effect as of the closing of such merger, acquisition or other business combination
transaction. Notwithstanding the foregoing, Amex Group may continue offering certain leading Designated Services of an Acquired GBT Competitor
Designated Entity from and after the closing of such merger, acquisition or transaction if: (w) Amex reasonably determines in good faith
that the failure to offer such Designated Services would materially adversely impact the GCS Business’s existing client relationships
or the GCS Business’s ability to compete for Payment Products and expense business, (x) Amex provides written notice to the Executive
Partnership Forum within a reasonable period of time after becoming aware of such proposed merger, acquisition or transaction between
a GBT Competitor and such Designated Company, and in any event at least forty-five (45) days of Amex acquiring knowledge of the closing
of such proposed merger, acquisition or transaction; and (y) Amex Group complies with the terms and conditions mutually agreed by the
Executive Partnership Forum pursuant to Section 2.08(e)(ii)(A)(v)(C) below under which Amex Group may continue offering such
Designated Services offered by such Acquired GBT Competitor Designated Entity hereto following such closing; provided, however, that
the Executive Partnership Forum shall not impose unreasonable terms and conditions related to offering such Designated Services or otherwise
prohibit Amex Group from offering such Designated Services.

 

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(B) Subject to the terms of this Section 2.08(e)(ii)(A)(v)(B) and
Section 2.08(e)(ii)(A)(v)(C) below, Amex Group may not offer, promote or market any Designated Services of any GBT Competitor,
including, for the avoidance of doubt, through any pilot or similar test program. Notwithstanding the foregoing, if a GBT Competitor
develops a leading Designated Services product, Amex Group may offer such Designated Services of such GBT Competitor if: (w) Amex
reasonably determines in good faith that the failure to offer such Designated Services would materially adversely impact the GCS Business’s
existing client relationships or the GCS Business’s ability to compete for Payment Products and expense business, (x) Amex
provides written notice to the Executive Partnership Forum within a reasonable period of time after making the determination set forth
in the preceding clause (w); and (y) Amex Group complies with the terms and conditions mutually agreed by the Executive Partnership
Forum pursuant to Section 2.08(e)(ii)(A)(v)(C) below under which Amex Group may offer such Designated Services offered
by such GBT Competitor; provided, however, that the Executive Partnership Forum shall not impose unreasonable terms and conditions related
to offering such Designated Services or otherwise prohibit Amex Group from offering such Designated Services.

 

(C) Upon receiving the notice set forth in clause Section 2.08(e)(ii)(A)(v)(A)(x) or
Section 2.08(e)(ii)(A)(v)(B)(x) above, the Executive Partnership Forum shall align on reasonable and appropriate terms
pursuant to which Amex Group may offer the Designated Services of such Acquired GBT Competitor Designated Company or GBT Competitor,
as the case may be, including, but not limited to: (y) amending any lead sharing contracts between Amex Group and such Acquired GBT Competitor
Designated Company or GBT Competitor, as the case may be, to comply with Sections 2.08(e)(ii)(A)(i)-(iv) above, or (z) if
Amex reasonably demonstrates that any of the requirements set forth in Sections 2.08(e)(ii)(A)(i)-(iv) above cannot be met in
full, then Amex Group may proceed without meeting the requirements which Amex demonstrates cannot be met; provided, that if Amex Group
proceeds under the foregoing clause (z), in no event shall Amex Group provide any lead received from GBT Group to such Acquired GBT Competitor
Designated Company or GBT Competitor, as the case may be.

 

(B) (i) GBT Group may share
Designated Services leads with any Designated Company that is (x) not and is not owned or controlled by a Designated Amex Competitor
and (y) is not known by GBT, following reasonable inquiry (including, without limitation, directly asking the applicable Designated
Company), to own a proprietary Payment Products platform, product, service or solution at the time GBT Group, as applicable, enters into
a commercial agreement for lead sharing related to Designated Services with such Designated Company, even if such Designated Company
at a later date acquires or develops a proprietary Payments Products platform, product, service or solution.

 

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(ii) If, from and after the Amendment No. 1 Effective
Date, GBT Group seeks to (1) renew (or permit auto-renewal of) or enter into a new contract with any entity referred to in Section 2.08(e)(ii)(B)(i) above
or (2) enter into a new contract with a Designated Company not referred to in Section 2.08(e)(ii)(B)(i) above that offers
a third-party non-proprietary Payment Products platform, product, service or solution (any such Person in clauses (1) or (2) above, a
 “Restricted Designated Company Offeror”), GBT Group shall: (w) provide Amex with notice thereof that such Designated
Company is a Restricted Designated Company Offeror; provided, however, that with respect to any new Restricted Designated Company Offeror
(i.e., not an existing GBT Group counterparty), GBT Holdco shall provide such notice promptly upon becoming aware that such counterparty
is a Restricted Designated Company Offeror following reasonable due diligence (including, without limitation, directly asking the applicable
Designated Company whether it is owned or controlled by a Designated Amex Competitor); (x) use reasonable best efforts to include Amex
in partnership discussions between GBT Group and such Restricted Designated Company Offeror; and (y) reasonably cooperate with Amex Group
and each of GBT Holdco and Amex Group shall use commercially reasonable efforts to negotiate that such Restricted Designated Company
Offeror use Amex Group as its preferred Payment Products provider. Regardless of whether Amex Group becomes the Payment Product provider
for such Restricted Designated Company Offeror, if, from and after the Amendment No. 1 Effective Date, GBT Group executes a new or renewed
agreement that includes lead sharing (including permitting auto-renewal thereof), as applicable, with such Restricted Designated Company
Offeror which requires such Restricted Designated Company Offeror not to offer, promote or market any Business Travel Services (as defined
in the Trademark License Agreement) of GBT Competitors to any GBT Group customers introduced by GBT to such Restricted Designated Company
Offeror pursuant thereto, GBT Group shall, as of the effective date of such new or renewed agreement (including auto-renewal thereof),
contractually require such Restricted Offeror not to offer, promote or market any non-Amex Group Payment Product to such GBT Group customers
introduced by GBT Group to such Restricted Designated Company Offeror pursuant to such agreement. Additionally, if the applicable agreement
that includes lead sharing between GBT Group and such Restricted Designated Company existing as of the Amendment No. 1 Effective Date
requires such Designated Company not to offer, promote or market any platform, product, service or solution of GBT Competitors to any
GBT Group customers introduced by GBT Group to such Designated Company pursuant thereto, GBT Group shall use commercially reasonable
efforts to modify such existing agreement that includes lead sharing to require such Designated Company not to offer, promote or market
any non-Amex Group Payment Products to such GBT Group customers introduced by GBT Group to such Designated Company pursuant such agreement
that includes lead sharing. For the avoidance of doubt, any agreement that includes lead sharing between GBT Group and a Designated Company
or Restricted Designated Company Offeror modified pursuant to this Agreement may permit such Designated Company or Restricted Designated
Company Offeror to implement a non-Amex Group Payment Product platform, product, service or solution for any customers introduced thereto
by GBT Group only if expressly requested by such customer.

 

    18

     

    

 

(iii) (A) If
GBT Group offers, promotes or markets any Designated Services of a Designated Company and such Designated Company merges with, is
acquired by or otherwise engages in a business combination transaction with a Designated Amex Competitor (the resulting entity, an “Acquired
Amex Competitor Designated Company”), subject to the terms of this Section 2.08(e)(ii)(B)(iii)(A) and Section 2.08(e)(ii)(B)(iii)(C) below,
GBT Group shall wind down such efforts and cease offering, promoting and marketing such Designated Services as soon as reasonably practicable
after the closing date of such merger, acquisition or transaction; provided, however, that in no event shall GBT Group be required to
breach any existing contract or agreement in effect as of the closing of such merger, acquisition or other business combination transaction.
Notwithstanding the foregoing, GBT Group may continue offering certain leading Designated Services of an Acquired Amex Competitor Designated
Entity from and after the closing of such merger, acquisition or transaction if: (w) GBT reasonably determines in good faith that the
failure to offer such Designated Services would materially adversely impact GBT Group’s existing client relationships or GBT Group’s
ability to compete for Business Travel Services and expense business, (x) GBT provides written notice to the Executive Partnership Forum
within a reasonable period of time after becoming aware of such proposed merger, acquisition or transaction between a Designated
Amex Competitor and such Designated Company and in no event not less than 45 days of GBT acquiring knowledge of the closing of such proposed
merger, acquisition or transaction; and (y) GBT Group complies with the terms and conditions mutually agreed by the Executive Partnership
Forum pursuant to Section 2.08(e)(ii)(B)(iii)(C) below under which GBT Group may continue offering such Designated Services
offered by such Acquired Amex Competitor Designated Entity hereto following such closing; provided, however, that the Executive Partnership
Forum shall not impose unreasonable terms and conditions related to offering such Designated Services or otherwise prohibit GBT Group
from offering such Designated Services.

 

    19

     

    

 

(B) Subject to the terms of this Section 2.08(e)(ii)(B)(iii)(B) and
Section 2.08(e)(ii)(B)(iii)(C) below, GBT Group may not offer, promote or market to any Client or any Potential Client
any Designated Services of any Designated Amex Competitor, including, for the avoidance of doubt, through any pilot or similar test program.
Notwithstanding the foregoing, if a Designated Amex Competitor develops a leading Designated Services product, GBT Group may offer such
Designated Services of such Designated Amex Competitor if: (w) GBT reasonably determines in good faith that the failure to offer such
Designated Services would materially adversely impact GBT Group’s existing client relationships or GBT Group’s ability to
compete for Business Travel Services and expense business, (x) GBT provides written notice to the Executive Partnership Forum within
a reasonable period of time after making the determination set forth in the preceding clause (w); and (y) GBT Group complies with the
terms and conditions mutually agreed by the Executive Partnership Forum pursuant to Section 2.08(e)(ii)(B)(iii)(C) below under
which GBT Group may offer such Designated Services offered by such Designated Amex Competitor; provided, however, that the Executive
Partnership Forum shall not impose unreasonable terms and conditions related to offering such Designated Services or otherwise prohibit
GBT Group from offering such Designated Services.

 

(C) Upon receiving the notice set forth in clause Section 2.08(e)(ii)(B)(iii)(A)(x) or
Section 2.08(e)(ii)(B)(iii)(B)(x) above, the Executive Partnership Forum shall align on reasonable and appropriate terms
pursuant to which GBT Group may offer the Designated Services of such Acquired Amex Competitor Designated Company or Designated Amex
Competitor, as the case may be, including, but not limited to: (y) amending any lead sharing contracts between GBT Group and such
Acquired Amex Competitor Designated Company or Designated Amex Competitor, as the case may be, to comply with Sections 2.08(e)(ii)(B)(i) and
(ii) above, or (z) if GBT reasonably demonstrates that any of the requirements set forth in Sections 2.08(e)(ii)(B)(i) and
(ii) above cannot be met in full, then GBT Group may proceed without meeting the requirements which GBT demonstrates cannot
be met; provided, that if GBT Group proceeds under the foregoing clause (z), in no event shall GBT Group provide any lead received from
Amex Group to such Acquired Amex Competitor Designated Company or Designated Amex Competitor, as the case may be.

 

(f) For the avoidance of doubt, nothing in this Agreement
shall prevent Amex Group from (A) receiving leads from any Person, including any GBT Competitor, (B) subject to Section 2.08(e)(ii),
sharing leads that are not Covered Services with any Person, or (C) sharing leads that are Covered Other Services or Other Business
Travel Services with any Person other than a GBT Competitor.

 

    20

     

    

 

(g) This Section 2.08 shall terminate
only as follows:

 

		(i)	By mutual agreement of the Parties in writing;

 

		(ii)	By
                                            Amex in its sole discretion; provided, that in connection with any such termination
                                            pursuant to this Section 2.08(g)(ii), Amex’s obligation to exclusively
                                            share leads with GBT Holdco pursuant to Section 2.08(e) shall survive until otherwise
                                            terminated in accordance with this Section 2.08(g);

 

		(iii)	In the event that the Trademark License Agreement is terminated pursuant
                                            to Sections 8.4(a)(i), 8.4(a)(ii), 8.4(a)(iv), 8.4(a)(ix) or 8.4(a)(x), at Licensor’s
                                            election in its sole discretion, (x) on the effective date of the expiration or termination
                                            of the Trademark License Agreement or (y) upon the earlier of: (A) the date that
                                            is one (1) year following the effective date of termination of the Trademark License
                                            Agreement or (B) the last day of the Initial Term or the then-current Renewal term of
                                            the Trademark License Agreement, as applicable, without giving effect to such earlier termination
                                            of this Agreement;

 

		(iv)	In the event that the Trademark License Agreement expires pursuant
                                            to its terms or is terminated pursuant to Section 8.4(a)(iii), Section 8.4(a)(v),
                                            Section 8.4(a)(vi), Section 8.4(a)(vii), Section 8.4(a)(viii) or
                                            Section 8.6 thereof, upon the effective date of such expiration or termination
                                            of the Trademark License Agreement; or

 

		(v)	Absent any termination as set forth in the foregoing clauses (i), (ii),
                                            (iii) or (iv), upon the later of: (A) expiration or earlier termination of the Trademark
                                            License Agreement and (B) expiration or earlier termination of this Agreement.

 

12.           Amendments
to Section 2.10. Section 2.10 of the Agreement is hereby amended and restated in its entirety as follows:

 

“Not
more than once in any twelve (12) month period (or twice in any twelve (12) month period with respect to Sections 2.01)
and upon reasonable prior notice, each Party shall afford to the other Party (or Agents reasonably appointed by such Party) and their
auditors access to the books and records that are reasonably necessary to enable the audit of the other Party’s obligations under
this Agreement, and shall provide reasonable cooperation and assistance to the other Party (or such Agents); provided, however,
that such audit, investigation, and preparation of responses shall not unreasonably or adversely impact regular operations and business,
shall be conducted during normal business hours and on advance written notice (and subject to execution of any customary access letters);
and provided, further that Amex’s obligations under this Section 2.10 shall be limited to the books and records
of the GCS Business and any other books and records of Amex Group reasonably agreed by Amex to be material to the obligations of Amex
being audited. Neither Party shall be required to disclose records or other information contrary to the direction of law enforcement
or regulators, or that such Party believes compromises or violates its confidentiality obligations, legal privileges, or the security
of its services or systems. Each Party shall bear its own costs in connection with any audit pursuant to this Section 2.10;
provided that if a material breach by the audited party is discovered in connection with any such audit, the audited party shall reimburse
the auditing party for the auditing party’s reasonable, out of pocket costs, including attorney’s fees in connection with
such audit.”

 

    21

     

    

 

13.           Amendments
to Article II.

 

		(a)	Article II of the Agreement is hereby amended by inserting a
                                            new Section 2.11 immediately following Section 2.10 therein, as follows:

 

“Executive
Partnership Forum. The Parties hereby agree to establish the Executive Partnership Forum. The Executive Partnership Forum shall meet
no less frequently than once per calendar quarter and shall be responsible for (a) establishing the timing for deliverables
with respect to, and ensuring that appropriate resources from each Party are committed to driving the initiatives set forth in Section
2.12 and (b) resolving Disputes in accordance with Schedule III and as otherwise provided under any Related Agreement. The
members of the Executive Partnership Forum may mutually agree to create one or more sub-committees comprised of the Parties’ representatives
to meet with any frequency, as needed. For the avoidance of doubt, the Executive Partnership Forum shall continue with members having
the appropriate subject matter expertise until the expiration of the term of any Related Agreement, except as otherwise agreed between
the Parties. In the event the Executive Partnership Forum does not reach an agreement as to any matter under its purview, such matter
shall be resolved in accordance with Section 9.04(a).”

 

		(b)	Article II of the Agreement is hereby amended by inserting a
                                            new Section 2.12 immediately following Section 2.11 therein, as follows:

 

“Section 2.12 Growth Opportunities. During
the Term, GBT Group and Amex Group shall use commercially reasonable efforts to collaborate with the other Party on mutually beneficial
growth opportunities on mutually beneficial commercial terms. In order to effect the foregoing, as promptly as reasonably practicable
following the Amendment No. 1 Effective Date, the Parties shall develop an ongoing three (3) year strategic partnership product roadmap
focused on creating joint customer value, prioritizing mutual initiatives and closing competitive capability gaps. Such roadmap may be
amended from time to time by mutual agreement of GBT Holdco and Amex. Such roadmap shall include detailed twelve (12) month investment
guidelines and a project plan that will be agreed between the Parties prior to the fourth quarter of each calendar year preceding each
such twelve (12) month period. The progress and activity for such partnership and roadmap shall be monitored by the Executive Partnership
Forum.

 

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Each of the Parties shall use commercially reasonable efforts
to drive the following initiatives:

 

		(a)	product integrations, joint solution development, data sharing, and
                                            mutual lead generation. For purpose of illustration, opportunities could include centralized
                                            travel payment capabilities, an integrated travel booking and payment offering in the small-
                                            and medium-sized enterprise segment, leveraging the Amex Membership Rewards Program in a
                                            more expansive way to drive loyalty and reward behavior, or joint sustainability solutions;

 

		(b)	provide
                                            notice of the planned design or development of any product or service with an identified
                                            application to Covered Services, which shall be communicated to the other Party through the
                                            Executive Partnership Forum. The Parties shall cooperate in good faith to design and
                                            develop mutually beneficial products or services identified as having an application to the
                                            Covered Services. In furtherance of the foregoing, each of the GBT Group and Amex Group shall
                                            make available to the other Party and allow such Party to use any such products and services
                                            it develops (including those developed by Amex Group for or with a GBT Competitor or those
                                            developed by GBT for an Amex Competitor), subject to each Party’s respective compliance
                                            with the applicable terms and conditions of use for such products and services. Amex shall
                                            provide reasonable prior notice to GBT Holdco through the Executive Partnership Forum in
                                            the event the Amex Group intends to launch products and/or services with any GBT Competitor,
                                            and, if GBT Holdco elects, Amex Group shall also launch such products and/or services with
                                            GBT Holdco on mutually agreeable terms within a reasonable period of time following such
                                            launch with such GBT Competitor. Amex Group shall not enter into any agreements with any
                                            GBT Competitor for the development and delivery of any Covered Services which provide that
                                            such GBT Competitor will be the exclusive partner of Amex Group for such products or services
                                            or otherwise prohibit Amex Group from entering into similar agreements or partnerships with
                                            GBT Holdco for the development and delivery of such Covered Services. For the avoidance of
                                            doubt, the foregoing shall not prevent: (x) Amex Group from creating or integrating products
                                            or services if requested by a Client that has a relationship, partnership or agreement with
                                            or that is a GBT Competitor. If a Client of Amex Group makes an unsolicited request to Amex
                                            Group to launch or develop a product or service in a manner that is inconsistent with the
                                            requirements of this subsection (b), Amex Group shall be permitted to comply with the terms
                                            of that specific request for such Client.

 

		(c)	improvement of the Parties’ lead generation partnership globally
                                            and joint customer account retention and expansion, intended to increase the quantity and
                                            quality of the leads provided by each Party to the other Party which in the aggregate generates
                                            more respective value to the Parties than in 2019. The Parties will agree to annual lead
                                            sharing targets and monitor progress in the Executive Partnership Forum with the objective
                                            of maximizing growth opportunities, driving growth in key countries identified by the Parties
                                            and increasing brand loyalty, in each case taking into account GBT Group’s inorganic
                                            growth and acquisition activity since 2019. Each Party’s sales organization will be
                                            monetarily incentivized by such Party to generate leads for the other Party and monitor progress
                                            toward equivalent value exchange; and

 

    23

     

    

 

		(d)	investment by GBT Holdco and Amex in the Amex Membership Rewards Program
                                            through integrations into GBT Holdco’s channels in an amount that is commensurate with
                                            GBT Holdco’s investments in Amex Membership Rewards Program points and promotions.”

 

14.           Amendments
to Section 3.01. Section 3.01 of the Agreement is hereby amended and restated in its entirety as follows:

 

“Each
Party shall maintain complete and detailed financial, administrative and other books and records relating to this Agreement until the
later of (a) one (1) year following the expiration or termination of this Agreement and (b) one (1) year following
the period of continuing performance under Article VI; provided, that each Party shall maintain complete and
detailed financial, administrative and other books and records relating to its obligations under Section 2.08 for one (1) year
following the expiration or termination of Section 2.08 as provided for in Section 2.08(g).”

 

15.           Amendments
to Section 6.01. Section 6.01 of the Agreement is hereby amended and restated in its entirety as follows:

 

“Unless
earlier terminated pursuant to Section 6.02, Section 6.03, Section 6.04 or Section 9.10,
this Agreement shall terminate on the eleventh (11th) anniversary of the Amendment No. 1 Effective Date (the “Term”)
unless extended by mutual written agreement of the Parties.”

 

16.           Amendments
to Section 6.04.

 

		(a)	Section 6.04(b) of the Agreement is hereby amended and
                                            restated in its entirety as follows:

 

“If
(i) any Amex Competitor listed in subsection (i) of Schedule IV at any time becomes the beneficial owner (within
the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of more than twenty percent (20%) of
the equity securities or voting power of GBT Holdco, (ii) any Amex Competitor listed in subsection (ii) of Schedule
IV at any time becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act
of 1934, as amended) of more than thirty percent (30%) of the equity securities or voting power of GBT Holdco or (iii) the GBT Group
enters into a Contract with an Amex Competitor other than a Contract in the ordinary course of business, which Contract is consistent
with the Payment Provider Obligations (as defined in the Trademark License Agreement).

 

		(b)	Section 6.04(c) of the Agreement is hereby amended and
                                            restated in its entirety as follows:

 

“Amex elects to terminate the Agreement in accordance
with Sections 8.5(a) or 8.5(b) of the Trademark License Agreement.”

 

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		(c)	Each of Sections 6.04(d) and 6.04(e) of the Agreement is
                                            hereby amended and restated in its entirety as follows:

 

“Intentionally Omitted.”

 

17.           Amendments
to Section 6.05. Section 6.05(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

“The
following provisions of this Agreement shall survive the termination of this Agreement: Section 1.01, Section 1.02,
Section 2.01(c), Section 2.01(d)(i), Section 2.01(e), Section 2.01(j), Section 2.03(c) (except
for clause (iii)(B) thereof) only to the extent provided for under Section 2.08(g), Section 2.08 only to the extent
provided for under Section 2.08(g), Section 2.10, Section 3.01, Section 3.02, Section 6.05,
Article V, Article VIII, and Article IX.”

 

18.           Amendments
to Section 8.03. Section 8.03 of the Agreement is hereby amended by inserting a new clause (c) as follows:

 

“(c) Notwithstanding anything else in this Agreement
to the contrary, including Section 8.03(a), neither this Section 8.03 nor any other provision of this Agreement
shall limit or otherwise affect payment of the Liquidated Damages Payment (as defined in the Trademark License Agreement) by GBT Holdco
or its designated Affiliate as and when payable in accordance with the Trademark License Agreement.”

 

19.           Amendments
to Section 9.03.

 

		(a)	The notices information provided for “Amex” in Section 9.03
                                            of the Agreement is hereby amended and restated in its entirety as follows:

 

“American Express Travel Related Services Company, Inc. 

American Express Tower 

World Financial Center 

New York, New York 10285-3500 

Attn: President, Global Commercial Services

 

With an informational copy to:

 

General Counsel’s Office 

American Express Travel Related Services Company, Inc. 

American Express Tower 

World Financial Center 

New York, New York 10285-4900 

Attn: Managing Counsel – Global Commercial Services

 

    25

     

    

 

		(b)	The notices information provided for “GBT Holdco” in
                                            Section 9.03 of the Agreement is hereby amended and restated in its entirety as follows:

 

“GBT Travel Services UK Limited 

5 Churchill Place 

Canary Wharf, London 

E14 5HU, England 

Attention: General Counsel’s Office

 

With an informational copy to:

 

GBT Travel Services UK Limited 

c/o GBT US LLC 

666 3rd Avenue 

Fourth Floor 

New York, New York 10172 

Attention: General Counsel’s Office”

 

		(c)	The notices information provided for, and the obligation to provide
                                            an informational copy of any notice to, “Juweel Investors Limited” shall be deleted
                                            in its entirety.

 

20.           Amendments
to Section 9.04.

 

		(a)	Section 9.04(a) of the Agreement is hereby amended and
                                            restated in its entirety as follows:

 

“Without
limitation to either Party’s right to seek equitable relief pursuant to Section 9.04(f) and other than with respect
to any Disputes arising out of or related to Section 2.08 (other than Sections 2.08(e), 2.08(f) and 2.08(g)),
which, in each case, need not be subject to the procedures set forth in Schedule III, and subject to the last sentence
of Section 9.04(f), the Parties agree that Schedule III shall apply to the resolution of any and all disputes, claims
or controversies arising out of or related to this Agreement, including any Claims under any Applicable Law (“Disputes”).
Any Disputes that remain unresolved following completion of the escalation process in Schedule III shall be submitted to mediation.
If a Dispute is not resolved through mediation within forty-five (45) days from such submission, it shall be submitted for binding arbitration
upon the demand of either Party. Any mediation and/or arbitration shall take place in the State of New York, New York County, and shall
be administered by, and pursuant to the rules of, the American Arbitration Association or JAMS, upon the election of the Party asserting
the Dispute. In the event of any inconsistency between this Section 9.04 and any rule of the arbitration organization,
this Section 9.04 will control. Except as otherwise provided for herein, neither Party will have the right to litigate Disputes.”

 

    26

     

    

 

		(b)	Section 9.04(f) of the Agreement is hereby amended and
                                            restated in its entirety as follows:

 

“Subject
to Section 9.05, either Party shall have the right to seek equitable relief (i) in arbitration to enforce the status quo,
and (ii) in a court to enforce the confidentiality provisions set forth in Article V (clauses (i) and (ii), the “Specified
Circumstances”). In the Specified Circumstances, (a) the Parties shall be entitled to seek appropriate equitable relief in
addition to whatever remedies they might have at Law (without being required to post a bond or other security, which requirements the
Parties agree to waive) and (b) each of the Parties hereby waives any defense in any action for equitable relief that a remedy at Law
would be adequate. For the avoidance of doubt, nothing in this Section 9.04 shall prevent either Party from seeking an injunction
against the unauthorized use or disclosure of that Party’s or its Affiliates’ Intellectual Property or Confidential Information
in accordance with Article V. Notwithstanding anything herein or otherwise to the contrary, nothing in this Agreement shall limit,
or otherwise affect Amex’s rights and remedies set forth in the Trademark License Agreement, including with respect to any breach
of the Payment Provider Obligations (as defined in the Trademark License Agreement), including Amex’s right to seek injunctive
relief, terminate this Agreement and/or obtain payment of the Liquidated Damages Payment (as defined in the Trademark License Agreement)
in each case to the extent provided for under the Trademark License Agreement.

 

21.           Amendments
to Section 9.11. Section 9.11 of the Agreement is hereby amended and restated in its entirety as follows:

 

		(a)	“Subject
                                            to Section 9.11(b), neither this Agreement nor any of the rights, interests or
                                            obligations hereunder shall be assigned by any Party (whether by operation of Law or otherwise)
                                            without the prior written consent of the other Party, and any such attempted assignment shall
                                            be null and void. Subject to the preceding sentence, this Agreement shall be binding upon,
                                            inure to the benefit of and be enforceable by the Parties and their respective successors
                                            and assigns.

 

		(b)	Either
                                            Party may assign this Agreement or its rights or obligations hereunder or delegate the performance
                                            of its obligations hereunder to any of its Affiliates to perform the obligations upon written
                                            notice to the other Party, provided, however, that (i) such assignment shall
                                            not in any manner limit or affect assignor’s obligations hereunder; (ii) such assignment
                                            shall be valid for so long as such assignee remains an Affiliate of the assigning Party;
                                            and (iii) such assignee may not assign the rights or obligations hereunder to any other party.
                                            Notwithstanding the foregoing, in no event may GBT Holdco assign any of its rights or obligations
                                            or delegate the performance of its obligations hereunder to any Affiliate that is an Amex
                                            Competitor, as that term is defined herein or in any Related Agreement. In the event that
                                            any Affiliate of GBT Holdco becomes the primary operating company through which the business
                                            of GBT Holdco and its Affiliates is conducted, including as a result of any reorganization,
                                            or restructuring of GBT Holdco and its Affiliates, GBT Holdco shall, in each such case, ensure
                                            that proper provision shall be made so that any such successor Person, shall expressly assume
                                            the obligations of GBT Holdco under this Agreement.”

 

    27

     

    

 

22.           Defined
Terms. All capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

 

23.           Miscellaneous.
The provisions set forth in Sections 1.02, 9.02-9.07, 9.11 and 9.13 and Schedule I (in each case, as amended hereby, to the extent
applicable) of the Agreement shall be incorporated herein by reference and shall apply to this Amendment mutatis mutandis. Except
as expressly set forth herein: (i) the Agreement remains unmodified and in full force and effect and (ii) this Amendment shall not be
deemed to extend or modify any date or deadline set forth in the Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

    28

     

    

 

IN WITNESS
WHEREOF, the Parties have caused this Amendment to be executed as of the Amendment No. 1 Effective Date by their respective
officers thereunto duly authorized.

 

	AMERICAN EXPRESS TRAVEL RELATED SERVICES
    COMPANY, INC.:	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	GBT III B.V.:	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	GBT TRAVEL SERVICES UK LIMITED:	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

[Signature Page –
Amendment No. 1 to Global Commercial Services Operating Agreement]

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