Document:

Exhibit
10.27

 

Execution Copy

 

RESTRICTED STOCK
SUBSCRIPTION AGREEMENT

 

RESTRICTED STOCK
SUBSCRIPTION AGREEMENT, dated as of 
June 30, 2003, between Travel
Transaction Processing Corporation, a Delaware corporation (“Holding”), and the employee whose name appears
on the signature page hereof (the “Employee”),
pursuant to the Travel Transaction Processing Corporation Stock Incentive Plan,
as in effect and as amended from time to time (the “Plan”).  Capitalized terms that are not defined herein shall have the same
meanings given to such terms in the Plan.

 

W  I
T  N  E  S  S  E  T  H:

 

WHEREAS, the Board
of Directors of Holding (the “Board”)
has adopted the Plan to provide officers and key employees of Holding and its
Subsidiaries with opportunities to acquire equity interests in Holding;

 

WHEREAS, the
Employee desires to acquire from Holding pursuant to the Plan the aggregate
number of shares of Holding’s Class A Common Stock, par value $.01 per share
(the “Common
Stock”), set
forth on the signature page hereof (each a “Share” and, collectively, the “Shares”); and

 

WHEREAS, Holding
desires to grant the Shares to the Employee on the terms and subject to the
conditions set forth herein in consideration of the Employee’s entering into an
employment agreement with Holding, dated as June 30, 2003 (as amended from time
to time, the “Employment Agreement”)
and agreeing to perform future services for Holding under the Employment
Agreement.

 

NOW, THEREFORE, to
implement the foregoing and in consideration of the mutual agreements contained
herein, the parties hereto hereby agree as follows:

 

1.             Grant
of Shares.

 

(a)           Grant
of Shares.  Subject to all of the
terms and conditions of this Agreement, the Employee hereby subscribes for, and
Holding shall grant to the Employee, the Shares at the Closing provided for in
Section 2(a) hereof, such Shares being issued pursuant to and in accordance
with the Plan.  The Plan is incorporated
herein by reference and made a part of this Agreement, and the Employee hereby
acknowledges receipt of a copy of the Plan and agrees to be bound by all of the
terms and conditions herein and therein. 
To the extent any provision herein is inconsistent with the Plan, the
terms of the Plan shall apply. 
Notwithstanding anything in this Agreement to the contrary, Holding
shall have no obligation to grant any Common Stock to (i) any
person

 

 

who is not an employee of Holding or its Subsidiary at the time that
such Common Stock is to be granted or (ii) any person who is a
resident of a jurisdiction in which the grant of Common Stock to such person
would constitute a violation of the securities, “blue sky” or other laws of
such jurisdiction.

 

(b)           Withholding
Payment.  In connection with the
grant of Shares described in Section 1(a) above, Holding shall pay the Employee
$637,500 to cover federal, state, and local withholding tax requirements
relating to such grant.  The Employee
hereby authorizes and directs Holding to withhold the full amount of such
payment to satisfy such withholding requirements.

 

2.             Closing.

 

(a)           Time
and Place.  Except as otherwise
agreed by Holding and the Employee, the closing (the “Closing”) of the transaction contemplated
by this Agreement shall be held at the offices of Latham & Watkins LLP, 885
Third Avenue, New York, New York  at
10:00 a.m. (New York  time)
on June 30, 2003 (the “Closing Date”).

 

(b)           Delivery
by Holding.  At the Closing, Holding
will deliver a stock certificate registered in the Employee’s name and
representing the Shares, which certificate shall bear the legends set forth in
Section 5(b), to the Secretary of Holding, to be held in custody until the
Restricted Period shall have lapsed.

 

(c)           Delivery
by the Employee.  At the Closing,
the Employee will deliver to Holding a duly executed and undated instrument of
transfer or assignment in  blank.

 

3.             Restricted
Period.

 

(a)           Generally.  All Shares received by the Employee under
this Agreement are subject to the restrictions contained herein and as provided
under the Plan, and, so long as the Shares are subject to such restrictions,
are referred to herein and therein as “Restricted
Stock.”  The Restricted
Stock shall be subject to forfeiture by the Employee prior to the lapse of the
Restricted Period in accordance with the terms herein and in the Plan.  Except as provided in Section 11.1 of the
Plan, none of the Restricted Stock may be sold, assigned, transferred, pledged,
hypothecated or otherwise encumbered until the Restricted Period has ceased,
and then only in accordance with Section 2.1 of the Stockholders Agreement and
Section 5 of the Registration Rights Agreement.

 

(b)           Restricted
Period.  Except as otherwise
provided in Sections 3 and 8 hereof, or in the Plan, the Restricted Period
shall lapse as to 20% of the Shares on each of the first five anniversaries of
the Closing (each such anniversary, the “Vesting
Date” as to the applicable 20% tranche of the Shares), which
lapses shall be cumulative, subject

 

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to the Employee’s continuous employment with Holding or its Subsidiary from
the Closing to such anniversary.

 

(c)           Accelerated
Vesting.  If the Employee’s
employment with Holding or its Subsidiary is terminated by Holding without
Cause during the Restricted Period or if the Employee terminates his employment
for Good Reason (as such term is defined in the Employment Agreement) during
the Restricted Period, the 20% tranche of the Shares for which the Restricted
Period was scheduled to lapse on the next Vesting Date shall no longer be
subject to the Restricted Period and such Shares shall cease being Restricted
Stock.  For the avoidance of doubt, no
accelerated vesting shall occur upon a termination due to retirement, death or
Disability.

 

(d)           Committee
Discretion.  Notwithstanding any
other provisions of this Agreement, the Committee shall be authorized in its
discretion, based upon its review and evaluation of the performance of the
Employee and of Holding, to accelerate the vesting of any Restricted Stock
under this Agreement, at such times (including, without limitation, following
the Employee’s termination of employment) and upon such terms and conditions as
the Committee shall deem advisable.

 

4.             Repurchase
Option.

 

(a)           Voluntary
Resignation.  Upon the Employee’s
voluntary resignation from Holding and all Subsidiaries (other than a
resignation for Good Reason in accordance with the Employment Agreement),
Holding and then CVC and OTPP and their respective affiliates (in accordance
with the procedures described in Section 4(d)) may (i) repurchase all or
any portion of the Restricted Stock then held by such Employee for which the
Restricted Period has not lapsed as of the date of termination for a cash
payment equal to $0.31914894 per Share and (ii) repurchase all or any
portion of the Shares for which the Restricted Period has lapsed for a cash
payment equal to the Fair Market Value (as defined below) of the Shares (or the
portion thereof so purchased).  For
purposes of this Agreement, “Fair Market
Value” shall mean, if no Public Offering has occurred, the value
of a share of Common Stock as determined by the most recent annual valuation
performed by an independent valuation consultant or appraiser of recognized
national standing selected by the Board, and following a Public Offering, on
any date of determination, shall mean the average of the closing sales prices
for a share of Common Stock as reported on a national exchange for each of the
ten business days preceding the date of determination or the average of the
last transaction prices for a share of Common Stock as reported on a nationally
recognized system of price quotation for each of the ten business days
preceding the date of determination.  In
the event that there are no Common Stock transactions reported on such exchange
or system on such date, Fair Market Value shall mean the closing price on the
immediately preceding date on which Common Stock transactions were so reported.

 

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(b)           Termination
for Cause. Upon termination of the Employee’s employment by Holding or its
Subsidiary for Cause, Holding and then CVC and OTPP and their respective
affiliates (in accordance with the procedures described in Section 4(d)) may
repurchase all or any portion of the Shares then held by such Employee for
a  per Share cash payment equal to the
lesser of (x) Fair Market Value and (y) $0.31914894 per Share.

 

(c)           Termination
for Any Other Reason.  Upon any
termination of the Employee’s employment with Holding and all Subsidiaries
other than a termination provided for in Sections 4(a) or 4(b) above, Holding
and then CVC and OTPP and their respective affiliates (in accordance with the
procedures described in Section 4(d)) may (i) repurchase all or any
portion of the Restricted Stock then held by the Employee for which the
Restricted Period has not lapsed as of the date of termination for a cash
payment equal to $0.31914894 per Share of such Restricted Stock plus interest
accrued from the date of purchase at the 10-year United States treasury rate
and (ii) repurchase the Shares for which the Restricted Period has
lapsed for a cash payment equal to the Fair Market Value of the Shares (or the
portion thereof so purchased).

 

(d)           Procedures
for the Repurchase of Shares. 
Notwithstanding anything to the contrary  contained herein, any repurchase of Shares pursuant to this
Section 4 shall not be effected prior to the expiration of a period of, and the
Fair Market Value shall be determined as of a date, at least six months and one
day from the date such Shares were granted to the Employee.  Holding shall have an exclusive right to
repurchase Shares until the First Repurchase Date.  If Holding fails to repurchase all of a terminated Participant’s
Shares prior to the First Repurchase Date, then Holding shall notify both CVC
and OTPP within three business days after the First Repurchase Date, and CVC
and OTPP shall have an additional 30 days from the First Repurchase Date to
purchase such Participant’s Shares in such proportions as each shall determine,
provided that if CVC and OTPP cannot agree on the proportion that each shall
purchase, then each shall be entitled to purchase that percentage of such
terminated Participant’s Shares that will result in CVC and OTPP owning the
same percentage of Common Stock relative to each other before and after such
purchase (such percentage calculated by treating all Shares as Common Stock) .

 

(e)           Limitation
on the Repurchase of Shares.  If the
Employee is terminated by Holding or its Subsidiary without Cause or if the
Employee terminates his employment for Good Reason (as such term is defined in
the Employment Agreement), the ability of Holding, CVC and OTPP and their
respective affiliates to repurchase the Shares for which the Restricted Period
has lapsed is subject to the Employee’s prior consent.  For the avoidance of doubt, the ability to
repurchase the Employee’s Shares upon a termination due to retirement, death or
Disability shall not be subject to the Employee’s prior consent.

 

4

 

(f)            Use
of Proceeds.  If Holding elects to
repurchase any Shares pursuant to this Section 4, Holding may apply the
proceeds from such repurchase to any readily ascertainable, non-contingent
outstanding obligations of the Employee due Holding or guaranteed by Holding in
respect of the Shares which are not in dispute.

 

5.             Employee’s
Representations, Warranties and Covenants.

 

(a)           Investment
Intention.  The Employee represents
and warrants that the Employee is acquiring the Shares solely for the
Employee’s own account for investment and not with a view to, or for sale in
connection with, any distribution thereof. 
The Employee agrees that the Employee will not, directly or indirectly,
offer, transfer, sell, pledge, hypothecate or otherwise dispose of any of the
Shares (or solicit any offers to buy, purchase or otherwise acquire or take a
pledge of any Shares), or any interest therein or any rights relating thereto,
except in compliance with the Securities Act of 1933, as amended, and the rules
and regulations thereunder (the “Act”),
all applicable state securities or “blue sky” laws, Section 2.1 of the
Stockholders Agreement and Section 5 of the Registration Rights Agreement.  The Employee further understands,
acknowledges and agrees that none of the Shares may be transferred, sold,
pledged, hypothecated or otherwise disposed of unless the provisions of Section
3 shall have been satisfied or have expired. 
Any attempt by the Employee, directly or indirectly, to offer, transfer,
sell, pledge, hypothecate or otherwise dispose of any Shares or any interest
therein, or any rights relating thereto, without complying with the provisions
of this Agreement, Section 2.1 of the Stockholders Agreement and Section 5 of
the Registration Rights Agreement, as such agreements shall be amended from
time to time, shall be void and of no effect.

 

(b)           Legend.  The Employee acknowledges that the
certificate or certificates representing the Shares shall bear the following
legends or other appropriate legends:

 

(i)            “THE SHARES EVIDENCED BY THIS
CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE
OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF (EACH, A “TRANSFER”) UNLESS AND UNTIL REGISTERED UNDER THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL IS RECEIVED IN A FORM
SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

5

 

(ii)           “THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO (A) THE TRANSFER AND OTHER PROVISIONS OF A
RESTRICTED STOCK SUBSCRIPTION AGREEMENT, DATED AS OF JUNE 30, 2003; (B)
THE PROVISIONS OF THE TRAVEL TRANSACTION PROCESSING CORPORATION STOCK INCENTIVE
PLAN, DATED AS OF JUNE 30, 2003  (THE
“INCENTIVE PLAN”); (C)  
THE PROVISIONS OF A STOCKHOLDERS AGREEMENT, DATED AS OF JUNE 30, 2003,
AMONG THE ISSUER AND CERTAIN STOCKHOLDERS OF THE ISSUER (THE “STOCKHOLDERS
AGREEMENT”) AND (D) A REGISTRATION RIGHTS AGREEMENT, DATED AS OF JUNE
30, 2003, AMONG THE ISSUER AND CERTAIN STOCKHOLDERS OF THE ISSUER (THE
“REGISTRATION RIGHTS AGREEMENT”) AND NEITHER THIS CERTIFICATE NOR THE SHARES
REPRESENTED BY IT ARE TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
THE RESTRICTED STOCK SUBSCRIPTION AGREEMENT, THE INCENTIVE PLAN, THE
STOCKHOLDERS AGREEMENT AND THE REGISTRATION RIGHTS AGREEMENT, COPIES OF WHICH
ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE ISSUER.  NO TRANSFER OF SUCH SHARES WILL BE MADE ON
THE BOOKS OF THE ISSUER, AND SUCH TRANSFER SHALL BE VOIDABLE, UNLESS
ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH PLAN AND
AGREEMENTS.”

 

(iii)          “THE ISSUER WILL FURNISH WITHOUT
CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
EACH CLASS OR SERIES OF SHARES AUTHORIZED TO BE ISSUED AND THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.”

 

(c)           Securities
Law Matters.  The Employee
acknowledges receipt of advice from Holding that (i) the Shares have not
been registered under the Act or qualified under any state or foreign
securities or “blue sky” laws, (ii) it is not anticipated that
there will be any public market for the Shares, (iii) the Shares must be
held indefinitely and the Employee must continue to bear the economic risk of
the investment in the Shares unless the Shares are subsequently registered
under the Act and such state laws or an exemption from registration is
available, (iv) Rule 144 promulgated under the Act (“Rule 144”) is not presently available
with respect to the sales of the Shares, and Holding has made no covenant to
make Rule 144 available, (v) when and if the Shares may be disposed
of without registration in reliance upon Rule 144, such disposition can

 

6

 

be made only in accordance with the terms and conditions of such Rule,
the Plan, this Agreement, the Stockholders Agreement and the Registration
Rights Agreement, (vi) Holding does not plan to file reports with
the Commission or make public information concerning Holding available unless
required to do so by law or in connection with its financing arrangements, (vii)
if the exemption afforded by Rule 144 is not available, sales of the Shares may
be difficult to effect because of the absence of public information concerning
Holding, (viii) a restrictive legend in the form heretofore set forth
shall be placed on the certificates representing the Shares and (ix) a
notation shall be made in the appropriate records of Holding indicating that
the Shares are subject to restrictions on transfer set forth in Section 2.1 of
the Stockholders Agreement and, if Holding should in the future engage the
services of a stock transfer agent, appropriate stop-transfer restrictions will
be issued to such transfer agent with respect to the Shares.

 

(d)           Compliance
with Rule 144.  When and if the
Shares may be disposed of without registration in reliance upon Rule 144, the
Employee shall transmit to Holding an executed copy of Form 144 (if required by
Rule 144) no later than the time such form is required to be transmitted to the
Commission for filing and such other documentation as Holding may reasonably
require to assure compliance with Rule 144 in connection with such disposition.

 

(e)           Ability
to Bear Risk.  The Employee
represents and warrants that (i) the financial situation of the
Employee is such that the Employee can afford to bear the economic risk of
holding the Shares for an indefinite period and (ii) the Employee
can afford to suffer the complete loss of the Employee’s interest in the
Shares.

 

(f)            Access
to Information, etc.; Sophistication; Lack of Reliance.  The Employee represents and warrants that (i)
the Employee has carefully reviewed the materials furnished to the Employee in
connection with the transaction contemplated hereby, including, without
limitation, the Plan and the other materials furnished to the Employee in
connection with the transactions contemplated hereby, (ii) the Employee
is familiar with the business and financial condition, properties, operations
and prospects of Holding and that the Employee has been granted the opportunity
to ask questions of, and receive answers from, representatives of Holding
concerning Holding and the terms and conditions of the grant of the Shares and
to obtain any additional information that the Employee deems necessary, (iii)
the Employee’s knowledge and experience in financial and business matters is
such that the Employee is capable of evaluating the merits and risk of the interest
in the Shares, (iv) the Employee has carefully reviewed the terms and
provisions of the Stockholders Agreement and Registration Rights Agreement and
has evaluated the restrictions and obligations contained therein, and (v)
the Employee is, and will be at the Closing, either (A) an officer or
employee of Holding or one of its subsidiaries or (B) an “Accredited
Investor” under Regulation D promulgated under the Act and agrees to furnish
such documents and to comply with such reasonable requests of Holding as may be
necessary to substantiate the Employee’s status as a qualifying

 

7

 

investor in connection with this private offering of Shares to the
Employee.  In furtherance of the
foregoing, the Employee represents and warrants that (x) no
representation or warranty, express or implied, whether written or oral, as to
the financial condition, results of operations, prospects, properties or
business of Holding or as to the desirability or value of an investment in
Holding has been made to the Employee by or on behalf of Holding, except for
those representations and warranties contained in Section 9 and the
Stockholders Agreement, (y) the Employee has relied upon the Employee’s
own independent appraisal and investigation, and the advice of the Employee’s
own counsel, tax advisors and other advisors, regarding the risks of an
investment in Holding and (z) the Employee will continue to bear sole
responsibility for making the Employee’s own independent evaluation and
monitoring of the risks of the Employee’s investment in Holding.

 

(g)           Due
Execution and Delivery.  The
Employee represents and warrants that (i) the Employee has duly
executed and delivered this Agreement, (ii) all actions required to
be taken by or on behalf of the Employee to authorize the Employee to execute,
deliver and perform the Employee’s obligations under this Agreement, the
Stockholders Agreement and the Registration Rights Agreement have been taken
and this Agreement constitutes and, upon execution thereof, the Stockholders
Agreement and the Registration Rights Agreement will constitute the Employee’s
legal, valid and binding obligations, enforceable against the Employee in
accordance with their respective terms, except as the same may be affected by
bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable
principles relating to or limiting the rights of contracting parties generally,
(iii) the execution and delivery of this Agreement, the Stockholders
Agreement and the Registration Rights Agreement, and the consummation by the
Employee of the transactions contemplated hereby and thereby in the manner
contemplated hereby and thereby do not and will not conflict with, or result in
a breach of any terms of, or constitute a default under, any agreement or
instrument or any statute, law, rule or regulation, or any judgment, decree,
writ, injunction, order or award of any arbitrator, court or governmental
authority which is applicable to the Employee or by which the Employee or any
material portion of the Employee’s properties is bound, (iv) no
consent, approval, authorization, order, filing, registration or qualification
of or with any court, governmental authority or third person is required to be
obtained by such Employee in connection with the execution and delivery of
this Agreement, the Stockholders Agreement and the Registration Rights
Agreement or the performance of such Employee’s obligations hereunder or
thereunder and (v) such Employee is a resident of the state set forth
below such Employee’s name on the signature page hereof.

 

(h)           Registration.  The Employee shall be entitled to the rights
and subject to the obligations created under the Registration Rights Agreement.

 

(i)            Section
83(b) Election.  The Employee agrees
to make an election pursuant to Section 83(b) of the Internal Revenue Code
of 1986, as amended, with

 

8

 

respect to the Shares acquired at such Closing within 20 days after the
Closing and shall notify Holding that such election has been made.  Employee acknowledges that he will be solely
responsible for any and all tax liabilities payable by the Employee in
connection with the grant and receipt of the Shares or attributable to the
Employee making such an election.

 

6.             The
Employee’s Rights with Respect to Restricted Stock.

 

(a)           Distributions.  Except as otherwise provided in this
Agreement or any other agreement entered into in respect of the Restricted
Stock, the Employee shall have, with respect to all shares of Restricted Stock,
all of the rights of a stockholder of Holding, including the right to vote such
Restricted Stock, the right to receive cash and other dividends, if any, as may
be declared on the Restricted Stock from time to time, and the right to receive
cash proceeds payable with respect to the Restricted Stock as a result of any
merger, reorganization, consolidation, or other corporate transaction of
Holding to the same extent as such cash proceeds are payable with respect to
other shares of the Common Stock.  Any
securities issued to or received by the Employee with respect to Restricted
Stock as a result of a stock split, a dividend payable in stock, a combination
of shares or any other change or exchange of the Restricted Stock for other
securities, by reclassification, reorganization, distribution, liquidation or
otherwise shall have the same status and bear the same legend as the Restricted
Stock and shall be held by Holding, if the Restricted Stock is being so held,
unless otherwise determined by the Committee.

 

7.             Other
Rights and Obligations.  The
Employee shall be entitled to the rights and subject to the obligations created
under the Plan, the Registration Rights Agreement and the Stockholders
Agreement, each to the extent set forth therein.

 

8.             Change
of Control.

 

(a)           Lapse
of Restricted Period.  In the event
of a Change in Control, the Restricted Period shall lapse as to the remaining
Restricted Stock subject to the Restricted Period immediately prior to the time
of the Change in Control.

 

9.             Representations
and Warranties of Holding.  Holding
represents and warrants to the Employee that (i) Holding is a
corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware, (ii) the execution and delivery of this
Agreement, the Stockholders Agreement and the Registration Rights Agreement,
the performance of Holding’s obligations hereunder and thereunder and the
consummation by it of the transactions contemplated hereby and thereby have
been duly and validly authorized by all requisite corporate action on the part
of Holding, (iii) this Agreement has been duly and validly executed
by Holding and constitutes, and the Stockholders Agreement and the Registration
Rights Agreement when executed by Holding will constitute, the legal, valid and
binding obligations of Holding enforceable

 

9

 

against it in accordance with their respective terms, except as the
same may be affected by bankruptcy, insolvency, moratorium or similar laws, or
by legal or equitable principles relating to or limiting the rights of
contracting parties generally and (iv) the Shares, when issued and
delivered in accordance with the terms hereof, will be duly authorized, validly
issued, fully paid and nonassessable, and free and clear of any liens or
encumbrances other than those created by the Employee or pursuant to this
Agreement, the Stockholders Agreement or the Registration Rights Agreement or
otherwise in connection with the transactions contemplated hereby and thereby.

 

10.           Miscellaneous.

 

(a)           Notices.  All notices and other communications
required or permitted to be given under this Agreement shall be in writing and
shall be deemed to have been given if delivered personally or sent by certified
or express mail, return receipt requested, postage prepaid, or by any
recognized international equivalent of such mail delivery, to Holding, or the
Employee, as the case may be, at the following addresses or to such other
address as Holding or the Employee, as the case may be, shall specify by notice
to the others:

 

(i)            if to Holding, to it at:

 

300 Galleria Parkway, N.W.

Atlanta, Georgia 30339

Attn:  General
Counsel

 

(ii)           if
to the Employee, to the Employee
at the address as reflected in Holding’s books and records.

 

All such notices and communications shall be deemed to have been
received on the date of delivery if delivered personally or on the third
business day after the mailing thereof. 
Copies of any notice or other communication given under this Agreement
shall also be given to:

 

Citigroup Venture Capital Equity 

Partners, L.P.

399 Park Avenue, 14th Floor

New York, New York 
10022

Fax:  (212)
888-2940

Attention: 
Joseph Silvestri

 

Ontario Teachers’ Pension
Plan Board

5650 Yonge Street

Toronto, Ontario M2M 4H5

 

10

 

Fax:  (416) 730-5082

Attention:  Shael Dolman

 

Dechert LLP

4000 Bell Atlantic Tower

1717 Arch Street

Philadelphia,
Pennsylvania  19103

Fax:  (215) 994-2222

Attention:  Geraldine A. Sinatra

 

Debevoise & Plimpton

919 Third Avenue

New York, New York  10022

Fax:  (212) 909-6836

Attention:  Margaret A. Davenport

 

Vedder, Price, Kaufman
& Kammholz, P.C.

222 North LaSalle Street

Chicago, Illinois 6061

Attention:  Thomas P. Desmond

 

(b)           Binding
Effect; Benefits.  This Agreement
shall be binding upon and inure to the benefit of the parties to this Agreement
and their respective successors and assigns. 
Except for the rights given to CVC and OTPP and their respective
affiliates in  Sections 4(a), 4(b), 4(c)
and 4(d), nothing in this Agreement, express or implied, is intended or shall
be construed to give any person other than the parties to this Agreement or
their respective successors or assigns any legal or equitable right, remedy or
claim under or in respect of any agreement or any provision contained herein.

 

(c)           Waiver.  Either party hereto may by written notice to
the other (i) extend the time for the performance of any of the
obligations or other actions of the other under this Agreement, (ii) waive
compliance with any of the conditions or covenants of the other contained in
this Agreement, and (iii) waive or modify performance of any of the
obligations of the other under this Agreement. 
Except as provided in the preceding sentence, no action taken pursuant
to this Agreement, including, without limitation, any investigation by or on
behalf of either party, shall be deemed to constitute a waiver by the party
taking such action of compliance with any representations, warranties,
covenants or agreements contained herein. 
The waiver by either party hereto of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any preceding or
succeeding breach and no failure by a party to exercise any right or privilege
hereunder shall be deemed a waiver of such party’s rights or privileges
hereunder or shall be deemed a waiver of such party’s rights to exercise the
same at any subsequent time or times hereunder.

 

11

 

(d)           Amendment.  This Agreement may be amended, modified or
supplemented only by a written agreement executed by the Employee and Holding
and, prior to a Public Offering, any amendment, modification or supplementation
to Sections 4(a), 4(b), 4(c) and 4(d) that adversely affects the rights of
either or both of CVC and OTPP thereunder must also be consented to by CVC
and/or OTPP, as applicable, in writing.

 

(e)           Entire
Agreement.  This Agreement, together
with the Plan, the Stockholders Agreement and the Registration Rights Agreement,
is the entire agreement of the parties with respect to the subject matter
hereof and supersedes all other prior agreements, understandings, documents,
statements, representations and warranties, oral or written, express or
implied, between the parties hereto and their respective Subsidiaries,
representatives and agents in respect of the subject matter hereof.

 

(f)            Tax
Withholding.  Whenever any cash
payment is to be made hereunder, Holding or any Subsidiary shall have the power
to withhold, or require the Employee to remit to Holding or such Subsidiary, an
amount sufficient to satisfy federal, state, and local withholding tax
requirements relating to such transaction, and Holding or such Subsidiary may
defer the payment of cash until such requirements are satisfied.

 

(g)           Beneficiary
Designation.  The Employee may from
time to time name any beneficiary or beneficiaries (who may be named
contingently or successively) by whom any right under the Plan and this
Agreement is to be exercised in case of his death.  Each designation will revoke all prior designations by the
Employee, shall be in a form reasonably prescribed by the Committee, and will
be effective only when filed by the Employee in writing with the Committee
during his lifetime.  If no beneficiary
is named, or if a named beneficiary does not survive the Employee, Section 11.2
of the Plan shall determine who may exercise the Employee’s rights under the
Plan.

 

(h)           No
Guarantee of Employment.  Nothing in
this Agreement shall interfere with or limit in any way the right of Holding or
any Subsidiary to terminate the Employee’s employment at any time, or confer
upon the Employee any right to continue in the employ of Holding or any
Subsidiary.

 

(i)            Applicable
Law.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK,
EXCEPT TO THE EXTENT THAT THE CORPORATE LAW OF THE STATE OF DELAWARE
SPECIFICALLY AND MANDATORILY APPLIES.

 

(j)            Survival.  Section 5 (relating to Employee’s
representations, warranties and covenants) and Section 9 (relating to Holding’s
representations and warranties) shall survive any termination of this
Agreement.

 

12

 

(k)           Section
and Other Headings, etc.  The
section and other headings contained in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this
Agreement.

 

(l)            Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and all of
which together shall constitute one and the same instrument.

 

13

 

IN WITNESS WHEREOF, Holding and the Employee have
executed this Agreement as of the date first above written.

 

	
   

  	
  TRAVEL TRANSACTION PROCESSING

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas L. Abramson

  	
   

  
	
   

  	
   

  	
  Name: Douglas L.
  Abramson

  
	
   

  	
   

  	
  Title: Senior
  Vice President - Human Resources,

  
	
   

  	
   

  	
  General Counsel
  and Secretary

  
	
   

  	
   

  
	
   

  	
  THE EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Rakesh Gangwal

  	
   

  
	
   

  	
  Rakesh Gangwal

  
	
   

  	
  State of Residence: Virginia

  

 

 

	
  Total Number of Shares of Common Stock to be Granted:

  	
   

  	
  2,702,500

  	
   

  

 

14Exhibit
10.28

 

Execution Copy

 

MANAGEMENT STOCK SUBSCRIPTION AGREEMENT

 

MANAGEMENT
STOCK SUBSCRIPTION AGREEMENT, dated as of June 30, 2003 between Travel
Transaction Processing Corporation, a Delaware corporation (“Holding”), and the Purchaser whose name appears on the
signature page hereof (the “Purchaser”).

 

 

W  I  T
N  E  S  S  E  T  H:

 

 

WHEREAS, the Board
of Directors of Holding (the “Board”)
wishes to offer to the Purchaser the aggregate number of shares of the Class A
Common Stock, par value $.01 per share, of Holding set forth on the signature
page hereof (the “Common Shares”)
at the purchase price provided on such signature page;

 

WHEREAS, the Board
wishes to offer to the Purchaser the aggregate number of shares of the Series A
Cumulative Compounding Preferred Stock, par value $.01 per share, of Holding
set forth on the signature page hereof (the “Preferred Shares” and together with the Common Shares, the
“Shares” ) at the purchase
price provided on such signature page;

 

NOW, THEREFORE, to
implement the foregoing and in consideration of the mutual agreements contained
herein, the parties hereto hereby agree as follows:

 

1.                                       Purchase
and Sale of Shares.

 

(a)                  Purchase
of Shares.  Subject to all of the
terms and conditions of this Agreement, the Purchaser hereby subscribes for and
shall purchase, and Holding shall sell to the Purchaser, the Common Shares at
the purchase price indicated for Common Shares on the signature page and the
Preferred Shares at the purchase price indicated for Preferred Shares on the
signature page, both at the Closing provided for in Section 2(a)
hereof.  Notwithstanding anything in
this Agreement to the contrary, Holding shall have no obligation to sell any
Shares to (i) any person who will not be an employee of Holding or
any partnership, corporation, or other organization or entity a majority of
whose outstanding voting interests are owned, directly or indirectly, by
Holding (each, a “Subsidiary”)
immediately following the Closing at which such Shares are to be sold or (ii) any
person who is a resident of a jurisdiction in which the sale of Shares to such
person would constitute a violation of the securities, “blue sky” or other laws
of such jurisdiction.

 

(b)                 Consideration.  Subject to all of the terms and conditions
of this Agreement, the Purchaser shall deliver to Holding at the Closing (as
defined in

 

 

Section 2(a) hereof) immediately available funds in the amount of
the aggregate purchase price set forth on the signature page hereof, it being
understood that the Purchaser may use any bonus amounts payable to him pursuant
to his retention agreement, less all applicable tax withholding, in
satisfaction of the Consideration Amount.

 

2.                                       Closing.

 

(a)                  Time
and Place.  Except as otherwise
mutually agreed by Holding and the Purchaser, the closing (the “Closing”) of the transaction
contemplated by this Agreement shall be held at the offices of Hughes Hubbard
& Reed LLP, One Battery Park Plaza, New York, New York at 10:00 a.m.
(New York time) on June 30, 2003.

 

(b)                 Delivery
by Holding.  At the Closing, Holding
shall deliver to the Purchaser stock certificates registered in such
Purchaser’s name and representing the Shares, which certificates shall bear the
legends set forth in Section 3(b).

 

(c)                  Delivery
by the Purchaser.  At the Closing,
the Purchaser shall deliver to Holding the consideration referred to in
Section 1(b) hereof.

 

3.                                       Purchaser’s
Representations, Warranties and Covenants.

 

(a)                  Investment
Intention.  The Purchaser represents
and warrants that the Purchaser is acquiring the Shares solely for the
Purchaser’s own account for investment and not with a view to or for sale in
connection with any distribution thereof. 
The Purchaser agrees that the Purchaser will not, directly or
indirectly, offer, transfer, sell, pledge, hypothecate or otherwise dispose of
any of the Shares (or solicit any offers to buy, purchase or otherwise acquire
or take a pledge of any Shares), except in compliance with the Securities Act
of 1933, as amended (the “Securities Act”),
and the rules and regulations of the Securities and Exchange Commission (the “Commission”) thereunder, and in
compliance with applicable state and foreign securities or “blue sky”
laws.  The Purchaser further
understands, acknowledges and agrees that none of the Shares may be
transferred, sold, pledged, hypothecated or otherwise disposed of unless the
provisions of (i) this Agreement, (ii) Section 2.1 of the
Stockholders Agreement, dated as of June 30, 2003, among Holding, Citigroup
Venture Capital Equity Partners, L.P., a limited partnership organized under
the laws of Delaware (together with its affiliates, “CVC”), Ontario Teachers’ Pension Plan
Board, a corporation without share capital organized under the laws of Ontario,
Canada (“OTPP”) and certain
other stockholders of Holding (as amended from time to time, the “Stockholders Agreement”) and (iii)
Section 5 of the Registration Rights Agreement, dated as of June 30, 2003,
among Holding, CVC, OTPP and certain stockholders of Holding (as amended from
time to time, the “Registration Rights Agreement”)
shall have been complied with or have expired.

 

(b)                 Legends.  The Purchaser acknowledges that the
certificates representing the Shares shall bear the following legends or other
appropriate legends:

 

2

 

(i)                                     “THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF (EACH, A “TRANSFER”) UNLESS AND UNTIL REGISTERED UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL IS
RECEIVED IN A FORM SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT
REQUIRED.”

 

(ii)                                  “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO (A) THE TRANSFER AND
OTHER PROVISIONS OF A MANAGEMENT STOCK SUBSCRIPTION AGREEMENT, DATED AS OF JUNE
30, 2003; (B) THE PROVISIONS OF A STOCKHOLDERS AGREEMENT, DATED AS OF JUNE 30,
2003, AMONG THE ISSUER AND CERTAIN STOCKHOLDERS OF THE ISSUER (THE
“STOCKHOLDERS AGREEMENT”) AND (C) A REGISTRATION RIGHTS AGREEMENT, DATED AS OF
JUNE 30, 2003, AMONG THE ISSUER AND CERTAIN STOCKHOLDERS OF THE ISSUER (THE
“REGISTRATION RIGHTS AGREEMENT”) AND NEITHER THIS CERTIFICATE NOR THE SHARES
REPRESENTED BY IT ARE TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
THE MANAGEMENT STOCK SUBSCRIPTION AGREEMENT, THE STOCKHOLDERS AGREEMENT AND THE
REGISTRATION RIGHTS AGREEMENT, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT
THE OFFICES OF THE ISSUER.  NO TRANSFER
OF SUCH SHARES WILL BE MADE ON THE BOOKS OF THE ISSUER, AND SUCH TRANSFER SHALL
BE VOIDABLE, UNLESS ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF
SUCH AGREEMENTS.”

 

(iii)                               “THE
ISSUER WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE
POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
OTHER SPECIAL RIGHTS OF EACH CLASS OR SERIES OF SHARES AUTHORIZED TO BE ISSUED
AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS.”

 

(c)                  Securities
Law Matters.  The Purchaser
acknowledges receipt of advice from Holding that (i) the Shares have not
been registered under the Securities Act based on an exemption provided under
the Securities Act or qualified under any state or foreign securities or “blue
sky” laws, (ii) it is not anticipated that there will be any public
market for the Shares, (iii) the Shares must be held indefinitely and
the Purchaser must continue to bear the economic risk of the investment in the
Shares unless the Shares are

 

3

 

subsequently registered under the Securities Act and such state laws or
an exemption from registration is available, (iv) Rule 144
promulgated under the Securities Act (“Rule
144”) is not presently available with respect to the sales of
the Shares, and Holding has made no covenant to make Rule 144 available, (v) when
and if the Shares may be disposed of without registration in reliance upon Rule
144, such disposition can be made only in accordance with the terms and
conditions of such Rule, this Agreement, the Stockholders Agreement and the
Registration Rights Agreement, (vi) Holding does not plan to file
reports with the Commission or make public information concerning Holding
available unless required to do so by law or in connection with its financing
arrangements, (vii) if the exemption afforded by Rule 144 is not
available, sales of the Shares may be difficult to effect because of the
absence of public information concerning Holding, (viii) a restrictive
legend in the form heretofore set forth shall be placed on the certificates
representing the Shares and (ix) a notation shall be made in the
appropriate records of Holding indicating that the Shares are subject to restrictions
on transfer set forth in Section 2.1 of the Stockholders Agreement and, if
Holding should in the future engage the services of a stock transfer agent,
appropriate stop-transfer restrictions will be issued to such transfer agent
with respect to the Shares.

 

(d)                 Compliance
with Rule 144.  When and if the
Shares may be disposed of without registration in reliance upon Rule 144, the
Purchaser shall transmit to Holding an executed copy of Form 144 (if required
by Rule 144) no later than the time such form is required to be transmitted to
the Commission for filing and such other documentation as Holding may
reasonably require to assure compliance with Rule 144 in connection with such
disposition.

 

(e)                  Ability
to Bear Risk.  The Purchaser
represents and warrants that (i) the financial situation of the
Purchaser is such that the Purchaser can afford to bear the economic risk of
holding the Shares for an indefinite period and (ii) the Purchaser
can afford to suffer the complete loss of the Purchaser’s investment in the
Shares.

 

(f)                    Accredited
Investor.  The Purchaser represents
and warrants that he qualifies as an “Accredited Investor” under Regulation D
promulgated under the Securities Act. 
The Purchaser agrees to furnish such documents and to comply with such
reasonable requests of Holding as may be necessary to substantiate the
Purchaser’s status as a qualifying investor in connection with this private
offering of Shares to the Purchaser. 
The Purchaser represents and warrants that all information contained in
such documents and any other written materials concerning the status of the
Purchaser furnished by the Purchaser to Holding in connection with such
requests will be true, complete and correct in all material respects.

 

(g)                 Other Rights
and Obligations.  The Purchaser
shall be entitled to the rights and subject to the obligations created under
the Registration Rights Agreement and the Stockholders Agreement, each to the
extent set forth therein.

 

4

 

4.                                       Representations
and Warranties of Holding.  Holding
represents and warrants to the Purchaser that (a) Holding has been
duly incorporated and is an existing corporation in good standing under the
laws of the State of  Delaware, (b) this
Agreement has been duly authorized, executed and delivered by Holding and
constitutes a valid and legally binding obligation of Holding enforceable
against Holding in accordance with its terms, and (c) the Shares,
when issued, delivered and paid for in accordance with the terms hereof, will
be duly and validly issued, fully paid and nonassessable.

 

5.                                       Miscellaneous.

 

(a)                  Notices.  All notices and other communications
required or permitted to be given under this Agreement shall be in writing and
shall be deemed to have been given if delivered personally or sent by certified
or express mail, return receipt requested, postage prepaid, or by any
recognized international equivalent of such mail delivery, to Holding, or the
Purchaser, as the case may be, at the following addresses or to such other
address as Holding or the Purchaser, as the case may be, shall specify by
notice to the others:

 

(i)  if to Holding, to it at:

 

300 Galleria Parkway, N.W.

Atlanta, Georgia 30339

Attn:  General Counsel

 

(ii)  if to the
Purchaser, to the
Purchaser at the address as reflected in Holding’s books and records.

 

All such notices and communications shall be
deemed to have been received on the date of delivery if delivered personally or
on the third business day after the mailing thereof.  Copies of any notice or other communication given under this
Agreement shall also be given to:

 

Citigroup Venture Capital Equity

Partners, L.P.

399 Park Avenue, 14th Floor

New York, New York  10022

Fax:  (212) 888-2940

Attention:  Joseph Silvestri

 

Ontario Teachers’ Pension
Plan Board

5650 Yonge Street

Toronto, Ontario M2M 4H5

Fax:  (416) 730-5082

Attention:  Shael Dolman

 

5

 

Dechert LLP

4000 Bell Atlantic Tower

1717 Arch Street

Philadelphia, Pennsylvania  19103

Fax:  (215) 994-2222

Attention:  Geraldine A. Sinatra

 

Debevoise & Plimpton

919 Third Avenue

New York, New York  10022

Fax:  (212) 909-6836

Attention:  Margaret A. Davenport

 

(b)                 Binding
Effect; Benefits.  This Agreement
shall be binding upon the parties to this Agreement and their respective
successors and assigns and shall inure to the benefit of the parties to the
Agreement and their respective permitted successors and assigns.  Nothing in this Agreement, express or
implied, is intended or shall be construed to give any person other than the
parties to this Agreement or their respective successors or assigns any legal
or equitable right, remedy or claim under or in respect of any agreement or any
provision contained herein.

 

(c)                  Waiver;
Amendment.

 

(i)                                     Waiver.  Any party hereto or beneficiary hereof may
by written notice to the other parties (A) extend the time for the
performance of any of the obligations or other actions of the other parties
under this Agreement, (B) waive compliance with any of the
conditions or covenants of the other parties contained in this Agreement and (C) waive
or modify performance of any of the obligations of the other parties under this
Agreement.  Except as provided in the
preceding sentence, no action taken pursuant to this Agreement, including,
without limitation, any investigation by or on behalf of any party or
beneficiary shall be deemed to constitute a waiver by the party or beneficiary
taking such action of compliance with any representations, warranties,
covenants or agreements contained herein. 
The waiver by any party hereto or beneficiary hereof of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of
any preceding or succeeding breach and no failure by a party to exercise any
right or privilege hereunder shall be deemed a waiver of such party’s or
beneficiary’s rights or privileges hereunder or shall be deemed a waiver of
such party’s or beneficiary’s rights to exercise the same at any subsequent
time or times hereunder.

 

(ii)                                  Amendment.  This Agreement may not be amended, modified
or supplemented orally, but only by a written instrument executed by the
Purchaser and Holding.

 

6

 

(d)                 Entire
Agreement.  This Agreement, together
with the Stockholders Agreement and the Registration Rights Agreement, is the
entire agreement of the parties with respect to the subject matter hereof and
supersedes all other prior agreements, understandings, documents, statements,
representations and warranties, oral or written, express or implied, between
the parties hereto and their respective Subsidiaries, representatives and
agents in respect of the subject matter hereof.

 

(e)                  Assignability.  Neither this Agreement nor any right,
remedy, obligation or liability arising hereunder or by reason hereof shall be
assignable by Purchaser without the prior written consent of Holding.

 

(f)                    No
Guarantee of Employment.  Nothing in
this Agreement shall interfere with or limit in any way the right of Holding or
any Subsidiary to terminate the Purchaser’s employment at any time, or confer
upon the Purchaser any right to continue in the employ of Holding or any
Subsidiary.

 

(g)                 Applicable
Law.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK,
EXCEPT TO THE EXTENT THAT THE CORPORATE LAW OF THE STATE OF DELAWARE
SPECIFICALLY AND MANDATORILY APPLIES.

 

(h)                 Survival.  Section 3 (relating to Purchaser’s
representations, warranties and covenants) and Section 4 (relating to Holding’s
representations and warranties) shall survive any termination of this
Agreement.

 

(i)                     Section
and Other Headings, etc.  The
section and other headings contained in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this
Agreement.

 

(j)                     Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and all of
which together shall constitute one and the same instrument.

 

7

 

IN
WITNESS WHEREOF, Holding and the Purchaser have executed this Agreement as of
the date first above written.

 

 

	
   

  	
  TRAVEL TRANSACTION
  PROCESSING

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas L. Abramson

  
	
   

  	
   

  	
  Name:
  Douglas L. Abramson

  
	
   

  	
   

  	
  Title:
  Senior Vice President - Human Resources,

  
	
   

  	
   

  	
  General
  Counsel and Secretary

  
	
   

  	
   

  
	
   

  	
  THE
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Dale Messick

  	
   

  
	
   

  	
  Dale
  Messick

  	
   

  
				

 

 

	
  Total
  Number of Common Shares to be Purchased:

  	
   

  	
  31,410

  
	
   

  	
   

  	
   

  
	
  Purchase
  Price per Common Share:

  	
   

  	
  $

  	
  .31914894

  
	
   

  	
   

  	
   

  
	
  Total
  Number of Preferred Shares to be Purchased:

  	
   

  	
  114.976

  
	
   

  	
   

  	
   

  
	
  Purchase
  Price per Preferred Share:

  	
   

  	
  $

  	
  1,000

  
	
   

  	
   

  	
   

  
	
  Aggregate
  Cash Purchase Price:

  	
   

  	
  $

  	
  125,000

  

 

8

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