Document:

Asset Purchase Agreement by and among TRX, Inc., Hi-Mark

 Exhibit 10.44 
 Execution Copy 
 ASSET PURCHASE AGREEMENT 
 by and among 
 TRX, INC., 

HI-MARK, LLC, 
 HI-MARK TRAVEL
SYSTEMS, INC., 
 INTEGRATED PROFITMARK CORPORATION, LLC 
 and the 
 OWNER ENTITY SHAREHOLDERS 
 December 7, 2006 

 Table of Contents 
  

					
			
	 ARTICLE I
	  	TRANSFER OF ASSETS; ASSUMPTION OF LIABILITIES	  	1
			
	 1.01
	  	Transfer of Assets	  	1
			
	 1.02
	  	Excluded Assets	  	3
			
	 1.03
	  	Assumption of Liabilities	  	3
			
	 1.04
	  	Excluded Liabilities	  	4
			
	 ARTICLE II
	  	PURCHASE PRICE; CLOSING	  	5
			
	 2.01
	  	Purchase and Sale	  	5
			
	 2.02
	  	Purchase Price	  	5
			
	 2.03
	  	Allocation	  	5
			
	 2.04
	  	Manner of Effecting Sale	  	6
			
	 2.05
	  	Closing and Closing Date	  	6
			
	 2.06
	  	Method of Payment	  	6
			
	 2.07
	  	Legending of Securities	  	6
			
	 2.08
	  	Earn Out	  	7
			
	 ARTICLE III
	  	ADJUSTMENTS TO THE PURCHASE PRICE	  	11
			
	 3.01
	  	Closing Net Working Capital	  	11
			
	 3.02
	  	Post-Closing Adjustment of Purchase Price	  	13
			
	 3.03
	  	Accounts Receivable	  	13
			
	 ARTICLE IV
	  	REPRESENTATIONS AND WARRANTIES OF SELLER AND OWNERS	  	14
			
	 4.01
	  	Organization	  	14
			
	 4.02
	  	Subsidiaries and Owners	  	14
			
	 4.03
	  	Authority; Enforceability	  	16
			
	 4.04
	  	Noncontravention	  	17
			
	 ARTICLE V
	  	REPRESENTATIONS AND WARRANTIES OF SELLER, HMTS, K. AUSTIN, D. AUSTIN AND C. BRADSHER	  	18
			
	 5.01
	  	Financial Statements	  	18
			
	 5.02
	  	Ordinary Course of Business	  	18
			
	 5.03
	  	Undisclosed Liabilities	  	19
			
	 5.04
	  	Title to Assets	  	20
			
	 5.05
	  	Personal Property	  	20
			
	 5.06
	  	Tax Matters	  	20

					
			
	 5.07
	  	Leased Real Property	  	21
			
	 5.08
	  	Contracts	  	22
			
	 5.09
	  	Relationship with Customers and Suppliers	  	24
			
	 5.10
	  	Accounts Receivable	  	24
			
	 5.11
	  	Insurance	  	24
			
	 5.12
	  	Employees	  	25
			
	 5.13
	  	Employee Benefits	  	26
			
	 5.14
	  	Collective Bargaining	  	27
			
	 5.15
	  	Environmental Compliance	  	27
			
	 5.16
	  	Litigation	  	28
			
	 5.17
	  	Legal Compliance	  	29
			
	 5.18
	  	Certain Business Relationships With Owners	  	29
			
	 5.19
	  	Intellectual Property	  	29
			
	 5.20
	  	Brokers’ Fees	  	30
			
	 5.21
	  	Ethical Practices	  	31
			
	 5.22
	  	Relations with Governmental Entities	  	31
			
	 5.23
	  	Accounting Controls	  	31
			
	 5.24
	  	Full Disclosure	  	31
			
	 5.25
	  	Securities Law Representations	  	31
			
	 ARTICLE VI
	  	REPRESENTATIONS AND WARRANTIES OF BUYER	  	32
			
	 6.01
	  	Organization	  	32
			
	 6.02
	  	Authority; Enforceability	  	32
			
	 6.03
	  	Brokers’ Fees	  	32
			
	 6.04
	  	Available Funds	  	32
			
	 6.05
	  	Noncontravention	  	32
			
	 6.06
	  	TRX Shares	  	32
			
	 6.07
	  	Absence of Undisclosed Liabilities	  	32
			
	 6.08
	  	Filings with the SEC	  	33
			
	 ARTICLE VII
	  	COVENANTS AND AGREEMENTS OF SELLER AND OWNERS AND OWNER ENTITY SHAREHOLDERS	  	34
			
	 7.01
	  	Access	  	34
			
	 7.02
	  	Pre-Closing Operations of Seller	  	34
			
	 7.03
	  	Supplements to Disclosure Schedules	  	36

					
			
	 7.04
	  	Preparation of Supporting Documents	  	37
			
	 7.05
	  	Notices of Certain Events	  	37
			
	 7.06
	  	Non-Solicitation	  	38
			
	 7.07
	  	Interim Financials	  	38
			
	 7.08
	  	Name Change	  	38
			
	 7.09
	  	Post-Closing Taxes, Assessments and Similar Adjustments	  	38
			
	 7.10
	  	Bulk Sales Transfer	  	39
			
	 ARTICLE VIII
	  	COVENANTS OF THE PARTIES	  	39
			
	 8.01
	  	Further Conveyances and Assumptions; Approvals of Third Parties	  	39
			
	 8.02
	  	Casualty	  	40
			
	 8.03
	  	Transferred Employees	  	41
			
	 8.04
	  	Employee Benefit Plans	  	42
			
	 8.05
	  	Access to Books and Records	  	42
			
	 8.06
	  	Piggyback Registration Rights	  	42
			
	 ARTICLE IX
	  	CONDITIONS TO CLOSING	  	42
			
	 9.01
	  	Conditions to Buyer’s Obligations	  	42
			
	 9.02
	  	Conditions to Seller’s Obligations	  	44
			
	 ARTICLE X
	  	SURVIVAL; INDEMNIFICATION	  	46
			
	 10.01
	  	Survival	  	46
			
	 10.02
	  	Indemnification	  	46
			
	 10.03
	  	Procedures for Third Party Claims	  	48
			
	 10.04
	  	Procedures for Direct Claims	  	49
			
	 10.05
	  	Investigation	  	49
			
	 10.06
	  	Set-Off	  	50
			
	 10.07
	  	Indemnification Limitations	  	50
			
	 10.08
	  	No Double Recovery	  	51
			
	 10.09
	  	Subrogation	  	51
			
	 10.10
	  	Other Indemnification Provision	  	51
			
	 ARTICLE XI
	  	TERMINATION	  	51
			
	 11.01
	  	Termination of Agreement	  	51
			
	 11.02
	  	Effect of Termination	  	52

					
			
	 ARTICLE XII
	  	DEFINITIONS	  	52
			
	 ARTICLE XIII
	  	MISCELLANEOUS	  	61
			
	 13.01
	  	Press Releases and Announcements	  	61
			
	 13.02
	  	Costs	  	61
			
	 13.03
	  	Headings	  	61
			
	 13.04
	  	Amendment and Waiver	  	61
			
	 13.05
	  	Specific Performance	  	62
			
	 13.06
	  	Assignment	  	62
			
	 13.07
	  	Severability	  	62
			
	 13.08
	  	Complete Agreement	  	63
			
	 13.09
	  	Counterparts	  	63
			
	 13.10
	  	Governing Law	  	63
			
	 13.11
	  	Arbitration	  	63
			
	 13.12
	  	Notices	  	64
			
	 13.13
	  	Tax Matters	  	65
			
	 13.14
	  	Construction	  	65
			
	 13.15
	  	Incorporation of Exhibits and Schedules	  	65
			
	 13.16
	  	Further Assurances	  	65

			
		
	 EXHIBITS
	  	
	 Exhibit A
	  	Form of Promissory Note
	 Exhibit B
	  	Bill of Sale Assignment and Assumption Agreement
	 Exhibit C
	  	Austin Employment Agreement
	 Exhibit C-1
	  	Additional Management Employment Agreements
	 Exhibit D
	  	Invention Assignment Agreement
	 Exhibit E
	  	Sublease
	 Exhibit F
	  	Non-Competition Agreement

 ASSET PURCHASE AGREEMENT 
 THIS ASSET PURCHASE AGREEMENT (this “Agreement”), dated as of December 7, 2006, is made and entered into by and among
TRX, INC, a Georgia corporation (“Buyer”), HI-MARK, LLC, a Delaware limited liability company (“Seller”), HI-MARK TRAVEL SYSTEMS, INC., a Georgia corporation (“HMTS”),
INTEGRATED PROFITMARK CORPORATION, LLC, a Delaware limited liability company (“ProfitMark”), KEVIN AUSTIN, a Georgia resident (“K. Austin”), DIANE AUSTIN, a Georgia resident (“D.
Austin”) and CHARLES BRADSHER, a Georgia resident (“C. Bradsher”, and together with K. Austin and D. Austin, the “Owner Entity Shareholders”). Each of HMTS and ProfitMark is referred to herein individually
as an “Owner” and collectively as the “Owners.” 
 WHEREAS, Owners collectively own, directly or
indirectly, all of the issued and outstanding equity interests of Seller, which is engaged in the business of providing corporate travel, supplier management and healthcare business solutions (the “Business”); and 
 WHEREAS, Seller desires to sell and assign to Buyer, and Buyer desires to purchase and assume from Seller, on the terms and subject to the
conditions set forth in this Agreement, substantially all of the assets and certain liabilities of Seller. 
 NOW, THEREFORE, in
consideration of the mutual representations, warranties, covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller, intending
to be legally bound, hereby agree as follows: 
 ARTICLE I 
 TRANSFER OF ASSETS; ASSUMPTION OF LIABILITIES 
 1.01 Transfer of Assets. On the
terms and subject to the conditions set forth in this Agreement, Seller shall, as of the Effective Time, sell, transfer and assign to Buyer, and Buyer shall purchase and acquire from Seller, free and clear of all Liens (except for Permitted Liens),
all of Seller’s right, title and interest in and to the assets, properties and rights of every kind, nature, character and description, in existence on the date hereof and any additions thereto on or before the Effective Time, whether personal
or mixed, whether tangible or intangible, whether accrued, contingent or otherwise, whether or not carried on the books and records of Seller and wherever located, including, without limitation, the following assets, properties and rights
(collectively, except for the Excluded Assets, the “Assets”): 
 (a) all of the inventory, including goods
for sale, materials, supplies and spare parts listed (by item, quantity and cost) or otherwise described on Schedule 1.01(a), which such Schedule shall be updated immediately prior to Closing pursuant to Section 7.03, subject to
subsequent adjustment in connection with the calculation of Closing Net Working Capital (the “Purchased Inventory”); 
 (b) (i) all of the trade accounts receivable and other rights to payment from customers of Seller (including the full benefit of all security for such accounts or rights to payment) outstanding as of the Effective
Time and arising in respect of goods shipped or 

 
products sold or services rendered to customers of such Seller in the Ordinary Course of Business that are listed (by customer and invoice) on Schedule
1.01(b), which such Schedule shall be updated immediately prior to Closing pursuant to Section 7.03, subject to subsequent adjustment in connection with the calculation of Closing Net Working Capital, and (ii) any claim, remedy or
other right related to any of the foregoing (the “Purchased Accounts Receivable”); 
 (c) all fixed assets,
including, but not limited to, all machinery, equipment, tools, furniture, office equipment, computer hardware, vehicles, leasehold improvements and other items of tangible personal property of every kind owned by Seller listed on Schedule
1.01(c), together with any express or implied warranty by the manufacturers, sellers or lessors of any item or component part thereof, and all maintenance records and other documents relating thereto; 
 (d) the real property leases, subleases, leaseholds and other interests in leased real property listed on Schedule 1.01(d),
together with the right, title and interest of Seller in and to all buildings, leasehold improvements, structures, facilities, fixtures and all other appurtenances thereto (individually, a “Real Property Lease” and collectively, the
“Real Property Leases”); 
 (e) all prepaid expenses, claims for refunds from trade vendors, rights to
rebates and rights to offset of Seller; 
 (f) all intangible rights and property of Seller, including the Intellectual
Property, going concern value, goodwill (including the names set forth on Schedule 1.01(f) (which Schedule identifies which of such names are registered with any Governmental Entity) and all variations thereof and all other trade names and
trademarks of the Business) and all telephone, telecopy, email listings and addresses and domain names of Seller; 
 (g) all
books, records and files (tangible and electronic) containing any information or documents relevant to the Assets or the conduct of the Business, including, without limitation, contract files, real and personal property lease files, credit files,
purchasing histories or profiles, project files, pricing information, customer lists, lists of suppliers, correspondence, computer and billing tapes, research data and advertising data; 
 (h) all of Seller’s rights and benefits in, to and under all contracts set forth on Schedule 1.01(h), which such Schedule
shall be updated immediately prior to Closing pursuant to Section 7.03, and any claim, remedy or other right related to any of the foregoing (the “Purchased Contracts”); 
 (i) all of Seller’s rights and benefits in, to and under all leases and licenses of personal property set forth on Schedule
1.01(i), including the right to possession of the personal property leased thereunder, which such Schedule shall be updated immediately prior to Closing pursuant to Section 7.03, and any claim, remedy or other right related to any of the
foregoing (collectively, the “Purchased Leases”); 
  

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 (j) all Permits issued, granted, given or otherwise made available to Seller by or under
the authority of any Governmental Entity, in each case to the extent transferable to Buyer; 
 (k) all insurance benefits,
including rights and proceeds, arising from or relating to the Assets or the Assumed Liabilities prior to the Effective Time, except for and excluding insurance benefits related to the Excluded Liabilities; 
 (l) all claims of Seller against third parties relating to the Assets, whether choate or inchoate, known or unknown, contingent or
noncontingent; 
 (m) all cash and cash-equivalents of Seller as of the Closing Date, except for and excluding those in the
Retained Bank Account (as such term is defined in Section 7.02(d)(x)); and 
 (n) all bank accounts of Seller, including
those bank accounts set forth on Schedule 1.01(n), but excluding the Retained Bank Account. 
 1.02 Excluded Assets.
Notwithstanding the terms of Section 1.01, the following assets shall be retained by Seller (collectively, the “Excluded Assets”) and shall not be sold, transferred or assigned to Buyer in connection with the purchase of the
Assets: 
 (a) to the extent not required for the operation of the Business, Seller’s minute books and related company
records and accounting records (including ancillary records, paid invoices and work papers related thereto) (provided that Seller shall provide Buyer access to the foregoing records to the extent reasonably requested by Buyer); 
 (b) except as otherwise provided in Section 1.03(b) with respect to Employee Accruals, the Employee Benefit Plans and all rights in
connection with and under the Employee Benefit Plans; 
 (c) Tax refunds that belong to Seller pursuant to
Section 7.09(c); 
 (d) all contracts other than the Purchased Contracts and all leases other than the Purchased Leases
and the Real Property Leases; 
 (e) the rights of Seller under this Agreement and the Bill of Sale, Assignment and Assumption
Agreement; and 
 (f) the Retained Bank Account and the cash therein. 
 1.03 Assumption of Liabilities. As of the Effective Time, Buyer shall, pursuant to a Bill of Sale, Assignment and Assumption Agreement,
substantially in the form attached hereto as Exhibit B (the “Bill of Sale, Assignment and Assumption Agreement”), assume, pay, and perform in accordance with their terms only the following liabilities and obligations of
Seller (collectively, the “Assumed Liabilities”): 
  

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 (a) all trade accounts payable of Seller outstanding as of the Effective Time and
incurred in the Ordinary Course of Business that are listed (by creditor and invoice) on Schedule 1.03(a), which such Schedule shall be updated immediately prior to the Closing pursuant to Section 7.03, subject to subsequent adjustment
in connection with the calculation of Closing Net Working Capital, and (ii) any credit, offset, defense, claim, remedy or other right related to any of the foregoing (“Assumed Accounts Payable”); 
 (b) all current liabilities for accrued but unused vacation pay, sick pay and personal time off as of the Effective Time, and any accrued
wages, salaries, bonuses and commissions (including payroll Taxes attributable to such amounts) that are listed on Schedule 1.03(b) and owing to Transferred Employees, which such Schedule shall be updated immediately prior to the Closing
pursuant to Section 7.03, subject to subsequent adjustment in connection with the calculation of Closing Net Working Capital, and (ii) any credit, offset, defense, claim, remedy or other right related to any of the foregoing
(“Employee Accruals”); 
 (c) all accrued expenses of Seller, including Employee Accruals, that are
outstanding as of the Effective Time and incurred in the Ordinary Course of Business that are listed (by creditor and invoice) on Schedule 1.03(c) (excluding, in any event, all Taxes other than payroll Taxes to the extent included in Employee
Accruals pursuant to Section 1.03(b)), which such Schedule shall be updated immediately prior to the Closing pursuant to Section 7.03, subject to subsequent adjustment in connection with the calculation of Closing Net Working Capital, and
(ii) any credit, offset, defense, claim, remedy or other right related to any of the foregoing (“Assumed Accrued Expenses”); and 
 (d) liabilities and obligations arising under the Purchased Contracts (“Deferred Revenue”), the Purchased Leases and the Real Property Leases, but only to the extent that such liabilities and
obligations are first required to be performed on or after the Effective Time and arise out of the written terms or, to the extent described in Schedule 1.01(h) or Schedule 1.01(i), oral terms of such Purchased Contracts, Purchased
Leases and Real Property Leases as provided by Seller to Buyer, and specifically excluding liabilities and obligations for breaches of such Purchased Contracts, Purchased Leases and Real Property Leases, if any, resulting from acts or omissions of
Seller prior to or as of the Effective Time, including, without limitation, any liability arising from any transfer or assignment pursuant to this Agreement in contravention of such Purchased Contracts, Purchased Leases and Real Property Leases.

 1.04 Excluded Liabilities. Other than as set forth in Section 1.03, Buyer shall not assume or become liable for (and
nothing contained in this Agreement shall be construed as an assumption by Buyer of) the payment of any debts, liabilities, losses, accounts payable, bank indebtedness, mortgages, real or personal property leases or other liabilities or obligations
of Seller (collectively, the “Excluded Liabilities”), whether the same are known or unknown, now existing or hereafter arising, of whatever nature or character, whether absolute or contingent, liquidated or disputed, including,
without limitation, any and all liabilities arising from, or related to, the ownership, operation and maintenance of the Business or the Assets (including any intellectual property) prior to the Effective Time. Seller shall be responsible for, and
the Excluded Liabilities shall include all of the liabilities, obligations and undertakings of Seller not expressly assumed by Buyer pursuant to Section 1.03 hereof, and such liabilities, obligations and undertakings shall remain the sole
liabilities, obligations and undertakings of Seller. Without 

  

 4 

 
limiting the generality of the foregoing, Seller shall be responsible for, and the Excluded Liabilities shall include, (i) all of Seller’s deferred
compensation obligations including any notes payable to any Owner, (ii) the obligations and liabilities of Seller under the Lease Agreement between Source Alpharetta, Inc. and Seller, dated as of December, 2003, (iii) the Agreement of
Amendment and Release, dated December 26, 2002, among Seller, IM Comet, Inc., HMTS and Profitmark, (iv) the Agreement and Release, dated December 23, 2004 among Seller, HMTS and Profitmark, HealthDataInsights, Inc. and Healthcare
Solutions, LLC and (v) all of the liabilities for any Taxes imposed by any Tax Authority pursuant to any Law applicable to the sale, transfer and conveyance of the Assets and all of the liabilities of Seller for any other Taxes imposed by any
Tax Authority other than payroll Taxes to the extent included in Employee Accruals pursuant to Section 1.03(b). 
 ARTICLE II

 PURCHASE PRICE; CLOSING 
 2.01 Purchase and Sale. Subject to the terms and conditions set forth in this Agreement, as of the Effective Time, Seller shall sell the Assets to Buyer free and clear of all Liens (except for Permitted
Liens), and Buyer shall purchase the Assets from Seller and assume the Assumed Liabilities. 
 2.02 Purchase Price. Subject to
adjustment pursuant to Section 3.01, Section 3.02 and to the indemnification obligations under this Agreement (including, without limitation, Article X), the aggregate amount to be paid for the Assets shall be Seventeen Million
Dollars ($17,000,000) plus Five Hundred Thousand (500,000) shares of Buyer’s $.01 par value common stock (the “TRX Shares”) plus any Earn-Out Payments (the “Purchase Price”). The Purchase Price shall be
paid by the Buyer as follows: 
 (a) Ten Million Dollars ($10,000,000) in cash shall be delivered to the Seller at the Closing
(the “Closing Payment”); 
 (b) Buyer shall deliver to Seller, at the Closing, a promissory note in the
principal amount of Seven Million Dollars ($7,000,000) substantially in the form of Exhibit A attached hereto (the “Promissory Note”); 
 (c) Buyer shall issue the TRX Shares at the Closing; and 
 (d) Buyer shall pay to Seller any Earn-Out Payment as specified in Section 2.08 hereof. 
 2.03 Allocation. Following the Closing, Buyer shall submit to Seller a proposed allocation of the Purchase Price (the
“Allocation”). The Allocation shall be subject to Seller’s reasonable approval, which approval cannot be unreasonably withheld or delayed, provided, that Seller shall respond to Buyer regarding such approval within fifteen
(15) business days after receipt of the Allocation. Upon Buyer’s and Seller’s agreement on the Allocation, Buyer, Seller and Owners agree to file their federal and state income and franchise Tax Returns (and Form 8594, if applicable)
on the basis of the Allocation and that they shall not thereafter take a Tax Return position inconsistent with such allocation unless such inconsistent position shall arise out of or through an audit or other inquiry or examination by the Internal
Revenue Service or other Taxing Authority. Upon final determination of Closing Net Working Capital pursuant to Section 3.01, the parties shall amend the Allocation as needed to reflect the final calculation. 
  

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 2.04 Manner of Effecting Sale. The sale, conveyance, transfer, assignment and delivery of
the Assets by Seller to Buyer shall be effected by the Bill of Sale, Assignment and Assumption Agreement and such other deeds, endorsements, assignments, transfers and other instruments of transfer and conveyance in such form as Buyer or its counsel
and Seller or its counsel mutually deem reasonably necessary or appropriate to transfer to the Buyer full legal and beneficial title to the Assets free and clear of Liens other than Permitted Liens. 
 2.05 Closing and Closing Date. Subject to the satisfaction or waiver of the conditions set forth herein, the consummation of the purchase
and sale of the Assets (the “Closing”) shall take place by facsimile, overnight delivery and wire transfers on January 4, 2007, or on such other date and at such other time and place as the parties shall agree in writing (the
“Closing Date”). The Closing shall be deemed to have occurred for all purposes as of the Effective Time. Seller shall deliver and turn over to Buyer and Buyer shall commence to own and control the Assets as of the Effective Time. At
the Closing, the following shall occur: 
 (a) Buyer shall deliver to the Seller the Closing Payment, the Promissory Note and
the TRX Shares; and 
 (b) Seller shall deliver to Buyer and Buyer shall deliver to Seller, such other documents as are
required pursuant to Sections 9.01 and 9.02, respectively. 
 2.06 Method of Payment. All monetary payments from one party to
another under this Agreement shall be made in cash or by wire transfer of immediately available federal funds to an account designated in writing by the party receiving such payment. 
 2.07 Legending of Securities. The TRX Shares will be issued in a transaction exempt from registration under the Securities Act of 1933, as
amended (the “Securities Act”), by reason of Section 4(2) thereof or Regulation D promulgated thereunder or other applicable exemptions, together with exemptions under applicable state securities laws. Seller and the
Owners understand and agree that there will be placed on the TRX Shares a legend stating in substance the following (along with other appropriate language under applicable U.S., state and foreign securities laws): 
 “The securities represented hereby have not been registered under the Securities Act of 1933, as amended, or any applicable state securities laws and
may not be offered, sold, transferred or otherwise disposed of, unless registered with the Securities and Exchange Commission of the United States and the securities regulatory authorities of applicable states or unless an exemption from
registration is available.” 
 The parties agree to reasonably cooperate to ensure that the TRX Shares are issued under available
exemptions under applicable U.S., state and foreign securities laws. 
  

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 2.08 Earn Out. The Buyer has agreed to pay to the Seller up to Twelve Million Dollars
($12,000,000) based on the revenues recognized in accordance with generally accepted accounting principles (“GAAP”) by the Buyer from the customers set forth on Schedule 2.08 and in accordance with the terms set forth on Schedule
2.08 (collectively, the “Accounts”) during calendar years 2007 and 2008. 
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 ARTICLE III 
 ADJUSTMENTS TO THE PURCHASE PRICE 
 3.01 Closing Net Working Capital. 
 (a) Seller shall deliver to Buyer two (2) business days prior to the Closing, an estimated balance sheet of the Company as of the Closing Date. At the Closing, the Purchase Price paid shall not be subject to any
adjustment as a result of any working capital estimates made pursuant to this Article III. 
 (b) Buyer (with the assistance
of Seller to the extent reasonably requested by Buyer) shall deliver to Seller within sixty (60) days following the Closing, an estimated calculation of the Closing Net Working Capital (the “Estimated Net Working Capital”). The
Estimated Net Working Capital shall be prepared in accordance with GAAP, and on a basis consistent with the Financial Statements. The parties hereto agree that at the Closing, Net Working Capital shall consist of at least $300,000, of which $100,000
shall be in the form of cash. To the extent the Estimated Net Working Capital is greater than $300,000, then the excess shall constitute the “Estimated Working Capital Surplus” and to the extent the Estimated Net Working Capital is
less than $300,000, the difference shall constitute the “Estimated Working Capital Deficit.” To the extent that there is an Estimated Working Capital Surplus, within sixty (60) days following the Closing, Buyer shall pay to
Seller, in cash, an amount equal to 50% of the Estimated Working Capital Surplus (the “Initial Excess Working Capital Payment”). 
 (c) As promptly as practicable, but no later than two hundred ten (210) days after the Closing Date, Buyer (with the assistance of Seller to the extent reasonably requested by Buyer) will cause to be prepared, in
accordance with GAAP and on a basis consistent with the Financial Statements, and delivered to Seller a statement setting forth Buyer’s calculation of Closing Net Working Capital (the “Closing Statement”). The parties agree
that for purposes of calculating Closing Net Working Capital, the amount of Purchased Accounts Receivable shall be equal to the amount of the Purchased Accounts Receivable collected during the A/R Collection Period and set forth in the A/R
collection report delivered to Seller pursuant to Section 3.03 of this Agreement. 
  

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 (d) If Seller disagrees with the Closing Statement, Seller may, within thirty
(30) days after delivery thereof, deliver a written notice to Buyer specifying those items or amounts as to which Seller disagrees, including appropriate documentation in support of Seller’s position (an “Objection”).
Seller shall be deemed to have agreed with those items and amounts included in the computation of Closing Net Working Capital as set forth in the Closing Statement which are not specifically disputed in the Objection. 
 (e) If the Objection is duly delivered pursuant to Section 3.01(d), Buyer and Seller shall, during the thirty (30) days
following such delivery, use their commercially reasonable efforts to reach agreement on the disputed items or amounts in order to determine Closing Net Working Capital. If, during such period, Buyer and Seller are unable to reach such agreement,
they shall promptly thereafter retain an Accounting Referee which shall act as arbitrator of such disputed items or amounts in accordance with this Section 3.01(d) for the purpose of calculating Closing Net Working Capital (the
“Calculation”). Buyer and Seller each agree to execute a reasonable engagement letter proposed by the Accounting Referee. The Accounting Referee shall prescribe and employ procedures for resolving the disputed items and amounts in
accordance with GAAP and on a basis consistent with the Financial Statements and the definition of Closing Net Working Capital set forth herein. In making any such calculation of the Closing Net Working Capital, the Accounting Referee shall address
only those items or amounts in the Closing Statement as to which Seller has specifically disagreed in the Objection. Subject to the parties’ compliance with the last sentence of this Section 3.01(e), the Calculation shall be based solely
on the information, documents and materials (including all work papers, records, accounts or similar materials) submitted to the Accounting Referee regarding such disputed items by Buyer and Seller. Each of Buyer and Seller shall use reasonable
efforts to make its presentations as promptly as practicable following submission to the Accounting Referee of the disputed items and amounts, and each party shall be entitled, as part of its presentation, to respond to the presentation of the other
party and any questions or requests of the Accounting Referee. Buyer and Seller shall direct the Accounting Referee to use its best efforts to render its determination as promptly as practicable, but in no event later than thirty (30) days
after being retained by Buyer and Seller. In deciding any matter hereunder, the Accounting Referee (a) may not assign a value to any disputed item or amount greater than the greatest value for such item or amount claimed by Buyer or Seller or
less than the smallest value for each disputed item or amount claimed by Buyer or Seller, and (b) shall be governed by the terms and conditions set forth in this Agreement, including this Section 3.01(e) and the definition of Closing Net
Working Capital set forth in this Agreement. The Accounting Referee shall deliver to Buyer and Seller a report setting forth its determination of Closing Net Working Capital, including all supporting calculations. Such report and the Accounting
Referee’s determination of Closing Net Working Capital shall be conclusive, final and binding upon Buyer and Seller; provided, however, that in no event shall Closing Net Working Capital as determined by the Accounting Referee be
higher than Closing Net Working Capital as calculated by Seller or lower than Closing Net Working Capital as calculated by Buyer. The cost of the Accounting Referee’s review and report shall be borne 50% by Buyer and 50% by Seller. Buyer and
Seller shall make readily available to the Accounting Referee all relevant information, books and records and any work papers, schedules and calculations relating to the Closing Statement and all other items reasonably requested by the Accounting
Referee, and the Accounting Referee shall be required to maintain the confidentiality of the information and documents received by the Accounting Referee hereunder. Notwithstanding the foregoing, if the parties are unable to agree on a 

  

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mutually acceptable Accounting Referee within thirty (30) business days after the first proposal by one of the parties of a firm to serve in such role,
then either party may submit the dispute regarding the calculation of Closing Net Working Capital for resolution pursuant to Section 13.11; provided, that the arbitrator(s) shall abide by the procedures set forth in this
Section 3.01(e) in making their determination regarding the dispute. 
 (f) Buyer and Seller agree that they will, and
agree to cause their respective independent accountants (subject to any necessary waivers or indemnifications) to, cooperate and assist in the preparation of the Closing Statement, the Objection (if any) and the calculation of Closing Net Working
Capital and in the conduct of the audits and reviews referred to in this Section 3.01, including, without limitation, making available to the extent reasonably required books, records, work papers and personnel. 
 3.02 Post-Closing Adjustment of Purchase Price. 
 (a) If the Closing Net Working Capital (as finally determined pursuant to Section 3.01) is less than $300,000 then Seller shall
(i) pay to Buyer the difference between $300,000 and the Closing Net Working Capital and (ii) reimburse Buyer for any Initial Excess Working Capital Payments made to Seller pursuant to Section 3.01(b) above. 
 (b) If the Closing Net Working Capital (as finally determined pursuant to Section 3.01) is greater than the $300,000, then Buyer
shall pay to Seller the difference between the Closing Net Working Capital and $300,000 less any Initial Excess Working Capital Payments made to Seller pursuant to Section 3.01(b) above. 
 (c) Any payment pursuant to this Section 3.02 shall be made within ten (10) days after Closing Net Working Capital has finally
been determined pursuant to Section 3.01 above. If any payment due from Seller to Buyer pursuant to this Article III is not paid when due under this Agreement, Buyer shall be entitled, in its sole discretion, to payment for such amount out of
the Promissory Note. Interest shall not accrue or be due with respect to payments made pursuant to this Article III. 
 3.03 Accounts
Receivable. 
 (a) Buyer shall have the sole right to collect the Purchased Accounts Receivable as of and after the
Closing Date and shall attempt to collect the Purchased Accounts Receivable during the one hundred eighty (180) day period following the Closing Date (the “A/R Collection Period”) using collection efforts not less than those
efforts used by Buyer in the ordinary course of its business; provided, however, that Buyer shall not discount any Purchased Accounts Receivable without the prior written consent of Seller. Within thirty (30) days after the A/R
Collection Period, Buyer shall prepare and deliver to Seller a report regarding the collection of the Purchased Accounts Receivable during the A/R Collection Period (the date such report is delivered being referred to as the “A/R
Notification Date”), which report shall include a list of all uncollected Purchased Accounts Receivable as of the A/R Notification Date (“Uncollected A/R”). 
  

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 (b) To the extent that Seller’s EBITDA for 2006, as reflected in the final Closing
Statement determined pursuant to Section 3.02, is less than the Target 2006 EBITDA, the amount of Uncollected A/R that, if collected, would have resulted in Seller’s EBITDA for 2006 being equal to the Target 2006 EBITDA shall be
deemed the “EBITDA Gap A/R.” Within five (5) business days after the A/R Notification Date, (i) to the extent that there is any EBITDA Gap A/R, Seller shall pay to Buyer, in cash, an amount equal to (A) five
(5) multiplied by (B) the face-value of all EBITDA Gap A/R, and (ii) with respect to all other Uncollected A/R (or, if there is no EBITDA Gap A/R, with respect to all Uncollected A/R), Seller shall pay to Buyer the face-value
of such Uncollected A/R. The parties acknowledge that, to the extent the Closing Net Working Capital is adjusted downward with respect to any Uncollected A/R pursuant to Sections 3.01 and 3.02, the amount of such downward adjustment
shall be credited toward any payment due pursuant to this Section 3.03. If any payment due from Seller to Buyer as a result of the Uncollected A/R is not paid when due under this Agreement, Buyer shall be entitled, in its sole
discretion, to payment for such amount out of the Promissory Note. The Seller agrees that the use of the payment multiple with respect to EBITDA Gap A/R, if any, is appropriate given the calculation used to value the Business and that such remedy is
reasonable and has been negotiated by the parties and is not in any way a penalty. 
 (c) Buyer shall remit to Seller any
payments subsequently received by it with respect to any Uncollected A/R; provided that Buyer has received payment from Seller for such Uncollected A/R in accordance with the payment terms contained herein. After the conclusion of the A/R
Collection Period, Buyer shall have no obligation to attempt to collect any Uncollected A/R and Seller shall not attempt to collect any Uncollected A/R. 
 (d) If a customer owing any of the Purchased Accounts Receivable disputes payment of any such Purchased Accounts Receivable on the basis of a breach by Buyer of its obligations relating to the goods to be provided or
services to be performed in consideration for such Purchased Accounts Receivable, then such disputed Purchased Accounts Receivable shall not be deemed Uncollected A/R for purposes of this Agreement. 
 ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF SELLER AND OWNERS 
 Seller hereby represents and warrants to Buyer that as of the date of this Agreement and as of the
Closing Date: 
 4.01 Organization. Seller hereby represents and warrants to Buyer that, as of the date of this Agreement and
as of the Closing Date, Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite limited liability company power and authority and all authorizations
and Permits necessary to carry on the Business as now being conducted and to own, lease and operate the Assets it now owns leases and operates, and is duly qualified and in good standing in the states set forth on Schedule 4.01, which are all
of the jurisdictions in which the nature of its business or its ownership of property requires it to be so qualified. 
  

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 4.02 Subsidiaries and Owners. 
 (a) Seller and ProfitMark each hereby represents and warrants to Buyer that, as of the date of this Agreement and as of the Closing Date:
Schedule 4.02(a) states the authorized and issued capitalization of Seller, the number and class of equity securities issued and outstanding of Seller and the record and beneficial owners thereof (including options, warrants and other rights
to acquire any of the foregoing; all of the equity securities described on Schedule 4.02(a) have been duly authorized and validly issued and are fully paid and non-assessable; there are no outstanding subscriptions, options, warrants, rights,
claims, commitments, conversion rights, rights of exchange, plans or other agreements providing for the purchase, issuance or sale of any equity interests of Seller; there are no “phantom equity” or other rights or interests held by any
party other than HMTS, ProfitMark, and the holders of Economic Interests (as such term is defined in that certain Amended and Restated Operating Agreement of Hi-Mark, LLC dated December 26, 2002, which is referred to herein as the
“Seller Operating Agreement”) in Seller (such Persons being referred to hereinafter as the “Economic Interest Holders”), to directly receive any proceeds of the transactions contemplated by this Agreement or
distributions made by Seller; and except as noted on Schedule 4.02(a), all Membership Interests (as such term is defined in the Seller Operating Agreement), Economic Interests and any other equity interests of Seller are owned by ProfitMark,
HMTS, and the Economic Interest Holders free and clear of all Liens, options, or rights of first refusal, with no defects of title whatsoever. Except as set forth on Schedule 4.02(a), to Seller’s Knowledge and ProfitMark’s
Knowledge, none of ProfitMark, HMTS nor any of the Economic Interest Holders is a party to or is bound by any agreement other than the Seller Operating Agreement affecting or relating to such Person’s right to transfer or vote such
Person’s Membership Interest or Economic Interest. 
 (b) ProfitMark hereby represents and warrants to Buyer that, as of
the date of this Agreement and as of the Closing Date, Schedule 4.02(b) states the authorized and issued capitalization of ProfitMark, the number and class of equity securities issued and outstanding of ProfitMark and the record and
beneficial owners thereof (including options, warrants and other rights to acquire any of the foregoing). All of the equity securities described on Schedule 4.02(b) have been duly authorized and validly issued and are fully paid and
non-assessable. There are no outstanding subscriptions, options, warrants, rights, claims, commitments, conversion rights, rights of exchange, plans or other agreements providing for the purchase, issuance or sale of any equity interests of
ProfitMark. The record and beneficial owners set forth on Schedule 4.02(b) own all outstanding shares of capital stock or other equity interests of ProfitMark directly or indirectly, free and clear of all Liens, options, or rights of first
refusal, with no defects of title whatsoever. Except as set forth on Schedule 4.02(b), other than as contained in the Shareholders Agreement of ProfitMark, none of the record and beneficial owners set forth on Schedule 4.02(b) is
a party to or is bound by any agreement affecting or relating to its right to transfer or vote the outstanding shares of capital stock or other equity interests of ProfitMark. 
 (c) HMTS hereby represents and warrants to Buyer that, as of the date of this Agreement and as of the Closing Date, Schedule
4.02(c) states the authorized and issued capitalization of HMTS, the number and class of equity securities issued and outstanding of HMTS and the record and beneficial owners thereof (including options, warrants and other rights to acquire any
of the foregoing). All of the equity securities described on Schedule 4.02(c) have been duly authorized and validly issued and are fully paid and non-assessable. There are no outstanding subscriptions, options, warrants, rights, claims,
commitments, conversion rights, rights of exchange, plans or other agreements providing for the purchase, issuance or sale of any equity interests of HMTS. The record and beneficial owners set forth on Schedule 4.02(c) own 

  

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all outstanding shares of capital stock or other equity interests of HMTS directly or indirectly, free and clear of all Liens, options, or rights of first
refusal, with no defects of title whatsoever. Except as set forth on Schedule 4.02(c), none of the record and beneficial owners set forth on Schedule 4.02(c) is a party to or is bound by any agreement affecting or relating to its
right to transfer or vote the outstanding shares of capital stock or other equity interests of HMTS. 
 (d) Seller hereby
represents and warrants to Buyer that, as of the date of this Agreement and as of the Closing Date, the Seller does not have any Subsidiaries and does not otherwise own, or have a contractual right or obligation to acquire, any capital stock or
other equity interest in any other Person. Except as disclosed on Schedule 4.02(d), Seller is not a participant in any joint venture, partnership or similar arrangement with any other Person. 
 4.03 Authority; Enforceability. 
 (a) Seller hereby represents and warrants to Buyer that as of the date of this Agreement and as of the Closing Date, Seller has the limited liability company authority to enter into, execute and deliver this Agreement
and the Ancillary Documents to which Seller is a party and to perform its obligations hereunder and thereunder. The execution, delivery and performance by Seller of this Agreement and the Ancillary Documents to which Seller is a party, and the
consummation of the transactions contemplated hereby and thereby, have been duly authorized by all necessary limited liability company action on the part of Seller. This Agreement constitutes, and upon execution of the Ancillary Documents to which
Seller is a party, such Ancillary Documents will constitute, the valid and legally binding obligation of Seller, enforceable in accordance with their terms and conditions. 
 (b) HMTS hereby represents and warrants to Buyer that, as of the date of this Agreement and as of the Closing Date, HMTS has the corporate
authority to enter into, execute and deliver this Agreement and the Ancillary Documents to which HMTS is a party and to perform its obligations hereunder and thereunder. The execution, delivery and performance by HMTS of this Agreement and the
Ancillary Documents to which HMTS is a party, and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all necessary corporate action on the part of HMTS. This Agreement constitutes, and upon execution
of the Ancillary Documents to which HMTS is a party, such Ancillary Documents will constitute, the valid and legally binding obligation of HMTS, enforceable in accordance with their terms and conditions. 
 (c) ProfitMark hereby represents and warrants to Buyer that as of the date of this Agreement and as of the Closing Date, ProfitMark has
the limited liability company authority to enter into, execute and deliver this Agreement and the Ancillary Documents to which ProfitMark is a party and to perform its obligations hereunder and thereunder. The execution, delivery and performance by
ProfitMark of this Agreement and the Ancillary Documents to which ProfitMark is a party, and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all necessary limited liability company action on the
part of ProfitMark. This Agreement constitutes, and upon execution of the Ancillary Documents to which ProfitMark is a party, such Ancillary Documents will constitute, the valid and legally binding obligation of ProfitMark, enforceable in accordance
with their terms and conditions. 
  

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 (d) Each Owner Entity Shareholder hereby represents and warrants to Buyer that as of the
date of this Agreement and as of the Closing Date such Owner Entity Shareholder has the authority to enter into, execute and deliver this Agreement and the Ancillary Documents to which such Owner Entity Shareholder is a party and to perform its
obligations hereunder and thereunder. This Agreement constitutes, and upon execution of the Ancillary Documents to which such Owner Entity Shareholder is a party, such Ancillary Documents will constitute, the valid and legally binding obligation of
such Owner Entity Shareholder, enforceable in accordance with their terms and conditions. 
 4.04 Noncontravention. 

(a) The execution, delivery and performance by Seller of this Agreement does not, and the execution, delivery and performance by Seller
of the Ancillary Documents to which Seller is a party will not, and the consummation of the transactions contemplated hereby and thereby will not (i) violate any Law, order or decree to which Seller or the Business is subject; (ii) violate
any provision of the certificate of formation, operating agreement, or other governing documents of Seller; (iii) breach or otherwise constitute or give rise to a default under, or permit the acceleration of any obligation under, any agreement,
contract, lease, license, instrument or other arrangement to which Seller is a party or by which Seller is bound or to which any of the Assets is subject, (iv) result in the imposition of any Lien upon any of the Assets or (v) require any
governmental authorizations, approvals and consents. 
 (b) The execution, delivery and performance by HMTS of this Agreement
does not, and the execution, delivery and performance by HMTS of the Ancillary Documents to which HMTS is a party will not, and the consummation of the transactions contemplated hereby and thereby will not (i) violate any Law, order or decree
to which HMTS or the Business is subject; (ii) violate any provision of the articles of incorporation, bylaws, or other governing documents of HMTS; (iii) breach or otherwise constitute or give rise to a default under, or permit the
acceleration of any obligation under, any agreement, contract, lease, license, instrument or other arrangement to which HMTS is a party or by which HMTS is bound; (iv) result in the imposition of any Lien upon any of the Assets; or
(v) require any governmental authorizations, approvals and consents. 
 (c) The execution, delivery and performance by
ProfitMark of this Agreement does not, and the execution, delivery and performance by ProfitMark of the Ancillary Documents to which ProfitMark is a party will not, and the consummation of the transactions contemplated hereby and thereby will not
(i) violate any Law, order or decree to which ProfitMark or the Business is subject; (ii) violate any provision of the certificate of formation, operating agreement, or other governing documents of ProfitMark; (iii) breach or
otherwise constitute or give rise to a default under, or permit the acceleration of any obligation under, any material agreement, contract, lease, license, instrument or other arrangement to which ProfitMark is a party or by which ProfitMark is
bound; (iv) result in the imposition of any Lien upon any of the Assets; or (v) require any governmental authorizations, approvals and consents. 
 (d) The execution, delivery and performance by each Owner Entity Shareholder of this Agreement does not, and the execution, delivery and performance by each Owner Entity Shareholder of the Ancillary Documents to which
such Owner Entity Shareholder 

  

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is a party will not, and the consummation of the transactions contemplated hereby and thereby will not (i) violate any Law, order or decree to which any
Owner Entity Shareholder or the Business is subject; (ii) breach or otherwise constitute or give rise to a default under, or permit the acceleration of any obligation under, any agreement, contract, lease, license, instrument or other
arrangement to which any Owner Entity Shareholder is a party or by which any Owner Entity Shareholder is bound; (iv) result in the imposition of any Lien upon any of the Assets; or (v) require any governmental authorizations, approvals and
consents. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF SELLER, HMTS, K. AUSTIN, D. AUSTIN AND C. BRADSHER 
 Seller, HMTS, K. Austin, D.
Austin and C. Bradsher, jointly and severally, hereby represent and warrant to Buyer that as of the date of this Agreement and as of the Closing Date: 
 5.01 Financial Statements. Schedule 5.01 contains (i) the audited balance sheet of Seller as of December 31, 2005 and the related audited statements of income and cash flows for the
twelve (12) month period ended December 31, 2005, including, the accompanying notes thereto (such audited financial statements are sometimes collectively referred to herein as the “Year-End Financial Statements”), and
(ii) the reviewed balance sheet of Seller as of September 30, 2006 (the “Interim Balance Sheet”) and the related reviewed statements of income and cash flows for the nine (9) month period ended September 30, 2006
(the “Interim Income Statement”; the Interim Balance Sheet and the Interim Income Statement are referred to collectively as the “Interim Financial Statements”). Except as set forth on Schedule 5.01, the
Year-End Financial Statements and the Interim Financial Statements (collectively, the “Financial Statements”) are true, correct and complete in all material respects, correctly reflect all assets and all actual and contingent
liabilities of Seller as of the respective dates thereof as required by GAAP, including full legally required provision or reserve for all Tax and social security contributions, present fairly the financial condition of Seller as of the respective
dates and the results of its operations for the periods then ended, and correctly reflect and disclose all extraordinary items, all as required by GAAP. Except as set forth on Schedule 5.01, the Financial Statements have been prepared
(a) from, and are in accordance with, the books and records of Seller and (b) in conformity with GAAP. 
 5.02 Ordinary
Course of Business. Since December 31, 2005, Seller has conducted the Business in the Ordinary Course of Business and, without limiting the generality of the foregoing, since such date, except as disclosed in Schedule 5.02:

 (a) Seller has not suffered any Material Adverse Effect; 
 (b) Seller has used commercially reasonable efforts to preserve the Business and maintain good relations with its customers and suppliers;

 (c) there has not been any change in any method of accounting or accounting practice or procedure of Seller; 
 (d) Seller has not sold, leased, transferred or assigned any of its assets, tangible or intangible, other than on an arm’s-length
basis in the Ordinary Course of Business; 
  

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 (e) Seller has not entered into any agreement, contract, lease or license (or series of
related agreements, contracts, leases and licenses), other than agreements with customers, involving more than $25,000 in the aggregate that is not terminable for convenience by Seller; 
 (f) no party (including Seller) has accelerated, terminated, modified or canceled any agreement, contract, lease or license (or series of
related agreements, contracts, leases and licenses) involving more than $25,000 in the aggregate to which Seller is a party or by which Seller is bound; 
 (g) there has been no destruction or loss of or to any of the material assets of Seller, whether or not covered by insurance, or any material deterioration in, or damage to, the condition of such assets; 

(h) Seller has not entered into any transaction with any Owner or any of Seller’s directors, officers or employees, and Seller has
not made any loan or advance to any Owner or any of Seller’s directors, officers or employees; 
 (i) Seller has not
entered into any employment contract or other employment-related agreement providing for base compensation in excess of $20,000, written or oral, or modified the material terms of any such existing contract or agreement (provided that any change in
compensation equal to or less than five percent (5%) of the compensation level provided in the calendar year ended December 31, 2005 shall not be deemed material); 
 (j) Seller has not (i) granted any increase in compensation (other than any increase in compensation equal to or less than five
percent (5%) of the compensation level provided in the calendar year ended December 31, 2005), (ii) adopted, amended, modified or terminated any Employee Benefit Plan, or (iii) made any other change in employment terms for any of
its officers, employees or independent contractors other than in the Ordinary Course of Business; 
 (k) there has not been
any other material occurrence, event, incident, action, or transaction outside the Ordinary Course of Business involving Seller; and 
 (l) Seller has not entered into any contract or made any commitment, written or oral, to take any of the actions listed in clauses (a) through (k) above. 
 5.03 Undisclosed Liabilities. Seller does not have any debts, liabilities or obligations of any nature (whether accrued or not, absolute or
contingent, liquidated or unliquidated, due or to become due, known or unknown, asserted or unasserted, determined or determinable, or otherwise) except for (i) liabilities reflected and reserved against in the Interim Financial Statements,
(ii) liabilities and obligations that have arisen after September 30, 2006 in the Ordinary Course of Business (in each case, none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of
contract, breach of warranty, tort, infringement, violation of law or any environmental liability under any environmental law), (iii) liabilities for future performance under contracts in the Ordinary Course of Business, and (iv) those
items set forth on Schedule 5.03 attached hereto. 
  

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 5.04 Title to Assets. Seller has good and marketable title to all of the Assets and owns
all of the Assets free and clear of any and all Liens. The Assets include all assets that have been used in the Business since January 1, 2006, and all assets that are reasonably required to operate the Business in the manner in which the
Business has been conducted by the Seller since January 1, 2006, other than assets disposed of in the Ordinary Course of Business and the Excluded Assets. No Person having a direct or indirect ownership in the Seller currently provides nor has
it, he or she historically provided to Seller any tangible or intangible assets whatsoever. Seller has conducted the Business only through the Seller and not through any direct or indirect subsidiaries or any other entity. Except as set forth on
Schedule 5.04, all of the Assets are in the possession of Seller and are located at the principal locations of the Business. 
 5.05
Personal Property. 
 (a) All of the tangible Assets are in good repair and operating condition (normal wear and
tear excepted). The inventory of Seller consists of new, undamaged Products and other goods of a quantity and quality salable or useable by Seller in the Ordinary Course of Business, and that are not expired, obsolete or defective. Schedule
5.05(a) sets forth a complete and accurate list and description of all the personal property that Seller owns or leases, has agreed (or has an option) to purchase, sell or lease, or may be obligated to purchase, sell or lease, the net book value
of which, as properly reflected in the books and records of Seller, on an individual, item-by-item basis, exceeds $5,000. 
 (b) Schedule 1.01(i) sets forth a complete and accurate list of all leases (including capital leases) and lease-purchase arrangements pursuant to which Seller leases (or has agreed to lease or purchase) personal property from others
and specifies which of such leases, if any, are capital leases. All leases that are required to be capitalized by GAAP have been so accounted for in the Financial Statements. Seller has provided Buyer with a complete copy of each of the items
required to be listed on Schedule 1.01(i). 
 (c) Schedule 5.05(c) sets forth (i) each vehicle, including
title holder, VIN and approximate current mileage, owned or leased by Seller that constitutes an Asset and (ii) the terms and amount of any allowances or shared expense arrangements for motor vehicle operation made to employees of Seller.

 (d) The plants, structures and equipment owned or leased by the Seller relating to or utilized in the Business are
structurally sound with no material defects, are in good and safe operating condition and repair and are adequate for the uses to which they are being put. To the knowledge of the Seller, there are no facts or conditions affecting any material
Assets which would reasonably be expected, individually or in the aggregate, to interfere with the current use, occupancy or operation of such Assets. 
 5.06 Tax Matters. 
 (a) Seller has timely filed all Tax Returns that it was
required to file. All such Tax Returns were true, correct and complete in all material respects. All Taxes required by law to be paid by Seller (whether or not shown on any Tax Return) have been paid, except for Taxes that were legitimately and
successfully disputed by Seller. Except as set forth on Schedule 5.06, 

  

 20 

 
Seller is currently not the beneficiary of any extension of time within which to file any Tax Return. No claim has ever been made by a Tax Authority in a
jurisdiction where Seller does not file Tax Returns that Seller is or may be subject to taxation by that jurisdiction. There are no Liens on any of the Assets that arose in connection with any failure (or alleged failure) to pay any Tax. 

(b) Seller has accrued, withheld or paid all Taxes required to have been accrued, withheld and paid by Seller in connection with
amounts paid or owing to any employee, independent contractor, creditor, owner or other third party, and all Forms W-2 and 1099 required with respect thereto have been properly completed and timely filed. 
 (c) No circumstances within the control of Seller exist that are reasonably likely to cause a Tax Authority to assess any additional Taxes
payable by Seller for any period for which Tax Returns have been filed by Seller and (ii) no Tax Authority intends to issue such an assessment. There is no ongoing audit or examination or, to Seller’s Knowledge, other investigation by any
Tax Authority of the Tax liability of Seller and there is no dispute or claim concerning any Tax liability of Seller either (i) claimed or raised by any Tax Authority in writing or (ii) as to which Seller (or employees of Seller
responsible for Tax matters) has Knowledge based upon personal contact with any agent of such Tax Authority. No Tax Return of Seller has been audited or is currently the subject of an audit. Seller has not waived any statute of limitations in
respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency. 
 (d) The unpaid Taxes of
Seller (i) did not, as of the most recent fiscal month end, exceed the reserve for Tax liability (other than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth in the Financial
Statements (other than in any notes thereto) and (ii) do not exceed that reserve as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of Seller in filing its Tax Returns. 
 (e) None of the Assumed Liabilities is an obligation to make a payment that is not deductible under Code Section 280G. Seller has
disclosed on its federal income Tax Returns all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Code Section 6662. Seller is not a party to any Tax allocation or sharing
agreement. Seller (i) is not a member of an affiliated group filing a consolidated federal income Tax Return or a member of any group of entities filing a combined or consolidated Tax Return and (ii) does not have liability for the Taxes
of any individual or entity under Regulation § 1.1502-6 promulgated under the Code (or any similar provision of state, local or foreign law), as a transferee or successor, by contract, or otherwise. 
 (f) There is no asset of Seller the actual or deemed disposition of which could give rise to Tax under Section 1374 of the Code or
similar or corresponding provision of state or local law. 
 5.07 Leased Real Property. Seller does not directly or indirectly
own any real property. Schedule 5.07 lists all real property used in the conduct of the Business and leased or subleased to Seller (collectively, the “Leased Real Property”) and identifies the lessor, rental 

  

 21 

 
rate, lease term, expiration date and existence of a renewal option. Seller has provided to Buyer prior to the Closing true, correct and complete copies of
the Real Property Leases, as well as prior estoppel certificates and subordination and non-disturbance and attornment agreements, and other material documents related to such Real Property Leases. With respect to each Real Property Lease, except as
set forth on Schedule 5.07: 
 (a) such Real Property Lease is valid, binding and in full force and effect and will
remain in full force and effect on identical terms on and after the Closing Date; 
 (b) Seller is in possession of the Leased
Real Property and all rental and other obligations of Seller are current; 
 (c) Seller is not in breach or default (and has
not received notice of breach or default), and no event has occurred which, with notice or lapse of time, would constitute a breach or default thereof by Seller or permit termination, modification or acceleration under such Real Property Lease;

 (d) no party has repudiated any provision of such Real Property Lease; 
 (e) there are no disputes, oral agreements or forbearance programs in effect as to such Real Property Lease; 
 (f) Seller has not assigned, transferred, conveyed, mortgaged, deeded in trust or encumbered any interest in the leasehold or subleasehold
estate of such Real Property Lease; 
 (g) all facilities leased or subleased thereunder have received all approvals of
Governmental Entities (including Permits) required in connection with the operation thereof by Seller and have been operated and maintained by Seller in compliance with all applicable Laws; 
 (h) except for Permitted Liens, no Leased Real Property is, to the Knowledge of Seller, subject to (i) any governmental decree or
order (or threatened or proposed order known to Seller) to be sold or taken by public authority; or (ii) any rights of way, building use restrictions, exceptions, variances, reservations or limitations of any nature that would interfere with
the operation of the Business; and 
 (i) to the Knowledge of Seller, the Leased Real Property is in good and safe operating
condition and repair and is adequate for Seller’s conduct of the Business and is structurally sound with no material defects. 
 5.08
Contracts. Schedule 5.08 lists the following contracts and other agreements to which Seller is a party: 
 (a) any agreement (or group of related agreements) for the purchase or sale of supplies, products or other personal property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than one
year or involve consideration or performance having a value in excess of $25,000 in the aggregate; 
 (b) any partnership,
joint venture, operating or similar agreement; 
  

 22 

 (c) any agreement (or group of related agreements) under which Seller has created,
incurred, assumed or guaranteed any Indebtedness or any capitalized lease obligation or under which a Lien has been imposed on any of the Assets; 
 (d) other than this Agreement, any confidentiality or noncompetition agreement or any other agreement that limits the freedom of Seller (i) to compete in any line of business with any Person or in any area or
(ii) to own, operate, sell, transfer, pledge or otherwise dispose of or encumber any of the Assets; 
 (e) any
outstanding contract, written or oral, with any officer, employee, agent, consultant, advisor, salesman, manufacturer’s representative, distributor, dealer, subcontractor, or broker; 
 (f) any contract or agreement with any director, officer or any Owner of Seller, or with any person related to any such person or with any
company or other organization in which any director, officer, or any Owner of Seller, or anyone related to any such person, has a direct or indirect financial interest, including, without limitation, any agreement under which Seller has advanced or
loaned any amount of money to an Owner or any director, officer or employee of Seller; 
 (g) any other agreement (or group of
related agreements), other than any customer agreement, that is not cancelable by Seller for convenience without liability, penalty or premium of any kind, except liability that arises as a matter of law upon termination of employment, or any
agreement or arrangement providing for the payment of any bonus or commission based on sales, profits or earnings; 
 (h) any
agreement (or group of related agreements) under which the consequences of a default or termination could reasonably be expected to have a Material Adverse Effect; 
 (i) any liability or obligation under any agreement pursuant to which third parties have been provided with products that can be returned
to Seller in the event they are not sold and which could involve a liability to Seller of $5,000 or more in the aggregate; 
 (j) any agreement for which Seller is obligated to obtain the consent of any other party thereto in order to assign such agreement; 
 (k) any contract, agreement or other arrangement entitling any Person to any profits, revenues or cash flows of Seller or requiring any payments or other distributions based on such profits, revenues or cash flows;
and 
 (l) any other agreement that is material to the Assets, the Business or Seller’s operations or prospects.

 Seller has provided to Buyer prior to Closing a true, correct and complete copy of each written agreement listed in Schedule 5.08 (as amended
to date) and a brief written summary setting forth the terms and conditions of any oral agreement referred to on Schedule 5.08. With respect to each such agreement, except as set forth on Schedule 5.08: (i) the agreement
is legal, valid, 

  

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binding, enforceable and in full force and effect; (ii) the consummation of the transactions contemplated hereby will not result in Buyer being in
breach of such agreement and the agreement will continue to be legal, valid, binding, enforceable and in full force and effect on identical terms as of the Closing Date immediately after giving effect to the consummation of the transactions
contemplated hereby; (iii) Seller has at all times during the applicable term of such agreement been in compliance with all terms and conditions thereof, including without limitation, any terms and conditions related to data privacy and
security, and Seller is not currently in breach or default and, to Seller’s Knowledge, no other party is in breach or default and no event has occurred that with notice or lapse of time would constitute a breach or default or permit
termination, modification or acceleration under the agreement; and (iv) to Seller’s Knowledge, no party has repudiated any provision of the agreement. Seller is not a party to or bound by any presently existing contract, agreement or other
arrangement that has had or could reasonably be expected to have a Material Adverse Effect. 
 5.09 Relationship with Customers and
Suppliers. Schedule 5.09 sets forth a list of each supplier of goods or services to Seller and each customer of Seller to whom the Seller paid or billed in the aggregate more than $20,000 during the twelve (12) month period ended
December 31, 2005, together, in each case, with the amount paid or billed during such period. There is not currently any material dispute with any current or former customer or supplier of the Business, and, since January 1, 2006, no
customer or supplier material to the Business has notified Seller that it will stop or materially reduce the volume of business it conducts with Seller. To the actual Knowledge of Kevin Austin, Diane Austin, Charles Bradsher, Tim Fahy, Todd Kaiser
and Stan Sabel, except as set forth on Schedule 5.09, the transactions contemplated hereby will not result in any supplier or customer set forth on Schedule 5.09 materially reducing the volume of business it conducts with the
Business. 
 5.10 Accounts Receivable. The Purchased Accounts Receivable (i) are valid and existing, (ii) represent
monies due for goods sold or services rendered by Seller, or, in the case of Deferred Revenues, goods to be sold or services to be rendered, in any case pursuant to the Purchased Agreements, (iii) are not subject to any defenses, rights of
set-off, assignment, restrictions or Liens and (iv) do not include any amounts owed to Seller by an Owner or any director, officer or employee of Seller or any relative of any such Person. 
 5.11 Insurance. Seller maintains policies of insurance providing coverage for Seller (including policies providing property, casualty,
liability, employee benefit, automobile and workers compensation coverage) that are reasonably adequate for the Assets and the Business and sufficient for compliance with all applicable Laws and contracts to which Seller is a party or by which
Seller or the Assets are bound, and a complete and accurate list and description of such policies is identified on Schedule 5.11. Seller is in compliance in all material respects with the terms, obligations and provisions of all such policies
of insurance, has paid all premiums due thereon, and has not received any written notice of cancellation with respect thereto. True, correct and complete copies of all such policies of insurance have been delivered to Buyer, and all such policies
are occurrence-based rather than claims-made policies. There have been no lapses (whether cured or not) in the coverage provided under the insurance policies referenced herein and as set forth on Schedule 5.11 during the term of such
policies, as extended or renewed. 
  

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 5.12 Employees. 
 (a) Schedule 5.12(a) contains a true, correct and complete list of the names, positions, titles, locations, salaries or rates of
pay, including bonuses and commissions (both amounts and the manner in which such bonuses and commissions were calculated), the date and amount of each person’s last increase in compensation and dates of hire of all persons presently employed
(whether full- or part-time) by Seller and all persons performing contract services for Seller (including any employees on any type of medical, family or military leave). Schedule 5.12(a) also lists all currently effective written or
oral consulting, independent contractor and/or employment agreements (including such agreements with any ongoing obligations or continuing restrictive covenants) and other agreements entered into with individual employees, independent contractors or
consultants to Seller, including, without limitation, all noncompetition agreements, nonsolicitation agreements and other restrictive covenants. Seller has previously provided to Buyer true, correct and complete copies of all such written
agreements. All independent contractors of Seller have been properly classified as independent contractors for the purposes of all applicable Laws. All salaries and wages paid with respect to employees of Seller are in compliance with all applicable
Laws. Except as set forth on Schedule 5.12(a), to the Knowledge of Seller, no employee of Seller has any plans to terminate employment with Seller and no employee of Seller would not accept an offer of employment from Buyer having terms
and conditions substantially similar to such employee’s current employment terms and conditions with Seller. Seller has not previously promised any employee the right to acquire any ownership interest in Seller. 
 (b) No claim, complaint, charge or investigation currently exists or is pending or, to the Knowledge of Seller, is threatened against
Seller or any employee of Seller based on (i) actual or alleged harassment or discrimination based on race, age, sex, religion, national origin, disability or any other category protected by applicable Law, (ii) similar tortious conduct or
(iii) actual or alleged breach of contract with respect to any person’s employment with Seller, nor is there any basis for any such claim. 
 (c) Seller has not incurred any liability under the Worker Adjustment Retraining and Notification Act (the “WARN Act”) (29 USC§§2101, et seq.) or any similar Law relating to
employment termination in connection with a mass layoff, plant closing or similar event, and the transactions contemplated by this Agreement will not give rise to any such liability. Schedule 5.12(c), which such Schedule shall be updated
immediately prior to Closing pursuant to Section 6.03, sets forth a true, correct and complete list of all employees and independent contractors of Seller that have been terminated by Seller within the past thirty (30) days. 
 (d) Seller has documentation as required by Law of the current eligibility of each of its employees to be employed by Seller.
Additionally, Seller is in full compliance with all applicable laws, regulations, judgments and other requirements relating to the employment of foreign nationals in the United States, including, without limitation, those items relating to the
compensation of foreign nationals in the United States. Moreover, there are no unresolved past, pending or, to the Knowledge of Seller, threatened administrative, regulatory or judicial actions, proceedings, investigations, obligations, liabilities,
losses, decrees, judgments, penalties, fines, fees, demands, demand letters, orders, directives, claims or notices of noncompliance or 

  

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violation relating in any way to Seller or its operation in connection with Seller’s employment of foreign nationals. As used herein, the term
“foreign national” means a person who is not a citizen or lawful permanent resident of the United States of America. 
 5.13
Employee Benefits. 
 (a) Schedule 5.13 contains a true, correct and complete list of all of the Employee
Benefit Plans and any agreement concerning any Employee Benefit Plan. Seller, its ERISA Affiliates and any predecessors in interest have complied with their respective obligations regarding the Employee Benefit Plans including filing or distributing
all reports or notices required by ERISA or the Code, complying with all requirements of Part 6 of ERISA and Code Section 4980B, and have maintained the Employee Benefit Plans in compliance with their terms and all applicable Laws and
regulations (including but not limited to ERISA and the Code). With respect to such Employee Benefit Plans: (i) if eligible, all Employee Benefit Plans have received a favorable determination letter from the Internal Revenue Service, and the
Internal Revenue Service has not threatened or taken any action to revoke any favorable determination letter issued with respect to any such Employee Benefit Plan; (ii) no amendment to any Employee Benefit Plan or related trust has been adopted
since receipt of the most recent determination letter issued with respect to the Employee Benefit Plan or related trust which would cause disqualification of the Employee Benefit Plan or related trust; (iii) all required contributions that are
due to any Employee Benefit Plan have been made and a proper accrual has been made for all contributions due in the current fiscal year, (iv) no Prohibited Transactions have occurred; and (v) other than routine claims for benefits payable
to participants or beneficiaries in accordance with the terms of the Employee Benefit Plans, there are no claims, pending or threatened, by any participant or beneficiary against any of the Employee Benefit Plans or any fiduciary of any of the
Employee Benefit Plans, and no basis for any such claim or claims exists. 
 (b) Seller has provided to Buyer true, correct
and complete copies of all documents relating to the Employee Benefit Plans, including, but not limited to: (i) all plan texts, amendments, trust instruments and other agreements adopted or entered into in connection with each of the Employee
Benefit Plans; (ii) all insurance and annuity contracts related to any Employee Benefit Plan; (iii) the notices and election forms used to notify employees and their dependents of their continuation coverage rights under Seller’s
group health plans (under Code Section 4980B(f) and ERISA Section 606), if applicable; and (iv) the most recently available Form 5500 annual reports, certified financial statements, actuarial reports, summary plan descriptions and
favorable determination letters, if applicable, for Employee Benefit Plans. Seller has also provided Buyer with a written description of any Employee Benefit Plan for which there is no plan document or summary plan description. Since the date such
documents were supplied to Buyer, no plan amendments have been adopted, no changes to the documents have been made, and no such amendments or changes shall be adopted or made prior to the Closing Date, except as otherwise provided in
Section 7.04(b). Neither Seller nor any ERISA Affiliate has any agreement, arrangement, commitment or understanding, whether legally binding or not, to create any additional Employee Benefit Plan or to continue, modify, change in any material
respect, or terminate any existing Employee Benefit Plan, except as otherwise provided in Section 7.04(b). 
  

 26 

 (c) Neither Seller, nor its predecessors in interest nor ERISA Affiliate has at any time
maintained, sponsored or contributed to any Employee Pension Benefit Plan, which is subject to Title IV of ERISA, or contributed to any such Employee Pension Benefit Plan which is a multiemployer plan as defined in ERISA Section 3(37)(A).

 (d) Neither Seller, nor its predecessors in interest nor any ERISA Affiliate has maintained any Employee Benefit Plan
providing group health, dental, vision, life insurance or other welfare benefits to employees following retirement or other separation from service, except to the extent required under Part 6 of Title I of ERISA and Code Section 4980B.

 (e) Neither Seller, nor any ERISA Affiliate nor any director, officer or employee thereof has committed any breach of
fiduciary responsibility imposed by ERISA or any other applicable Law with respect to the Employee Benefit Plans that would subject Seller, Buyer or any of their respective directors, officers, agents or employees to any liability under ERISA or any
applicable Laws. 
 (f) To the Knowledge of Seller, none of the Employee Benefit Plans is currently under investigation, audit
or review by the Department of Labor, the Internal Revenue Service or any other federal or state agency, no such investigation, audit or review is pending and no facts exist that reasonably could be expected to give rise to any such investigation,
examination, audit, review or other proceeding. No Employee Benefit Plan is liable for any federal, state, local or foreign Taxes. Seller has not incurred any liability for any Tax or civil penalty or any disqualification of any Employee Benefit
Plan imposed by Sections 4980B and 4975 of the Code and Part 6 of Title I and Section 502(i) of ERISA. 
 (g) The levels
of insurance reserves and accrued liabilities with regard to all Employee Benefit Plans (to which such reserves or liabilities do or should apply) are set forth on Schedule 5.13(g), and to the Knowledge of Seller, such levels are reasonable
and sufficient to provide for all incurred but unreported claims and any retroactive or prospective premium adjustments. 
 5.14
Collective Bargaining. There are no labor contracts, collective bargaining agreements, letters of understanding or other arrangements, formal or informal, with any union or labor organization covering any employees of Seller. To the
Knowledge of Seller, none of said employees are represented by any union or labor organization and there is no effort by or on behalf of any labor union to organize any such employee for purposes of collective bargaining. Seller is not and has not
been engaged in any unfair labor practice, and, to the Knowledge of Seller, no unfair labor practice complaint against Seller is pending before the National Labor Relations Board. There are no labor strikes or other labor troubles actually pending,
affecting, or, to the Knowledge of Seller, being threatened against Seller. 
 5.15 Environmental Compliance. 
 (a) Seller and the Leased Real Property are currently, and at all times during Seller’s occupancy and/or operation of the Leased Real
Property have been, in full compliance with all applicable Environmental Laws. At all times during Seller’s occupancy and/or operation of the Leased Real Property, there has not been, or is not now occurring, any Release of any 

  

 27 

 
Hazardous Material or any Contamination on, under or from the Leased Real Property. To the Knowledge of Seller, at all times prior to Seller’s occupancy
and/or operation of the Leased Real Property, there did not occur any Release of any Hazardous Material or any Contamination on, under or from the Leased Real Property. 
 (b) Seller has obtained and maintained in full force and effect all Permits required by any applicable Environmental Laws necessary to
conduct the activities and business of Seller as currently conducted and to occupy or operate the Leased Real Property occupied or operated by Seller (collectively the “Environmental Permits”). Seller has conducted its activities
and Business in compliance in all material respects with all terms and conditions of any Environmental Permits. Seller has filed all reports and notifications required to be filed under applicable Environmental Laws and Environmental Permits.

 (c) No Environmental Action is pending, has been asserted in writing against or, to the Knowledge of Seller, is threatened
against Seller. 
 (d) Seller has not stored, transported, handled, treated, processed, used or disposed of any Hazardous
Materials on, in or under the Leased Real Property, except as permitted by, and made in accordance with, applicable Environmental Laws. 
 (e) With respect to the Leased Real Property, Seller has not received any notification pursuant to any Environmental Laws, nor does Seller have any Knowledge, that (i) any work, repairs, corrective or remedial
action, construction or capital expenditures are required to be made as a condition of continued compliance with any Environmental Laws or any Environmental Permit, (ii) any Environmental Permit is about to be reviewed, made subject to
limitations or conditions, revoked, withdrawn or terminated or (iii) any events, conditions, circumstances, activities, practices, incidents, actions or omissions may interfere with or prevent compliance or continued compliance with any
Environmental Law. 
 (f) Seller has previously delivered to Buyer a copy of all reports, assessments, investigations,
permits, correspondence and other documents and information whatsoever in the possession of Seller that relate to the compliance status of Seller or the Leased Real Property under any Environmental Laws. 
 (g) To the Knowledge of Seller, there are no past or present facts, actions, activities, circumstances, conditions, occurrences, events or
incidents, including the Release or presence of Hazardous Materials, that could (i) form the basis of an Environmental Action against or involving Seller or the Leased Real Property, (ii) cause the Leased Real Property to be subject to any
restrictions on or affect its ownership, occupancy, use or transferability under any applicable Environmental Law, (iii) require the filing or recording of any notice or restriction relating to the presence of Hazardous Materials in the real
estate records in the county or municipality in which the Leased Real Property is located, other than any customary disclosure requirements in connection with the transfer of the Leased Real Property, or (iv) prevent or interfere with the
construction, operation or maintenance of the Leased Real Property. 
 5.16 Litigation. There is no litigation, action, suit,
arbitration, mediation or hearing pending or, to the Knowledge of Seller, threatened against Seller or any Owner. No judgment, 

  

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award, order or decree has been rendered against Seller that is still outstanding. There is no action or suit by Seller pending or threatened against any
other party, including, without limitation, any action brought by Seller to enforce any noncompetition agreement. 
 5.17 Legal
Compliance. Seller has complied with all Laws applicable to Seller, the Business and the Assets, and Seller has not received any notice of any violation of any such Laws. Seller has all Permits necessary to conduct the Business and own and
operate the Assets, and all such Permits are in full force and effect. A true, correct and complete list of all such Permits is set forth on Schedule 5.17, with an indication as to whether each Permit is assignable to Buyer. Seller has
conducted the Business in compliance with all terms and conditions of the Permits. 
 5.18 Certain Business Relationships With
Owners. 
 (a) Schedule 5.18(a) lists all agreements, arrangements and other commitments or transactions to or
by which the Seller, on the one hand, and any of its Affiliates, on the other hand, are or have been a party or otherwise bound or affected and that (i) were entered into since January 1 , 2006, (ii) are currently pending or in effect
or (iii) involve continuing liabilities or obligations that, individually or in the aggregate, have been or will be material to the Seller and the Business (each, an “Affiliate Transaction”). Each such Affiliate Transaction was on
terms and conditions as favorable to the Seller as would have been obtainable by it at the time in a comparable arm’s-length transaction with a person other than the Seller or any of its Affiliates. To the Knowledge of Seller, no member,
officer, manager, director or employee of the Seller, any Owner or any Owner Entity Shareholder, or any family member, relative or Affiliate of any such member, officer, manager, director or employee, (i) owns, directly or indirectly, any
interest in (x) any asset or other property used in or held for use in the Business or (y) any person that is a supplier, customer or competitor of the Business, (ii) serves as an officer, manager, director or employee of any person
that is a supplier, customer or competitor of the Business or (iii) is a debtor or creditor of the Business. 
 (b) None
of the obligations or liabilities of the Business or of the Seller incurred in connection with the Business is guaranteed by or subject to a similar contingent obligation of any other person. The Seller has not guaranteed or become subject to a
similar contingent obligation in respect of the obligations or liabilities of any other person. There are no outstanding letters of credit, surety bonds or similar instruments of the Seller or any of its Affiliates in connection with the Business or
the Assets. 
 5.19 Intellectual Property. 
 (a) Schedule 5.19 contains a true and complete description of all intellectual property owned, held or used by Seller in the
operation of the Business, including, without limitation, trademarks, service marks, trade dress, logos, trade names, domain names, copyrights, patents owned or licensed by Seller, computer software, Confidential Information, rights and benefits
under any license arrangements or agreements with any third parties and any applications or registrations relating to any of the foregoing and all goodwill related to all of the foregoing (collectively, the “Intellectual Property”).
Schedule 5.19 also identifies all Intellectual Property that is licensed to Seller or that is owned by Seller but not owned solely by Seller free and clear of any and all Liens. 
  

 29 

 (b) Seller owns good, valid, legal and beneficial title to, or, with respect to
Intellectual Property licensed to Seller, a valid right to use, all of the Intellectual Property. Except as disclosed in Schedule 5.19, Seller has the exclusive right to use all of the Intellectual Property owned by Seller and has not granted
any license or other rights to any Person in respect of such Intellectual Property. Except as disclosed in Schedule 5.19, there are no restrictions on the ability of Seller (or any successor to or assignee from Seller) to use and exploit any
or all of the rights of Seller in the Intellectual Property owned by Seller. The current and past conduct of the Business and the use by Seller of the Intellectual Property do not infringe, and Seller has not received any notice or claim alleging
infringement by Seller of, any intellectual property right of any third party. To the Knowledge of Seller, none of the owned Intellectual Property owned by Seller is being infringed upon by another Person. 
 (c) Seller has not interfered with, infringed upon, misappropriated or otherwise come into conflict with any intellectual property rights
of third parties. Neither Seller nor any of its directors, officers or employees with responsibility for Intellectual Property matters have ever received any charge, complaint, claim, demand or notice alleging any such interference, infringement,
misappropriation or violation by Seller (including any claim that Seller must license or refrain from using any intellectual property rights of any third party). 
 (d) To the Knowledge of Seller, Buyer will not interfere with, infringe upon, misappropriate or otherwise come into conflict with any
intellectual property rights of third parties as a result of the continued operation of the Business as presently conducted. 
 (e) Except as set forth on Schedule 5.19, Seller has not granted any license or other right to use, in any manner, any item of Intellectual Property, whether or not requiring the payment of royalties, and no third party has any right
to use any of the Intellectual Property owned by Seller. Seller has not licensed, leased, sold or otherwise transferred or disclosed the source code for any of the Intellectual Property owned by Seller to any Person other than to Seller’s
employees and independent contractors pursuant to an agreement with such employees and independent contractors protecting the Intellectual Property rights therein and the nondisclosure thereof. 
 (f) All Intellectual Property that consists of computer software programs (including the related object and source codes) owned by or
under development by Seller functions substantially in accordance with the published documentation and specifications therefor. Except as set forth on Schedule 5.19(f), there exists user and technical documentation that describes the
functionality provided by such computer software and provides sufficient information to enable end-users to fully-utilize the such computer software. 
 5.20 Brokers’ Fees. Seller has no liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement. 

 

 30 

 5.21 Ethical Practices. Neither Seller nor any representative thereof has, directly or
indirectly, used funds or other assets of Seller, or made any promise or undertaking in such regard, for any illegal payments to or for the benefit of any Person or the establishment or maintenance of a secret or unrecorded fund, and there have been
no false or fictitious entries made in the books or records of Seller relating to any such illegal payment or secret or unrecorded fund. 
 5.22 Relations with Governmental Entities. Seller does not currently hold, nor has it been awarded, any federal GSA schedule contract or any state, county or municipal government schedule contract equivalent. To the extent
applicable to Seller, Seller sells products to Governmental Entities exclusively (i) on a retail basis and (ii) on a fixed-price basis at list price or based upon standard discounts. None of the Company Contracts (including task orders)
with Governmental Entities, if any, contain any special or unique pricing arrangements, including, but not limited to, any most favored nations clauses. 
 5.23 Accounting Controls. Except as set forth on Schedule 5.23, Seller maintains a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are
executed in accordance with its management’s general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. 
 5.24 Full Disclosure. The respective representations and warranties of Seller, the
Owners and the Owner Entity Shareholders contained in this Agreement (including the Exhibits and Schedules attached hereto) do not contain any untrue statement of a material fact and, to the Knowledge of the party making such representations and
warranties, do not omit any material fact required to be stated therein or necessary to make the statements made, in light of the circumstances under which such statements were made, not false or misleading. Seller, the Owners and the Owner Entity
Shareholders have no Knowledge of any facts or of the occurrence of any event or transaction that has not been disclosed to Buyer in writing and that could reasonably be expected to have a Material Adverse Effect. 
 5.25 Securities Law Representations. Seller and Buyer agree and acknowledge that the following representations and warranties shall be
deemed to have been made as of the date hereof and as of the date of the distribution of the TRX Shares to the Seller. 
 (a)
The TRX Shares are being acquired for Seller’s and the Owners’ own accounts; not as a nominee or agent, and not with a view to the direct or indirect sale or distribution of any part thereof, and neither Seller nor the Owners have any
present intention of selling, granting any participation in, or otherwise distributing the same, except in compliance with the Securities Act. 
 (b) Seller and the Owners understand and acknowledge that (i) the TRX Shares have not been registered under the Securities Act or any state securities laws, are being sold in reliance upon an exemption or
exemptions from the registration and prospectus delivery 

  

 31 

 
requirements of the Securities Act and applicable state securities laws, and must be held indefinitely unless a subsequent disposition thereof is registered
under the Securities Act and applicable state securities laws or is exempt therefrom, and (ii) there is not currently a trading market for the TRX Shares and there can be no assurances that the TRX Shares will be listed on any exchange or
quoted on any quotation system. 
 (c) Seller and the Owners have knowledge, skill and experience in financial, business and
investment matters relating to an investment of this type and are capable of evaluating the merits and risks of such investment and protecting their interests in connection therewith. To the extent deemed necessary by Seller or any Owner, Seller or
such Owner has retained, at Seller’s or such Owner’s own expense, appropriate professional advice regarding the investment, tax and legal merits and consequences of acquiring and owning the TRX Shares. 
 (d) Seller and the Owners acknowledge and agree that prior to the date hereof, each such party has carefully reviewed Buyer’s
(a) Annual Report on Form 10-K for the year ended December 31, 2005 and (b) Quarterly Report on Form 10-Q for the quarter ending June 30, 2006 and Current Reports on Form 8-K filed since the date thereof. 
 ARTICLE VI 
 REPRESENTATIONS AND
WARRANTIES OF BUYER 
 Buyer hereby represents and warrants to Seller that as of the date of this Agreement and as of the Closing
Date: 
 6.01 Organization. Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of
the State of Georgia and has all requisite corporate power and authority and all authorizations and Permits necessary to carry on its business as now being conducted and to own, lease and operate its assets. Buyer is qualified to do business and in
good standing in every jurisdiction in which the nature of its business or its ownership of property requires it to be so qualified and in which the failure to be so qualified would have a material adverse effect on the financial condition of Buyer.

 6.02 Authority; Enforceability. Buyer has the right, legal capacity and corporate authority to enter into, execute and
deliver this Agreement and the Ancillary Documents to which Buyer is a party and to perform its obligations hereunder and thereunder. The execution, delivery and performance by Buyer of this Agreement and the Ancillary Documents to which Buyer is a
party, and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement constitutes, and upon execution of the Ancillary Documents to which
Buyer is a party, such Ancillary Documents will constitute, the valid and legally binding obligations of Buyer, enforceable in accordance with their terms and conditions. 
 6.03 Brokers’ Fees. Buyer has no liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement. 
 6.04 Available Funds. On the Closing Date, Buyer will have sufficient funds on hand to enable it to consummate the transactions
contemplated hereby and to otherwise satisfy its obligations under this Agreement and the Ancillary Documents. 
 6.05
Noncontravention. The execution, delivery and performance by Buyer of this Agreement does not, and the execution, delivery and performance by Buyer of the Ancillary Documents to which it is a party will not, and the consummation of the
transactions contemplated hereby and thereby will not (i) violate any material Law, order or decree to which Buyer is subject, (ii) violate any material provision of the articles of incorporation, bylaws or other governing documents of
Buyer or (iii) breach or otherwise constitute or give rise to a default under, or permit the acceleration of any obligation under, any material agreement, contract, lease, license, instrument or other arrangement to which Buyer is a party or by
which it is bound. 
 6.06 TRX Shares. The TRX Shares issuable to Seller hereunder will, upon issuance, (a) be fully paid
and nonassessable and (b) be free and clear of any and all liens, claims, charges, encumbrances, options, rights of refusal, voting proxies or other voting agreements whatsoever. 
 6.07 Absence of Undisclosed Liabilities. Except as disclosed on Schedule 6.07, since the date of the last financial statements of
Buyer contained in a Form 10-Q filed with the SEC, Buyer has not incurred any Indebtedness or obligations (whether absolute, accrued, contingent or otherwise) of any nature, except: 
 (a) Indebtedness, obligations or contingencies which were incurred after September 30, 2006 and were incurred in the ordinary course
of business and consistent with past practices; 
 (b) Indebtedness, obligations or contingencies which (i) would not, in
the aggregate, have a Material Adverse Effect on Buyer, or (ii) have been discharged or paid in full prior to the date hereof; and 
  

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 (c) Indebtedness and obligations which are of a nature not required to be reflected in
the financial statements of Buyer prepared in accordance with GAAP consistently applied. 
 6.08 Filings with the SEC. Buyer
has made all filings with the Securities and Exchange Commission that it has been required to make under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations
promulgated thereunder, each of which complied as to form, at the time such form, document or report was filed, in all material respects with the applicable requirements of the Securities Act and the Exchange Act and the applicable rules and
regulations promulgated thereunder (collectively, the “SEC Documents”). To Buyer’s Knowledge, all documents required to be filed as exhibits to the Buyer SEC Documents have been so filed, and all material contracts so filed as
exhibits are in full force and effect, except those which have expired in accordance with their terms, and neither Buyer nor any of its subsidiaries is in material default with respect to such contracts. Each of the Buyer SEC Documents has complied
as to form in all material respects with the Securities Act and the Exchange Act in effect as of their respective 

  

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dates. None of the Buyer SEC Documents, as of their respective dates, or, if amended, as of the date of such amendment, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 
 ARTICLE VII 
 COVENANTS AND
AGREEMENTS OF SELLER AND OWNERS AND OWNER 
 ENTITY SHAREHOLDERS 
 Each of the Seller, Owners and Owner Entity Shareholders covenants and agrees that: 
 7.01 Access. From the date of this Agreement through the Closing Date: Seller, (i) shall provide Buyer and its designees (e.g.,
officers, employees, counsel, accountants, actuaries, lenders and other representatives) with such information as Buyer or its designees may from time to time reasonably request with respect to Seller, the Assets, the Business and the transactions
contemplated by this Agreement; (ii) shall provide Buyer and its designees access during regular business hours and upon reasonable notice to Seller to all properties, books, accounts, records, offices, personnel, counsel, accountants,
actuaries, customers, suppliers, contracts and documents of or relating to Seller; and (iii) shall permit Buyer and its designees to make such inspections thereof as Buyer may reasonably request. Without limiting the foregoing, Seller shall
furnish or cause to be furnished to Buyer and its designees all data and information concerning the Assets, the Business and the finances and properties of Seller that Buyer may reasonably request, and Buyer shall be permitted to meet and interview
any and all of Seller’s employees to determine which of such employees will be offered employment by Buyer. Notwithstanding anything to the contrary herein, Seller’s and Owners’ provision of information and access shall be subject to
the terms and conditions of that Confidentiality Agreement dated May 31, 2006 by and between Buyer and Seller. 
 7.02 Pre-Closing
Operations of Seller. Seller covenants and agrees that, except as consented to in writing by Buyer, from the date hereof until the Closing Date or the termination of this Agreement in accordance with the terms hereof, Seller will operate and
conduct the Business, and Owners shall cause Seller to operate and conduct the Business, only in the Ordinary Course of Business. Without limiting the generality of the foregoing: 
 (a) Subject to the requirement set forth in Section 3.02 of this Agreement that the working capital of the Business consist of at
least $100,000 in cash at the Closing Date and other than increased efforts by Seller to collect outstanding accounts receivable, Seller shall manage its working capital, including cash, receivables, other current assets, trade payables and other
current liabilities, in a fashion consistent with Seller’s past practice, including, without limitation, by purchasing and selling inventory and other property in an orderly and prudent manner and paying outstanding obligations, trade accounts
and other Indebtedness as they come due; 
 (b) No material contract or commitment of any kind relating to Seller shall be
entered into without the prior written consent of Buyer (for purposes of this Section 7.02(b), the word “material” shall refer to any contract or commitment that, if it had been entered into prior to execution of this Agreement, would
have been required to be disclosed in Article V and, with 

  

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respect to contracts with customers, would reasonably be expected to result in payments to or by Seller of $25,000 or more), which consent Buyer shall not
unreasonably withhold, condition or delay, except that Seller may enter into a direct lease with the landlord for 5905 Windward Parkway in lieu of the existing sublease with Source Alpharetta so long as such lease is an Excluded Liability hereunder;

 (c) Seller shall maintain its tangible assets in their present state of repair (ordinary wear and tear excepted) and use
commercially reasonable efforts consistent with Seller’s past practices to (i) keep available the services of its employees, and (ii) preserve the goodwill of the Business and relationships with the customers, licensors, suppliers,
distributors, brokers and others with whom it has business relations; and 
 (d) Seller shall not take any of the following
actions after the date of this Agreement without the prior written consent of Buyer, which consent shall not be unreasonably withheld or delayed: 
 (i) amend its certificate of formation, operating agreement or any other organizational document of Seller; 
 (ii) do any act, omit to do any material act or permit any material act within the control of Seller thereof that will cause any representation or warranty made herein to be untrue as of the Closing or prevent Seller
or any Owner from complying with any obligation contained in this Agreement or any obligations contained in any contract; 
 (iii) take any affirmative action, or fail to take any reasonable action within its control, as a result of which any changes or events listed in Section 5.02 is likely to occur; 
 (iv) dismiss or terminate the employment of any employee of Seller other than for cause in the Ordinary Course of Business; 
 (v) recognize or enter into negotiations with any labor union or enter into any collective bargaining agreement that includes any
employee; 
 (vi) grant any increase in the compensation or benefits of any employee (excluding any increase specifically
provided for in the terms of, or legally required by, any bonus, pension, profit sharing or other plan or commitment) or any increase in the compensation or benefits payable, or to become payable, to any employee, except for (A) changes that
are required by applicable Law, (B) grants of awards to newly hired officers and employees, in each case in the Ordinary Course of Business and (C) grants of transaction bonus compensation (which bonuses are unrelated to future employment
obligations of such employees and do not affect Seller’s 2006 EBITDA) and Economic Interests in Seller to Seller’s employees, in each case as described on Schedule 7.02(d)(vi); 
 (vii) adopt, enter into or amend, or become obligated under, any Employee Benefit Plan, agreement, trust, fund or arrangement for the
benefit or welfare of any employee or retiree who was formerly an employee of Seller, except as required to comply with changes in applicable Law; 
  

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 (viii) defer or delay the payment of, or fail to pay when otherwise due, any compensation
(including, but not limited to, any vacation pay, sick pay, personal time off and similar employee benefits and any wages, salaries, bonuses, commissions and other compensation or reimbursements) owing to employees or independent contractors of
Seller; or 
 (ix) make or rescind any material Tax election or take any material Tax position (unless required by law) or
file any Tax Return or change its fiscal year or financial or Tax accounting methods, policies or practice, or settle any Tax liability, except in each case as would not reasonably be expected to materially affect Buyer. 
 (x) change any banking arrangements or accounts referred to in Section 1.01(n), except that Seller may establish one bank account
(the “Retained Bank Account”), to be retained by Seller, for the sole purpose of drawing down cash in excess of the $100,000 required to be transferred at Closing. 
 (e) Notwithstanding the foregoing, Seller may (i) make distributions of cash in accordance with the distribution provisions of the
Seller Operating Agreement at any time prior to the Closing; provided, however, that on the Closing Date, the net working capital of the Business is equal to $300,000, one hundred thousand dollars ($100,000) of which is in the form of cash and
(ii) except to the extent it would have or could reasonably be expected to have a Material Adverse Effect, distribute or otherwise dispose of Excluded Assets and negotiate, compromise and settle Excluded Liabilities. 
 7.03 Supplements to Disclosure Schedules. From time to time up to the Closing Date, Seller shall promptly supplement the Disclosure
Schedules to this Agreement with respect to any matter (i) first existing or occurring on or after the date hereof that, if existing or occurring at or prior to such date, would have been required to be set forth in any of the Disclosure
Schedules to this Agreement (“Closing Date Disclosures”), and (ii) hereafter discovered which, if known at the date of this Agreement, would have been required to be set forth or described in the Disclosure Schedules
(“Agreement Date Disclosures”). The parties acknowledge and agree that the addition of the Agreement Date Disclosures shall not be effective to cure or correct any breach of a representation or warranty which would have existed by
reason of the Seller’s not making such Agreement Date Disclosure and will not limit or otherwise affect the remedies available to Buyer with respect thereto pursuant to Article X. The parties further acknowledge and agree, however, that there
shall not be deemed to be a breach of any representation or warranty of Seller as of the date of the Agreement as a result of or with respect to the addition of the Closing Date Disclosures. For purposes of determining satisfaction of the conditions
set forth in Section 9.01(a) of this Agreement, the Disclosure Schedules delivered by Seller shall be deemed to include both any Agreement Date Disclosures and any Closing Date Disclosures; provided that if the matter(s) giving rise to
the Agreement Date Disclosures and/or Closing Date Disclosures constitute a Material Adverse Effect, Buyer shall have the right to terminate this Agreement in accordance with Article XI of this Agreement. 
  

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 7.04 Preparation of Supporting Documents. In addition to such actions as Seller, the Owners
and the Owner Entity Shareholders may otherwise be required to take under this Agreement or applicable Law to consummate this Agreement and the transactions contemplated hereby, Seller, the Owners and the Owner Entity Shareholders shall take such
action, furnish such information, prepare (or cooperate in preparing) and execute and deliver such certificates, agreements and other instruments as Buyer may reasonably request from time to time, before, at or after the Closing, with respect to
compliance with obligations of Buyer, Seller, the Owners and the Owner Entity Shareholders in connection with the transactions contemplated herein. Any information contained in such certificates, agreements and other instruments so furnished by
Seller, any Owner or any Owner Entity Shareholders shall be true, correct and complete in all material respects and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. 
 7.05 Notices of Certain Events. The Seller shall notify Buyer in writing, and
Buyer shall notify Seller in writing, promptly after such party gains Knowledge of any of the following: 
 (a) any fact or
condition that causes or constitutes a misrepresentation or a breach of any of the respective party’s representations and warranties made as of the date of this Agreement; 
 (b) any changes or events that, individually or in the aggregate, have had a Material Adverse Effect or otherwise result in any
representation or warranty of the respective party under this Agreement being inaccurate as of the date of such changes or events; 
 (c) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; 
 (d) any notice or other communication from any court, arbitrator or other Governmental Entity in connection with the transactions
contemplated by this Agreement; 
 (e) any actions, suits, claims, investigations or proceedings commenced or, to the best of
Seller’s Knowledge, threatened against, relating to or involving or otherwise affecting Seller, the Assets or the Business that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to
Section 5.16, or that relate to the consummation of the transactions contemplated by this Agreement; 
 (f) any damage,
destruction or other casualty loss (whether or not covered by insurance) affecting Seller in any material respect; 
 (g) any
breach of or failure to perform any covenant of the respective party under this Agreement; and 
 (h) any fact or condition
that may make the satisfaction of the conditions in Article IX impossible or unlikely. 
  

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 Any notification given pursuant to this Section shall not in any way limit Buyer’s or Seller’s exercise of its
rights under this Agreement. 
 7.06 Non-Solicitation. From and after the date hereof until the earlier of the Closing or the
termination of this Agreement in accordance with Section 11.01 hereof, neither Seller, any Owner, any Owner Entity Shareholder nor any of their respective Affiliates will (or authorize or permit any officer, director, employee, contractor,
representative or agent of any of them to) directly or indirectly, (i) solicit, initiate or encourage the submission or proposal of any offers, or accept any offers, or enter into a confidentiality agreement, letter of intent or purchase
agreement or other similar agreement with any Person other than Buyer, with respect to the acquisition of some or all of the equity interests of Seller or any Owner, as applicable, or a merger, consolidation, business combination, sale of all or any
portion of the assets of Seller or any Owner, or any similar extraordinary transaction with respect to Seller or any Owner (an “Acquisition Proposal”) or (ii) participate in any discussions or negotiations regarding, or furnish
to any Person other than Buyer any information with respect to, or otherwise cooperate in any way with or assist, facilitate or encourage any Acquisition Proposal by any Person other than Buyer. Seller and Owners agree to notify Buyer (within two
(2) business days) of the terms of any Acquisition Proposal by any other Person to do any of the foregoing that Seller or any Owner or any of their respective Affiliates, officers, directors, employees, contractors, representatives or agents
may receive relating to any of such matters and, if such Acquisition Proposal is in writing, Seller or any Owner will deliver to Buyer a copy of such Acquisition Proposal. 
 7.07 Interim Financials. As promptly as practicable after each regular accounting period subsequent to September 30, 2006 and prior to
the Closing Date, Seller shall deliver to Buyer periodic financial reports in the form that it customarily prepares for its internal purposes concerning Seller and, if available, unaudited statements of the financial position of Seller as of the
last day of each accounting period and statements of income and changes in financial position of Seller for the period then ended. 
 7.08
Name Change. As promptly as practicable after the Closing Date and, in any event, not later than thirty (30) days after the Closing Date, Seller shall change its name to a name that does not include any name set forth on
Schedule 1.01(f) or any variation thereof or any other confusingly similar name, and Seller shall provide written evidence of such name change to Buyer upon Seller’s receipt of such written evidence. 
 7.09 Post-Closing Taxes, Assessments and Similar Adjustments. 
 (a) Seller (or the Owners, in the case of net income that passes through and is taxable to the Owners for federal, state or local income
Tax purposes) shall be responsible for the payment of the following on and after the Closing Date: 
 (i) all federal, state
and other Taxes imposed upon the net income of Seller from the transactions contemplated hereunder (including, but not limited to, federal Taxes based upon depreciation recapture and the recapture of investment Tax credit); 
  

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 (ii) Taxes payable by Seller on gross income from the sale of the Assets to Buyer
hereunder; 
 (iii) all sales and use Taxes imposed on Seller or required to be collected and paid by Seller with respect to
the purchase, sale, use or transfer of property by Seller prior to and as a result of the Closing; and 
 (iv) any penalties,
interest or similar charges with respect to the foregoing Taxes enumerated in this Section. 
 (b) General Taxes shall be
prorated between Seller and Buyer, so that regardless of when or by whom such Taxes are actually paid or payable, Seller shall bear any of such Taxes levied or assessed against or with respect to the Assets for or with respect to any period before
the Closing Date and Buyer shall bear any of such Taxes for or with respect to any period on or after the Closing Date. “General Taxes” shall mean (i) all annual or periodic ad valorem fees and other Taxes and assessments, both
general and special, and payments made in lieu thereof, on real or personal property and (ii) all other annual or periodic fees, Taxes and similar charges imposed by any Governmental Entity, upon or in respect to the Assets, including, but not
limited to, Taxes, fees or similar charges (e.g., licenses) for the privilege of doing business. “General Taxes” shall not include motor fuel Taxes, sales and use Taxes, corporate franchise Taxes, transfer Taxes, income Taxes, Taxes based
on gross income and other Taxes described in Section 7.09(a). Reimbursements by one party to the other pursuant to this Section 7.09 shall be made within thirty (30) days of demand. Buyer shall prepare and file any returns for General
Taxes due from and after the Closing Date, and Seller shall prepare and file all other returns for General Taxes. Buyer and Seller shall jointly prepare returns that determine Taxes that are being prorated. 
 (c) In the event any deficiencies are assessed or refunds made with respect to any of the Taxes provided for in this Section 7.09,
deficiencies shall be the responsibility of, or refunds shall be paid to, the party having the responsibility for the payment of the Tax pursuant to this Section 7.09. 
 7.10 Bulk Sales Transfer. Buyer and Seller hereby waive compliance with any applicable provisions of applicable Law concerning bulk sale
transfers. Seller, Owner and the Owner Entity Shareholder shall indemnify Buyer as provided in Section 10.02 with respect to any liabilities resulting from or related to such non-compliance, which shall be deemed Excluded Liabilities for all
purposes hereunder. 
 ARTICLE VIII 
 COVENANTS OF THE PARTIES 
 Buyer, Seller and Owners, respectively, hereby covenant to and agree with one another as
follows: 
 8.01 Further Conveyances and Assumptions; Approvals of Third Parties. 
 (a) Following the Closing, Seller, Owners, the Owner Entity Shareholders and Buyer shall execute, acknowledge and deliver all such further
conveyances, notices, 

  

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assumptions and releases and such other instruments, and shall take such further actions, as may be reasonably necessary or appropriate to assure fully to
Buyer or Seller (as the case may be) all of the properties, rights, titles, interests, remedies, powers and privileges intended to be conveyed or transferred to Buyer or retained by Seller (as the case may be) under this Agreement, and to otherwise
make effective the transactions contemplated hereby and thereby, including but not limited to (i) transferring back to Seller any asset or liability not contemplated by this Agreement or intended by the parties to be an Asset or Assumed
Liability, as applicable, and (ii) transferring to Buyer any asset or liability contemplated by this Agreement and intended by the parties to be an Asset or Assumed Liability, as applicable, and any claim, remedy or other right related to any
of the foregoing. 
 (b) Seller, Owners and Buyer will use their reasonable, good faith efforts, and will cooperate with one
another, to secure all necessary consents, approvals, authorizations and exemptions from Governmental Entities and other third parties, including, without limitation, all consents required by Section 9.01(g) hereof. If any consent or approval
is not obtained prior to or on the Closing Date, and such consent or approval relates to the transfer or assignment to Buyer of a lease, contract or other agreement that constitutes an Asset (a “Company Contract”), Seller shall hold
such Company Contract in trust for the use and benefit of Buyer, and shall take such other action as may be reasonably requested by Buyer in order to place Buyer in the same position as if such consents or approvals had been obtained. Seller and
Owners will use their reasonable, good faith efforts to cause or obtain the satisfaction of the conditions specified in Article IX. Buyer will use its reasonable, good faith efforts to cause or obtain the satisfaction of the conditions specified in
Article IX. 
 8.02 Casualty. Seller shall bear the risk of any loss or damage or destruction to any of the Assets from fire or
other casualty or cause at all times prior to the Closing. Upon the occurrence of any loss or damage to any material portion of the Assets or the Leased Real Property as a result of fire, casualty or other causes prior to the Closing, Seller shall
immediately notify Buyer of the same in writing, stating with particularity the extent of loss or damage incurred, the cause thereof, if known, and the extent to which restoration, replacement and repair of the Assets lost or destroyed will be
reimbursed under any insurance policy with respect thereto. Buyer shall have the option, but not the obligation, exercisable within ten (10) days after receipt of such notice from Seller, to: 
 (a) Elect to consummate the Closing and accept the Assets in their “then” condition, in which event Seller shall assign to Buyer
all rights under any insurance claim covering the loss and pay over to Buyer any proceeds under any such insurance policy theretofore or thereafter received by Seller with respect thereto plus any additional sums necessary to replace such Assets; or

 (b) Terminate this Agreement, whereupon this Agreement shall be of no further force or effect and neither Seller nor Owners
nor Buyer shall have any further rights, duties, or obligations hereunder, except as set forth in Section 11.02 hereof. 
  

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 8.03 Transferred Employees. 
 (a) Between the date hereof and the Closing Date, Seller shall permit Buyer to discuss and meet, and Seller shall cooperate in such
discussions and meetings, with any employee of Seller. At or prior to the Closing, Buyer will provide Seller with a list of employees to whom Buyer will offer employment at will and at salary and wage levels generally comparable to those offered to
such employees by Seller and benefits generally comparable to those offered to current similarly-situated employees of Buyer. Employees who accept such employment with Buyer shall be referred to as “Transferred Employees.”
Seller shall terminate the Transferred Employees and the Transferred Employees shall become employees of Buyer, in each case effective as of the Effective Time. Seller hereby consents to the hiring of such employees by Buyer and waives, with respect
to the employment by Buyer of such employees, any claims or rights Seller may have against Buyer or any such employee with respect to activities and events occurring after the Effective Time under any non-competition, confidentiality, or
nonsolicitation covenants, or any employment agreement with such employee. 
 (b) Except for the Employee Accruals, and
subject to Section 8.04, Seller shall retain liability for, and shall be solely responsible for: (i) payment of all medical and dental claims incurred by Transferred Employees, or any other employees of Seller, prior to the Closing Date;
(ii) all benefits to be paid to Transferred Employees, or any other employees of Seller, pursuant to the terms of any of the Employee Benefit Plans; (iii) any severance claim made by any employee of Seller; (iv) any workers’
compensation claims made with respect to injuries occurring prior to the Closing Date, regardless of when any such claim is filed; (v) any claim made by any former or current employee of Seller for salary, commissions, overtime pay, bonuses or
accrued but unused vacation pay, sick pay or personal time off earned or accrued during their employment tenure with Seller; and (vi) any and all liabilities arising under, resulting from or relating to any Employee Benefit Plans or to
Seller’s employment or termination of its employees, whether incurred before, on or after the Closing Date. Seller shall pay all of the foregoing items when and to the extent due, subject to any right of Seller to dispute same with the
applicable third party (which right shall not limit the Seller Indemnified Parties’ obligations under Article X.) 
 (c)
Subject to Section 8.04, Seller agrees that any and all costs (including, without limitation, any severance payments) relating to individuals not offered employment by Buyer or who do not accept Buyer’s offer of employment will be paid by
Seller, and Seller and Owners shall, jointly and severally, indemnify and hold harmless Buyer from and against any and all liabilities arising from or related to the employment of Seller’s employees through the Closing Date or the termination
of their employment by Seller as of or after the Closing Date. 
 (d) Seller shall assist Buyer in the transition of any
Transferred Employees by providing true and correct copies of any information or records requested by Buyer (or its representatives) related to the Transferred Employees, including initial employment dates, termination dates, reemployment dates,
hours of service, compensation or tax withholding history or any other information, that Buyer (or its representatives) reasonably deems necessary in connection with the employment of any Transferred Employee. Seller agrees to provide any
information or records reasonably requested by Buyer (or its representatives) related to the Transferred Employees in such format(s) as are reasonably requested by Buyer (or its representatives). 
  

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 8.04 Employee Benefit Plans. Buyer shall not adopt, assume or otherwise become responsible
for, either primarily or as a successor employer, any assets or liabilities of any Employee Benefit Plans, or any employee-related plan, program, policy, arrangement, commitment or policy provided by Seller’s Affiliates. If and to the extent
that Buyer is deemed by law or otherwise to be liable as a successor employer for such purposes, Seller and Owners shall, jointly and severally, indemnify Buyer for the full and complete costs, fees and other liabilities that result. In particular,
Buyer shall not assume liability for any group health continuation coverage or coverage rights under Code Section 4980B and ERISA Section 606 (or any similar state Law) that exist as of the Closing Date or that may arise as a result of
Seller’s dissolution and/or termination of its group health plan or plans and/or termination of employment of any employee in connection with the sale of Assets to Buyer pursuant to this Agreement or otherwise. Following the Closing Date,
Seller shall be solely responsible for continuation coverage pursuant to Code Section 4980B and ERISA Section 606 (or similar state Law) for any covered employee and associated qualified beneficiaries who become “M&A qualified
beneficiaries” (as defined by Treasury Regulation Section 54.4980B-9, Q&A 4). If and to the extent that Buyer is deemed by law or otherwise to be liable as a successor employer for such group health continuation coverage purposes,
Seller and Owners shall, jointly and severally, indemnify Buyer for the full and complete costs, fees and other liabilities that result. 
 8.05 Access to Books and Records. Following the Closing, Buyer shall provide Seller and its designees (e.g. officers, employees, counsel, accountants, actuaries, lenders and other representatives) access during regular
business hours and upon reasonable notice to Buyer to Seller’s books, records and files (tangible and electronic) included among the Assets to the extent necessary for Seller’s (i) preparation of its tax returns, (ii) resolution
of post-Closing disputes, (iii) compliance with its obligations and exercise of its rights under this Agreement, including Article X hereof, (iv) administration and resolution of any Excluded Liabilities and (v) to wind-down the
affairs of the Seller. 
 8.06 Piggyback Registration Rights. If Buyer proposes to register any of its securities in connection
with the public offering of such securities solely for cash on a form that would permit the registration of the TRX Shares, the holders of the TRX Shares shall be entitled to include their TRX Shares in such offering on a pro rata basis, subject to
any limitations imposed by the managing underwriter of such offering. In order to participate in such offering, each holder of TRX Shares shall provide such information and execute such agreements and other documents as may be required of selling
shareholders in the offering by Buyer and the managing underwriter. 
 ARTICLE IX 
 CONDITIONS TO CLOSING 
 9.01
Conditions to Buyer’s Obligations. The obligation of Buyer to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions on or before the Closing Date, or Buyer’s
waiver thereof, which Buyer may give or withhold in its sole discretion: 
 (a) The representations and warranties of Seller,
the Owners and the Owner Entity Shareholders contained in this Agreement and in any certificate delivered by Seller, the 

  

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Owners or any of the Owner Entity Shareholders pursuant hereto shall be true and correct in all material respects (except for such representations and
warranties that are qualified by their terms by a reference to materiality or to Material Adverse Effect, which representations and warranties as so qualified shall be true and correct in all respects) at and as of the Closing Date as if made at and
as of the Closing Date, except that any such representation or warranty made as of a specified date (other than the date hereof) shall only need to have been true on and as of such date; 
 (b) Seller and each of the Owners shall have performed in all material respects all of its respective covenants, agreements, conditions
and obligations required to be performed and complied with by it under this Agreement prior to the Closing; 
 (c) Seller
shall have delivered to Buyer satisfactory evidence that all Indebtedness has been paid or satisfied or will be satisfied at Closing by payment of the applicable portion of the Closing Payment by Buyer to creditors of Seller (other than creditors
owed amounts less than $5,000 individually or $50,000 in the aggregate) and that all Liens, other than Permitted Liens, affecting the Assets have been released; 
 (d) Between the date hereof and the Closing Date, there shall not have occurred any Material Adverse Effect or any development that would
result in a Material Adverse Effect; 
 (e) Owners and Seller’s President shall have approved this Agreement and the
transactions contemplated hereby to the extent required by Law and Seller’s certificate of formation, the Seller Operating Agreement and other applicable documents; 
 (f) All third party consents that are required for the Seller’s consummation of the transactions contemplated hereby shall have been
obtained and shall be in full force and effect; 
 (g) There shall not be threatened, instituted or pending any action or
proceeding, before any court or Governmental Entity, (i) challenging or seeking to make illegal, or to delay or otherwise directly or indirectly restrain or prohibit, the consummation of the transactions contemplated hereby or seeking to obtain
material damages in connection with such transactions, (ii) seeking to prohibit direct or indirect ownership or operation by Buyer of all or a material portion of the Assets, or to compel Buyer or any of its subsidiaries to dispose of or to
hold separately all or a material portion of the business or assets of Buyer and its subsidiaries, as a result of the transactions contemplated hereby, (iii) seeking to invalidate or render unenforceable any material provision of this
Agreement, or (iv) otherwise relating to and materially adversely affecting the transactions contemplated hereby; 
 (h)
Buyer shall have received a fairness opinion from Duff and Phelps LLC, that the transaction contemplated herein is fair to the Buyer and its shareholders from a financial point of view; 
 (i) Seller shall have delivered or caused to be delivered each of the following to Buyer: 
  

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 (i) the Bill of Sale, Assignment and Assumption Agreement duly executed by Seller as of
the Closing Date; 
 (ii) a duly executed employment agreement between Kevin Austin and Buyer substantially in the form of
Exhibit C (the “Austin Employment Agreement”) and duly executed employment agreements between each of Tim Fahy and Todd Kaiser and Buyer substantially in the form of Exhibit C-1 (the “Additional Management
Employment Agreements”); and 
 (iii) certificates from each of Seller, Owners and Owner Entity Shareholders, dated
the Closing Date, stating that the conditions set forth in Sections 9.01(a) and (c) have been satisfied with respect to such party; 
 (iv) Invention Assignment Agreements duly executed by each Transferring Employee, substantially in the form of Exhibit D (collectively, the “Invention Assignment Agreements”); 
 (v) an opinion of counsel to Seller, dated as of the Closing Date, addressed to Buyer, in a form reasonably agreed by Buyer’s counsel
and Seller’s counsel; and 
 (vi) An executed sublease substantially in the form attached hereto as Exhibit E for
Seller’s facility located at 5905 Windward Parkway, Alpharetta, Georgia for a term of six months from the Closing Date (the “Sublease”); and 
 (vii) Non-Competition Agreements duly executed by Seller, each Owner and each Owner Entity Shareholder, substantially in the form attached
hereto as Exhibit F. 
 (viii) Duly executed Investment Letters from each of the Owner Entity Shareholders in a form
reasonably agreed by the parties. 
 (j) ProfitMark and HMTS shall have delivered to Buyer a Bill of Sale, Assignment and
Assumption Agreement transferring to Buyer all of their respective rights and interests in any assets used in the Business. 
 9.02
Conditions to Seller’s Obligations. The obligations of Seller to consummate the transactions contemplated by this Agreement are subject to the satisfaction of the following conditions on or before the Closing Date, or
Seller’s waiver thereof, which Seller may give or withhold in its sole discretion: 
 (a) The representations and
warranties of Buyer contained in this Agreement and in any certificate or other writing delivered by Buyer pursuant hereto shall be true and correct in all material respects (except for such representations and warranties that are qualified by their
terms by a reference to materiality or to Material Adverse Effect, which representations and warranties as so qualified shall be true and correct in all respects) at and as of the Closing Date as if made at and as of the Closing Date, except that
any such representation or warranty made as of a specified date (other than the date hereof) shall only need to have been true on and as of such date; 
  

 44 

 (b) Buyer shall have performed in all material respects all of its covenants, agreements,
conditions and obligations required to be performed and complied with by it under this Agreement prior to the Closing; 
 (c)
All governmental authorizations, approvals and consents that are required for the consummation of the transactions contemplated hereby shall have been obtained and shall be in full force and effect; 
 (d) There shall not be threatened, instituted or pending any action or proceeding, before any court or Governmental Entity,
(i) challenging or seeking to make illegal, or to delay or otherwise directly or indirectly restrain or prohibit, the consummation of the transactions contemplated hereby or seeking to obtain material damages in connection with such
transactions, (ii) seeking to invalidate or render unenforceable any material provision of this Agreement, or (iii) otherwise relating to and materially adversely affecting the transactions contemplated hereby; 
 (e) Between the date hereof and the Closing Date, there shall not have occurred any Material Adverse Effect on Buyer’s business.

 (f) All third party consents that are required for the Buyer’s consummation of the transactions contemplated hereby
shall have been obtained and shall be in full force and effect; 
 (g) Buyer’s directors shall have approved this
Agreement and the transactions contemplated hereby to the extent required by Law and Buyer’s articles of incorporation, bylaws and other applicable documents; and 
 (h) Buyer shall have delivered or caused to be delivered each of the following to Seller: 
 (i) the Closing Payment in accordance with Article II hereof; 
 (ii) the Promissory Note, duly executed by Buyer; 
 (iii) a certificate for TRX Shares, duly issued by Buyer in the name of Seller; 
 (iv) the Bill of Sale, Assignment and Assumption Agreement duly executed by Buyer as of the Closing Date; 
 (v) a certificate of an appropriate officer of Buyer, dated the Closing Date, stating that the conditions set forth in Sections 9.02(a)
and (b) have been satisfied; 
 (vi) an opinion of counsel to Buyer, dated as of the Closing Date, addressed to Seller,
in a form reasonably agreed by Buyer’s counsel and Seller’s counsel. 
  

 45 

 (vii) the Austin Employment Agreement, duly executed and delivered by Buyer; 

(viii) the Additional Management Employment Agreements, duly executed and delivered by Buyer; and 
 (ix) the Sublease, duly executed and delivered by Buyer. 
 ARTICLE X 
 SURVIVAL; INDEMNIFICATION 
 10.01 Survival. The representations and warranties of the parties contained in this Agreement or in any certificate or other writing
delivered pursuant to this Agreement shall survive the Closing until the two (2) year anniversary of the Closing Date; provided that (i) the representations and warranties contained in Sections 4.01 (Organization), 4.02
(Subsidiaries and Owners), 4.03 (Authority; Enforceability), 4.04 (Noncontravention), 5.04 (Title to Assets) and 5.25 (Securities Law Representation) shall survive indefinitely and (ii) the representations and warranties contained in Sections
5.06 (Tax Matters), 5.13 (Employee Benefits), 5.15 (Environmental Compliance), 5.17 (Legal Compliance), 6.01 (Organization), 6.02 (Authority; Enforceability) and 6.05 (Noncontravention) shall survive until expiration of the statute of limitations
applicable to the matters covered thereby (giving effect to any waiver, mitigation or extension of such statute of limitations), plus an additional sixty (60) days thereafter (the matters described above in this Section 10.01 being
referred to as the “Surviving Matters”). Notwithstanding the preceding sentence, any representation or warranty in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise
terminate pursuant to the preceding sentence, if notice of the inaccuracy of such representation or warranty giving rise to such right of indemnity shall have been given to the party against whom such indemnity may be sought prior to such time, and
such period of survival shall continue until the indemnification claim related to such inaccuracy of such representation or warranty shall have been finally resolved pursuant to this Article X. The covenants and agreements of the parties contained
in this Agreement (other than the covenants and agreements of the parties set forth in this Article X) shall survive for such period as is set forth in this Agreement with respect to each such covenant and agreement and, if not so specified, up to a
period of four (4) years. The covenants and agreements of the parties set forth in this Article X shall survive indefinitely. 
 10.02
Indemnification. 
 (a) Each of Seller, the Owners and the Owner Entity Shareholders (collectively, the
“Seller Indemnifying Parties”) hereby, jointly and severally, indemnifies Buyer and its officers, directors, employees, consultants and agents (the “Buyer Indemnified Parties”) against, and agrees to hold each of
them harmless from, any and all Losses that the Buyer Indemnified Parties shall incur, suffer or become subject to, that arise out of, result from, or relate to: 
  

 46 

 (i) any misrepresentation or breach of any warranty made by Seller, any Owner or any
Owner Entity Shareholder in this Agreement or in any certificate delivered pursuant hereto as is found to have occurred pursuant to a Final Judgment; 
 (ii) any breach of any covenant or agreement of Seller, any Owner or any Owner Entity Shareholder set forth in this Agreement, as is found to have occurred pursuant to a Final Judgment; 
 (iii) the Excluded Liabilities; 
 (iv) any non-compliance with any applicable bulk sales Law, as is found to have occurred pursuant to a Final Judgment; or 
 (v) the matters referred to in Sections 8.03(c) and 8.04, as such matters are found to have occurred pursuant to a Final Judgment. 
 Subject to Section 10.07(a), the fact that the survival period with respect to any representation or warranty has terminated shall not limit or affect in any respect the Seller Indemnifying Parties’ indemnification obligations
under Section 10.02(a)(ii), (iii), (iv), (v) or Section 10.02(b) (even if the subject of such claim is also the subject of a representation or warranty). Once it has been determined by a Final Judgment that there has been a breach of
a representation, warranty or covenant, and subject to the Trigger Amount, the underlying Losses shall be determined without regard to any materiality standard or Material Adverse Effect qualifier contained in the applicable representation, warranty
or covenant. 
  

 47 

 * 
 (c) Buyer hereby indemnifies Owners and Seller and each of their respective officers, directors, employees, consultants and agents (the “Seller Indemnified Parties”) against, and agrees to hold each
of them harmless from, any and all Losses that the Seller Indemnified Parties shall incur, suffer or become subject to, that arise out of, result from, or relate to: 
 (i) any misrepresentation or breach of warranty made by Buyer pursuant to this Agreement, as is found to have occurred pursuant to a Final
Judgment; or 
 (ii) any breach of any covenant or agreement made or to be performed by Buyer pursuant to this Agreement, as
is found to have occurred pursuant to a Final Judgment. 
 10.03 Procedures for Third Party Claims. 
 (a) The parties seeking indemnification under Section 10.02 (the “Indemnified Parties”) agree to give prompt notice
(which shall in any event be given prior to the expiration of the applicable survival period) to the parties from whom indemnity is sought (the “Indemnifying Parties”) of the assertion of any claim, or the commencement of any suit,
action or proceeding in respect of which indemnity may be sought under Section 10.02 (the “Third Party Claims”). The failure by any Indemnified Party so to notify the Indemnifying Parties in accordance with this
Section 10.03(a) shall not relieve any Indemnifying Party from any liability that it may have to such Indemnified Party with respect to any claim made pursuant to this Section 10.03, except to the extent such failure shall actually
prejudice an Indemnifying Party. 
 (b) The Indemnifying Party shall be entitled to contest and defend any Third Party Claim
with counsel of its choice reasonably satisfactory to the Indemnified Party, so long as (i) the Indemnifying Party notifies the Indemnified Party in writing within thirty (30) days after the Indemnified Party has given notice of the
Third-Party Claim and that the Indemnifying Party will defend and indemnify the Indemnified Party as required by this Article X against the Third Party Claim identified in the notice, (ii) the Indemnifying Party provides the Indemnified Party
with evidence reasonably acceptable to the Indemnified Party that the Indemnifying Party will have the financial resources to defend against the Third Party Claim and fulfill its indemnification obligations hereunder, (iii) the Third Party
Claim involves only money damages and does not seek an injunction or other equitable relief and (iv) the Indemnifying Party conducts the defense of the Third Party Claim actively and diligently. The Indemnifying Party will not consent to the
entry of any judgment with respect to the matter, or enter into any settlement that does not include a provision whereby the plaintiff or claimant in the matter releases the Indemnified Party from all Liability with respect thereto, without the
consent of the Indemnified Party, which consent shall not be unreasonably withheld or delayed if such settlement only requires the payment by one or more Indemnifying Parties of a monetary amount, does not 

  

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 * Confidential Treatment Requested 

 
include a statement as to admission of fault, culpability or failure to act by or on behalf of such Indemnified Party, and, with respect to the Buyer as an
Indemnified Party, the Buyer could not reasonably believe that the settlement would be materially adverse to the Buyer’s reputation or continuing business. In the event the Indemnified Party conducts a defense under this Section 10.03(b),
(i) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim, (ii) the Indemnified Party will not consent to the entry of any judgment or entry into any
settlement with respect to the Third Party Claim without the prior written consent of the Indemnifying Party (not to be withheld unreasonably) and (iii) the Indemnifying Party will not consent to the entry of any judgment or enter into any
settlement with respect to the Third Party Claim without the prior written consent of the Indemnified Party (not to be withheld unreasonably). Notwithstanding the foregoing, if the subject matter of a Third Party Claim relates to the ongoing
business of any of the Indemnified Parties, which Third Party Claim, if decided against any of the Indemnified Parties, would affect the ongoing business or reputation of any of the Indemnified Parties, then the Indemnified Parties alone shall be
entitled to contest, defend and settle such Third Party Claim in the first instance (subject to the right of the Indemnifying Party to participate in such defense at the Indemnifying Party’s expense) and, if the Indemnified Parties do not
contest, defend or settle such Third Party Claim, the Indemnifying Party shall then have the right to contest and defend (but not settle) such Third Party Claim. 
 10.04 Procedures for Direct Claims. In the event any Indemnified Party should have a claim for indemnification against any Indemnifying Party that does not involve a Third Party Claim, the Indemnified
Party shall deliver notice of such claim, specifying the provision of this Agreement breached and describing the facts giving rise to such breach, with reasonable promptness to the Indemnifying Party. The failure by any Indemnified Party so to
notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability that it may have to such Indemnified Party with respect to any claim made pursuant to this Section 10.04, it being understood that notices for claims in
respect of a breach of a representation or warranty must be delivered prior to the expiration of the survival period for such representation or warranty under Section 10.01. If the Indemnifying Party does not notify the Indemnified Party within
thirty (30) calendar days following its receipt of such notice that the Indemnifying Party disputes its liability to the Indemnified Party under this Article, or the amount thereof, the claim specified by the Indemnified Party in such notice
shall be conclusively deemed a liability of the Indemnifying Party under this Article X, and the Indemnifying Party shall pay the amount of such loss to the Indemnified Party on demand or, in the case of any notice in which the amount of the claim
(or any portion of the claim) is estimated, on such later date when the amount of such claim (or such portion of such claim) becomes finally determined. If the Indemnifying Party has timely disputed its liability with respect to such claim, the
Indemnifying Party and the Indemnified Party shall resolve such dispute in accordance with Section 13.11. 
 10.05
Investigation. No investigation or other examination of Seller or any Owner by Buyer, its designees or representatives shall affect any Buyer Indemnified Party’s rights set forth in this Article X and shall not affect the term of
survival of any representation or warranty contained herein or in any certificate or other documents delivered pursuant hereto or in connection herewith or the term of the right of any Buyer Indemnified Party to seek indemnification with respect to
any of the Surviving Matters. No investigation or other examination of Buyer by Seller or any Owner, or their respective designees or representatives 

  

 49 

 
shall affect any Seller Indemnified Party’s rights set forth in this Article X and shall not affect the term of survival of any representation or
warranty contained herein or in any certificate or other documents delivered pursuant hereto or in connection herewith or the term of the right of any Seller Indemnified Party to seek indemnification with respect to any of the Surviving Matters.

 10.06 Set-Off. Buyer shall be entitled to set off any amount or right it may be entitled to under this Agreement against any
amount, right or obligation owed to Seller or Owners under this Agreement or the Promissory Note; provided, however, that any such amounts not paid by Buyer to Seller pursuant to this Section 10.06 shall be deposited in a mutually-agreed
escrow account pending Final Judgment. With respect to any indemnification claim that is made by a Buyer Indemnified Party pursuant to Section 10.02(a)(i) and which is determined to be payable pursuant to the procedures set forth in this
Agreement, Buyer shall be required to seek recourse first via setoff against the Promissory Note. Subject to the other terms and conditions of this Agreement, after no further amounts are payable under the Promissory Note, Buyer may seek payment in
respect of any indemnification claim hereunder directly from Seller or any Owner. 
 10.07 Indemnification Limitations.

 (a) The Seller Indemnifying Parties shall have no liability for indemnification pursuant to this Article X for any
misrepresentation or breach of a warranty of the Seller Indemnifying Parties contained herein until the total of all Losses arising from any misrepresentation or breach of a warranty exceeds Fifty Thousand Dollars ($50,000) (the “Trigger
Amount”); provided, however, that after the total amount of such Losses exceeds the Trigger Amount, the liability of the Seller Indemnifying Parties under this Article X shall be determined without reference to such Trigger Amount (i.e.,
from the first dollar of Loss), except that the limitations on liability set forth in this provision shall not apply to any intentional breach of any representation or warranty contained herein or any breach of any representation of warranty
contained herein arising out of fraud or any claim with respect to any misrepresentation or breach of any representation or warranty made by Seller or any Owner set forth in Sections 4.01, 4.02, 4.03, 4.04, 5.04, 5.06, 5.13, 5.15, or 5.25.

 (b) The aggregate liability of the Seller, the Owners and the Owner Entity Shareholders for misrepresentations or breaches
of warranty pursuant to an indemnification claim under Section 10.01(a) shall be an amount equal to *, except that the limitations on liability set forth in this provision shall not apply to any intentional breach of any representation or
warranty contained herein or any breach of any representation or warranty contained herein arising out of fraud or any claim with respect to any misrepresentation or breach of any representation or warranty made by Seller or any Owner set forth in
Sections 4.01, 4.02, 4.03, 4.04, 5.04, 5.06, 5.13, 5.15, or 5.25. For purposes of the preceding sentence, the * 
  

 50 
 * Confidential Treatment Requested 

 10.08 No Double Recovery. Notwithstanding anything herein to the contrary, no party to this
Agreement shall be entitled to indemnification or reimbursement or any other payment under this Article X for any amount to the extent that such party has been indemnified or reimbursed for such amount under any other provision of this Agreement,
including Section 3.02, or paid benefits from applicable insurance. 
 10.09 Subrogation. Upon making an indemnity payment
pursuant to this Article X, the Indemnifying Party will, to the extent of such payment, be subrogated to all rights of the Indemnified Party against any third party in respect of the damages to which the payment is related. Without limiting the
generality of any other provision hereof, each such Indemnified Party and Indemnifying Party will duly execute upon request all instruments reasonably necessary to evidence and perfect the above described subrogation rights. 
 10.10 Other Indemnification Provision. The remedies provided in this Article X and in Section 13.05 and Section 13.11 constitute
the sole and exclusive remedies available to each party hereto for recoveries against another party hereto for breaches or failures to comply with or nonfulfillments of the representations, warranties, covenants and agreements in this Agreement or
in the Exhibits and Schedules hereto, except for claims arising out of fraud or willful misconduct. 
 ARTICLE XI 
 TERMINATION 
 11.01
Termination of Agreement. The parties may terminate this Agreement as provided below: 
 (a) Buyer, the Owners
and Seller may terminate this Agreement by mutual written consent at any time prior to the Closing; 
 (b) Seller and Owners
may terminate this Agreement in writing, without liability, if Buyer shall (i) fail to perform in any material respect its agreements contained herein required to be performed by it on or prior to the Closing Date or (ii) materially breach
any of its representations, warranties or covenants contained herein, which failure or breach is not cured within ten (10) days after Seller has notified Buyer of its intent to terminate this Agreement pursuant to this subparagraph (b);

 (c) Buyer may terminate this Agreement in writing, without liability, if Seller or any Owner shall (i) fail to perform
in any material respect its agreements contained herein required to be performed by it on or prior to the Closing Date, or (ii) materially breach any of its representations, warranties or covenants contained herein, which failure or breach is
not cured within ten (10) days after Buyer has notified Seller of its intent to terminate this Agreement pursuant to this subparagraph (c); 
 (d) Either Seller, the Owners or Buyer may terminate this Agreement in writing, without liability, if there shall be any order, writ, injunction or decree of any court or 

  

 51 

 
Governmental Entity binding on Buyer, Seller or Owners, that prohibits or restrains Buyer, Seller or Owners from consummating the transactions contemplated
hereby, provided that Buyer, Seller and Owners shall have used their reasonable, good faith efforts to have any such order, writ, injunction or decree lifted and the same shall not have been lifted within thirty (30) days after entry, by any
such court or Governmental Entity; or 
 (e) Buyer may terminate this Agreement in writing, without liability, pursuant to
Section 8.02 hereof; and 
 (f) Either Seller, Owners or Buyer may terminate this Agreement in writing, without
liability, if for any reason the Closing has not occurred by January 31, 2007, other than as a result of the breach of this Agreement by the party attempting to terminate the Agreement. 
 11.02 Effect of Termination. If this Agreement is terminated and the transactions contemplated hereby are abandoned as described in this
Article XI, this Agreement shall become null and void and of no further force and effect, without any further obligation or liability of Seller, Owners, the Owner Entity Shareholders or Buyer hereunder (except for any liability of a party for its
breach of this Agreement), except for the provisions of this Section 11.02 and the obligations under Sections 13.01, 13.02, 13.10 and 13.11 hereof. Nothing in this Section 11.02 shall be deemed to release any party from any knowing
misrepresentation or willful breach with respect to the provisions of Article III or Article IV of this Agreement or any liability for any other breach by such party of any other terms and provisions of this Agreement or to impair the right of any
party to compel specific performance by any other party of its obligations under this Agreement. 
 ARTICLE XII 
 DEFINITIONS 
 Definitions. Defined terms used in this Agreement, unless defined elsewhere in this Agreement, shall have the following meanings: 
 “401(k) Plan” has the meaning set forth in Section 8.04(b). 
 “AAA”
has the meaning set forth in Section 13.11. 
 “Accounting Referee” has the meaning set forth in Section 2.08(e).

 “Acquisition Proposal” has the meaning set forth in Section 7.06. 
 “Affiliate” means, as to any Person, any other Person (A) that directly or indirectly beneficially owns or controls 5% or more of
the outstanding voting securities of such Person or any of its Affiliates, (B) any person 5% or more of whose outstanding voting securities are directly or indirectly beneficially owned or controlled by such Person or any of its Affiliates or
(C) any current or former director or officer of such Person or any of its Affiliates or any “associates” or members of the “immediate family” (as such terms are respectively defined in Rule 12b-2 and Rule 16a-1 of the U.S.
Securities Exchange Act of 1934) of any such director or officer. 
  

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 * 
 “Ancillary Documents” means each of the Promissory Note, the Non-Compete Agreements, the Bill of Sale, Assignment and Assumption Agreement, the Invention Assignment Letters, the Austin Employment Agreement and the Sublease.

 “A/R Collection Period” has the meaning set forth in Section 3.03. 
 “A/R Notification Date” has the meaning set forth in Section 3.03. 
 “Assets” has the meaning set forth in Section 1.01. 
 “Assumed Accounts Payable” has the meaning set forth in Section 1.03(a). 
 “Assumed Accrued Expenses” has the meaning set forth in Section 1.03(c). 
 “Assumed
Liabilities” has the meaning set forth in Section 1.03. 
 “Austin Employment Agreement” has the meaning set
forth in Section 9.01(j)(ii). 
 * 
 “Bill of Sale, Assignment and Assumption Agreement” has the meaning set forth in Section 1.03. 
 “Business” has the meaning set forth in the recitals. 
 “Buyer” has the meaning set forth in the
Preamble. 
 “Buyer Indemnified Parties” has the meaning set forth in Section 9.02(a). 
 “Seller Indemnifying Parties” has the meaning set forth in Section 10.02(a). 
 “Calendar Year 2007” has the meaning set forth in 2.08(a). 
 “Calendar Year 2008” has the meaning set forth in 2.08(b). 
 “Claim Period” has the meaning set forth in Section 10.02(c). 
  

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 * Confidential Treatment Requested 

 “Closing” has the meaning set forth in Section 2.06. 
 “Closing Date” has the meaning set forth in Section 2.06. 
 “Closing Payment” has the meaning set forth in Section 2.02. 
 “Closing Net Working Capital” means the net dollar value of the Purchased Cash plus the Purchased Accounts Receivable plus prepaid
expenses, minus the Assumed Accounts Payable, and Assumed Accrued Expenses and Deferred Revenue as of the Effective Time, calculated and valued in accordance with GAAP and on a basis consistent with the Financial Statements. 
 “Closing Statement” has the meaning set forth in Section 3.01(d). 
 “Code” means the United States Internal Revenue Code of 1986 and the regulations promulgated thereunder, all as amended from time to
time, including effective date and transition rules (whether codified or not). 
 “Company Contract” has the meaning set
forth in Section 8.01(b). 
 “Confidential Information” shall mean any data or information of Buyer or Seller, other
than Trade Secrets, that is valuable to the business of Buyer or Seller and not generally known to competitors; provided, however, that Confidential Information shall not include customer data provided to Seller by customers of the Business.

 “Contamination” means the presence of, or Release on, under, from or to the Leased Real Property of any Hazardous
Material, except the routine storage and use of Hazardous Materials from time to time in the Ordinary Course of Business, in compliance with Environmental Laws and compliance with good commercial practice. 
 * 
 “Deferred Revenue”
shall mean the line-item amount for deferred revenue set forth on the Closing Statement. 
 “Disclosure Schedule” means each
and every of the schedules attached hereto setting detailed information regarding the representations and warranties set forth herein and exceptions to such representations and warranties. 
 “Dispute Notice” has the meaning set forth in Section 2.08. 
  

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 * Confidential Treatment Requested 

 “Earnout Payment” has the meaning set forth in Section 2.08. 
 “Earnout Period” means (A) the period commencing at the Effective Time and ending on the last day of Calendar Year 2007 and
(B) the period commencing January 1, 2008 and ending on the last day of Calendar Year 2008. 
 “Earnout Notice”
has the meaning set forth in Section 2.08. 
 “Effective Time” means 12:01 a.m. Eastern time on January 1, 2007.

 “Employee Accruals” has the meaning set forth in Section 1.03(b). 
 “Employee Benefit Plans” means any of the following sponsored or maintained by Seller or any ERISA Affiliate, required to be sponsored
or maintained by Seller or any ERISA Affiliate, or under which Seller or any ERISA Affiliate has or has ever had any direct or contingent liability: (i) nonqualified deferred compensation or retirement plan or arrangement that is an Employee
Pension Benefit Plan; (ii) qualified defined contribution retirement plan or arrangement that is an Employee Pension Benefit Plan; (iii) qualified defined benefit retirement plan or arrangement that is an Employee Pension Benefit Plan
(including any “Multiemployer Plan” (as defined under ERISA Section (3)(37)(A)); (iv) Employee Welfare Benefit Plan or material fringe benefit plan or program; (v) other plan, program, policy, practice, contract, agreement or
other arrangement providing for compensation, loans, severance, termination pay, pension benefits, retirement benefits, deferred compensation, performance awards, profit sharing stock or stock-related rights or awards (including stock option, stock
purchase and stock appreciation rights or awards), fringe benefits, health, dental, vision, life, disability, sabbatical, or accidental death and dismemberment benefits, or other employee benefits or remuneration of any kind, whether written or
unwritten or otherwise, funded or unfunded; or (vi) the trusts, group annuity contracts, insurance policies or other funding media for any such plans or arrangements. 
 “Employee Pension Benefit Plan” has the meaning set forth in ERISA Section 3(2). 
 “Employee Welfare Benefit Plan” has the meaning set forth in ERISA Section 3(1). 
 “Environmental Action” shall mean any complaint, summons, action, citation, notice, directive, order, claim, litigation, written request
for information, judicial or administrative proceeding or action, judgment, letter or other written communication from any Person or regulatory authority involving or alleging violations of Environmental Laws or Releases or threatened Releases of
Hazardous Materials. 
 “Environmental Laws” means any and all federal, state and local laws, statutes, codes, ordinances,
regulations, rules, consent decrees, judicial orders, administrative orders or other requirements imposing liability, establishing standards of conduct or otherwise relating to pollution or protection of the environment (including, without
limitation, natural resources, surface water, groundwater, soils, and ambient air), human health and safety, land use matters or the presence, use, generation, treatment, storage, disposal, Release or threatened Release, transport or handling of
Hazardous Materials. 
 “Environmental Permits” has the meaning set forth in Section 5.15(b). 
  

 55 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the
regulations issued thereunder. 
 “ERISA Affiliate” means any Person under common control with Seller within the meaning of
Section 414(b), (c), (m), or (o) of the Code and the regulations issued thereunder. 
 “Estoppel Certificates and
Consents” has the meaning set forth in Section 9.01(j)(vi). 
 “Estimated Closing Balance Sheet” has the
meaning set forth in Section 3.01(b). 
 “Estimated Net Working Capital” has the meaning set forth in
Section 3.01(b). 
 “Estimated Working Capital Deficit” has the meaning set forth in Section 3.01(b). 

“Estimated Working Capital Surplus” has the meaning set forth in Section 3.01 (b). 
 “Excluded Assets” has the meaning set forth in Section 1.02. 
 “Excluded Liabilities” has the meaning set forth in Section 1.04. 
 “Final Judgment” means, with respect to the parties’ respective liability for Losses hereunder, as applicable, (i) the award
of an arbitrator or the judgment of a court of competent jurisdiction entered as final by the clerk of such court pursuant to such court’s rules governing the finality of such judgment, subject to the exhaustion of the rights of appeal (if any)
of the party against whom such judgment was entered or such arbitration award was made or (ii) the mutual agreement of the applicable indemnified party and indemnifying party. 
 “Final Purchase Price Adjustment Amount” has the meaning set forth in Section 3.02(a). 
 “Financial Statements” has the meaning set forth in Section 5.01. 
 “GAAP” means United States generally accepted accounting principles as in effect from time to time, consistently applied. 
 “General Taxes” has the meaning set forth in Section 7.09(b). 
 “Governmental Entity” means: (i) any nation, state, county, city, town, village, district or other jurisdiction; (ii) any
federal, state, local, municipal, foreign, or other government; (iii) any federal, state, local or foreign governmental or quasi-governmental authority of any nature (including any agency, branch, department, board, commission, court or other
tribunal); (iv) any multi-national or supra-national organization or body; (v) any body exercising, or entitled or purporting to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority or
power, including any court or arbitrator; (vi) any self-regulatory organization or (vii) any official of any of the foregoing. 
  

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 “Hazardous Material” shall mean (i) any substance, the presence of which requires
investigation or remediation under any Environmental Law or under common law; (ii) any toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous substance that is regulated by any
Environmental Law; (iii) any substance, the presence of which poses or threatens to pose a hazard to the health or safety of persons on or about the Leased Real Property; and (iv) urea-formaldehyde, polychlorinated biphenyls, asbestos or
asbestos-containing materials, radon, petroleum and petroleum products. 
 “Indebtedness” means, with respect to any Person,
(i) any obligation of such Person, contingent or otherwise, (A) for borrowed money, (B) for all or part of the purchase price or cost of any type of property or services, (C) evidenced by notes, bonds, debentures or other similar
instruments, (D) created or arising under any conditional sale or other title retention agreement with respect to real or personal property or other assets acquired by such Person, (E) as lessee under leases that have been or should be
recorded as capital leases in accordance with GAAP, (F) under acceptance, letter of credit or similar facilities, (G) to purchase, redeem, retire, defease or otherwise acquire for value any capital stock or other securities, (H) for
accounts payable other than trade accounts payable incurred in the Ordinary Course of Business, (I) to reimburse any bank or other Person in respect of amounts paid or payable under a standby letter of credit or (J) in connection with any
factored or sold receivables, (ii) all obligations (as described in clauses (A) through (J) above) of others guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person
through an agreement (w) to pay or purchase such obligations or to advance or supply funds for the payment or purchase of such obligations, (x) to purchase, sell or lease (as lessee or lessor) any real or personal property or other assets,
or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such obligations or to assure the holder of such obligations against loss, (y) to supply funds to or in any other manner invest in the debtor
(including any agreement to pay for any real or personal property or other assets or services irrespective of whether such real or personal property or other assets is received or such services are rendered) or (z) otherwise to assure a
creditor against loss and (iii) all obligations (as described in clauses (A) through (J) above) secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any
real or personal property or other assets (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such obligations. 
 “Indemnified Parties” has the meaning set forth in Section 10.03(a). 
 “Indemnifying Parties” has the meaning set forth in Section 10.03(a). 
 “Initial Purchase Price Adjustment” has the meaning set forth in Section 3.01. 
 “Intellectual Property” has the meaning set forth in Section 5.19. 
 “Interim Financial Statements” has the meaning set forth in Section 5.01. 
 “Knowledge” of a party means the actual knowledge of such party. In addition: (a) any references to “known to Seller” or
“Seller’s Knowledge” or words of similar import mean (i) the actual knowledge of Seller, Diane Austin, Charles Bradsher, Todd Kaiser or Stan Sabel, and (ii) the actual knowledge of Kevin Austin or Tim Fahy after making
reasonable inquiry and exercising reasonable diligence with respect to the matters at hand; (b) any references to “known 

  

 57 

 
to HMTS” or “HMTS’ Knowledge” or words of similar import mean the actual knowledge of HMTS, or of the following persons after making
reasonable inquiry and exercising reasonable diligence with respect to the matters at hand: Kevin Austin and Diane Austin; (c) any references to “known to ProfitMark” or “ProfitMark’s Knowledge” or words of
similar import mean the actual knowledge of ProfitMark, or of the following persons after making reasonable inquiry and exercising reasonable diligence with respect to the matters at hand: Chris Massey and Eric Watts, and (d) any references to
“known to Buyer” or “Buyer’s Knowledge” or words of similar import mean the actual knowledge of Buyer, or of the following persons after making reasonable inquiry and exercising reasonable diligence with respect to the
matters at hand: Trip Davis, Tim Severt, David Cathcart and Tonya Miller. 
 “Law” means any law, statute, common law, rule,
code, executive order, ordinance, regulation, requirement, ruling or judgment of any Government Entity or any order, writ, injunction or decree, whether preliminary or final, entered by any Government Entity. 
 “Leased Real Property” has the meaning set forth in Section 5.07. 
 “Lien” means any mortgage, lien, pledge, charge, security interest, restriction, encumbrance of any kind, or deferred payment
obligations. 
 “Losses” means the amount of any actual damages, deficiencies, losses (including, without limitation, any
actual diminution in value), expenditures, costs or expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and disbursements incurred in connection with any action, suit or proceeding). 
 “Material Adverse Effect” means: (a) with respect to Seller, any change or effect (or aggregation of changes and effects) that is
materially adverse to (i) the financial condition, operations, results of operations or future prospects of the Seller’s business or (ii) the condition of the Assets, and (b) with respect to Buyer, any change or effect (or
aggregation of changes and effects) that is materially adverse to the financial condition, operations or results of operations or future prospects of the Buyer’s business; provided, however that, with respect to each of Buyer and Seller,
changes in general industry conditions or general economic conditions, and consequences of acts of war or terrorism (and, in any such case, which do not affect the Seller or Buyer, as the case may be, disproportionately as compared to other
companies that compete with the Seller or Buyer, as the case may be) shall not be deemed to constitute a Material Adverse Effect. 
 “Objection” has the meaning set forth in Section 3.01(b). 
 “Ordinary Course of Business”
means, with respect to actions and operations conducted by Seller, actions and operations that are (i) consistent with the past practices of Seller, (ii) taken in the ordinary course of the normal, day-to-day operations of Seller,
(iii) not required to be authorized by the board of directors or other governing body of Seller, and (iv) similar in nature and magnitude to actions and operations customarily taken, without any authorization by the board of directors or
other governing body of Seller, in the ordinary course of the normal, day-to-day operation of other companies that are of similar size and in the same line of business as Seller. 
  

 58 

 “Owner” and “Owners” have the meaning set forth in the Preamble.

 “Permit” means any authorization, approval, license, permit, variance, exemption, franchise, approval or order of, from,
made by or under the authority of any court, arbitrator or other Government Entity or pursuant to any Law. 
 “Permitted
Liens” shall mean (i) the Liens described on Schedule 12.2 and (ii) Liens for Taxes not yet due and payable. 
 “Person” means any natural person, corporation, partnership, limited liability company, association, trust, Government Entity, syndicate, affiliated group or other entity or organization (incorporated or unincorporated).

 “Products” means the products sold by Seller during the three (3) year period prior to the Closing Date and similar
products, whether from manufacturers who currently supply Seller or competing manufacturers, such products include, but are not limited to, all products referenced and/or listed in Seller’s catalogs and those products that fall within the
product categories or descriptions used on Seller’s website. 
 “Prohibited Transactions” has the meaning set forth in
Section 4975 of the Code and/or Section 406 of ERISA and does not include a transaction that is exempt under a statutory or administrative exemption. 
 “Promissory Note” has the meaning set forth in Section 2.02. 
 “Purchased
Accounts Receivable” has the meaning set forth in Section 1.01(b). 
 “Purchased Contracts” has the meaning
set forth in Section 1.01(h). 
 “Purchased Inventory” has the meaning set forth in Section 1.01(a). 

“Purchased Leases” has the meaning set forth in Section 1.01(i). 
 “Purchase Price” has the meaning set forth in Section 2.02. 
 “Real Property Lease” has the meaning set forth in Section 1.01(d). 
 “Release” means the spilling, leaking, disposing, discharging, emitting, depositing, injecting, leaching, escaping or any other release
or threatened release, however defined, and whether intentional or unintentional, of any Hazardous Material. 
 “Resolution
Period” has the meaning set forth in Section 2.08. 
 “Securities Act” has the meaning set forth in
Section 2.07. 
 “Seller” has the meaning set forth in the Preamble. 
 “Seller Indemnified Parties” has the meaning set forth in Section 10.02(b). 
  

 59 

 “Seller Indemnifying Parties” has the meaning set forth in Section 10.02(b).

 “Seller Representative” shall mean Kevin Austin or a successor selected as described below in this provision. In the
event the Seller Representative resigns or ceases to function in such capacity for any reason whatsoever, then the Owner Entity Shareholders shall appoint a successor who shall be either an Owner Entity Shareholder or a senior officer of HMTS;
provided, further, however, that in the event for any reason no successor has been appointed within thirty (30) days following such resignation or cessation, then the Owner Entity Shareholders shall have the right to petition a court of
competent jurisdiction for appointment of a successor Seller Representative. Seller shall provide prompt written notice to Buyer of any change in the identity of the Seller Representative and no such change shall be effective until such notice is
provided to Buyer. The Owner Entity Shareholders agree that the appointment of a successor Seller Representative shall be validly made if it is made with the approval of Owner Entity Shareholders holding a majority of the shares of the issued and
outstanding common stock of HMTS. 
 “Surviving Matters” has the meaning set forth in Section 10.01. 
 “Target 2006 EBITDA” means * less the amount of any * incurred by Seller in connection with the completion of the transactions
contemplated hereby (including without limitation counsel for such transaction), but only to the extent such expenses were taken into account in the calculation of Seller’s 2006 EBITDA. 
 “Tax” or “Taxes” means any federal, state, local, or foreign income, gross receipts, license, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code Section 59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability,
real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, highway, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not
imposed by any governmental or quasi-governmental authority. 
 “Tax Authority” means any Governmental Entity that has the
power to impose and administer Taxes. 
 “Tax Return” means any return, declaration, report, claim for refund, or
information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 “Territory” means the United States of America and Canada. 
 “Third Party Claims” has the
meaning set forth in Section 10.03(a). 
 “Transferred Employees” has the meaning set forth in Section 7.03(a).

 “TRX Shares” has the meaning set forth in Section 2.02. 
  

 60 
 * Confidential Treatment Requested 

 “Uncollected A/R” has the meaning set forth in Section 3.03(a). 
 “WARN Act” has the meaning set forth in Section 5.12(c). 
 “Year-End Financial Statements” has the meaning set forth in Section 5.01. 
 ARTICLE XIII 
 MISCELLANEOUS 
 13.01 Press Releases and Announcements. No party shall issue any press release or make any public announcement or announcement to employees
relating to the subject matter of this Agreement without the prior written approval of Buyer and Seller; provided, however, that any party may make any public disclosure it believes in good faith is required by applicable Law
including, without limitation, federal and state securities laws; provided, further, on or after the Closing, Buyer shall be entitled to issue a press release and otherwise make public announcements regarding the Closing of this
Agreement, subject to Seller’s reasonable approval. Except to the extent that disclosure is expressly permitted pursuant to this Section 13.01, until Buyer makes a disclosure permitted hereunder, Buyer, Seller, Owners and Owner Entity
Shareholders agree to keep and cause their representatives to keep confidential this Agreement, the Purchase Price and other terms of this Agreement. 
 13.02 Costs. Seller, Owners, and Owner Entity Shareholders on the one hand, and Buyer, on the other hand, each agree to indemnify and hold harmless one another against any Losses incurred by reason of
any brokerage, commission or finder’s fee alleged to be payable because of any act, omission or statement of the indemnifying party. Each party shall pay all costs and expenses incurred or to be incurred by it in negotiating and preparing this
Agreement, and in closing and carrying out the transactions contemplated by this Agreement. 
 13.03 Headings. The subject
headings of the paragraphs and subparagraphs of this Agreement are included for convenience only and shall not affect the construction or interpretation of any of its provisions. 
 13.04 Amendment and Waiver. 
 (a) This Agreement may not be amended or waived except in a writing executed, in the case of an amendment, by Buyer, Seller, Owners and Owner Entity Shareholders. 
 (b) and in the case of a waiver, by the party that is entitled to the benefits of the provisions being waived. 
 (c) No course of dealing between or among any Persons having any interest in this Agreement will be deemed effective to modify or amend
any part of this Agreement or any rights or obligations of any Person under or by reason of this Agreement. 
 (d) No failure
or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 
  

 61 

 13.05 Specific Performance. Seller, Owners and each Owner Entity Shareholder hereby
acknowledges that any breach of this Agreement by Seller, any Owner or any Owner Entity Shareholder would cause Buyer irreparable harm and that a remedy at law for such breach would be inadequate. Seller, Owners and each Owner Entity Shareholder
therefore hereby agrees that, in addition, to any other available remedy at law or in equity, injunctive relief and specific performance may be granted in any proceeding commenced by Buyer to enforce this Agreement without the necessity of proof
that any other remedy at law is inadequate. Buyer hereby acknowledges that any breach of this Agreement by Buyer would cause Seller irreparable harm and that a remedy at law for such breach would be inadequate. Buyer therefore hereby agrees that, in
addition, to any other available remedy at law or in equity, injunctive relief and specific performance may be granted in any proceeding commenced by Seller to enforce this Agreement without the necessity of proof that any other remedy at law is
inadequate. 
 13.06 Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit
of the parties hereto and their respective successors and permitted assigns, except that neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, delegated or otherwise transferred by any party hereto (except
that Buyer may transfer or assign, in whole or from time to time in part, to (i) an Affiliate that is wholly-owned by, or wholly-owns, Buyer, or (ii) Buyer’s lenders if requested by such lenders for security of Buyer’s
obligations to such lenders, but no such transfer or assignment under this subsection (ii) will relieve Buyer of its obligations hereunder) without the prior written consent of the other parties hereto, which consent shall not be unreasonably
withheld or delayed. The parties acknowledge and agree that Buyer intends to assign substantially all of its rights hereunder to TRX Data Services, Inc., a Virginia corporation and wholly-owned subsidiary of Buyer
(“TRX Data Services”). Seller, the Owners and the Owner Entity Shareholders agree that Seller may consent to such assignment on behalf of Seller, all of the Owners and all of the Owner Entity Shareholders, and the Seller
will consent to such an assignment conditional on (a) TRX Data Services making representations and warranties with respect to its business that are substantially similar to those representations and warranties made by Buyer in this Agreement,
(b) Buyer executing a Guaranty of all payment and performance to be undertaken by TRX Data Services pursuant to this Agreement and any Ancillary Document in form and substance mutually agreed by the parties in good faith, and which Guaranty
shall in any event provide the Seller, the Owner and the Owner Entity Shareholders not less than the same rights and benefits that would have been received by them in the absence of such assignment, and (c) the parties agreeing in good faith to
such other modifications to this Agreement and the Ancillary Documents as are reasonably necessary to provide the Seller, the Owner and the Owner Entity Shareholders not less than the same rights and benefits that would have been received by them in
the absence of such assignment. 
 13.07 Severability. Whenever possible, each provision of this Agreement will be interpreted
in such a manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable Law, such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

 62 

 13.08 Complete Agreement. This Agreement and the schedules and exhibits hereto (and any
other agreements contemplated hereby) constitute the complete agreement among the parties with respect to the subject matter hereof and supersede any prior understandings, agreements or representations by or among the parties, written or oral, that
may have related to the subject matter hereof in any way. No other representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied upon by any party hereto. Neither this Agreement nor any
provision hereof is intended to confer upon any Person other than the parties hereto and the Indemnified Parties any rights or remedies hereunder. 
 13.09 Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, and any one of which need not contain the signatures of more than one party, but all such counterparts taken together will
constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto. 
 13.10 Governing Law. The internal law, without regard to conflicts of law principles, of the State of Georgia will govern all questions
concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed by this Agreement. 
 13.11 Arbitration. 
 (a) Except as provided in Section 2.08, 3.01 and 13.05 hereof, any dispute,
controversy or claim arising out of or relating to this Agreement or any contract or agreement entered into pursuant hereto, shall be settled by binding arbitration held in Fulton County, Georgia in accordance with the Commercial Arbitration Rules
of the American Arbitration Association (“AAA”) then in effect, except as specifically otherwise provided in this section. Any party initiating an arbitration proceeding against any other party to this Agreement shall provide written
notice of such initiation to the other party to this Agreement within fifteen (15) days after filing a demand for arbitration with the AAA, unless the parties agree to arbitration independent of AAA. If the matter in controversy (exclusive of
attorneys’ fees and expenses) shall appear, as at the time of the demand for arbitration, to exceed $500,000, then the panel to be appointed shall consist of three (3) neutral arbitrators to be selected pursuant to the AAA rules or as
otherwise agreed by the parties; otherwise there shall be only one (1) arbitrator. If the panel is to consist of one arbitrator, the arbitrator shall be selected pursuant to the AAA rules or as otherwise agreed by the parties. Notwithstanding
anything to the contrary in the AAA rules, the arbitrator(s) shall allow such discovery as the arbitrator(s) determine appropriate under the circumstances, including the right to request production of documents and to take such depositions of fact
and experts as reasonably appropriate to establish the parties’ respective positions. Such discovery shall be concluded within ninety (90) days after the selection of the arbitrator(s) unless the arbitrator(s) determine that fairness and
justice would require a longer time period. Should the parties so agree, then after the selection of an arbitration panel, the arbitration process may be handled directly with the arbitration panel without the need for additional AAA administrative
services and fees. The arbitrator(s) shall resolve the dispute as expeditiously as practicable, and if reasonably practicable, within one hundred twenty (120) days after the selection of the arbitrator(s). The arbitrator(s) shall give the
parties written notice of the 

  

 63 

 
decision, with the reasons therefor set out, and shall have thirty (30) days thereafter to reconsider and modify such decision if any party so requests
in writing within ten (10) days after delivery of written notice of the arbitrator(s) decision. Thereafter, the decision of the arbitrator(s) shall be final, binding and nonappealable with respect to the parties hereto, except as provided under
the Georgia Arbitration Act, the Federal Arbitration Act and/or as otherwise provided by Law. The arbitrator’s decision may be confirmed and enforced in a court of appropriate jurisdiction, and the parties agree to the jurisdiction of Superior
Court of Fulton County, Georgia or the United States District Court for the Northern District of Georgia, Atlanta Division for any such proceedings. Should a motion to compel or stay arbitration be filed in connection with a dispute relating to the
subject matter of this paragraph, then the parties agree to the jurisdiction of the Superior Court of Fulton County, Georgia or the United States District Court for the Northern District of Georgia, Atlanta Division. 
 (b) The arbitrator(s) shall have the authority to award relief under legal or equitable principles, including interim or preliminary
relief. The arbitrators shall be obligated to apply the law, including the terms of this Agreement, in rendering their decision. Responsibility for the costs of the arbitration and recovery of reasonable attorneys’ fees and expenses shall be
awarded between the parties as reasonably determined by the arbitrator(s). All proceedings under this Section 13.11, and all evidence given or discovered pursuant hereto, shall be maintained in confidence by all parties and the arbitrator(s),
except as necessary to move to compel, stay, enforce or appeal an arbitration proceeding or award. Except as provided in Section 13.05 hereof, the arbitration procedure in this Section 13.11 shall be the exclusive means available to Buyer,
Seller and Owners hereunder to resolve any claim, controversy or dispute arising hereunder. 
 13.12 Notices. All notices,
requests, demands, and other communications under this Agreement shall be in writing signed by or on behalf of the party making the same, will specify the Section under this Agreement pursuant to which it is given or made, and shall be deemed to
have been duly given on the date of service if served personally on the party to whom notice is to be given, on the third (3rd) day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered or
certified, postage prepaid, if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this Section and evidence of receipt is received or if given by any other means, upon delivery or refusal of delivery at the
address specified in this Section and properly addressed as follows: 
  

			
	 To Seller and Owners:
	  	 Hi-Mark, LLC
 5905 Windward Parkway
 Lower Level
 Alpharetta, Georgia 30005
 Attn:    Kevin Austin
 Fax:      (770) 993-4414

		
	 with a copy to:
	  	 Garson Claxton LLC
 7910 Woodmont Avenue
 Suite 650
 Bethesda, Maryland 20814
 Attn:    Andrew Milne, Esq.
 Fax:      (301) 280-2707

  

 64 

			
	 To Buyer:
	  	 TRX, Inc.
 6 West Druid Hills Drive
 Atlanta, Georgia 30329
 Attn:    Chief Financial
Officer
 Fax:      (404) 929-6146

		
	 and with a copy to:
	  	 McKenna Long & Aldridge LLP
 303 Peachtree Street,
Suite 5300
 Atlanta, Georgia 30308
 Attn:    Jeremy C. Silverman
 Fax:      (404) 527-4198

 or to such other address or telecopy number and with such other copies, as such party may hereafter specify for
the purpose by notice to the other parties. 
 Any party may change its address for purposes of this paragraph by giving the other parties written notice of
the new address in the manner set forth above. 
 13.13 Tax Matters. Seller, Owners and Buyer hereby acknowledge and agree that
each has been advised and encouraged by their legal counsel to consult with their respective independent tax advisors regarding the taxable consequences of the transactions contemplated by this Agreement and the Ancillary Documents. 
 13.14 Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the
provisions of this Agreement. The word “including” shall mean including without limitation. The parties intend that each representation, warranty, and covenant contained herein shall have independent significance. If any party has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty, or covenant relating to the same subject matter (regardless of the relative levels of specificity) that the party
has not breached shall not detract from or mitigate the fact that the party is in breach of the first representation, warranty, or covenant. 
 13.15 Incorporation of Exhibits and Schedules. The Exhibits and Schedules identified in this Agreement are incorporated herein by reference and made a part hereof as if set out in full in this Agreement. In the event of a
conflict between any term of this Agreement and information contained in the Schedules or Exhibits to this Agreement, the terms included in this Agreement shall govern. 
 13.16 Further Assurances. Upon the reasonable request of any party hereto, each other party hereto shall take any and all actions, necessary or appropriate to give effect to the terms and conditions set
forth in this Agreement. 
 [SIGNATURES BEGIN ON NEXT PAGE] 
  

 65 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. 
  

									
	Buyer:	 		 	TRX, INC.
					
		 		 		 	By:	 	/s/ Norwood H. Davis III
		 		 		 	Name:	 	Norwood H. Davis III
		 		 		 	Title:	 	President and CEO

  

									
	Seller:	 		 	HI-MARK, LLC
					
		 		 		 	By:	 	/s/ Kevin Austin
		 		 		 	Name:	 	Kevin Austin
		 		 		 	Title:	 	President

  

									
	HMTS:	 		 	HI-MARK TRAVEL SYSTEMS, INC.
					
		 		 		 	By:	 	/s/ Kevin Austin
		 		 		 	Name:	 	Kevin Austin
		 		 		 	Title:	 	President

  

									
	ProfitMark:	 		 	INTEGRATED PROFITMARK CORPORATION, LLC
					
		 		 		 	By:	 	/s/ Eric Watts
		 		 		 	Name:	 	Eric Watts
		 		 		 	Title:	 	President

  

											
				
	Owner Entity Shareholders:	 		 	By:	 	 /s/ Kevin Austin

		 		 		 		 	Name:	 	Kevin Austin

  

											
				
		 		 	By:	 	 /s/ Diane Austin

		 		 		 		 	Name:	 	Diane Austin

  

											
				
		 		 	By:	 	 /s/ Charles Bradsher

		 		 		 		 	Name:	 	Charles Bradsher

 SIGNATURE PAGE TO ASSET PURCHASE AGREEMENTAsset Purchase Agreement by and among Travel Analytics, Inc.,

 Exhibit 10.45 
 ASSET PURCHASE AGREEMENT 
 FOR THE ACQUISITION OF 
 CERTAIN ASSETS OF 
 TRAVEL
ANALYTICS, INC. 
 AUGUST 2, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	 PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES
	  	1
			
	 1.01
	  	Transfer of the Assets	  	1
			
	 1.02
	  	Excluded Assets	  	2
			
	 1.03
	  	Liabilities	  	3
			
	 ARTICLE II
	  	 PURCHASE PRICE; CLOSING
	  	3
			
	 2.01
	  	Purchase Price	  	3
			
	 2.02
	  	Allocation	  	3
			
	 2.03
	  	Manner of Effecting Sale	  	4
			
	 2.04
	  	Closing and Closing Date	  	4
			
	 2.05
	  	Legending of Securities	  	4
			
	 2.06
	  	Method of Payment	  	4
			
	 2.07
	  	Net Working Capital Adjustment	  	4
			
	 2.08
	  	Contingent Payment Amount	  	6
			
	 2.09
	  	 *
	  	8
			
	 ARTICLE III
	  	 REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERS
	  	8
			
	 3.01
	  	Power, Authority and Organization of the Shareholders	  	8
			
	 3.02
	  	No Conflict	  	9
			
	 3.03
	  	Ownership of Capital Stock of the Company	  	9
			
	 3.04
	  	Absence of Other Claims	  	9
			
	 3.05
	  	Securities Law Representations	  	9
			
	 ARTICLE IV
	  	 REPRESENTATIONS AND WARRANTIES OF EACH SHAREHOLDER AND THE COMPANY REGARDING THE COMPANY
	  	10
			
	 4.01
	  	Organization and Authorization	  	10
			
	 4.02
	  	Authorized and Outstanding Stock	  	11
			
	 4.03
	  	Absence of Other Claims	  	11
			
	 4.04
	  	No Conflict	  	11
			
	 4.05
	  	Required Consents and Approvals	  	11
			
	 4.06
	  	No Violation of Law	  	11
			
	 4.07
	  	Financial Statements	  	12
			
	 4.08
	  	No Undisclosed Liabilities	  	12

 * Confidential Treatment Requested 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 4.09
	  	Property; Inventory	  	12
			
	 4.10
	  	Indebtedness	  	13
			
	 4.11
	  	Intellectual Property	  	13
			
	 4.12
	  	Litigation	  	16
			
	 4.13
	  	Employees	  	16
			
	 4.14
	  	Employee Benefits	  	16
			
	 4.15
	  	Bank Accounts	  	16
			
	 4.16
	  	Required Licenses and Permits	  	16
			
	 4.17
	  	Insurance Policies	  	17
			
	 4.18
	  	Major Suppliers and Customers	  	17
			
	 4.19
	  	Contracts and Commitments	  	17
			
	 4.20
	  	Absence of Certain Changes and Events	  	17
			
	 4.21
	  	Accounts Receivable	  	18
			
	 4.22
	  	Tax Matters	  	18
			
	 4.23
	  	Brokerage	  	19
			
	 4.24
	  	Disclosure	  	19
			
	 ARTICLE V
	  	 REPRESENTATIONS AND WARRANTIES OF THE BUYER
	  	20
			
	 5.01
	  	Organization	  	20
			
	 5.02
	  	Authorization	  	20
			
	 5.03
	  	No Conflict	  	20
			
	 5.04
	  	Brokerage	  	20
			
	 5.05
	  	Buyer Shares	  	20
			
	 5.06
	  	Disclosure	  	20
			
	 ARTICLE VI
	  	 COVENANTS OF THE SHAREHOLDERS AND THE COMPANY
	  	21
			
	 6.01
	  	Transfer Taxes	  	21
			
	 6.02
	  	Preparation of Supporting Documents	  	21
			
	 6.03
	  	Notice of Breach or Potential Breach	  	21
			
	 6.04
	  	Name Change/Dissolution of Affiliates	  	21
			
	 6.05
	  	Post-Closing Taxes, Utilities, Assessments and Similar Adjustments	  	22
			
	 ARTICLE VII
	  	 COVENANTS OF THE PARTIES
	  	22
			
	 7.01
	  	Approvals of Third Parties; Satisfaction of Conditions to Closing	  	22

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 7.02
	  	Confidentiality	  	22
			
	 7.03
	  	Employee Benefits Plans	  	25
			
	 7.04
	  	Intellectual Property	  	25
			
	 ARTICLE VIII
	  	 CLOSING AND POST-CLOSING DELIVERIES
	  	26
			
	 8.01
	  	Required Governmental Approvals	  	26
			
	 8.02
	  	Other Necessary Consents	  	26
			
	 8.03
	  	Opinion of Counsel to the Shareholders and the Company	  	26
			
	 8.04
	  	Actions by Boards of Directors	  	26
			
	 8.05
	  	Non-Competition Agreements	  	26
			
	 8.06
	  	Employment Agreement	  	26
			
	 8.07
	  	Intellectual Property Assignment Agreement	  	26
			
	 8.08
	  	Escrow Agreement	  	26
			
	 8.09
	  	Bill of Sale and Assignment and Assumption Agreement	  	26
			
	 8.10
	  	Certificates	  	27
			
	 8.11
	  	Purchase Price and Other Payments	  	27
			
	 8.12
	  	Certificates of Dissolution	  	27
			
	 8.13
	  	Required Employee Agreements	  	27
			
	 8.14
	  	Documents Satisfactory in Form and Substance	  	27
			
	 8.15
	  	Post-Closing Deliverables	  	27
			
	 ARTICLE IX
	  	 INDEMNIFICATION
	  	28
			
	 9.01
	  	Indemnification by the Company and the Shareholders	  	28
			
	 9.02
	  	Indemnification by the Buyer	  	29
			
	 9.03
	  	Survival	  	29
			
	 9.04
	  	Time to Assert Claims	  	29
			
	 9.05
	  	Notice of Claim	  	29
			
	 9.06
	  	Defense	  	30
			
	 9.07
	  	Limit on Indemnification	  	30
			
	 9.08
	  	Right to Indemnification Not Affected by Knowledge	  	30
			
	 ARTICLE X
	  	 MISCELLANEOUS
	  	31
			
	 10.01
	  	Bulk Sales Law	  	31
			
	 10.02
	  	No Liens Created	  	31

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 10.03
	  	Entire Agreement	  	31
			
	 10.04
	  	Amendment	  	31
			
	 10.05
	  	Parties Bound by Agreement; Successors and Assigns	  	31
			
	 10.06
	  	Counterparts and Facsimile	  	31
			
	 10.07
	  	Headings	  	31
			
	 10.08
	  	Modification and Waiver	  	31
			
	 10.09
	  	Expenses	  	31
			
	 10.10
	  	Notices	  	32
			
	 10.11
	  	Governing Law; Jurisdiction	  	32
			
	 10.12
	  	Public Announcements	  	33
			
	 10.13
	  	The Shareholders’ and the Company’s Knowledge	  	33
			
	 10.14
	  	No Third-Party Beneficiaries	  	33
			
	 10.15
	  	Including	  	33
			
	 10.16
	  	Gender and Number	  	33
			
	 10.17
	  	References	  	33
			
	 10.18
	  	Severability	  	33
			
	 10.19
	  	Further Assurances	  	34
			
	 10.20
	  	Ordinary Course of Business	  	34
			
	 10.21
	  	Enforcement	  	34

  

 iv 

 LIST OF SCHEDULES AND EXHIBITS 
 SCHEDULES 
  

			
	 Schedule 1.02
	  	Excluded Assets
		
	 Schedule 1.03
	  	Assumed Liabilities
		
	 Schedule 2.02
	  	Allocation of Purchase Price
		
	 Schedule 2.09(b)
	  	Employee Stay Bonus Vesting
		
	 Schedule 3.03
	  	Ownership of Capital Stock of the Company
		
	 Schedule 4.01(b)
	  	Officers and Directors
		
	 Schedule 4.03
	  	Absence of Other Claims
		
	 Schedule 4.04
	  	No Conflict
		
	 Schedule 4.05
	  	Required Consents and Approvals
		
	 Schedule 4.07
	  	Financial Statements
		
	 Schedule 4.08
	  	No Undisclosed Liabilities
		
	 Schedule 4.09(b)
	  	Personal Property
		
	 Schedule 4.09(c)
	  	Property not in Possession of the Company
		
	 Schedule 4.09(d)
	  	Necessary License Exceptions
		
	 Schedule 4.10
	  	Indebtedness
		
	 Schedule 4.11(b)
	  	Intellectual Property
		
	 Schedule 4.11(c)
	  	Intellectual Property - Ownership
		
	 Schedule 4.11(d)
	  	Intellectual Property – Litigation and Claims
		
	 Schedule 4.11(f)
	  	Intellectual Property – Functionality
		
	 Schedule 4.11(g)
	  	Intellectual Property – Exceptions to IP Protection
		
	 Schedule 4.12
	  	Litigation
		
	 Schedule 4.13
	  	Employees
		
	 Schedule 4.14
	  	Employee Benefits
		
	 Schedule 4.15
	  	Bank Accounts
		
	 Schedule 4.16
	  	Required Licenses and Permits
		
	 Schedule 4.17
	  	Insurance Policies
		
	 Schedule 4.18
	  	Major Suppliers and Customers
		
	 Schedule 4.19
	  	Contracts and Commitments
		
	 Schedule 4.20
	  	Absence of Certain Changes and Events
		
	 Schedule 4.21
	  	Accounts Receivable
		
	 EXHIBITS
	  	
		
	 Exhibit 1.03
	  	Assignment and Assumption Agreement
		
	 Exhibit 2.01(b)
	  	Escrow Agreement
		
	 Exhibit 2.08(a)(v)
	  	Revenues Generated from Analytical IP
		
	 Exhibit 2.09(a)
	  	Required Employee Agreements
		
	 Exhibit 2.03
	  	Bill of Sale
		
	 Exhibit 8.03
	  	Opinion of Counsel to Shareholders and the Company
		
	 Exhibit 8.05
	  	Non-Competition Agreements
		
	 Exhibit 8.06
	  	Employment Agreement
		
	 Exhibit 8.07
	  	Intellectual Property Assignment Agreement

 ASSET PURCHASE AGREEMENT 
 THIS ASSET PURCHASE AGREEMENT (this “Agreement”), is made and entered into as of
the 2nd day of August, 2006, by and among Travel Analytics Inc., an Ohio corporation (the “Company”),
Scott Gillespie, an individual resident of the State of Ohio (“Shareholder 1”), Kristina O. Gillespie, an individual resident of the State of Ohio (“Shareholder 2”) (Shareholder 1 and Shareholder 2 each, a “Shareholder”
and collectively, the “Shareholders”), and TRX, Inc. a Georgia corporation (the “Buyer”). 
 W I T
N E S S E T H: 
 WHEREAS, the Shareholders own all of the issued and outstanding
capital stock of the Company, which is in the business of developing and providing analytical services to corporate travel programs worldwide (the “Business”); and 
 WHEREAS, upon and subject to the terms and conditions contained herein, the Company desires to sell to the Buyer, and the Buyer desires to
purchase from the Company, substantially all of the assets of the Company. 
 NOW, THEREFORE, in consideration of the mutual
representations, warranties, covenants and agreements herein contained, and upon and subject to the terms and the conditions hereinafter set forth, the parties do hereby agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES

 1.01 Transfer of the Assets. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined
herein), the Company shall sell, convey, assign, and transfer to the Buyer, and the Buyer shall purchase, accept and take from the Company, all of the assets, properties and rights of every kind, nature, character and description, whether real,
personal or mixed, whether tangible or intangible, whether accrued, contingent or otherwise relating to or utilized in the Business, directly or indirectly, in whole or in part, in existence on the date hereof and any additions thereto on or before
the Closing Date, whether or not carried on the books and records of the Company and wherever located, including, without limitation, the following assets, properties and rights (such assets, properties and rights, but specifically not including the
Excluded Assets (as defined herein), being referred to as the “Assets”): 
 (a) all machinery, equipment, tools,
furniture, office equipment, computer hardware, supplies, materials, vehicles and other items of tangible personal property of every kind owned or leased by the Company, together with any express or implied warranty by the manufacturers or sellers
or lessors of any item or component part thereof, to the extent such warranty is transferable, and all maintenance records and other documents relating thereto; 
 (b) all inventories of products and materials owned by the Company on the Closing Date; 
 (c) all accounts receivable; 

 (d) all of the Company’s rights and benefits in and to all contracts, leases,
licenses and other agreements, and all outstanding offers or solicitations made by or to the Company to enter into any such contract, lease, license or other agreement; 
 (e) all consents, licenses, registrations or permits issued, granted, given or otherwise made available to the Company by or under the
authority of any federal, state, local or foreign governmental authority, in each case to the extent transferable to the Buyer; 
 (f) all of the intangible rights and property of the Company, including the Intellectual Property (as defined herein), going concern value, goodwill, telephone, telecopy and e-mail addresses and listings and domain names; 
 (g) originals or copies of all of the Company’s business records which arise from or which are used in connection with the Business,
including customer lists, lists of suppliers, accounting records (including ancillary records, paid invoices and work papers related thereto), correspondence, computer and billing tapes, files, research data, advertising data and other records;

 (h) all insurance benefits, including rights and proceeds, arising from or relating to the Assets or the Assumed
Liabilities (as defined herein) prior to the Closing Date; 
 (i) all claims of the Company against third parties relating to
the Assets, whether choate or inchoate, known or unknown, contingent or noncontingent; 
 (j) all rights of the Company
relating to deposits and prepaid expenses, claims for refunds and rights to offset in respect thereof that do not constitute Excluded Assets; and 
 (k) all cash, cash equivalents and short-term investments. 
 1.02 Excluded Assets. Notwithstanding
anything herein to the contrary, the Assets shall not include the following assets, properties and/or rights (the “Excluded Assets”), which shall remain the property of the Company after the Closing: 
 (a) all personnel records and other records (including, without limitation, stock records and minute books) that the Company is required
by law to retain in its possession (provided, however that the Company will provide copies of such personnel records to Buyer for due diligence purposes upon request); 
 (b) all claims for the refund of Taxes (as defined herein) and other governmental charges of whatever nature; 
 (c) all rights in connection with and assets of the Employee Plans (as defined herein); 
 (d) all insurance policies (except as set forth in Section 1.01(h) above); 
 (e) all rights of the Company under this Agreement; and 
 (f) the property and assets listed on Schedule 1.02. 
  

 2 

 1.03 Liabilities. It is understood and agreed that the Buyer shall not assume or become liable for
the payment of any debts, liabilities, losses, accounts payable, bank indebtedness, mortgages or other obligations of the Company, whether the same are known or unknown, now existing or hereafter arising, of whatever nature or character, whether
absolute or contingent, liquidated or disputed, provided that, at the Closing, the Buyer shall, pursuant to an assignment and assumption agreement in the form attached hereto as Exhibit 1.03 (the “Assignment and Assumption
Agreement”), assume the following liabilities and obligations (the “Assumed Liabilities”): 
 (a) all trade
accounts payable, accrued expenses and other current liabilities as reflected on the Interim Balance Sheet (as defined herein) as of the Interim Balance Sheet Date and arising thereafter in the Ordinary Course of Business (as defined herein); and

 (b) the obligations of the Company arising after the Closing Date under each of the agreements listed on Schedule
1.03, except claims, obligations and liabilities, actual or contingent, arising out of the Company’s default under, or breach of, any such agreement prior to the Closing Date. 
 ARTICLE II 
 PURCHASE PRICE; CLOSING 
 2.01 Purchase Price. The aggregate purchase price for the Assets (the “Purchase
Price”) shall be Two Million One Hundred Thousand Dollars ($2,100,000.00), plus or minus the adjustments set forth in Section 2.07, plus any Contingent Payments as defined in and made pursuant to Section 2.08. The Purchase Price,
prior to any of the adjustments set forth in the immediately preceding sentence, shall be paid by the Buyer as follows: (a) $1,350,000 in cash shall be delivered to the Company at the Closing; (b) $150,000 (the “Escrow Amount”)
shall be delivered to SunTrust Bank, as escrow agent (the “Escrow Agent”), at the Closing (the “Escrow”), which amount shall be held and released pursuant to the terms of an escrow agreement in the form attached hereto as
Exhibit 2.01(b) (the “Escrow Agreement”); (c) that number of shares of common stock, $0.01 par value per share (“Common Stock”), of the Buyer (the “Buyer Shares”) determined by dividing $600,000 by
the average closing price of Buyer’s Common Stock for the period beginning 15 Trading Days prior to the Closing Date and ending on the 15th Trading Day following the Closing Date (the “Measurement Period”), shall be issued to the Company no later than five (5) Trading Days following the last day of the Measurement Period.
For the purposes of this paragraph a “Trading Day” shall mean any day on which the NASDAQ stock market is open for active public trading. In addition to the Purchase Price, Buyer shall pay $100,000 pursuant to Section 2.09(a) as
additional consideration *. 
 2.02 Allocation. The Purchase Price shall be allocated pursuant to the general outline set forth on
Schedule 2.02. The Company will submit actual numerical calculations of such allocation to Buyer for review no later than 120 days following the Closing. The Buyer and the Company agree to file their federal and state income tax
returns (and Form 8594, if applicable) 

  

 3 
 * Confidential Treatment Requested 

 
on the basis of the allocation set forth on Schedule 2.02 and that neither shall thereafter take a tax return position inconsistent with such
allocation unless such inconsistent position shall arise out of or through an audit or other inquiry or examination by the Internal Revenue Service or other taxing authority. 
 2.03 Manner of Effecting Sale. The sale, conveyance, transfer, assignment and delivery of the Assets by the Company to the Buyer shall be effected
by a bill of sale in the form attached hereto as Exhibit 2.03 (the “Bill of Sale”) and such deeds, endorsements, assignments, transfers and other instruments of transfer and conveyance in such form, including, without
limitation, warranties of title, as the Buyer or the Buyer’s attorney shall reasonably request. 
 2.04 Closing and Closing Date.
Subject to the satisfaction or waiver of the conditions set forth herein, the consummation of the purchase and sale of the Assets (the “Closing”) shall take place at 10:00 a.m. on August 2, 2006 in the offices of McKenna
Long & Aldridge LLP, Suite 5300, 303 Peachtree Street, Atlanta, Georgia, or on such other date and at such other time and place as the parties shall agree in writing (the “Closing Date”). The Buyer shall commence to own and
control the Assets as of the Closing. 
 2.05 Legending of Securities. The Buyer Shares will be issued in a transaction exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”), by reason of Section 4(2) thereof or Regulation D promulgated thereunder or other applicable exemptions, together with exemptions under applicable
state securities laws. The Company and the Shareholders understand and agree that there will be placed on the Buyer Shares a legend stating in substance the following (along with other appropriate language under applicable U.S., state and foreign
securities laws): 
 “The securities represented hereby have not been registered under the Securities Act of 1933, as amended, or any
applicable state securities laws and may not be offered, sold, transferred or otherwise disposed of, unless registered with the Securities and Exchange Commission of the United States and the securities regulatory authorities of applicable states or
unless an exemption from registration is available.” 
 The parties agree to reasonably cooperate to ensure that the Buyer Shares are
issued under available exemptions under applicable U.S., state and foreign securities laws. 
 2.06 Method of Payment. All monetary
payments from one party to another under this Agreement, including, without limitation, the Purchase Price, shall be made in cash or by wire transfer of immediately available federal funds to an account designated in writing by the party receiving
such payment. All such payments shall be made in U.S. currency. 
 2.07 Net Working Capital Adjustment. 
 (a) The Purchase Price shall be adjusted upward to the extent the Company’s Net Working Capital (as defined below) as of the Closing
is found to have exceeded One Hundred Twenty Thousand Dollars ($120,000) or decreased if found less than that amount as set forth herein. For purposes hereof, the term “Net Working Capital” means the aggregate amount of the current assets
of the Company less the current liabilities of the Company, in each case 

  

 4 

 
determined on a consistent basis with the Company’s past practice. The Company shall submit an estimate to Buyer, at the Closing, of its Net Working
Capital. Buyer shall either pay the Company, in cash, the amount by which the Net Working Capital exceeds One Hundred Twenty Thousand Dollars ($120,000) or will deduct from the Purchase Price, the amount by which the Net Working Capital is less than
One Hundred Twenty Thousand Dollars ($120,000). As soon as practicable, but in any event within one hundred twenty days (120) days after the Closing Date, the Buyer shall calculate Net Working Capital as of the Closing (consistent with the
accounting practices used in the Financial Statements) and shall prepare and deliver to the Company a certificate, certified by the Chief Financial Officer of the Buyer, setting forth the Buyer’s computations of Net Working Capital at the
Closing, and further setting forth the amount of any shortfall (the “Shortfall”) or excess (the “Excess”) from the amounts previously paid to the Company or deducted from the Purchase Price, as the case may be. The Company shall
be obligated to pay to the Buyer any Shortfall, and the Buyer shall be obligated to pay to the Company any Excess. If there is an Excess, such certificate shall be transmitted with the amount of the Excess. After such certificate has been delivered
to the Company, the Company shall have a period of thirty (30) days to review such computations and either (i) if a Shortfall is shown, pay to the Buyer, in accordance with Section 2.06 hereof, the full amount of the Shortfall, or
(ii) present its good faith, specific, objections to such computations and their accuracy, if any, to the Buyer. To the extent the reason for any Shortfall would otherwise give rise to a claim for indemnity hereunder, any payment of a Shortfall
shall reduce the claim for indemnity by a like amount. The Buyer shall provide the Company or its representatives with copies of or reasonable access to the Buyer’s books and records as the Company may reasonably request for purposes of
verifying such computations. Such certificate, and the Company’s obligation to pay to the Buyer the Shortfall, or the Buyer’s obligation to pay the Excess, shall be final and conclusive unless objected to by the Company in writing within
such 30-day period. During the fifteen (15) days after the Buyer’s receipt of any such written objection from the Company, the Company and the Buyer shall attempt to reach agreement upon the calculations of Net Working Capital and the
amount of the Shortfall or Excess, as applicable. If the Company and the Buyer are unable to agree upon such computations within such 15-day period, then the matter shall be submitted within thirty (30) days to a mutually agreeable third-party
firm of independent certified public accountants of regional or national reputation (the “Arbitrator”); provided that, if the parties are unable to mutually agree on the selection of the Arbitrator within such thirty-day period, then each
of the Company and the Buyer shall appoint a third-party firm of independent certified public accountants of regional or national reputation and those two firms shall select the Arbitrator, which shall be another third-party firm of independent
certified public accountants of regional or national reputation. The Arbitrator shall render a written decision to the Company and the Buyer within thirty (30) calendar days after it has been retained, which decision shall be final, and whose
fees shall be paid one-half by the Company and one-half by the Buyer. A payment of or a difference then due shall be made by the Buyer or the Company, as applicable, within five (5) business days after such decision. 
 (b) Following payment of any year-end discretionary bonuses to the Continuing Employees, Buyer will make an adjustment to Net Working
Capital based on the difference between the actual amount of such bonuses paid by the Company and the amount accrued on the books of the Company therefore, based on the assumption that the amount paid and accrued by the Company is 7/12ths of the
overall bonus amount. The Company shall be obligated to pay to the Buyer any shortfall, and the Buyer shall be obligated to pay to the Company any excess, based on such adjustment. Any shortfall may be submitted as a claim by the Buyer from the
Escrow. 
  

 5 

 2.08 Contingent Payment Amount. 
 (a) For purposes of this Section 2.08, the terms listed below have the following meanings:    * 
  

 6 
 * Confidential Treatment Requested 

  

	 	*	

 (b) Subject to the requirements and
limitations set forth in this Section 2.08, the Company shall be eligible to receive a semi-annual payment (each payment being referred to as an “Contingent Payment”) through the Contingent Payment Period equal to RGFAIP multiplied
by the Payment Rate, not to exceed $4.0 million in the aggregate. Each Contingent Payment shall be paid on a semi-annual basis to the Company in cash, in arrears, no later than five (5) days following the date on which the RGFAIP for the
second and fourth fiscal quarter of the year are determined to be “final” in accordance with Section 2.08(c) below. 
 * 

  

 7 
 * Confidential Treatment Requested 

 
calculations are materially true and correct (allowing, in each case, for immaterial margins of error). The party whose calculations are not determined to be
the binding calculation for purposes hereof shall pay all fees, costs and expenses incurred in conducting the review by the Special Accountants. 
 2.09 * 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERS 
 The Shareholders, jointly and severally, represent and warrant to the Buyer
as follows: 
 3.01 Power, Authority and Organization of the Shareholders. The Shareholders have the right, power and capacity to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Shareholders and constitutes the Shareholders’ legal, valid and binding
obligation, enforceable in accordance with its terms. 
  

 8 
 * Confidential Treatment Requested 

 3.02 No Conflict. The execution and delivery of this Agreement by the Shareholders, the
consummation of the transactions contemplated herein by the Shareholders, and the performance of the covenants and agreements of the Shareholders, subject to fulfillment of the conditions set forth in Section 8.02 hereof, will not, with or
without the giving of notice or the lapse of time, or both, (a) violate, conflict with or result in a breach or default under or cause termination of any term or condition of any mortgage, indenture, contract, license, permit, instrument, trust
document, or other agreement, document or instrument to which the Shareholders are a party or by which the Shareholders or any of their properties may be bound, other than violations, conflicts, breaches or defaults which could not reasonably be
expected cause a material adverse effect; or (b) violate any provision of law, statute, rule, regulation, court order, judgment or decree, or ruling of any governmental authority, to which the Shareholders are a party or by which the
Shareholders or their properties may be bound. 
 3.03 Ownership of Capital Stock of the Company. The Shareholders own, of record and
beneficially, good and valid title to the shares of capital stock of the Company in the amounts set forth next to each Shareholder’s name on Schedule 3.03 (the “Shares”), and, except as set forth on Schedule
3.03, such Shares (a) are validly issued, fully paid and nonassessable, (b) are free and clear of any liens, restrictions, claims, equities, charges, options, rights of first refusal or encumbrances, with no defects of title
whatsoever, and (c) constitute all of the issued and outstanding shares of capital stock of the Company. Other than the Shares, the Shareholders own no shares of capital stock of the Company or any other equity security of the Company and no
right of any kind to have any such equity security issued. The Shareholders have full and exclusive power, right and authority to vote the Shares. The Shareholders are not a party to or bound by any agreement affecting or relating to their right to
vote the Shares. 
 3.04 Absence of Other Claims. No prior offer, issue, redemption, call, purchase, sale, merger, transfer,
involvement in any transfer, negotiation or other transaction of any nature or kind with respect to any capital stock (including shares, offers, options, warrants, or debt convertible into shares, options or warrants) of the Shareholders, the
Company, or any corporation which has been merged into the Company, has given or may give rise to (a) any valid claim or action by any person (including, without limitation, any former or present holder of any of the Shares or any other capital
stock of the Company) which is enforceable against the Company or the Buyer; or (b) any valid interest in the Company, and, to the knowledge of the Shareholders, no fact or circumstance exists which could give rise to any such right, claim,
action or interest on behalf of any person. 
 3.05 Securities Law Representations. The Company and the Shareholders agree and
acknowledge that the following representations and warranties shall be deemed to have been made as of the date hereof and as of the date of the distribution of the Buyer Shares to the Company and the Shareholders in connection with the liquidation
and dissolution of the Company. 
 (a) The Buyer Shares are being acquired for the Company’s and the Shareholders’
own accounts; not as a nominee or agent, and not with a view to the direct or indirect sale or distribution of any part thereof, and neither the Company nor the Shareholders have any present intention of selling, granting any participation in, or
otherwise distributing the same, except in compliance with the Securities Act. 
  

 9 

 (b) The Company and the Shareholders understand and acknowledge that (i) the Buyer
Shares have not been registered under the Securities Act or any state securities laws, are being sold in reliance upon an exemption or exemptions from the registration and prospectus delivery requirements of the Securities Act and applicable state
securities laws, and must be held indefinitely unless a subsequent disposition thereof is registered under the Securities Act and applicable state securities laws or is exempt therefrom, and (ii) there is not currently a trading market for the
Buyer Shares and there can be no assurances that the Buyer Shares will be listed on any exchange or quoted on any quotation system. 
 (c) The Company and the Shareholders have knowledge, skill and experience in financial, business and investment matters relating to an investment of this type and are capable of evaluating the merits and risks of such investment and
protecting their interests in connection therewith. To the extent deemed necessary by the Company or any Shareholder, the Company or such Shareholder has retained, at the Company’s or such Shareholder’s own expense, appropriate
professional advice regarding the investment, tax and legal merits and consequences of acquiring and owning the Buyer Shares. 
 (d) The Company and the Shareholders acknowledge and agree that prior to the date hereof, each such party has carefully reviewed Buyer’s (a) Annual Report on Form 10-K for the year ended December 31, 2005 and
(b) Quarterly Report on Form 10-Q for the quarter ending March 31, 2006 and Current Reports on Form 8-K filed since the date thereof. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF EACH SHAREHOLDER 
 AND THE COMPANY REGARDING THE COMPANY 
 Each Shareholder and the Company hereby,
jointly and severally, represent and warrant to the Buyer as follows: 
 4.01 Organization and Authorization. 
 (a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation
and has all requisite power and authority, corporate or otherwise, to carry on and conduct its business as it is now being conducted and to own or lease its properties and assets. The Company is duly qualified and in good standing in every state of
the United States in which the conduct of the business of the Company or the ownership of its properties and assets requires it to be so qualified, except any state where failure to be so qualified would not have a material adverse effect on the
Business. 
 (b) The Company does not own any capital stock or other securities or have any other investment in any person or
other entity. 
 (c) The current officers and directors of the Company are listed on Schedule 4.01(c).

 (d) The Company has the right, power and capacity to execute, deliver and perform this Agreement and to consummate the
transactions contemplated hereby. The 

  

 10 

 
execution, delivery and performance of this Agreement by the Company, and the consummation of the transactions contemplated hereby, have been duly authorized
by all necessary corporate action on the part of the Company. This Agreement has been duly and validly executed and delivered by the Company and constitutes the Company’s legal, valid and binding obligation, enforceable in accordance with its
terms. 
 4.02 Authorized and Outstanding Stock. The authorized capital stock of the Company and the number of issued and outstanding
shares thereof are set forth on Schedule 3.03. All of such issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable. 
 4.03 Absence of Other Claims. Except as set forth on Schedule 4.03, there is not outstanding, nor is the Company bound by, any
subscriptions, options, preemptive rights, warrants, calls, commitments or agreements or rights of any character requiring the Company to issue or entitling any person or entity to acquire any additional shares of capital stock or any other equity
security of the Company, including any right of conversion or exchange under any outstanding security or other instrument, and the Company is not obligated to issue or transfer any shares of its capital stock for any purpose. There are no
outstanding obligations of the Company to repurchase, redeem or otherwise acquire any outstanding shares of capital stock of the Company. 
 4.04 No Conflict. The execution and delivery of this Agreement by the Company, the consummation of the transactions contemplated herein by the Company, and the performance of the covenants and agreements of the Company, subject to
fulfillment of the conditions set forth in Section 8.02 hereof, will not, with or without the giving of notice or the lapse of time, or both, (a) violate or conflict with any of the provisions of any charter document or bylaw of the
Company; or (b) except as set forth on Schedule 4.04, violate, conflict with or result in a breach or default under or cause termination of any term or condition of any mortgage, indenture, contract, license, permit, instrument,
trust document, will, or other agreement, document or instrument to which the Company is a party or by which the Company or its properties may be bound, other than violations, conflicts, breaches or defaults which could not reasonably be expected
cause a material adverse effect; or (c) violate any provision of law, statute, regulation, court order or ruling of any governmental authority, to which the Company is a party or by which it or its properties may be bound; or (d) result in
the creation or imposition of any lien, claim, charge, restriction, security interest or encumbrance of any kind whatsoever upon any asset of the Company. 
 4.05 Required Consents and Approvals. Except as set forth on Schedule 4.05, no consent or approval is required by virtue of the execution hereof by the Company or the consummation of any of the
transactions contemplated herein by the Company to avoid the violation or breach of, or the default under, or the creation of a lien on assets of the Company pursuant to the terms of, any regulation, order, decree or award of any court or
governmental agency or any lease, agreement, contract, mortgage, note, license, or any other instrument to which the Company is a party or to which it or any of its property or assets is subject. 
 4.06 No Violation of Law. The Company is not, has not been and will not be (by virtue of any past or present action, omission to act, contract to
which it is a party or any 

  

 11 

 
occurrence or state of facts whatsoever) in violation of any applicable local, state or federal law, ordinance, regulation, order, injunction or decree, or
any other requirement of any governmental body, agency or authority or court binding on it, or relating to its property or business or its advertising, sales or pricing practices (including, without limitation, any antitrust laws and regulations).

 4.07 Financial Statements. Schedule 4.07 contains the unaudited balance sheets of the Company as of December 31,
2005 and December 31, 2004 and the related unaudited statements of income, retained earnings, and cash flows for the years then ended, and the related notes thereto; and the unaudited balance sheet of the Company as of June 30, 2006, and
the related unaudited statements of income, retained earnings, and cash flows, or in each instance, equivalent statements as commonly prepared, for the six-month period then ended (the “Year-End Financial Statements” and the “Interim
Financial Statements,” respectively, and collectively the “Financial Statements”). The Year-End Financial Statements are true, correct and complete and fairly present, in all material respects, the financial position of the Company as
of the dates thereof, and the related results of its operations for the years then ended, subject to normal, recurring, year-end adjustments. The Interim Financial Statements are true, correct and complete and fairly present, in all material
respects, the financial position of the Company as of the date thereof, and the related results of its operations for the periods then ended, subject to normal, recurring, year-end adjustments. The Year-End Financial Statements and the Interim
Financial Statements have been prepared on an accrual basis, consistent with prior periods. All adjustments, consisting of normal, recurring accruals necessary for a fair presentation, have been made in the Interim Financial Statements. The
unaudited balance sheet as of December 31, 2005 (“Year-End Balance Sheet Date”) included in the Year-End Financial Statements is referred to herein as the “Year-End Balance Sheet” and the unaudited balance sheet as of
June 30, 2006 (“Interim Balance Sheet Date”) included in the Interim Financial Statements is referred to herein as the “Interim Balance Sheet.” 
 4.08 No Undisclosed Liabilities. Except as and to the extent reflected and adequately reserved against in the Interim Balance Sheet or as shown on Schedule 4.08 as of the Interim Balance Sheet
Date, the Company had no liability or obligation whatsoever, whether accrued, absolute, contingent or otherwise. Since the Interim Balance Sheet Date, the Company has not incurred any liability or obligation whatsoever, except for liabilities and
obligations incurred by the Company in the Ordinary Course of Business or as reflected on Schedule 4.08. 
 4.09 Property;
Inventory. 
 (a) The Company does not own and has never owned any real property. 
 (b) Schedule 4.09(b) sets forth a complete and accurate list and description of all the personal property of the Company as
of the Closing Date. 
 (c) The Company has good, valid, transferable and marketable title to all of the personal property and
inventory, free and clear of all security interests, including any conditional sale or other title retention agreements, liens, encumbrances, mortgages, pledges, assessments, easements, covenants, restrictions, reservations, defects in title,
encroachments and other burdens. Other than as set forth in Schedule 4.09(c), all properties and assets of the Company are in the possession of the Company. 
  

 12 

 (d) Other than as set forth on Schedule 4.09(d), the rights, properties and
other assets presently owned, leased or licensed by the Company include all rights, properties and other assets necessary to permit the Company to conduct its business in the same manner as its business has been heretofore conducted, without any
need for replacement, refurbishment or extraordinary repair. 
 4.10 Indebtedness. Schedule 4.10 sets forth a
complete and accurate list and description of all instruments or other documents relating to any direct or indirect indebtedness for borrowed money of the Company, as well as indebtedness by way of lease-purchase arrangements, guarantees,
undertakings on which others rely in extending credit and all conditional sales contracts, chattel mortgages and other security arrangements with respect to personal property used or owned by the Company. The Company has made available to Buyer a
true, correct, and complete copy of each of the items required to be listed on Schedule 4.10. 
 4.11 Intellectual
Property. 
 (a) Definitions. For Purposes of this Agreement, the following terms shall have the following
meanings: 
  

	 	(i)	“Intellectual Property” shall mean all patents (including, without limitation, all reissues, continuations, divisions, continuations-in-part, renewals or extensions
thereof), patent rights, patent applications, registered trademarks and service marks, trademark rights, trademark applications, service mark rights, service mark applications, trade names, registered copyrights, copyright rights, copyright
applications, domain names, domain name applications, and all intellectual, industrial software or proprietary rights and trade secrets, technology and know-how, owned or used by the Company, which are related to or used in connection with the
Business, whether or not related to the Owned Software, in each case together with any amendments, modifications and supplements thereto and in each case all goodwill associated therewith in connection with the business in which any such
intellectual property is used. 

  

	 	(ii)	“Licensed Software” shall mean all off the shelf computer software licensed to the Company by a third party for internal business usage and not for distribution to
end users. 

  

	 	(iii)	 “Owned Software” shall mean all computer software programs and related object and source codes owned by or under development by the Company
(A) for distribution to end users; (B) used to provide services to customers (including without limitation application service provider or service bureau services); or (C) used internally 

  

 13 

	 	 
by the Company in connection with its business operations, and any enhancements, improvements or modifications thereto, whether completed or under
development. All user manuals and other documentation provided with the Owned Software as well as all internal documentation related to the Owned Software shall be included in the definition of Owned Software. 

  

	 	(iv)	“Third Party Software” shall mean computer software owned by a third party and licensed to the Company for distribution to end users as part of or in connection
with the Owned Software. 

 (b) Identification of Intellectual Property, Owned Software and Licensed
Software. Schedule 4.11(b) sets forth a complete and accurate list and full description of all Owned Software and Intellectual Property and a general description of the Licensed Software. With respect to any registrations of the
Owned Software or Intellectual Property, Schedule 4.11(b) also sets forth, as to each such item of the Intellectual Property, the (i) relevant application or registration number, (ii) relevant filing, registration, issue
or application date, (iii) record owner, (iv) country, (v) title or description and (vi) remaining life thereof. In addition, Schedule 4.11(b) identifies whether each item of the Owned Software, Licensed
Software and Intellectual Property is owned by the Company or is possessed and used by the Company under any license, contract, agreement or other commitment and, if under any such commitment, the identity of the parties thereto, the term thereof
and all amounts payable thereunder together with the payment terms therefor. 
 (c) Ownership and Protection. Except as
set forth in Schedule 4.11(c), with respect to the Owned Software and each item of Intellectual Property identified as being owned by the Company, the Company owns all right, title and interest in and to the Owned Software and
such Intellectual Property, and has not encumbered or impaired any rights in same. Except as set forth in Schedule 4.11(c), the Company has obtained an enforceable written assignment of all right, title and interest in and to each
item of the Intellectual Property owned by the Company and all Owned Software from each person or entity participating in the discovery, development or creation of such item or Owned Software and has provided to the Buyer true and correct copies of
each such assignment. Except as otherwise provided in Schedule 4.11(c), the Company has no obligation to compensate, or to obtain the consent of, any third party for the use of any item of the Intellectual Property or Owned
Software. Except as otherwise provided in Schedule 4.11(c), all employees, independent contractors, or other persons who have had access to or participated in the development in any of the Intellectual Property owned by the
Company or the Owned Software have signed appropriate confidentiality and non-disclosure agreements and, in the case of independent contractors, appropriate work for hire agreements and assignments, sufficient to protect the Company’s ownership
rights in the Intellectual Property and the Owned Software and the unauthorized use or disclosure of same. All registrations and applications to register the Intellectual Property and Owned Software in each of the countries in which any of the same
is registered are valid and subsisting in all respects and have been properly maintained. No party has any claim to any moral rights with respect to the Owned Software or the Intellectual Property owned by the Company. 
 (d) Litigation and Claims. Except as disclosed on Schedule 4.11(d), there is neither pending nor, to the
knowledge of the Company or the Shareholders, threatened, any suit, 

  

 14 

 
action, claim, arbitration, grievance, litigation, administrative or legal or other proceeding, or investigation, against the Company contesting the validity
of, or the Company’s right to use, any of the Intellectual Property or the Owned Software. 
 (e) Licenses. The
Company has not granted any license or other right to use, in any manner, any item of Intellectual Property or the Owned Software, whether or not requiring the payment of royalties, and no third party has any right to use any of the Intellectual
Property owned by the Company or the Owned Software. The Company has not licensed, leased, sold or otherwise transferred or disclosed the source code for any of the Owned Software to any person or entity other than to the Company’s employees
and independent contractors pursuant to an agreement with such employees and independent contractors protecting the intellectual property rights therein and the nondisclosure thereof, other than as required by law. 
 (f) Functionality. The Owned Software functions substantially in accordance with the published documentation and specifications
therefor. Except as set forth on Schedule 4.11(f), there exists user and technical documentation that describes the functionality provided by such Owned Software and provides sufficient information to enable end-users to
fully-utilize the Owned Software. 
 (g) Protection. Except as set forth on Schedule 4.11(g), the Company
has reasonably protected the Owned Software and the Intellectual Property as the proprietary property and trade secrets of the Company. There has not been any default under any confidentiality agreement regarding the use and disclosure of the Owned
Software and the Intellectual Property. 
 (h) Third Party Software. The Company has licensed no Third Party Software,
and no Third Party Software is required to utilize the Owned Software. 
 (i) Infringement. 
  

	 	(i)	To the Company’s and the Shareholders’ knowledge, no third party is (i) infringing upon all or any portion of the Intellectual Property or the Owned Software, or
(ii) using all or any portion of the Intellectual Property or Owned Software in derogation of any rights to be acquired by the Buyer under this Agreement. 

  

	 	(ii)	There is no interference action or other litigation pending or, to the Company’s or the Shareholders’ knowledge, threatened before any governmental entity (including,
without limitation, the United States Patent and Trademark Office or corresponding governmental entities in foreign jurisdictions) in regard to any of the Intellectual Property or Owned Software. 

  

	 	(iii)	None of the Intellectual Property and Owned Software infringes any copyright, trademark, patent, trade secret, or other right of any third party. The Company has not received notice
of infringement upon, misappropriation of or conflict with any asserted right of any third party, and there is no basis for any such notice. 

  

 15 

	 	(iv)	The inception, development and reduction to practice of the Intellectual Property and the Owned Software have not, to the knowledge of the Company or the Shareholders, constituted
or involved, and do not constitute or involve, the misappropriation of trade secrets or other rights of any other person or entity (including, without limitation, any governmental entity). 

 4.12 Litigation. Schedule 4.12 sets forth all litigation, claims, suits, actions, investigations, indictments, proceedings,
arbitrations, grievances or other procedures (including grand jury investigations, actions or proceedings, and product liability and workers’ compensation suits, actions or proceedings) pending, or to the knowledge of the Shareholders or the
Company, threatened, before any court, commission, arbitration tribunal, or judicial, governmental or administrative department, body, agency, administrator or official, grand jury, or any other forum for the resolution of grievances, against the
Company or involving any of its property or the Business. 
 4.13 Employees. Schedule 4.13 sets forth the names and
current compensation (broken down by category, e.g., salary, bonus, commission) of all employees, independent contractors and consultants of the Company. To the knowledge of the Shareholders or the Company, no employee, independent contractor or
consultant intends to terminate his or her employment, independent contracting or consulting relationship with the Company as a result of the transactions contemplated herein or otherwise. 
 4.14 Employee Benefits. Schedule 4.14 sets forth a complete and accurate list and description of all agreements, arrangements,
commitments, policies or understandings of any kind (whether written or oral) (a) which relate to employee benefits; (b) which pertain to present or former employees, retirees, directors or independent contractors (or their beneficiaries,
dependents or spouses) of the Company or its predecessors in interest; and (c) which are currently or expected to be adopted, maintained by, sponsored by, or contributed to by the Company, any of its predecessors in interest, including, but not
limited to, all: (1) employee benefit plans as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended; (2) all other deferred compensation, early retirement, incentive, profit-sharing, thrift, stock
ownership, stock appreciation rights, bonus, stock option, stock purchase, welfare or vacation, or other nonqualified benefit plans or arrangements; and (3) trusts, group annuity contracts, insurance policies or other funding media for the
plans and arrangements described hereinabove (collectively, the “Employee Plans”). 
 4.15 Bank Accounts. Schedule
4.15 sets forth a complete and accurate list of each bank or financial institution in which the Company has an account or safe deposit box (giving the address and account numbers) and the names of the persons authorized to draw thereon or to
have access thereto. 
 4.16 Required Licenses and Permits. The Company has all licenses, permits or other authorizations of
governmental authorities necessary for the conduct of its business. A correct and complete list of all such licenses, permits and other authorizations is set forth on Schedule 4.16. The Company has made available to the Buyer true,
correct and complete copies of all written licenses and permits required to be listed on Schedule 4.16. 
  

 16 

 4.17 Insurance Policies. Schedule 4.17 sets forth a complete and accurate list and
description of all insurance policies in force naming the Company, or any employees thereof in their capacity as such, as an insured or beneficiary or as a loss payable payee, or for which the Company has paid or is obligated to pay all or part of
the premiums. The Company has not received notice of any pending or threatened termination or premium increase (retroactive or otherwise) with respect thereto, and the Company is in compliance with all conditions contained therein. There have been
no lapses (whether cured or not) in the coverage provided under the insurance policies, referenced herein and as set forth on Schedule 4.17, during the term of such policies, as extended or renewed. The Company has made available to
Buyer true, correct, and complete copies of each of the policies required to be listed on Schedule 4.17. 
 4.18 Major
Suppliers and Customers. Schedule 4.18 sets forth a list of each supplier of goods or services to, and each customer of, the Company, to whom the Company paid or billed in the aggregate more than $20,000 during the 12-month period
ended June 30, 2006, together, in each case, with the amount paid or billed during such period. The Company is not engaged in any dispute with any of such suppliers or customers. Neither the Company nor the Shareholders know or have any reason
to believe that the consummation of the transactions contemplated hereunder will have any adverse effect on the business relationship of the Company with any such supplier or customer. 
 4.19 Contracts and Commitments. Except as set forth on Schedule 4.19, the Company does not have any agreement or contract that
(a) continues for a period of more than six (6) months from the date hereof, (b) requires payments, in the aggregate, in excess of $10,000, or (c) is otherwise material to the Company’s business, operations or prospects. All
contracts, agreements, plans, leases, policies and licenses referred to, or required to be referred to, on any Schedule delivered hereunder are valid and binding, and are in full force and effect and are enforceable in accordance with their terms,
except to the extent that the validity or enforceability thereof may be limited by bankruptcy, insolvency, reorganization and other similar laws affecting creditors’ rights generally or by general equitable principles. Neither the Company nor
any Shareholder has any knowledge of any pending or threatened bankruptcy, insolvency or similar proceeding with respect to any party to such agreements, and no event has occurred which (whether with or without notice, lapse of time or the happening
or occurrence of any other event) would constitute a default thereunder by the Company, or to the knowledge of the Company or any Shareholder, any other party thereto. 
 4.20 Absence of Certain Changes and Events. Except as set forth in Schedule 4.20, since the Year-End Balance Sheet Date, the Company has operated only in the Ordinary Course of Business, and has
not: 
 (a) suffered any material adverse change in its working capital, assets, liabilities, financial condition, business
prospects, or relationships with any suppliers or customers; 
 (b) incurred, assumed or guaranteed any liability or
obligation (absolute, accrued, contingent or otherwise) other than in the Ordinary Course of Business; 
  

 17 

 (c) permitted any of its assets to be subjected to any mortgage, lien, security interest,
restriction, charge or other encumbrance of any kind; 
 (d) sold, transferred or otherwise disposed of any of its assets,
except in the Ordinary Course of Business; 
 (e) made any single capital expenditure or investment in excess of $10,000;

 (f) made any change in any method, practice or principle of financial or tax accounting; or 
 (g) agreed in writing, or otherwise, to take any action described in this Section. 
 4.21 Accounts Receivable. 
 (a) All accounts receivable owed to the Company by any director, officer, shareholder or employee of the Company or any relative of any such person (including those accounts receivable reflected on the Interim Balance Sheets and incurred
since the Interim Balance Sheet Date) have been paid in full prior to the date hereof or shall have been paid in full prior to the Closing Date. 
 (b) All accounts receivable of the Company (i) are valid, existing and fully collectible (subject to allowances for doubtful accounts) without resort to legal proceedings or collection agencies;
(ii) represent monies due for goods sold or services rendered in the Ordinary Course of Business; and (iii) are not subject to any defenses, rights of set-off, assignment, restrictions, security interests or other encumbrances. Except as
shown on Schedule 4.21(b), as of the date of such Schedule, all such accounts receivable were current, and the Company is not aware of any dispute regarding the collectibility of any such accounts receivable. All reserves shown on the
Financial Statements were adequate as of such dates calculated consistent with past practice. 
 4.22 Tax Matters. 
 (a) The Company has timely filed all returns, declarations, reports, claims for refund, or information returns or statements relating to
Taxes (as defined below), including any schedule or attachment thereto, and including any amendment thereof. that it was required to file (collectively, the “Tax Returns”). All such Tax Returns were true, correct and complete in all
material respects. All Taxes owed by the Company (whether or not shown on any Tax Return) have been paid, except for Taxes that were legitimately and successfully disputed by the Company. The Company is not currently the beneficiary of any extension
of time within which to file any Tax Return. No claim has ever been made by a tax authority in a jurisdiction where the Company does not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction. There are no liens on
any of the Assets that arose in connection with any failure (or alleged failure) to pay any Tax. For purposes hereof “Tax” or “Taxes” means federal, state, local, or foreign income, gross receipts, license, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code Section 59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar), 

  

 18 

 
unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, highway,
estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not imposed by any governmental or quasi-governmental authority. 
 (b) The Company has accrued, withheld or paid all Taxes required to have been accrued, withheld and paid by the Company in connection with
amounts paid or owing to any employee, independent contractor, creditor, owner or other third party, and all Forms W-2 and 1099 required with respect thereto have been properly completed and timely filed. 
 (c) To the Company’s or any Shareholder’s knowledge (i) no circumstances exist that are reasonably likely to cause a tax
authority to assess any additional Taxes payable by the Company for any period for which Tax Returns have been filed by the Company and (ii) no tax authority intends to issue such an assessment. There is no ongoing audit or examination or, to
the Company’s or any Shareholder’s knowledge, other investigation by any tax authority of the Tax liability of the Company and there is no dispute or claim concerning any Tax liability of the Company either (i) claimed or raised by
any tax authority in writing or (ii) as to which the Company (or employees of the Company responsible for Tax matters) or any Shareholder has any knowledge based upon personal contact with any agent of such tax authority. No Tax Return of the
Company has been audited or is currently the subject of an audit. The Company has not waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency. 
 (d) None of the Assumed Liabilities is an obligation to make a payment that is not deductible under Section 280G of the United States
Internal Revenue Code of 1986 and the regulations promulgated thereunder, all as amended from time to time (collectively, the “Code”). The Company has disclosed on its federal income Tax Returns all positions taken therein that could give
rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Code. The Company is not a party to any Tax allocation or sharing agreement. The Company (i) has not been a member of an affiliated group
filing a consolidated federal income Tax Return or a member of any group of entities filing a combined or consolidated Tax Return and (ii) has no liability for the Taxes of any individual or entity under Regulation § 1.1502-6 promulgated
under the Code (or any similar provision of state, local or foreign law), as a transferee or successor, by contract, or otherwise. 
 (e) There is no asset of the Company the actual or deemed disposition of which could give rise to Tax under Section 1374 of the Code or similar or corresponding provision of state or local law. 
 4.23 Brokerage. No broker, agent, or finder has rendered services to the Company or the Shareholders in connection with the transactions
contemplated under this Agreement. 
 4.24 Disclosure. No representations, warranties, assurances or statements by any Shareholder or
the Company in this Agreement and no statement contained in any document (including the Financial Statements and the Schedules), certificates or other writings furnished or to be furnished by any Shareholder or the Company (or caused to be furnished
by any Shareholder or the Company) to the Buyer or any of its representatives pursuant to the provisions hereof contains or will contain any untrue statement of material fact, or omits or will omit to state any material fact necessary, in light of
the circumstances under which it was made, in order to make the statements herein or therein not misleading. 
  

 19 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF THE BUYER 
 The Buyer hereby represents and warrants to the Company
and the Shareholders as follows: 
 5.01 Organization. The Buyer is a corporation duly organized, validly existing and in good
standing under the laws of Georgia and has all requisite corporate power and authority to effect the transactions contemplated hereunder. 
 5.02 Authorization. The Buyer has the right, power and capacity to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement, and the
consummation of the transactions contemplated hereby, have been duly and validly authorized by all necessary corporate action on the part of the Buyer. This Agreement has been duly and validly executed and delivered by the Buyer and constitutes the
Buyer’s legal, valid and binding obligation, enforceable in accordance with its terms. 
 5.03 No Conflict. The execution and
delivery of this Agreement by the Buyer, the consummation of the transactions contemplated herein by the Buyer, and the performance of the covenants and agreements of the Buyer will not, with or without the giving of notice or the lapse of time, or
both, (a) violate or conflict with any of the provisions of any charter document or bylaw of the Buyer; (b) violate, conflict with or result in breach or default under or cause termination of any term or condition of any mortgage,
indenture, contract, license, permit, instrument, trust document, or other agreement, document or instrument to which the Buyer is a party or by which the Buyer or any of its properties may be bound, other than violations, conflicts, breaches or
defaults which could not reasonably be expected cause a material adverse effect; or (c) violate any provision of law, statute, rule, regulation, court order, judgment or decree, or ruling of any governmental authority, to which the Buyer is a
party or by which the Buyer or its properties may be bound. 
 5.04 Brokerage. No broker, agent, or finder has rendered services to
the Buyer in connection with the transactions contemplated under this Agreement. 
 5.05 Buyer Shares. The Buyer Shares issuable to
the Company hereunder will, upon issuance, (a) be fully paid and nonassessable and (b) be free and clear of any and all liens, claims, charges, encumbrances, options, rights of refusal, voting proxies or other voting agreements whatsoever.

 5.06 Disclosure. No representations, warranties, assurances or statements by the Buyer in this Agreement and no statement contained
in any document, certificates or other writings furnished or to be furnished by the Buyer (or caused to be furnished by the Buyer) to the Shareholders or the Company or any of their representatives pursuant to the provisions hereof contains or will
contain any untrue statement of material fact, or omits or will omit to state any material fact necessary, in light of the circumstances under which it was made, in order to make the statements herein or therein not misleading. 
  

 20 

 ARTICLE VI 
 COVENANTS OF THE SHAREHOLDERS AND THE COMPANY 
 6.01 Transfer Taxes. All sales or transfer
taxes, including but not limited to, stock transfer taxes, document recording fees, real property transfer taxes, sales and excise taxes, arising out of or in connection with the consummation of the transactions contemplated hereby shall be paid by
the Company or the Shareholders. 
 6.02 Preparation of Supporting Documents. In addition to such actions as the Company may otherwise
be required to take under this Agreement or applicable law to consummate this Agreement and the transactions contemplated hereby, the Shareholders and the Company shall take such action, shall furnish such information, and shall prepare, or
cooperate in preparing, and execute and deliver such certificates, agreements and other instruments as the Buyer may reasonably request from time to time, before, at or after the Closing, with respect to compliance with obligations of the Buyer, the
Shareholders or the Company in connection with the transactions contemplated herein. Any information so furnished by the Shareholders or the Company shall be true, correct and complete in all material respects and shall not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 6.03 Notice of Breach or Potential Breach. The Shareholders and the Company shall promptly notify the Buyer in writing of (a) any change, circumstance, event, fact or condition that causes or constitutes a
breach of any of the representations or warranties of the Shareholders or the Company made as of the date of this Agreement, (b) the occurrence after the date of this Agreement of any change, circumstance, event, fact or condition that would
cause or constitute a breach of any such representation or warranty had that representation or warranty been made as of the time of the occurrence of, or the Company’s or any Shareholder’s discovery of, such change, circumstance, event,
fact or condition, or (c) any change, circumstance, event, fact or condition which prevents or is reasonably likely to prevent the Shareholders or the Company from complying with any of their obligations hereunder. Should any such change,
circumstance, event, fact or condition require any change to any Schedule hereto, the Company and the Shareholders shall promptly deliver to the Buyer a supplement to such Schedule specifying such change. Notwithstanding the foregoing, no such
notice or disclosure pursuant to this Section 6.03 shall affect any of the Buyer’s rights under Article IX, Article X or Article XI. 
 6.04 Name Change/Dissolution of Affiliates. No later than three (3) days following the Closing Date, the Company shall change its name to “KSG Holdings, Inc.” or such other name as may be approved by the Buyer. On or
prior to the Closing Date, the Company will dissolve TA Logic, LLC, an Ohio limited liability company and transfer any Assets owned by such entity to the Company and will also cause Travel Analytics, LLC, an Ohio limited liability company to be
dissolved. 
  

 21 

 6.05 Post-Closing Taxes, Utilities, Assessments and Similar Adjustments. 
 (a) The Company shall be responsible for the payment of the following on and after the Closing Date: 
  

	 	(i)	all federal, state and other taxes imposed upon the Company’s net income from the transactions contemplated hereunder (including but not limited to federal taxes based upon
depreciation recapture and federal taxes based upon the recapture of investment tax credit); 

  

	 	(ii)	taxes payable by the Company on gross income from the sale of the Assets to the Buyer hereunder; 

  

	 	(iii)	all sales and use taxes imposed on the purchase, sale, use or transfer of property by the Company prior to and as a result of the Closing; and 

  

	 	(iv)	any penalties, interest, or similar charges with respect to the foregoing taxes enumerated in this Section. 

 (b) In the event any deficiencies are assessed or refunds made with respect to any of the taxes provided for in this Section 6.05,
deficiencies shall be the responsibility of, or refunds shall be paid to, the party having the responsibility for the payment of the tax pursuant to this Section 6.05. 
 ARTICLE VII 
 COVENANTS OF THE PARTIES 
 The Company, the Shareholders and the Buyer, respectively, hereby covenant to and agree with one another as follows: 
 7.01 Approvals of Third Parties; Satisfaction of Conditions to Closing. If any consent or approval required by Section 8.01 or 8.02 hereof is
not obtained prior to or on the Closing Date, and such consent or approval relates to the transfer or assignment to the Buyer of a lease, contract or other agreement that constitutes an Asset (a “Company Contract”), the Company shall hold
such Company Contract in trust for the use and benefit of the Buyer, and shall take such other action as may be reasonably requested by the Buyer in order to place the Buyer in the same position as if such consents or approvals had been obtained.

 7.02 Confidentiality. 
 (a) For purposes of this Agreement, the following terms shall have the following meanings: 
  

	 	(i)	“Disclosing Party” shall mean the party hereto disclosing Trade Secrets and Confidential Information, and “Recipient” shall mean the party hereto
to whom such Trade Secrets and Confidential Information are disclosed. 

  

 22 

	 	(ii)	“Trade Secret” shall mean any information of Disclosing Party, without regard to form, including but not limited to, technical or non-technical data, a formula, a
pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, software programs (including the object and source code thereto) or a list (whether in written form or
otherwise) of actual or potential customers or suppliers, which is not commonly known by or available to the public and which information (A) derives economic value, actual or potential, from not being generally known to and not being readily
ascertainable by proper means by other persons who can obtain economic value from its disclosure or use and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. Trade Secrets also include any
information described in this paragraph (ii) which Disclosing Party obtains from another party which Disclosing Party treats as proprietary or designates as trade secrets, whether or not owned or developed by Disclosing Party.

  

	 	(iii)	“Confidential Information” shall mean any data or information other than Trade Secrets, without regard to form, concerning Disclosing Party or its operations that
is of value to Disclosing Party and is not generally known to competitors of Disclosing Party. To the extent consistent with the foregoing, Confidential Information includes, but is not limited to, lists (whether in written form or otherwise) of any
information about Disclosing Party’s executives and employees, marketing techniques, price lists, pricing policies, Disclosing Party’s business methods, and contracts and contractual relations with Disclosing Party’s customers and
suppliers. Confidential Information also includes any information described in this paragraph (iii) which Disclosing Party obtains from another party which Disclosing Party treats as proprietary or designates as confidential information,
whether or not owned or developed by Disclosing Party. 

  

	 	(iv)	 “Proprietary Information” shall mean Trade Secrets and Confidential Information collectively; provided that Proprietary Information shall
not include any materials or information of the types specified in subparagraphs (ii) and (iii) above to the extent that such materials or information: (A) are or become publicly known or generally utilized by others engaged in the
same business or activities in which Disclosing Party utilized, developed or otherwise acquired such information; or (B) are known to Recipient prior to Disclosing Party’s disclosure pursuant to this 

  

 23 

	 	 
Agreement, not having been obtained from Disclosing Party, and are evidenced by Recipient’s written records prepared prior to the date of this
Agreement; or (C) are furnished to others by Disclosing Party with no restriction on disclosure. Failure to mark any of the Proprietary Information as confidential shall not affect its status as Trade Secrets or Confidential Information under
this Agreement. 

 (b) The parties covenant and agree that: 
  

	 	(i)	Recipient shall hold in confidence and not directly or indirectly use, copy, reveal, report, publish, disclose or transfer any of the Proprietary Information to any person or entity
except as necessary to carry out its obligations under this Agreement, or utilize any of the Proprietary Information for any purpose not explicitly authorized hereunder, except that Recipient may disclose Proprietary Information of Disclosing Party
to its employees, consultants and financial and legal advisors (hereinafter “Consultants”), provided such Consultants have a need to know and have executed nondisclosure agreements obligating such Consultants to keep the Proprietary
Information of Disclosing Party confidential, or are otherwise bound by similar confidentiality obligations. The limitations contained in this Section 7.02 shall continue (i) with regard to Confidential Information, for the duration of
this Agreement and for two (2) years thereafter, and (ii) with regard to Trade Secrets, for the duration of this Agreement and in perpetuity thereafter. 

  

	 	(ii)	Recipient shall keep a record of the location of the Proprietary Information. If the transactions contemplated hereunder are not consummated, Recipient will deliver to Disclosing
Party, or destroy, all memoranda, notes, records, tapes, documentation, disks, manuals, files or other documents, and all copies thereof, concerning or containing Proprietary Information that are in Recipient’s possession, whether made or
compiled by Recipient or furnished to Recipient by Disclosing Party. 

  

	 	(iii)	In the event Recipient becomes legally compelled to disclose any of the Proprietary Information, Recipient will provide to the Disclosing Party prompt notice so that each Disclosing
Party may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. In the event that such protective order or other remedy is not obtained, or compliance with the provisions of this Agreement
is waived, Recipient will furnish only that portion of the Proprietary Information which is legally required, and to the extent requested by the Disclosing Party, will exercise its best efforts to obtain a protective order or other reliable
assurance that confidential treatment will be accorded the Proprietary Information. 

  

 24 

	 	(iv)	The covenants and agreements contained herein shall inure to the benefit of, and may be enforced by, the successors and assigns of each party and shall survive any termination of
this Agreement, whether such termination is at the instance of either party, and regardless of the reasons therefore. The protection afforded hereunder is in addition to and does not replace any prior confidentiality or nondisclosure obligation of
one party to the other. 

  

	 	(v)	The injury that Disclosing Party will suffer in the event of Recipient’s breach of any covenant or agreement contained herein cannot be compensated by monetary damages alone,
and Recipient therefore agrees that Disclosing Party, in addition to and without limiting any other remedies or rights which it may have either under this Agreement or otherwise, shall have the right to obtain an injunction against Recipient, from
any court of competent jurisdiction, enjoining any such breach. 

 7.03 Employee Benefits Plans. The Buyer shall not
adopt, assume or otherwise become responsible for, either primarily or as a successor employer, any assets or liabilities of any employee benefit plans, arrangements, commitments or policies currently provided by the Company or by any member of its
controlled group of corporations (including but not limited to those identified on Schedule 4.14; and if and to the extent that the Buyer is deemed by law or otherwise to be liable as a successor employer for such purposes, the
Company and the Shareholders shall jointly and severally indemnify the Buyer for the full and complete costs, fees and other liabilities which result. In particular, the Buyer shall not assume liability for any group health continuation coverage or
coverage rights under Internal Revenue Code Section 4980B and ERISA Section 606 which exist as of the Closing Date or which arise as a result of Company’s dissolution and/or termination of its group health plan or plans, and if and to
the extent that the Buyer is deemed by law or otherwise to be liable as a successor employer for such group health continuation coverage purposes, the Company and the Shareholders shall jointly and severally indemnify the Buyer for the full and
complete costs, fees and other liabilities which result. 
 7.04 Intellectual Property. After the Closing, neither the Company
nor either Shareholder shall (i) adopt, use, file an application for, register, claim or assert any title to or interest in, any of the Intellectual Property on their own behalf or on behalf of others, or (ii) adopt, use, file an
application for, register, claim or assert any title to or interest in, any trademarks or service marks that are included within the Intellectual Property or any trademarks or service marks which are likely to be confusing with such marks, on their
own behalf or on behalf of others. 
  

 25 

 ARTICLE VIII 
 CLOSING AND POST-CLOSING DELIVERIES 
 Except as noted, the following documents and actions will be
delivered and taken on or before the Closing Date: 
 8.01 Required Governmental Approvals. All governmental authorizations, consents
and approvals necessary for the valid consummation of the transactions contemplated hereby shall have been obtained and shall be in full force and effect. All applicable governmental pre-acquisition filing, information furnishing and waiting period
requirements shall have been met or such compliance shall have been waived by the governmental authority having authority to grant such waivers. 
 8.02 Other Necessary Consents. Subject to Section 7.01, the Shareholders and the Company shall have obtained all consents and approvals required to be listed on Schedule 4.05. With respect to each such consent
or approval, Buyer shall have received written evidence, satisfactory to it, that such consent or approval has been duly and lawfully filed, given, obtained or taken and is effective, valid and subsisting. 
 8.03 Opinion of Counsel to the Shareholders and the Company. The Buyer shall have received from counsel to the Shareholders and the Company an
opinion, dated the Closing Date, in the form of Exhibit 8.03. 
 8.04 Actions by Boards of Directors. The Board of
Directors of the Company shall have approved this Agreement, and authorized its execution, delivery and performance by the Company. 
 8.05
Non-Competition Agreements. The Company and the Shareholders shall have executed and delivered to the Buyer non-competition agreements in the form of Exhibit 8.05 hereto. 
 8.06 Employment Agreement. Scott Gillespie shall have executed and delivered to the Buyer employment agreement in the form of
Exhibit 8.06 hereto. 
 8.07 Intellectual Property Assignment Agreement. The Company and Buyer shall have executed
the Intellectual Property Assignment Agreement in the form of Exhibit 8.07 hereto. 
 8.08 Escrow Agreement. The Company
and the Buyer shall execute and deliver the Escrow Agreement. 
 8.09 Bill of Sale and Assignment and Assumption Agreement. The
Company shall execute and deliver the Bill of Sale and the Assignment and Assumption Agreement. 
  

 26 

 8.10 Certificates. The Company shall have delivered to the Buyer: 
 (a) Certificates of the Secretary or Assistant Secretary of the Company (i) attaching and certifying copies of the resolutions of its
board of directors and shareholders, authorizing the execution, delivery and performance of this Agreement and the other documents, instruments and certifications required or contemplated hereby, (ii) certifying the name, title and true
signature of each officer of the Company, as the case may be, executing or authorized to execute this Agreement and the other documents, instruments and certifications required or contemplated hereby, and (iii) attaching and certifying a true,
correct and complete copy of the bylaws of the Company; and 
 (b) Copies of (i) the articles or certificate of
incorporation or charter of the Company certified by its Secretary or Assistant Secretary, together with (ii) certificates of good standing or existence as may be available from the Secretaries of State of its jurisdiction of incorporation or
organization and every other state of the United States in which the conduct of its business or the ownership of its properties and assets requires it to be so qualified, except any state where failure to be so qualified would not have a material
adverse effect on the Business. 
 8.11 Purchase Price and Other Payments. The Buyer shall deliver to the Company $1,350,000 in cash,
$150,000 in cash into escrow and any other payments required to be made at the Closing. 
 8.12 Certificates of Dissolution. The
Company shall deliver the Certificates of Dissolution from the Ohio Secretary of State to Buyer, in connection with the entity dissolutions required pursuant to Section 6.04. 
 8.13 Required Employee Agreements. The Company shall cause all Continuing Employees listed on Exhibit 2.09(a) to deliver the Required Employee
Agreements. 
 8.14 Documents Satisfactory in Form and Substance. All agreements, certificates, opinions and other documents delivered
by the Shareholders and the Company to the Buyer hereunder shall be in form and substance satisfactory to the Buyer and its counsel, in the exercise of their reasonable judgment. 
 8.15 Post-Closing Deliverables. In addition to the items above the following documents and actions will be delivered and taken as set forth below:

 (a) The Company shall use its commercially reasonable efforts to obtain all of the consents and approvals not obtained by
the Closing Date, as described in Section 7.01, no later than 30 days following the Closing Date. If for any reason such consents cannot be obtained, the underlying Company Contract for which such consent to assignment is required shall be held
for the benefit of Buyer as set forth in Section 7.01. 
 (b) The Company shall have delivered a tax clearance
certificate from the Ohio Department of Revenue to Buyer no later than 10 days following the Closing Date. 
 (c) The Company
shall obtain all licenses, permits and other required items listed in Schedule 4.09(d), no later than 30 days following the Closing Date. 
  

 27 

 (d) The Company shall cause all Continuing Employees not listed on Exhibit 2.09(a) to
deliver the Post-Closing Employee Agreements not later than 7 days following the Closing Date. 
 (e) The Company shall
deliver a copy of the Articles of Amendment changing the name of the Company as set forth in Section 6.04 no later than 3 days following the Closing Date. 
 (f) The Company shall provide a copy of the source code for the Owned Software no later than 7 days following the Closing and will work
with the Buyer to develop a plan to develop user and technical documentation in a readable format that describes the functionality provided by the Owned Software and provides sufficient information to enable end-users to fully-utilize the Owned
Software. Such plan will be mutually agreeable to the Company and the Buyer, will be completed no later than 14 days following the Closing and shall include, at a minimum, an implementation timeline and an identification of resources required to
complete such documentation. If the Company and the Buyer mutually agree that the Buyer needs to hire a third party to complete the documentation, the Company and Buyer will split the actual costs of such third party equally. 
 (g) The Company shall add Timothy J. Severt, Lindsey B. Sykes and David Cathcart as signatories to the Company’s bank account numbers
* and * at National City Bank, and shall remove Kristina O. Gillespie as a signatory to such account, no later than 5 days following the Closing. 
 (h) The Company shall either remove any customer logos from their websites which are not authorized by such customer to be utilized in such a manner or obtain the proper permission to display same, no later than 60
days following the Closing Date. 
 ARTICLE IX 
 INDEMNIFICATION 
 9.01 Indemnification by the Company and the Shareholders. Except as
otherwise limited by this Article IX, the Shareholders and the Company shall, jointly and severally, indemnify, reimburse and hold harmless the Buyer and any successor or assigns thereof, and their respective officers, directors, employees,
consultants and agents (the “Protected Parties”), from and against any and all claims, losses, liabilities, damages, costs (including court costs) and expenses (including reasonable attorneys’ and accountants’ fees) (hereinafter
“Loss” or “Losses”) asserted against, imposed upon, suffered by or incurred by the Buyer Protected Parties as a result of, or with respect to, or arising from (a) any breach or inaccuracy of any representation or warranty of
the Company or the Shareholders set forth in this Agreement; (b) any breach of or noncompliance by the Company or the Shareholders with any covenant or agreement of the Company or the Shareholders contained in this Agreement; (c) any and
all liabilities and obligations of the Company including without limitation all indebtedness of the Company), whether accrued, absolute, contingent, known, unknown or otherwise, except for the Assumed Liabilities; (d) any and all claims
asserted by the Company’s creditors; (e) any and all claims relating to the use, treatment, storage, management, handling, manufacture, generation, 

  

 28 
 * Confidential Treatment Requested 

 
processing, recycling, distribution, transport, release or threatened release of or exposure to any hazardous material at the Company’s facilities;
(f) any and all claims relating to the Employee Plans; and (g) any and all claims relating to taxes of the Company or taxes of the Shareholders. 
 9.02 Indemnification by the Buyer. Except as otherwise limited by this Article 8, the Buyer shall indemnify and reimburse the Company, the Shareholders and any successors or assigns thereof, and the officers,
employees, consultants and agents of the Company (the “Company Protected Parties” and, together with the Buyer Protected Parties, the “Protected Parties”), from and against any and all Losses asserted against, imposed upon,
suffered by or incurred by the Company Protected Parties as a result of, or with respect to, or arising from (a) any breach or inaccuracy of any representation or warranty of the Buyer set forth in this Agreement; (b) any breach of or
noncompliance by the Buyer with any covenant or agreement of the Buyer contained in this Agreement; and (c) the Assumed Liabilities. 
 9.03 Survival. The representations and warranties of the Company, the Shareholders and the Buyer contained herein or in any certificate or other document delivered pursuant hereto or in connection herewith shall not be extinguished
by the Closing but shall survive the Closing, subject to the limitations set forth in Section 9.04 hereof with respect to the time periods within which claims for indemnity must be asserted, and the covenants and agreements of the Company, the
Shareholders and the Buyer contained herein shall survive without limitation as to time except as may be otherwise specified herein. 
 9.04
Time to Assert Claims. All claims for indemnification hereunder shall be asserted no later than one (1) year after the Closing Date, except as follows: 
 (a) claims with respect to (A) Losses arising out of or related in any way to any breach of or inaccuracy in the representations and
warranties contained in Article III hereof (other than those set forth in Section 3.05), and (B) Losses arising out of or related in any way to the matters described in Sections 9.01(b)-(d) and Sections 9.02(b)-(c) may be made
without limitation, except as limited by law; and 
 (b) claims with respect to Losses arising out of or related in any way to
the matters described in Sections 9.01(e)-(g) may be made until, and shall be made no later than, thirty (30) days after the expiration of the applicable statute of limitations relative to the liability relating to such representation or
warranty. 
 (the matters cited in clauses (a) and (b) above being hereinafter collectively referred to as the
“Surviving Matters”). 
 9.05 Notice of Claim. The party seeking indemnification hereunder (the “Indemnified
Party”) shall notify the party from which it is seeking indemnification (the “Indemnifying Party”), in writing, of any claim for indemnification, specifying in reasonable detail the nature of the Loss, and, if known, the amount, or an
estimate of the amount, of the liability arising therefrom. The Indemnified Party shall provide to the Indemnifying Party as promptly as practicable thereafter such information and documentation as may be reasonably requested by the Indemnifying
Party to support and verify the claim asserted, so long as such disclosure would not violate the attorney-client privilege of the Indemnified Party or the Indemnifying Party. 
  

 29 

 9.06 Defense. If the facts pertaining to a Loss arise out of the claim of any third party, or if
there is any claim against a third party available by virtue of the circumstances of the Loss, the Indemnifying Party may assume the defense or the prosecution thereof by prompt written notice to the Indemnified Party and the affected Protected
Party, including the employment of counsel or accountants, at its cost and expense. The Indemnified Party and the affected Protected Party shall have the right to employ counsel separate from counsel employed by the Indemnifying Party in any such
action and to participate therein, but the fees and expenses of such counsel employed by the Indemnified Party and the affected Protected Party shall be at their expense. The Indemnifying Party shall not agree to a settlement of any claim which
provides for any relief other than the payment of monetary damages or which could have a material precedential impact or effect on the business or financial condition of any Protected Party without the Indemnified Party’s and the affected
Protected Party’s prior written consent. Whether or not the Indemnifying Party does choose to so defend or prosecute such claim, all the parties hereto shall cooperate in the defense or prosecution thereof and shall furnish such records,
information and testimony, and attend such conferences, discovery proceedings, hearings, trials and appeals, as may be reasonably requested in connection therewith. The Indemnifying Party shall be subrogated to all rights and remedies of any
Protected Party, except to the extent they apply against another Protected Party. 
 9.07 Limit on Indemnification. The
indemnification in favor of the Buyer contained in Section 9.01(a) above (a) will not be required until the aggregate dollar amount of Losses suffered by the Buyer exceeds $20,000 (the “Threshold Amount”), after which such
indemnification shall be from the Threshold Amount; and (b) except in the event of actual fraud or intentional misrepresentation, will be limited with respect to all Losses indemnified against by the Company and the Shareholders to the Purchase
Price, less the amount of the Contingent Payments (the “Cap”). The indemnification of the Company and the Shareholders contained in Section 9.02(a) above will be limited with respect to all Losses indemnified against by the Buyer to
the Cap. 
 9.08 Right to Indemnification Not Affected by Knowledge. The right to indemnification, payment of damages or other remedy
based on the representations, warranties, covenants, and obligations in this Agreement and the other documents, agreements, and certificates delivered pursuant to or in connection with this Agreement will not be affected by any investigation
conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance
with, any such representation, warranty, covenant or obligation. The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right
to indemnification, payment of damages, or other remedy based on such representations, warranties, covenants and obligations. 
  

 30 

 ARTICLE X 
 MISCELLANEOUS 
 10.01 Bulk Sales Law. The Buyer hereby waives compliance by the Company with
the provisions of the bulk sales law of any state, and the Company covenants and agrees to pay and discharge when due all claims of creditors which could be asserted against the Buyer by reason of such non-compliance to the extent such liabilities
are not assumed by the Buyer under this Agreement. 
 10.02 No Liens Created. This Agreement shall not be construed to create any lien
or encumbrance on any of the Assets, or to create any rights in any third persons or to indicate that the Buyer is assuming any liabilities of the Company except as specifically provided for in the Assignment and Assumption Agreement. 
 10.03 Entire Agreement. This Agreement (including the Schedules and Exhibits, which are incorporated herein) constitutes the sole understanding of
the parties with respect to the subject matter hereof; provided, however, that this provision is not intended to abrogate any other written agreement between the parties executed with or after this Agreement. 
 10.04 Amendment. No amendment, modification or alteration of the terms or provisions of this Agreement shall be binding unless the same shall be
in writing and duly executed by the parties hereto. 
 10.05 Parties Bound by Agreement; Successors and Assigns. The terms, conditions
and obligations of this Agreement shall inure to the benefit of and be binding upon the parties hereto and the respective successors and assigns thereof. Without the prior written consent of the Buyer, neither the Shareholders nor the Company may
assign its or their rights, duties or obligations hereunder or any part thereof to any other person or entity. The Buyer may assign its rights and duties hereunder in whole or in part (before or after the Closing) to one or more entities but if it
does so, it shall remain liable for all the Buyer’s obligations hereunder. 
 10.06 Counterparts and Facsimile. This Agreement
may be executed in multiple counterparts, each of which shall for all purposes be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument. This Agreement may be executed and delivered by
facsimile. 
 10.07 Headings. The headings of the Sections and paragraphs of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 10.08 Modification and Waiver. Any
of the terms or conditions of this Agreement may be waived in writing at any time by the party which is entitled to the benefits thereof. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any
other provision hereof (whether or not similar). 
 10.09 Expenses. Except as otherwise provided herein, the Shareholders, the Company
and the Buyer shall each pay all costs and expenses incurred by each of them, or on their behalf respectively, in connection with this Agreement and the transactions contemplated hereby, including fees and expenses of their own financial
consultants, accountants and counsel. 
  

 31 

 10.10 Notices. Any notice, request, instruction or other document to be given hereunder by any
party hereto to any other party hereto shall be in writing and sent by facsimile or delivered personally or sent by registered or certified mail (including by overnight courier or express mail service), postage or fees prepaid, 
  

			
	if to Shareholders or the Company to:	  	 c/o Scott Gillespie
 35339 Quartermane
Circle
 Solon, OH 44139

		
	with a copy to:	  	 Hahn Loeser + Parks LLP
 200 Public Square
 Suite 3300
 Cleveland, OH 44114
 Attention: Douglas C. Carlson, Esq.

		
	if to Buyer to:	  	 TRX, Inc.
 6 West Druid Hills Drive
 Atlanta, GA 30329
 Attention: Timothy J. Severt

		
	with a copy to:	  	 McKenna Long & Aldridge LLP
 Suite 5300
 303 Peachtree Street
 Atlanta, Georgia 30308
 Attention: Jeffrey K. Haidet, Esq.

 or at such other address for a party as shall be specified by like notice. Any notice sent by facsimile shall be
deemed to have been duly given to the party to whom it is sent upon written confirmation of receipt, provided that a copy of such fax is delivered personally or mailed to the recipient within one business day of the date of the fax, in the manner
herein provided. Any notice which is delivered personally in the manner provided herein shall be deemed to have been duly given to the party to whom it is directed upon actual receipt by such party or the office of such party. Any notice which is
addressed and mailed in the manner herein provided shall be conclusively presumed to have been duly given to the party to which it is addressed at the close of business, local time of the recipient, on the fourth business day after the day it is so
placed in the mail or, if earlier, the time of actual receipt. 
 10.11 Governing Law; Jurisdiction. This Agreement is executed by the
Buyer in and shall be construed in accordance with and governed by the laws of the State of Georgia without giving effect to the principles of conflicts of law thereof. Each of the parties hereto irrevocably agrees that any legal action or
proceeding with respect to this Agreement or the transactions contemplated hereby, or for recognition and enforcement of any judgment in respect hereof, brought by the other party hereto or its successors or assigns may be brought and determined in
state or federal courts sitting in the State of Georgia, and each party hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally 

  

 32 

 
and unconditionally, to the nonexclusive jurisdiction of the aforesaid courts. Each party hereto hereby irrevocably waives, and agrees not to assert, by way
of a motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason other than the
failure to lawfully serve process, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise), and (c) to the fullest extent permitted by applicable law, that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum,
(ii) the venue of such suit, action or proceeding is improper, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 
 10.12 Public Announcements. No public announcement shall be made by any person with regard to the transactions contemplated by this Agreement without the prior consent of the Company, the Shareholders and the
Buyer; provided that Buyer may make such disclosure when legally required to do so. 
 10.13 The Shareholders’ and the Company’s
Knowledge. As used herein, the terms “Shareholders’ knowledge” and “to the knowledge of the Shareholders” with respect to the Shareholders shall mean the knowledge of any Shareholder, and the terms “the
Company’s knowledge” or “to the knowledge of the Company” shall mean the knowledge of any director or officer of the Company. 
 10.14 No Third-Party Beneficiaries. With the exception of the parties to this Agreement and the Protected Parties, there shall exist no right of any person to claim a beneficial interest in this Agreement or any rights occurring by
virtue of this Agreement. 
 10.15 Including. Words of inclusion shall not be construed as terms of limitation herein, so that
references to “included” matters shall be regarded as non-exclusive, non-characterizing illustrations. 
 10.16 Gender and
Number. Where the context requires, the use of a pronoun of one gender or the neuter is to be deemed to include a pronoun of the appropriate gender, singular words are to be deemed to include the plural, and vice versa. 
 10.17 References. Whenever reference is made in this Agreement to any Article, Section, Schedule or Exhibit, such reference shall be deemed to
apply to the specified Article or Section of this Agreement or the specified Schedule or Exhibit to this Agreement. 
 10.18
Severability. In case any one or more of the provisions contained in this Agreement should be found by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect against any party hereto, such invalidity,
illegality, or unenforceability shall only apply to such party in the specific jurisdiction where such judgment shall be made, and the validity, legality, and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby, except that this Agreement shall not be reformed in any way that will deny to any party the essential benefits of this Agreement, unless such party waives in writing its rights to such benefits. 
  

 33 

 10.19 Further Assurances. Each of the parties hereto will use its reasonable good faith efforts to
take all actions and to do all things necessary, proper or advisable following the Closing to consummate and effectuate the transactions contemplated by this Agreement. 
 10.20 Ordinary Course of Business. “Ordinary Course of Business” means, with respect to actions and operations conducted by the Company, actions and operations that are (a) consistent with the
past practices of the Company, (b) taken in the ordinary course of the normal, day-to-day operations of the Company, (c) not required to be authorized by the Board of Directors or other governing body of the Company, and (d) similar
in nature and magnitude to actions and operations customarily taken, without any authorization by the Board of Directors or other governing body, in the ordinary course of the normal, day-to-day operation of other companies that are in the same line
of business as the Company. 
 10.21 Enforcement. The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specified terms. It is accordingly agreed that the parties shall be entitled to specific performance of the terms hereof, this being in addition to any other remedy to which
they are entitled at law or in equity. 
 (Signatures appear on following page) 
  

 34 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed and delivered this Agreement as
of the date first above written. 
  

					
	BUYER:
	
	TRX, Inc., a Georgia corporation
		
	By:	 	/s/ Timothy J. Severt
		 	Name:	 	Timothy J. Severt
		 	Title:	 	EVP, Administration

  

			
	SHAREHOLDERS:
	
	/s/ Scott Gillespie
	Scott Gillespie

  

	
	
	/s/ Kristina O. Gillespie
	Kristina O. Gillespie

  

					
	COMPANY:
	
	TRAVEL ANALYTICS, INC., an Ohio corporation
		
	By:	 	/s/ Scott Gillespie
		 	Name:	 	Scott Gillespie
		 	Title:	 	President

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