Document:

Lindsey Sykes Employment Contract

 Exhibit 10.25 
  
 EMPLOYMENT CONTRACT 
  
 THIS EMPLOYMENT CONTRACT made as of the 1st day of April, 2001 (the “Effective Date”) between Lindsey Sykes (hereinafter referred to as
“Employee”) and TRX, Inc. a Georgia corporation (hereinafter referred to as the “Company”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company desires to employ Employee, and Employee desires to be employed by the Company; and 
  
 WHEREAS, the parties intend to supersede all prior correspondence, letters, and negotiations between them with the terms set forth herein; 
  
 NOW, THEREFORE, it is hereby agreed as follows: 
  

	 	1.	Employment of Employee. The Company hereby employs Employee for a period of three (3) years commencing on the Effective Date of this Employment Contract (the “Initial
Term”). Employee agrees to such employment on the terms and conditions herein set forth and agrees to devote his best efforts to his duties under this Employment Contract and to perform such duties diligently and efficiently and in accordance
with the directions of the Company. 

  

	 	2.	Duties and Responsibilities. Employee shall be employed as Senior Vice President of Finance of the Company, reporting directly to the President and CEO of the Company. As
Senior Vice President of Finance, Employee shall have day-to-day responsibilities related to overseeing all finance and accounting functions, including but not limited to financial reporting and taxes; investor relations; performing and directing
financial analysis to support operational, sales, pricing and marketing decisions; in addition to any specific related duties and responsibilities as may be assigned to him by the President and CEO of the Company. In addition, during the Term of
this Employment Contract, Employee shall be responsible for preparing and submitting to the Company at least ninety (90) days prior to the end of the Company’s calendar year an annual budget and business plan for the operation of the Company
for the upcoming calendar year. Said annual budget and business plan either shall be approved as submitted, or modified, revised, or amended by the Company and delivered to Employee as the annual budget and business plan for the Company during the
applicable calendar year. Employee agrees that he will not take any action inconsistent with the annual budget or business plan of the Company, as approved by the Company. It is expressly understood and agreed, however, that all actions,
responsibilities, and authority of Employee are, at all times, subject to the power and authority of the Company and its President to direct, review, alter, amend and modify such actions, responsibilities, and authority. 

  

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	 	3.	Compensation and Benefits. 

  

	 	(a)	Base Salary. Effective January 1, 2001, Employee’s annual salary shall be $160,000 (the “Base Salary”). The Base Salary shall be paid by the Company monthly in
arrears or in accordance with the Company’s regular payroll practice. Pursuant to Employee’s satisfactory performance reviews, Employee’s Base Salary shall increase by a minimum of five percent (5%) on each anniversary date of the
Effective Date of this Employment Contract. 

  

	 	(b)	Annual Discretionary Bonus. Upon completion of the calendar year, Employee shall be eligible for a discretionary annual bonus in the range of 0-50% of the Base Salary.
Employee’s supervisor shall determine the amount of Employee’s annual discretionary bonus, if any, based on both the performance of the Company and the performance of Employee, with the target range of such bonus to be 25-50% of the Base
Salary. Employee understands and agrees that the decision to grant and the amount of such a bonus is fully within the discretion of the Company and that nothing contained in this Employment Contract should be construed as a guarantee of any bonus
payment. The bonus (if any) shall be paid no later than April 30th of the following calendar year; provided,
however, that to receive the bonus, Employee must be an “active employee in good standing” on the date that the bonus is paid. For purposes of this Employment Contract, an “active employee in good standing” shall mean that (i)
Employee’s employment with the Company has not been terminated for any reason; (ii) Employee is not on probation of any kind from the Company; (iii) Employee has not given notice under this Employment Contract pursuant to Section 6 hereof; and
(iv) Employee has not received written notice from the Company pursuant to Section 6 hereof. 

  

	 	(c)	Employee Benefits. The Company shall provide Employee medical coverage and other employee benefits substantially similar to, and on the same basis as, the coverage provided to
employees of the Company. 

  

	 	(d)	Vacation. Employee shall be entitled to four (4) weeks of paid vacation per calendar year; provided, however, that if this Employment Contract is not in effect for any full calendar
year, Employee shall have only a pro rata portion of such paid vacation during that calendar year. 

  

	 	(e)	Automobile Allowance. Employee shall receive a monthly allowance of $500.00 in cash to assist him in obtaining and maintaining an automobile for his business use. Employee shall be
responsible for any and all costs and liabilities, including insurance, related to such automobile. 

  

	 	4.	 Personnel Policies. Employee shall conduct himself at all times in a businesslike and professional manner as appropriate for a person in his position and
shall represent the Company in all respects as complies with good business and ethical practices. In 

  

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addition, Employee shall be subject to and abide by the policies and procedures of the Company applicable to personnel of the Company, as adopted from time
to time. 

  

	 	5.	Business Expenses. Employee shall be reimbursed monthly by the Company for ordinary, necessary and reasonable expenses incurred by him in the performance of his duties for
the Company, provided that Employee shall first document said business expenses in the manner generally required by the Company under its policies and procedures, and in any event, the manner required to meet applicable regulations of the Internal
Revenue Service relating to the deductibility of such expenses. 

  

	 	6.	Termination and Renewal. 

  

	 	(a)	Termination Due to Death or Discharge for Good Cause. Except as otherwise provided herein, this Employment Contract shall terminate immediately upon the death of Employee or upon
the discharge of Employee for “Good Cause”. For the purposes of this Employment Contract, “Good Cause” means any act of fraud or dishonesty (whether or not in connection with the Company’s Business as hereinafter defined);
competing with the Business of the Company either directly or indirectly; conviction of a felony or a misdemeanor involving a crime of dishonesty or moral turpitude; a finding or determination, by a court or administrative agency (whether federal,
state or local) of job-related wrongful conduct by Employee; the breach of any provision of this Employment Contract by Employee; failure to comply with the decisions of the Company; failure to discharge Employee’s duty of loyalty to the
Company; or any other matter constituting “good cause” under the laws of the State of Georgia. “Good Cause” shall also include (but not be limited to) if the Company determines that Employee, in connection with contractual or
other legal limitations arising out of his past employment, is unable to perform one or more of the essential functions of his job; provided, however, if Employee is so limited from performing one or more of his job functions, the Company shall
provide Employee six (6) months’ advance notice of termination for Good Cause under this subsection. In the event of termination under this subsection, any earned but unpaid Base Salary and any other benefits provided herein shall be paid to
Employee up to the effective date of termination of this Employment Contract and not thereafter. 

  

	 	(b)	Termination Due to Disability. This Employment Contract also shall terminate immediately upon written notice to Employee if Employee shall at any time be unable to perform the
essential functions of his job hereunder by reason of a physical or mental illness or condition, with or without reasonable accommodation, for a continuous period of three (3) consecutive calendar months. In the event of termination under this
subsection, any earned but unpaid Base Salary and any other benefits provided herein shall be paid to Employee up to the effective date of termination of this Employment Contract and not thereafter. 

  

	 	(c)	 Termination by the Company without Good Cause. If the Company terminates this Employment Contract without Good Cause during the Initial Term, the Company 

  

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shall pay Employee any earned but unpaid Base Salary accrued through the date of termination plus the Base Salary and benefits due the Employee for the
remainder of the Initial Term. In the event the Company terminates the Employment Contract without Good Cause after the end of the Initial Term but during the Term of this Employment Contract, the Company shall either give Employee six (6)
months’ advance notice of such termination or pay to Employee an amount equal to six (6) months’ of Base Salary, in addition to any earned but unpaid Base Salary accrued through the date of termination. 

  

	 	(d)	Voluntary Termination by the Employee. Except as otherwise provided in this Section 6, if Employee terminates this Employment Contract within the Initial Term, he shall be liable to
the Company for any and all expenses, costs and other damages of the Company resulting therefrom. In the event Employee terminates this Employment Contract after the Initial Term but during the Term of this Employment Contract, Employee shall either
give the Company six (6) months’ advance notice of such termination or pay to the Company an amount equal to any and all expenses, costs and other damages of the Company resulting from the lack of such notice. 

  

	 	(e)	Voluntary Termination by Employee upon Change of Reporting. If the Company requires Employee to report to someone other than the President and CEO of the Company during the Term of
this Employment Contract, then Employee may voluntarily terminate this Employment Contract upon sixty (60) days’ prior written notice to the Company; provided, however, on the effective date of such termination, at the Company’s option,
Employee shall pay to the Company an amount equal to six (6) months’ Base Salary. 

  

	 	(f)	Voluntary Termination by Employee due to Relocation. If the Company requires Employee to relocate his permanent residence from the Atlanta, Georgia metropolitan area, Employee may
voluntarily terminate this Employment Contract upon sixty (60) days’ prior written notice to the Company. 

  

	 	(g)	Termination upon Expiration of Term. If not otherwise terminated hereunder, the Employment Contract shall terminate at the end of the Initial Term; however, prior to the expiration
of the Initial Term, the Company and the Employee may elect, in writing, to renew this Employment Contract for an additional two (2) year term (which additional term, if elected, shall together with the Initial Term constitute the “Term”
of the Employment Contract). 

  

	 	7.	Restrictive Covenants. 

  

	 	(a)	 Covenants to Prior Employers. Upon execution of this Employment Contract, Employee hereby represents that he is not a party to, subject to or otherwise covered by
any agreement or understanding (written or oral) with a prior employer that would restrict or in any manner limit the performance of his duties under this Employment Contract. Employee acknowledges that he has been instructed by the Company not to

  

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reveal or use any trade secret information from any former employer or reveal or use confidential information in violation of any agreement with any former
employer. 

  

	 	(b)	Acknowledgment of Damage Resulting From Employee’s Competition with the Company. Employee understands and acknowledges that the Company and its related entities are engaged in
the business of providing travel arrangement, reservation, ticketing and related services and products (the “Business”), and that because of his position with the Company, he has or will obtain (i) intimate knowledge of the Business and
including, but not limited to, knowledge of “Confidential Information” (as hereinafter defined), and (ii) knowledge of and relationships with the customers and suppliers used in connection with the Business of the Company and its related
entities. Employee agrees and acknowledges that such knowledge, access, and relationships are such that if Employee were to compete with the Company or its related entities engaged in the Business within the Restricted Territory (as hereinafter
defined) at any time during his employment or the two (2) year period from the date of Employee’s termination of employment with the Company, the Company or its related entities would suffer harm, and the benefits that the parties bargained for
under this Employment Contract would be severely and irreparably damaged. Further, Employee acknowledges and agrees that this Employment Contract, and the covenants not to solicit or compete contained herein, were a fundamental element of the
transactions contemplated by this Employment Contract and that the transactions contemplated therein would not have been consummated in the absence of this Section 7. Employee agrees that the covenants contained in this Section 7 are reasonable and
necessary to protect the confidentiality of the Trade Secrets and other “Confidential Information” concerning the Company acquired by Employee. For purposes of this Employment Contract, “Trade Secret” shall be as defined by
applicable state law. The provisions of this section shall be interpreted so as to protect those Trade Secrets and “Confidential Information,” and to secure for the Company the exclusive benefits of the work performed on behalf of the
Company by Employee under this Employment Contract, and not to unreasonably limit his ability to engage in employment and consulting activities in noncompetitive areas which do not endanger the Company’s legitimate interests expressed in this
Employment Contract. Employee also understands and agrees that the Company can reasonably amend the definition of the Business or the scope of the Business at any time upon notice to Employee. For purposes of this Employment Contract, the term
“Restricted Territory” shall mean the United States of America, which the parties acknowledge and agree is a reasonable and necessary geographic limitation due to the nature of the Business and the services provided by Employee.

  

	 	(c)	 Covenant Not to Compete with the Company. Employee agrees that, during the term of his employment under this Employment Contract and for a period of two (2) years
following the termination of his employment under this Employment Contract for whatever reason, with or without “Good Cause” or otherwise, Employee shall not, directly or indirectly, expressly or tacitly, for himself or on behalf of any
entity anywhere within the Restricted Territory, (i) act as an officer, manager, advisor, 

  

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executive, controlling shareholder, or consultant to any business in which his duties at or for such business include oversight of or actual involvement in
providing services which are competitive with the services or products being provided or which are being produced or developed by the Company or its related entities, or are under investigation by the Company or its related entities at the
termination of this Employment Contract, (ii) recruit investors on behalf of an entity which engages in activities which are competitive with the services or products being provided or which are being produced or developed by the Company or its
related entities, or are under investigation by the Company or its related entities at the termination of this Employment Contract, or (iii) become employed by such an entity in any capacity which would require Employee to carry out, in whole or in
part, the duties Employee has performed for the Company or its related entities which are competitive with the services or products being provided or which are being produced or developed by the Company or its related entities, or are under active
investigation by the Company or its related entities at the termination of this Employment Contract. 

  

	 	(d)	Nonsolicitation of Customers. During Employee’s employment with the Company, Employee shall not, directly or indirectly, without the Company’s prior written consent,
contact or solicit any Customer (as hereinafter defined) for business purposes unrelated to furthering the Business of the Company or its related entities. For a period of two (2) years following termination of Employee’s employment with the
Company, Employee shall not, directly or indirectly, (i) contact, solicit, divert or take away any Customer (as hereinafter defined) for purposes of, or with respect to, selling a product or service which competes with the Business, or (ii) take any
affirmative action in regard to establishing or continuing a relationship with a Customer for purposes of, or which directly or indirectly results in, making a sale of a product or service which competes with the Business. For purposes of this
Employment Contract, the term “Customer” shall mean and refer to any customer or actively sought prospective customer of the Company or its related entities with which Employee has had material contact during the last twelve (12) months
preceding the termination of Employee’s employment. 

  

	 	(e)	Nonsolicitation of Employees. Employee shall not, at any time during his employment and for two (2) years after the termination of his employment, directly or indirectly, solicit,
hire, retain, employ, or endeavor to entice away from the Company or its related entities any person who is or has been an employee of the Company or its related entities during Employee’s employment. 

  

	 	(f)	 Confidentiality. Employee hereby acknowledges and agrees that during the Term of this Employment Contract, Employee will have access to Trade Secrets and
“Confidential Information” of the Company or its related entities. Employee agrees that Employee shall not disclose or use, directly or indirectly, during Employee’s employment or at any time thereafter, any Trade Secrets Employee
obtains during the course of Employee’s employment related to the Business. Employee also recognizes that the services performed by Employee hereunder are special, unique and 

  

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extraordinary and that by reason of Employee’s employment with the Company, Employee will receive, develop, or otherwise acquire “Confidential
Information” (as hereinafter defined). Except as required by the pursuit of Employee’s duties with the Company or as it is authorized in writing by the Company, Employee agrees that Employee shall not disclose or use, directly or
indirectly, any Confidential Information related to the Business during Employee’s employment and for a period of two (2) years following the termination of Employee’s employment for whatever reason. The term “Confidential
Information” shall mean and include any information, data and know-how relating to the Business of the Company or its related entities that is disclosed to Employee by the Company or known to Employee as a result of Employee’s relationship
with the Company and not generally within public domain (whether constituting a Trade Secret or not), including without limitation, all administrative procedures, product development and technical data, sales and/or marketing information, customer
account records, payment plans, training and operations material, memoranda and manuals, personnel records, pricing information, and financial information concerning or relating to the Business and/or Customers, employees and affairs of the Company
or its related entities. 

  

	 	(g)	Severability. In the event any or all of the covenants of this Section 7 are deemed to be overly broad, the parties hereto agree that the covenants shall be enforced to the extent
that they are not overly broad. 

  

	 	8.	Products, Notes, Records and Software. All memoranda, notes, records and other documents and computer software made or compiled by Employee or made available to him during
the term of this Employment Contract concerning the Business of the Company or its related entities, including, without limitation, all customer data, billing information, service data, and other technical material of the Company or its related
entities, shall be the Company’s property and shall be delivered to the Company within two (2) days of the termination of this Employment Contract. 

  

	 	9.	Ownership of Inventions. 

  

	 	(a)	Disclosure to Company. Employee agrees to disclose promptly, in writing, to the Company’s Board of Directors any patentable or unpatentable, copyrightable or uncopyrightable,
idea, invention, work of authorship (including, but not limited to computer programs, software and documentation), formula, device, improvement, method, process or discovery (each, an “Invention”) which relates to the Company’s
Business that Employee conceives, makes, develops, or works on, in whole or in part, solely or jointly with others during the term of Employee’s employment regardless of whether (i) such invention was conceived, made, developed or worked on
during Employee’s regular hours of employment or his time away from work; (ii) the Invention was made at the suggestion of the Company; or (iii) the Invention was reduced to drawing, written description, documentation, models or other tangible
form. 

  

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	 	(b)	Made For Hire Status of the Inventions. It is expressly agreed that the Inventions created by Employee hereunder shall be considered specially ordered or commissioned “works
made for hire”, as such term is defined under the United States Copyright Act of 1976, as amended (the “Act”), and that such works and the copyright interests therein and thereto shall belong solely and exclusively to the Company and
shall be considered the property of the Company for purposes of this Employment Contract. To the extent that such works do not constitute “works made for hire” under the Act, Employee, in consideration of $ 1.00 and other good and valuable
consideration, the receipt and adequacy of which hereby are acknowledged, hereby irrevocably assigns to the Company, its successors and assigns, without royalty or any other further consideration, (i) all rights, title and interests in and to the
copyrights of the Inventions and all renewals and extensions of the copyrights that may be secured under existing or future laws, and (ii) all other rights, title and interests he may have in the Inventions. Accordingly, the Company will have the
right to register, in the office of the Registrar of Copyrights of the United States, the Inventions in the Company’s name as the owner and author of such Inventions. Employee shall, upon request by the Company and at the Company’s
expense, promptly execute, acknowledge or deliver any documents or instruments deemed reasonably necessary by the Company to document, enforce, protect or otherwise perfect the Company’s copyright and other interests in the Inventions.

  

	 	(c)	Assignment to Company. Without limiting the generality or effect of any other provision of this Employment Contract, Employee agrees to assign to the Company without royalty or any
other further consideration his entire right, title and interest in and to any Invention Employee is required to disclose hereunder. 

  

	 	(d)	Records. Employee agrees to make and maintain adequate and current written records of all Inventions covered by this Employment Contract. These records shall be and remain the
property of the Company. 

  

	 	(e)	Patents and Proprietary Rights. Employee agrees to assist the Company in obtaining, maintaining, and enforcing patents and other proprietary rights in connection with any Invention
covered by this Employment Contract for which the Company has or obtains any right, title or interest. Employee further agrees that his obligations under this subsection shall continue beyond the termination of the Term of this Employment Contract,
but if Employee is called upon to render such assistance after the termination of the Term of this Employment Contract, Employee shall be entitled to a fair and reasonable rate of compensation for such assistance. Employee, in addition, shall be
entitled to reimbursement of any out-of-pocket expenses incurred at the request of the Company relating to such assistance. 

  

	 	(f)	 Other Assignments or Contracts. Employee represents that there are no other contracts to assign inventions that are now in existence between Employee and any former
employer or other person or entity. Employee further represents that he is 

  

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neither participating in nor has any other employment or undertaking that might restrict or impair his performance of this Employment Contract.

  

	 	10.	Applicable Law. This Employment Contract is being executed in the State of Georgia and shall be construed and enforced in accordance with the laws of said jurisdiction.

  

	 	11.	Waiver of Breach. The waiver by the Company of a breach of any provision of this Employment Contract by Employee shall not operate or be construed as a waiver of any
subsequent breach by Employee. 

  

	 	12.	Successors and Assigns. This Employment Contract shall inure to the benefit of the Company, its subsidiaries and affiliates, and their respective successors and assigns. This
Employment Contract and benefits hereunder are personal to Employee and may not be assigned or transferred by Employee. 

  

	 	13.	Entire Agreement. This instrument contains the entire agreement of the parties and supersedes all prior agreements regarding Employee’s employment by the Company,
including, but not limited to, oral discussions, letter agreements, or any other document concerning the possibility of employment with the Company. This Employment Contract may not be changed orally but only by an agreement in writing signed by the
party against whom enforcement of any waiver, changes, modification, extension, or discharge is sought. 

  

	 	14.	Invalidity of any Provision. It is the intention of the parties hereto that the provisions of this Employment Contract shall be enforced to the fullest extent permissible
under the laws and public policies of each state and jurisdiction in which such enforcement is sought, but that the unenforceability (or the modification to conform with such laws or public policies) of any provision hereof shall not render
unenforceable or impair the remainder of this Employment Contract which shall be deemed amended to delete or modify, as necessary, the invalid or unenforceable provisions. The parties further agree to alter the balance of the Employment Contract in
order to render the same valid and enforceable. 

  
 [Signatures shall appear on the following page] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Employment Contract under seal as of the date
first above shown. 
  

			
	 “EMPLOYEE”

	
	 /s/ Lindsey Sykes

	 Lindsey Sykes

	
	 “COMPANY”

	
	 /s/ Norwood H. Davis III

	 TRX, Inc.

		
	 By:
	 	 Trip Davis

	 Title:
	 	 President & CEO

	
	 (CORPORATE SEAL)

  

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 FIRST AMENDMENT TO
EMPLOYMENT CONTRACT 
  
 This FIRST AMENDMENT is made as of the
5th day of August, 2004, between Lindsey Sykes (“Employee”) and TRX, Inc., a Georgia
corporation (hereinafter referred to as the “Company”). 
  
 WHEREAS, Employee and the Company previously entered into that certain Employment Contract dated as of April 1, 2001 (the “Employment Contract”); and 
  
 WHEREAS, Employee and the Company desire to amend certain terms and provisions of the Employment Contract; 
  
 NOW, THEREFORE, for and in consideration of the sum of Ten and no/100 Dollars
($10.00) in hand paid each to the other and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employee and the Company hereby agree to amend the Employment Contract as follows: 
  
 1. Section 1 of the Employment Contract is amended to add the following two
sentences after the first sentence of the paragraph: 
  
 The
Company further employs Employee for an additional period (the “First Renewal Term”), such that the First Renewal Term will continue through and until August 31, 2006. The Initial Term, the First Renewal Term, and any subsequent renewal
terms pursuant to section 6(g) shall collectively constitute the “Term” of this Employment Contract. 
  
 2. Section 3(a) is amended to state that, effective as of April 1, 2004, Employee’s base salary is $225,000 annually. 
  
 3. Section 3(b) is amended to add the following to the last sentence of the
paragraph: “; provided, however, that if this Employment Contract is not renewed in accordance with Section 6(g) at the conclusion of the First Renewal Term, Employee shall still remain eligible to receive a discretionary bonus for the calendar
year 2005, and Employee shall be treated with regard to such bonus in a manner comparable to similarly-situated executives who remain in good standing with the Company.” 
  
 4. Section 3(e) is amended to state that, effective as of April 1, 2004, Employee’s automobile allowance is $1,000 per
month. 
  
 5. Section 3 is amended to add a new section 3(f), as
follows: 
  
 (f) Bonus for Country Club Initiation Fee. Upon the
execution of this First Amendment by both parties, Employee shall be eligible to receive from the Company a bonus in the amount of $85,000, less applicable tax withholdings. Employee and the Company agree that the purpose of this bonus is to provide
Employee with funds to be used for an initiation fee for the Capital City Club, including a “gross-up” as an approximate offset 

  

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of Employee’s income tax liabilities. Employee agrees to use this bonus only for purposes of the country club initiation fee and for tax payments, and
further agrees that he will not request (and the Company shall not be obligated to make) the bonus payment if Employee does not complete the initiation process at the Capital City Club (or comparable club approved by the Company). At the time
Employee requests the bonus specified in this paragraph, Employee shall furnish a copy of his acceptance letter from the club or other suitable documentation as may be required by the Company. In the event the Company terminates Employee’s
employment pursuant to section 6(c) (termination without Cause) or declines to renew this Employment Contract pursuant to section 6(g) while Employee is still pursuing the club membership but before Employee has completed the club initiation
process, the Company will pay Employee a lump sum of $25,000, less any required tax withholdings, in lieu of any further obligations under this paragraph. In the event Employee resigns under the circumstances outlined in section 6(h) following a
Change of Control while Employee is still pursuing a club membership but before Employee has completed the club initiation process, the Company will pay Employee a lump sum of $85,000, less any required tax withholdings, in lieu of any further
obligations under this paragraph. 
  
 6. Section 6(c) is hereby
deleted and replaced with the following: 
  
 (c) Termination by
the Company without Good Cause. If the Company terminates this Employment Contract without Good Cause during the Term, the Company shall either (a) give Employee twelve months advance notice or (b) give Employee twelve months salary, plus
reimbursement of Employee’s COBRA health insurance premiums for twelve months, in lieu of notice. In addition, Employee shall remain eligible to receive any discretionary bonus from the prior year which has not yet been paid as of the effective
date of the termination. Employee shall also remain eligible to receive a pro-rata discretionary bonus for the partial year worked as of the effective date of termination, which bonus, if any, shall be paid in the following year at the time
discretionary bonuses are paid to other employees. The amount, if any, of the prior year and pro-rata discretionary bonus described in the preceding sentence shall remain within the sole discretion of the Company, but Employee shall be treated with
regard to such bonus in a manner comparable to similarly-situated executives who remain in good standing with the Company. 
  
 7. Section 6(e) is hereby amended by deleting the following phrase: “; provided, however, on the effective date of such termination, at the
Company’s option, Employee shall pay to the Company an amount equal to six (6) months’ Base Salary.” 
  

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 8. Section 6(g) is hereby deleted and replaced with the following: 
  
 (g) Renewal Upon Expiration of Term. If not otherwise terminated hereunder,
the Employment Contract shall automatically renew for successive one-year periods at the end of the First Renewal Term and each renewal term thereafter, unless either party shall provide to the other party six months advance written notice of intent
not to renew. If written notice of intent not to renew is provided at least six months before the end of the then-current renewal term, this Employment Contract shall terminate at the end of the then-current renewal term, with no further obligation
of either party to the other. 
  
 9. Section 6 is amended to add a
new section 6(h) as follows: 
  
 (h) Voluntary Termination by
Employee Upon Change of Control. Notwithstanding the provisions of Section 6(d) and 6(e), in the event that, within one year following a Change of Control, the Company requires Employee to report to someone other than the person who had been the
President and CEO of the Company prior to the Change of Control, Employee may voluntarily terminate this Employment Contract upon thirty (30) days notice, and in such event the Company (i) shall pay to Employee twelve months of Employee’s
then-current salary; (ii) shall reimburse Employee’s health insurance premiums pursuant to COBRA for a period of twelve months or until Employee obtains comparable health insurance through another employer, whichever is earlier; (iii) shall pay
to Employee any discretionary bonus from the prior year which has not yet been paid as of the effective date of the termination; and (iv) shall pay to Employee a pro-rata discretionary bonus for the partial year worked as of the effective date of
the termination; provided, however, that the pro-rata bonus described in subsection (iv), if any, shall be paid in the following year at the time discretionary bonuses are paid to other employees; and provided further that the amount, if any of the
pro-rata bonus described in subsection (iv) shall remain within the sole discretion of the Company, but Employee shall be treated with regard to such bonus in a manner comparable to similarly-situated executives who remain in good standing with the
Company. For purposes of this section, the term “Change of Control” shall have the same meaning ascribed to it in the TRX, Inc. 2000 Stock Incentive Plan, or any successor stock option plan of the Company. 
  
 Except as specifically amended herein, the Employment Contract shall remain
in full force and effect. 
  
 IN WITNESS WHEREOF, the parties
hereto have executed this First Amendment as of the date first above written. 
  

	
	 EMPLOYEE:

	
	 /s/ Lindsey Sykes

	 Lindsey Sykes

  

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	Lindsey Sykes
	
	 COMPANY:

	TRX, Inc.
		
	By:	 	 /s/ Norwood H. Davis III

			
		
	 Printed Name:
	 	 Norwood H. Davis III

	
	 Title: President & CEO

  

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 SECOND AMENDMENT TO EMPLOYMENT CONTRACT 
  
 This SECOND AMENDMENT is made as of the 27 day of April, 2005, between
LINDSEY B. SYKES (“Employee”) and TRX, Inc., a Georgia corporation (hereinafter referred to as the “Company”). 
  
 WHEREAS, Employee and the Company previously entered into that certain Employment Contract dated as of April 1, 2001, as amended on August 5, 2004 (the
“Employment Contract”); and 
  
 WHEREAS, Employee and
the Company desire to amend certain terms and provisions of the Employment Contract; 
  
 NOW, THEREFORE, for and in consideration of the sum of Ten and no/100 Dollars ($10.00) in hand paid each to the other and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Employee and the Company hereby agree to amend the Employment Contract as follows: 
  

	 	1.	Section 2 of the Employment Contract is amended by deleting the paragraph and replacing it with the following: 

  
 Duties and Responsibilities. Employee shall be employed as Chief
Financial Officer of the Company, reporting directly to the President & CEO of the Company. As Chief Financial Officer, Employee shall have day-to-day responsibilities related to overseeing all finance and accounting functions, including but not
limited to financial reporting and taxes, investor relations, performing and directing financial analysis to support operational, sales, pricing and marketing decisions, in addition to any specific related duties and responsibilities as may be
assigned to him by the President and CEO of the Company. In addition, during the Term of this Employment Contract, Employee shall be responsible for preparing and submitting to the Company at least ninety (90) days prior to the end of the
Company’s calendar year an annual budget and business plan for the operation of the Company for the upcoming calendar year. Said annual budget and business plan either shall be approved as submitted, or modified, revised, or amended by the
Company and delivered to Employee as the annual budget and business plan for the Company during the applicable calendar year. Employee agrees that he will not take any action inconsistent with the annual budget and business plan of the Company, as
approved by the Company. It is expressly understood and agreed, however, that all actions, responsibilities, and authority of Employee are, at all times, subject to the power and authority of the Company and its President to direct, review, alter,
amend and modify such actions, responsibilities, and authority. 
  

 1 

	 	2.	Section 3(a) of the Employment Contract is amended to state that, effective as of April 1, 2005, Employee’s base salary is $250,000 annually. 

  

	 	3.	Section 3 of the Employment Contract is amended by adding a new section 3(g) as follows: 

  
 Non-Discretionary Bonus. Upon completion of (1) an initial public offering of the Company’s common stock, (2)
the sale of all or substantially all of the stock of the Company, or (3) the sale of all or substantially all of the assets of the Company, whichever occurs first (the “Event”), Employee shall receive a bonus in the amount of fifty percent
(50%) of the Employee’s base salary as of the date of the completion of the Event. Such bonus shall not become vested or payable until completion of the Event and, once vested and payable, shall be paid in a lump sum payment as soon as
practicable, but in no event later than five (5) business days after the Event occurs. 
  

	 	4.	Except as specifically amended herein, the Employment Contract, as previously amended, shall remain in full force and effect. 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as
of the date first above written. 
  

	
	EMPLOYEE:
	
	 /s/ Lindsey B. Sykes

	 Lindsey B. Sykes

  

			
	COMPANY:
	TRX, Inc.
		
	By:	 	 /s/ Norwood H. Davis III

	
	 Printed Name: Norwood H. Davis III

		
	 Title:
	 	 President & CEO

  

 2Timothy J. Severt Employment Contract

 Exhibit 10.26 
  
 EMPLOYMENT CONTRACT 
  
 THIS EMPLOYMENT CONTRACT made as of the 1st day of February, 2000 (the “Effective Date”) between TIMOTHY J. SEVERT (hereinafter referred to as
“Employee”) and TRX, Inc., a Georgia corporation (hereinafter referred to as the “Company”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company desires to employ Employee, and Employee desires to be employed by the Company; and 
  
 WHEREAS, the parties intend to supersede all prior correspondence, letters, and negotiations between them with the terms set forth herein; 
  
 NOW, THEREFORE, it is hereby agreed as follows: 
  
 1. Employment of Employee. The Company hereby employs Employee for a
period of three (3) years commencing on the Effective Date of this Employment Contract (the “Initial Term”). Employee agrees to such employment on the terms and conditions herein set forth and agrees to devote his best efforts to his
duties under this Employment Contract and to perform such duties diligently and efficiently and in accordance with the directions of the Company. 
  
 2. Duties. The Employee shall be employed as Executive Vice President - Administration of the Company, reporting directly to the Chief Executive
Officer of the Company. As Executive Vice President - Administration, the Employee shall have such duties as are customarily performed by individuals acting in such a position, as well as any specific related duties and responsibilities as may be
assigned to him by the Chief Executive Officer of the Company. 
  
 Further, upon approval by the Board of Directors, the Employee shall become the Corporate Secretary for the Company and shall serve in such capacity for the Term of this Employment Agreement. 
  
 The Employee shall devote substantially all of his business time, attention,
and energies to the Company, shall act at all times in the best interests of the Company, and shall not during the term of this Employment Contract be engaged in any other business activity, whether or not such business is pursued for gain, profit,
or other pecuniary advantage. Notwithstanding the foregoing, this Employment Contract shall not be construed as preventing Employee from investing his personal assets in any form or manner that will not require any services by Employee in the
operation of the affairs of the business in which such investments are made; provided; however, that Employee shall not be permitted to make any investment in any business 

  

 
competing with the business of the Company. Further, notwithstanding the foregoing provisions, this Employment Contract shall not be construed as preventing
the Employee from serving as a member of the board of directors of any company as long as such service has been approved by the Chief Executive Officer and such service does not distract the Employee from his duties hereunder. 
  
 3. Compensation and Benefits. 
  
 (a) Base Salary. Employee’s annual salary during the first
twelve (12) months of the term of this Employment Contract shall be $150,000 (the “Base Salary”). The Base Salary shall be paid by the Company monthly in arrears or in accordance with the Company’s regular payroll practice. Pursuant
to the Employee’s satisfactory performance reviews, the Employee’s Base Salary shall increase by a minimum of five percent (5%) on each anniversary date of the Effective Date of this Agreement. 
  
 (b) Annual Discretionary Bonus. Employee shall be eligible for an
annual discretionary bonus under the terms and conditions of a short-term incentive compensation program to be approved and adopted by the Board of Directors. The Chief Executive Officer of the Company shall determine the amount of the
Employee’s annual discretionary bonus, if any, based on both the performance of the Company and the performance of the Employee; provided, however, that to receive the bonus, Employee must be an “active employee in good standing” on
the date that the bonus is paid. For purposes of this Employment Contract, an “active employee in good standing” shall mean that Employee (i) has not terminated employment with the Company for any reason; (ii) is not on probation of any
kind from the Company; (iii) has not given notice under this Employment Contract pursuant to Section 5 hereof; and (iv) has not received written notice from the Company pursuant to Section 5 hereof. 
  
 (c) Long-Term Incentive Compensation. Upon an initial public offering
of the Company’s common stock, the Company shall grant to Employee a nonqualified stock option to purchase 40,000 shares of the Company’s common stock, at an exercise price of the price at which the initial public offering of the stock is
made, issued under the Company’s 2000 Stock Incentive Plan. This option shall become exercisable in twenty percent (20%) increments on each of the first four anniversaries of the Effective Date, with the final increment becoming exercisable on
date six months after the fourth anniversary of the Effective Date. To the maximum extent possible, this option shall be granted as an ISO, with the remainder of the grant as an NQSO. The options described in this paragraph shall be subject to the
terms and conditions of the Company’s 2000 Stock Incentive Plan. In the event the Company has formally engaged an underwriter for an initial public offering and then, prior to such public offering and prior to the grant of the 40,000 share
option to the Employee, substantially all of the stock or assets of the Company is sold, the Company agrees to treat the Employee as if he held the option for 40,000 shares of the Company’s common stock at the time of such sale. In addition,
the Company agrees to instruct the committee administering the 2000 Stock Incentive Plan to permit the Employee to transfer, at his election, one or both of the above stock options to an immediate family member, a trust (with beneficiaries of only
immediate family members), or a family limited partnership (with general partners and limited partners of only immediate family 

  

 
members). Such stock options referenced herein shall be adjusted for any stock splits as to the number of shares which occur after the Effective Date herein.
 
  
 (d) Employee Benefits. The Company shall
provide Employee medical coverage and other employee benefits substantially similar to, and on the same basis as, the coverage provided to employees of the Company. 
  
 (e) Vacation. The Employee shall be entitled to four (4) weeks of paid vacation per calendar year; provided, however,
that if this Employment Contract is not in effect for any full calendar year; Employee shall have only a pro rata portion of such paid vacation during that calendar year. 
  
 (f) Automobile Allowance. The Employee shall receive a monthly allowance of $500.00 in cash to assist him in
obtaining and maintaining an automobile for his business use. The Employee shall be responsible for any and all costs and liabilities, including insurance, related to such automobile. 
  
 4. Personnel Policies. Employee shall conduct himself at all times in a businesslike and professional manner as
appropriate for a person in his position and shall represent the Company in all respects as complies with good business and ethical practices. In addition, Employee shall be subject to and abide by the policies and procedures of the Company
applicable to personnel of the Company, as adopted from time to time. 
  
 5. Business Expenses. Employee shall be reimbursed monthly by the Company for ordinary, necessary and reasonable expenses incurred by him in the performance of his duties for the Company, provided that Employee shall first document
said business expenses in the manner generally required by the Company under its policies and procedures, and in any event, the manner required to meet applicable regulations of the Internal Revenue Service relating to the deductibility of such
expenses. 
  
 6. Termination and Renewal. 
  
 (a) Termination Due to Death or Discharge for Good Cause. This
Employment Contract shall terminate immediately upon the death of Employee or upon the discharge of Employee for “good cause”. For the purposes of this Employment Contract, “good cause” means any act of fraud or dishonesty
(whether or not in connection with the Company’s Business as hereinafter defined), competing with the Business of the Company either directly or indirectly, the breach of any provision of this Employment Contract by Employee, failure to comply
with the decisions of the Company, failure to discharge Employee’s duty of loyalty to the Company, or any other matter constituting “good cause” under the laws of the State of Georgia. In the event of termination under this section,
any earned but unpaid Base Salary and any other benefits provided herein shall be paid to Employee up to the effective date of termination of this Employment Contract for whatever reason, including the death of Employee, and not thereafter, subject
to the specific provisions of subsection 2(c). 
  

 (b) Termination Due to Disability. This Employment Contract also shall terminate immediately upon
written notice to Employee if Employee shall at any time be unable to perform the essential functions of his job hereunder, by reason of a physical or mental illness or condition, with or without reasonable accommodation, for a continuous period of
three (3) consecutive calendar months. In the event of termination due to disability under this section, any earned but unpaid Base Salary and any other benefits provided herein shall be paid to Employee up to the effective date of termination of
this Employment Contract for whatever reason, including the death of Employee, and not thereafter, subject to the specific provisions of subsection 2(c). 
  
 (c) Termination by the Company Without Cause. If the Company terminates this Employment Contract without Cause during the Initial Term, the Company
shall pay the Employee any earned but unpaid Base Salary accrued through the date of termination plus the Base Salary and benefits due the Employee for the remainder of the Initial Term. In the event the Company terminates the Employment Contract
without Cause after the end of the Initial Term but during the Term of this Agreement, the Company shall either give the Employee six (6) months’ advance notice of such termination or pay to the Employee an amount equal to six (6) months’
of Base Salary, in addition to any earned but unpaid Base Salary accrued through the date of termination. In addition to the foregoing, in the event of a termination of the Employee’s employment by the Company without Cause, the stock options
described in Section 3(d) hereof (to the extent previously granted) shall immediately become exercisable. 
  
 (d) Voluntary Termination by the Employee due to Relocation. If the Company requires the Employee to relocate his office from the Atlanta
metropolitan area, the Employee may voluntarily terminate this Agreement upon 30 days’ advance written notice. Upon such a voluntary termination due to relocation, any outstanding stock options held by the Employee shall immediately become
exercisable. 
  
 (e) Voluntary Termination by the Employee.
If the Employee terminates this Employment Contract within the Initial Term for any reason other than as provided in subsection (d) hereof, he shall be liable to the Company for any and all expenses, costs and other damages of the Company resulting
therefrom. In the event the Employee terminates this Employment Contract after the Initial Term but during the Term of this Agreement for any reason other than as provided in subsection (d) hereof, the Employee shall either give the Company six (6)
months’ advance written notice of such termination or pay to the Company an amount equal to any and all expenses, costs and other damages of the Company resulting from the lack of such notice. 
  
 (f) Termination Upon Expiration of Term. If not otherwise terminated
hereunder, the Employment Agreement shall terminate at the end of the Initial Term; however, prior to the expiration of the Initial Term, the Company and the Employee may elect, in writing, to renew this Agreement for successive two (2) year terms
(which successive terms, if elected, shall together with the Initial Term constitute the “Term” of the Agreement). 
  

 7. Restrictive Covenants. 
  
 (a) Covenants to Prior Employers. Upon execution of this Agreement, the Employee hereby represents that he is not a
party to, subject to or otherwise covered by any agreement or understanding (written or oral) with a prior employer, other than WorldTravel Partners I, LLC, that would restrict or in any manner limit the performance of his duties under this
Agreement. Employee acknowledges that he has been instructed by the Company not to reveal or use any trade secret information from any former employer or reveal or use confidential information in violation of any agreement with any former employer.

  
 (b) Acknowledgment of Damage Resulting From Employee’s
Competition with the Company. Employee understands and acknowledges that the Company and its related entities are engaged in the business of providing travel arrangement, reservation, ticketing and related services and products (the
“Business”), and that because of his position with the Company, he has or will obtain (i) intimate knowledge of the Business and including, but not limited to, knowledge of “Confidential Information” (as hereinafter defined), and
(ii) knowledge of and relationships with the customers and suppliers used in connection with the Business of the Company and its related entities. Employee agrees and acknowledges that such knowledge, access, and relationships are such that if
Employee were to compete with the Company or its related entities engaged in the Business, by engaging in the Business within the Restricted Territory (as hereinafter defined) at any time during the two (2) year period from the date of
Employee’s termination of employment with the Company, the Company or its related entities would suffer harm, and the benefits that the parties bargained for under this Employment Contract would be severely and irreparably damaged. Further,
Employee acknowledges and agrees that this Employment Contract, and the covenants not to solicit or compete contained herein, were a fundamental element of the transactions contemplated by this Employment Contract and that the transactions
contemplated therein would not have been consummated in the absence of this Section 7. Employee agrees that the covenants contained in this Section 6 are reasonable and necessary to protect the confidentiality of the Trade Secrets, and other
“Confidential Information” concerning the Company acquired by Employee. 
  
 For purposes of this Employment Contract, “Trade Secret” shall be as defined by applicable state law. The provisions of this Section shall be interpreted so as to protect those trade secrets and
“Confidential Information,” and to secure for the Company the exclusive benefits of the work performed on behalf of the Company by the Employee under this Employment Contract, and not to unreasonably limit his ability to engage in
employment and consulting activities in noncompetitive areas which do not endanger the Company’s legitimate interests expressed in this Employment Contract. Employee also understands and agrees that the Company can reasonably amend the
definition of the Business or the scope of the Business at any time upon notice to Employee. For purposes of this Agreement, the term “Restricted Territory” shall mean the United States of America, which the parties agree is a reasonable
and necessary geographical limitation due to the nature of the Business. 
  
 (c) Covenant Not to Compete with the Company. Employee agrees that, during the term of his employment under this Employment Contract and for a period of two (2) years following the termination of his employment
under this Employment Contract for whatever 

  

 
reasons, with or without “good cause” or otherwise, Employee will not, directly or indirectly, expressly or tacitly, for himself or on behalf of
any entity anywhere within the Restricted Territory, (i) act as an officer, manager, advisor, executive, controlling shareholder, or consultant to any business in which his duties at or for such business include oversight of or actual involvement in
providing services which are competitive with the services or products being provided or which are being produced or developed by the Company or its related entities, or are under investigation by the Company or its related entities at the
termination of this Employment Contract, (ii) recruit investors on behalf of an entity which engages in activities which are competitive with the services or products being provided or which are being produced or developed by the Company or its
related entities, or are under investigation by the Company or its related entities at the termination of this Employment Contract, or (iii) become employed by such an entity in any capacity which would require Employee to carry out, in whole or in
part, the duties Employee has performed for the Company or its related entities which are competitive with the services or products being provided or which are being produced or developed by the Company or its related entities, or are under active
investigation by the Company or its related entities at the termination of this Employment Contract. 
  
 (d) Nonsolicitation of Customers. During Employee’s employment with the Company, Employee shall not, directly or indirectly without the
Company’s prior written consent, contact or solicit any customers or clients of the Company of its related entities, or prospective customers with whom the Company or its related entities have solicited business within the last twelve (12)
months and with whom Employee had material contact (“Customers”), for business purposes unrelated to furthering the Business of the Company or its related entities. For a period of two (2) years following termination of Employee’s
employment with the Company, Employee shall not, directly or indirectly, (i) contact, solicit, divert or take away, any Customer for purposes of, or with respect to, selling a product or service which competes with the Business, or (ii) take any
affirmative action in regard to establishing or continuing a relationship with a Customer for purposes of making or which directly or indirectly results in, a sale of a product or service which competes with the Business. 
  
 (e) Nonsolicitation of Employees. Employee shall not at any time
within two (2) years after the termination of his employment, directly or indirectly, solicit, employ, or endeavor to entice away from the Company or its related entities any person who is or has been an employee of the Company or its related
entities during the Employee’s employment or during the two-year nonsolicitation period. 
  
 (f) Confidentiality. Employee hereby acknowledges and agrees that during the Employment Contract, Employee will have access to Trade Secrets and “Confidential Information” of the Company or its
related entities, Employee also acknowledges that Employee will not disclose or use, directly or indirectly, any Trade Secrets Employee obtains during the course of Employee’s employment related to the Business for two (2) years from the date
of Employee’s termination of employment with the Company. Employee also recognizes that the services performed by Employee hereunder are special, unique and extraordinary and that by reason of Employee’s employment with the Company,
Employee will receive, develop, or otherwise acquire “Confidential Information” (as hereinafter defined). Except as required by the pursuit of Employee’s duties with the Company or as it is authorized in writing by the Company,

  

 
Employee acknowledges that Employee will not disclose or use, directly or indirectly, any Confidential Information related to the Business during the course
of Employee’s employment and for a period of two (2) years after the date of Employee’s termination under this Employment Contract. 
  
 The term “Confidential Information” shall mean and include any information, data and know-how relating to the Business of the Company or its
related entities that is disclosed to Employee by the Company or known to Employee as a result of Employee’s relationship with the Company and not generally within public domain (whether constituting a Trade Secret or not), including without
limitation, all administrative procedures, product development and technical data, sales and/or marketing information, customer account records, payment plans, training and operations material, memoranda and manuals, personnel records, pricing
information, and financial information concerning or relating to the Business and/or the Customers, employees and affairs of the Company or its related entities. 
  
 (g) Severability of Agreement Provisions. In the event any or all of the covenants of this Section 7 are deemed
overly broad, the parties hereto agree that the covenants shall be enforced to the extent that they are not overly broad. 
  
 8. Products, Notes, Records and Software. All memoranda, notes, records and other documents and computer software made or compiled by Employee or
made available to him during the term of this Employment Contract concerning the Business of the Company or its related entities, including, without limitation, all customer data, billing information, service data, and other technical material of
the Company or its related entities, shall be the Company’s property and shall be delivered to the Company within two (2) days of the termination of this Employment Contract. 
  
 9. Ownership of Inventions. 
  

(a) Disclosure to Company. Employee agrees to disclose promptly, in writing, to the Company’s Board of Directors any patentable or
unpatentable, copyrightable or uncopyrightable, idea, invention, work of authorship (including, but not limited to computer programs, software and documentation), formula, device, improvement, method, process or discovery (each, an
“Invention”) which relates to the Company’s business that Employee conceives, makes, develops, or works on, in whole or in part, solely or jointly with others during the term of Employee’s employment regardless of whether (i)
such invention was conceived, made, developed or worked on during Employee’s regular hours of employment or his time away from work; (ii) the Invention was made at the suggestion of the Company; or (iii) the Invention was reduced to drawing,
written description, documentation, models or other tangible form. 
  
 (b) Made For Hire Status of the Inventions. It is expressly agreed that the Inventions created by Employee hereunder shall be considered specially ordered or commissioned “works made for hire”, as such term is defined under
the United States Copyright Act of 1976, as amended (the “Act”), and that such works and the copyright interests therein and thereto shall 

  

 
belong solely and exclusively to the Company and shall be considered the property of the Company for purposes of this Agreement. To the extent that such
works do not constitute “works made for hire” under the Act, Employee, in consideration of $1.00 and other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged, hereby irrevocably assigns to the
Company, its successors and assigns, without royalty or any other further consideration, (i) all rights, title and interests in and to the copyrights of the Inventions and all renewals and extensions of the copyrights that may be secured under
existing or future laws, and (ii) all other rights, title and interests he may have in the Inventions. Accordingly, the Company will have the right to register, in the office of the Registrar of Copyrights of the United States, the Inventions in the
Company’s name as the owner and author of such Inventions. Employee shall, upon request by the Company and at the Company’s expense, promptly execute, acknowledge or deliver any documents or instruments deemed reasonably necessary by the
Company to document, enforce, protect or otherwise perfect the Company’s copyright and other interests in the Inventions. 
  
 (c) Assignment to Company. Without limiting the generality or effect of any other provision of this Agreement, Employee agrees to assign to the
Company without royalty or any other further consideration his entire right, title and interest in and to any Invention Employee is required to disclose hereunder. 
  
 (d) Records. Employee agrees to make and maintain adequate and current written records of all Inventions covered by
this Agreement. These records shall be and remain the property of the Company. 
  
 (e) Patents and Proprietary Rights. Employee agrees to assist the Company in obtaining, maintaining, and enforcing patents and other proprietary rights in connection with any Invention covered this Agreement
for which the Company has or obtains any right, title or interest. Employee further agrees that his obligations under this subsection shall continue beyond the termination of the term of this Agreement, but if Employee is called upon to render such
assistance after the termination of the term of this Agreement, Employee shall be entitled to a fair and reasonable rate of compensation for such assistance. Employee shall, in addition, be entitled to reimbursement of any out-of-pocket expenses
incurred at the request of the Company relating to such assistance. 
  
 (f) Other Assignments or Contracts. Employee represents that there are no other contracts to assign inventions that are now in existence between the Employee and any former employer or other person or entity. Employee further
represents that he has no other employments or undertakings which might restrict or impair his performance of this Agreement. 
  
 10. Applicable Law. This Employment Contract is being executed in the State of Georgia and shall be construed and enforced in accordance with the
laws of said jurisdiction. 
  
 11. Waiver of Breach. The
waiver by the Company of a breach of any provision of this Employment Contract by Employee shall not operate or be construed as a waiver of any subsequent breach by Employee. 
  

 12. Successors and Assigns. This Employment Contract shall inure to the benefit of the Company,
its subsidiaries and affiliates, and their respective successors and assigns. This Employment Contract and benefits hereunder are personal to Employee and may not be assigned or transferred by Employee. 
  
 13. Entire Agreement. This instrument contains the entire agreement of
the parties and supersedes all prior agreements regarding Employee’s employment by the Company, including, but not limited to, oral discussions, letter agreements, or any other document concerning the possibility of employment with the Company.
This Employment Contract may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, changes, modification, extension, or discharge is sought. 
  
 14. Invalidity of any Provision. It is the intention of the parties
hereto that the provisions of this Employment Agreement shall be enforced to the fullest extent permissible under the laws and public policies of each state and jurisdiction in which such enforcement is sought, but that the unenforceability (or the
modification to conform with such laws or public policies) of any provision hereof shall not render unenforceable or impair the remainder of this Employment Agreement which shall be deemed amended to delete or modify, as necessary, the invalid or
unenforceable provisions. The parties further agree to alter the balance of the Employment Agreement in order to render the same valid and enforceable. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Employment Contract under seal as of the date first above shown. 
  

	
	 EMPLOYEE

	
	 /s/ Timothy J. Severt

	TIMOTHY J. SEVERT

  

			
	 COMPANY

	
	TRX, INC.
		
	 By:
	 	 /s/ Norwood H. Davis III

		
	 Title:
	 	 President & CEO

  

  
 FIRST AMENDMENT TO

 EMPLOYMENT CONTRACT 
  
 This FIRST AMENDMENT is made as of the 1st day of July, 2001, between Timothy J. Severt (hereinafter referred to as “Employee”) and TRX,
Inc., a Georgia corporation (hereinafter referred to as the “Company”). 
  
 WHEREAS, Employee and the Company previously entered into that certain Employment Contract dated as of February 1, 2000 (the “Employment Contract”); and 
  
 WHEREAS, Employee and the Company desire to amend certain terms and
provisions of the Employment Contract; 
  
 NOW, THEREFORE, for and
in consideration of the sum of Ten and no/100 Dollars ($10.00) in hand paid each to the other and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employee and the Company hereby agree to amend the
Employment Contract as follows: 
  

	1.	Section 2 of the Employment Contract shall be amended by adding the following text after the second paragraph of that section and before the third paragraph of that section:

  
 In addition, during the Term of this Employment
Contract, Employee shall be responsible for preparing and submitting to the Company at least ninety (90) days prior to the end of the Company’s calendar year an annual budget and business plan for the operation of the Company for the upcoming
calendar year. Said annual budget and business plan either shall be approved as submitted, or modified, revised, or amended by the Company and delivered to Employee as the annual budget and business plan for the Company during the applicable
calendar year. Employee agrees that he will not take any action inconsistent with the annual budget or business plan of the Company, as approved by the Company. It is expressly understood and agreed, however, that all actions, responsibilities, and
authority of Employee are, at all times, subject to the power and authority of the Company and its President to direct, review, alter, amend and modify such actions, responsibilities, and authority 
  

	2.	Section 3(b) of the Employment Contract shall be amended by deleting any references to “Section 5” therein and replacing such references with “Section 6.”

  

	3.	Section 3(c) of the Employment Contract shall be amended by deleting the existing text in its entirety and replacing it with the following: 

  
 Long-Term Incentive Compensation. The Company agrees to instruct the
committee administering the 2000 Stock Incentive Plan to permit Employee to transfer, at his election, the June 21, 2001 grant of stock options held by Employee for 40,000 shares to an immediate family member, a trust (with beneficiaries of only
immediate family members), or a family limited partnership (with general partners and limited partners of only immediate family members). 
  

 Page 1 of 3 

	4.	Section 6(a) of the Employment Contract shall be amended by deleting the last sentence of the section in its entirety and replacing it with the following: 

 
 In the event of termination under this section, any earned but unpaid
Base Salary and any other benefits provided herein shall be paid to Employee up to the effective date of termination of this Employment Contract for whatever reason, including the death of Employee, and not thereafter, subject to the specific
provisions of subsection 3(b). 
  

	5.	Section 6(b) of the Employment Contract shall be amended by deleting the last sentence of the section in its entirety and replacing it with the following: 

 
 In the event of termination due to disability under this section, any
earned but unpaid Base Salary and any other benefits provided herein shall be paid to Employee up to the effective date of termination of this Employment Contract for whatever reason, including the death of Employee, and not thereafter, subject to
the specific provisions of subsection 3(b). 
  

	6.	Section 6(c) of the Employment Contract shall be amended by deleting all references therein to “Cause” and replacing all such references with “good cause”.

  

	7.	Section 6(c) of the Employment Contract shall be further amended by deleting the last sentence of the section in its entirety and replacing it with the following:

  
 In addition to the foregoing, upon a
termination of Employee’s employment by the Company without “good cause”, any stock options previously granted to Employee shall immediately become exercisable. 
  

	8.	Section 7(b) of the Employment Contract shall be amended by deleting the reference to “Section 6” in the last sentence of the first paragraph and replacing it with
“Section 7”. 

  

	9.	Section 7(d) of the Employment Contract shall be amended by deleting the first sentence in its entirety and replacing it with the following: 

  
 During Employee’s employment with the Company, Employee shall not,
directly or indirectly without the Company’s prior written consent, contact or solicit any customers or clients of the Company or its related entities, or prospective customers with whom the Company or its related entities have solicited
business within the last twelve (12) months and with whom Employee had material contact (“Customers”), for business purposes unrelated to furthering the Business of the Company or its related entities. 
  

 Page 2 of 3 

 Except as heretofore and herein specifically amended, the Employment Contract shall remain and continue
in full force and effect. 
  
 IN WITNESS WHEREOF, the parties
hereto have executed this First Amendment as of the date first above written. 
  

			
	 EMPLOYEE

	
	 /s/ Timothy J. Severt

	 Timothy J. Severt

	
	 COMPANY

	
	 /s/ Norwood H. Davis III

	 TRX, Inc.

		
	 By:
	 	 /s/ Norwood H. Davis III

	 Title:
	 	 President & CEO

  

 Page 3 of 3 

  
 SECOND AMENDMENT TO
EMPLOYMENT CONTRACT 
  
 This FIRST AMENDMENT is made as of the
1st day of November, 2002, between Timothy J. Severt (hereinafter referred to as “Employee”) and TRX, Inc., a Georgia corporation (hereinafter referred to as the “Company”). 
  
 WHEREAS, Employee and the Company previously entered into that certain
Employment Contract dated as of February 1, 2000 (the “Employment Contract”); and 
  
 WHEREAS, Employee and the Company desire to amend certain terms and provisions of the Employment Contract; 
  
 NOW, THEREFORE, for and in consideration of the sum of Ten and no/100 Dollars ($10.00) in hand paid each to the other and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Employee and the Company hereby agree to amend the Employment Contract as follows: 
  

1. Paragraph 1 of the Employment Contract shall be amended by deleting the first sentence in its entirety and replacing it with the following:

  
 The Company hereby employs Employee for a
period commencing on the Effective Date of this Employment Contract and continuing through February 1, 2006 (the “Initial Term”). 
  
 2. Paragraph 3(e) of the Employment Contract shall be amended by adding the following sentence at the end of the paragraph: 
  
 Beginning on August 23, 2003 (which is Employee’s
ten-year anniversary with the BCD Companies), Employee’s vacation entitlement shall increase to five weeks per year. 
  
 3. Paragraph 3 of Employment Contract shall be amended by adding a new paragraph 3(g) as follows: 
  
 (g) Sabbatical. In addition to the vacation described in
paragraph 3(e) above, Employee shall be entitled to take one (1) paid sabbatical of not more than six (6) weeks in duration. Such sabbatical may occur any time between February 1, 2003 and the end of the Initial Term; provided, however, that
Employee shall provide at least two months advance written notice to the Chief Executive Officer of the date Employee intends to being the sabbatical. 
  
 4. Except as specifically amended herein, the Employment Contract shall remain in full force and effect. 
  

 1 

 IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date first above
written. 
  

	
	 EMPLOYEE:

	
	 /s/ Timothy J. Severt

	 Timothy J. Severt

  

			
	 COMPANY:
 TRX, INC.

		
	 By:
	 	 /s/ Norwood H. Davis III

			
		
	 Printed Name:
	 	 Norwood H. Davis III

	
	 Title: President & CEO

  

 2 

 THIRD AMENDMENT TO EMPLOYMENT CONTRACT 
  
 This THIRD AMENDMENT is made as of the 26th day of April, 2005, between TIMOTHY J. SEVERT (“Employee”) and TRX, Inc., a Georgia corporation (hereinafter referred to as
the “Company”). 
  
 WHEREAS, Employee and the Company
previously entered into that certain Employment Contract dated as of February 1, 2000, as amended in July 2001 and November 2002 (the “Employment Contract”); and 
  
 WHEREAS, Employee and the Company desire to amend certain terms and provisions of the Employment Contract; 
  
 NOW, THEREFORE, for and in consideration of the sum of Ten and no/100 Dollars
($10.00) in hand paid each to the other and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employee and the Company hereby agree to amend the Employment Contract as follows: 
  

	 	1.	Section 3(a) of the Employment Contract is amended to state that, effective as of February 1, 2005, Employee’s base salary is $250,000 annually. 

  

	 	2.	Section 3(f) of the Employment Contract is amended to state that, effective as of February 1, 2004, the amount of Employee’s automobile allowance shall increase to $1,000 per
month. 

  

	 	3.	Section 3 of the Employment Contract shall be amended by adding a new section 3(h) as follows: 

  
 Non-Discretionary Bonus. Upon completion of (1) an initial public offering of the Company’s common stock, (2)
the sale of all or substantially all of the stock of the Company, or (3) the sale of all or substantially all of the assets of the Company, whichever occurs first (the “Event”), Employee shall receive a bonus in the amount of fifty percent
(50%) of the Employee’s base salary as of the date of the completion of the Event. Such bonus shall not become vested or payable until completion of the Event and, once vested and payable, shall be paid in a lump sum payment as soon as
practicable, but in no event later than five (5) business days after the Event occurs. 
  

	 	4.	Except as specifically amended herein, the Employment Contract, as previously amended, shall remain in full force and effect. 

  

 1 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the date first above
written. 
  

	
	 EMPLOYEE:

	
	 /s/ Timothy J. Severt

	Timothy J. Severt

  

			
	 COMPANY:

	TRX, Inc.
		
	By:	 	 /s/ Norwood H. Davis III

			
		
	 Printed Name:
	 	 Norwood H. Davis III

			
		
	 Title:
	 	 President & CEO

  

 2

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