Document:

Exhibit 10.40
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GBT JerseyCo Limited
2020 EXECUTIVE LONG-TERM CASH INCENTIVE AWARD PLAN
Adopted November 5, 2020 (the "Effective Date")
		1.
	Purpose of the Plan

The purpose of the GBT JerseyCo Limited 2020 Executive Long Term Cash Incentive Award Plan (the "Plan") is to promote the interests of the Company and its shareholders by providing the key employees of the Company and its subsidiaries with an appropriate incentive with respect to the calendar year 2020 to encourage them to continue in the employ of the Company or its subsidiaries and to improve the growth, profitability and financial success of the Company and its subsidiaries. The Plan is intended to constitute a "bonus program" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and therefore is not subject to the provisions of ERISA.
		2.
	Definitions

As used in this Plan and in any Award Agreement, the following capitalized terms shall have the following meanings:
	(a)
	"Affiliate" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person; provided, that no shareholder of the Company shall be deemed an Affiliate of any other shareholder of the Company solely by reason of any investment in the Company and provided further that solely for purposes ofthe Plan and any Award Agreement, American Express Company and its subsidiaries shall be deemed to be Affiliates of the Company. For the purpose of this definition, the term "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with"), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt, no Juweel Investor shall be considered an Affiliate of the Company unless expressly noted herein.

	(b)
	"Award" shall mean a cash award granted pursuant to the Plan and an applicable Award Agreement.

	(c)
	"Award Agreement" shall mean a written agreement, substantially in one of the forms attached as an Exhibit hereto, or such other form approved by the Committee for an Award, evidencing a Participant's Award under the Plan.

	(d)
	"Award Pool" for any Performance Period, shall mean the amount available for Awards, as determined by the Committee in its sole discretion.

	(e)
	"Board" shall mean the Board of Directors of the Company.

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2020 Executive Long-Term Cash Incentive Award Plan
	(f)
	"Cause" shall mean, when used in connection with the termination of a Participant's Employment, unless otherwise provided in the Participant's Award Agreement or the Participant's Employment Agreement, the Participant's (i) willful and continued failure to adequately perform substantially all of the Participant's duties; (ii) failure to devote substantially all of the Participant's business time to the performance of the Participant's duties for the Company and its subsidiaries; (iii) willful misconduct; (iv) unlawful use of a controlled substance; (v) indictment for, conviction of, or entry of a plea of guilty or no contest to, any felony or any crime involving dishonesty, theft, moral turpitude, breach of trust or breach of a fiduciary duty or their equivalent under local law; (vi) engagement in an act or omission that is detrimental to the business or reputational interests of the Company or any of its subsidiaries, including but not limited to an act of fraud, embezzlement, disparagement, theft or dishonesty, whether in the past or future (including any such acts occurring prior to the commencement of Employment); (vii) habitual or gross negligence in the performance of the Participant's duties to the Company or any of its subsidiaries; (viii) material or repeated violation of any policy or practice adopted by the Company or any of its subsidiaries applicable to the Participant;(ix) breach of any material term of any written employment, service or consulting agreement between the Participant and the Company or any of its subsidiaries; or (x) violation of any detrimental conduct provision of the Company or any of its subsidiaries applicable to the Participant. If, subsequent to the termination of a Participant's Employment, it is discovered that such Participant engaged in conduct which the Committee determines in good faith could have resulted in such Participant's Employment being terminated for Cause, or if such Participant Competes, then in either such case, such Participant's Employment shall, at the election of the Committee, in its sole discretion, be deemed to have been terminated for Cause (regardless of how such termination was previously classified).

	(g)
	"Code" shall mean the U.S. Internal Revenue Code of 1986, as amended.

	(h)
	"Committee" shall mean the Compensation Committee of the Board or any other committee appointed by the Board pursuant to Section 3 from time to time to administer the Plan, and if no such committee exists or has been appointed, the Board.

	(i)
	"Company" shall mean GBT JerseyCo Limited, a company limited by shares incorporated under the laws of Jersey.

	(j)
	"Compete" with respect to any Participant, shall have the meaning set forth in his or her Award Agreement.

	(k)
	"Effective Date Chairman" means the Chairman of the Board on the Effective Date.

	(1)
	"Eligible Employee" shall mean an Employee who is Employed in a position that is classified as Band E (Executive), and, in the judgment of the Committee, is eligible to participate in the Plan due to the services that the Employee has performed or will perform on behalf of the Company or any of its subsidiaries. Notwithstanding the foregoing, the Effective Date Chairman shall be entitled to issue awards pursuant to his rights under Section 4.2 to any Employee whom he, in his sole discretion, elects.

	(m)
	"Employment" shall mean employment with the Company or any of its subsidiaries. "Employee" and "Employed" shall have correlative meanings. Employment will be deemed to continue, unless the Committee expressly determines otherwise in its sole discretion, subject to the requirements of applicable law, so long as the Participant is employed by, or is on an approved leave of absence from, the Company or one of its subsidiaries. If a Participant's Employment is with a Person that is a subsidiary of the Company and that Person ceases to be a subsidiary of the Company, the Participant's Employment will be deemed to have terminated when the Person

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2020 Executive Long-Term Cash Incentive Award Plan
ceases to be a subsidiary of the Company unless on or prior to such cessation, the Participant transfers Employment to the Company or one of its remaining subsidiaries. All determinations regarding Employment and terminations thereof shall be made by the Committee in its sole discretion.
	(n)
	"Employment Agreement" of a Participant shall mean the Participant's effective, written contract of Employment with the Company or any of its subsidiaries, if any.

	(o)
	"Juweel" shall mean Juweel Investors Limited, a limited company organized under the laws of the Cayman Islands.

(p) "Juweel Investors" shall mean, for so long as such entities remain invested (directly or indirectly) in the Company, Certares GBT Holdings Ltd., QH Travel, L.P., PecosCo Limited Partnership, HMC Juweel Holdings, LP, Macquarie Juweel Investor LP and BR Investors Juweel, L.P.
(q) "Majority Stockholder" shall mean, collectively or individually as the context requires, American Express Travel Holdings Netherlands Cooperatief U.A., ("Amex Shareholder") Juweel Investors Cooperatief U.A. ("Juweel Shareholder") and/or their respective Affiliates (disregarding the Company and its subsidiaries), successors and assigns.
	(r)
	"Participant" shall mean an Employee to whom an Award has been made.

	(s)
	"Participating Employer" shall mean each subsidiary of the Company that Employs or has Employed a Participant who, as of the relevant time, has an outstanding Award.

	(t)
	"Performance Measure or Measures" shall mean such performance measure or measures that are applicable to the determination of a Participant's Award as set forth in the applicable Award Agreement, if any.

	(u)
	"Performance Period" shall mean the period of time during which the applicable performance goals must be met in order to determine the degree of payout with respect to an Award that is granted under the Plan. Unless determined otherwise by the Committee, the Performance Period applicable to an Award shall be three full calendar years.

	(v)
	"Person" shall mean an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof.

		3.
	Administration of the Plan

The Committee shall administer the Plan. In addition, the Committee, in its discretion, may delegate all or part of its authority under the Plan to an officer or a committee of officers of the Company or its subsidiaries, subject to any limits or guidelines established by the Committee at the time of such delegation and subject to applicable law. For the avoidance of doubt, any action, decision, determination or interpretation made, taken or to be made or to be taken, in each case, with respect to an Award allocated by the Effective Date Chairman pursuant to Section 4.2 below shall be made or taken, as applicable, by the Effective Date Chairman (and not the Committee) for so long as he remains on the Board, provided that Awards allocated by the Effective Date Chairman are made under the same framework as applies to all other Awards issued under this Plan in connection with the calendar
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2020 Executive Long-Term Cash Incentive Award Plan
year 2020.
3.1Powers of the Committee. In addition to the other powers granted to the Committee under the Plan, the Committee shall have the power: (a) to determine the Eligible Employees to whom Awards are granted; (b) to determine the terms and conditions of an Award; (c) to prescribe the form of Award Agreement for an Award; (d) to adopt, amend and rescind such rules and regulations that it deems advisable for the administration of the Plan; (e) to construe and interpret the Plan, any Plan rules and regulations and any Award Agreements; (f) to reconcile any inconsistency, correct any defect and/or supply any omission in the Plan, any Plan rules and regulations, and any Award Agreement; (g) to determine the impact of any acquisition, disposition or similar event of any Person, or any division, business unit or assets of any Person, on outstanding Awards, including, without limitation, adjustments to performance goals relating thereto; and (h) to make all other determinations necessary or advisable for the administration of the Plan and otherwise do all things necessary or advisable to carry out the purposes of the Plan. Notwithstanding anything to the contrary set forth herein and without limiting the foregoing, the Committee may, in its absolute discretion, adjust the amount of any Award (and/or the performance goals relating thereto), including retroactively, to reflect: (w) extraordinary occurrences impacting performance or the level at which certain performance goals of the Company and/or any of its Affiliates were achieved, (x) any exchange of shares, stock dividend or split, recapitalization, merger, consolidation, combination, restructuring, reorganization or similar corporate change, (y) any change in law or accounting principles or (z) any acquisition or disposition of any Person or any division, business unit or assets of any Person, or any other extraordinary or unusual event impacting the Company or any of its Affiliates.
3.2Determinations of the Committee. Any grant, determination, prescription or other act of the Committee taken in connection with or pursuant to this Plan or any Award or Award Agreement shall require the approval of at least one representative of each of the Juweel Shareholder and the Amex Shareholder on the Committee and shall be final and conclusively binding upon all Persons.
		4.
	Awards

4.1Award Agreement. All Awards granted under the Plan shall be evidenced by an Award Agreement. By accepting (or, under such rules as the Committee may prescribe, being deemed to have accepted) an Award, the Participant shall be deemed to have agreed to the terms of the Award Agreement and the Plan. In the event of a conflict between the terms of the Plan and the terms of any Award Agreement, the terms of the Plan shall govern except as otherwise expressly provided herein. No Awards shall be granted under this Plan except in connection with the calendar year 2020.
4.2Award Pool. The Award Pool for each Performance Period shall be allocated by the Committee. Notwithstanding the foregoing, with respect to each Performance Period, the Effective Date Chairman shall be entitled to allocate 21% of the Award Pool in his sole discretion (or such lesser percentage determined by the Effective Date Chairman); provided that from such time as the Effective Date Chairman is no longer serving on the Board, such right shall terminate, and the Committee shall allocate 100% of the Award Pool for each Performance Period. The Award Pool for Awards issued under this Plan (including Awards not based on performance goals) shall equal $36,000,000 in aggregate, including $4,000,000 to be allocated by the Effective Date Chairman pursuant to this Section 4.2
4.3Performance Measures.
4.3.1.Payment of an Award granted under the Plan may be conditioned on the
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2020 Executive Long-Term Cash Incentive Award Plan
attainment of a level or levels of a Performance Measure or Measures for a Performance Period, all as set out in the applicable Award Agreement. The Performance Measure or Measures, required level or levels and the Performance Period of Awards need not be identical with respect to all Participants.
4.3.2.In establishing a Performance Measure or Measures for Participants and in certifying the achievement of a Performance Measure or Measures as of the end of a Performance Period, the Committee may, in its sole discretion, include or exclude the impact of certain events, including, without limitation, any of the following: expenses as a result of restructuring or productivity initiatives; non-operating items; acquisition expenses; and any other items of gain, loss or expense that are determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or to a change of accounting principles. Any such decision may be made by the Committee before, during, or after, the applicable Performance Period.
4.4Determination of an Amount of Award. The Committee shall determine whether the Performance Measure or Measures applicable to an Award were achieved, and if applicable, the level or levels of the Performance Measure or Measures, as well as the amount to be paid with respect to such an Award, based on the achievement, and if applicable, the level or levels of achievement, of the Performance Measure or Measures applicable to the Award.
4.5Eligibility for Awards Following Termination of Employment. Unless otherwise provided in an Award Agreement, upon the termination of a Participant's Employment for any reason, any portion of the Award that is then unvested shall be immediately forfeited with no compensation or payment due to the Participant. The portion of an Award that is vested as of a Participant's termination of Employment shall be treated as set forth in the applicable Award Agreement.
4.6Payment of Awards. The vested portion of an Award shall be paid by the Participating Employer employing the relevant Participant at the time or times, or within the permissible period or periods, applicable to the Award set forth in the Award Agreement. The Participating Employer shall deduct from all payments of Awards any required tax withholdings. In its sole discretion, the Participating Employer may offset any amounts that a Participant may owe to the Company or any of its subsidiaries against any payment of an Award that would otherwise have been made to the Participant, to the extent permissible under Section 409A of the Code (if applicable to the relevant Participant). Neither the Company nor any subsidiary of the Company shall have any liability or obligation to any Participant for the payment of an Award other than the Participating Employer that Employed the Participant on the last day of the relevant Performance Period (or, if earlier, on the date of such Participant's termination of employment with the Company and its subsidiaries). In all cases, the portion of an Award determined by the Committee to be payable to a Participant for a Performance Period shall be paid on or after the last day of such Performance Period, but no later than the date that is two and one half months after the last day of such Performance Period.
		5.
	Miscellaneous

5.1No Special Employment Rights. Nothing contained in the Plan shall confer upon any Participant any right with respect to the continuation of such Participant's Employment or interfere in any way with the right of the Company or any of its subsidiaries, subject to the terms of any Employment Agreement with such Participant to the contrary, at any time to terminate such Employment or to increase or decrease the compensation of such Participant from the rate in existence at the time of the grant of any Award.
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2020 Executive Long-Term Cash Incentive Award Plan
5.2Participation in Other Plans. Nothing in this Plan shall be deemed to entitle a Participant to participate in, nor prohibit nor restrict any Participant's participation in, any other plan, program or arrangement maintained by the Company or any of its Affiliates.
5.3Amendment; Termination. The Company may at any time, in its sole discretion, terminate or amend this Plan, provided that any such termination or amendment may not both materially and adversely affect a Participant's rights in respect of a previously granted and outstanding Award without the Participant's written consent; provided, however, that notwithstanding the foregoing or any provision herein to the contrary, without the consent of an affected Participant, the Committee may (but shall not be obligated to), in its sole discretion, change the form and timing of any payment or otherwise modify the terms of the Plan or an Award Agreement, in each case, in order to comply with applicable law. In addition, the Committee, the Company and each Participating Employer may exercise any discretion given to any of them under the terms of the Plan or an Award Agreement without the consent of any Participant, regardless of whether such action or omission has a materially adverse effect on any Participant (including, without limitation, under the Plan or under any previously granted and outstanding Award).
5.4Descriptive Headings. The headings in the Plan are for convenience of reference only and shall not limit or otherwise affect the meaning or interpretation of the terms contained herein.
5.5Severability. In the event that any one or more of the provisions, subdivisions, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase or sentence in every other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights, powers and privileges of the Company and Participants shall be enforceable to the fullest extent permitted by law. In addition, if any provision in this Plan or any Award Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Plan or Award Agreement, such provision shall be enforceable to the maximum extent possible under applicable law.
5.6Governing Law. The provisions of the Plan and any Award Agreements and all claims or disputes arising out of or based upon the Plan, any Award Agreement and any Award under the Plan or relating to the subject matter hereof or thereof shall be governed by, and construed and enforced in accordance with, the domestic substantive laws of the State of New York, without regard to the principles of conflict of laws thereof; provided, however, that any section of an Award Agreement containing non-competition, non-solicitation, confidential information and/or non-disparagement restrictions shall be governed by the law set forth in such section of the applicable Award Agreement, if any.
5.7Venue. The parties hereto hereby agree and consent to be subject to the exclusive jurisdiction of the courts of the State of New York sitting in New York County and the United States District Court for the Southern District of New York in any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Plan, any Award Agreement or any Award under the Plan. Each party hereto hereby irrevocably waives, to the fullest extent permitted by law: (a) any objection that it may now or hereafter have to laying venue of any suit, action or proceeding brought in such courts; and (b) any claim that any suit, action or proceeding brought in such courts has been brought in an inconvenient forum. Notwithstanding the foregoing (i) the Company and its Affiliates may seek to enforce the restrictive covenants set forth in any Award Agreement in any court of competent jurisdiction and (ii) except with respect to clause (i) of this
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2020 Executive Long-Term Cash Incentive Award Plan
sentence, this Section 5.7 shall not apply to any Participant who has signed an effective and enforceable arbitration agreement with the Company or any of its subsidiaries (in which case, any dispute (other than those relating to the restrictive covenants set forth in any Award Agreement) relating to the Plan, any Award or any Award Agreement shall be resolved in accordance with such arbitration agreement).
5.8WAIVER OF JURY TRIAL. BY ACCEPTING AN AWARD UNDER THE PLAN, EACH PARTICIPANT WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THE PLAN AND/OR ANY AWARD AGREEMENT, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, AND AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM SHALL NOT BE TRIED BEFORE A JURY. BY ACCEPTING AN AWARD UNDER THE PLAN, EACH PARTICIPANT CERTIFIES THAT NO OFFICER, REPRESENTATIVE, OR ATTORNEY OF THE COMPANY OR ANY OF ITS AFFILIATES HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE COMPANY OR ANY OF ITS AFFILIATES WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS.
5.9Limitation of Liability. Notwithstanding anything to the contrary in the Plan, neither the Company, nor any Affiliate of the Company, nor the Committee, nor any person acting on behalf of the Company, any Affiliate of the Company, or the Committee, will be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy the requirements of Section 409A of the Code or by reason of Sections 280G or 4999 of the Code, or otherwise asserted with respect to an Award.
5.10No Assignment. The right of any Participant or any beneficiary to any payment hereunder shall not be assigned, transferred, pledged or encumbered except by will or by the laws of descent and distribution.
5.11Section 409A. The intent of the Company is that the payments and benefits under this Plan shall be exempt from the provisions of Section 409A of the Code and the regulations and guidance promulgated thereunder, and to the maximum extent permitted, the Plan shall be interpreted accordingly. Notwithstanding the foregoing or anything contained in the Plan or an Award Agreement to the contrary, neither the Company nor any of its Affiliates shall have any liability or obligation to any Participant for taxes, interest or penalties, including without limitation, any imposed under Code Section 409A.
5.12Unfunded Status of Plan. Neither the Company nor any Participating Employer shall have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under this Plan. To the extent any person acquires any right to receive a payment hereunder, such right shall be no greater than that of an unsecured general creditor.
5.13Repayment Obligations. The Committee in its discretion may require a Participant to repay an Award in the event of a restatement of the Company's or a subsidiary's financial results within three years after payment of such Award to correct a material error that is determined by the Committee to be the result of fraud or intentional misconduct.
5.14Special Compensation. The grant of an Award under the Plan is a special one­time, discretionary grant to the Participant and there is no expectation that any future Award will be
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2020 Executive Long-Term Cash Incentive Award Plan
granted to the Participant nor any entitlement to any such Award. Any Award granted to a Participant under the Plan is not part of such Participant's regular wages, salary or compensation and shall not be pensionable, nor shall the Award be included in any severance, termination or pay in lieu of notice obligation or calculation to the Participant.
5.15Applicable Regulatory Guidance and Clawback/Adjustment. Notwithstanding any provision contained herein to the contrary, the Committee and/or management of the Company may in its discretion claw back Awards, reduce or eliminate the amount of the Award that would otherwise be payable if, in the Committee's or management's sole judgment, such reduction or elimination is appropriate. Circumstances where such negative discretion may be appropriate include instances where the Participant participated (which could include, depending on the circumstances, participation in a supervisory capacity by act or omission) in an activity without appropriate consideration of the risk to the Company and/or any of its Affiliates. Examples include but are not limited to the Participant's failure to raise, identify and/or assess in a timely manner and as reasonably expected risks, such as a material compliance, legal, regulatory or reputational risk. Additionally, in the event that any Award is paid as a result of misstated financial results, the Committee may, in its discretion, adjust the Award to reflect the corrected financial results.Exhibit 10.41

2020 AGREEMENT
UNDER THE
GBT JERSEYCO LIMITED
2020 EXECUTIVE LONG-TERM CASH INCENTIVE AWARD PLAN
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THIS AGREEMENT, made as of this ____ day of _____, 2020, is between GBT Travel Services UK Limited (the “Company”) and ________________ (the “Participant”).
WHEREAS, the Company is a Participating Employer in the GBT JerseyCo Limited 2020 Executive Long-Term Cash Incentive Award Plan (as amended and/or restated from time to time, the “Plan”).
WHEREAS, the Company has determined that it is in the best interests of the Company to make the award (the “Award”) described in this Agreement (including Schedule A attached hereto, this “Agreement”), which Award will vest at the time or times set forth in Section 3, subject to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:
1.Award.  The grant date of the Award hereby granted is [______], 2020.  The amount that may be paid to the Participant in respect of the Award, and the determination of the amount so payable, is set forth in Schedule A attached hereto.
2.Performance Period and Measures.  The Performance Period is set forth in Schedule A attached hereto, and the Performance Measures shall be determined by the Committee in its sole discretion before the end of the Performance Period and separately communicated to you.
3.Vesting.  One-sixth of the Award will become vested on each of the first three anniversaries of September 1, 2020 (each, a “Vesting Date”) and the remaining one-half of the Award is eligible to become vested on the final Vesting Date based on the achievement of the Performance Measures as determined by the Committee, in each case, subject to the Participant’s continued Employment through the applicable Vesting Date.  In the event that the Participant incurs a termination of Employment for any reason prior to a Vesting Date, regardless of whether such termination is initiated by the Participant, by the Company, by GBT (as defined below) or by any subsidiary of GBT, the portion of the Award that is unvested as of the date of such termination shall immediately terminate with no compensation or other payment due to the Participant or any other Person and the then unvested portion of the Award shall thereafter cease to be outstanding and shall no longer be eligible to be earned.
4.Settlement.  The portion of the Award that has become vested in accordance with Section 3 above shall be paid to the Participant no later than the date that is two and one half months
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Executive LTIP
Award Agreement

after the Vesting Date on which such portion became vested.  All payments with respect to the Award will be made in cash and shall be reduced by all applicable deductions and tax withholdings.
5.Incorporation of Plan.  All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein.  If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan, as interpreted by the Committee, shall govern.  Capitalized terms used in this Agreement but not defined herein shall have the meaning assigned to them in the Plan.
6.Restrictive Covenants.  In consideration of the grant of the Award pursuant to this Agreement, the Participant makes the following covenants described in this Section 6 and agrees that his/her obligations under this Section 6 shall, with respect to GBT and its subsidiaries, constitute separate and distinct covenants in respect of which he/she hereby covenants with the Company as trustee for GBT and each such other subsidiary and without prejudice to the foregoing also agrees that the Company shall be entitled to seek to enforce such restrictions not only on behalf of itself but also on behalf of GBT and any of such subsidiaries.  Notwithstanding anything in the Plan or this Agreement to the contrary, in the event that the Participant violates any of the provisions of this Section 6, the Participant shall, in addition to any other equitable and legal remedies to which the Company or any of its subsidiaries or Affiliates may be entitled, forfeit the Award in full with no compensation or payment due to the Participant or any other Person.
(a)Noncompetition; Nonsolicitation; Confidential Information.  The Participant shall not Compete (as such term is defined below).
(b)For purposes of this Agreement, the term “Compete” shall mean:
(i)During the Restricted Period, being an employee, director, or independent contractor of, or a consultant to, or performing any services for or on behalf of, or being an owner or investor in (other than the ownership of not more than 1% of the publicly traded voting securities of any company listed on a national securities exchange), any Person engaging in any Competing Business anywhere in the United Kingdom or in any country in which GBT JerseyCo Limited, a company limited by shares incorporated under the laws of Jersey (“GBT”), or any of its subsidiaries conducts business or, at the time of the termination of Participant’s Employment, had plans to conduct business provided that this shall not restrain the Participant from being engaged or concerned in any business concern in so far as his/her duties or work shall relate solely to geographical areas where the business concern is not in competition with GBT or any of its subsidiaries or from providing services or activities with which the Participant was not concerned to a material extent during the twelve month period immediately prior to the termination of his/her Employment (such twelve month period, the “Protected Period”) and in either case provided that no Key Executive with whom the Participant had material contact in the course of his/her Employment is also engaged or concerned or interested in such business (whether as an employee, agent director or consultant); or
(ii)during the Restricted Period, directly or indirectly, whether on behalf of the Participant or another Person, (x) soliciting (including any communication of any kind,
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Executive LTIP
Award Agreement

regardless of by whom it is initiated) or doing business with, or attempting to solicit or do business with, any actual or Prospective Customer or Supplier of GBT or any of its subsidiaries in connection with any Competing Business or to terminate or alter in a manner adverse to GBT or any of its subsidiaries such Customer’s or Supplier’s (or Prospective Customer’s or Supplier’s) relationship with GBT or any of its subsidiaries, or (y) soliciting or inducing, or attempting to solicit or induce, any Key Executive or to provide services to another Person (whether as an employee, director, consultant or otherwise), or hiring or attempting to hire any such Key Executive, provided that Participant’s employer’s or business organization’s conducting general advertising for employees not directed at any specific Person shall not in and of itself be a violation of this clause (ii); or
(iii)at any time during or following Employment, disclosing or using any Confidential Information, except as required by legal process or, during Employment, in good faith in furtherance of the Participant’s job responsibilities to GBT or any of its subsidiaries (provided that if the Participant receives legal process with regard to disclosure of such Confidential Information, the Participant shall promptly notify GBT and cooperate with GBT in seeking a protective order with respect to such Confidential Information or to otherwise limit its disclosure).
(c)“Competing Business.”   For purposes of this Agreement “Competing Business” shall mean any business in which GBT or any of its subsidiaries or Affiliates is engaged, or is considering engaging in, during the Restricted Period and in connection with which the Participant had material dealings during the Protected Period or regarding which the Participant is in possession of Confidential Information.
(d) “Confidential Information.”  For purposes of this Agreement “Confidential Information” shall mean all information regarding GBT, Juweel, any of the Juweel Investors, any Affiliates of GBT, or any of the employees, officers or directors of any of the foregoing Persons, including, without limitation, any activity, business, product, customer, client or supplier of any of the foregoing Persons, in any case, that is not generally known by the public or to Persons not employed by GBT, Juweel, any of the Juweel Investors or any of their respective Affiliates, including, without limiting the foregoing, information that would not be known to the public but for the actions of or disclosure by, directly or indirectly, the Participant or any other Person who has breached a confidentiality restriction.
(e)“Restricted Period.”   For purposes of this Agreement, “Restricted Period” shall mean the period of the Participant’s Employment and the twelve-month period immediately following the Participant’s termination of Employment for any reason, regardless of whether such termination is initiated by the Participant, by GBT or by any of GBT’s subsidiaries.
(f)“Customer”. For purposes of this Agreement, “Customer” shall mean any Person who or which at any time during the Protected Period was a client or customer of GBT or any of its subsidiaries with whom or which the Participant dealt or for whom or which the Participant was responsible on behalf of GBT or any of its subsidiaries at any time during the Protected Period.
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Executive LTIP
Award Agreement

(g)“Key Executive”.  For purposes of this Agreement, “Key Executive” shall mean a person who at any time whilst the Participant was Employed (i) was Employed (other than in a clerical, secretarial or administrative capacity); and (ii) was so Employed in a capacity in which he or she obtained Confidential Information or is likely to be able to solicit Customers of GBT or any of its subsidiaries or is able to influence the Customer connections of GBT or any of its subsidiaries; and (iii) was so Employed at any time during the Protected Period; and (iv) with whom the Participant had dealings in the course of his duties during the Protected Period.
(h)“Prospective Customer”. For purposes of this Agreement, “Prospective Customer” shall mean any Person with whom or which at any time during the Protected Period the Participant dealt or for whom or which at any time during the Protected Period the Participant was responsible on behalf of GBT or any of its subsidiaries with a view to that Person purchasing or obtaining or facilitating the purchase of goods and/or services from GBT or any of its subsidiaries.
(i)“Suppliers”. For purposes of this Agreement, “Suppliers” shall mean any Person who or which at any time during the Protected Period was a supplier to GBT or any of its subsidiaries with whom or which the Participant dealt or for whom or which the Participant was responsible on behalf of GBT or any of its subsidiaries at any time during the Protected Period.
(j)Non-Disparagement.  The Participant shall not, during the Participant’s Employment or at any time thereafter, directly or indirectly, whether orally or in writing, disparage (i) GBT, (ii) any Majority Stockholder, (iii) Juweel, (iv) any Juweel Investor, (v) any subsidiary or Affiliate of GBT or of a Majority Stockholder, (vi) any employee, officer, shareholder, member, partner, owner or director of any of the entities described in clauses (i) through (v), or (vi) any business or property or asset of GBT or any of its subsidiaries.
(k)Enforceability of Covenants. The Participant acknowledges the reasonableness of the term, geographical territory, and scope of the covenants set forth in this Section 6, and the Participant agrees that the Participant will not, in any action, suit or other proceeding, deny the reasonableness of, or assert the unreasonableness of, the premises, consideration or scope of the covenants set forth herein and the Participant hereby waives any such defense.  The Participant further acknowledges that complying with the provisions contained in this Agreement will not preclude the Participant from engaging in a lawful profession, trade or business, or from becoming gainfully employed and that each of the restrictions contained in this Section 6 is not greater than is necessary for the protection of the goodwill and trade connections of GBT or any of its subsidiaries.  The Participant agrees that the Participant’s covenants under this Section 6 are separate and distinct obligations under this Agreement, and the failure or alleged failure of the Company or the Board to perform any obligation under any provision of this Agreement shall not constitute a defense to the enforceability of the Participant’s covenants and obligations under this Section 6.  The Participant agrees that any breach of any covenant under this Section 6 will result in irreparable damage and injury to GBT, its subsidiaries and/or the other Persons referenced in Section 6(j) and that they will be entitled to equitable and other injunctive relief to prevent any such breach or threatened breach in any court of competent jurisdiction without the necessity of posting any bond (in addition to any other legal remedies they may have).   GBT, each subsidiary of GBT and each other Person referenced in Section 6(j) is an intended third party beneficiary of this Section 6 and may enforce its terms as if they were a party hereto.
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Executive LTIP
Award Agreement

(l)Nonexclusive Remedy. In addition to any remedies that may be available in any agreement to which the Participant is a party, the remedies available for breach of any of the foregoing restrictive covenants shall include:  (a) any rights or remedies available in law or in equity, (b) the forfeiture of the Award for no compensation or other payment due to the Participant or any other Person; (c) in respect of any portion of the Award paid prior to any such breach or subsequent thereto, repayment by the Participant to the Company of the amount of the Award so paid to the Participant; and (d) payment by the Participant to GBT, its subsidiaries and/or the other Persons referenced in Section 6(j) of an amount reimbursing them for all attorneys’ fees and other costs they incur enforcing their rights under this Agreement.
(m)Court Modification.  If any term of this Section 6 is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Section 6, such term shall be enforceable to the maximum extent possible under applicable law and such court shall reform such term to make it enforceable to such extent.
(n)Governing Law.    The provisions of this Section 6 shall be governed by, and construed and enforced in accordance with, the domestic substantive laws of the United Kingdom, without regard to the provisions governing choice or conflict of laws or rules that would cause the application of the domestic substantive laws of any other jurisdiction.
7.Construction of Agreement/Severability.  In the event that any one or more of the provisions, subdivisions, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase or sentence in every other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights, powers and privileges of the Company and of the Participant shall be enforceable to the fullest extent permitted by law; provided, however, that if any restrictive covenant contained herein is determined to be too broad in duration, scope or in any other respect, it shall be reformed to be enforceable to the maximum extent permitted by applicable law.  For purposes of this Agreement, any reference to a subsidiary or subsidiaries of a Person shall be deemed to refer to the direct and indirect subsidiaries of such Person.
8.Delays or Omissions.  No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any modification, waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provision or condition of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.
9.Integration.  This Agreement and the Plan contain the entire understanding of the parties hereto and their respective Affiliates with respect to the subject matter hereof.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with
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Executive LTIP
Award Agreement

respect to the subject matter hereof other than those expressly set forth herein or in the Plan.  This Agreement and the Plan supersede all prior and contemporaneous agreements and understandings between the parties hereto and their respective Affiliates with respect to the subject matter hereof.  Notwithstanding the foregoing or anything contained herein to the contrary, the restrictive covenants set forth in Section 6 of this Agreement are independent of any other restrictive covenants to which the Participant is subject in favor of GBT, the Company or any of their respective Affiliates, and this Agreement shall not supersede (or be superseded by) any such other restrictive covenants to which the Participant is subject in favor of GBT, the Company or any of their respective Affiliates.
10.Taxes.
(a)The Participant irrevocably agrees to:
(i)Pay to the Company, his employer or former employer (as appropriate) the amount of any Tax Liability; or
(ii)Enter into arrangements to the satisfaction of the Company, his employer or former employer (as appropriate) for payment of any Tax Liability.
(b)The Participant irrevocably agrees to reimburse the Company, his employer or former employer (as appropriate) for any secondary class 1 (employer) National Insurance contributions (or any similar liability for social security contribution in any jurisdiction) which:
(i)The Company or any employer (or former employer) of the Participant is liable to pay as a result of any Taxable Event; and
(ii)May be lawfully recovered by the Company or any employer (or former employer) from the Participant;
(c)If the Participant does not fulfil his obligations arising under this Section 10 in respect of any Tax Liability relating to the Award within seven days after the Taxable Event the Company or the Participant’s employer or former employer (as appropriate) may withhold from any salary, bonus or other amounts, payments or property due to the Participant (including, without limitation, payments of any portion of the Award) amounts sufficient to satisfy the Tax Liability.
(d)For purposes of this Agreement, “Tax Liability” means the total of: (i) any income tax and primary class 1 (employee) National Insurance contributions (or their equivalents in any jurisdiction) for which the Company or any employer (or former employer) of the Participant is liable to account as a result of any Taxable Event; and (ii) any secondary class 1 (employer) National Insurance contributions that the Company or any employer (or former employer) of the Participant is liable to pay as a result of any Taxable Event and which can be recovered lawfully from the Participant.
(e)For purposes of this Agreement, “Taxable Event” means any event or circumstance that gives rise to a liability for the Participant (or the Company or any employer (or
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Executive LTIP
Award Agreement

former employer) of the Participant on the Participant’s behalf) to pay income tax and/or National Insurance contributions (or their equivalents in any jurisdiction) in respect of: (i) this Award, including its vesting or payment; or (ii) the failure by the Participant to make good any Tax Liability within the time limit specified in section 222 of the Income Tax (Earnings and Pensions) Act 2003.
11.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.
12.Governing Law; Venue; WAIVER OF JURY TRIAL.  Except as otherwise provided in Section 6(n), this Agreement shall be governed by, and construed and enforced in accordance with, the domestic substantive laws of the State of New York, without regard to the provisions governing choice or conflict of laws or rules that would cause the application of the domestic substantive laws of any other jurisdiction.  The parties agree that any dispute relating to this Agreement, the Award or the Plan shall be resolved in accordance with Sections 5.7 and 5.8 of the Plan (including, without limitation, the venue specified therein and the WAIVER OF JURY TRIAL provision thereof).
13.Effect on Employment.  Nothing contained in this Agreement shall confer upon the Participant any right with respect to the continuation of the Participant’s Employment or interfere in any way with the right of the Company or any of its subsidiaries or Affiliates, subject to the terms of any separate Employment Agreement with the Participant to the contrary, at any time to terminate such Employment or to decrease the compensation of the Participant.
14.Personal Data.  In accepting the grant of this Award, the Participant consents to the collection, holding, processing and transfer of his Personal Data by the Company and its Affiliates for all purposes connected with the operation of the Plan and this Agreement.  The purposes of the Plan and this Agreement referred to in the immediately preceding sentence include, but are not limited to: (i) holding and maintaining details of the Participant’s Award; (ii) transferring the Participant’s Personal Data to the trustee of an employee benefit trust, the Company’s registrars or brokers or any administrators of the Plan; (iii) transferring the Participant’s Personal Data to a bona fide prospective buyer of GBT or any of its subsidiaries or the Participant’s employer company or business unit (or the prospective buyer’s advisers), provided that the prospective buyer, and its advisers, irrevocably agree to use the Participant’s Personal Data only in connection with the proposed transaction and in accordance with the data protection principles set out in the Data Protection Act `1998; and (iv) transferring the Participant’s Personal Data to a person who is resident in a country or territory outside the European Economic Area that may not provide the same statutory protection for the information as countries within the European Economic Area.  For purposes of this Agreement, “Personal Data” has the meaning given in Section 1 of the Data Protection Act 1998.
15.Acknowledgments.  The Participant hereby acknowledges receipt of a copy of the Plan.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of the Plan, this Agreement and the Award shall be final, binding and conclusive.
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Executive LTIP
Award Agreement

16.Special Compensation.  The grant of the Award under the Plan is a special one-time, discretionary grant to the Participant and there is no expectation that any future Award will be granted to the Participant, nor does the Participant have any entitlement to any such Award.  The Award is not part of the Participant’s regular wages, salary or compensation and shall not be pensionable, nor shall the Award be included in any severance, termination or pay in lieu of notice obligation or calculation to the Participant.
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Executive LTIP
Award Agreement

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized officer and the Participant has hereunto signed this Agreement on his or her own behalf, thereby representing that he or she has carefully read and understands this Agreement and the Plan as of the day and year first written above.
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	GBT Travel Services UK Limited

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	By: Patricia Huska

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	Title: Chief People Officer

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	[Insert Participant’s Name]

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	Date: 
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