SEC Contract Filing

Filing Date: 2020-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.78
<SEQUENCE>3
<FILENAME>exhibit1078paymentandt.htm
<DESCRIPTION>EX-10.78 PAYMENT AND TERMINATION AGREEMENT
<TEXT>
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<title>Document</title></head><body><div id="i_0_1"></div><div style="height:72pt;width:100%;"><div><font><br></font></div></div><div style="text-indent:36pt;padding-left:2.25pt;text-align:right;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;">Exhibit 10.78</font></div><div style="text-indent:36pt;padding-left:2.25pt;"><font><br></font></div><div style="text-indent:36pt;padding-left:2.25pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">This PAYMENT AND TERMINATION AGREEMENT (this &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;text-decoration: underline;">Agreement</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8221;), dated as of December 18, 2019, is hereby entered into by and between Sabre Corporation (formerly known as Sovereign Holdings, Inc.), a Delaware corporation (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;text-decoration: underline;">Corporation</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8221;) and Sovereign Manager Co-Invest, LLC, a limited liability company, in its capacity as representative of the Existing Stockholders (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;text-decoration: underline;">Existing Stockholders Representative</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8221;).</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the TRA (as defined below), except as otherwise expressly set forth herein.</font></div><div style="text-indent:36pt;padding-left:2.25pt;padding-right:13.5pt;text-align:justify;margin-top:3pt;"><font><br></font></div><div style="text-indent:36pt;padding-left:2.25pt;padding-right:13.5pt;text-align:justify;margin-top:3pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">WHEREAS, the Corporation and the Existing Stockholders Representative entered into an Income Tax Receivable Agreement (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%;text-decoration: underline;">TRA</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">&#8221;), dated as of April 23, 2014, pursuant to which the Corporation agreed to make payments to the Existing Stockholders in an amount equal to eighty-five percent (85%) of the aggregate reduction in the reported liability for Taxes of the Taxable Entities from the utilization of the Pre-IPO Tax Assets.</font></div><div style="padding-right:13.5pt;text-align:justify;margin-top:3pt;"><font><br></font></div><div style="text-indent:36pt;padding-left:2.25pt;padding-right:13.5pt;text-align:justify;margin-top:3pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">WHEREAS, the Corporation has notified the Existing Stockholders Representative of its intention to exercise its Early Complete Termination pursuant to Section 4.01(b) of the TRA&#59; </font></div><div><font><br></font></div><div style="text-indent:36pt;padding-left:2.25pt;padding-right:13.5pt;text-align:justify;margin-top:3pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">WHEREAS, in order to exercise such Early Complete Termination right, the Corporation shall make a payment representing the Early Termination Payment (calculated based on a gross Tax Benefit Payment of </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">$1,309,440.20</font><font style="background-color:rgb(255,255,255, 0.0);color:#231f20;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">, to be adjusted as required under Section 4.03(b) of the TRA for the Agreed Rate for December 2019), concurrently with the gross $</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;">69,137,149.96</font><font style="background-color:rgb(2