Board of Directors

 ANTAL DESAI

Mr. Desai is a partner at CPMG, Inc., an investment firm that employs a concentrated, value-oriented approach to investing in publicly traded and private operating companies. Prior to joining CPMG’s predecessor, Cardinal Investment Company, Mr. Desai worked as an analyst at WhiteHorse Capital Partners, L.P. Along with Travel Research Advisors LLC, he currently serves on the Board of Directors of PROCEPT BioRobotics Corporation, Theatro Labs, Inc., ESN Venture Holdings, LLC and Lifeblue Incorporated.

Mr. Desai holds a B.S. and an M.B.A. from The Wharton School at the University of Pennsylvania.

 ROBERT DOBRIENT

Mr. Dobrient currently serves as Chairman of Travel Research Advisors, LLC, the parent company of Savoya and related entities in the travel space. Prior to establishing Savoya in 2000, Mr. Dobrient was co-founder and President of Max America, a same-day delivery and logistics firm that won Inc. “500” honors three consecutive years in the early 1990s. In 1997, he led the acquisition of Max America by publicly held Dynamex, Inc., a leading consolidator in the mission-critical distribution industry.

Mr. Dobrient is a Director at Triumph Bancorp (TBK: NASDAQ), a bank holding company based in Dallas, as well as at Triumph Business Capital. He also serves as a Director at MealTicket, a provider of cloud-based sales, marketing and analytics software for the food distribution industry, and at Redaway LLC, a medical waste transport and disposal company. He also serves on the Baylor Scott & White Foundation Advisory Board.

Mr. Dobrient received a B.B.A. from University of North Texas in 1985.

CARLOS SEPULVEDA

Carlos M. Sepulveda, Jr. has served on the Travel Research Advisors board of directors since 2014. He is also the Chairman of the Board at Triumph Bancorp, Inc. where he has served since 2010 and also serves as Chairman of TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc.

Since 2007, Mr. Sepulveda has served as a Director and Chairman of the Audit Committee for Cinemark Holdings, Inc. and was appointed lead Director of the Board in 2016.

He served as a director, executive committee member and chairman of the audit committee of Matador Resources Company from 2013 to 2017.

Mr. Sepulveda has extensive experience in business and finance. He joined Interstate Battery System International, Inc. in 1990, has served on its Board of Directors since 1995 and was its President and Chief Executive Officer from 2004 until 2013. Prior to joining Interstate Battery, Mr. Sepulveda was a partner at KPMG with more than 10 years of audit experience.

Mr. Sepulveda received a Bachelor of Business Administration with highest honors from the University of Texas at Austin. He is a certified public accountant (CPA) and is a member of the American Institute of CPAs and Texas Society of CPAs.

 RAWLEIGH RALLS

Mr. Ralls has served as Director at Savoya and Travel Research Advisors, LLC since November 2003. He is a founding partner of Lacuna, LLC, an investment management company focused on both public and private companies, which he formed in October 2006. Prior to that, he spent 8 years at Goldman Sachs’ Private Client Services group in Dallas, and co-founded Precept Capital Management in 1998. He was Chairman of Netidentity.com from 1999 until its sale in 2006, and served as Co-Chairman of Tucows Inc. (NASDAQ: TCX) from September 2012 until 2018. He currently serves as Director of several organizations, including Knowledge Factor (since June 2006), Concept3d (since October 2006) and IntraOp Medical Corp. (since August 2007). He also serves as a Director of MealTicket, a provider of cloud-based sales, marketing and analytics software for the food distribution industry.

Mr. Ralls received his M.B.A. degree from Southern Methodist University. He received an undergraduate degree in Chemical Engineering from the University of Arkansas in 1984.