Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

     FOURTH AMENDMENT, dated as of February 18, 2009 (this “Fourth
Amendment”), to the CREDIT AGREEMENT dated as of July 8, 2005, as
amended by the First Amendment dated as of December 7, 2006, the
Second Amendment dated as of December 18, 2006 and the Third
Amendment dated as of August 7, 2007 (as further amended, restated,
supplemented or otherwise modified from time to time, the “Credit
Agreement”), among EXPEDIA, INC., a Delaware corporation; EXPEDIA,
INC., a Washington corporation; TRAVELSCAPE, LLC, a Nevada limited
liability company (successor to TRAVELSCAPE, INC., a Nevada
corporation); HOTWIRE, INC., a Delaware corporation; the other
Borrowing Subsidiaries from time to time party thereto; the LENDERS
from time to time party thereto; JPMORGAN CHASE BANK, N.A., as
Administrative Agent; and J.P. MORGAN EUROPE LIMITED, as London
Agent.

W I T N E S S E T H :

          WHEREAS the Lenders have agreed to extend credit to the Borrowers under the Credit Agreement
on the terms and subject to the conditions set forth therein; and

          WHEREAS the Company has requested that the Lenders amend certain provisions of the Credit
Agreement, and the Lenders under the Credit Agreement whose signatures appear below, constituting
at least the Required Lenders, are willing to amend the Credit Agreement, on the terms and subject
to the conditions set forth herein;

          NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties
hereto hereby agree as follows:

          SECTION 1. Defined Terms. Capitalized terms used but not otherwise defined herein (including
in the preamble hereto) have the meanings assigned to them in the Credit Agreement.

          SECTION 2. Amendment of Credit Agreement. Effective as of the Fourth Amendment Effective Date
(as defined below), the Credit Agreement is hereby amended as follows:

          (a) Amendment of Section 1.01. Section 1.01 of the Credit Agreement is amended as follows:

(i) The following terms are added thereto in appropriate alphabetical order:

“Consolidated Cash Interest Expense” means, for any period, the excess
of (a) the sum, without duplication, of (i) the interest expense
(including imputed interest expense in respect of Capital Lease
Obligations) of the Company and the Subsidiaries for such

 

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period, determined on a consolidated basis in accordance with GAAP, (ii)
the interest expense that would be imputed for such period in respect of
Synthetic Lease Obligations of the Company and the Subsidiaries if such
Synthetic Lease Obligations were accounted for as Capital Lease
Obligations, determined on a consolidated basis in accordance with GAAP,
(iii) any interest or other financing costs becoming payable during such
period in respect of Indebtedness of the Company or its Subsidiaries to the
extent such interest or other financing costs shall have been capitalized
rather than included in consolidated interest expense for such period in
accordance with GAAP and (iv) any cash payments made during such period in
respect of obligations of the type referred to in clause (b)(ii) below that
were amortized or accrued in a previous period, minus (b) the sum of (i) to
the extent included in such consolidated interest expense for such period,
noncash amounts attributable to amortization or write-off of capitalized
interest or other financing costs paid in a previous period and (ii) to the
extent included in such consolidated interest expense for such period,
noncash amounts attributable to amortization of debt discounts or accrued
interest payable in kind for such period.

“Existing Indentures” means (a) the Indenture dated as of August 21, 2006
among the Company, the Subsidiary Guarantors from time to time parties
thereto and The Bank of New York Trust Company, N.A., as Trustee, relating
to the Company’s 7.456% Senior Notes due 2018, and (b) the Indenture dated
as of June 24, 2008 among the Company, the Subsidiary Guarantors party
thereto and The Bank of New York Trust Company, N.A., as Trustee, relating
to the Company’s 8.5% Senior Notes due 2016.

“Fourth Amendment” means the Fourth Amendment, dated as of February 18,
2009, to this Agreement.

“Fourth Amendment Effective Date” has the meaning set forth in the
Fourth Amendment.

     (ii) The definition of “Alternate Base Rate” is amended and restated in its entirety to read
as follows:

“Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the LIBO
Rate for a US Dollar Borrowing with a one month Interest Period commencing
on such day (or, if such day is not a Business Day, the immediately
preceding Business Day) plus 1.00%, provided that, for the avoidance of
doubt, the LIBO Rate for any day shall be based on the rate appearing on
the Reuters

 

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BBA LIBOR Rates Page 3750 at approximately 11:00 a.m., London time, on
such day. Any change in the Alternate Base Rate due to a change in the
Prime Rate, the Federal Funds Effective Rate or the LIBO Rate shall be
effective from and including the effective date of such change in the
Prime Rate, the Federal Funds Effective Rate or the LIBO Rate,
respectively.

     (iii) The definition of “Applicable Rate” is amended and restated in its entirety to read as
follows:

“Applicable Rate” means, for any day, with respect to any ABR Revolving
Loan or Eurocurrency Revolving Loan, or with respect to the commitment
fees or letter of credit fees payable hereunder, as the case may be, the
applicable rate per annum set forth below under the caption “ABR Spread”,
“Eurocurrency Spread”, “Commitment Fee Rate” or “Letter of Credit Fee
Rate”, as the case may be, based upon the Leverage Ratio as of the most
recent determination date:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Commitment Fee	 	Letter of Credit	 	 	 	 
	Leverage Ratio:	 	 	Rate	 	Fee Rate	 	ABR Spread	 	Eurocurrency Spread
	Category 1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	< 1.00
	 	 	 	0.375	%	 	 	2.500  	%	 	 	1.500	%	 	 	2.500	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 2
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3 1.00 and < 1.50
	 	 	 	0.375	%	 	 	2.625  	%	 	 	1.625	%	 	 	2.625	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 3
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3 1.50 and < 2.00
	 	 	 	0.500	%	 	 	2.750  	%	 	 	1.750	%	 	 	2.750	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Category 4
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3 2.00
	 	 	 	0.500	%	 	 	2.875  	%	 	 	1.875	%	 	 	2.875	%

For purposes of the foregoing, (i) the Leverage Ratio shall be determined as of the end of each
fiscal quarter of the Company’s fiscal year based on the Company’s consolidated financial
statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Rate
resulting from a change in the Leverage Ratio shall be effective during the period commencing on
and including the Business Day following the date of delivery to the Administrative Agent of such
consolidated financial statements indicating
such change and ending on the date immediately preceding the effective date of the next such
change; provided that the Applicable Rate shall be determined based on Category 4 if the Company
fails to deliver the consolidated financial statements required to be delivered by it pursuant to
Section 5.01(a) or (b), during the period from the last

 

4

day on which such statements are permitted to be delivered in
conformity with Section 5.01(a) or (b), as the case may be, until such
consolidated financial statements are delivered; provided further that,
unless an Event of Default described in Section 7.01(h) or (i) has
occurred with respect to the Company or any Borrower, the
Administrative Agent or the Required Lenders shall have first made a
request for such applicability of Category 4.

     (iv) The definition of “Consolidated EBITDA” is amended (A) to replace the word “and”
at the end of clause (a)(iv) thereof with a comma and (B) to insert at the end of clause
(a)(v) thereof “, (vi) any restructuring or other unusual, non-recurring charges for such
period, provided that the amount of charges added back pursuant to this clause (vi) for
such period, together with the aggregate amount of charges added back pursuant to this
clause (vi) for any other period ending on any day during the 12 consecutive months ending
on the last day of such period, shall not exceed $35,000,000, and (vii) non-cash goodwill
and trade name impairment charges for such period”.

     (v) The definition of “Leverage Ratio” is amended and restated in its entirety to read
as follows:

“Leverage Ratio” means, on any date, the ratio of (a) Consolidated Funded
Debt as of such date to (b) Consolidated EBITDA for the period of four
consecutive fiscal quarters of the Company most recently ended on or
before such date.

     (vi) The definitions of “Consolidated Net Worth” and “Consolidated Tangible Assets”
are deleted in their entirety.

          (b) Amendment of Section 2.13(a). Section 2.13(a) of the Credit Agreement is amended to read
in its entirety as follows:

“(a) The Loans comprising each ABR Borrowing (including each Swingline
Loan) shall bear interest at the Alternate Base Rate plus the Applicable
Rate.”

          (c) Amendment of Section 6.01. Section 6.01 of the Credit Agreement is amended by replacing
clause (g) with the following:

“(g) other Indebtedness that, when aggregated with the aggregate
outstanding Indebtedness of the Company secured by Liens and
Securitization Transactions permitted pursuant to Section 6.02(f) and the
aggregate sale price of the assets sold in sale and leaseback transactions
permitted pursuant to Section 6.03, shall at no time exceed
US$75,000,000.”

          (d) Amendment of Section 6.02. Section 6.02 of the Credit Agreement is amended by replacing
clause (f) with the following:

 

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“(f) other Liens securing Indebtedness and Securitization Transactions
that, when aggregated with the Indebtedness of Subsidiaries permitted
under Section 6.01(g) and the aggregate sale price of the assets sold in
sale and leaseback transactions permitted under Section 6.03, do not
exceed US$75,000,000 at any time; and”

          (e) Amendment of Section 6.03. Section 6.03 of the Credit Agreement is amended to read in
its entirety as follows:

“SECTION 6.03. Sale and Leaseback Transactions. The
 Company will not, and will not permit any Subsidiary to, enter into any
arrangement, directly or indirectly, with any Person whereby it shall sell
or transfer any property, real or personal, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease
property which it intends to use for substantially the same purpose or
purposes as the property being sold or transferred; provided, however,
that, notwithstanding the above, the Company or any Subsidiary may engage
in any sale and leaseback transactions if the aggregate sale price of the
assets sold in such transactions, when aggregated with the Indebtedness of
Subsidiaries permitted under Section 6.01(g) and the Indebtedness secured
by Liens and Securitization Transactions permitted pursuant to Section
6.02(f), does not exceed US$75,000,000 at any time.”

          (f) Amendment of Section 6.05. Section 6.05 of the Credit Agreement is amended to read in its
entirety as follows:

“SECTION 6.05. Restricted Payments. The Company will not, and will not
permit any of the Subsidiaries to, declare or make, or agree to pay or
make, directly or indirectly, any Restricted Payment, except that (a) the
Company may declare and pay dividends with respect to its Equity Interests
payable solely in additional shares of its common stock, (b) Subsidiaries
may declare and pay dividends ratably with respect to their Equity
Interests and (c) the Company may make Restricted Payments pursuant to and
in accordance with stock option plans or other benefit plans for
management or employees of the Company and the Subsidiaries; provided,
however, that so long as no Default or Event of Default shall exist or
would be caused thereby, the Company may make Restricted Payments without
limitation if the Leverage Ratio as of the end of the most recently
completed fiscal quarter, giving pro forma effect to such Restricted
Payments and any related incurrence of Indebtedness as if they had
occurred on the last day of such quarter, shall have been equal to or less
than 2.0 to 1.0.”

 

6

          (g) Amendment of Section 6.07. Section 6.07 of the Credit Agreement is amended to read in
its entirety as follows:

“SECTION 6.07. Restrictive Agreements. The Company will not, and will not
permit any Subsidiary to, directly or indirectly, enter into, incur or
permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon (a) the ability of the Company or
any Subsidiary to create, incur or permit to exist any Lien upon any of its
assets to secure any Obligations or (b) the ability of any Subsidiary to
pay dividends or other distributions with respect to any shares of its
capital stock, membership interests or similar Equity Interests or to make
or repay loans or advances to the Company or any other Subsidiary or to
Guarantee Indebtedness of the Company or any other Subsidiary; provided
that (i) the foregoing shall not apply to (A) restrictions and conditions
imposed by law or by this Agreement, (B) restrictions and conditions
existing on the date hereof and identified on Schedule 6.07 (but shall
apply to any extension or renewal of, or any amendment or modification
expanding the scope of, any such restriction or condition), (C)
restrictions and conditions with respect to a Person that is not a
Subsidiary on the date hereof, which restrictions and conditions are in
existence at the time such Person becomes a Subsidiary and are not incurred
in connection with, or in contemplation of, such Person becoming a
Subsidiary, so long as such restrictions and conditions apply only to such
Person, and (D) restrictions and conditions imposed by any Existing
Indenture as in effect on the Fourth Amendment Effective Date or any
agreement or document governing or evidencing any other Indebtedness of the
Company or any Subsidiary permitted hereunder, provided that the
restrictions and conditions contained in any such agreement or document are
not less favorable to the Lenders than the restrictions and conditions
imposed by the Existing Indentures as in effect on the Fourth Amendment
Effective Date); (ii) clause (a) of the foregoing shall not apply to (A)
restrictions or conditions imposed
by any agreement relating to secured Indebtedness permitted by this
Agreement if such restrictions or conditions apply only to the assets
securing such Indebtedness, and (B) customary provisions in leases and
other agreements restricting the assignment thereof; and (iii) clause (b)
of the foregoing shall not apply to customary restrictions and conditions
contained in agreements relating to the sale of a Subsidiary pending such
sale, provided that such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder.”

          (h) Amendment of Section 6.10. Section 6.10 of the Credit Agreement is amended to read in
its entirety as follows:

 

7

“SECTION 6.10 Leverage Ratio. The Company will not permit the Leverage
Ratio at any time on or after the Fourth Amendment Effective Date to
exceed 2.75 to 1.00.”

          (i) Amendment of Section 6.11. Section 6.11 of the Credit Agreement is amended to read in its
entirety as follows:

“SECTION 6.11. Interest Expense Coverage Ratio. The Company will not permit
the ratio of (a) Consolidated EBITDA to (b) Consolidated Cash Interest
Expense, in each case for any period of four consecutive fiscal quarters,
to be less than 3.25 to 1.00.”

          SECTION 3. Representations, Warranties and Agreements. The Company, as to itself and each of
the Subsidiaries, hereby represents and warrants to and agrees with each Lender and the Agents
that:

          (a) This Fourth Amendment has been duly executed and delivered by the Company and each
Borrower and constitutes (assuming due execution by the Required Lenders) a legal, valid and
binding obligation of the Company and each such Borrower, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

          (b) After giving effect to this Fourth Amendment, the representations and warranties set forth
in Article III of the Credit Agreement are true and correct in all material respects on and as of
the Fourth Amendment Effective Date (as defined below) with the same effect as if made on and as of
such date, except to the extent such representations and warranties expressly relate to an earlier
date, in which case they were true and correct as of such earlier date.

          (c) As of the Fourth Amendment Effective Date, after giving effect to this Fourth Amendment,
no Default or Event of Default has occurred and is continuing.

          SECTION 4. Effectiveness. This Fourth Amendment shall become effective as of the first date
(the “Fourth Amendment Effective Date”) on which:

          (a) the Administrative Agent shall have received duly executed counterparts hereof that, when
taken together, bear the authorized signatures of the Company, the Borrowers and Lenders
constituting at least the Required Lenders;

          (b) the Administrative Agent shall have received a certificate, dated the Fourth Amendment
Effective Date and signed by the President, a Vice President or a Financial Officer of the Company
and each Borrower, confirming the accuracy of the representations and warranties set forth in
Section 3 hereof; and

          (c) the Administrative Agent shall have received the Amendment Fee and all other fees and
other amounts due and payable on or prior to the Fourth Amendment Effective Date, including, to the
extent invoiced, reimbursement or payment of all reasonable

 

8

out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be
reimbursed or paid by the Company under the Credit Agreement;

provided that if the Fourth Amendment Effective Date shall not have occurred on or before February
18, 2009, this Fourth Amendment shall terminate and be of no further force and effect. The
Administrative Agent shall notify the Company and the Lenders of the date of the Fourth Amendment
Effective Date, and such notice shall be conclusive and binding.

          SECTION 5. Effect of this Fourth Amendment. (a) Except as expressly set forth herein, this
Fourth Amendment shall not by implication or otherwise limit, impair, constitute a waiver of (other
than a waiver of any Default that might otherwise have occurred under Section 6.11 of the Credit
Agreement as in effect prior to the Fourth Amendment Effective Date), or otherwise affect the
rights and remedies of the Agents, the Issuing Banks and the Lenders under the Credit Agreement or
any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement or any other
Loan Document, all of which are ratified and affirmed in all respects and shall continue in full
force and effect (it being understood and agreed that all interest and fees accruing under the
Credit Agreement in respect of periods prior to the Fourth Amendment Effective Date will accrue at
the rates specified in the Credit Agreement prior to it being amended by this Fourth Amendment and
be payable at the times provided in the Credit Agreement). Nothing herein shall be deemed to
entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of,
any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document in similar or different circumstances.

          (b) On and after the Fourth Amendment Effective Date, each reference in
the Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words
of similar import shall, unless the context otherwise requires, refer to the Credit Agreement as
amended hereby, and each reference to the Credit Agreement in any other Loan Document shall be
deemed to be a reference to the Credit Agreement as amended hereby. This Fourth
Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other
Loan Documents.

          SECTION 6. Applicable Law. THIS FOURTH AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

          SECTION 7. Counterparts. This Fourth Amendment may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original but
all of which, when taken together, shall constitute a single instrument. Delivery of an executed
counterpart of a signature page of this Fourth Amendment by telecopy shall be effective as delivery
of a manually executed counterpart hereof.

          SECTION 8. Fees and Expenses. The Company agrees to reimburse the Administrative Agent for its
reasonable out-of-pocket expenses in connection with this Fourth Amendment, including the
reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the
Administrative Agent. The Company agrees to pay on the Fourth

 

9

Amendment Effective Date to the Administrative Agent, for the account of each Lender that executes
and delivers a copy of this Fourth Amendment to the Administrative Agent (or its counsel) at or
prior to 5:00 p.m., New York City time, on February 17, 2009 (the “Signing Date”), an amendment fee
(the “Amendment Fee”) in an amount equal to 0.250% of the aggregate principal amount of the
Commitments of such Lender outstanding on the Signing Date, whether used or unused. All fees shall
be payable in immediately available funds and shall not be refundable.

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed by their respective authorized
officers as of the date first above written.

	 	 	 	 	 	 	 
	 	EXPEDIA, INC., a Delaware corporation,	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/  Michael B. Adler	 	 
	 

	 	 	 	 

Name: Michael B. Adler
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	EXPEDIA, INC., a Washington corporation,	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/  Michael B. Adler	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael B. Adler	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	TRAVELSCAPE, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/  Michael B. Adler	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael B. Adler	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	HOTWIRE, INC,	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/  Michael B. Adler	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael B. Adler	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 

 

11

	 	 	 
	 

	 	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,

	 	 	 	 	 
	 	 	 
	 	by:  	/s/ Peter B. Thauer	 
	 	 	Name:  	Peter B. Thauer  	 
	 	 	Title:  	Executive Director 	 
	 

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 
	Name of Institution:     	Bank of America, N.A. 	 
	 	 	 	 
	 	 	 
	 	by:  	 /s/ Peter van der Horst
 	 
	 	 	Name:  	Peter van der Horst 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	Name of Institution:1 
  

	 	 
	 	by:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

Name of Institution:

	 	 	 	 	 
	 	Royal Bank of Scotland 	 
	 	 	 
	 	by:  	                                            /s/ William McGinty
 	 
	 	 	Name:  	William McGinty 	 
	 	 	Title:  	Senior Vice President 	 
	 

Name of Institution:1

	 	 	 	 	 
	 	 	 
	 	by:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 
	Name of Institution:    	Wachovia Bank, N.A.

 	 
	 	by:  	/s/  Scott Suddreth
 	 
	 	 	Name:  	Scott Suddreth 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	Name of Institution:1   

	 	 
	 	by:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 
	Name of Institution:     

	 	 
	BNP Paribas 	by:  	/s/ Nuala Marley
 	 
	 	 	 	Name:  	Nuala Marley 	 
	 	 	 	Title:  	Managing Director 	 
	 	 

	 	 	 	 	 	 
	Name of Institution:1 

	 	 
	BNP Paribas 	by:  	/s/ Maria Bliznakova
 	 
	 	 	 	Name:  	Maria Bliznakova 	 
	 	 	 	Title:  	Vice President 	 
	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 	 	 
	Name of Institution:	 	 	 	HSBC Bank USA, National Association	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by:
	 	/s/ Lawrence Li	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Lawrence Li	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 
	Name of Institution:	MIZUHO CORPORATE BANK, LTD.

 	 
	 	 	/s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 
	 	 

	 	 	 	 	 	 
	Name of Institution:1 

	 	 
	 	 	by:  	
 	 
	 	 	 	Name:  	 	 
	 	 	 	Title:  	 	 
	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 
	Name of Institution:

	 	 	 	SOCIETE GENERALE	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/ Nigel Elvey
 

Name: Nigel Elvey
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	Name
of Institution:1
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	by:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 
	Name of Institution:

	 	 	 	Sumitomo Mitsui Banking Corporation
	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/ Leo E. Pagarigan
 

Name: Leo E. Pagarigan
	 	 
	 

	 	 	 	Title: General Manager	 	 
	 
	 	 	 	 	 	 
	Name of Institution:1
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	by:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 
	Name of Institution:

	 	 	 	Barclays Bank PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/ David Barton
 

Name: David Barton
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	Name of Institution:1
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	by:	 	/s/ N/A	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 
	Name of Institution:	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Victor Pierzchalski
 

Name: Victor Pierzchalski
	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	Name of Institution:1
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 
	Name of Institution:	 	FIFTH THIRD BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/ Ashley Colmenero
 

Name: Ashley Colmenero
	 	 
	 

	 	 	 	Title: Relationship Manager	 	 
	 
	 	 	 	 	 	 
	Name of Institution:1
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	by:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 	 	 
	Name of Institution:	 	The Bank of New York Mellon	 	 
	 
	 	 	 	 	 	 
	 

	 	by:
	 	/s/ Robert Besser
 

Name: Robert Besser
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 
	Name of Institution:  	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	by:  	/s/ Kurban H. Merchant
 	 
	 	 	Name:  	Kurban H. Merchant 	 
	 	 	Title:  	Vice President 	 
	 

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 
	Name of Institution:  	First Commercial Bank, Los Angeles Branch

 	 
	 	by:  	/s/ Frank Wen-Han Wu
 	 
	 	 	Name:  	Frank Wen-Han Wu 	 
	 	 	Title:  	Deputy General Manager 	 
	 

Name of Institution:1

	 	 	 	 	 
	 	 	 
	 	by:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 
	Name of Institution:  	The Governor and Company of the Bank of Ireland

 	 
	 	by:  	/s/ Aoife Quinn
 	 
	 	 	Name:  	Aoife Quinn 	 
	 	 	Title:  	Authorised Signatory 	 
	 

Name of Institution:1

	 	 	 	 	 
	 	 	 
	 	by:  	                                        /s/ Elaine Crowley
 	 
	 	 	Name:  	Elaine Crowley 	 
	 	 	Title:  	Authorised Signatory 	 
	 

 

			
	1	 	For any Lender requiring a second signature line.

 

 

SIGNATURE PAGE TO

FOURTH AMENDMENT TO

EXPEDIA, INC. CREDIT AGREEMENT

	 	 	 	 	 
	Name of Institution:  	United Overseas Bank Limited, New York Agency

 	 
	 	by:  	/s/ George Lim
 	 
	 	 	Name:  	George Lim 	 
	 	 	Title:  	SVP & GM 	 
	 
	Name of Institution:1	 United Overseas Bank Limited, New York Agency

 	 
	 	by:  	/s/ Mario Sheng
 	 
	 	 	Name:  	Mario Sheng 	 
	 	 	Title:  	AVP 	 
	 

 

			
	1	 	For any Lender requiring a second signature line.exv10w1w2

Exhibit 10.1.2

AMENDED AND RESTATED EXECUTIVE SEVERANCE AGREEMENT

CLASS A-30 WITH PENSION

     THIS AGREEMENT, amended and restated as of ___________, 2008, between Trinity Industries,
Inc., a Delaware corporation (the “Company”) and ______________ (the “Executive”) amends and
restates that certain Executive Severance Agreement entered into between the Company and the
Executive as of ____________, ___.

WITNESSETH

     WHEREAS, the Company’s Board of Directors has determined that it is appropriate to reinforce
and encourage the continued attention and dedication of members of the Company’s management,
including the Executive, to their assigned duties without distraction in potentially disturbing
circumstances arising from the possibility of a Change in Control of the Company (as hereinafter
defined); and

     WHEREAS, in consideration for the benefits provided under this Agreement, the Executive will
continue to give his or her attention and dedication to his or her duties with the Company; and

     WHEREAS, the Company and the Executive wish to amend and restate that certain Executive
Severance Agreement by and between the Company and the Executive which was executed as of the date
stated above in order to revise or clarify certain provisions to carry out the purposes of such
agreement;

     NOW, THEREFORE, this Agreement sets forth the severance compensation which the Company agrees
it will pay to the Executive if the Executive’s employment with the Company terminates under one of
the circumstances described herein in connection with a Change in Control of the Company.

     1. Term. This Agreement shall terminate, except to the extent that any obligation of the
Company hereunder remains unpaid as of such time, upon the earliest of:

     (a) September 9, 2010; provided, however, that, commencing on September 9, 2009 and on each
anniversary date thereafter (each such date, an “Anniversary Date”), the expiration date under this
clause (a) shall automatically be extended for one additional year unless, not later than the
December 31 immediately prior to such Anniversary Date, either party shall have given written
notice that it does not wish to extend this Agreement, but in no event shall the expiration date
under this clause (a) be earlier than the second anniversary of the Effective Date of a Change in
Control.

     (b) the termination of the Executive’s employment with the Company based on death, Disability
(as defined in Section 3(b) hereof) or Cause (as defined Section 3(c) hereof); and

 

 

     (c) the voluntary resignation of the Executive for any reason other than Good Reason (as
defined in Section 3(d)).

     2. Change in Control.

     (a) Acceleration of Vesting and Extension of Exercise Rights of Equity Compensation Upon a
Change in Control. In addition to any provisions concerning acceleration of vesting in any
applicable plan or agreement relating to equity-type compensation that may be outstanding between
the Executive and the Company or any subsidiary of the Company (including, without limitation, any
stock option agreement, restricted stock agreement, career share agreement, bridge share agreement,
performance incentive plan agreement, and performance unit plan agreement), and notwithstanding any
provision to the contrary in any such plan or agreement, upon the Effective Date of a Change in
Control all units, stock options, incentive stock options, performance shares, performance awards,
and stock appreciation rights then held by the Executive shall immediately become 100% vested and
exercisable, and the Executive shall become 100% vested in all career shares, bridge shares, and
shares of restricted stock, held by or for the benefit of the Executive.

     In addition to any provisions concerning extension of exercise rights in any applicable plan
or agreement relating to equity-type rights or compensation that may be outstanding between the
Executive and the Company or any subsidiary of the Company (including, without limitation, any
stock option agreement, restricted stock agreement, career share agreement, bridge share agreement,
performance incentive plan agreement, and performance unit plan agreement), and notwithstanding any
provision to the contrary in any such plan or agreement, upon the Effective Date of a Change in
Control the Executive’s right to exercise any previously unexercised options or other equity-type
rights shall not terminate until the latest date on which the option or other right granted under
such agreement would expire under the terms of such agreement but for the Executive’s termination
of employment; with respect to any incentive stock option held by the Executive, if not exercised
within three months after termination of employment, such options shall immediately convert to
non-qualified stock options.

     (b) Acceleration of Vesting of Retirement and Deferred Compensation Benefits Upon a Change in
Control. In addition to any provisions concerning acceleration of vesting in any applicable plan
or agreement relating to retirement or deferred compensation-type benefits that may be outstanding
between the Executive and the Company (including, without limitation, the Company’s Profit Sharing
Plan, Supplemental Profit Sharing Plan, and Deferred Compensation Plan and Agreement), and
notwithstanding any provision to the contrary in any such plan or agreement, upon the Effective
Date of a Change in Control all accounts, interests, rights, and benefits of the Executive in any
such plan or agreement shall immediately become 100% vested and exercisable; however, such
acceleration shall not apply to the Company’s Pension Plan for Salaried Employees.

     (c) No Other Compensation Paid Prior to Termination of Employment. Except as provided in
paragraphs (a) and (b) of this Section 2, no compensation shall be payable or

 

 

benefits provided under this Agreement unless and until (x) there shall have been a Change in
Control of the Company, and (y) the Executive’s employment by the Company is terminated.

     (d) Definition of Change in Control. For purposes of this Agreement, a “Change in Control” of
the Company shall be deemed to have occurred if the event set forth in any one of the following
paragraphs shall have occurred:

     (i) any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing 30% or more of the combined voting power of the
Company’s then-outstanding securities, unless the transaction resulting in a Person becoming
the Beneficial Owner of 30% or more of the combined voting power of the Company’s
then-outstanding securities is approved in advance by the Company’s Board of Directors
(sometimes hereafter referred to as the “Board”), excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii)
below; or

     (ii) the following individuals cease for any reason to constitute a majority of the
number of directors then serving: individuals who, on September 9, 2008, constitute the
Board and any new director (other than a director whose initial assumption of office is in
connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on September 9, 2008 or whose
appointment, election or nomination for election was previously so approved or recommended;
or

     (iii) there is consummated a merger or consolidation of the Company or any direct or
indirect subsidiary of the Company with any other corporation, other than (A) a merger or
consolidation which would result in the voting securities of the Company outstanding
immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity
or any parent thereof) at least 60% of the combined voting power of the securities of the
Company or such surviving entity or any parent thereof outstanding immediately after such
merger or consolidation, or (B) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no Person is or becomes
the Beneficial Owner, directly or indirectly, of securities of the Company (not including in
the securities Beneficially Owned by such Person any securities acquired directly from the
Company or its Affiliates other than in connection with the acquisition by the Company or
its Affiliates of a business) representing 30% or more of the combined voting power of the
Company’s then outstanding securities; or

     (iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company, or a sale or disposition (whether by reorganization, merger,
consolidation, split-up, spin-off, split-off, combination, subdivision, or other

 

 

similar corporate transaction or event) by the Company of all or substantially all of
the Company’s assets (in one transaction or a series of transactions within any period of 24
consecutive months) other than a sale or disposition by the Company of all or substantially
all of the Company’s assets to an entity, at least 60% of the combined voting power of the
voting securities of which are owned by stockholders of the Company in substantially the
same proportions as their ownership of the Company immediately prior to such sale. However,
a sale or disposition by the Company of all or substantially all of the Company’s assets to
an entity (or two or more entities in one transaction or a series of transactions within any
period of 24 consecutive months), at least 60% of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such sale or disposition
shall be considered a Change in Control of the Company for purposes of this Agreement if the
Executive is not offered employment with such entity (or one of such entities) on terms
comparable to those described in Section 3(g) hereof. The sale or disposition of a
subsidiary or a division of the Company, or certain assets of the Company (or of a
subsidiary of the Company), shall not be a Change in Control unless any such transaction or
series of related transactions results in a sale or disposition by the Company of all or
substantially all of the Company’s assets as provided in subparagraph (iv) above.

For purposes hereof:

     “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12
of the Exchange Act.

     “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

     “Person” shall have the meaning given in Section 3(a) (9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not
include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any of its Affiliates,
(iii) an underwriter temporarily holding securities pursuant to an offering of such
securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company.

     (e) Definition of Effective Date of a Change in Control. For purposes of this Agreement,
“Effective Date of a Change in Control” shall mean the first to occur of (A) the date on which a
Person first becomes the Beneficial Owner of 30% or more of the combined voting power of the
Company’s then outstanding securities as defined in subparagraph (d)(i) above, or (B) the effective
date of the election of one or more directors to the Board which results in the individuals defined
in subparagraph (d)(ii) above ceasing to constitute a majority of the number

 

 

of directors then serving, or (C) the effective date of the consummation of a merger or
consolidation of the Company or any direct or indirect subsidiary of the Company with any other
corporation as defined in subparagraph (d)(iii) above, or (D) the effective date of a liquidation
or dissolution of the Company, or a sale or disposition by the Company of all or substantially all
of the Company’s assets, as defined in subparagraph (d)(iv) above.

     3. Termination Following Change in Control.

     (a) Compensation Payable Upon Termination. If a Change in Control of the Company shall have
occurred, the Executive shall be entitled to the compensation provided in Section 4 hereof
upon the termination of the Executive’s employment with the Company by the Executive or by the
Company unless such termination is as a result of:

     (i) the Executive’s death;

     (ii) the Executive’s Disability (as defined in Section 3(b) below;

     (iii) the Executive’s termination by the Company for Cause (as defined in Section
3(c) below); or

     (iv) the Executive’s decision to terminate employment other than for Good Reason (as
defined in Section 3(d) below).

     Notwithstanding the foregoing provisions of this Section 3, if the Executive’s
employment is terminated by the Company other than for Cause or Disability (for purposes of this
paragraph, Cause shall include all of the events set forth in Section 3(c) hereof and the
following: willfully engaging by the Executive in continued misconduct which is materially
injurious to the Company after having been advised in writing of the particular misconduct deemed
by the Company to be materially injurious to the Company and instructed in such writing to cease
any further misconduct of a similar nature) prior to a Change in Control, and it is reasonably
demonstrated that such termination (i) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with a
Change in Control, then for all purposes of this Agreement, such termination shall be deemed to
have occurred immediately following a Change in Control; in addition, if the Executive’s employment
is terminated by the Company other than for Cause (as defined in this paragraph) or Disability
within 90 days prior to a Change in Control, such termination shall conclusively be deemed to have
occurred following a Change in Control. For further clarification, in the event of a termination
of employment prior to a Change in Control that is treated as having occurred after a Change in
Control, the Executive shall not be entitled to benefits under Section 4 hereof if the
Executive voluntarily terminated his or her employment whether or not for Good Reason.

     (b) Disability. If, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from his or her duties with the Company on a
full-time basis for one year and within thirty days after written Notice of Termination (as
hereinafter

 

 

defined) is thereafter given by the Company, the Executive shall not have returned to the
full-time performance of the Executive’s duties, the Company may terminate this Agreement for
“Disability.”

     (c) Cause. The Company may terminate the Executive’s employment for Cause. For purposes of
this Agreement only, the Company shall have “Cause” to terminate the Executive’s employment
hereunder only on the basis of:

     (i) the willful and continued failure by the Executive to substantially perform the
Executive’s duties with the Company (other than any such failure resulting from the
Executive’s incapacity due to physical or mental illness and other than in respect of any
duties inconsistent with, or more burdensome than, the Executive’s duties with the Company
immediately prior to a Change in Control of the Company);

     (ii) misappropriation or embezzlement from the Company or any other act or acts of
dishonesty by the Executive constituting a felony that results, or is intended to result,
directly or indirectly, in gain to or personal enrichment of the Executive at the Company’s
expense;

     (iii) the conviction of the Executive of a felony involving the moral turpitude of the
Executive; or

     (iv) the refusal of the Executive to accept offered employment after a Change in
Control which complies with the terms and conditions of Section 3(g) hereof.

For purposes of this Section 3(c), no act or failure to act on the part of the Executive
shall be considered “willful” unless done, or omitted to be done, by the Executive not in good
faith and without reasonable belief that the action or omission of the Executive was in the best
interest of the Company. Notwithstanding the foregoing, the Executive shall not be deemed to have
been terminated for Cause unless and until there shall have been delivered to the Executive a copy
of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire
membership of the Board at a meeting of the Board called and held for the purpose (after reasonable
notice to the Executive and an opportunity for the Executive, together with the Executive’s
counsel, to be heard before the Board), finding that the Executive was guilty of conduct set forth
in this Section 3(c) and specifying the particulars thereof in detail.

     (d) Good Reason. The Executive may terminate the Executive’s employment for Good Reason at
any time after the Effective Date of a Change in Control of the Company. For purposes of this
Agreement “Good Reason” shall mean the occurrence of any of the following unless the Executive has
given his or her express prior written consent:

     (i) a good faith determination by the Executive that there has been a material adverse
change in the Executive’s working conditions or responsibilities relative to the most
favorable working conditions, and responsibilities applicable to the Executive during the 12
month period prior to the Change in Control (including, but not limited to, a

 

 

significant reduction in the level of support services, staff, secretarial and other
assistance, office space, and accoutrements);

     (ii) the assignment to the Executive by the Company of duties inconsistent with the
Executive’s position, duties, and reporting responsibilities with the Company immediately
prior to a Change in Control of the Company (including, but not limited to, a reduction in
the nature or scope of the Executive’s authority, powers, functions, or duties), or a change
in the Executive’s titles or offices as in effect immediately prior to a Change in Control
of the Company, or any removal of the Executive from or any failure to reelect the Executive
to any of such positions, except in connection with the termination of his or her employment
for Disability or Cause, or as a result of the Executive’s death, or by the Executive other
than for Good Reason;

     (iii) a reduction by the Company in the Executive’s base salary as in effect on the
date hereof or as the same may be increased from time to time during the term of this
Agreement, or the Company’s failure to increase (within 12 months of the Executive’s last
increase in base salary) the Executive’s base salary after a Change in Control of the
Company in an amount which at least equals, on a percentage basis, the average percentage
increase in base salary for all officers of the Company effected in the preceding 12 months;

     (iv) any action by the Company which would adversely affect the Executive’s
participation in or materially reduce the Executive’s benefits, in the aggregate, under the
Benefit Plans, Incentive Plans, and Securities Plans; “Benefit Plans” include health and
welfare benefit plans in which the Executive is participating at the time of a Change in
Control of the Company (including, without limitation, the Company’s pension plans, group
life insurance plan, and medical, dental, accident and disability plans); “Incentive Plans”
include incentive compensation plans in which the Executive is participating at the time of
a Change in Control of the Company (including, without limitation, the Company’s annual
incentive compensation plan and the three-year Performance Incentive Plan); and “Securities
Plans” include any plan or arrangement to receive securities of the Company in which the
Executive is participating at the time of a Change in Control of the Company (including,
without limitation, the Company’s Stock Option Plan, and any other plan or arrangement to
receive and exercise stock options, stock appreciation rights, career shares, bridge shares,
restricted stock or grants thereof).

     (v) a relocation of the Company’s principal executive offices to a location outside of
Dallas County, Texas, or the Executive’s relocation to any place other than the location at
which the Executive performed the Executive’s duties prior to a Change in Control of the
Company, except for required travel by the Executive on the Company’s business to an extent
substantially consistent with the Executive’s business travel obligations at the time of a
Change in Control of the Company;

 

 

     (vi) any failure by the Company to provide the Executive with the number of paid
vacation days to which the Executive is entitled at the time of a Change in Control of the
Company;

     (vii) any material breach by the Company of any provision of this Agreement;

     (viii) any failure by the Company to obtain the assumption of this Agreement by any
successor or assign of the Company;

     (ix) any purported termination of the Executive’s employment which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 3(e)
below, and for purposes of this Agreement, no such purported termination shall be effective;
or

     (x) voluntary resignation by the Executive, or termination of employment by reason of
the Executive’s death or Disability, at any time during either:

     (A) the 90-day period beginning on the 30th day after the Effective
Date of a Change in Control; or

     (B) the 30-day period beginning on the 365th day after the Effective
Date of a Change in Control.

However, this subparagraph (x) shall not be an event defined as Good Reason permitting the
Executive to receive compensation under Section 4 hereof if the transaction or
transactions which resulted in the Change in Control (i) were approved by a vote of at least
two-thirds (2/3) of the directors of the Company who satisfy the requirements of
subparagraph (d)(ii) of Section 2 above, and (ii) did not originate with an
unsolicited offer (as determined by the Board in good faith).

     (e) Notice of Termination. Any termination by the Company pursuant to Section 3(b),
3(c) or 3(d) shall be communicated by a Notice of Termination. For purposes of
this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate those
specific termination provisions in this Agreement relied upon and which sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated. For purposes of this Agreement, no such purported
termination by the Company shall be effective without such Notice of Termination.

     (f) Date of Termination. “Date of Termination” shall mean (a) if this Agreement is terminated
by the Company for Disability, thirty days after Notice of Termination is given to the Executive
(provided that the Executive shall not have returned to the performance of the Executive’s duties
on a full-time basis during such 30-day period), (b) if the Executive’s employment is terminated by
the Company for any other reason, the date on which a Notice of Termination is given, or (c) if the
Executive terminates his or her employment for Good Reason, the date on which a Notice of
Termination is given.

 

 

     (g) Continued Employment After Change in Control. If a Change in Control has occurred, the
Executive shall not be treated as having terminated employment for purposes of this Agreement, and
therefore will not be entitled to any benefits under this Agreement after such Change in Control,
if (i) the unit, division, or subsidiary for which the Executive primarily provides services is
spun-off, sold, or otherwise disposed of, (ii) such transaction (x) was approved by a vote of at
least two-thirds (2/3) of the directors of the Company who satisfy the requirements of subparagraph
(d)(ii) of Section 2 above, and (y) did not originate with an unsolicited offer (as
determined by the Board in good faith), and (iii) the Executive is offered employment in writing
with the purchasing or continuing entity, and (iv) such purchasing or continuing entity enters into
a written agreement with the Company and the Executive, which is approved by a vote of at least 2/3
of the directors of the Company who satisfy the requirement of subparagraph (d)(ii) of Section
2 hereof, which expressly, absolutely, and unconditionally assumes and agrees to perform this
Agreement in the same manner and to the same extent that a successor to all or substantially all of
the business and/or assets of the Company would be required as provided in Section 8 hereof
(except that subparagraph (d)(x) of Section 3 shall not be applicable to any such
Executive), and it shall be conclusively presumed for purposes of such agreement that a Change in
Control has occurred with respect to the Executive.

     4. Severance Compensation upon Termination of Employment. The Company may terminate the
Executive’s employment at any time; however, if (a) during the two-year period beginning on the
Effective Date of a Change in Control, the Company shall terminate the Executive’s employment other
than pursuant to Section 3(b) or 3(c) or if the Executive shall terminate his or
her employment for Good Reason or (b) during any period of time after a Change in Control has
occurred but prior to either the Effective Date of a Change in Control or the date on which the
Board (or shareholders of the Company, if applicable) takes any action which has the effect of
rescinding or nullifying the Change in Control (or on the date a Change of Control is rescinded or
nullified without the necessity of any such action), the Company shall terminate the Executive’s
employment other than pursuant to Section 3(b) or 3(c) or if the Executive shall
terminate his or her employment for Good Reason other than pursuant to Section 3(d)(x), then as
severance pay:

     (a) The Company shall pay to the Executive in a lump sum, in cash, on or before the fifth day
following the Date of Termination, an amount equal to three (3.0) times the sum of (A) the
Executive’s base salary as in effect immediately prior to the Change in Control or, if higher, in
effect immediately prior to the Date of Termination, plus the annual allowance for the Executive
under the Company’s Executive Perquisite Program, and (B) the greater of (i) the average bonus
(under all Company bonus plans for which the Executive is eligible) earned with respect to the
three most recently completed full fiscal years (or, if the Executive has not been employed for at
least three full fiscal years, all of completed full fiscal years during which he or she has been
employed), or (ii) the target bonus (under all Company bonus plans for which the Executive is
eligible) for the fiscal year in which the Change in Control occurs.

     (b) For a period of thirty-six (36) months subsequent to the Executive’s Date of Termination,
the Company shall at its expense continue on behalf of the Executive and his or her

 

 

dependents and beneficiaries, all medical, dental, vision, health, and life insurance
benefits, which were being provided to the Executive at the time of termination of employment. The
benefits provided in this Section 4(b) shall be no less favorable to the Executive, in
terms of amounts and deductibles and costs to him, than the coverage in effect immediately prior to
the Change in Control (or, if more favorable to tile Executive, immediately prior to the Notice of
Termination). The Company’ s obligation hereunder to provide a benefit shall terminate if the
Executive obtains comparable coverage under a subsequent employer’s benefit plan. For purposes of
the preceding sentence, benefits will not be comparable during any waiting period for eligibility,
for such benefits or during any period during which there is a preexisting condition limitation on
such benefits. The Company also shall pay a lump sum equal to the amount of any additional income
tax payable by the Executive and attributable to the benefits provided under this subparagraph (b)
at the time such tax is imposed upon the Executive. In the event that the Executive’s
participation in any such coverage is barred under the general terms and provisions of the plans
and programs under which such coverage is provided, or any such coverage is discontinued or the
benefits thereunder are materially reduced, the Company shall provide or arrange to provide the
Executive with benefits substantially similar to those which the Executive was entitled to receive
under such coverage immediately prior to the Notice of Termination. At the end of the period of
coverage set forth above, the Executive shall have the option to have assigned to him at no cost to
the Executive and with no apportionment of prepaid premiums, any assignable insurance owned by the
Company and relating specifically to the Executive, and the Executive shall be entitled to all
health and similar benefits that are or would have been made available to the Executive under law
(including continuation coverage under COBRA).

     (c) The Company shall pay to the Executive and, if applicable, to his or her beneficiaries, in
cash, on or before the fifth day following the Date of Termination, a lump sum representing the
present value of the excess of (i) the benefit (expressed as a life annuity commencing at age 65 or
such earlier date as of which the actuarial equivalent of such annuity is greatest) that the
Executive would have accrued under the provisions of the Company’s Pension Plan for Salaried
Employees in effect immediately prior to the Change in Control had the Executive continued to be
employed for an additional thirty-six months following the Date of Termination at the annual rate
of compensation (exclusive of the annual allowance for the Executive under the Company’s Executive
Perquisite Program) taken into account under clause (a) hereof (taking such thirty-six months into
account both for vesting and for benefits), over (ii) the benefit actually accrued by the Executive
under such plan. For purposes hereof, “present value” shall be determined using a per annum
discount rate as established from time to time for the Company’s Pension Plan for Salaried
Employees and “actuarial equivalent” shall be determined using the same assumptions utilized under
such plan. In addition, with respect to the benefits attributable to the additional thirty-six
months, the benefit under (i) above shall be calculated without regard to the limitations of
Section 415 and Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”),
and such amount shall be paid without regard to any vesting requirement in such plan.

     The foregoing payments shall be subject to withholding of federal, state and local income,
FICA and similar taxes, if required by law.

 

 

     5. Gross-Up Payment.

     (a) Total Payments. Whether or not the Executive becomes entitled to the payments
under Section 4 hereof, if any of the payments or benefits received or to be received by
the Executive in connection with a Change in Control or the Executive’s termination of employment
(whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with
the Company, any Person whose actions result in a Change in Control or any Person affiliated with
the Company or such Person) (such payments or benefits, excluding the Gross-Up Payment, being
hereinafter referred to as the “Total Payments”) would be subject to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), the Company shall pay to the Executive an additional
amount (the “Gross-Up Payment”) such that the net amount retained by the Executive, after deduction
of any Excise Tax on the Total Payments and any federal, state and local income and employment
taxes and Excise Tax upon the Gross-Up Payment, shall be equal to the Total Payments. For purposes
of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal
income taxes at the highest marginal rate of federal income taxation in the calendar year in which
the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rates
of taxation in the state and locality of the residence of the Executive on the Date of Termination,
net of the maximum reduction in federal income taxes which could be obtained from deduction of such
state and local taxes.

     (b) Determination By Accountant. All determinations required to be made under this
Section 5, including whether a Gross-Up Payment is required and the amount of such Gross-Up
Payment, shall be made by the independent accounting firm which served as the Company’s auditor
immediately prior to the Change in Control (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and the Executive within fifteen (15) business days
after the Date of Termination, if applicable, or such earlier time as is requested by the Company.
In the event that the Accounting Firm is also serving as accountant or auditor for the individual,
entity, or group effecting the Change in Control, the Executive may appoint another nationally
recognized public accounting firm to make the determinations required hereunder (which accounting
firm shall then be referred to as the Accounting Firm hereunder), by giving written notice of such
appointment to the Company within five (5) business days after the Date of Termination. All fees
and expenses of the Accounting Firm shall be borne solely by the Company and it shall be the
Company’s obligation to cause the Accounting Firm to take any actions required hereby.

     If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall
furnish the Executive with an opinion that he or she has substantial authority not to report any
Excise Tax on his or her federal income tax return. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that a Gross-Up Payment which will not have been made by the Company
should have been made (“Underpayment”), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to Section 5(c)
and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and any

 

 

such Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive.

     (c) Notification Required. The Executive shall notify the Company in writing of any
claim by the Internal Revenue Service that, if successful, would require the payment by the Company
of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than
ten (10) business days after the Executive knows of such claim and shall apprise the Company of the
nature of such claim and the date on which such claim is requested to be paid. The Executive shall
not pay such claim prior to the expiration of the thirty-(30) day period following the date on
which he or she gives such notice to the Company (or such shorter period ending on the date that
any payment of taxes with respect to such claim is due). If the Company notifies the Executive in
writing prior to the expiration of such period that it desires to contest such claim, the Executive
shall:

     (i) give the Company any” information reasonably requested by the Company relating to
such claim,

     (ii) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the
Company,

     (iii) cooperate with the Company in good faith in order to effectively contest such
claim,

     (iv) permit the Company to participate in any proceedings relating to such claim,
provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax
or income tax, including interest and penalties with respect thereto, imposed as a result of
such representation and payment of costs and expenses. Without limitation on the foregoing
provisions of this Section 5(c), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct the Executive to pay the
tax claimed and sue for a refund, or contest the claim in any permissible manner, and the
Executive agrees to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the
Company shall determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such payment to the
Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on
an after-tax basis, from any Excise Tax or income tax, including interest or penalties with
respect thereto, imposed with respect to such advance or with respect to any imputed income
with respect to such advance; and further provided that any extension of the statute of
limitations relating to

 

 

payment of taxes for the taxable year of the Executive with respect to which such
contested amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Company’s control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to
settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

     (d) Repayment. If, after the receipt by the Executive of an amount advanced by the
Company pursuant to Section 5(c), the Executive becomes entitled to receive any refund with
respect to such claim, the Executive shall (subject to the Company’s complying with the
requirements of Section 5(c)) promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable thereto). If, after
the receipt by the Executive of an amount advanced by the Company pursuant to Section 5(c),
a determination is made that the Executive shall not be entitled to any refund with respect to such
claim and the Company does not notify the Executive in writing of its intent to contest such denial
of refund prior to the expiration of thirty days after such determination, then such advance shall
be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to
the extent thereof, the amount of Gross-Up Payment required to be paid.

     6. Six Month Delay.

     (a) To the extent (i) any payment or payments to which the Executive becomes entitled under
this Agreement, or any agreement or plan referenced herein, in connection with the Executive’s
termination of employment with the Company constitute deferred compensation subject to Section 409A
of the Code, and (ii) the Executive is deemed at the time of such termination of employment to be a
“specified employee” under Section 409A of the Code, then such payment or payments shall not be
made or commence until the earliest of (A) the expiration of the six (6) month period measured from
the date of the Executive’s “separation from service” (as such term is defined in final Treasury
Regulations issued under Section 409A of the Code and any other guidance issued thereunder) with
the Company; (B) the date the Executive becomes “disabled” (as defined in Section 409A of the
Code); or (C) the date of the Executive’s death following such separation from service. Upon the
expiration of the applicable deferral period, any payments which would have otherwise been made
during that period (whether in a single sum or in installments) in the absence of this Section
6 shall be paid to the Executive or the Executive’s beneficiary in one lump sum.

     (b) To the extent that any payment or payments referenced in Section 6(a) above become
subject to the six month delay due to the Executive’s status as a specified employee, any such
payment shall be paid into the Trinity Industries, Inc. Severance Benefits Trust, under agreement
dated as of September 9, 2008, on the date on which the Executive would have received such payment
without application of this Section 6, and shall be paid to the Executive at the time the
Executive becomes entitled to such payment or payments under this Section 6.

     (c) The Executive has reviewed with the Executive’s own tax advisors the tax consequences of
this Agreement and the transactions contemplated hereby. The Executive is

 

 

relying solely on his or her tax advisors and not on any statements or representations of the
Company or any of its agents and understands that the Executive (and not the Company) shall be
responsible for the Executive’s own tax liability that may arise as a result of this Agreement or
the transactions contemplated hereby, except as otherwise specifically provided in this Agreement.

     7. No Obligation To Mitigate Damages; No Effect on Other Contracts.

     (a) The Executive shall not be required to mitigate damages or the amount of any payment
provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any compensation earned by the
Executive as the result of employment by another employer after the Date of Termination, or
otherwise.

     (b) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce
any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights
which would accrue solely as a result of the passage of time, under any other agreement, contract,
plan or arrangement with the Company.

     8. Successor to the Company.

     (a) The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company by written agreement in form and substance satisfactory to the Executive, expressly,
absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken
place. Any failure of the Company to obtain such agreement prior to the effectiveness of any such
succession shall be a material breach of this Agreement and shall entitle the Executive to
terminate the Executive’s employment for Good Reason. As used in this Agreement, “Company” shall
mean the Company as hereinbefore defined and any successor to its business and/or assets as
aforesaid which executes and delivers the agreement provided for in this Section 8 or which
otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

     (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal and legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amounts are still payable to him
hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no
such devisee, legatee or other designee, to executor or administrator of the Executive’s estate.

     9. Notice. For purposes of this Agreement, notices and all other communications provided for
in the Agreement shall be in writing and shall be deemed to have been duly given

 

 

when delivered or mailed by United States registered mail, return receipt requested, postage
prepaid, as follows:

          If to the Company:

Trinity Industries, Inc.

P. O. Box 568887

Dallas, Texas 75356-8887

Attention: President

          If to the Executive:

(Home Address)

or such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

     10. Miscellaneous. No waiver by either party hereto at any time of any breach by the other
party hereto of, or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No agreements or representations, oral or otherwise,
express or implied with respect to the subject matter hereof have been made by either party which
are not set forth expressly in this Agreement. This Agreement shall be governed by and construed
in accordance with the laws of the State of Texas.

     11. Validity. The invalidity or unenforceability of any provisions of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement, which shall
remain in full force and effect.

     12. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     13. Legal Fees and Expenses. The Company shall pay, upon written demand therefor by the
Executive, all legal fees and expenses which the Executive may reasonably incur as a result of any
dispute or contest (regardless of the outcome thereof) by or with the Company or others regarding
the validity or enforceability of, or liability under, any provision hereof (including as a result
of any contest about the amount of any payments pursuant to Sections 4 or 5), plus in each
case interest at the “applicable Federal rate” (as defined in Section 1274(d) of the Code). In any
action brought by the Executive for damages or to enforce any provisions hereof, he or she shall be
entitled to seek both legal and equitable relief and remedies, including, without limitation,
specific performance of the Company’s obligations hereunder, in his or her sole discretion.

 

 

     14. Continuation of Salary During Dispute. In the event of any dispute or contest by or with
the Company or others regarding the validity or enforceability of, or liability under, any
provision hereof (including as a result of any contest about the amount of any payments pursuant to
Sections 4 or 5), and upon written demand by the Executive, the Company shall continue to
pay the Executive his or her base salary as in effect immediately prior to the date of the Change
in Control. Said periodic payments shall be made in accordance with the Company’s normal payroll
practices. Payments shall continue until final resolution of such dispute or contest either by an
agreement between the Executive and the Company or formal order of a court with proper
jurisdiction. In the event that the Company substantially prevails in such dispute, the Executive
shall be obligated to repay to the Company all amounts he or she has received under this
Section 14 (after taxes applicable thereto) plus interest at the “applicable Federal rate”
(as defined in Section 1274(d) of the Code).

     15. Confidentiality. The Executive shall retain in confidence any and all confidential
information known to the Executive concerning the Company and its business so long as such
information is not otherwise publicly disclosed.

     16. Modification. No change or modification of this Agreement shall be valid or binding upon
the parties unless the change or modification is in writing and signed by the parties.

     17. Subsidiaries. In this Agreement, there are numerous references to the Executive’s
employment by and duties with the Company, payment of benefits and compensation by the Company, and
termination of employment with the Company. The parties to this Agreement acknowledge that the
Executive may be employed, currently or at some time in the future, by a subsidiary of the Company.
As used in this Agreement, a subsidiary means an entity which is at least 80% owned, directly or
indirectly, by the Company. It is the parties’ intention that transfer of the Executive’s
employment from the Company to a subsidiary or from one subsidiary to another subsidiary will not
constitute a termination of employment with the Company for any reason hereunder unless otherwise
specifically provided herein. In addition, unless otherwise specifically provided herein
(including Section 3(g)), “termination of employment with the Company” shall mean
termination of employment with the Company and all of its subsidiaries, and “termination of
employment by Company” shall mean termination of employment by the entity which actually employs
the Executive. Other references to employment by the Company, duties with the Company, and salary
and benefits shall include employment, duties, salary, and benefits with respect to the entity
which actually employs the Executive. However, with respect to the definition of Change in Control
of the Company, except as otherwise specifically provided herein, references to the Company shall
mean only the Company, and the obligations under Sections 4 and 5 herein shall be
obligations of the Company.

* * * * *

 

 

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

	 	 	 	 	 
	 	TRINITY INDUSTRIES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Timothy R. Wallace 	 
	 	 	Title:  	Chairman and President 	 

	 	 	 	 	 
	 	EXECUTIVE

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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