Document:

Amended and Restated Governance Agreement

 Exhibit 10.1 

 
  

 
 AMENDED AND RESTATED

 GOVERNANCE AGREEMENT 
 among 
 EXPEDIA, INC., 

LIBERTY INTERACTIVE CORPORATION, 
 and 
 BARRY DILLER 

Dated as of December 20, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	
	ARTICLE I	  
	
	TRANSFEREES	  
	
	ARTICLE II	  
			
		    	BOARD OF DIRECTORS AND RELATED MATTERS	  			
			
	 Section 2.01.
	    	Board of Directors	  	 	2	  
	 Section 2.02.
	    	Management of the Business	  	 	2	  
	 Section 2.03.
	    	Contingent Matters	  	 	3	  
	 Section 2.04.
	    	Notice of Events	  	 	4	  
	 Section 2.05.
	    	Certain Hedging Transactions	  	 	5	  
	 Section 2.06.
	    	Notice of Sale of Company Class B Stock	  	 	5	  
	
	ARTICLE III	  
	
	PREEMPTIVE RIGHTS	  
			
	 Section 3.01.
	    	Liberty Preemptive Rights	  	 	5	  
	
	ARTICLE IV	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 4.01.
	    	Representations and Warranties of the Company	  	 	6	  
	 Section 4.02.
	    	Representations and Warranties of the Stockholders	  	 	7	  
	
	ARTICLE V	  
	
	DISTRIBUTION TRANSACTION AND BLOCK SALE	  
			
	 Section 5.01.
	    	Distribution Transaction	  	 	8	  
	 Section 5.02.
	    	Block Sale; Purchase/Exchange Right	  	 	9	  
	
	ARTICLE VI	  
	
	DEFINITIONS	  
			
	 Section 6.01.
	    	“Affiliate”	  	 	12	  
	 Section 6.02.
	    	“Beneficial Ownership”	  	 	13	  
	 Section 6.03.
	    	“Block Sale”	  	 	13	  

  
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	 Section 6.04.
	    	“Block Sale Transferee”	  	 	13	  
	 Section 6.05.
	    	“business day”	  	 	13	  
	 Section 6.06.
	    	“Chairman”	  	 	13	  
	 Section 6.07.
	    	“Chairman Termination Date”	  	 	13	  
	 Section 6.08.
	    	“Commission”	  	 	13	  
	 Section 6.09.
	    	“Company”	  	 	13	  
	 Section 6.10.
	    	“Company Class B Stock”	  	 	13	  
	 Section 6.11.
	    	“Company Common Shares”	  	 	13	  
	 Section 6.12.
	    	“Company Common Stock”	  	 	14	  
	 Section 6.13.
	    	“Consenting Party”	  	 	14	  
	 Section 6.14.
	    	“Demand Registration”	  	 	14	  
	 Section 6.15.
	    	“DGCL”	  	 	14	  
	 Section 6.16.
	    	“Disabled”	  	 	14	  
	 Section 6.17.
	    	“Distribution Transaction”	  	 	14	  
	 Section 6.18.
	    	“EBITDA”	  	 	14	  
	 Section 6.19.
	    	“Effective Time”	  	 	14	  
	 Section 6.20.
	    	“Equity Securities”	  	 	14	  
	 Section 6.21.
	    	“Exchange Act”	  	 	15	  
	 Section 6.22.
	    	“Excluded Issuance”	  	 	15	  
	 Section 6.23.
	    	“Expedia”	  	 	15	  
	 Section 6.24.
	    	“Fair Market Value”	  	 	15	  
	 Section 6.25.
	    	“Hedging Transaction”	  	 	15	  
	 Section 6.26.
	    	“Insider”	  	 	15	  
	 Section 6.27.
	    	“Issue Price”	  	 	15	  
	 Section 6.28.
	    	“Lapse Date”	  	 	16	  
	 Section 6.29.
	    	“Liberty”	  	 	16	  
	 Section 6.30.
	    	“Liberty Director”	  	 	16	  
	 Section 6.31.
	    	“Liberty Holdco”	  	 	16	  
	 Section 6.32.
	    	“Liberty Holders”	  	 	16	  
	 Section 6.33.
	    	“Liberty Proxy”	  	 	16	  
	 Section 6.34.
	    	“Liberty Spinco”	  	 	16	  
	 Section 6.35.
	    	“Litigation”	  	 	16	  
	 Section 6.36.
	    	“Mr. Diller”	  	 	16	  
	 Section 6.37.
	    	“Ownership Percentage”	  	 	16	  
	 Section 6.38.
	    	“Permitted Transferee”	  	 	16	  
	 Section 6.39.
	    	“Person”	  	 	17	  
	 Section 6.40.
	    	“Qualified Distribution Transferee”	  	 	17	  
	 Section 6.41.
	    	“Restricted Equity Security”	  	 	17	  
	 Section 6.42.
	    	“Restricted Stock”	  	 	17	  
	 Section 6.43.
	    	“Sale Transaction”	  	 	17	  
	 Section 6.44.
	    	“Securities Act”	  	 	17	  
	 Section 6.45.
	    	“Standstill Agreement”	  	 	17	  
	 Section 6.46.
	    	“Stockholder Group”	  	 	17	  
	 Section 6.47.
	    	“Stockholders”	  	 	17	  
	 Section 6.48.
	    	“Stockholders Agreement”	  	 	17	  
	 Section 6.49.
	    	“Subsidiary”	  	 	17	  

  
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	 Section 6.50.
	    	“Third-Party Transferee”	  	 	18	  
	 Section 6.51.
	    	“Total Debt”	  	 	18	  
	 Section 6.52.
	    	“Total Debt Ratio”	  	 	18	  
	 Section 6.53.
	    	“Total Equity Securities”	  	 	18	  
	 Section 6.54.
	    	“Transfer”	  	 	18	  
	 Section 6.55.
	    	“TripAdvisor”	  	 	18	  
	 Section 6.56.
	    	“Voting Securities”	  	 	19	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS	  
			
	 Section 7.01.
	    	Notices	  	 	19	  
	 Section 7.02.
	    	Amendments; No Waivers	  	 	20	  
	 Section 7.03.
	    	Company Consent Right to Waiver of Liberty Conversion Obligations in Stockholders Agreement	  	 	20	  
	 Section 7.04.
	    	Successors And Assigns	  	 	21	  
	 Section 7.05.
	    	Governing Law; Consent To Jurisdiction	  	 	21	  
	 Section 7.06.
	    	Counterparts	  	 	22	  
	 Section 7.07.
	    	Specific Performance	  	 	22	  
	 Section 7.08.
	    	Registration Rights	  	 	22	  
	 Section 7.09.
	    	Termination	  	 	23	  
	 Section 7.10.
	    	Severability	  	 	23	  
	 Section 7.11.
	    	Cooperation	  	 	23	  
	 Section 7.12.
	    	Adjustment of Share Numbers and Prices	  	 	23	  
	 Section 7.13.
	    	Effective Time	  	 	24	  
	 Section 7.14.
	    	Entire Agreement	  	 	24	  
	 Section 7.15.
	    	Interpretation	  	 	24	  
	 Section 7.16.
	    	Headings	  	 	24	  

 Exhibit A Form of Standstill Agreement 

  
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 Amended and Restated Governance Agreement 

Amended and Restated Governance Agreement, dated as of December 20, 2011 (the “Agreement”), among Expedia, Inc., a
Delaware corporation (“Expedia,” or the “Company”), Liberty Interactive Corporation, a Delaware corporation formerly known as Liberty Media Corporation, for itself and on behalf of the members of its Stockholder
Group (“Liberty”), and Mr. Barry Diller (“Mr. Diller”) for himself and on behalf of the members of his Stockholder Group. 
 WHEREAS, the parties hereto have agreed that the Company, Liberty and Mr. Diller shall enter into this Agreement in order to amend and restate in its entirety the respective rights and obligations of
the parties set forth in the Governance Agreement, dated as of August 9, 2005, as amended on June 19, 2007. 

WHEREAS, the Company, Liberty and Mr. Diller desire to establish in this Agreement certain provisions concerning Liberty’s and
Mr. Diller’s relationships with the Company. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements contained herein, and intending to be legally bound hereby, the Company, Liberty and Mr. Diller hereby agree as follows: 
 ARTICLE I 
 TRANSFEREES 

No Third Party Transferee shall have any rights or obligations under this Agreement, except as specifically provided for in this
Agreement and except that (a) if such Third Party Transferee shall acquire Beneficial Ownership of more than 5% of the outstanding Total Equity Securities upon consummation of any Transfer or series of related Transfers from a Stockholder, to
the extent such Stockholder has the right to Transfer a Demand Registration and assigns such right in connection with a Transfer, such Third Party Transferee shall have the right to initiate one or more Demand Registrations pursuant to
Section 7.08 or any registration rights agreement that replaces or supersedes Section 7.08 (and shall be entitled to such other rights that a Stockholder would have applicable to such Demand Registration) and (b) if such Third Party
Transferee shall acquire Beneficial Ownership of 5% or less of the outstanding Total Equity Securities but shall acquire Beneficial Ownership of Company Common Shares (or other equity securities of the Company) with a Fair Market Value of at least
$250,000,000 upon consummation of any Transfer or series of related Transfers from a Stockholder, to the extent such Stockholder has the right to Transfer a Demand Registration and assigns such right in connection with a Transfer, such Third Party
Transferee shall have the right to initiate one (but not more than one) Demand Registration pursuant to Section 7.08 or any registration rights agreement that replaces or supersedes Section 7.08 (and shall be entitled to such other rights
that a Stockholder would have applicable to such Demand Registration), provided that, in the case of this clause (b), such Third Party Transferee may exercise such Demand Registration only in connection with a registered public offering of
Company Common Stock having a Fair Market Value at least equal to $100,000,000, subject (in each of clauses (a) and (b)) to the obligations of such Stockholder applicable to such demand (and the number of Demand Registrations to which such
Stockholder is entitled under Section 7.08 hereof shall be correspondingly decreased). 

 ARTICLE II 
 BOARD OF DIRECTORS AND RELATED MATTERS 
 Section 2.01. Board of
Directors. 
 (a) Liberty shall have the right to nominate up to such number of Liberty Directors as is equal to 20% of the
total number of directors on the Board of Directors (rounded up to the next whole number if the total number of directors on the Board of Directors is not an even multiple of 5) so long as Liberty Beneficially Owns at least 16,825,982 Equity
Securities (so long as the Ownership Percentage of Liberty is at least equal to 15% of the Total Equity Securities). Liberty shall have the right to nominate one Liberty Director so long as Liberty Beneficially Owns at least 11,217,321 Equity
Securities (so long as Liberty’s Ownership Percentage is at least equal to 5% of the Total Equity Securities). As of the date hereof, the Liberty Directors are John C. Malone and William R. Fitzgerald. 

(b) The Company shall cause each Liberty Director to be included in the slate of nominees recommended by the Board of Directors to the
Company’s stockholders for election as directors at each annual meeting of the stockholders of the Company and shall use all reasonable efforts to cause the election of each Liberty Director, including soliciting proxies in favor of the
election of such persons. 
 (c) Within a reasonable time prior to the filing with the Commission of its proxy statement or
information statement with respect to each meeting of stockholders at which directors are to be elected, the Company shall, to the extent Liberty is entitled to representation on the Company’s Board of Directors in accordance with this
Agreement, provide Liberty with the opportunity to review and comment on the information contained in such proxy or information statement applicable to the director nominees designated by Liberty. 

(d) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without
cause) of any Liberty Director, Liberty shall have the right to designate a replacement Liberty Director to fill such vacancy, and the Company agrees to use its best efforts to cause such vacancy to be filled with the replacement Liberty Director so
designated. Upon the written request of Liberty, each Stockholder shall vote (and cause each of the members of its Stockholder Group to vote, if applicable), or act by written consent with respect to, all Equity Securities Beneficially Owned by it
and otherwise take or cause to be taken all actions necessary to remove the director designated by Liberty and to elect any replacement director designated by Liberty as provided in the first sentence of this Section 2.01(d). 

Section 2.02. Management of the Business. Except as indicated in Section 2.03 below or as required by Delaware law or
the Certificate of Incorporation of the Company and the By-Laws and the agreements contemplated thereby, Mr. Diller, so long as he is Chairman and has not become Disabled, will continue to have full authority to operate the day-to-day business

  
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affairs of the Company to the same extent as prior to the date hereof. The Company shall use its reasonable best efforts to cause one Liberty Director designated by Liberty for such purpose to be
appointed as a member of a committee of the Board of Directors and, to the extent such person qualifies under applicable law (including stock exchange requirements, as applicable, and tax laws) and Section 16(b) under the Exchange Act or other
similar requirements, all committees and subcommittees of the Board of Directors that make determinations relating to the compensation of executives of the Company. 
 Section 2.03. Contingent Matters. So long as Liberty or Mr. Diller Beneficially Owns, in the case of Liberty, at least 14,956,428 Equity Securities (so long as such Ownership Percentage
equals at least 5% of the Total Equity Securities), or, in the case of Mr. Diller, at least 2,500,000 Company Common Shares with respect to which he has a pecuniary interest and the Chairman Termination Date (as defined in the Stockholders
Agreement and not as defined in this Agreement) has not occurred and Mr. Diller has not become Disabled, neither the Company nor any Subsidiary shall take any of the following actions (any such action, a “Contingent Matter”)
without the prior approval of Mr. Diller and/or Liberty, whichever (or both) satisfy the foregoing Beneficial Ownership requirements: 
 (a) any transaction not in the ordinary course of business, launching new or additional channels or engaging in any new field of business, in any case, that will result in, or will have a reasonable
likelihood of resulting in, Liberty or Mr. Diller or any Affiliate thereof being required under law to divest itself of all or any part of its Beneficial Ownership of Company Common Shares, or interests therein, or any other material assets of
such Person, or that will render such Person’s continued ownership of such securities, shares, interests or assets illegal or subject to the imposition of a fine or penalty, or that will impose material additional restrictions or limitations on
such Person’s full rights of ownership (including, without limitation, voting) thereof or therein. This Contingent Matter will be applied based only on the Beneficial Ownership of Company Common Shares, interests therein or other material
assets of Liberty or Mr. Diller or any Affiliate thereof as of the date hereof; or 
 (b) if the Company or any of its
Subsidiaries incurs any obligations (other than in respect of the customary refinancing of an amount not to exceed the principal amount of the existing obligation being refinanced) included within the definition of Total Debt (the “Incurred
Debt”) upon which (and after giving effect to such) incurrence the Total Debt Ratio equals or exceeds 8:1 (for this purpose (x) calculating Total Debt as if the Incurred Debt had been incurred on the last day of the most recently ended
fiscal quarter of the Company (the “Balance Sheet Date”) and (y) if the Incurred Debt is being incurred in whole or in part to fund the acquisition by the Company or any of its Subsidiaries of any Person or business (whether by
way of a merger, stock purchase, asset purchase or otherwise) (an “Acquisition”) then (A) in addition to the adjustment set forth in clause (x) above, Total Debt shall be calculated to be Total Debt of the Company and its
Subsidiaries plus Total Debt of the Person or business acquired in the Acquisition (substituting, for this purpose, such Person or business for the Company and its Subsidiaries in the definition of Total Debt) as of the Balance Sheet Date to the
extent applicable to the business(es) or assets being acquired and (B) there shall be added to the EBITDA otherwise used in calculating the Total Debt Ratio at the Balance Sheet Date an amount equal to the EBITDA of the acquired Person or
business (substituting, for this purpose, such Person or business for the Company and its Subsidiaries in the definition of EBITDA) for the four fiscal 

  
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quarter period ending as of the Balance Sheet Date to the extent applicable to the business(es) or assets being acquired), then, for so long as the Total Debt Ratio continues to equal or exceed
8:1: 
 (i) any acquisition or disposition (including pledges), directly or indirectly, by the Company or any of
its Subsidiaries of any assets (including debt and/or equity securities) or business (by merger, consolidation or otherwise), the grant or issuance of any debt or equity securities of the Company or any of its Subsidiaries (other than, in the case
of any of the foregoing, as contemplated by Section 3.01 of this Agreement), the redemption, repurchase or reacquisition of any debt or equity securities of the Company or any of its Subsidiaries, by the Company or any such Subsidiary, or the
incurrence of any indebtedness, or any combination of the foregoing, in any such case, in one transaction or a series of transactions in a six-month period, with a value of 10% or more of the market value of the Total Equity Securities at the time
of such transaction, provided that the prepayment, redemption, repurchase or conversion of prepayable, callable, redeemable or convertible securities in accordance with the terms thereof shall not be a transaction subject to this paragraph;

 (ii) voluntarily commencing any liquidation, dissolution or winding up of the Company or any material
Subsidiary; 
 (iii) any material amendments to the Certificate of Incorporation or Bylaws of the Company
(including the issuance of preferred stock pursuant to the “blank check” authorization in the Certificate of Incorporation, having super voting rights (more than 1 vote per share) or entitled to vote as a class on any matter (except to the
extent such class vote is required by Delaware law or to the extent the holder of such preferred stock may have the right to elect directors upon the occurrence of a default in payment of dividends or redemption price)); 

(iv) engagement by the Company in any line of business other than online and offline travel services and products and
related businesses, or other businesses engaged in by the Company as of the date of determination of the Total Debt Ratio; 
 (v) adopting any stockholder rights plan (or any other plan or arrangement that could reasonably be expected to disadvantage any stockholder on the basis of the size or voting power of its shareholding)
that would adversely affect Liberty or Mr. Diller; and 
 (vi) entering into any agreement with any holder
of Equity Securities in such stockholder’s capacity as such, which grants such stockholder approval rights similar in type and magnitude to those set forth in this Section 2.03. 

Section 2.04. Notice of Events. In the event that (a) the Company intends to engage in a transaction of a type that is
described in Section 2.03, and (b) the Company does not intend to 

  
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seek consent from Liberty and/or Mr. Diller, whichever (or both) are required to consent to a Contingent Matter (a “Consenting Party”) due to the Company’s good faith
belief that the specific provisions of Section 2.03 do not require such consent but that reasonable people acting in good faith could differ as to whether consent is required pursuant to such Section, the Company shall notify the Consenting
Parties as to the material terms of the transaction (including the Company’s estimate of the timing thereof) by written notice (including a statement of the Total Debt Ratio) delivered as far in advance of engaging in such transaction as is
reasonably practicable unless such transaction was previously publicly disclosed. 
 Section 2.05. Certain Hedging
Transactions. Prior to entering into any Hedging Transaction with respect to more than 4.9% of the outstanding Company Common Shares (based on the number of Company Common Shares outstanding as reported in the Company’s most recently filed
report on Form 8-K, Form 10-Q or Form 10-K), Liberty shall give notice to the chief financial officer of the Company (including a brief description of the general structure of the Hedging Transaction contemplated and the potential timing of such
Hedging Transaction), which notice must be received no less than one full business day (but not less than 24 hours), but no more than ten business days, prior to the proposed date of effectiveness of such Hedging Transaction. Upon receipt of such
notice, the Company will have the right, which must be exercised by notice to Liberty delivered no more than 24 hours after receipt of such notice from Liberty, to require Liberty to delay such Hedging Transaction if (i) the Company has
determined in good faith that such Hedging Transaction would adversely affect a contemplated significant corporate transaction (including financing) of the Company and (ii) all Insiders of the Company have been prohibited during such delay
period from buying or selling equity securities of the Company (other than transactions between an Insider and the Company in accordance with the terms of any Company equity security or any plan or agreement pursuant to which any such security was
granted or issued). The period during which Liberty will be required to delay such Hedging Transaction will not exceed ten business days after the proposed date (as specified in such notice) of effectiveness of such Hedging Transaction, or, if
sooner, the date the Company informs Insiders that they may trade in equity securities of the Company. 
 Section 2.06.
Notice of Sale of Company Class B Stock. Prior to effecting any Transfer of Company Class B Stock other than to a member of such transferring Stockholder’s Stockholder Group, the transferring Stockholder shall deliver written notice to
the Company, which shall deliver such notice to the Board of Directors of the Company, which notice shall specify (i) the Person to whom the transferring Stockholder proposes to make such Transfer and (ii) the number or amount of the
shares of Company Class B Stock to be Transferred. 
 ARTICLE III 

PREEMPTIVE RIGHTS 
 Section 3.01. Liberty Preemptive Rights. (a) In the event that after the date hereof, the Company issues or proposes to issue (other than to the Company and its Affiliates or Liberty and
its Affiliates, and other than pursuant to an Excluded Issuance) any Company Common Shares (including Company Common Shares issued upon exercise, conversion or exchange of options, warrants and convertible securities (other than shares of Company
Common Stock issued upon conversion of shares of Company Class B Stock)) and such issuance, together with any prior 

  
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issuances aggregating less than 1% with respect to which Liberty’s preemptive right has not become exercisable, shall be in excess of 1% of the total number of Company Common Shares
outstanding after giving effect to such issuance (an “Additional Issuance”), the Company shall give written notice to Liberty not later than five business days after the issuance, specifying the number of Company Common Shares
issued or to be issued and the Issue Price (if known) per share. Liberty shall have the right (but not the obligation) to purchase or cause one or more of the Liberty Holdcos to purchase for cash a number (but not less than such number) of Company
Common Shares (allocated between Company Common Stock and Company Class B Stock in the same proportion as the issuance or issuances giving rise to the preemptive right hereunder, except to the extent that Liberty opts to receive Company Common Stock
in lieu of Company Class B Stock), so that Liberty and the Liberty Holdcos shall collectively maintain the identical percentage equity Beneficial Ownership interest in the Company that Liberty and the Liberty Holdcos collectively owned immediately
prior to the Additional Issuance requiring notice from the Company to Liberty described in the first sentence of this paragraph (but not in excess of 20.01% of the outstanding Total Equity Securities) after giving effect to such Additional Issuance
and to shares of Company Common Stock that are to be issued to Liberty and the Liberty Holdcos pursuant to this Section 3.01, by sending an irrevocable written notice to the Company not later than fifteen business days after receipt of such
notice of an Additional Issuance (or, if later, two business days following the determination of the Issue Price) from the Company that it elects to purchase or to cause one or more of the Liberty Holdcos to purchase all of such Company Common
Shares (the “Additional Shares”). The closing of the purchase of Additional Shares shall be the later of ten business days after the delivery of the notice of election by Liberty and five business days after receipt of any necessary
regulatory approvals. 
 (b) The purchase or redemption of any Company Common Shares by the Company or any of its Affiliates
shall not result in an increase in the percentage of Company equity that Liberty may be entitled to acquire pursuant to the preemptive right in Section 3.01(a) above. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 

Section 4.01. Representations and Warranties of the Company. The Company represents and warrants to Mr. Diller and
Liberty that: (a) the Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the corporate power and authority to enter into this Agreement and to carry out its obligations
hereunder; (b) the execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Company and no
other corporate proceedings on the part of the Company are necessary to authorize this Agreement or any of the transactions contemplated hereby; (c) this Agreement has been duly executed and delivered by the Company and constitutes a valid and
binding obligation of the Company, and, assuming this Agreement constitutes a valid and binding obligation of each Stockholder, is enforceable against the Company in accordance with its terms; (d) neither the execution, delivery or performance
of this Agreement by the Company constitutes a breach or violation of or conflicts with the Company’s Certificate of Incorporation or By-laws or any material agreement to which the 

  
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Company is a party; (e) none of such material agreements would impair in any material respect the ability of the Company to perform its obligations hereunder; and (f)(i) the shares of
Company Common Stock (or such other securities of the Company into which such shares are then convertible) issuable to Liberty in the exchange contemplated by Section 5.02(c) and the shares of Company Class B Stock issuable to Mr. Diller
pursuant to the Purchase/Exchange Right, in each case, upon issuance will be duly authorized, validly issued, fully paid and nonassessable and not subject to, or issued in violation of, any purchase option, redemption, call option, right of first
refusal, preemptive right, subscription right or any similar right in any such case granted by, or exercisable for the benefit of, the Company (other than any such restrictions or rights under this Agreement, the Stockholders Agreement or applicable
state and federal securities laws) and (ii) in the case of the shares of Company Common Stock issuable to Liberty in the exchange contemplated by Section 5.02(c), if the Company Common Stock (or such securities of the Company into which
such shares are then convertible) is then listed on a national securities exchange, the Company will use its reasonable best efforts to cause such shares of Company Common Stock or such other securities to be approved for listing on such national
securities exchange upon issuance (subject only to official notice of issuance). 
 Section 4.02. Representations and
Warranties of the Stockholders. Each Stockholder, severally as to itself (and, in the case of Mr. Diller, as applicable), represents and warrants to the Company and the other Stockholder that (a) it is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization and he or it, as the case may be, has the power and authority (corporate or otherwise) to enter into this Agreement and to carry out his or its obligations
hereunder, (b) the execution and delivery of this Agreement by such Stockholder and the consummation by such Stockholder of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Stockholder
and no other proceedings on the part of such Stockholder are necessary to authorize this Agreement or any of the transactions contemplated hereby, (c) this Agreement has been duly executed and delivered by such Stockholder and constitutes a
valid and binding obligation of such Stockholder, and, assuming this Agreement constitutes a valid and binding obligation of the Company and the other Stockholder, is enforceable against such Stockholder in accordance with its terms,
(d) neither the execution, delivery or performance of this Agreement by such Stockholder constitutes a breach or violation of or conflicts with its certificate of incorporation or by-laws (or similar governing documents) or any material
agreement to which such Stockholder is a party and (e) none of such material agreements would impair in any material respect the ability of such Stockholder to perform its obligations hereunder. 

  
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 ARTICLE V 
 DISTRIBUTION TRANSACTION AND BLOCK SALE 
 Section 5.01.
Distribution Transaction. 
 (a) In the event Liberty desires to effect a Distribution Transaction in which it will
Transfer all of the Company Common Shares Beneficially Owned by it (other than any Restricted Equity Securities) to a Qualified Distribution Transferee (which Transfer, for the avoidance of doubt, will be deemed to occur on the date such Qualified
Distribution Transferee ceases to be a Subsidiary of Liberty), the Company, Mr. Diller, Liberty and the Qualified Distribution Transferee and, if applicable under the proviso to this Section 5.01(a), the Liberty Spinco, will enter into an
amendment to this Agreement on or prior to the date of consummation of such Distribution Transaction to: (i) effective immediately prior to such Distribution Transaction (but subject to the consummation of the Distribution Transaction) assign
all rights and obligations of Liberty under this Agreement (including its rights pursuant to Articles II and III and Section 7.08 hereof) to the Qualified Distribution Transferee, (ii) have such Qualified Distribution Transferee agree to
accept, as of immediately prior to the effective time of such Distribution Transaction (but subject to the consummation of the Distribution Transaction), such assignment of rights and agree to assume and perform all liabilities and obligations of
Liberty hereunder to be performed following the effective time of such Distribution Transaction, (iii) effective immediately prior to such Distribution Transaction (but subject to the consummation of the Distribution Transaction) substitute
such Qualified Distribution Transferee for Liberty (and the stockholder group of the Qualified Distribution Transferee for the Liberty Stockholder Group) for all purposes under this Agreement and (iv) provide for (w) a representation from
Liberty that such amendment is being entered into in connection with a Distribution Transaction involving the Qualified Distribution Transferee pursuant to Section 5.01 of this Agreement, (x) Liberty’s acknowledgement that it shall
not be entitled to any benefits under this Agreement following such Distribution Transaction, (y) each of the Company’s and Mr. Diller’s acknowledgement that Liberty shall not be subject to any liability under this Agreement to
it or him, as applicable, following such Distribution Transaction (except for any liability arising from any breach of this Agreement by Liberty or relating to any actions or events occurring, in each case, on or prior to the date of the
Distribution Transaction) and (z) Liberty’s acknowledgement that neither the Company nor Mr. Diller shall be subject to any liability to Liberty under this Agreement following such Distribution Transaction (except for any liability
arising from any breach of this Agreement by the Company or Mr. Diller, as applicable, or relating to any actions or events occurring, in each case, on or prior to the date of the Distribution Transaction); provided, that if the
Qualified Distribution Transferee is not the Liberty Spinco, then the Liberty Spinco shall also become a party to this Agreement and in such case each reference in the foregoing clauses (i) through (iv) to Qualified Distribution Transferee
shall be to the Liberty Spinco and the Qualified Distribution Transferee shall become a party to this Agreement as a member of the Liberty Spinco’s stockholder group. 
 (b) The Company agrees that: 
 (i) it shall not adopt any
stockholder rights plan or similar plan or agreement (or amend or modify any such plan or agreement) or adopt or 

  
 - 8 -

 
approve any charter or by-law provision, in each case, the purpose or reasonably evident effect of which is to (x) restrict or limit Liberty’s ability to engage in a Distribution
Transaction with a Qualified Distribution Transferee or (y) impose on the Qualified Distribution Transferee, or cause the Qualified Distribution Transferee to incur or suffer, material economic detriment (including through disproportionate
dilution, relative to other holders of Company Common Shares, or through a requirement to purchase or otherwise acquire, or offer to acquire, additional equity securities of the Company in the form of a mandatory offer requirement or similar
provision) as a result of its receipt or continued ownership of Company Common Shares or other equity securities of the Company Transferred to it in a Distribution Transaction; provided that, any adoption, approval, amendment or modification
by the Company of any stockholder rights plan (or similar plan or agreement) or charter or by-law provision having anti-takeover provisions of general applicability, which does not cause Liberty to incur or suffer material economic detriment as a
result of its ownership of Company Common Shares or other equity securities of the Company upon such adoption, approval, amendment or modification (and, assuming the Distribution Transaction occurred on such date, would not cause a Qualified
Distribution Transferee to incur or suffer such effects upon the consummation of the Distribution Transaction), shall not be deemed to have any purpose or effect specified in clause (y) above; and 

(ii) as promptly as reasonably practicable following the written request of Liberty and prior to the consummation of a
Distribution Transaction involving a Qualified Distribution Transferee, the Board of Directors will approve the Transfer of Company Common Shares to the Qualified Distribution Transferee in such Distribution Transaction for purposes of
Section 203(a)(1) of the DGCL in the event that the Qualified Distribution Transferee’s ownership of Company Common Shares immediately following the Distribution Transaction would cause it to become an “interested stockholder”
for purposes of Section 203 of the DGCL. 
 Section 5.02. Block Sale; Purchase/Exchange Right. 

(a) Liberty shall have the rights and obligations set forth in Section 5.02(b) and Section 5.02(c) in respect of a Block Sale
provided that the following conditions are satisfied at the time of such proposed Block Sale: 
 (i)
Mr. Diller still holds the Liberty Proxy; 
 (ii) Liberty does not Beneficially Own Equity Securities in
excess of 30% of the Total Equity Securities (excluding, for such purposes, any increase in Liberty’s Beneficial Ownership resulting from any redemption, repurchase or reacquisition of any Equity Securities by the Company); 

(iii) if such proposed Block Sale would be consummated on or prior to the second anniversary of December 20, 2011,
the Company and 

  
 - 9 -

 
TripAdvisor have consented in writing to such Block Sale (which consent will be delivered by the Company and TripAdvisor if the Company and TripAdvisor acting in good faith determine that either
(x) any of the “Safe Harbors” set forth in Treas. Reg. § 1.355-7(d) applies to such Block Sale or (y) there was no “agreement, understanding, arrangement or substantial negotiations” with the Block Sale Transferee
regarding such Block Sale or any “similar acquisition” (as such terms are defined in Treas. Reg. § 1.355-7(h)) during the two-year period ending on December 20, 2011); and 

(iv) Liberty has complied with its obligations under Sections 4.2, 4.3 and 4.4 of the Stockholders Agreement in connection
with such proposed Block Sale. 
 (b) The Company agrees that as promptly as reasonably practicable following receipt of a
written request therefor from Liberty, in connection with any Block Sale that complies with Section 5.02(a): 
 (i) to the extent necessary, it shall amend any stockholder rights plan or similar plan or agreement (or take all steps necessary to amend any charter or bylaw provision) then in effect (x) the
purpose or reasonably evident effect of which is to restrict or limit Liberty’s ability to engage in a Block Sale that complies with Section 5.02(a) or (y) that would impose on the Block Sale Transferee, or cause the Block Sale
Transferee to incur or suffer, material economic detriment (including through disproportionate dilution, relative to other holders of Company Common Shares, of the Block Sale Transferee’s equity or voting power or through a requirement to
purchase or otherwise acquire, or offer to acquire, additional equity securities of the Company in the form of a mandatory offer requirement or similar provision) as a result of the Block Sale Transferee’s and its Affiliates’ receipt or
continued ownership of Company Common Shares or other equity securities of the Company in the Block Sale, such that the acquisition and continued ownership by the proposed Block Sale Transferee of Company Common Shares or other equity securities of
the Company in such Block Sale or thereafter in an amount permitted by the Standstill Agreement will not result in the imposition of any such restriction, limitation or economic detriment or cost under any such plan or agreement (or charter or bylaw
provision having anti-takeover provisions); provided that such amendment shall be conditioned upon the Block Sale Transferee entering into a Standstill Agreement with the Company; and 

(ii) prior to the Block Sale Transferee becoming an “interested stockholder” (as such term is defined in
Section 203(c)(5) of the DGCL) with respect to the Company and subject to the execution by the Block Sale Transferee of a Standstill Agreement with the Company and the accuracy of the representation contained in Section 6.2(b) of the
Standstill Agreement, the Board of Directors shall approve (x) the Block Transferee as an “interested stockholder” within the meaning of Section 203(c)(5) of the DGCL and (y) the receipt of Company Common Shares by the Block
Sale Transferee pursuant to the Block 

  
 - 10 -

 
Sale for purposes of Section 203(a)(1) of the DGCL (but, for the avoidance of doubt, the Board of Directors shall have no obligation to approve any such transaction with respect to a
Subsequent Transferee (as defined in the Standstill Agreement)). 
 (c) In the event that Liberty is required to exchange
Company Class B Stock for newly issued shares of Company Common Stock or other securities pursuant to Section 4.4(b)(ii) of the Stockholders Agreement, the Company hereby agrees that it will exchange all remaining shares of Company Class B
Stock not acquired by Mr. Diller pursuant to Sections 4.3 or 4.4 of the Stockholders Agreement for the number and type of shares of Company Common Stock (or such other securities of the Company into which such shares of Company Class B Stock
are then convertible) Liberty would have received upon conversion of such shares of Company Class B Stock and shall keep available in its treasury and not cancel such shares of Company Class B Stock exchanged by Liberty until the termination of the
Purchase/Exchange Right as described below. After such exchange, or, in the event the conditions to such exchange are not satisfied and Liberty is instead required to convert its remaining shares of Company Class B Stock in accordance with
Section 4.4(b)(i) of the Stockholders Agreement (by reason of the proviso to Section 4.4(b)(ii) of the Stockholders Agreement), then after such conversion, Mr. Diller shall have the right (the “Purchase/Exchange
Right”), exercisable at any time and from time to time on or prior to the second anniversary of the date of the Block Sale or the transaction giving rise to the obligation of Liberty to exchange or convert its Company Class B Stock as
described above (subject to the provisos in Section 5.02(d)(i) and Section 5.02(d)(ii)) (the “Purchase/Exchange Period”), either to: 
 (i) purchase from the Company a number of shares of Company Class B Stock up to the number of shares of Company Class B Stock that Liberty exchanged for, or converted into, Company Common Stock (or such
lesser amount of Company Class B Stock), at a price per share of Company Class B Stock equal to the Fair Market Value of a share of Company Common Stock at the time of such purchase; or 

(ii) exchange an equivalent number of shares of Company Common Stock for a number of shares of Company Class B Stock, up
to the number of shares of Company Class B Stock that Liberty exchanged for, or converted into, Company Common Stock (or such lesser amount of Company Class B Stock). 
 (d) The Purchase/Exchange Right may be exercised by Mr. Diller directly or together with other third parties, provided that Mr. Diller retains voting control over any such Company Class B
Stock purchased or exchanged, and provided further that during the Purchase/Exchange Period: 
 (i)
the Purchase/Exchange Right will be suspended upon the entry by the Company into an agreement providing for a Sale Transaction and will remain suspended for so long as such agreement (or any successor agreement) has not been terminated; and

  
 - 11 -

 (ii) the Purchase/Exchange Right will terminate upon the consummation of a
tender or exchange offer for securities representing more than 50% of the total voting power of all outstanding Voting Securities of the Company or consummation of a Sale Transaction. 

(e) The Board of Directors of the Company, or a committee thereof consisting of non-employee directors (as such term is defined for
purposes of Rule 16b-3 under the Exchange Act), shall with respect to each exercise of the Purchase/Exchange Right or as may be otherwise requested by Mr. Diller, adopt resolutions and otherwise take all actions necessary to cause any
acquisitions or deemed acquisitions from the Company of Company Class B Stock transferred to Mr. Diller pursuant to this Agreement and the Purchase/Exchange Right and any dispositions or deemed dispositions to the Company of Company Common
Stock pursuant to this Agreement and the Purchase/Exchange Right to be exempt under Rule 16b-3 under the Exchange Act. 
 (f) In
connection with a Block Sale pursuant to the conditions of Section 5.02(a) in which the Block Sale Transferee receives the right to nominate candidates to the Board of Directors pursuant to the Standstill Agreement: (i) Liberty shall, on
or prior to consummation of the Block Sale, cause the Liberty Directors to resign from the Board of Directors effective as of the consummation of such Block Sale; and (ii) the Company shall use its best efforts to cause such vacancy to be
filled with the candidate(s) nominated by the Block Sale Transferee (subject to the approval of such candidates by the nominating committee or equivalent committee of the Board of Directors (or the Board of Directors) as described in the Standstill
Agreement). 
 (g) For the avoidance of doubt, none of the provisions of Section 5.02(a), 5.02(b), or 5.02(f) shall be
applicable in the event Liberty Transfers all of the Company Common Shares (or other equity securities of the Company) Beneficially Owned by it (other than any Restricted Equity Securities) to a Third-Party Transferee and such Third Party Transferee
elects not to enter into a Standstill Agreement or such Third Party Transferee’s Ownership Percentage exceeds or, upon consummation of such Transfer would exceed, 30% of the Total Equity Securities. 

ARTICLE VI 

DEFINITIONS 
 For
purposes of this Agreement, the following terms shall have the following meanings: 
 Section 6.01.
“Affiliate” shall have the meaning set forth in Rule 12b-2 under the Exchange Act (as in effect on the date of this Agreement). For purposes of this definition, (i) natural persons shall not be deemed to be Affiliates of each
other, (ii) none of Mr. Diller, Liberty or any of their respective Affiliates shall be deemed to be an Affiliate of the Company or its Affiliates, (iii) none of the Company, Liberty or any of their respective Affiliates shall be
deemed to be an Affiliate of Mr. Diller or his Affiliates, (iv) none of the Company, Mr. Diller or any of their respective Affiliates shall be deemed to be an Affiliate of Liberty or its Affiliates, (v) the Company shall not be
deemed to be an Affiliate of TripAdvisor based upon the common control of the Company and TripAdvisor by the Stockholders and (vi) the Company shall not be deemed to be an Affiliate of IAC/InterActiveCorp to the extent such relationship would
otherwise be based on the common control of the Company and IAC/InterActiveCorp by Mr. Diller. 

  
 - 12 -

 Section 6.02. “Beneficial Ownership” or “Beneficially
Own” shall have the meaning given such term in Rule 13d-3 under the Exchange Act and a Person’s Beneficial Ownership of Company Common Shares shall be calculated in accordance with the provisions of such Rule; provided,
however, that for purposes of Beneficial Ownership, (a) a Person shall be deemed to be the Beneficial Owner of any Equity Securities which may be acquired by such Person (disregarding any legal impediments to such Beneficial Ownership),
whether within 60 days or thereafter, upon the conversion, exchange or exercise of any warrants, options (which options held by Mr. Diller shall be deemed to be exercisable), rights or other securities issued by the Company or any Subsidiary
thereof and (b) no Person shall be deemed to Beneficially Own any Equity Securities solely as a result of such Person’s execution of this Agreement (including by virtue of holding a proxy with respect to any Equity Securities), or the
Stockholders Agreement, or with respect to which such Person does not have a pecuniary interest. 
 Section 6.03.
“Block Sale” shall mean a Transfer, in a single transaction (other than a Transfer to a Qualified Distribution Transferee) of all of the Equity Securities Beneficially Owned by Liberty (other than any Restricted Equity Securities)
at such time to a Person (other than Mr. Diller, a Permitted Transferee, a Permitted Designee or the Company) not affiliated with Liberty (i) whose Ownership Percentage upon, and giving effect to, such Transfer does not exceed 30% of the
Total Equity Securities and (ii) who enters into a standstill agreement with the Company in the form attached as Exhibit A to this Agreement (a “Standstill Agreement” and such Transferee, the “Block Sale
Transferee”). 
 Section 6.04. “Block Sale Transferee” shall have the meaning set forth in
Section 6.03. 
 Section 6.05. “business day” shall mean any day other than a Saturday, a Sunday or
any other day on which banks in New York, New York may, or are required to, remain closed. 
 Section 6.06.
“Chairman” shall mean the Chairman of the Board of Directors of the Company or any successor entity. 

Section 6.07. “Chairman Termination Date” shall mean the date that Mr. Diller no longer serves as Chairman.

 Section 6.08. “Commission” shall mean the Securities and Exchange Commission. 

Section 6.09. “Company” shall have the meaning set forth in the Recitals to this Agreement. 

Section 6.10. “Company Class B Stock” shall mean class B common stock, $0.001 par value per share, of the Company.

 Section 6.11. “Company Common Shares” shall mean shares of Company Common Stock and Company Class B
Stock. 

  
 - 13 -

 Section 6.12. “Company Common Stock” shall mean common stock, $0.001
par value per share, of the Company. 
 Section 6.13. “Consenting Party” shall have the meaning set forth
in Section 2.04. 
 Section 6.14. “Demand Registration” shall have the meaning set forth in
Section 7.08(b). 
 Section 6.15. “DGCL” shall mean the General Corporation Law of the State of
Delaware. 
 Section 6.16. “Disabled” shall mean the disability of Mr. Diller after the expiration of
more than 180 consecutive days after its commencement which is determined to be total and permanent by a physician selected by Liberty and reasonably acceptable to Mr. Diller, his spouse or a personal representative designated by
Mr. Diller; provided that Mr. Diller shall be deemed to be disabled only following the expiration of 90 days following receipt of a written notice from the Company and such physician specifying that a disability has occurred if
within such 90-day period he fails to return to managing the business affairs of the Company. Total disability shall mean mental or physical incapacity that prevents Mr. Diller from managing the business affairs of the Company. 

Section 6.17. “Distribution Transaction” shall mean any transaction pursuant to which the equity interests of a
Subsidiary of Liberty which directly or indirectly holds all Company Common Shares Beneficially Owned (other than any Restricted Equity Securities) by Liberty at such time (a “Liberty Spinco”) are distributed, directly or indirectly
(whether by redemption, dividend, share distribution, merger or otherwise) to all or substantially all of the holders of one or more classes or series of the common stock of Liberty that are registered under Section 12(b) or 12(g) of the
Exchange Act (such holders of one or more such classes or series, “Liberty Holders”), on a pro rata basis with respect to each such class or series (other than with respect to the payment of cash in lieu of fractional shares), or
such equity interests of such Liberty Spinco are available to be acquired by Liberty Holders (including through any rights offering, exchange offer, exercise of subscription rights or other offer made available to Liberty Holders), on a pro rata
basis with respect to each such class or series (other than with respect to the payment of cash in lieu of fractional shares), whether voluntary or involuntary. 
 Section 6.18. “EBITDA” shall mean, for any period, for the Company and its Subsidiaries (on a pro forma basis to the extent the applicable period includes any period prior to the
separation of TripAdvisor from the Company), on a combined consolidated basis: net income plus (to the extent reflected in the determination of net income) (i) provision for income taxes, (ii) minority interest, (iii) interest income
and expense, (iv) depreciation and amortization, (v) amortization of cable distribution fees, and (vi) amortization of non-cash distribution and marketing expense and non-cash compensation expense. 

Section 6.19. “Effective Time” shall have the meaning set forth in Section 7.13. 

Section 6.20. “Equity Securities” shall mean the equity securities of the Company calculated on a Company Common
Stock equivalent basis, including the Company Common Shares and those shares issuable upon exercise, conversion or redemption of other securities of the Company not otherwise included in this definition. 

  
 - 14 -

 Section 6.21. “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 Section 6.22.
“Excluded Issuance” shall mean any issuance of Company Common Shares (i) in a Sale Transaction, or (ii) which is “restricted stock” or the ownership of which is otherwise subject to forfeiture
(“Restricted Stock”), provided that for purposes of this definition and Section 3.01 of this Agreement any stock covered by the provisions of clause (ii) shall be deemed to have been issued for purposes of
Section 3.01 of this Agreement on the date (the “Lapse Date”) the restrictions on such stock lapse or on which the stock is no longer subject to forfeiture. 

Section 6.23. “Expedia” shall have the meaning set forth in the recitals to this Agreement. 

Section 6.24. “Fair Market Value” for a security publicly traded on a recognized exchange shall be the average
closing price of such security for the three trading days ending on the applicable day (or, if such day is not a trading day, the trading day immediately preceding the applicable day), and for all other securities or property “Fair Market
Value” shall be determined, by a nationally recognized investment banking firm which has not been engaged by the Company or Liberty or their respective Affiliates (including with respect to the Company, (a) for so long as Mr. Diller
is Senior Executive of TripAdvisor, TripAdvisor and (b) for so long as Mr. Diller is Senior Executive of IAC/InterActiveCorp, IAC/InterActiveCorp) for the prior three years, selected by (i) the Company and (ii) Liberty;
provided that, if the Company and Liberty cannot agree on such an investment banking firm within 10 business days, such investment banking firm shall be selected by a panel designated in accordance with the rules of the American Arbitration
Association. The fees, costs and expenses of the American Arbitration Association and the investment banking firm so selected shall be borne equally by the Company and Liberty. 

Section 6.25. “Hedging Transaction” shall have the meaning ascribed to such term in the Stockholders Agreement.

 Section 6.26. “Insider” shall mean all directors of the Company and all officers of the Company
required to file a statement with respect to the Company pursuant to Section 16(a) of the Exchange Act. 

Section 6.27. “Issue Price” shall mean the price per share equal to (i) in connection with an underwritten
offering of Company Common Shares, the initial price at which the stock is offered to the public or other investors, (ii) in connection with other sales of Company Common Shares for cash, the cash price paid for such stock, (iii) in
connection with the deemed issuances of Restricted Stock, the Fair Market Value of the stock on the Lapse Date (as defined in the definition of “Excluded Issuance” above), (iv) in connection with the issuance of Company Common Shares
as consideration in an acquisition by the Company, the average of the Fair Market Value of the stock for the five trading days ending on the third trading day immediately 

  
 - 15 -

 
preceding (a) the date upon which definitive agreements with respect to such acquisition were entered into if the number of Company Common Shares issuable in such transaction is fixed on
that date, or (b) such later date on which the consideration, or remaining portion thereof, issuable in such transaction becomes fixed, (v) in connection with a compensatory issuance of shares of Company Common Shares, the Fair Market
Value of the Company Common Stock, and (vi) in all other cases, including, without limitation, in connection with the issuance of Company Common Shares pursuant to an option, warrant or convertible security (other than in connection with
issuances described in clause (v) above), the Fair Market Value of the Company Common Shares on the date of issuance. 

Section 6.28. “Lapse Date” shall have the meaning set forth in Section 6.22. 

Section 6.29. “Liberty” shall have the meaning set forth in the Recitals to this Agreement. 

Section 6.30. “Liberty Director” shall mean (a) any executive officer or director of Liberty designated by
Liberty to serve on the Company’s Board of Directors, provided that the Company’s Board of Directors is not unable, in the exercise of its fiduciary responsibilities, to recommend that the Company’s stockholders elect such
individual to serve on the Company’s Board of Directors, or (b) any other Person designated by Liberty who is reasonably acceptable to the Company. 
 Section 6.31. “Liberty Holdco” shall mean any holding company wholly owned by Liberty and reasonably acceptable to the Company, formed solely for the purpose of acquiring and holding
an equity interest in the Company. 
 Section 6.32. “Liberty Holders” shall have the meaning set forth in
Section 6.17. 
 Section 6.33. “Liberty Proxy” shall have the meaning ascribed to such term in the
Stockholders Agreement. 
 Section 6.34. “Liberty Spinco” shall have the meaning set forth in
Section 6.17. 
 Section 6.35. “Litigation” shall have the meaning set forth in Section 7.05.

 Section 6.36. “Mr. Diller” shall have the meaning set forth in the Recitals to this Agreement.

 Section 6.37. “Ownership Percentage” means, with respect to any Stockholder, at any time, the ratio,
expressed as a percentage, of (i) the Equity Securities Beneficially Owned by such Stockholder (disregarding any legal impediments to such Beneficial Ownership) and its Affiliates to (ii) the sum of (x) the Total Equity Securities and
(y) with respect to such Stockholder, any Company Common Shares included in clause (i) that are issuable upon conversion, exchange or exercise of Equity Securities that are not included in clause (x). 

Section 6.38. “Permitted Transferee” shall mean Liberty or Mr. Diller and the members of their respective
Stockholder Groups. 

  
 - 16 -

 Section 6.39. “Person” shall mean any individual, partnership, joint
venture, corporation, limited liability company, trust, unincorporated organization, government or department or agency of a government. 
 Section 6.40. “Qualified Distribution Transferee” shall mean any Person that meets the following conditions: (i) at the time of any acquisition by it of Beneficial Ownership of
Equity Securities, it is a Subsidiary of Liberty, (ii) thereafter, by reason of a Distribution Transaction, it ceases to be a Subsidiary of Liberty, (iii) if the Distribution Transaction pursuant to which such Person ceases to be a
Subsidiary of Liberty occurs prior to the second anniversary of the Effective Time, then, immediately prior to such Distribution Transaction, such Person (or, if such Person is not the Liberty Spinco, the Liberty Spinco) is a wholly owned Subsidiary
of Liberty, and (iv) prior to such Distribution Transaction (a) it and, if required by Section 5.01(a), the Liberty Spinco, enters into the amendment contemplated by Section 5.01(a) hereof and (b) it and, if required by
Section 5.1 of the Stockholders Agreement, the Liberty Spinco enters into the amendment contemplated by Section 5.1 thereof. 
 Section 6.41. “Restricted Equity Security” shall mean any option, warrant, right or other security issued by the Company that by its terms is not transferable by the holder of such
option, warrant, right or other security at such time of determination. 
 Section 6.42. “Restricted
Stock” shall have the meaning set forth in Section 6.22. 
 Section 6.43. “Sale Transaction”
shall mean a merger, consolidation or amalgamation between the Company and another entity (other than an Affiliate of the Company) in which the Company is to be acquired by such other entity or a Person who controls such entity, or a sale of all or
substantially all of the assets of the Company to another entity, other than an Affiliate of the Company. 
 Section 6.44.
“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 Section 6.45. “Standstill Agreement” shall have the meaning set forth in Section 6.03. 
 Section 6.46. “Stockholder Group” shall mean (a) in respect of Liberty, the Liberty Stockholder Group (as defined in the Stockholders Agreement) and (b) in respect of
Mr. Diller, the Diller Stockholder Group (as defined in the Stockholders Agreement). 
 Section 6.47.
“Stockholders” shall mean Liberty and Mr. Diller. 
 Section 6.48. “Stockholders
Agreement” shall mean the Amended and Restated Stockholders Agreement dated as of the date hereof between Liberty and Mr. Diller. 
 Section 6.49. “Subsidiary” shall mean, as to any Person, any corporation or other Person at least a majority of the shares of stock or other ownership interests of which having
general voting power under ordinary circumstances to elect a majority of the Board of Directors or similar governing body of such corporation or other entity (irrespective of whether or not at the time stock of any other class or classes shall have
or might have voting power by reason of the happening of any contingency) is, at the time as of which the determination is being made, owned by such Person, or one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries.

  
 - 17 -

 Section 6.50. “Third-Party Transferee” shall have the meaning ascribed
to such term in the Stockholders Agreement. 
 Section 6.51. “Total Debt” shall mean all obligations of
the Company and its Subsidiaries for money borrowed, at such time (including all long-term senior and subordinated indebtedness, all short-term indebtedness, the stated amount of all letters of credit issued for the account of the Company or any of
its Subsidiaries and (without duplication) all unreimbursed draws thereunder (but excluding trade letters of credit)), net of cash (other than working capital) or cash equivalent securities, as shown on the consolidated quarterly or annual financial
statements, including the notes thereto, of the Company and its Subsidiaries included in the Company’s filings under the Exchange Act for such period, determined in accordance with GAAP, provided, however, that Total Debt shall
not include hedging, pledging, securitization or similar transactions involving securities owned by the Company or its Subsidiaries to monetize the underlying securities, to the extent such securities are the sole means of satisfying such
obligations and otherwise the fair value thereof. 
 Section 6.52. “Total Debt Ratio” shall mean, at any
time, the ratio of (i) Total Debt of the Company and its Subsidiaries on a combined consolidated basis as of such time to (ii) EBITDA for the four fiscal quarter period ending as of the last day of the most recently ended fiscal quarter as
of such time. 
 Section 6.53. “Total Equity Securities” at any time shall mean, subject to the next
sentence, the total number of the Company’s outstanding equity securities calculated on a Company Common Stock equivalent basis. Any Equity Securities Beneficially Owned by a Person that are not outstanding Voting Securities but that, upon
exercise, conversion or exchange, would become Voting Securities, shall be deemed to be outstanding for the purpose of computing Total Equity Securities and the percentage of Equity Securities owned by such Person but shall not be deemed to be
outstanding for the purpose of computing Total Equity Securities and the percentage of the Equity Securities owned by any other Person. 
 Section 6.54. “Transfer” shall mean, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or
to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any Company Common Shares Beneficially Owned by such Stockholder
or any interest in any Company Common Shares Beneficially Owned by such Stockholder, provided, however, that, a merger or consolidation in which a Stockholder is a constituent corporation shall not be deemed to be the Transfer of any
Company Common Shares Beneficially Owned by such Stockholder (provided, that a significant purpose of any such transaction is not to avoid the provisions of this Agreement). For purposes of this Agreement, the conversion of Company Class B
Stock into Company Common Stock shall not be deemed to be a Transfer. 
 Section 6.55. “TripAdvisor” means
TripAdvisor, Inc., a Delaware corporation. 

  
 - 18 -

 Section 6.56. “Voting Securities” shall mean at any particular time
the shares of any class of capital stock of the Company which are then entitled to vote generally in the election of directors. 

ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01. Notices. All notices, requests
and other communications to any party hereunder shall be in writing (including telecopy) and shall be given, if to Liberty, to: 
 Liberty Interactive Corporation 
 12300 Liberty Boulevard 

Englewood, Colorado 80112 
 Attention: General Counsel 
 Facsimile: (720) 875-5401 

with a copy to: 
 Baker Botts L.L.P. 
 30 Rockefeller Plaza 

44th Floor 

New York, New York 10112 
 Attention: Frederick H. McGrath 
 Facsimile: (212) 408-2501 

if to Mr. Diller, to: 
 Barry Diller 
 Chairman 

Expedia, Inc. 

c/o IAC/InterActiveCorp 
 555 West 18th Street 
 New York, New York 10011 

Attention: General Counsel 
 Facsimile: (212) 632-9551 
 with a copy to: 

Expedia, Inc. 

333 108th Avenue N.E. 
 Bellevue, Washington 98004 
 Attention: General Counsel 

Facsimile: (425) 679-7240 
  

  
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 with a copy to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, New York 10019 
 Attention: Andrew J. Nussbaum 
 Facsimile: (212) 403-2000 

if to the Company, to: 
 Expedia, Inc. 
 333 108th Avenue N.E. 

Bellevue, Washington 98004 
 Attention: General Counsel 
 Facsimile: (425) 679-7240 

with a copy to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, New York 10019 
 Attention: Andrew J. Nussbaum 
 Facsimile: (212) 403-2000 

or such address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. Each such notice, request
or other communication shall be effective when delivered personally, telegraphed, or telecopied, or, if mailed, five business days after the date of the mailing. 
 Section 7.02. Amendments; No Waivers. (a) Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an
amendment, by the party whose rights or obligations hereunder are affected by such amendment, or in the case of a waiver, by the party or parties against whom the waiver is to be effective. Any amendment or waiver by the Company shall be authorized
by a majority of the Board of Directors (excluding for this purpose any director who is a Liberty Director as provided for in this Agreement), except as otherwise provided in Section 7.03. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law. 
 Section 7.03. Company Consent Right to Waiver of Liberty Conversion Obligations in Stockholders
Agreement. Any waiver by Mr. Diller of Liberty’s obligation (or the obligation of any member of Liberty’s Stockholder Group), pursuant to Section 4.4(b) of the Stockholders Agreement, to convert or exchange shares of Company
Class B Stock into shares of Company Common Stock before Transferring shares of Company Class B Stock to a third party (including as required in connection with any Hedging Transaction) will be subject to the consent of the Company (the
Company’s right to so consent, the “Waiver Consent Right”), which consent will 

  
 - 20 -

 
be exercisable by the vote of (i) a majority of the members of the Board of Directors who are “independent directors” as defined by applicable stock exchange listing rules (which,
for this purpose, shall exclude any director who is a Liberty Director) or (ii) a majority of the members of a committee of the Board of Directors composed solely of such independent directors (each of (i) and (ii), a “Special
Committee”). If, pursuant to Sections 6.2(a) or 6.2(b) of the Stockholders Agreement (without giving effect to any amendment, waiver or modification of the Stockholders Agreement following the execution thereof that is not approved by a
Special Committee), Mr. Diller has ceased to be entitled to exercise his rights under the Stockholders Agreement, the Waiver Consent Right will terminate and no such consent will thereafter be required in connection with Liberty’s Transfer
of shares of Company Class B Stock. 
 In the event the Stockholders Agreement is mutually terminated by Mr. Diller and
Liberty, then: 
 (a) if, at the time the Stockholders Agreement is mutually terminated, Mr. Diller would, but for such
mutual termination, have ceased to be entitled to exercise his rights under the Stockholders Agreement pursuant to Sections 6.2(a) or 6.2(b) thereof (without giving effect to any amendment, waiver or modification of the Stockholders Agreement
following the execution thereof that is not approved by a Special Committee), the Waiver Consent Right will terminate at the same time the Stockholders Agreement is mutually terminated; or 

(b) if, at the time the Stockholders Agreement is mutually terminated, Mr. Diller would have been entitled to exercise his rights
under the Stockholders Agreement (without giving effect to any amendment, waiver or modification of the Stockholders Agreement following the execution thereof that is not approved by a Special Committee) had such mutual termination not occurred,
then the Waiver Consent Right will continue until the earlier of: (i) such time as Mr. Diller would have, pursuant to Sections 6.2(a) or 6.2(b) of the Stockholders Agreement, ceased to be entitled to exercise his rights under the
Stockholders Agreement (without giving effect to any amendment, waiver or modification of the Stockholders Agreement following the execution thereof that is not approved by a Special Committee) had the Stockholders Agreement remained in full force
and effect and (ii) the one-year anniversary of the date the Stockholders Agreement is mutually terminated.

Section 7.04. Successors And Assigns. Except as provided in Article I or as provided for in Section 5.01(a), neither
this Agreement nor any of the rights or obligations under this Agreement shall be assigned, in whole or in part (except by operation of law pursuant to a merger of Liberty with another Person a significant purpose of which is not to avoid the
provisions of this Agreement), by any party without the prior written consent of the other parties hereto. Subject to the foregoing, the provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 Section 7.05. Governing Law; Consent To Jurisdiction. This Agreement
shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to the principles of conflicts of laws. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to
the non-exclusive jurisdiction of the courts of the State of Delaware, for any action, proceeding or investigation in any court or before any governmental authority (“Litigation”) arising out of or relating to this Agreement and the
transactions 

  
 - 21 -

 
contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. mail to its respective address set forth in this Agreement shall be effective service of
process for any Litigation brought against it in any such court. Each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any Litigation arising out of this Agreement or the transactions
contemplated hereby in the courts of the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Litigation brought in any such court has been brought in an
inconvenient forum. Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or
the transactions contemplated hereby. 
 Section 7.06. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 Section 7.07. Specific Performance. The Company, Mr. Diller and Liberty each acknowledge and agree that the parties’ respective remedies at law for a breach or threatened breach of
any of the provisions of this Agreement would be inadequate and, in recognition of that fact, agree that, in the event of a breach or threatened breach by Mr. Diller, the Company or Liberty of the provisions of this Agreement, in addition to
any remedies at law, Mr. Diller, Liberty and the Company, respectively, without posting any bond shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy which may then be available. 
 Section 7.08. Registration Rights.
(a) Liberty and Mr. Diller shall be entitled to customary registration rights relating to Company Common Stock owned by them as of the date hereof or acquired from the Company (including upon conversion of Company Class B Stock) in the
future (including the ability to transfer registration rights as set forth in this Agreement in connection with the sale or other disposition of Company Common Stock). 
 (b) If requested by a Stockholder, the Company shall be required promptly to cause the Company Common Stock owned by such Stockholder or its Affiliates to be registered under the Securities Act in order
to permit such Stockholder or such Affiliate to sell such shares in one or more (but not more than (i) in the case of Liberty, four and (ii) in the case of Mr. Diller, three) registered public offerings (each, a “Demand
Registration”). Each Stockholder shall also be entitled to customary piggyback registration rights. If the amount of shares sought to be registered by a Stockholder and its Affiliates pursuant to any Demand Registration is reduced by more
than 25% pursuant to any underwriters’ cutback, then such Stockholder may elect to request the Company to withdraw such registration, in which case, such registration shall not count as one of such Stockholder’s Demand Registrations. If a
Stockholder requests that any Demand Registration be an underwritten offering, then such Stockholder shall select the underwriter(s) to administer the offering, provided that such underwriter(s) shall be reasonably satisfactory to the
Company. If a Demand Registration is an underwritten offering and the managing underwriter advises the Stockholder initiating the Demand Registration in writing that in its opinion the total number or dollar amount of securities proposed to be sold
in such offering is such as to materially and adversely affect the success of such offering, then the Company will 

  
 - 22 -

 
include in such registration, first, the securities of the initiating Stockholder, and, thereafter, any securities to be sold for the account of others who are participating in such registration
(as determined on a fair and equitable basis by the Company). In connection with any Demand Registration or inclusion of a Stockholder’s or its Affiliate’s shares in a piggyback registration, the Company, such Stockholder and/or its
Affiliates shall enter into an agreement containing terms (including representations, covenants and indemnities by the Company and such Stockholder), and shall be subject to limitations, conditions, and blackout periods, customary for a secondary
offering by a selling stockholder. The costs of the registration (other than underwriting discounts, fees and commissions) shall be paid by the Company. The Company shall not be required to register such shares if a Stockholder would be permitted to
sell the Company Common Stock in the quantities proposed to be sold at such time in one transaction under Rule 144 of the Securities Act or under another comparable exemption therefrom. 

(c) If the Company and a Stockholder cannot agree as to what constitutes customary terms within ten days of such Stockholder’s
request for registration (whether in a Demand Registration or a piggyback registration), then such determination shall be made by a law firm of national reputation mutually acceptable to the Company and such Stockholder. 

Section 7.09. Termination. Except as otherwise provided in this Agreement, this Agreement shall terminate (a) as to
Liberty, at such time that Liberty Beneficially Owns Equity Securities representing less than 5% of the Total Equity Securities and (b) as to Mr. Diller, at such time that the Chairman Termination Date has occurred or at such time as he
becomes Disabled. In respect of “Contingent Matters,” such provisions shall terminate as to Mr. Diller and Liberty as set forth therein. 
 Section 7.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, provided that the parties hereto shall negotiate in good faith to attempt
to place the parties in the same position as they would have been in had such provision not been held to be invalid, void or unenforceable. 
 Section 7.11. Cooperation. Each of Liberty and Mr. Diller covenants and agrees with the other to use its reasonable best efforts to cause the Company to fulfill the Company’s
obligations under this Agreement. 
 Section 7.12. Adjustment of Share Numbers and Prices. If, after the effective
time of this Agreement, there is a subdivision, split, stock dividend, combination, reclassification or similar event with respect to any of the shares of capital stock referred to in this Agreement, then, in any such event, the numbers and types of
shares of such capital stock referred to in this Agreement and, if applicable, the prices of such shares, shall be adjusted to the number and types of shares of such capital stock that a holder of such number of shares of such capital stock would
own or be entitled to receive as a result of such event if such holder had held such number of shares immediately prior to the record date for, or effectiveness of, such event, and the prices for such shares shall be similarly adjusted. 

  
 - 23 -

 Section 7.13. Effective Time. This Agreement shall become effective as of the
date hereof, immediately following consummation of TripAdvisor’s spin-off from the Company and transactions relating thereto (the “Effective Time”). 
 Section 7.14. Entire Agreement. Except as otherwise expressly set forth herein, this Agreement and the Stockholders Agreement embody the complete agreement and understanding among the parties
hereto with respect to the subject matter hereof and thereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way
(including, without limitation, effective upon the date hereof, all stockholders agreements relating to the Company (other than the Stockholders Agreement) between Liberty and Mr. Diller). 

Section 7.15. Interpretation. References in this Agreement to Articles and Sections shall be deemed to be references to
Articles and Sections of this Agreement unless the context shall otherwise require. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of such agreement or instrument. 

Section 7.16. Headings. The titles of Articles and Sections of this Agreement are for convenience only and shall not be
interpreted to limit or otherwise affect the provisions of this Agreement. 

  
 - 24 -

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Governance
Agreement to be duly executed as of the day and year first above written. 
  

			
	EXPEDIA, INC.
		
	By	 	 /s/ Mark D. Okerstrom

	Name:	 	Mark D. Okerstrom
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	LIBERTY INTERACTIVE CORPORATION
		
	By	 	 /s/ John C. Malone

	Name:	 	John C. Malone
	Title:	 	Chairman of the Board
		
		 	 /s/ Barry Diller

		 	BARRY DILLER

 [SIGNATURE PAGE TO AMENDED AND RESTATED EXPEDIA 

GOVERNANCE AGREEMENT] 

 EXHIBIT A 
 FORM OF STANDSTILL AGREEMENT 

 FORM OF STANDSTILL AGREEMENT 

This STANDSTILL AGREEMENT, dated as of [—] and effective as of the Effective Date (as
defined below) (this “Agreement”), is entered into by and among the Persons set forth on Annex A hereto (collectively, the “Block Sale Transferee”) and Expedia, Inc., a Delaware corporation (the
“Company,” which term shall, for purposes of this Agreement, include its direct and indirect subsidiaries) (each, a “Party” and collectively, the “Parties”). 

W I T N E S S E T H: 
 WHEREAS, the Company is a party to a governance agreement dated as of December 20, 2011 (the “Governance Agreement”), among the Company, Liberty Interactive Corporation
(“Liberty”), for itself and on behalf of the members of its Stockholder Group and Mr. Barry Diller (“Mr. Diller”), for himself and on behalf of the members of his Stockholder Group; 

WHEREAS, the Governance Agreement requires that, prior to the consummation of a Transfer qualifying as a Block Sale, the Block Sale
Transferee shall have executed a standstill agreement with the Company; 
 WHEREAS, pursuant to Section 5.02(b)(ii) of the
Governance Agreement, the Company has agreed that, prior to the Block Sale Transferee becoming an “interested stockholder” (as such term is defined in Section 203(c)(5) of the DGCL) with respect to the Company, the Board of Directors
of the Company will approve (x) the Block Sale Transferee as an “interested stockholder” within the meaning of Section 203(c)(5) of the DGCL and (y) the receipt of Company Common Shares by the Block Sale Transferee pursuant
to the Block Sale for purposes of Section 203(a)(1) of the DGCL, with the condition that the Block Sale Transferee execute this Agreement; 
 WHEREAS, this Agreement shall be effective as of the date of consummation of the Block Sale (the “Effective Date”); and 

WHEREAS, capitalized terms used and not otherwise defined herein shall have the meaning ascribed to such terms in the Governance
Agreement. 
 NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained in this
Agreement and other consideration, the adequacy of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 
  

	1.	Definitions. 

1.1 The term “Actual Ownership” (and the related term “Actually Own”) shall mean as of any date of
determination, an amount equal to the sum of (a) the number of Company Common Shares (or other Voting Securities) issued and outstanding and actually owned by Mr. Diller and his Affiliates as of such date (excluding shares of Company
Common Stock that Mr. Diller and his Affiliates could exchange pursuant to clause (c)), plus (b) the number of shares of Company Class B Stock owned by any third party that has acquired shares of Company Class B Stock
pursuant to the exercise of the Purchase/Exchange Right in accordance with Section 5.02(d) 

 
of the Governance Agreement, plus (c) the number of shares of Company Class B Stock Mr. Diller and his Affiliates would actually own if Mr. Diller exercised (directly or
with an Affiliate) the Purchase/Exchange Right pursuant to Section 5.02(c)(ii) of the Governance Agreement utilizing the shares of Company Common Stock issued and outstanding and actually owned by Mr. Diller and his Affiliates as of such
date; provided, that, notwithstanding anything to the contrary in this Section 1.1, for the avoidance of doubt, Actual Ownership shall not include Company Common Shares (or other equity securities of the Company) which are deemed
Beneficially Owned by Mr. Diller solely by virtue of voting power granted to Mr. Diller pursuant to a proxy granted by Liberty. 
 1.2 The term “business day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York. 

1.3 The term “DGCL” means the General Corporation Law of the State of Delaware, as amended. 

1.4 The term “group” shall have the meaning given to that term (or as that term is used) in Section 13(d)(3) of the
Exchange Act. 
 1.5 The term “proxy” shall have the meaning ascribed to such term in Rule 14a-1 promulgated
under the Exchange Act. 
 1.6 The term “Rights Offering” means the issuance by the Company to holders of
Company Common Stock (or other equity securities of the Company) of rights to buy, within a fixed time period, a proportional number of newly issued shares of Company Common Stock (or other equity securities of the Company). 

1.7 The term “SEC” means the Securities and Exchange Commission. 

1.8 The term “solicitation” shall have the meaning ascribed to such term in Rule 14a-1 promulgated under the
Exchange Act. 
  

	2.	Share Ownership. 

2.1 Limitation on Share Ownership. From the Effective Date until the third anniversary of the Effective Date (the
“Standstill Period”), the Block Sale Transferee and its Affiliates shall not acquire Beneficial Ownership of any Equity Securities that would cause the Block Sale Transferee, its Affiliates or any group of which any of them are a
part to Beneficially Own in the aggregate more than thirty percent (30%) of the Total Equity Securities (subject to adjustment pursuant to this Section 2.1, the “Ownership Limitation”); provided, however, that the
Block Sale Transferee shall not be in breach of the Ownership Limitation to the extent that its Beneficial Ownership of Equity Securities exceeds the Ownership Limitation as a result of (x) a reduction in the number of Total Equity Securities
(whether due to a redemption, share buyback, reverse stock split or similar transaction effected by the Company or any of its Subsidiaries), (y) a distribution that was made by the Company pursuant to a Rights Offering or a distribution that
was made generally to holders of Company Common Shares (or other equity securities of the Company) as a result of their ownership of Company Common Shares (or other equity securities of the Company) including, without limitation, pursuant to a
shareholder rights plan or similar 

  
 2 

 
plan or agreement, or (z) the acquisition by the Block Sale Transferee or its Affiliates of any Company Common Shares (or other equity securities of the Company) as a result of the exercise
(or exchange) of any rights (1) distributed to the Block Sale Transferee or its Affiliates by the Company pursuant to clause (y) above and (2) acquired, directly or indirectly, by the Block Sale Transferee or its Affiliates from third
parties (“Third Party Rights”), subject, as to the exercise (or exchange) of the Third Party Rights, to the following limitations: (A) in the event that the Company or any of its Subsidiaries enters into an agreement with a
standby purchaser or underwriter (a “Standby Purchaser”) pursuant to which such Standby Purchaser will purchase and exercise rights or otherwise purchase Company Common Shares (or other equity securities) that would have been
issuable upon the exercise of rights which expire unexercised upon the expiration of such offering or distribution (such offering or distribution, an “Underwritten Offering”), then the Block Sale Transferee and its Affiliates will
only be permitted to exercise such Third Party Rights to the extent that, assuming the Standby Purchaser exercised rights or acquired shares in accordance with its obligations under such agreement with the Company, such exercise would not result in
the Block Sale Transferee and its Affiliates exceeding the Ownership Limitation in effect immediately prior to the commencement of such Rights Offering or other distribution and (B) in the event such offering or distribution is not an
Underwritten Offering, or in the event of a separation or distribution of rights pursuant to a shareholder rights plan or similar plan or agreement, the Block Sale Transferee and its Affiliates will not be entitled to exercise (or exchange) Third
Party Rights to the extent that after giving effect to the exercise (or exchange) of all rights distributed to the Block Sale Transferee and its Affiliates by the Company, such exercise (or exchange) of Third Party Rights would result in the Block
Sale Transferee and its Affiliates having Beneficial Ownership of Equity Securities, determined immediately following the closing of such offering or distribution or (in the case of a shareholder rights plan or similar plan or agreement) at such
time as all of the Company’s stockholders electing to exercise rights (excluding any “acquiring person”) have exercised such rights or, if applicable, the Company has exchanged the rights held by all of the Company’s stockholders
(other than by the “acquiring person”), in an amount that exceeds the Ownership Limitation in effect immediately prior to the commencement of such offering, distribution or separation, as applicable. In the event that the Block Sale
Transferee’s Beneficial Ownership of Equity Securities exceeds the Ownership Limitation as a result of actions referred to in clauses (x) or (z) of this Section 2.1 (or any combination thereof and the Block Sale Transferee
is otherwise in compliance with the provisions of this Section 2.1), then the Ownership Limitation shall be deemed increased to that percentage which is equal to the Block Sale Transferee’s Beneficial Ownership of Total Equity
Securities immediately following (i) for purposes of clause (x), the event that caused such increase and (ii) for purposes of clause (z), the closing of such Rights Offering or distribution or (in the case of a shareholder rights plan or
similar plan or agreement) at such time as all of the Company’s stockholders electing to exercise rights (excluding any “acquiring person”) have exercised such rights or, if applicable, the Company has exchanged the rights held by all
of the Company’s stockholders (other than by the “acquiring person”), and thereafter the Block Sale Transferee and its Affiliates shall not acquire any Company Common Shares (or other equity securities of the Company) that would
result in it exceeding such adjusted Ownership Limitation except as otherwise permitted by this Section 2.1. The Block Sale Transferee acknowledges and agrees that nothing in this Section 2.1 is intended to limit or restrict
the operation of any shareholder rights plan or similar plan or agreement adopted by the Company. 

  
 3 

 2.2 Share Ownership Notice. Within 5 business days after the end of each calendar
quarter during the Standstill Period, commencing with the quarter ending [—], the Block Sale Transferee shall provide written notice to the Company of the number of Equity Securities Beneficially
Owned by the Block Sale Transferee at the end of such quarter. Upon a written request by the Block Sale Transferee to the Company, the Company shall provide within 10 business days of the receipt of such written request a written notice to the Block
Sale Transferee of the number of Equity Securities Beneficially Owned and Actually Owned by Mr. Diller as of such date, and the Block Sale Transferee agrees to hold the information contained in such notice in confidence (except in the event
that the Block Sale Transferee is required by law, regulation, legal process, regulatory authority (including, without limitation, any stock exchange) or other applicable judicial or governmental order to disclose the information contained in such
notice or to the extent necessary to exercise or enforce any of its rights under this Agreement). 
  

	3.	Standstill and Related Provisions. 

 3.1 Standstill Provisions. During the Standstill Period, unless expressly authorized in writing to do so by a majority of the members of the Board of Directors, acting through a committee of
directors that qualify as “independent directors” as defined by applicable stock exchange listing rules [(which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee)]1, the Block Sale Transferee shall not, and shall cause its Affiliates not to, directly or indirectly, acting alone or as
part of a group: 
  

	 	(a)	 make, or in any way participate in any solicitation of any proxy [(but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) under the
Exchange Act from the definition of “solicitation”)]2 to vote any Company Common Shares (or other
equity securities of the Company) with respect to any matter (including, without limitation, any contested solicitation for the election of directors with respect to the Company), other than solicitations or acting as a participant in support of all
of the Company’s nominees [including, without limitation, the nominees of the Block Sale Transferee pursuant to Article 5]3; 

  

	 	(b)	form, join in or in any way participate in a group (for the avoidance of doubt, the Block Sale Transferee shall not be deemed to have formed, joined in or in any way
participated in a group with the Company as a result of the Block Sale Transferee’s execution of this Agreement) with respect to the Company Common Shares (or other equity securities of the Company) or deposit any Company Common Shares (or
other equity securities of the Company) in a voting trust or similar arrangement or subject any Company Common Shares (or other equity securities of the Company) to any voting agreement or similar arrangement, or grant any proxy with respect to any
Company Common Shares (or other equity securities of the Company) (other than to a designated representative of the 

  

 

	1 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights. 

	2 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights. 

	3 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights.

  
 4 

	 	
Company pursuant to a proxy statement of the Company), other than as contemplated by the Governance Agreement or the Stockholders Agreement or the transactions contemplated thereby;

  

	 	(c)	 seek to call, or to request the calling of, or call a special meeting of the stockholders of the Company, or seek to make, or make, a stockholder
proposal (whether pursuant to Rule 14a-8 under the Exchange Act or otherwise) at any meeting of the stockholders of the Company, or make a request for a list of the Company’s stockholders, or[, other than pursuant to the Block Sale
Transferee’s nomination rights in accordance with Article 5 of this Agreement,]4 seek election of a representative to the
Board of Directors, seek to place a representative on the Board of Directors or seek the removal of any director from the Board of Directors, or otherwise acting alone, or by participating in a group, seek to control or influence the governance or
policies of the Company; 

  

	 	(d)	effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings whether or not legally enforceable
with any third Person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other Person to effect or seek, offer or propose (whether publicly or otherwise) to effect or
participate in any acquisition of any Company Common Shares (or other equity securities of the Company) (or Beneficial Ownership thereof) in excess of the Ownership Limitation, except in accordance with Section 2.1; provided,
that, for the avoidance of doubt, the Block Sale Transferee is permitted to Transfer to an unaffiliated third party any Company Common Shares (or other equity securities of the Company) Beneficially Owned by the Block Sale Transferee, subject to the
provisions of Article 8 hereof, if applicable; 

  

	 	(e)	effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings whether or not legally enforceable
with any third Person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other Person to effect or seek, offer or propose (whether publicly or otherwise) to effect or
participate in (i) any tender offer or exchange offer, merger, acquisition, share exchange or other business combination involving the Company or any of its Subsidiaries, (ii) any recapitalization, restructuring, liquidation, dissolution
or other extraordinary transaction with respect to the Company or any of its Subsidiaries or any material portion of its or their businesses, or (iii) any acquisition of any material assets or businesses of the Company or any of its
Subsidiaries; 

  

	 	(f)	publicly disclose, or cause or, in a material manner, facilitate the public disclosure (including without limitation through the filing by it of any document or report
with the SEC or any other governmental agency or any disclosure to any 

  

 

	4 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights.

  
 5 

	 	
journalist, member of the media or securities analyst) of any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of, any of the provisions of
Section 2.1, this Section 3.1, or Article 4 (except as described in Section 4.1) or bring any action to (i) contest the validity of Section 2.1, this Section 3.1 or Article
4, or (ii) seek a release from the restrictions contained in Section 2.1, this Section 3.1 or Article 4; 

  

	 	(g)	unless required by law, make or issue or cause to be made or issued any public disclosure, announcement or statement (including without limitation the filing of any
document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) (i) in support of any solicitation described in paragraph (a) above (other than solicitations
by the Company), (ii) in support of any matter described in paragraph (c) above, (iii) concerning any potential matter described in paragraph (d) above; (iv) concerning any potential matter described in paragraph
(e) above; or (v) negatively commenting upon the Company’s corporate strategy, business, corporate activities, board of directors or management (for the avoidance of doubt, making any factual statement about the Company’s
corporate strategy, business, corporate activities, board of directors or management shall not be prohibited by this Section 3.1(g)(v)); or 

  

	 	(h)	enter into any discussions, negotiations, agreements or understandings with any Person with respect to any of the foregoing or advise, assist or seek to persuade others
to take any action with respect to any of the foregoing. 

 Notwithstanding the foregoing, (a) [the
restrictions in Sections 3.1(d), 3.1(e), 3.1(f), 3.1(g)(iii), 3.1(g)(iv), 3.1(g)(v) and 3.1(h) (to the extent it relates to any of the foregoing) shall not apply at any time that (i) the Company
fails to comply in all material respects with its obligations under Article 5 hereof, which failure continues unremedied for a period of 10 business days following receipt by the Company of a written notice from the Block Sale Transferee of
such failure or (ii) the Block Sale Transferee has relinquished its nomination rights pursuant to Article 5 and all Block Sale Transferee nominated directors have resigned; or
(b)]5 in the event that (x) the Board of Directors
determines that the Company should engage in any transaction described in Section 3.1(e)(i) or 3.1(e)(ii), the Block Sale Transferee shall be permitted to participate in such Board of Directors’ approved transaction as a
shareholder on the same terms and conditions as any other shareholder of the Company, (y) the Board of Directors determines that the Company should solicit from one or more Persons or enter into discussions with one or more Persons regarding,
or invites any other Person or group to make a proposal (without similarly inviting the Block Sale Transferee to make a similar proposal) with respect to an acquisition of (i) all or substantially all of the equity securities or assets of the
Company or any of its Subsidiaries (by merger, tender offer or otherwise) or (ii) any material assets or businesses of the Company or any of its Subsidiaries, the Block Sale Transferee shall have the right to make a non-public competing
proposal to the Board of Directors in compliance with any written procedures generally applicable to Persons making proposals provided by the Company 
  

 

	5 	 Note to form: enumerated restrictions to be removed if the Block Sale Transferee does not accept the board nomination rights.

  
 6 

 
or the Board of Directors or (z) any third party that is not an Affiliate of the Block Sale Transferee makes a bona fide offer or proposal, with respect to a matter described in
Section 3.1(d) or 3.1(e) above (a “Third Party Proposal”), the Block Sale Transferee (A) shall have the right to make a non-public competing proposal to the Board of Directors and may publicly announce that
it has made a competing proposal to the Board of Directors so long as such public announcement does not constitute an offer or a solicitation to any recipient thereof and (B) may tender, exchange or otherwise sell or transfer its Company Common
Shares (or other equity securities of the Company) to such third party in accordance with the Third Party Proposal; provided, however, that in the case of clauses (y) and (z), the Block Sale Transferee shall be
prohibited from participating with, joining in a group with or providing financing to any such third party). 
 [For the
avoidance of doubt, any discussions involving the directors nominated by the Block Sale Transferee pursuant to Article 5 hereof (i) at a meeting of the Board of Directors or (ii) with management of the Company, other members of the
Board of Directors or any of the Company’s advisors or representatives, in the case of clauses (i) and (ii), while acting in such directors’ capacity as members of the Board of Directors, shall not be deemed to violate any of the
provisions of this Article 3.]6 

 

	4.	Restriction on Business Combinations 

 4.1 If, at the Effective Date and after taking into consideration the effect of the Block Sale, the Block Sale Transferee would be an “interested stockholder” for purposes of
Section 203(c)(5) of the DGCL, then during the Standstill Period any “business combination” (as such term is defined in Section 203(c)(3) of the DGCL) between the Company and the Block Sale Transferee or any of its Affiliates
will require approval by the Board of Directors, acting through a committee of directors that qualify as “independent directors” as defined by applicable stock exchange listing rules [(which term will, for this purpose, exclude any
directors nominated by the Block Sale Transferee)]7;
provided, that the execution and delivery by the Company or any of its Subsidiaries of any contract or agreement with respect to a proposed “business combination” of the type described in Section 203(c)(3)(v) of the DGCL to
which the Block Sale Transferee or its “affiliates” (as such term is defined in Section 203(c)(1) of the DGCL) is a party shall constitute conclusive evidence of such approval only with respect to such contract or agreement (and the
performance thereof) to the Block Sale Transferee; and provided, further, that the entrance into such contract shall constitute a waiver of the restrictions in Section 3.1(f) with respect to such contract or agreement.

  

	5.	[Board Representation 

 5.1 The Block Sale Transferee shall have the right to nominate up to such number of directors to the Board of Directors as is equal to 20% of the total number of directors on the Board of Directors
(rounded up to the next whole number if the total number of directors on the Board of Directors is not an even multiple of 5) so long as the Block Sale Transferee 
  

 

	6 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights. 

	7 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights.

  
 7 

 
Beneficially Owns at least 16,825,982 Equity Securities (so long as the Ownership Percentage of the Block Sale Transferee is at least equal to 15% of the Total Equity Securities), provided
that all Liberty Directors have resigned from the Board of Directors. The Block Sale Transferee shall have the right to nominate one director to the Board of Directors so long as the Block Sale Transferee Beneficially Owns at least 11,217,321 Equity
Securities (so long as the Block Sale Transferee’s Ownership Percentage is at least equal to 5% of the Total Equity Securities), provided that all Liberty Directors have resigned from the Board of Directors. 

5.2 Each director nominee proposed by the Block Sale Transferee must qualify as an “independent director” as defined by
applicable stock exchange listing rules. The director nominees proposed by the Block Sale Transferee must be approved by the nominating committee of the Board of Directors (which committee shall be comprised solely of “independent
directors” as defined by applicable stock exchange listing rules (which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee)) (or by an equivalent committee of the Board of Directors or, if no such
committee exists, by a committee of “independent directors” as defined by applicable stock exchange listing rules (which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee)), and, if such approval is
not granted to one or more of the Block Sale Transferee’s proposed nominees, the Block Sale Transferee shall have the right to propose additional nominees until approval has been granted to that number of nominees equal to the number of
directors the Block Sale Transferee is entitled to nominate pursuant to Section 5.1. 
 5.3 Subject to the approval
of the Block Sale Transferee’s nominees as described in Section 5.2 and provided that the Block Sale Transferee has provided (or caused to be provided) the Company with all information reasonably requested by the Company
relating to its nominees to the extent required under applicable law to be included in any proxy statement of the Company and in any other solicitation materials to be delivered to stockholders of the Company in connection with a stockholders
meeting, the Company shall cause each director nominee of the Block Sale Transferee that has received such approval to be included in the slate of nominees recommended by the Board of Directors to the Company’s stockholders for election as
directors at each annual meeting of the stockholders of the Company and shall use all reasonable efforts to cause the election of each director nominee of the Block Sale Transferee that has received such approval, including soliciting proxies in
favor of the election of such persons. 
 5.4 In the event that a vacancy is created at any time by the death, disability,
retirement, resignation or removal (with or without Cause) of any Director nominated by the Block Sale Transferee pursuant to Section 5.1, or by any increase in the number of directors constituting the entire Board (such that the Block
Sale Transferee, pursuant to Section 5.1, is entitled to additional representation on such Board to maintain its right to nominate directors constituting 20% (rounded up) of the total number of directors on the Board), the Block Sale
Transferee shall, subject to Section 5.2, have the right to designate a replacement or additional Director to fill such vacancy, and the Company shall use all reasonable efforts to cause such vacancy to be filled with the replacement or
additional Director so designated. 
 5.5 The Company shall use its best efforts to cause the candidate(s) nominated by the
Block Sale Transferee (subject Section 5.2 hereof and Section 5.02(f) of the Governance Agreement) to be appointed to the Board of Directors at the next regularly scheduled meeting of the Board of Directors immediately following the
Effective Date.]8 

 
  

	8 	 Note to form: to be included if Block Sale Transferee accepts the board nomination rights. 

  
 8 

	6.	Representations and
Warranties.9 

 6.1 Authority; Binding Agreement of Company;
Anti-takeover. The Company represents that (a) this Agreement and the performance by the Company of its obligations hereunder (i) has been duly authorized, executed and delivered by it, and is a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, (ii) does not require the approval of the stockholders of the Company, and (iii) does not violate any material law, any order of any court or other agency of
government, the charter or other organizational document of the Company, or any stock exchange rule or regulation, (b) prior to the Block Sale Transferee becoming an “interested stockholder” (as such term is defined in
Section 203(c)(5) of the DGCL) with respect to the Company and subject to the execution by the Block Sale Transferee of this Agreement and the accuracy of the representation contained in Section 6.2(b), the Board of Directors has approved
(x) the Block Sale Transferee as an “interested stockholder” within the meaning of Section 203(c)(5) of the DGCL and (y) the receipt of Company Common Shares by the Block Sale Transferee pursuant to the Block Sale for
purposes of Section 203(a)(1) of the DGCL and (c) the Company has amended any stockholder rights plan or similar plan or agreement (or taken all steps necessary to amend any charter or bylaw provision) then in effect that would impose on
the Block Sale Transferee, or cause the Block Sale Transferee to incur or suffer, material economic detriment (including through disproportionate dilution, relative to other holders of Company Common Shares, of the Block Sale Transferee’s
equity or voting power or through a requirement to purchase or otherwise acquire, or offer to acquire, additional equity securities of the Company in the form of a mandatory offer requirement or similar provision) as a result of the Block Sale
Transferee’s and its Affiliates’ receipt or continued ownership of Company Common Shares or other equity securities of the Company in the Block Sale, such that the acquisition and continued ownership by the proposed Block Sale Transferee
of Company Common Shares or other equity securities of the Company in such Block Sale or thereafter in an amount permitted by this Agreement will not result in the imposition of any such restriction, limitation or economic detriment or cost under
any such plan or agreement (or charter or bylaw provision having anti-takeover provisions). 
 6.2 Authority; Binding
Agreement of Block Sale Transferee; Ownership of Shares. Each of the parties listed on Annex A hereto, severally as to itself, represents and warrants that (a) this Agreement and the performance by such Person of its obligations hereunder
(i) has been duly authorized, executed and delivered by such Person, and is a valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, (ii) does not require approval by any owners or
holders of any equity interest in such Person (except as has already been obtained), and (iii) does not violate any material law, any order of any court or other agency of government, the charter or other organizational documents of such
Person, as amended, or constitute a breach or violation of or conflict with any material agreement to which such Person 
  

 

	9 	 Nothing contained in Article 6 shall constitute consent by the committee of directors that qualify as “independent directors” as
defined by applicable stock exchange listing rules (which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee) to any waiver of any obligation to convert Company Class B Stock into shares of Company Common
Stock. 

  
 9 

 
is bound and none of such material agreements would impair in any material respect the ability of such Person to perform its obligations hereunder, (b) prior to the approval described in
Section 6.1(b) above, the Block Sale Transferee was not an “interested stockholder” within the meaning of Section 203(c)(5) of the DGCL with respect to the Company and (c) as of the date hereof, after taking into account the
Company Common Shares to be acquired by the Block Sale Transferee in the Block Sale and based upon the number of Company Common Shares outstanding as set forth in the Company’s latest Report on Form 10-K or Form 10-Q, as applicable, the Block
Sale Transferee does not Beneficially Own Company Common Shares in excess of the Ownership Limitation. 
 6.3 Interests in
Company Common Shares. Each of the parties listed on Annex A hereto, severally as to itself, represents and warrants that, as of the Effective Date, it is or will be, as applicable, the Beneficial Owner of the number and type of Company Common
Shares (or other equity securities of the Company) set forth (including, without limitation, as to the form of ownership) on Annex B hereto. 
 6.4 Compliance with Laws. Each of the parties listed on Annex A hereto, severally as to itself, represents and warrants that (a) it is aware, and that it has advised and will advise its
Affiliates, that federal and state securities laws prohibit any Person who has material, non-public information about a company from purchasing or selling securities of such a company or from communicating such information to any other Person under
circumstances in which it is reasonably foreseeable that the Person is likely to purchase or sell those securities, and (b) it will, and will cause its Affiliates to, comply with federal and state securities laws in connection with any purchase
of the Company’s securities contemplated by this Agreement. 
  

	7.	Termination. 

 7.1
Termination. This Agreement will terminate and cease to be of any further force or effect, except with respect to Article 9 of this Agreement (with respect to actions, events or causes of action arising prior to, or in connection with,
such termination), upon the earlier to occur of (i) the expiration of the Standstill Period or (ii) such time as (A) all or substantially all of the assets or equity securities of the Company have been acquired (whether by merger,
tender offer or otherwise) by a third party and (B) the Block Sale Transferee or any of its Affiliates ceases to own any Company Common Shares (or other equity securities of the Company); provided that the provisions of Article 2
and Article 3 of this Agreement shall terminate and be of no further force and effect prior to the end of the Standstill Period upon the earlier to occur of: 
  

	 	(a)	such time as the Actual Ownership of Voting Securities represents in excess of 50% of the aggregate voting power of the total Voting Securities (provided that
for purposes of calculating the aggregate voting power of the total Voting Securities for purposes of this Section 7.1(a), total Voting Securities shall: (1) include those shares of Company Class B Stock as to which Mr. Diller
and his Affiliates at such time could receive pursuant to the Purchase/Exchange Right provided for in Section 5.02(c) of the Governance Agreement solely by exchanging an equivalent number of issued and outstanding shares of Company Common Stock
actually owned by Mr. Diller and such Affiliates at such time, and (2) exclude such shares of Company Common Stock that could be exchanged as of such date by Mr. Diller and such Affiliates pursuant to clause (1)); or

  
 10 

	 	(b)	such time as both (i) the Block Sale Transferee, its Affiliates or any group of which any of them are a part Beneficially Owns less than 12% of the aggregate
voting power of the Total Equity Securities and (ii) Mr. Diller Beneficially Owns greater than 40% of the aggregate voting power of the Total Equity Securities (provided that for purposes of this Section 7.1(b)(ii),
Mr. Diller’s Beneficial Ownership shall not include Company Common Shares which are deemed Beneficially Owned by Mr. Diller solely by virtue of voting power granted to Mr. Diller pursuant to any Proxy granted by Liberty).

 7.2 Notice of Termination of Article 2 and Article 3. In the event that any Party becomes aware of the
occurrence of the events described in Section 7.1(a) or Section 7.1(b), such Party shall, within 2 business days, deliver a notice to each of the other Parties of its belief that Article 2 and Article 3 of this
Agreement have terminated pursuant to Section 7.1(a) or Section 7.1(b), as applicable, and such notice shall describe in reasonable detail the basis for such Party’s assertion that the applicable thresholds have
been met. In the event that any of the other Parties dispute that such events of termination have occurred, such Party shall, within 2 business days, deliver a notice to the other Parties identifying the basis for such dispute. In connection
with any termination pursuant to Section 7.1(a) or (b), any acquisitions or dispositions of Company Common Shares occurring after the date specified in the original notice of termination (the “Termination Date”)
will be disregarded, provided that if Article 2 and Article 3 of this Agreement shall have terminated pursuant to Section 7.1(b), the Block Sale Transferee shall have no agreement regarding the re-acquisition of the
shares described in Section 7.1(b)(i). 
  

	8.	 Subsequent
Transferees.10 

 8.1 Except in the event the Block
Sale Transferee sells or transfers its Company Common Shares (or other equity securities of the Company) to a third party in accordance with a Third Party Proposal, the transferee of all or substantially all of the Company Common Shares transferred
to the Block Sale Transferee in the Block Sale (the “Subsequent Transferee”) shall agree to assume and perform all obligations and be subject to, and bound by all restrictions of the Block Sale Transferee pursuant to this Agreement
during the remainder of the Standstill Period (other than (i) Article 6, (ii) the provisions of Article 4 if such transferee (a) is not an “affiliate” (as such term is defined in Section 203(c)(1) of the
DGCL) of the Block Sale Transferee at the time of such transfer and (b) was not such an “affiliate” (as such term is defined in Section 203(c)(1) of the DGCL) on the Effective Date [and (ii) the provisions of Article
5 and Sections 3.1(d), 3.1(e), 3.1(f), 3.1(g)(iii), 3.1(g)(iv), 3.1(g)(v) and 3.1(h) hereunder]11), as if such transferee were the Block Sale Transferee (provided, however, that the Effective Date shall
continue to be defined as the date of consummation of the Block Sale). For the avoidance of doubt, the Parties acknowledge and agree that no Subsequent Transferee shall have a right to a 

 
  

	10 	 Nothing contained in Article 8 shall constitute consent by the committee of directors that qualify as “independent directors” as
defined by applicable stock exchange listing rules (which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee) to any waiver of any obligation to convert Company Class B Stock into shares of Company Common
Stock. 

	11 	 Note to form: to be included if the Block Sale Transferee accepts the board nomination rights.

  
 11 

 
waiver of Section 203(a)(1) of the DGCL in connection with such Subsequent Transferee’s acquisition of Company Common Shares Transferred to the Block Sale Transferee in a Block Sale
under this Agreement, the Governance Agreement or otherwise. 
 8.2 Prior to and as a condition to the acquisition by the
Subsequent Transferee of the Company Common Shares Transferred to the Block Sale Transferee in the Block Sale, the Block Sale Transferee (or any Subsequent Transferee who transfers such Company Common Shares) agrees to cause such Subsequent
Transferee to execute an Assumption Agreement substantially in the form attached hereto as Annex C (the “Assumption Agreement”), which shall also be signed by the Company and the Block Sale Transferee. 

 

	9.	Miscellaneous. 

9.1 Breach. The Block Sale Transferee shall be responsible for any breach of this Agreement by it or any of its Affiliates of the
terms applicable to its Affiliates, and the Block Sale Transferee agrees to take all reasonable measures to avoid any breach of this Agreement by any of its Affiliates of the terms applicable to its Affiliates. The foregoing obligation shall not
limit the remedies available to the Company for any such breach of this Agreement. 
 9.2 Adjustment of Shares Numbers.
If, after the execution of this Agreement (or the Assumption Agreement), there is a subdivision, split, stock dividend, combination, reclassification or similar event with respect to any of the shares of capital stock of the Company referred to in
this Agreement, then, in any such event, the numbers and types of shares of such capital stock referred to in this Agreement (and if applicable, the share prices thereof) shall be adjusted to the number and types of shares of such capital stock that
a holder of such number of shares of such capital stock would own or be entitled to receive as a result of such event if such holder had held such number of shares immediately prior to the record date for, or effectiveness of, such event.

 9.3 Modification and Waiver. This Agreement may be modified or waived only by a separate writing
by the Company, acting through a committee of directors on the Board of Directors that qualify as “independent directors” as defined by applicable stock exchange listing rules [(which term, for this purpose, will exclude any directors
nominated by the Block Sale Transferee)]12, on the one
hand, and the Block Sale Transferee, on the other hand, expressly so modifying or waiving this Agreement. The Company shall represent to the Block Sale Transferee that such committee has approved the execution and delivery by the Company of any such
modification or waiver by an authorized officer of the Company, which representation will constitute conclusive evidence that such modification or waiver has been validly approved by the Company in accordance with the first sentence of this
Section 9.3. It is understood and agreed that no failure or delay by the Company or the Block Sale Transferee in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 
  

 

	12 	 Note to form: to be included if the Block Sale Transferee accepts the board nomination rights. 

  
 12 

 9.4 Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provisions of this Agreement. In the event that any of the provisions of this Agreement shall be held by a court or other tribunal of competent jurisdiction to be illegal,
invalid or unenforceable, such provisions shall be deemed limited or eliminated only to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect. 

9.5 Entire Agreement. This Agreement contains the entire agreement between the Company and the Block Sale Transferee concerning
the subject matter hereof. 
 9.6 Remedies. It is understood and agreed that money damages may not be a sufficient remedy
for any breach of this Agreement and, in addition to all other remedies that any Party may have at law or in equity, each Party shall be entitled to equitable relief, including, without limitation, injunction and specific performance, as a remedy
for any such breach and each Party hereby waives any requirement for the securing or posting of any bond in connection with such remedy. 
 9.7 Governing Law; Consent to Jurisdiction. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to the principles
of conflicts of laws. Each of the Parties hereby irrevocably and unconditionally consents to submit to the non-exclusive jurisdiction of the courts of the State of Delaware, for any action, proceeding or investigation in any court or before any
governmental authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. mail to its respective
address set forth in this Agreement shall be effective service of process for any Litigation brought against it in any such court. Each of the Parties hereby irrevocably and unconditionally waives any objection to the laying of venue of any
Litigation arising out of this Agreement or the transactions contemplated hereby in the courts of the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such
Litigation brought in any such court has been brought in an inconvenient forum. Each of the Parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any
Litigation arising out of or relating to this Agreement or the transactions contemplated hereby. 
 9.8
Assignment; Binding Effect. Except as otherwise contemplated hereby, without the prior consent of the other Parties (which in the case of the Company shall be through a committee of directors on the Board of Directors that qualify as
“independent directors” as defined by applicable stock exchange listing rules [(which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee)]13), no Party may assign its rights or obligations (other than by operation of law) under this Agreement to any Person. This Agreement shall be binding upon the Block Sale Transferee and its successors and
permitted assigns and shall inure to the benefit of, and be enforceable by, the Company and its successors and permitted assigns. 
  

 

	13 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights. 

  
 13 

 9.9 Expenses. All costs and expenses incurred in connection with this Agreement shall
be paid by the Party incurring such cost or expense. 
 9.10 Headings. Headings included in this Agreement are for the
convenience of the Parties only and shall be given no substantive or interpretive effect. 
 9.11 Counterparts;
Signatures. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. This Agreement or any counterpart may be executed
and delivered by facsimile or electronic transmission copies, each of which shall be deemed to be an original. 
 9.12
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including telecopy) and shall be given, if to the Block Sale Transferee, to: 

[—] 
 [—] 
 [—],[—] [—] 
 Attention: [—] 
 Facsimile: [—] 
 with a copy to: 

[—] 
 [—] 
 [—],[—] [—] 
 Attention: [—] 
 Facsimile: [—]; 
 if to the Company, to: 

Expedia, Inc. 

333 108th Avenue N.E. 
 Bellevue, Washington 98004 
 Attention: General Counsel 

Facsimile: (425) 679-7240 
 with a copy to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, New York 10019 
 Attention: Andrew J. Nussbaum 

Facsimile: (212) 403-2000 
 or
such address or facsimile number as such party may hereafter specify for the purpose by notice to the other Parties. Each such notice, request or other communication shall be effective when delivered personally, telegraphed, or telecopied, or, if
mailed, 5 business days after the date of the mailing. 
 (Signature page follows) 

  
 14 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered
as of the date first above written. 
  

			
	EXPEDIA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[BLOCK SALE TRANSFEREE]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Annex A 
 Parties to the Agreement 
 [Block Sale Transferee] 

  
 A-1

 Annex B 
 Beneficial Ownership 

  
 B-1

 Annex C 
 FORM OF ASSUMPTION AGREEMENT 
 ASSUMPTION AGREEMENT

 This ASSUMPTION AGREEMENT (this “Agreement”) is made as
of [—], by and among [Block Sale Transferee], [a [—]] (“Assignor”), [Subsequent Transferee], [a [—]] (“Assignee”), and Expedia, Inc., a Delaware corporation (the “Company,” which term shall, for purposes of this Agreement, include its direct and indirect
subsidiaries). 
 W I T N E S S E T H : 
 WHEREAS, Assignor is party to that certain Standstill Agreement, dated as of [—], by and between Assignor and the Company (the “Standstill
Agreement”); 
 WHEREAS, capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the
Standstill Agreement; 
 WHEREAS, pursuant to Section 8.2 of the Standstill Agreement, prior to and as a condition to the acquisition by
Assignee of all or substantially all of the Company Common Shares Transferred to Assignor in the Block Sale (the “Subsequent Transfer”), Assignor, Assignee and the Company agree to enter into this Agreement; 

WHEREAS, Assignee desires to assume and perform all rights and obligations and be subject to, and bound by all restrictions under the Standstill
Agreement; and 
 WHEREAS, Assignor and Assignee desire to enter into this Agreement in connection with the Subsequent Transfer. 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

  

	1.	 Assumption. Effective as of the date hereof and immediately prior to the consummation of the Subsequent Transfer (but subject to the
consummation of the Subsequent Transfer), Assignee assumes all rights of, and agrees to perform all obligations and be subject to, and bound by all restrictions imposed upon, the Assignor under the Standstill Agreement (other than the terms,
covenants, conditions, and obligations arising under (i) Article 6 of the Standstill Agreement, [[(ii) Article 4 of the Standstill Agreement]14 or [(iii) Article 5 and Sections 3.1(d), 3.1(e), 3.1(f), 3.1(g)(iii), 3.1(g)(iv), 3.1(g)(v) and 3.1(h) of the Standstill Agreement]15]). 

  

	2.	Company Agreement. The Company hereby consents to the assumption set forth herein and agrees that, unless the context of the Standstill Agreement
otherwise requires, Assignee will be substituted for Assignor for all such purposes of the Standstill Agreement and will be 

  

 

	14 	 Note to form: to be included if Subsequent Transferee is not an Affiliate of Assignor and was not an Affiliate of Assignor as of the Effective Date.

	15 	 Note to form: to be included if the Block Sale Transferee accepts the board nomination rights.

	 	
entitled to exercise any rights of the Assignor thereunder (other than any rights arising under Article 4 or Article 5 of the Standstill Agreement) and the Company will perform all
of its obligations under the Standstill Agreement (other than the obligations arising under Article 4 or Article 5 of the Standstill Agreement). 

 

	3.	 Representations and Warranties of the Assignee. Each of the parties on Appendix A, severally as to itself, represents and warrants that
(a) this Agreement and the performance by such party of its obligations hereunder (i) has been duly authorized, executed and delivered by such party, and is a valid and binding obligation of such party, enforceable against such party in
accordance with its terms, (ii) does not require approval by any owners or holders of any equity interest in such party (except as has already been obtained), and (iii) does not violate any material law, any order of any court or other
agency of government, the charter or other organizational documents of such party, as amended, or constitute a breach or violation of or conflict with any material agreement to which such party is bound and none of such material agreements would
impair in any material respect the ability of such party to perform its obligations hereunder, (b) as of the date hereof, after taking into account the Company Common Shares to be acquired by the Assignee in the Subsequent Transfer and based
upon the number of Company Common Shares outstanding as set forth in the Company’s latest Report on Form 10-K or Form 10-Q, as applicable, the Assignee does not Beneficially Own Company Common Shares in excess of the Ownership Limitation, and
(c) as of the date hereof, it is the Beneficial Owner of the number and type of Company Common Shares (or other equity securities of the Company) set forth (including, without limitation, as to the form of ownership) on Appendix B hereto. [Each
of the parties on Appendix A, severally as to itself, represents and warrants that (a) as of the date hereof, it is an “affiliate” (as such term is defined in Section 203(c)(1) of the DGCL) of Assignor and (b) as of the
Effective Date, it was not an “affiliate” (as such term is defined in Section 203(c)(1) of the DGCL) of Assignor.]16 

  

	4.	 [Section 203 of the DGCL. The parties hereto acknowledge and agree that the Company has not waived Section 203(a)(1) of the DGCL
with respect to the Subsequent Transfer and the Assignee, and the execution by the Company of this Agreement shall not be construed to waive any of the provisions of Section 203(a)(1) of the DGCL.]17 

  

	5.	 [Article 4 of the Standstill Agreement. Assignee acknowledges and agrees that it will be bound by the provisions of Article 4 of the
Standstill Agreement.]18 

  

	6.	 Representations and Warranties of the Company. The Company represents and warrants that a committee of directors that qualify as
“independent directors” as defined by applicable stock exchange listing rules [(which term, for this purpose, will exclude any directors nominated by the Block Sale Transferee)]19 has approved the Company’s acknowledgement and agreement of this Agreement. 

  

 

	16 	 Note to form: insert if Assignee is, as of the assumption agreement, an “affiliate” (as such term is defined in Section 203(c)(1) of the
DGCL) of Assignor, and (b) as of the Effective Date, it was not an “affiliate” (as such term is defined in Section 203(c)(1) of the DGCL) of Assignor. 

	17 	 Note to form: insert if the Company has not waived DGCL section 203(a)(1) with respect to the Subsequent Transfer and the Assignee.

	18 	 Note to form: insert if Assignee is (a) as of the date of the assumption agreement, an “affiliate” (as such term is defined in
Section 203(c)(1) of the DGCL) of Assignor, and (b) as of the Effective Date, it was not an “affiliate” (as such term is defined in Section 203(c)(1) of the DGCL) of Assignor. 

	19 	 Note to form: bracketed language to be removed if Block Sale Transferee does not accept the board nomination rights. 

	7.	Further Assurances. From time to time following the date hereof, and without any further consideration or other payment, Assignor shall execute and
deliver such other instruments of conveyance, assignment, transfer and delivery and execute and deliver such other documents and take or cause to be taken such other actions as Assignee reasonably may request in order to consummate, complete and
carry out the transactions contemplated by this Agreement. 

  

	8.	Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives,
successors and assigns. 

  

	9.	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 shall
constitute one and the same instrument. This Agreement or any counterpart may be executed and delivered by facsimile or electronic transmission copies, each of which shall be deemed to be an original. 

 

	10.	Entire Agreement. This Agreement contains the entire agreement between the parties hereto concerning the subject matter hereof 

 

	11.	Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement. In the event that any of the provisions of this Agreement shall be held by a court or other tribunal of competent jurisdiction to be illegal, invalid or unenforceable, such provisions shall be deemed limited or
eliminated only to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect. 

  

	12.	Governing Law. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to
the principles of conflicts of laws. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the non-exclusive jurisdiction of the courts of the State of Delaware, for any action, proceeding or investigation in any
court or before any governmental authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. mail
to its respective address set forth in this Agreement shall be effective service of process for any Litigation brought against it in any such court. Each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying
of venue of any Litigation arising out of this Agreement or the transactions contemplated hereby in the courts of the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such Litigation brought in any such court has been brought in an inconvenient forum. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury
in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby. 

 [The remainder of this page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto hereby cause this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	ASSIGNOR:
	
	[BLOCK SALE TRANSFEREE]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE:
	
	[SUBSEQUENT TRANSFEREE]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EXPEDIA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Appendix A 
 Parties to the Agreement 
 [Assignee] 

 Appendix B 
 Beneficial OwnershipTax Sharing Agreement

 Exhibit 10.2 
 TAX SHARING AGREEMENT 
 by and between 

EXPEDIA, INC. 
 and 
 TRIPADVISOR, INC. 

Dated as of 

December 20, 2011 

 TAX SHARING AGREEMENT 

This TAX SHARING AGREEMENT (this “Agreement”), dated as of December 20, 2011, by and between Expedia, Inc., a
Delaware corporation (“Parent”), and TripAdvisor, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“SpinCo”). 
 W I T N E S S E T H 
 WHEREAS,
Parent and SpinCo have entered into a Separation Agreement, dated as of December, 2011 (the “Separation Agreement”), providing for the Separation of the Parent Group from the SpinCo Group; 

WHEREAS, pursuant to the terms of the Separation Agreement, Parent will contribute all of the Separated Assets to SpinCo and its
Subsidiaries and will cause SpinCo and its Subsidiaries to assume the Assumed Liabilities; 
 WHEREAS, for U.S. federal Income
Tax purposes, it is intended that the Contribution and the Spin-Off shall qualify as a tax-free transaction under Sections 355(a) and 368(a)(1)(D) of the Code; 
 WHEREAS, at the close of business on the Distribution Date, the taxable year of SpinCo shall close for U.S. federal Income Tax purposes; and 

WHEREAS, the parties hereto wish to provide for the payment of Taxes and entitlement to Refunds thereof, allocate responsibility and
provide for cooperation in connection with the filing of returns in respect of Taxes, and provide for certain other matters relating to Taxes. 
 NOW, THEREFORE, in consideration of the premises and the representations, covenants and agreements herein contained and intending to be legally bound hereby, Parent and SpinCo hereby agree as follows:

 1. Definitions. Capitalized terms used but not defined herein shall have the respective meanings assigned to
them in the Separation Agreement. For purposes of this Agreement, the following terms shall have the meanings set forth below: 
 “Actually Realized” or “Actually Realizes” shall mean, for purposes of determining the timing of the incurrence of any Spin-Off Tax Liability, Income Tax Liability or
Other Tax Liability or the realization of a Refund (or any related Tax cost or benefit), whether by receipt or as a credit or other offset to Taxes payable, by a Person in respect of any payment, transaction, occurrence or event, the time at which
the amount of Taxes paid (or Refund realized) by such Person is increased above (or reduced below) the amount of Taxes that such Person would have been required to pay (or Refund that such Person would have realized) but for such payment,
transaction, occurrence or event. 

  
 - 2 -

 “Aggregate Spin-Off Tax Liabilities” shall mean the sum of
the Spin-Off Tax Liabilities with respect to each Taxing Jurisdiction. 
 “Business Day” shall
mean any day other than a Saturday, a Sunday or a day on which banking institutions located in the State of New York are authorized or obligated by law or executive order to close. 

“Carryback” shall mean the carryback of a Tax Attribute (including, without limitation, a net operating
loss, a net capital loss or a tax credit) by a member of the SpinCo Group from a Post-Distribution Taxable Period to a Pre-Distribution Taxable Period during which such member of the SpinCo Group was included in a Combined Return filed for such
Pre-Distribution Taxable Period. 
 “Cash Acquisition Merger” shall mean a merger of a newly
formed Subsidiary of SpinCo with a corporation, limited liability company, limited partnership, general partnership or joint venture (in each case, not previously owned directly or indirectly by SpinCo) pursuant to which SpinCo acquires such
corporation, limited liability company, limited partnership, general partnership or joint venture solely for cash and no Equity Securities of SpinCo or any SpinCo Subsidiary are issued, sold, redeemed or acquired, directly or indirectly. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Combined Return” shall mean a consolidated, combined or unitary Income Tax Return or Other Tax Return
that actually includes, by election or otherwise, one or more members of the Parent Group together with one or more members of the SpinCo Group (including, for the avoidance of doubt, any such Income Tax Return that is a consolidated U.S. federal
Income Tax Return of the Parent Consolidated Group). 
 “Contribution” shall mean those certain
capital contributions to SpinCo by Parent made in connection with the Spin-Off. 
 “Distribution
Date” shall mean the date on which the Spin-Off is completed. 
 “Distribution-Related
Proceeding” shall mean any Proceeding in which the IRS, another Tax Authority or any other party asserts a position that could reasonably be expected to adversely affect the Tax-Free Status of the Spin-Off Transactions. 

“EMA” shall mean the Employee Matters Agreement by and between Parent and SpinCo dated as of
December 20, 2011. 
 “Equity Securities” shall mean any stock or other securities treated
as equity for U.S. federal Income Tax purposes, options, warrants, rights, convertible debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined
by reference to the value of stock. 

  
 - 3 -

 “Expedia Service Provider” shall mean any “Expedia
Employee” as such term is defined in the EMA or any other provider of services to any member of the Parent Group. 
 “Final Determination” shall mean the final resolution of liability for any Tax, which resolution may be for a specific issue or adjustment or for a taxable period, (a) by IRS Form
870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of any Taxing Jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a
Final Determination to the extent that it reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for Refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or
adjustment or for such taxable period (as the case may be); (b) by a decision, judgment, decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in
compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of any Taxing Jurisdiction; (d) by any allowance of a Refund or credit in respect of an overpayment of Tax, but only after the expiration of all
periods during which such Refund may be recovered (including by way of offset) by the Taxing Jurisdiction imposing such Tax; or (e) by any other final disposition, including by reason of the expiration of the applicable statute of limitations
or by mutual agreement of the parties. 
 “IAC Tax Sharing Agreement” shall mean the Tax Sharing
Agreement, dated as of August 9, 2005, by and between IAC/InterActiveCorp, a Delaware corporation, and Parent. 
 “Income Taxes” (a) shall mean (i) any U.S. federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments that are based upon, measured by, or
calculated with respect to (A) net income or profits (including, but not limited to, any capital gains, gross receipts, or minimum tax, and any tax on items of tax preference, but not including sales, use, value added, real property gains, real
or personal property, transfer or similar taxes), (B) multiple bases (including, but not limited to, corporate franchise, doing business or occupation taxes), if one or more of the bases upon which such tax may be based, by which it may be
measured, or with respect to which it may be calculated is described in clause (a)(i)(A) of this definition, or (C) any net worth, franchise or similar tax, in each case together with (ii) any interest and any penalties, fines, additions
to tax or additional amounts imposed by any Tax Authority with respect thereto and (b) shall include any transferee or successor liability in respect of an amount described in clause (a) of this definition. 

“Income Tax Benefit” shall mean, with respect to the effect of any Carryback on the Income Tax Liability
of Parent or the Parent Group for any taxable period, the excess of (a) the hypothetical Income Tax Liability of Parent or the Parent Group for such taxable period, calculated as if such Carryback had not been utilized but with all other facts
unchanged over (b) the actual Income Tax Liability of Parent or the Parent Group for such taxable period, calculated taking into account such Carryback (and treating a Refund as a negative Income Tax Liability, for purposes of such
calculation). 

  
 - 4 -

 “Income Tax Liabilities” shall mean all liabilities for
Income Taxes. 
 “Income Tax Return” shall mean any return, report, filing, statement,
questionnaire, declaration or other document required to be filed with a Tax Authority in respect of Income Taxes. 
 “Indemnified Party” shall mean any Person seeking indemnification pursuant to the provisions of this Agreement. 

“Indemnifying Party” shall mean any party hereto from which any Indemnified Party is seeking
indemnification pursuant to the provisions of this Agreement. 
 “IRS” shall mean the Internal
Revenue Service of the United States. 
 “Losses” shall mean any and all losses, liabilities,
claims, damages, obligations, payments, costs and expenses, matured or unmatured, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, known or unknown (including, without limitation, the costs and expenses of any and all
Actions, threatened Actions, demands, assessments, judgments, settlements and compromises relating thereto and attorneys’ fees and any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any such
Actions or threatened Actions). 
 “Option” shall have the meaning ascribed to such term in the
EMA. 
 “Other Tax Liabilities” shall mean all liabilities for Other Taxes. 

“Other Tax Returns” shall mean any return, report, filing, statement, questionnaire, declaration or other
document required to be filed with a Tax Authority in respect of Other Taxes. 
 “Other Taxes”
shall mean any U.S. federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments of any nature whatsoever, and without limiting the generality of the foregoing, shall include superfund, sales, use, ad valorem, value
added, occupancy, transfer, recording, withholding, payroll, employment, excise, occupation, premium or property taxes (in each case, together with any related interest, penalties and additions to tax, or additional amounts imposed by any Tax
Authority thereon); provided, however, that Other Taxes shall not include any Income Taxes. 

“Parent Combined Return Taxes” shall mean any Taxes (or estimated Taxes) due or required to be paid with
respect to or required to be reported on any consolidated U.S. federal Income Tax Return of the Parent Consolidated Group or any other Combined Tax Return that are attributable to any member of the Parent Group. 

“Parent Consolidated Group” shall mean the affiliated group of corporations (within the meaning of
Section 1504(a) of the Code without regard to the exclusions in Section 1504(b)(1) through (8)) of which Parent is the common parent (and any predecessor or successor to such affiliated group). 

  
 - 5 -

 “Parent Group” shall mean (a) Parent and each Person
that is a direct or indirect Subsidiary of Parent (including any Subsidiary of Parent that is disregarded for U.S. federal Income Tax purposes (or for purposes of any state, local, or foreign tax law)) immediately after the Spin-Off after giving
effect to the Spin-Off Transactions, (b) any corporation (or other Person) that shall have merged or liquidated into Parent or any such Subsidiary and (c) any predecessor or successor to any Person otherwise described in this definition.

 “Parent Separate Return” shall mean any Separate Return required to be filed by Parent or any
member of the Parent Group. 
 “Permitted Transaction” shall mean any transaction that satisfies
the requirements of Section 4(c). 
 “Person” shall mean any individual, partnership, joint
venture, limited liability company, corporation, association, joint stock company, trust, unincorporated organization or similar entity or a governmental authority or any department or agency or other unit thereof. 

“Post-Distribution Taxable Period” shall mean a taxable period that, to the extent it relates to a member
of the SpinCo Group, begins after the Distribution Date. 
 “Pre-Distribution Taxable Period”
shall mean a taxable period that, to the extent it relates to a member of the SpinCo Group, ends on or before the Distribution Date. 
 “Private Letter Ruling” shall mean (a) any private letter ruling issued by the IRS in connection with the Spin-Off Transactions or (b) any similar ruling issued by any other Tax
Authority in connection with the Spin-Off Transactions. 
 “Private Letter Ruling Documents”
shall mean (a) any Private Letter Ruling, any request for a Private Letter Ruling submitted to the IRS (including the request for rulings submitted by Parent to the IRS on July 26, 2011), together with the appendices and exhibits thereto
and any supplemental filings or other materials subsequently submitted to the IRS in connection with the Spin-Off Transactions, or (b) any similar filings submitted to any other Tax Authority in connection with any such request for a Private
Letter Ruling. 
 “Proceeding” shall mean any audit or other examination, or judicial or
administrative proceeding relating to liability for, or Refunds or adjustments with respect to, Taxes. 

“Refund” shall mean any refund of Taxes, including any reduction in Tax Liabilities by means of a credit,
offset or otherwise. 
 “Representative” shall mean with respect to a Person, such Person’s
officers, directors, employees and other authorized agents. 

  
 - 6 -

 “Restriction Period” shall mean the period beginning on the
date hereof and ending on the twenty five (25) month anniversary of the Distribution Date. 

“RSU” shall have the meaning ascribed to such term in the EMA. 

“Separate Return” shall mean (a) in the case of any Tax Return required to be filed by any member of
the SpinCo Group (including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the Parent Group and (b) in the case of any Tax Return required to be filed by any member of the Parent Group
(including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the SpinCo Group. 
 “Separation Agreement” shall have the meaning set forth in the recitals of this Agreement. 
 “SpinCo Adjustment” shall mean an adjustment of any item of income, gain, loss, deduction or credit attributable to any member of the SpinCo Group (including, in the case of any state or
local consolidated, combined or unitary income or franchise Taxes, a change in one or more apportionment factors of members of the SpinCo Group) pursuant to a Final Determination for a Pre-Distribution Taxable Period. 

“SpinCo Business” shall mean each trade or business actively conducted (within the meaning of
Section 355(b) of the Code) by SpinCo or any member of the SpinCo Group immediately after the Spin-Off, as set forth in the Private Letter Ruling Documents and the Tax Opinion Documents. 

“SpinCo Combined Return Taxes” shall mean any Taxes (or estimated Taxes) due or required to be paid with
respect to or required to be reported on any consolidated U.S. federal Income Tax Return of the Parent Consolidated Group or any other Combined Tax Return that are attributable to any member of the SpinCo Group. 

“SpinCo Consolidated Group” shall mean the affiliated group of corporations (within the meaning of
Section 1504(a) of the Code without regard to the exclusions in Section 1504(b)(1) through (8)) of which SpinCo is the common parent, determined immediately after the Spin-Off (and any predecessor or successor to such affiliated group
other than the Parent Consolidated Group). 
 “SpinCo Group” shall mean (a) SpinCo and each
Person that is a direct or indirect Subsidiary of SpinCo (including any Subsidiary of SpinCo that is disregarded for U.S. federal Income Tax purposes (or for purposes of any state, local, or foreign tax law)) immediately after the Spin-Off after
giving effect to the Spin-Off Transactions, (b) any corporation (or other Person) that shall have merged or liquidated into SpinCo or any such Subsidiary and (c) any predecessor or successor to any Person otherwise described in this
definition. 
 “SpinCo Separate Return” shall mean any Separate Return required to be filed by
SpinCo or any member of the SpinCo Group, including, without limitation, (a) any consolidated U.S. federal Income Tax Return of the SpinCo Consolidated Group 

  
 - 7 -

 
required to be filed with respect to a Post-Distribution Taxable Period and (b) any consolidated U.S. federal Income Tax Return for any group of which any member of the SpinCo Group was the
common parent. 
 “SpinCo Tax Benefit” shall mean, with respect to any Taxing Jurisdiction, any
decrease in Tax Liability (or increase in a Refund) Actually Realized with respect to a Combined Return that is attributable to a SpinCo Adjustment. 
 “SpinCo Tax Liability” shall mean, with respect to any Taxing Jurisdiction, any increase in Tax Liability (or reduction in a Refund) Actually Realized with respect to a Combined Return
that is attributable to a SpinCo Adjustment. 
 “Spin-Off” shall mean the distribution of
TripAdvisor Common Stock and TripAdvisor Class B Common Stock pursuant to the Reclassification. 

“Spin-Off Transactions” shall mean the Contribution together with the Spin-Off. 

“Spin-Off Tax Liabilities” shall mean, with respect to any Taxing Jurisdiction, the sum of (a) any
increase in Tax Liability (or reduction in a Refund) Actually Realized as a result of any corporate-level gain or income recognized with respect to the failure of the Spin-Off Transactions to qualify for Tax-Free Status under the Income Tax Laws of
such Taxing Jurisdiction pursuant to any settlement, Final Determination, judgment, assessment, proposed adjustment or otherwise, (b) interest on such amounts calculated pursuant to such Taxing Jurisdiction’s laws regarding interest on Tax
Liabilities at the highest Underpayment Rate for corporations in such Taxing Jurisdiction from the date such additional gain or income was recognized until full payment with respect thereto is made pursuant to Section 3 hereof (or in the case
of a reduction in a Refund, the amount of interest that would have been received on the foregone portion of the Refund but for the failure of the Spin-Off Transactions to qualify for Tax-Free Status), and (c) any penalties actually paid to such
Taxing Jurisdiction that would not have been paid but for the failure of the Spin-Off Transactions to qualify for Tax-Free Status in such Taxing Jurisdiction. 
 “Tax Attribute” shall mean a consolidated, combined or unitary net operating loss, net capital loss, unused investment credit, unused foreign tax credit, or excess charitable contribution
(as such terms are used in Treasury Regulation Sections 1.1502-79 and 1.1502-79A or comparable provisions of foreign, state or local tax law), or a minimum tax credit or general business credit. 

“Tax Authority” shall mean a governmental authority (foreign or domestic) or any subdivision, agency,
commission or authority thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including, without limitation, the IRS). 

“Tax Benefits” shall have the meaning set forth in Section 3(a) hereof. 

  
 - 8 -

 “Tax Counsel” shall mean tax counsel of recognized national
standing that is acceptable to Parent. 
 “Taxes” shall mean Income Taxes and Other Taxes.

 “Tax-Free Status” shall mean the qualification of the Contribution and the Spin-Off, taken
together, (a) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c)
of the Code, and (c) as a transaction in which Parent, SpinCo and the shareholders of Parent recognize no income or gain for U.S. federal Income Tax purposes pursuant to Sections 355, 361 and 1032 of the Code other than, in the case of Parent
and SpinCo, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code. 

“Taxing Jurisdiction” shall mean the United States and every other government or governmental unit having
jurisdiction to tax Parent or SpinCo or any of their respective Affiliates. 
 “Tax Liabilities”
shall mean any liabilities for Taxes. 
 “Tax Opinion” shall mean any tax opinion issued by Tax
Counsel in connection with the Spin-Off Transactions. 
 “Tax Opinion Documents” shall mean the
Tax Opinion and the information and representations provided by, or on behalf of, Parent or SpinCo to Tax Counsel in connection therewith. 
 “Tax-Related Losses” shall mean: 
 (a) the
Aggregate Spin-Off Tax Liabilities, 
 (b) all accounting, legal and other professional fees, and court costs
incurred in connection with any settlement, Final Determination, judgment or other determination with respect to such Aggregate Spin-Off Tax Liabilities, and 
 (c) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by Parent or SpinCo in respect of the liability of shareholders, whether paid to
shareholders or to the IRS or any other Tax Authority payable by Parent or SpinCo or their respective Affiliates, in each case, resulting from the failure of the Spin-Off Transactions to qualify for Tax-Free Status. 

“Tax Returns” shall mean Income Tax Returns and Other Tax Returns. 

“TripAdvisor Service Provider” shall mean any “TripAdvisor Employee” as such term is defined in
the EMA or any other provider of services to any member of the SpinCo Group. 

  
 - 9 -

 “Underpayment Rate” shall mean the annual rate of interest
described in Section 6621(c) of the Code for large corporate underpayments of Income Tax (or similar provision of state, local, or foreign Income Tax law, as applicable), as determined from time to time. 

“Unqualified Tax Opinion” shall mean an unqualified opinion of Tax Counsel on which Parent may rely to
the effect that a transaction (a) will not disqualify the Spin-Off Transactions from having Tax-Free Status, assuming that the Spin-Off Transactions would have qualified for Tax-Free Status if such transaction did not occur, and (b) will
not adversely affect any of the conclusions set forth in the Private Letter Ruling or the Tax Opinion; provided, that any tax opinion obtained in connection with a proposed acquisition of Equity Securities of SpinCo (or any entity treated as
a successor to SpinCo) entered into during the Restriction Period shall not qualify as an Unqualified Tax Opinion unless such tax opinion concludes that such proposed acquisition will not be treated as “part of a plan (or series of related
transactions),” within the meaning of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, that includes the Spin-Off. 
 2. Tax Returns; Payment of Taxes. 
 (a) Filing of Tax Returns; Payment
of Taxes. 
 (i) Parent Consolidated Returns; Other Combined Returns. Parent shall prepare and file or cause to be
prepared and filed (A) all consolidated U.S. federal Income Tax Returns of the Parent Consolidated Group and (B) all other Combined Returns. Except as provided in Section 2(a)(ii) or Section 2(a)(iii), Parent shall pay, or cause
to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any such Tax Return. 
 (ii) SpinCo Adjustments. SpinCo shall pay, or cause to be paid, and shall be responsible for, any SpinCo Tax Liabilities and shall be entitled to all SpinCo Tax Benefits. 

(iii) Post-Distribution Combined Returns. In the event that any Combined Return is required to be filed pursuant to applicable
law in any Taxing Jurisdiction for any Post-Distribution Taxable Period, Parent shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any such Tax
Return that are Parent Combined Return Taxes and SpinCo shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any such Tax Return that are SpinCo
Combined Return Taxes. 
 (iv) Parent Separate Returns. Parent shall prepare and file or cause to be prepared and filed
all Parent Separate Returns. Parent shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any Parent Separate Return (including any increase in such
Tax Liabilities attributable to a Final Determination). 

  
 - 10 -

 (v) SpinCo Separate Returns. SpinCo shall prepare and file or cause to be prepared
and filed all SpinCo Separate Returns. SpinCo shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any SpinCo Separate Return (including any increase
in such Tax Liabilities attributable to a Final Determination). 
 (b) Preparation of Tax Returns. 

(i) Parent (or its designee) shall determine the entities to be included in any Combined Return and make or revoke any Tax elections,
adopt or change any Tax accounting methods, and determine any other position taken on or in respect of any Tax Return required to be prepared and filed by Parent pursuant to Section 2(a)(i) or Section 2(a)(iii). Notwithstanding the
immediately preceding sentence, any Tax Return filed by Parent pursuant to Section 2(a)(i) or Section 2(a)(iii) shall, to the extent relating to SpinCo or the SpinCo Group, be prepared in good faith. For the avoidance of doubt, with
respect to the consolidated U.S. federal Income Tax Return of the Parent Consolidated Group for any taxable year that includes the Spin-Off, Parent shall determine in its sole discretion whether to elect ratable allocation under Treasury Regulation
Section 1.1502-76. SpinCo shall, and shall cause each member of the SpinCo Group to, take all actions necessary to give effect to such election. SpinCo shall, and shall cause each member of the SpinCo Group to, prepare and submit at
Parent’s request (but in no event later than ninety (90) days after such request), at SpinCo’s expense, all information that Parent shall reasonably request, in such form as Parent shall reasonably request, including any such
information requested to enable Parent to prepare any Tax Return required to be filed by Parent pursuant to Section 2(a)(i) or Section 2(a)(iii). Parent shall make any such Tax Return and related workpapers available for review by SpinCo
to the extent such Tax Return relates to Taxes for which SpinCo would reasonably be expected to be liable or with respect to which SpinCo would reasonably be expected to have a claim. If practicable, Parent shall make any such Tax Return available
for review sufficiently in advance of the due date for filing such Tax Return to provide SpinCo an opportunity to analyze and comment on such return. Parent and SpinCo shall attempt in good faith to resolve any issues arising out of the review of
any such Tax Return. 
 (ii) Except as required by applicable law or as a result of a Final Determination, neither Parent nor
SpinCo shall (nor shall cause or permit any members of the Parent Group or SpinCo Group, respectively, to) take any position that is either inconsistent with the treatment of the Spin-Off Transactions as having Tax-Free Status (or analogous status
under state, local or foreign law) or, with respect to a specific item of income, deduction, gain, loss, or credit on any Tax Return, treat such specific item in a manner which is inconsistent with the manner such specific item is reported on a Tax
Return prepared or filed by Parent pursuant to Section 2(a) hereof (including, without limitation, the claiming of a deduction previously claimed on any such Tax Return). 
 3. Indemnification for Taxes. 
 (a) Indemnification by
Parent. From and after the Distribution Date, except as otherwise provided in Section 3(b), Parent and each member of the Parent Group shall jointly and severally indemnify, defend and hold harmless SpinCo and each member of the

  
 - 11 -

 
SpinCo Group and each of their respective Representatives and Affiliates (and the heirs, executors, successors and assigns of any of them) from and against, without duplication, (i) all
Spin-Off Tax Liabilities incurred by any member of the Parent Group, (ii) all Tax Liabilities that any member of the Parent Group is responsible for pursuant to Section 2, and (iii) all Tax Liabilities, Spin-Off Tax Liabilities and
Tax-Related Losses incurred by any member of the Parent Group or SpinCo Group by reason of the breach by Parent or any member of the Parent Group of any of Parent’s representations or covenants hereunder or made in connection with the Private
Letter Ruling or the Tax Opinion and, in each case, any related costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses); provided, however, that neither Parent nor any member of the Parent Group
shall have any obligation to indemnify, defend or hold harmless any Person pursuant to this Section 3(a) to the extent that such indemnification obligation is otherwise attributable to any breach by SpinCo or any member of the SpinCo Group of
any of SpinCo’s representations or covenants hereunder (including any representations made in connection with the Private Letter Ruling or the Tax Opinion). If the indemnification obligation of Parent or any member of the Parent Group under
this Section 3(a) (or the adjustment giving rise to such indemnification obligation) results in (i) increased deductions, losses, or credits, or (ii) decreases in income, gains or recapture of Tax credits (“Tax
Benefits”) to SpinCo or any member of the SpinCo Group, which would not, but for the indemnification obligation (or the adjustment giving rise to such indemnification obligation), be allowable, then SpinCo shall pay Parent the amount by
which such Tax Benefit actually reduces, in cash, the amount of Tax that SpinCo or any member of the SpinCo Group would have been required to pay and bear (or increases, in cash, the amount of a Refund to which SpinCo or any member of the SpinCo
Group would have been entitled) but for such indemnification obligation (or adjustment giving rise to such indemnification obligation). SpinCo shall pay Parent for such Tax Benefit no later than five (5) Business Days after such Tax Benefit is
Actually Realized. 
 (b) Indemnification by SpinCo. From and after the Distribution Date, SpinCo and each member of the
SpinCo Group shall jointly and severally indemnify, defend and hold harmless Parent and each member of the Parent Group and each of their respective Representatives and Affiliates (and the heirs, executors, successors and assigns of any of them)
from and against, without duplication, (i) all Tax Liabilities (including, all SpinCo Tax Liabilities), Spin-Off Tax Liabilities and Tax-Related Losses that SpinCo or any member of the SpinCo Group is responsible for under Section 2 or
Section 4 (including, without limitation, any Tax Liabilities, Spin-Off Tax Liabilities or Tax-Related Losses arising with respect to a Permitted Transaction for which SpinCo is liable pursuant to Section 4(e)(i)), (ii) all indemnity
payments required to made by any member of the Parent Group pursuant to the IAC Tax Sharing Agreement to the extent relating to Taxes attributable to any member of the SpinCo Group and (iii) all Tax Liabilities, Spin-Off Tax Liabilities and
Tax-Related Losses incurred by any member of the Parent Group or SpinCo Group by reason of the breach by SpinCo or any member of the SpinCo Group of any of SpinCo’s representations or covenants hereunder (including any representations made in
connection with the Private Letter Ruling or the Tax Opinion (irrespective of whether Parent made the same representation on behalf of, or with respect to SpinCo)) and, in each case, any related costs and expenses (including, without limitation,
reasonable attorneys’ fees and expenses). If the indemnification obligation of SpinCo or any member of the SpinCo Group under this Section 3(b) (or the adjustment giving rise to such indemnification obligation) results in a Tax Benefit to
Parent or any member of the Parent Group, which would not, but for the Tax which is the subject of the indemnification obligation 

  
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(or the adjustment giving rise to such indemnification obligation), be allowable, then Parent shall pay SpinCo the amount by which such Tax Benefit actually reduces, in cash, the amount of Tax
that Parent or any member of the Parent Group would have been required to pay and bear (or increases, in cash, the amount of a Refund to which Parent or any member of the Parent Group would have been entitled) but for such indemnification (or
adjustment giving rise to such indemnification obligation). Parent shall pay SpinCo for such Tax Benefit no later than five (5) Business Days after such Tax Benefit is Actually Realized. 

(c) Timing of Indemnification. Any payment and indemnification made pursuant to this Section 3 (other than a payment for any
Tax Benefit, the timing of which is provided in Sections 3(a) and 3(b) above) shall be made by the Indemnifying Party promptly, but, in any event, no later than: 
 (i) in the case of an indemnification obligation with respect to any Tax Liabilities (including any SpinCo Tax Liabilities and any Spin-Off Tax Liabilities), the later of (A) five (5) Business
Days after the Indemnified Party notifies the Indemnifying Party and (B) five (5) Business Days prior to the date the Indemnified Party is required to make a payment of Taxes, interest, or penalties to the applicable Tax Authority
(including a payment with respect to an assessment of a Tax deficiency by any Taxing Jurisdiction or a payment made in settlement of an asserted Tax deficiency) or realizes a reduced Refund; and 

(ii) in the case of any payment or indemnification of any Losses not otherwise described in clause (i) of this Section 3(c)
(including, but not limited to, any Losses described in clause (b) or (c) of the definition of Tax-Related Losses, attorneys’ fees and expenses and other indemnifiable Losses), the later of (A) five (5) Business Days after
the Indemnified Party notifies the Indemnifying Party and (B) five (5) Business Days prior to the date the Indemnified Party makes a payment thereof. 
 4. Spin-Off Related Matters. 
 (a) Representations.

 (i) Private Letter Ruling and Tax Opinion Documents. SpinCo hereby represents and warrants that (A) it has
examined the Private Letter Ruling Documents and the Tax Opinion Documents (including, without limitation, the representations to the extent that they relate to the plans, proposals, intentions, and policies of SpinCo, its Subsidiaries, the SpinCo
Business, or the SpinCo Group) and (B) to the extent in reference to SpinCo, its Subsidiaries, the SpinCo Business, or the SpinCo Group, the facts presented and the representations made therein are true, correct and complete. 

(ii) Tax-Free Status. SpinCo hereby represents and warrants that it has no plan or intention of taking any action, or failing to
take any action or knows of any circumstance, that could reasonably be expected to (A) cause the Spin-Off Transactions not to have Tax-Free Status or (B) cause any representation or factual statement made in this Agreement, the Separation
Agreement, the Private Letter Ruling Documents, the Tax Opinion Documents or any of the Ancillary Agreements to be untrue. 

  
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 (iii) Plan or Series of Related Transactions. SpinCo hereby represents and warrants
that during the two-year period ending on the Distribution Date, there was no “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulation Section 1.355-7(h)) by
any one or more officers or directors of any member of the SpinCo Group or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding an acquisition of all or a significant portion
of the Equity Securities of SpinCo (and any predecessor); provided, that no representation or warranty is made by SpinCo regarding any “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms
are defined in Treasury Regulation Section 1.355-7(h)) by any one or more officers or directors of Parent. 
 (b)
Covenants. 
 (i) Actions Consistent with Representations and Covenants. Neither Parent nor SpinCo shall take any
action or permit any member of the Parent Group or the SpinCo Group, respectively, to take any action, or shall fail to take any action or permit any member of the Parent Group or the SpinCo Group, respectively, to fail to take any action, where
such action or failure to act would be inconsistent with or cause to be untrue any material information, covenant or representation in this Agreement, the Separation Agreement, the Private Letter Ruling Documents, the Tax Opinion Documents or any of
the Ancillary Agreements. 
 (ii) Preservation of Tax-Free Status; SpinCo Business. SpinCo shall not (A) take any
action (including, but not limited to, any cessation, transfer or disposition of all or any portion of any SpinCo Business, payment of extraordinary dividends and acquisitions or issuances of stock) or permit any member of the SpinCo Group to take
any such action, and SpinCo shall not fail to take any such action or permit any member of the SpinCo Group to fail to take any such action, in each case, unless such action or failure to act could not reasonably be expected to cause the Spin-Off
Transactions to fail to have Tax-Free Status or could not require Parent or SpinCo to reflect a liability or reserve for Taxes with respect to the Spin-Off Transactions in its financial statements, and (B) until the first day after the
Restriction Period, engage in any transaction (including, without limitation, any cessation, transfer or disposition of all or any portion of any SpinCo Business) that could reasonably be expected to result in it or any member of the SpinCo Group
ceasing to be a company engaged in any SpinCo Business. 
 (iii) Sales, Issuances and Redemptions of Equity Securities.
Until the first day after the Restriction Period, none of SpinCo or any member of the SpinCo Group shall, or shall agree to, sell or otherwise issue to any Person, or redeem or otherwise acquire from any Person, any Equity Securities of SpinCo or
any member of the SpinCo Group; provided, however, that (A) the adoption by SpinCo of a shareholder rights plan shall not constitute a sale or issuance of such Equity Securities, (B) SpinCo and the members of the SpinCo Group
may repurchase such Equity Securities to the extent that such repurchases meet the requirements of Section 4.05(1)(b) of Revenue Procedure 96-30, (C) SpinCo may issue such Equity Securities to the extent such issuances satisfy Safe Harbor
VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d), and (D) members of the
SpinCo Group other than SpinCo may issue or sell Equity Securities to other 

  
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members of the SpinCo Group, and may redeem or purchase Equity Securities from other members of the SpinCo group, in each case, to the extent not inconsistent with the Tax-Free Status of the
Spin-Off Transactions. 
 (iv) Tender Offers; Other Business Combination Transactions. Until the first day after the
Restriction Period, none of SpinCo or any member of the SpinCo Group shall (A) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Securities of SpinCo, (B) participate in or support any unsolicited
tender offer for, or other acquisition, issuance or disposition of, the Equity Securities of SpinCo or (C) approve or otherwise permit any proposed business combination or any transaction which, in the case of clauses (A), (B) or (C),
individually or in the aggregate, together with any transaction occurring within the four-year period beginning on the date which is two years before the Distribution Date and any other transaction which is part of a plan or series of related
transactions (within the meaning of Section 355(e) of the Code) that includes the Spin-Off, could result in one or more Persons acquiring (except for acquisitions that otherwise satisfy Safe Harbor VIII (relating to acquisitions in connection
with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) directly or indirectly stock representing a 40% or greater interest, by
vote or value, in SpinCo (or any successor thereto). In addition, none of SpinCo or any member of the SpinCo Group shall at any time, whether before or subsequent to the expiration of the Restriction Period, engage in any action described in clauses
(A), (B) or (C) of the preceding sentence if it is pursuant to an arrangement negotiated (in whole or in part) prior to the first anniversary of the Spin-Off, even if at the time of the Spin-Off or thereafter such action is subject to
various conditions. 
 (v) Dispositions of Assets. Until the first day after the Restriction Period, none of SpinCo or
any member of the SpinCo Group shall sell, transfer, or otherwise dispose of or agree to sell, transfer or otherwise dispose of assets (including, for such purpose, any shares of capital stock of a Subsidiary and any transaction treated for tax
purposes as a sale, transfer or disposition) that, in the aggregate, constitute more than 30% of the consolidated gross assets of SpinCo or the SpinCo Group. The foregoing sentence shall not apply to (A) sales, transfers, or dispositions of
assets in the ordinary course of business, (B) any cash paid to acquire assets from an unrelated Person in an arm’s-length transaction, (C) any assets transferred to a Person that is disregarded as an entity separate from the
transferor for U.S. federal Income Tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness of SpinCo or any member of the SpinCo Group. The percentages of gross assets or consolidated gross assets of SpinCo
or the SpinCo Group, as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross assets of SpinCo and the members of the SpinCo Group as of the Distribution Date. For purposes of this
Section 4(b)(v), a merger of SpinCo or one of its Subsidiaries with and into any Person shall constitute a disposition of all of the assets of SpinCo or such Subsidiary. 
 (vi) Liquidations, Mergers, Reorganizations. Until the first day after the Restriction Period, neither SpinCo nor any of its Subsidiaries shall, or shall agree to, voluntarily dissolve or liquidate
(including by converting into an entity that is treated as a “disregarded entity” or partnership for U.S. federal Income Tax purposes) or engage in any transaction involving a merger (except for a Cash Acquisition Merger), consolidation or
other reorganization; provided, that, mergers of direct or indirect wholly-owned Subsidiaries of 

  
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SpinCo solely with and into SpinCo or with other direct or indirect wholly-owned Subsidiaries of SpinCo, and liquidations of SpinCo’s subsidiaries are not subject to this
Section 4(b)(vi) to the extent not inconsistent with the Tax-Free Status of the Spin-Off Transactions. 
 (c) Permitted
Transactions. 
 Notwithstanding the restrictions otherwise imposed by Sections 4(b)(iii) through 4(b)(vi), during the
Restriction Period, SpinCo may (i) issue, sell, redeem or otherwise acquire (or cause a member of the SpinCo Group to issue, sell, redeem or otherwise acquire) Equity Securities of SpinCo or any member of the SpinCo Group in a transaction that
would otherwise breach the covenant set forth in Section 4(b)(iii), (ii) approve, participate in, support or otherwise permit a proposed business combination or transaction that would otherwise breach the covenant set forth in
Section 4(b)(iv), (iii) sell or otherwise dispose of the assets of SpinCo or any member of the SpinCo Group in a transaction that would otherwise breach the covenant set forth in Section 4(b)(v), or (iv) merge SpinCo or any
member of the SpinCo Group with another entity without regard to which party is the surviving entity in a transaction that would otherwise breach the covenant set forth in Section 4(b)(vi), if and only if such transaction would not violate
Section 4(b)(i) or Section 4(b)(ii) and prior to entering into any agreement contemplating a transaction described in clauses (i), (ii), (iii) or (iv), and prior to consummating any such transaction, SpinCo shall request that Parent
obtain a private letter ruling (or, if applicable, a supplemental private letter ruling) from the IRS and/or any other applicable Tax Authority in accordance with Section 4(d)(ii) of this Agreement to the effect that such transaction will not
affect the Tax-Free Status of the Spin-Off Transactions and Parent shall have received such private letter ruling, in form and substance satisfactory to Parent in its sole and absolute discretion, exercised in good faith; provided, that to
the extent (A) such private letter ruling cannot be obtained from the IRS under Rev. Proc. 2011-3, 2011-1 I.R.B. 111 (as amended from time to time) (or from any other applicable Tax Authority under any analogous procedure of such Tax Authority)
or (B) Parent determines in its sole and absolute discretion not to seek to obtain such private letter ruling, in lieu of such private letter ruling (1) SpinCo shall obtain Parent’s written consent (which may be withheld at
Parent’s sole discretion) or (2) SpinCo shall provide Parent with an Unqualified Tax Opinion, in form and substance satisfactory to Parent in its sole and absolute discretion, exercised in good faith (and in determining whether an opinion
is satisfactory, Parent may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations if used as a basis for the opinion). 

(d) Private Letter Rulings and Restrictions on SpinCo. 
 (i) Private Letter Ruling at Parent’s Request. Parent shall have the right to obtain a private letter ruling from the IRS and/or any other applicable Tax Authority (or, if applicable, a
supplemental private letter ruling) in its sole discretion, exercised in good faith. If Parent determines to obtain any such private letter ruling, SpinCo shall (and shall cause each member of the SpinCo Group to) cooperate with Parent and take any
and all actions reasonably requested by Parent in connection with obtaining such private letter ruling (including, without limitation, by making any representation or covenant or providing any materials or information requested by any Tax Authority;
provided, that SpinCo shall not be required to make (or cause any member of the SpinCo Group to make) any representation or covenant that is inconsistent with historical facts or as to future matters or events over which it has no control).

  
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In connection with obtaining a private letter ruling pursuant to this Section 4(d)(i), (A) Parent shall, to the extent practicable, consult with SpinCo reasonably in advance of taking
any material action in connection therewith; (B) Parent shall (1) reasonably in advance of the submission of any documents relating to such private letter ruling, provide SpinCo with a draft copy thereof, (2) reasonably consider
SpinCo’s comments on such draft copy, and (3) provide SpinCo with a final copy; and (C) Parent shall provide SpinCo with notice reasonably in advance of, and SpinCo shall have the right to attend and participate in, any formally
scheduled meetings with any Tax Authority (subject to the approval of the Tax Authority) that relate to such private letter ruling. 
 (ii) Private Letter Rulings at SpinCo’s Request. Parent agrees that at the reasonable request of SpinCo pursuant to Section 4(c), Parent shall (and shall cause each member of the Parent
Group to) cooperate with SpinCo and use its reasonable best efforts to seek to obtain, as expeditiously as possible, a private letter ruling from the IRS and/or any other applicable Tax Authority (or, if applicable, a supplemental private letter
ruling) for the purpose of confirming compliance on the part of SpinCo or any member of the SpinCo Group with its obligations under Section 4(b) of this Agreement; provided, however, that in no event shall Parent be required to
file any request for a private letter ruling under this Section 4(d)(ii) unless SpinCo represents that (A) it has read the request for such private letter ruling and any materials, appendices and exhibits submitted or filed therewith, and
(B) all information and representations, if any, relating to any member of the SpinCo Group, contained in the related private letter ruling documents are true, correct and complete in all material respects. SpinCo shall reimburse Parent for all
reasonable costs and expenses incurred by the Parent Group in obtaining a private letter ruling requested by SpinCo within ten (10) Business Days after receiving an invoice from Parent therefor. SpinCo hereby agrees that Parent shall have sole
and exclusive control over the process of obtaining any private letter ruling, and that only Parent shall apply for any private letter ruling. In connection with obtaining a private letter ruling pursuant to this Section 4(d)(ii),
(A) Parent shall, to the extent practicable, consult with SpinCo reasonably in advance of taking any material action in connection therewith; (B) Parent shall (1) reasonably in advance of the submission of any related private letter
ruling documents, provide SpinCo with a draft copy thereof, (2) reasonably consider SpinCo’s comments on such draft copy, and (3) provide SpinCo with a final copy; and (C) Parent shall provide SpinCo with notice reasonably in
advance of, and SpinCo shall have the right to attend and participate in, any formally scheduled meetings with any Tax Authority (subject to the approval of the Tax Authority) that relate to such private letter ruling. 

(iii) Prohibition on SpinCo. SpinCo hereby agrees that, except to the extent permitted by Section 4(d)(ii), neither it nor
any member of the SpinCo Group shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) concerning the Spin-Off Transactions (or the impact of any transaction on the Spin-Off Transactions). 

  
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 (e) Liability of SpinCo for Undertaking Certain Actions. Notwithstanding anything in
this Agreement to the contrary, SpinCo and each member of the SpinCo Group shall be responsible for any and all Tax-Related Losses that are attributable to, or result from: 
 (i) any act or failure to act by SpinCo or any member of the SpinCo Group, which action or failure to act breaches any of the covenants described in Section 4(b)(i) through 4(b)(vi) of this Agreement
(determined without regard to the exceptions or provisos set forth in such provisions or in Section 4(c), so that SpinCo and each member of the SpinCo Group shall be responsible for any and all Tax-Related Losses even if such Tax-Related Losses
are attributable to or result from any act or failure to act pursuant to an exception or proviso described in Section 4(b)(i) through 4(b)(vi) or in Section 4(c)), expressly including, for this purpose, any Permitted Transaction and any
act or failure to act that breaches Section 4(b)(i) or 4(b)(ii), regardless of whether such act or failure to act is permitted by Section 4(b)(iii) through 4(b)(vi); 

(ii) any acquisition of Equity Securities of SpinCo or any member of the SpinCo Group by any Person or Persons (including, without
limitation, as a result of an issuance of SpinCo Equity Securities or a merger of another entity with and into SpinCo or any member of the SpinCo Group) or any acquisition of assets of SpinCo or any member of the SpinCo Group (including, without
limitation, as a result of a merger) by any Person or Persons; and 
 (iii) any breach by SpinCo or any member of the SpinCo
Group of a representation or covenant made in this Agreement, the Separation Agreement, the Ancillary Agreement, any Private Letter Ruling Documents or any Tax Opinion Documents. 

(f) Cooperation. 
 (i) Without limiting the prohibition set forth in Section 4(d)(iii), until the first day after the Restriction Period, SpinCo shall furnish Parent with a copy of any private letter ruling request
that any member of the SpinCo Group may file with the IRS or any other Tax Authority and any opinion received that in any respect relates to, or otherwise reasonably could be expected to have any effect on, the Tax-Free Status of the Spin-Off
Transactions. 
 (ii) Parent shall reasonably cooperate with SpinCo in connection with any request by SpinCo for an Unqualified
Tax Opinion pursuant to Section 4(c). 
 (iii) Until the first day after the Restriction Period, SpinCo will provide
adequate advance notice to Parent in accordance with the terms of Section 4(f)(iv) of any action described in Sections 4(b)(i) through 4(b)(vi) within a period of time sufficient to enable Parent to seek injunctive relief pursuant to
Section 4(g) in a court of competent jurisdiction. 
 (iv) Each notice required by Section 4(f)(iii) shall set forth
the terms and conditions of any such proposed transaction, including, without limitation, (A) the nature of any related action proposed to be taken by the board of directors of SpinCo, (B) the approximate number of Equity Securities (and
their voting and economic rights) of SpinCo or any member of the SpinCo Group (if any) proposed to be sold or otherwise issued, (C) the approximate value of SpinCo’s assets (or assets of any member of the SpinCo Group) proposed to be
transferred, and (D) the proposed timetable for such transaction, all with sufficient particularity to enable Parent to seek such injunctive relief. Promptly, but in any event within thirty (30) days, after Parent receives such written
notice from SpinCo, Parent shall notify SpinCo in writing of Parent’s decision to seek injunctive relief pursuant to Section 4(g). 

  
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 (v) From and after the Distribution Date until the first day after the Restriction Period,
neither SpinCo nor any member of the SpinCo Group shall take (or refrain from taking) any action to the extent that such action or inaction would have caused a representation given by SpinCo in connection with the Private Letter Ruling and/or the
Tax Opinion to have been untrue as of the relevant representation date, had SpinCo or any member of the SpinCo Group intended to take (or refrain from taking) such action on the relevant representation date. 

(g) Enforcement. The parties hereto acknowledge that irreparable harm would occur in the event that any of the provisions
of this Section 4 were not performed in accordance with their specific terms or were otherwise breached. The parties hereto agree that, in order to preserve the Tax-Free Status of the Spin-Off Transactions, injunctive relief is appropriate to
prevent any violation of the foregoing covenants; provided, however, that injunctive relief shall not be the exclusive legal or equitable remedy for any such violation. 

5. Refunds. Parent shall be entitled to all Refunds in respect of Taxes paid with respect to any Tax Return for which
Parent or any member of the Parent Group is responsible pursuant to Section 2, except to the extent such Refunds are solely attributable to SpinCo Tax Benefits. SpinCo shall be entitled to all Refunds in respect of Taxes paid with respect to
any Tax Return for which SpinCo or any member of the SpinCo Group is responsible pursuant to Section 2 or which are solely attributable to SpinCo Tax Benefits. Notwithstanding the foregoing, in the event a party obtains a Refund of Taxes for
which it was indemnified by another party, the indemnifying party shall be entitled to such Refund. For the absence of doubt, a party entitled to a Refund pursuant to this Section 5 shall also be entitled to (and the party receiving such Refund
shall pay over to such other party) any interest thereon received from the applicable Tax Authority, or, in the case of any Combined Return, the amount of any interest thereon that would have been received from such Tax Authority had such Refund
related to a hypothetical Tax Return that did not include the other party or any member of such other party’s group but with all other facts unchanged. A party receiving a Refund to which another party is entitled pursuant to this
Section 5 shall pay the amount to which such other party is entitled (including interest in accordance with the preceding sentence) within fifteen (15) Business Days after such Refund is Actually Realized. Each of Parent and SpinCo shall
cooperate with the other party in connection with any claim for Refund in respect of any Tax for which any member of the Parent Group or the SpinCo Group, as the case may be, is responsible pursuant to Section 2. 

6. Tax Contests. 
 (a) Notification. Each of Parent and SpinCo shall notify the other party in writing of any communication with respect to any pending or threatened Proceeding in connection with any Tax Liability
(or any issue related thereto) of Parent or any member of the Parent Group, or SpinCo or any member of the SpinCo Group, respectively, for which a member of the SpinCo Group or the Parent Group, respectively, may be responsible pursuant to this
Agreement within ten (10) Business Days of receipt; provided, however, that in the case of any 

  
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Distribution-Related Proceeding (whether or not SpinCo or Parent may be responsible thereunder), such notice shall be provided no later than ten (10) Business Days after Parent or SpinCo, as
the case may be, first receives written notice from the IRS or other Tax Authority of such Distribution-Related Proceeding). Each of Parent and SpinCo shall include with such notification a true, correct and complete copy of any written
communication, and an accurate and complete written summary of any oral communication, received by Parent or a member of the Parent Group, or SpinCo or a member of the SpinCo Group, respectively. The failure of Parent or SpinCo timely to forward
such notification in accordance with the immediately preceding sentence shall not relieve SpinCo or Parent, respectively, of any obligation to pay such Tax Liability or indemnify Parent and the members of the Parent Group, or SpinCo and the members
of the SpinCo Group, respectively, and their respective Representatives, Affiliates, successors and assigns therefor, except to the extent that the failure timely to forward such notification actually prejudices the ability of SpinCo or Parent to
contest such Tax Liability or increases the amount of such Tax Liability. 
 (b) Representation with Respect to Tax
Disputes. Parent (or such member of the Parent Group as Parent shall designate) shall have the sole right to represent the interests of the members of the Parent Group and the members of the SpinCo Group and to employ counsel of its choice at
its expense in any Proceeding (including any Distribution-Related Proceeding) relating to (i) any consolidated U.S. federal Income Tax Returns of the Parent Consolidated Group, (ii) any other Combined Returns and (iii) any Parent
Separate Returns. SpinCo (or such member of the SpinCo Group as SpinCo shall designate) shall have the sole right to represent the interests of the members of the SpinCo Group and to employ counsel of its choice at its expense in any Proceeding
relating to SpinCo Separate Returns. 
 (c) Power of Attorney. Each member of the SpinCo Group shall execute and deliver
to Parent (or such member of the Parent Group as Parent shall designate) any power of attorney or other document requested by Parent (or such designee) in connection with any Proceeding described in the first sentence of Section 6(b).

 (d) Distribution-Related Proceedings, Proceedings with Respect to SpinCo Tax Liabilities. 

(i) In the event of any Distribution-Related Proceeding or Proceeding relating to a SpinCo Tax Liability as a result of which SpinCo
could reasonably be expected to become liable for Tax or any Tax-Related Losses and with respect to which Parent has the right to represent the interests of the members of the Parent Group and/or the members of the SpinCo Group pursuant to
Section 6(b) above, (A) Parent shall consult with SpinCo reasonably in advance of taking any significant action in connection with such Proceeding, (B) Parent shall consult with SpinCo and offer SpinCo a reasonable opportunity to
comment before submitting any written materials prepared or furnished in connection with such Proceeding, (C) Parent shall defend such Proceeding diligently and in good faith as if it were the only party in interest in connection with such
Proceeding, and (D) Parent shall provide SpinCo copies of any written materials relating to such Proceeding received from the relevant Tax Authority. Notwithstanding anything in the preceding sentence to the contrary, the final determination of
the positions taken, including with respect to settlement or other disposition, in (i) any Distribution-Related Proceeding, or (ii) any other Proceeding relating to a SpinCo Tax Liability,

  
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which other Proceeding would not reasonably be expected to result in a liability for additional Taxes in an amount exceeding five (5) million dollars for a single Tax year, shall be made in
the sole discretion of Parent and shall be final and not subject to the dispute resolution provisions of Section 9 (and Article X of the Separation Agreement). With respect to any Proceeding relating to a SpinCo Tax Liability (other than any
Distribution-Related Proceeding), which could reasonably be expected to result in a liability for additional Taxes in an amount exceeding five (5) million dollars for a single Tax year, SpinCo shall be entitled to participate in such
Proceeding, and Parent shall not settle, compromise or abandon any such Proceeding without obtaining the prior written consent of SpinCo, which consent shall not be unreasonably withheld. 

(ii) In the event of any Distribution-Related Proceeding with respect to any SpinCo Separate Return, (A) SpinCo shall consult with
Parent reasonably in advance of taking any significant action in connection with such Proceeding, (B) SpinCo shall consult with Parent and offer Parent a reasonable opportunity to comment before submitting any written materials prepared or
furnished in connection with such Proceeding, (C) SpinCo shall defend such Proceeding diligently and in good faith as if it were the only party in interest in connection with such Proceeding, (D) Parent shall be entitled to participate in
such Proceeding and receive copies of any written materials relating to such Proceeding received from the relevant Tax Authority, and (E) SpinCo shall not settle, compromise or abandon any such Proceeding without obtaining the prior written
consent of Parent, which consent shall not be unreasonably withheld. 
 7. Apportionment of Tax Attributes;
Carrybacks. 
 (a) Apportionment of Tax Attributes. 

(i) If the Parent Consolidated Group has a Tax Attribute, the portion, if any, of such Tax Attribute apportioned to SpinCo or any member
of the SpinCo Consolidated Group and treated as a carryover to the first Post-Distribution Taxable Period of SpinCo (or such member) shall be determined by Parent in accordance with Treasury Regulation Sections 1.1502-21, 1.1502-21T, 1.1502-22,
1.1502-79 and, if applicable, 1.1502-79A. 
 (ii) No Tax Attribute with respect to consolidated U.S. federal Income Tax of the
Parent Consolidated Group, other than those described in Section 7(a)(i), and no Tax Attribute with respect to consolidated, combined or unitary state, local, or foreign Income Tax, in each case, arising in respect of a Combined Return shall be
apportioned to SpinCo or any member of the SpinCo Group, except as Parent (or such member of the Parent Group as Parent shall designate) determines is otherwise required under applicable law. 

(iii) Parent (or its designee) shall determine the portion, if any, of any Tax Attribute which must (absent a Final Determination to the
contrary) be apportioned to SpinCo or any member of the SpinCo Group in accordance with this Section 7(a) and applicable law, and the amount of tax basis and earnings and profits to be apportioned to SpinCo or any member of the SpinCo Group in
accordance with applicable law, and shall provide written notice of the calculation thereof to SpinCo as soon as practicable after the information necessary to make such calculation becomes available to Parent. 

  
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 (iv) The written notice delivered by Parent pursuant to Section 7(a)(iii) shall be
binding on all members of the SpinCo Group and shall not be subject to dispute resolution. Except as otherwise required by applicable law or pursuant to a Final Determination, SpinCo shall not take any position (whether on a Tax Return or otherwise)
that is inconsistent with the information contained in the written notice delivered by Parent pursuant to Section 7(a)(iii). 
 (b) Carrybacks. Except to the extent otherwise consented to by Parent or prohibited by applicable law, SpinCo shall elect to relinquish, waive or otherwise forgo all Carrybacks. In the event that
SpinCo (or the appropriate member of the SpinCo Group) is prohibited by applicable law to relinquish, waive or otherwise forgo a Carryback (or Parent consents to a Carryback), (i) Parent shall cooperate with SpinCo, at SpinCo’s expense, in
seeking from the appropriate Tax Authority such Refund as reasonably would result from such Carryback, and (ii) SpinCo shall be entitled to any Income Tax Benefit Actually Realized by a member of the Parent Group (including any interest thereon
received from such Tax Authority), to the extent that such Refund is directly attributable to such Carryback, within fifteen (15) Business Days after such Refund is Actually Realized; provided, however, that SpinCo shall indemnify
and hold the members of the Parent Group harmless from and against any and all collateral Tax consequences resulting from or caused by any such Carryback, including (but not limited to) the loss or postponement of any benefit from the use of Tax
attributes generated by a member of the Parent Group or an Affiliate thereof if (x) such Tax attributes expire unutilized, but would have been utilized but for such Carryback, or (y) the use of such Tax attributes is postponed to a later
taxable period than the taxable period in which such Tax attributes would have been utilized but for such Carryback. If there is a Final Determination that results in any change to or adjustment of an Income Tax Benefit Actually Realized by a member
of the Parent Group that is directly attributable to a Carryback, then Parent (or its designee) shall make a payment to SpinCo, or SpinCo shall make a payment to Parent (or its designee), as may be necessary to adjust the payments between SpinCo and
Parent (or its designee) to reflect the payments that would have been made under this Section 7(b) had the adjusted amount of such Income Tax Benefit been taken into account in computing the payments due under this Section 7(b).

 8. Cooperation and Exchange of Information. 

(a) Cooperation and Exchange of Information. Each of Parent and SpinCo, on behalf of itself and each member of the Parent Group
and the SpinCo Group, respectively, agrees to provide the other party (or its designee) with such cooperation or information as such other party (or its designee) reasonably shall request in connection with the determination of any payment or any
calculations described in this Agreement, the preparation or filing of any Tax Return or claim for Refund, or the conduct of any Proceeding. Such cooperation and information shall include, without limitation, upon reasonable notice (i) promptly
forwarding copies of appropriate notices and forms or other communications (including, without limitation, information document requests, revenue agent’s reports and similar reports, notices of proposed adjustments and notices of deficiency)
received from or sent to any Tax Authority or any other administrative, judicial or governmental authority, (ii) providing copies of all relevant Tax Returns, together with accompanying schedules and related workpapers, documents relating to
rulings or other determinations by any Tax Authority, and 

  
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such other records concerning the ownership and tax basis of property, or other relevant information, (iii) the provision of such additional information and explanations of documents and
information provided under this Agreement (including statements, certificates, forms, returns and schedules delivered by either party) as shall be reasonably requested by Parent (or its designee) or SpinCo (or its designee), as the case may be,
(iv) the execution of any document that may be necessary or reasonably helpful in connection with the filing of any Tax Return, a claim for a Refund, or in connection with any Proceeding, including such waivers, consents or powers of attorney
as may be necessary for Parent or SpinCo, as the case may be, to exercise its rights under this Agreement, and (v) the use of Parent’s or SpinCo’s, as the case may be, reasonable efforts to obtain any documentation from a governmental
authority or a third party that may be necessary or reasonably helpful in connection with any of the foregoing. It is expressly the intention of the parties to this Agreement to take all actions that shall be necessary to establish Parent as the
sole agent for Tax purposes of each member of the SpinCo Group with respect to all Combined Returns. Upon reasonable notice, each of Parent and SpinCo shall make its, or shall cause the members of the Parent Group or the SpinCo Group, as applicable,
to make their, employees and facilities available on a mutually convenient basis to provide explanation of any documents or information provided hereunder. Any information obtained under this Section 8 shall be kept confidential, except as
otherwise reasonably may be necessary in connection with the filing of Tax Returns or claims for Refund or in conducting any Proceeding. 
 (b) Retention of Records. Each of Parent and SpinCo agrees to retain all Tax Returns, related schedules and workpapers, and all material records and other documents as required under
Section 6001 of the Code and the Treasury Regulations promulgated thereunder (and any similar provision of state, local, or foreign law) existing on the date hereof or created in respect of (i) any taxable period that ends on or before or
includes the Distribution Date or (ii) any taxable period that may be subject to a claim hereunder until the later of (A) the expiration of the statute of limitations (including extensions) for the taxable periods to which such Tax Returns
and other documents relate and (B) the Final Determination of any payments that may be required in respect of such taxable periods under this Agreement. From and after the end of the period described in the preceding sentence of this
Section 8(b), if a member of the Parent Group or the SpinCo Group wishes to dispose of any such records and documents, then Parent or SpinCo, as the case may be, shall provide written notice thereof to the other party and shall provide the
other party the opportunity to take possession of any such records and documents within ninety (90) days after such notice is delivered; provided, however, that if such other party does not, within such 90-day period, confirm its
intention to take possession of such records and documents, Parent or SpinCo, as the case may be, may destroy or otherwise dispose of such records and documents. 
 (c) Remedies. Each of Parent and SpinCo hereby acknowledges and agrees that (i) the failure of any member of the Parent Group or the SpinCo Group, as the case may be, to comply with the
provisions of this Section 8 may result in substantial harm to the Parent Group or the SpinCo Group, as the case may be, including the inability to determine or appropriately substantiate a Tax Liability (or a position in respect thereof) for
which the Parent Group (or a member thereof) or the SpinCo Group (or a member thereof), as applicable, would be responsible under this Agreement or appropriately defend against an adjustment thereto by a Tax Authority, (ii) the remedies
available to the Parent Group for the breach by a member of the SpinCo Group of its obligations under this Section 8 shall include (without limitation) the 

  
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indemnification by SpinCo of the Parent Group for any Tax Liabilities incurred or any Tax Benefit lost or postponed by reason of such breach and the forfeiture by the SpinCo Group of any related
rights to indemnification by Parent and (iii) the remedies available to the SpinCo Group for the breach by a member of the Parent Group of its obligations under this Section 8 shall include (without limitation) the indemnification by
Parent of the SpinCo Group for any Tax Liabilities incurred or any Tax Benefit lost or postponed by reason of such breach and the forfeiture by the Parent Group of any related rights to indemnification by SpinCo. 

(d) Reliance by Parent. If any member of the SpinCo Group supplies information to a member of the Parent Group in connection with
a Tax Liability and an officer of a member of the Parent Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the Parent Group
identifying the information being so relied upon, the chief financial officer of SpinCo (or his or her designee) shall certify in writing that to his knowledge (based upon consultation with appropriate employees) the information so supplied is
accurate and complete. SpinCo agrees to indemnify and hold harmless each member of the Parent Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the
SpinCo Group having supplied, pursuant to this Section 8, a member of the Parent Group with inaccurate or incomplete information in connection with a Tax Liability. 
 (e) Reliance by SpinCo. If any member of the Parent Group supplies information to a member of the SpinCo Group in connection with a Tax Liability and an officer of a member of the SpinCo Group
signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the SpinCo Group identifying the information being so relied upon, the chief financial
officer of Parent (or his or her designee) shall certify in writing that to his knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. Parent agrees to indemnify and hold harmless each
member of the SpinCo Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the Parent Group having supplied, pursuant to this Section 8, a member of
the SpinCo Group with inaccurate or incomplete information in connection with a Tax Liability. 
 9. Resolution of
Disputes. The provisions of Article X of the Separation Agreement (Dispute Resolution) shall apply to any dispute arising in connection with this Agreement; provided, however, that in the case of disputes arising under this
Agreement, Parent and SpinCo shall jointly select the arbitrator, who shall be an attorney or accountant who is generally recognized in the tax community as a qualified and competent tax practitioner with experience in the tax area involved in
the issue or issues to be resolved. 
 10. Payments. 

(a) Method of Payment. All payments required by this Agreement shall be made by (i) wire transfer to the appropriate bank
account as may from time to time be designated by the parties for such purpose; provided, that on the date of such wire transfer, notice of the transfer is given to the recipient thereof in accordance with Section 11, or (ii) any
other method agreed to by the parties. All payments due under this Agreement shall be deemed to be paid when available funds are actually received by the payee. 

  
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 (b) Interest. Any payment required by this Agreement that is not made on or before
the date required hereunder shall bear interest, from and after such date through the date of payment, at the Underpayment Rate. 
 (c) Characterization of Payments. For all Income Tax purposes, the parties hereto agree to treat, and to cause their respective Affiliates to treat, (i) any payment required by this Agreement
or by the Separation Agreement, as either a contribution by Parent to SpinCo or a distribution by SpinCo to Parent, as the case may be, occurring immediately prior to the Spin-Off and (ii) any payment of interest or non-federal Income Taxes by
or to a Tax Authority, as taxable or deductible, as the case may be, to the party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case, except as otherwise mandated by applicable
law or a Final Determination; provided, that in the event it is determined (A) pursuant to applicable law that it is more likely than not, or (B) pursuant to a Final Determination, that any such treatment is not permissible (or that
an Indemnified Party nevertheless suffers an Tax detriment as a result of such payment), the payment in question shall be adjusted to place the Indemnified Party in the same after-Tax position it would have enjoyed absent such applicable law or
Final Determination. 
 11. Compensatory Equity Interests Treatment. 

(a) Deductions. To the extent permitted by law, (i) Parent (or the appropriate member of the Parent Group) shall claim all
Income Tax deductions arising by reason of (x) exercises of Options or compensatory warrants held by any Expedia Service Provider to acquire Parent common stock or SpinCo common stock, (y) payments made with respect to Parent RSUs held by
any Expedia Service Provider, or (z) payments made with respect to SpinCo RSUs held by Mr. Dara Khosrowshahi and (ii) SpinCo (or the appropriate member of the SpinCo Group) shall claim all Income Tax deductions arising by reason of
(x) exercises of Options or compensatory warrants held by any TripAdvisor Service Provider to acquire Parent common stock or SpinCo common stock or (y) payments made with respect to SpinCo RSUs held by any TripAdvisor Service Provider. For
purposes of this Section 11, Mr. Barry Diller shall be treated as an Expedia Service Provider only with respect to his Options to acquire Parent common stock and his Parent RSUs and as a TripAdvisor Service Provider only with respect to
his Options to acquire SpinCo common stock and his SpinCo RSUs; provided, however, (i) if there is a Final Determination that Parent and not SpinCo is entitled to a deduction with respect to any such SpinCo Options or SpinCo RSUs
held by Mr. Barry Diller, Parent shall pay to SpinCo, when Actually Realized, any Tax Benefit relating thereto and (ii) if there is a Final Determination that SpinCo and not Parent is entitled to a deduction with respect to any such Parent
Options or Parent RSUs held by Mr. Barry Diller, SpinCo shall pay to Parent, when Actually Realized, any Tax Benefit relating thereto. For the avoidance of doubt, Mr. Dara Khosrowshahi shall be treated as an Expedia Service Provider for
all Tax purposes, including with respect to his Parent RSUs and SpinCo RSUs, and Parent shall claim all Income Tax deductions arising by reason of payments made with respect to such Parent RSUs and SpinCo RSUs; provided, however, if
there is a Final Determination that SpinCo and not Parent is entitled to a deduction with respect to any such SpinCo RSUs held by Mr. Khosrowshahi, SpinCo shall pay to Parent, when Actually Realized, any Tax Benefit relating thereto.

  
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 (b) Withholding and Reporting. Parent shall, to the extent required by law, withhold
applicable Taxes and satisfy applicable Tax reporting obligations with respect to (x) exercises of Options or compensatory warrants held by Expedia Service Providers to acquire Parent common stock or SpinCo common stock. (y) payments made
with respect to Parent RSUs held by Expedia Service Providers and (z) payments made with respect to SpinCo RSUs held by Mr. Dara Khosrowshahi. SpinCo shall, to the extent required by law, withhold applicable Taxes and satisfy applicable
Tax reporting obligations with respect to (x) exercises of Options or compensatory warrants held by TripAdvisor Service Providers to acquire Parent common stock or SpinCo common stock and (y) payments made with respect to SpinCo RSUs held
by TripAdvisor Service Providers. Unless otherwise determined by Parent in its sole discretion, Tax withholding and reporting with respect to exercises of Options or compensatory warrants described in this Section 11(b) shall be conducted in a
manner consistent with past practice of Parent (including as historically conducted by Morgan Stanley on behalf of Parent with respect to analogous exercises of Options or compensatory warrants to acquire Parent common stock or IAC/InterActiveCorp
common stock in connection with the spin-off of Parent from IAC/InterActiveCorp). 
 12. Notices. Notices,
requests, permissions, waivers, and other communications hereunder shall be in writing and shall be deemed to have been duly given upon (a) a transmitter’s confirmation of a receipt of a facsimile transmission (but only if followed by
confirmed delivery of a standard overnight courier the following Business Day or if delivered by hand the following Business Day), or (b) confirmed delivery of a standard overnight courier or delivered by hand, to the parties at the following
addresses (or at such other addresses for a party as shall be specified by like notice): 
  

			
	If to Parent, to:	    	 Expedia, Inc.
 333
108th Avenue NE

Bellevue, WA 98004
 Attention: General
Counsel
 Telecopier: (425) 679-7200

		
	With a copy to:	    	 Wachtell, Lipton, Rosen & Katz
 51 W. 52nd
St.
 New York, NY 10019
 Attention:
Andy Nussbaum
 Telecopier: (212) 403-2000

		
	If to SpinCo to:	    	 TripAdvisor, Inc.
 141
Needham Street
 Newton, MA 02464

Attention: General Counsel
 Telecopier:
(617) 670-6300

  
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 Such names and addresses may be changed by notice given in accordance with this Section 12. 

13. Designation of Affiliate. Each of Parent and SpinCo may assign any of its rights or obligations under this Agreement to
any member of the Parent Group or the SpinCo Group, respectively, as it shall designate; provided, however, that no such assignment shall relieve Parent or SpinCo, respectively, of any obligation hereunder, including any obligation to
make a payment hereunder to SpinCo or Parent, respectively, to the extent such designee fails to make such payment. 
 14.
Miscellaneous. Except to the extent otherwise provided in this Agreement, this Agreement shall be subject to the provisions of Article XIV (Miscellaneous) of the Separation Agreement to the extent set forth therein. 

  
 - 27 -

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its
behalf by its officers thereunto duly authorized, all as of the day and year first written above. 
  

			
	EXPEDIA, INC.
		
	By:	 	 /s/ Mark D. Okerstrom

	Name:	 	Mark D. Okerstrom
	Title:	 	 Executive Vice President &

Chief Financial Officer

	
	TRIPADVISOR, INC.
		
	By:	 	 /s/ Stephen Kaufer

	Name:	 	Stephen Kaufer
	Title:	 	President & Chief Executive Officer

  
 - 28 -

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