Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

 

TRANSITION SERVICES AGREEMENT

 

BY AND BETWEEN

 

IAC/INTERACTIVECORP

 

AND

 

IAC HOLDINGS, INC.

 

DATED AS OF June 30,
2020

 

 

 

    	 	 	 

    	 

    

 

Table of Contents

 

	 	Page
	 	 
	ARTICLE I Definitions	1
	 	 
	Section 1.1 Defined Terms	1
	Section 1.2 Interpretation; Schedules	3
	 	 
	ARTICLE II Agreement to Provide and Receive Services	3
	 	 
	Section 2.1 Provision of Services	3
	Section 2.2 Shared Contracts	5
	Section 2.3 Access	5
	Section 2.4 Books and Records	5
	 	 
	ARTICLE III Services; Payment; Independent Contractor	6
	 	 
	Section 3.1 Service Quality	6
	Section 3.2 Payment	7
	Section 3.3 Sales Taxes	7
	Section 3.4 Uses of Services	7
	Section 3.5 No Violation of Laws	8
	Section 3.6 Provision of Services	8
	 	 
	ARTICLE IV Term of Services	8
	 	 
	Section 4.1 Term	8
	Section 4.2 Term Extensions	9
	 	 
	ARTICLE V Force Majeure	9
	 	 
	Section 5.1 Force Majeure Event	9
	Section 5.2 Consequences of Force Majeure Event	10
	 	 
	ARTICLE VI Limitation of Liability; Indemnification	10
	 	 
	Section 6.1 Consequential and Other Damages	10
	Section 6.2 Limitation of Liability	10
	Section 6.3 Indemnity	10
	Section 6.4 Notice of Claims	11
	Section 6.5 Indemnification Procedures	11
	Section 6.6 Obligation to Correct or Reperform	11

 

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	ARTICLE VII Termination	11
	 	 
	Section 7.1 Termination	11
	Section 7.2 Breach of Agreement	12
	Section 7.3 Sums Due; Effect of Termination	12
	Section 7.4 Survival	13
	 	 
	ARTICLE VIII Miscellaneous	13
	 	 
	Section 8.1 Ownership of Intellectual Property and Work Product	13
	Section 8.2 Incorporation of Transaction Agreement Provisions	14

 

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TRANSITION SERVICES AGREEMENT

 

This TRANSITION SERVICES AGREEMENT, dated
as of June 30, 2020, is entered into by and between IAC/InterActiveCorp , a Delaware corporation (“New Match”),
and IAC Holdings, Inc., a Delaware corporation (“New IAC”). New Match and New IAC are sometimes hereinafter
collectively referred to as the “Parties” and individually as a “Party.”

 

RECITALS:

 

WHEREAS, New Match and New IAC are parties
to that certain Transaction Agreement, dated as of December 19, 2019, as amended on April 28, 2020 and June 22,
2020, by and among New Match, Match Group, Inc., a Delaware corporation (“Match”), Valentine Merger Sub
LLC, a Delaware limited liability company (“New Match Merger Sub”) and New IAC (the “Transaction Agreement”);
and

 

WHEREAS, the Transaction Agreement provides
that, in connection with the consummation of the transactions contemplated thereby, the Parties shall enter into this Agreement
to provide for certain services and other arrangements between New IAC and/or the other members of the New IAC Group, on the one
hand, and New Match and/or the other members of the New Match Group, on the other hand, all as more fully described herein.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the Parties hereby agree as follows:

 

Article I

 

Definitions

 

Section 1.1     Defined
Terms. For the purposes of this Agreement, (a) unless otherwise defined herein capitalized terms used herein shall
have the meanings assigned to them in the Transaction Agreement and (b) the following terms shall have the meanings
hereinafter specified:

 

“Agreement”
shall mean this Transition Services Agreement, including the Schedules hereto, as the same may be amended, supplemented or otherwise
modified from time to time.

 

“Fee” shall
have the meaning set forth in Section 2.1(c).

 

“Force Majeure Event”
shall have the meaning set forth in Section 5.1.

 

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“IAC Business”
shall mean any line of business that was carried out by any member of the IAC Group during the Reference Period other than the
Match Business.

 

“IAC Provider”
shall have the meaning set forth in Section 2.1(a).

 

“IAC Services”
shall have the meaning set forth in Section 2.1(a).

 

“Intellectual Property”
means any and all common law or statutory rights anywhere in the world arising under or associated with: (i) patents, patent
applications, statutory invention registrations, registered designs, and similar or equivalent rights in inventions and designs,
and all rights therein provided by international treaties and conventions; (ii) copyrights and any other equivalent rights
in works of authorship (including rights in software as a work of authorship) and any other related rights of authors; (iii) trade
secrets and industrial secret rights, and rights in know-how, data, and confidential or proprietary business or technical information
that derives independent economic value, whether actual or potential, from not being known to other persons; and (iv) other
similar or equivalent intellectual property rights anywhere in the world.

 

“Match Business”
shall mean any line of business that was carried out by the Match Group during the Reference Period.

 

“Match Provider”
shall have the meaning set forth in Section 2.1(a).

 

“Match Services”
shall have the meaning set forth in Section 2.1(a).

 

“New IAC”
shall have the meaning set forth in the preamble of this Agreement.

 

“New Match”
shall have the meaning set forth in the preamble of this Agreement.

 

“Omitted Services”
shall have the meaning set forth in Section 2.1(b).

 

“Parties”
and “Party” shall have the meaning set forth in the preamble of this Agreement.

 

“Pricing Addendum”
has the meaning set forth in Section 3.2.

 

“Provider”
shall have the meaning set forth in Section 2.1(a).

 

“Recipient”
shall mean New Match or any of the other members of the New Match Group, in its capacity as a recipient of Services hereunder,
as described on Schedule A, or New IAC or any of the other members of the New IAC Group, in its capacity as a recipient
of Services hereunder, as described on Schedule B.

 

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“Reference Period”
shall mean the twelve (12)-month period preceding the date of the Transaction Agreement.

 

“Sales Taxes”
shall have the meaning set forth in Section 3.3.

 

“Services”
shall have the meaning set forth in Section 2.1(a).

 

“Shared
Contracts” shall have the meaning set forth in Section 2.2(a).

 

“Term” shall
have the meaning set forth in Section 4.1.

 

“Transaction Agreement”
shall have the meaning set forth in the recitals of this Agreement.

 

Section 1.2     Interpretation;
Schedules. When a reference is made in this Agreement to a Section or a Schedule, such reference shall be to a
Section of, or a Schedule to, this Agreement unless otherwise indicated. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “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 this Agreement. The definitions contained
in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to
the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein shall mean such
agreement, instrument or statute as from time to time amended, modified or supplemented. References to a Person are also to its
permitted successors and assigns and, in the case of an individual, to his or her heirs and estate, as applicable.

 

Article II

 

Agreement to Provide and Receive Services

 

Section 2.1     Provision
of Services.

 

(a)            On
the terms and subject to the conditions contained herein, New IAC shall provide, or shall cause the other members of the New IAC
Group (such members of the New IAC Group, together with New IAC, collectively referred to as the “IAC Providers”)
to provide, to New Match (or another member of the New Match Group designated by New Match) the services listed on Schedule
A (the “IAC Services”). On the terms and subject to the conditions contained herein, New Match shall provide,
or shall cause the other members of the New Match Group (such members of the New Match Group, together with New Match, collectively
referred to as the “Match Providers” and, together with the IAC Providers, the “Providers”)
to provide, to New IAC (or another member of the New IAC Group designated by New IAC) the services listed on Schedule B
(the “Match Services” and, together with the IAC Services and any Omitted Services added to Schedule A
or Schedule B pursuant to paragraph (b) below, the “Services”).

 

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(b)            In
the event that New Match or New IAC desires to have the applicable Provider provide services that are not set out on Schedule
A or Schedule B (as applicable) (other than because it was specifically agreed that such services would not be provided
under this Agreement) but were provided by such Provider to the Match Business or the IAC Business (as applicable) during the
Reference Period (“Omitted Services”), and such Recipient requests, within ninety (90) days following the Closing
Date, that such Provider provide such Omitted Services, the Parties shall negotiate in good faith to attempt to reach mutually
agreed terms for the provision of such Omitted Service. If agreement is reached, the Parties shall promptly enter into an amendment
to this Agreement amending Schedule A or Schedule B (as applicable) to reflect such Omitted Service and such Omitted
Service shall be deemed to be part of this Agreement and the Services from and after the date of such amendment.

 

(c)            Each
Service shall be provided to a Recipient in exchange for the fee set forth on Schedule A or Schedule B (as applicable)
with respect to such Service (a “Fee”), which Fee shall be equal to the Provider’s calculation, based
upon commercially reasonable metrics, of the actual cost, without mark-up, of providing the Service to the Match Business or the
IAC Business (as applicable). Except to the extent included in the Fees or as otherwise set forth in Schedule A or Schedule
B (as applicable), Recipient shall reimburse Provider for any reasonable incremental and documented out-of-pocket expenses
incurred by Provider’s personnel in connection with performing the Services. Except as set forth in Schedule A or
Schedule B (as applicable), for any Service where the Fee for the Services is expressed as a specified dollar amount per
month, if such Services are provided for only a portion of the month, including as a result of circumstances described in Section 3.1(a) or
Article V, the Fees for such Services shall be prorated to reflect the number of days such Services were actually
provided during such month on the basis of a thirty (30)-day month. Notwithstanding the foregoing, neither New Match nor any of
its Subsidiaries shall be required to compensate or reimburse any IAC Provider for any services rendered hereunder in connection
with any matters (including return preparation, audit and participation in administrative or judicial proceedings) related to
Taxes for which New IAC is responsible under the Tax Matters Agreement.

 

(d)            Each
Recipient and Provider providing Services to it hereunder will use good-faith efforts to reasonably cooperate with each other
in all matters relating to the provision and receipt of Services. Such cooperation shall include obtaining all consents, licenses
or approvals necessary to permit each such Party to perform its obligations with respect to the other Party; provided, however,
under no circumstances shall any Provider be required to make any payments (other than de minimis costs and expenses) to any third
party in respect of any such consents, licenses or approvals. If, with respect to a Service, the Parties, despite their efforts,
are unable to obtain such required consents, licenses or approvals, Provider will use commercially reasonable efforts to perform
the Service in a manner that does not require such consent, license or approval.

 

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Section 2.2     Shared
Contracts.

 

(a)            For
the term of this Agreement, with respect to any Contract set forth on Schedule C (the “Shared Contracts”),
the Parties agree to cause, subject to Section 2.1(d), the applicable members of the New IAC Group and the applicable
members of the New Match Group to, to the extent reasonably requested by New Match or New IAC, respectively, to use commercially
reasonable efforts to (i) cause the applicable third party counterparty thereto to enter into one or more replacement Contracts
that would allow the applicable members of the New IAC Group and applicable members of the New Match Group to obtain substantially
similar benefits and have substantially similar obligations as under such Shared Contract or (ii) seek to divide or otherwise
amend any such Shared Contract in a manner that would allow the party that is not party to such Shared Contract to continue to
obtain the benefits of and have the obligations under such Shared Contract (including by working with the applicable third party
or third parties to such Contracts to accomplish the foregoing).

 

(b)            The
Parties agree to take the actions specified in Schedule D with respect to the Contract set forth therein.

 

Section 2.3     Access.
Each Party shall make available on a timely basis to the other Party all information and materials reasonably requested by the
other Party to the extent reasonably necessary for the purposes of providing and receiving the Services. No Provider shall be
liable for any delay or deficiency in the Services to the extent caused by the failure of such information or materials to be
provided on a timely basis or inaccuracy or deficiency in such information or materials. A Recipient shall, upon reasonable notice,
give the applicable Provider reasonable access, during regular business hours and at such other times as are reasonably required,
to the relevant premises to the extent reasonably necessary for the purposes of providing Services.

 

Section 2.4     Books
and Records. Each Party shall keep customary books and records of the Services provided. Upon Recipient’s reasonable
request, each Provider shall make such books and records and documentation (in each case, solely to the extent relating to the
Services provided to the applicable Recipient) available to an independent third party auditor of the such Recipient’s choosing
and at such Recipient’s sole expense (i) upon reasonable prior written notice, during normal business hours,
(ii) subject to the internal policies and procedures of the Provider generally applicable to third party auditors
and other reasonably imposed security procedures and limitations and (iii) subject to compliance with the confidentiality
obligations of the Parties under this Agreement and the Transaction Agreement. In recognition that audits are disruptive and should
be avoided if possible, such independent third party audits shall be performed (x) in a manner that will not unreasonably
interfere with the normal business operations of the Provider and otherwise with a minimum of disruption by such independent third
party and (y) no more than once for each given Service.

 

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Article III

 

Services; Payment; Independent Contractor

 

Section 3.1     Service
Quality.

 

(a)            Unless
otherwise agreed in writing by the Parties, Provider shall provide Services and, with respect to Services provided by third parties,
shall use its commercially reasonable efforts to cause such Services to be provided, in a manner and quality that are consistent
with the provision of such Services or other similar services to the IAC Business and the Match Business during the Reference
Period, and in any event in compliance with applicable Law. Without limiting a Provider’s obligation to correct or reperform
under Section 6.6, if the quality or performance of any Service provided by a Provider hereunder falls materially
below the standard required by this Section 3.1(a), such substandard quality or performance shall be addressed through
the dispute resolution process set forth in Article XII of the Transaction Agreement.

 

(b)            Each
Recipient acknowledges that the applicable Provider is not in the business of providing the Services and is providing the Services
to such Recipient solely for the purpose of facilitating the transactions contemplated by the Transaction Agreement. Each Provider
shall act under this Agreement solely as an independent contractor and not as an agent, employee or joint venture counterparty
of any Recipient. All employees and representatives providing the Services shall be under the direction, control and supervision
of the applicable Provider (and not of the applicable Recipient), and such Provider shall have the sole right to exercise all
authority with respect to such employees and representatives and in no event shall such employees and representatives be deemed
to be employees or agents of such Recipient.

 

(c)            EXCEPT
AS EXPRESSLY SET FORTH HEREIN, NO PROVIDER MAKES ANY OTHER REPRESENTATIONS, STATEMENTS, COVENANTS OR WARRANTIES WITH RESPECT TO
THE SERVICES, WHETHER EXPRESS OR IMPLIED, AND ALL IMPLIED WARRANTIES, INCLUDING THOSE RELATING TO MERCHANTABILITY AND FITNESS
FOR A PARTICULAR PURPOSE, ARE HEREBY DISCLAIMED.

 

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Section 3.2     Payment.
Invoices shall be delivered within 15 calendar days after the end of each month by a Provider to the applicable Recipient for
Services delivered during such month and for any other sums payable under Sections 2.1(c), 2.1(d), 3.3 and
7.3. Each such invoice shall set forth a brief description of such Services, the allocation of personnel costs related
to providing such Services and the amounts charged therefor. Except as the applicable Provider and Recipient may agree or as set
forth on Schedule A, Schedule B, or Schedule D, as applicable, unless subject to dispute in accordance with
the last sentence of this Section 3.2, each invoice shall be payable in immediately available funds thirty (30) days
after the date thereof. Any amount not paid within such thirty (30)-day period shall be subject to late charges, after Provider
has provided written notice of late payment and Recipient has not cured such late payment within three (3) Business Days
of such written notice, at the rate of prime rate (as published in The Wall Street Journal as of the date of payment) plus
two percent (2%) (or the maximum legal rate, whichever is lower) from the due date until paid. All payments under this Agreement
shall be made by electronic funds transfer of immediately available funds to the bank account specified by the Party receiving
the payment. Recipient may dispute any material errors set forth in such invoice, and the Parties agree to work in good faith
to resolve any such disputes for at least ten (10) Business Days, and if the Parties are not able to resolve such dispute
within such ten (10)-Business Day period, it shall be resolved in accordance with the dispute resolution process set forth in
Article XII of the Transaction Agreement.

  

Section 3.3     Sales
Taxes. Any federal, state, local or foreign sales, use, value added, goods and services, or other similar Taxes sustained,
incurred, or levied with respect to the sale, performance, provision or delivery of Services (“Sales Taxes”)
shall be payable by a Recipient to a Provider in accordance with Section 3.2. The amounts set forth for each Service
on Schedule A or Schedule B (as applicable) do not include Sales Taxes, and such Taxes shall be separately stated
on the relevant invoice to Recipient. Each Provider shall be solely responsible for payment of all such Sales Taxes to the applicable
Governmental Authority on Services provided by such Provider. Each Provider shall timely prepare and file all Tax returns required
to be filed by it with any Governmental Authority with respect to such Sales Taxes and, in the case of value-added taxes, timely
provide Recipient with valid value-added tax invoices in accordance with applicable Law. Notwithstanding the foregoing, no Recipient
shall be obligated to pay Sales Taxes to the extent that such Recipient has provided valid exemption certificates or other applicable
documentation that would eliminate or reduce the obligation to collect or pay such Sales Taxes.

 

Section 3.4     Uses
of Services. No Recipient shall resell any Services to any Person whatsoever or permit the use of the Services by any
Person other than in connection with such Recipient’s operation of its business substantially as conducted during the Reference
Period.

 

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Section 3.5     No
Violation of Laws. Neither Provider nor any third-party service provider shall be required to provide all or any part
of any particular Service to the extent that providing such Service, would require Provider to violate any applicable Laws.

 

Section 3.6     Provision
of Services. With respect to any Service, a Provider may, upon ten (10) Business Days’ prior written notice
to the applicable Recipient and upon such Recipient’s prior written consent, which shall not be unreasonably withheld or
delayed, (i) outsource such Service to a third-party provider; (ii) in-source such Service being provided
by a third-party provider; (iii) replace a third-party provider of such Service with a new third-party provider; or
(iv) terminate or renegotiate the material terms of an agreement pursuant to which a third-party provider shall provide
such Service; provided, that (x) the terms (including pricing) pursuant to which such Service will be provided
shall be on terms no less favorable to the Recipient than those set forth in Schedule A or Schedule B (as applicable)
and (y) with respect to clauses (i) and (iii), (A) such third party is in the business of providing
such Service, (B) such Provider shall remain liable for the performance by such third party of all of its obligations
hereunder with respect to such Service, and (C) such Provider shall notify each third-party provider performing any
Service for the Recipient of the confidentiality restrictions set forth herein and shall cause such third-party provider to comply
with confidentiality restrictions at least as stringent as those set forth herein.

 

Article IV

 

Term of Services

 

Section 4.1     Term.
The provision of each Service shall commence on the Closing Date and shall terminate on the last day that such Service, as set
forth in Schedule A or Schedule B, is required to be provided (the period for which any Service is provided, including
any extensions of the time period for the provision of such Service that may be agreed by the Parties hereto in writing consistent
with Section 4.2, the “Term”), but in no event beyond twelve (12) months from the Closing Date;
provided, that a Recipient may cancel any Service upon sixty (60) days’ prior written notice of cancellation;
and provided, further, that, a Provider may (i) immediately terminate any individual Service provided
to a Recipient in the event that the Recipient fails to make payments for such Service under Section 3.2 and has not
cured such failure within thirty (30) days of written notice of such failure from the applicable Provider, or (ii) upon
sixty (60) days written notice, terminate any Service provided to a Recipient at such time as the Provider no longer provides
the same Service to itself for its own account; and provided, further, that, (x) Provider may not terminate
the Contract set forth in Schedule D pursuant to the immediately foregoing clause (ii), (y) during the 60 day
period prior to any termination pursuant to the foregoing clause (ii) with respect to a Service provided pursuant to a Contract
with a third party, Provider agrees, upon the reasonable request of Recipient, to use commercially reasonable efforts to assist
the Recipient with obtaining such underlying Service from such third party directly and (z) New Match may terminate any Service
provided by an employee specified on Schedule B immediately upon such employee’s termination, resignation or death
or disability. Upon termination of any Service pursuant to this Article IV, a Recipient’s obligation to pay
Provider for such Service shall cease except (i) as set forth in Section 7.3, and (ii) that,
to the extent that the Service is terminated before the end of the Service term, Recipient shall pay for (A) any liability
or costs contracted for by Provider with third parties on behalf of Recipient in connection with such Service, and (B) any
reasonable and documented out-of-pocket “wind-down costs” incurred by Provider resulting from such early termination,
provided, however, that any such costs described in clauses (A) and (B) that are not set forth on Schedule
A or Schedule B as applicable shall be made known by Provider to Recipient at Recipient’s request.

 

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Section 4.2     Term
Extensions. To the extent a Recipient requires an extension to the Term of any Service outlined in Schedule A
or Schedule B, such Recipient may, with at least thirty (30) days’ written notice to the applicable Provider prior
to the end of the Term of such Service as set forth in Schedule A or Schedule B, extend the Term of such Service (x) for
up to three (3) months or (y) as set forth in the Schedule A or Schedule B hereto, in each case, without additional
cost (other than the fees that are to be charged for such Service pursuant to this Agreement during the extended term). Any terms,
conditions or costs or fees to be paid by the Recipient for Services provided during an extended term will be on terms mutually
acceptable to such Provider and Recipient. Unless the Parties mutually agree in writing, the full Term of any Service, as extended
pursuant to this Section 4.2, shall not extend beyond twelve (12) months from the Closing Date.

 

Article V

 

Force Majeure

 

Section 5.1     Force
Majeure Event. Neither Party shall be liable for any interruption, delay or failure to perform any obligation under
this Agreement resulting from causes beyond its reasonable control (or beyond the reasonable control of any Person acting on its
behalf), including any strikes, lockouts, acts of any government, riot, insurrection or other hostilities, acts of the public
enemy or terrorism, embargo, fuel or energy shortage, fire, flood, earthquake, tsunami, or acts of God (any such event, a “Force
Majeure Event”). In the event of a Force Majeure Event, each Party’s affected obligations hereunder shall be postponed
for such time as its performance is suspended or delayed on account thereof. No Fees shall be incurred by a Recipient for Services
that are suspended or delayed for the duration of such suspension or delay. A Recipient shall have the right, but not the obligation,
to obtain replacement services for the duration of the Force Majeure Event from a third-party provider at its own cost.

 

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Section 5.2     Consequences
of Force Majeure Event. A Provider shall notify the applicable Recipient upon learning of the occurrence of a Force
Majeure Event. If the Force Majeure Event affects the provision of Services by such Provider hereunder, at the option of such
Recipient, the Term of any affected Service shall be tolled until such Service is resumed in accordance with the standards set
forth on Section 3.1(a). Upon the cessation of the Force Majeure Event, such Provider shall use commercially reasonable
efforts to resume its performance of any affected Service in accordance with the standards set forth in Section 3.1(a) with
the least possible delay. If any Service is interrupted or suspended for more than thirty (30) consecutive days, a Recipient
may immediately terminate the affected Service, in whole or in part, upon written notice to the applicable Provider.

 

Article VI

 

Limitation of Liability; Indemnification

 

Section 6.1     Consequential
and Other Damages. In no event shall either New Match or New IAC, or any of the members of the New Match Group or New
IAC Group, or any of its or their shareholders, owners, officers, directors, employees, agents or representatives, be liable,
whether in contract, in tort (including negligence and strict liability), breach of warranty or otherwise, for any special, indirect,
incidental, punitive, exemplary, consequential or similar damages which in any way arise out of, relate to, or are a consequence
of, its performance or nonperformance hereunder, or the provision of or failure to provide any Service hereunder, including with
respect to loss of profits, business interruptions or claims of customers.

 

Section 6.2     Limitation
of Liability. Except to the extent arising from such Party’s gross negligence or willful misconduct, in no event
shall the aggregate damages for which each Party shall be liable in connection with or as a result of this Agreement or the Services
exceed the aggregate amount of Fees paid or to be paid to such Party as a Provider under this Agreement with regard to those Services
giving rise to such liability (or, in the event of a breach of the Agreement as a whole, with regard to all Services on Schedule
A or Schedule B (as applicable)), with such amount to be calculated as of the end of the applicable Terms of such Services.

 

Section 6.3     Indemnity.

 

(a)            Subject
to the limitations set forth in Section 6.1 and Section 6.2, New IAC shall indemnify, defend and hold
harmless New Match and the other applicable members of the New Match Group from and against all Liabilities incurred by New Match
and such other applicable members of the New Match Group arising out of or resulting from (i) any material breach
or default in performance by New IAC of any obligation under this Agreement or (ii) the gross negligence or willful
misconduct of New IAC, any of the other members of the New IAC Group or their respective employees, directors, officers or agents
in connection with the performance of the Services to be performed by such party hereunder or in connection with the receipt of
the Services to be received by such party hereunder.

 

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(b)            Subject
to the limitations set forth in Section 6.1 and Section 6.2, New Match shall indemnify, defend and hold
harmless New IAC and the other applicable members of the New IAC Group from and against all Liabilities incurred by New IAC and
such other members of the New IAC Group arising out of or resulting from (i) any material breach or default in performance
by New Match of any obligation under this Agreement or (ii) the gross negligence or willful misconduct of New Match,
any of the other members of the New Match Group or their respective employees, directors, officers, agents in connection with
the performance of the Services to be performed by such party hereunder or in connection with the receipt of the Services to be
received by such party hereunder.

 

Section 6.4     Notice
of Claims. Notice of any claim under this Article VI must be delivered in writing and received by the Party
allegedly liable therefor within one hundred and eighty (180) days after the date of the action, service or event which gave rise
to the claim or be forever barred. Such claim must describe the action or service and situation giving rise to the claim in reasonable
detail and specify the amount of the Liabilities claimed. Any action based on any such claim must be commenced within one year
of such date of expiration or earlier termination, or be forever barred.

 

Section 6.5     Indemnification
Procedures. The indemnification procedures set forth in Sections 10.04 through 10.08 of the Transaction
Agreement shall apply to indemnification claims under this Agreement mutatis mutandis.

 

Section 6.6     Obligation
to Correct or Reperform. In the event of any breach of this Agreement by a Provider resulting from any error or defect
in providing any Service, such Provider shall, at Recipient’s request and without the payment of any further Fees by the
Recipient, use its commercially reasonable efforts to correct, or cause to be corrected, such error or defect in all material
respects, or reperform, or cause to be reperformed, such Service in all material respects, as promptly as practicable.

 

Article VII

 

Termination

 

Section 7.1     Termination.
This Agreement and the obligation to provide the Services contemplated hereunder shall terminate on the latest to occur of (a) the
date on which no Services are required to be provided as indicated on Schedule A and Schedule B, (b) the
date the Contract set forth on Schedule D has been terminated or expires and (c) the date on which this Agreement
is terminated in whole pursuant to Section 7.2; provided that, in each case, no such termination shall relieve any
Party of any liability for any breach of any provision of this Agreement prior to the date of such termination.

 

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Section 7.2     Breach
of Agreement. Subject to Article VI, and without limiting a Party’s obligations under Section 4.1,
if either Party shall cause or suffer to exist any material breach of any of its obligations under this Agreement, including,
but not limited to, any failure to perform any Service (except to the extent excused pursuant to Article V) or to
make undisputed payments when due (and, upon resolution of any disputed amounts in accordance with the dispute resolution process
set forth in Article XII of the Transaction Agreement) in accordance with Section 3.2, and such Party does not
cure such breach within thirty (30) days after receiving written notice thereof from the non-breaching Party , the non-breaching
Party may terminate this Agreement, in whole or in part, including the provision of Services pursuant hereto, immediately by providing
written notice of termination. In addition, either Party may terminate this Agreement, effective immediately upon written notice,
if the other Party commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar Law now or hereafter in effect or seeks the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or consents
to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it, or makes a general assignment for the benefit of creditors or takes any corporate action to authorize any
of the foregoing.

 

Section 7.3     Sums
Due; Effect of Termination. In the event of a termination of this Agreement, each Provider shall be entitled to the
immediate payment of, and such Recipient shall within three (3) business days, pay to such Provider, all undisputed accrued
amounts for Services, Sales Taxes and other amounts due from such Recipient to such Provider under this Agreement as of the date
of termination and, upon resolution of any disputed amounts in accordance with Section 3.2 and, if applicable, Article XII
of the Transaction Agreement, such disputed amounts. In the event of a termination of this Agreement or any Services, each
Party shall promptly (i) return to the other Party any of the other Party’s equipment and return or use commercially
reasonable efforts to destroy materials containing the other Party’s Information, in each case, to the extent such equipment
or materials are in such Party’s possession or control and that are not required for use in connection with any non-terminated
Services and (ii) assist with the transfer of records and migration of historical data in connection with the transition
of any terminated Service from the hardware, software, network and telecommunications equipment and internet-related information
technology infrastructure of such Party to such equipment and infrastructure of the other Party. Any costs and expenses incurred
by a Provider in connection with the implementation of any such transfer shall be borne by the applicable Recipient.

 

    	 	12	 

    	 

    

 

Section 7.4     Survival.
Upon termination of any Service in accordance with this Agreement, Provider shall have no further obligation to provide such terminated
Service. Notwithstanding anything herein to the contrary, Section 1.1, Articles VI and VIII and Section 7.3
and this Section 7.4 shall survive any termination of this Agreement.

 

Article VIII

 

Miscellaneous

 

Section 8.1     Ownership
of Intellectual Property and Work Product.

 

(a)            Except
as otherwise expressly provided in this Agreement or the Transaction Agreement, each of the Parties and their respective Affiliates
shall retain all right, title and interest in and to their respective Intellectual Property and any and all improvements, modifications,
derivative works, additions or enhancements thereof. No license or right, express or implied, is granted under this Agreement
by either Party or such Party’s Affiliates in or to their respective Intellectual Property, except that, solely to the extent
required for the provision or receipt of the Services in accordance with this Agreement, each Party (“Licensor”),
for itself and on behalf of its Affiliates, hereby grants to the other (“Licensee”) (and the Licensee’s
Affiliates) a non-exclusive, revocable (solely as expressly provided in this Agreement), non-transferable, non-sublicensable (except
to third parties as required for the provision or receipt of Services, but not for their own independent use), royalty-free, worldwide
license during the term of this Agreement to use such Intellectual Property of the Licensor in connection with this Agreement,
but only to the extent and for the duration necessary for the Licensee to provide or receive the applicable Service under this
Agreement. Upon the expiration of such term, or the earlier termination of such Service in accordance with this Agreement, the
license to the relevant Intellectual Property shall terminate; provided, that all licenses granted hereunder shall terminate
immediately upon the expiration or earlier termination of this Agreement in accordance with the terms hereof. Upon the expiration
or termination of this Agreement or an applicable Service, the Licensee shall cease use of the Licensor’s Intellectual Property
and shall return or destroy at the Licensor’s request all Information or embodiments of Intellectual Property provided in
connection with this Agreement. The foregoing license is subject to any licenses granted by others with respect to Intellectual
Property not owned by the Parties or their respective Affiliates.

 

(b)            Each
Provider acknowledges and agrees that it will acquire no right, title or interest (including any license rights or rights of use)
to any work product resulting from the provision of Services hereunder for the Recipient’s exclusive use and such work product
shall remain the exclusive property of the Recipient and (ii) each Recipient acknowledges and agrees that it will acquire
no right, title or interest (other than a non-exclusive, worldwide right of use) to any work product resulting from the provision
of Services hereunder that is not for the Recipient’s exclusive use and such work product shall remain the exclusive property,
subject to license, of the Provider.

 

    	 	13	 

    	 

    

 

Section 8.2     Incorporation
of Transaction Agreement Provisions. Section 7.08 (Public Announcements), Section 11.08 (Confidentiality),
Article XII (Dispute Resolution), 13.02 (Notices), Section 13.04 (Counterparts), Section 13.05
(Entire Agreement; Coordination), Section 13.06(a) (Construction), Section 13.06(c) (Construction),
Section 13.07 (Signatures), Section 13.08 (Assignment), Section 13.09 (Third Party Beneficiaries),
Section 13.11 (Governing Law; Jurisdiction), Section 13.13 (Severability), Section 13.14 (Waiver
of Defaults; Conflicts) and Section 13.15 (Amendments) of the Transaction Agreement are incorporated by reference
herein, mutatis mutandis.

 

[Remainder of
page intentionally left blank]

 

    	 	14	 

    	 

    

 

IN WITNESS WHEREOF, each of the Parties
has caused this Agreement to be executed by its duly authorized officer, in each case as of the date first above written.

 

	 	IAC/INTERACTIVECORP
	 	 	 
	 	 	 
	 	By:	/s/ Gregg Winiarski
	 		Name: Gregg Winiarski
	 	 	Title:   EVP and General Counsel
	 	 	 
	 	 	 
	 		IAC HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Joanne Hawkins
	 		Name: Joanne Hawkins
	 	 	Title:   SVP and Deputy General
	 		Counsel

 

[Signature Page to Transition Services
Agreement]

 

    	 	 	 

    	 

    

 

Schedule A

 

IAC Services

 

    	 	 	 

    	 

    

 

Schedule B

 

Match Services

 

    	 	 	 

    	 

    

 

Schedule C

 

Shared Contracts

 

    	 	 	 

    	 

    

 

Schedule DExhibit 10.2

 

EXECUTION
VERSION

 

 

Amended
and Restated

 

EMPLOYEE
MATTERS AGREEMENT

 

by and between

 

IAC/INTERACTIVECORP

 

and

 

Match
Group, Inc.

 

and

 

IAC
HOLDINGS, INC.

 

Dated as of 

 

June 30, 2020

 

    	 	 	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I   DEFINITIONS	1
	 	 
	ARTICLE II   GENERAL PRINCIPLES	6
	2.1   Employment of Match Employees	6
	2.2   Assumption and Retention of Liabilities; Related Assets	6
	2.3   Match Participation in IAC Benefit Plans	7
	2.4   Commercially Reasonable Efforts	7
	2.5   Regulatory Compliance	7
	 	 
	ARTICLE III   401(K) Plan Matters	7
	 	 
	ARTICLE IV   HEALTH AND WELFARE PLANS	8
	4.1    H&W Continuation Period	8
	4.2    Establishment of Health and Welfare Plans	9
	4.3    Retention of Sponsorship and Liabilities	10
	4.4    Flexible Benefit Plan	10
	4.5    Workers’ Compensation Liabilities	10
	4.6    Payroll Taxes and Reporting of Compensation	11
	 	 
	ARTICLE V    EXECUTIVE BENEFITS AND OTHER BENEFITS	11
	5.1    Assumption of Obligations	11
	5.2    Severance	11
	5.3    Certain Equity Award Matters	12
	 	 
	ARTICLE VI   EQUITY AWARD ADJUSTMENTS	12
	6.1    IAC Long-Term Incentive Plans	12
	(a)   Currently Outstanding IAC Options	12
	(b)   Newly Granted IAC Options	13
	(c)   IAC RSU Awards	13
	(d)   Foreign Grants/Awards	13
	6.2   Match Long-Term Incentive Plans	14
	6.3   Miscellaneous Option and Other Award Terms	14
	6.4   Waiting Period for Exercisability of Options and Settlement of RSU Awards	14
	6.5   Treatment of Specified RSU Awards	15
	 	 
	ARTICLE VII   GENERAL AND ADMINISTRATIVE	15
	7.1   Sharing of Participant Information	15
	7.2   Reasonable Efforts/Cooperation	15
	7.3   No Third-Party Beneficiaries	15
	7.4   Audit Rights With Respect to Information Provided	16
	7.5   Fiduciary Matters	16
	7.6   Consent of Third Parties	16

 

    	 	- i -	 

    	 

    

 

	ARTICLE VIII MISCELLANEOUS	17
	8.1   Effectiveness	17
	8.2   Effect If Mandatory Exchange Effective Time Does Not Occur	17
	8.3   Relationship of Parties	17
	8.4   Affiliates	17
	8.5   Notices	17
	8.6   Incorporation of Transaction Agreement Provisions	18

 

    	 	- ii -	 

    	 

    

 

Amended
and restated

EMPLOYEE MATTERS AGREEMENT

 

This Amended and Restated Employee Matters
Agreement, dated as of June 30, 2020, entered into by and between IAC/InterActiveCorp, a Delaware corporation, Match Group, Inc.,
a Delaware corporation, and IAC Holdings, Inc., a Delaware corporation (“New IAC”), amends and restates the
Employee Matters Agreement, by and between IAC and Match, dated as of November 24, 2015, as amended effective as of April 13, 2016
(“Prior EMA”).

 

RECITALS:

 

WHEREAS, IAC and Match entered into the
Prior EMA in connection with the initial public offering of Match.

 

WHEREAS,
IAC, New IAC, Valentine Merger Sub LLC, a Delaware limited liability company and a wholly owned Subsidiary of IAC (“New
Match Merger Sub”) and Match have entered into a Transaction Agreement pursuant to which the Parties have set out the
terms on which, and the conditions subject to which, they wish to implement the Separation Transactions (as defined in the Transaction
Agreement) (such agreement, as amended, restated or modified from time to time, the “Transaction
Agreement”).

 

WHEREAS, in connection therewith, IAC, New
IAC and Match have agreed to enter into this Agreement to amend and restate the Prior EMA and to allocate between them assets,
liabilities and responsibilities with respect to certain employee compensation, pension and benefit plans, programs and arrangements
and certain employment matters.

 

WHEREAS, this Agreement shall become effective
immediately prior to the Mandatory Exchange Effective Time and shall supersede the Prior EMA at such time, subject to the consummation
of the Separation Transactions.

 

NOW THEREFORE, in consideration of the mutual
agreements, covenants and other provisions set forth in this Agreement, the Parties hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Unless otherwise defined in this Agreement,
capitalized words and expressions and variations thereof used in this Agreement have the meanings set forth below. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Transaction Agreement.

 

1.1           “Affiliate” has the meaning given that term in the Transaction Agreement.

 

1.2           
“Agreement” means this Amended and Restated Employee Matters Agreement, including all the Schedules hereto.

 

1.3           
“Ancillary Agreements” has the meaning given that term in the Transaction Agreement.

 

    	 	 	 

    	 

    

 

1.4           
“Approved Leave of Absence” means an absence from active service pursuant to an approved leave policy with a
guaranteed right of reinstatement.

 

1.5           
“Auditing Party” has the meaning set forth in Section 7.4(a).

 

1.6           
“Benefits Participation End Date” means December 31, 2020 or such earlier date as Match shall identify to IAC
upon at least 120 days’ advance written notice.

 

1.7           
“Benefit Plan” means, with respect to an entity or any of its Subsidiaries, (a) each “employee welfare
benefit plan” (as defined in Section 3(1) of ERISA) and all other employee or director benefits arrangements, policies or
payroll practices (including, without limitation, severance pay, sick leave, vacation pay, salary continuation, disability, retirement,
deferred compensation, bonus, stock option or other equity-based compensation, hospitalization, medical insurance or life insurance)
sponsored or maintained by such entity or by any of its Subsidiaries (or to which such entity or any of its Subsidiaries contributes
or is required to contribute) and (b) all “employee pension benefit plans” (as defined in Section 3(2) of ERISA), occupational
pension plan or arrangement or other pension arrangements sponsored, maintained or contributed to by such entity or any of its
Subsidiaries (or to which such entity or any of its Subsidiaries contributes or is required to contribute). For the avoidance of
doubt, “Benefit Plans” includes Health and Welfare Plans and Executive Benefit Plans. When immediately preceded by
 “IAC,” Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by IAC or an IAC Entity or any Benefit
Plan with respect to which IAC or an IAC Entity is a party. When immediately preceded by “Match,” Benefit Plan means
any Benefit Plan sponsored, maintained or contributed to by Match or any Match Entity or any Benefit Plan with respect to which
Match or a Match Entity is a party.

 

1.8           
“Code” means the Internal Revenue Code of 1986, as amended, or any successor federal income tax law. Reference
to a specific Code provision also includes any proposed, temporary or final regulation in force under that provision.

 

1.9           
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. Reference to a specific provision
of ERISA also includes any proposed, temporary or final regulation in force under that provision.

 

1.10         
“Former IAC Employee” means (a) any individual who as of immediately prior to the Mandatory Exchange Effective
Time is a former employee of the IAC Group or the Match Group, and whose last employment with the IAC Group or Match Group was
with an IAC Entity, or (b) any individual who is an IAC Employee as of immediately prior to the Mandatory Exchange Effective Time
who ceases to be an employee of the IAC Group following the Mandatory Exchange Effective Time.

 

1.11         
“Former Match Employee” means (a) any individual who as of immediately prior to the Mandatory Exchange Effective
Time is a former employee of the IAC Group or the Match Group, and whose last employment with the IAC Group or Match Group was
with a Match Entity, or (b) any individual who is a Match Employee as of immediately prior to the Mandatory Exchange Effective
Time who ceases to be an employee of the Match Group following the Mandatory Exchange Effective Time.

 

    	 	2	 

    	 

    

 

1.12         
“Health and Welfare Plans” means any plan, fund or program which was established or is maintained for the purpose
of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, medical (including PPO,
EPO and HDHP coverages), dental, prescription, vision, short-term disability, long-term disability, life and AD&D, employee
assistance, group legal services, wellness, cafeteria (including premium payment, health flexible spending account and dependent
care flexible spending account components), travel reimbursement, transportation, or other benefits in the event of sickness, accident,
disability, death or unemployment, or vacation benefits, apprenticeship or other training programs or day care centers, scholarship
funds, or prepaid legal services, including any such plan, fund or program as defined in Section 3(1) of ERISA.

 

1.13         
“IAC” means, (a) during any period (or portion thereof) ending on or prior to the Mandatory Exchange Effective
Time, IAC/InterActiveCorp, a Delaware corporation, and (b) from and after the Mandatory Exchange Effective Time, New IAC.

 

1.14         
“IAC 401(k) Plan” means the IAC/InterActiveCorp Retirement Savings Plan as in effect as of the time relevant
to the applicable provision of this Agreement.

 

1.15         
“IAC Common Stock” means, (a) during the period prior to the Mandatory Exchange Effective Time, shares of common
stock, $0.001 par value per share, of IAC, and (b) from and after the Mandatory Exchange Effective Time, shares of common stock,
$0.001 par value per share, of New IAC.

 

1.16         
“IAC Disclosure Letter” has the meaning set forth in the Transaction Agreement.

 

1.17         
“IAC Employee” means (a) any individual, including IAC Chief Executive Officer, Joseph Levin, who, immediately
prior to the Mandatory Exchange Effective Time, is either actively employed by, or then on Approved Leave of Absence from, any
IAC Entity, and (b) any individual who becomes an employee of any IAC Entity after the Mandatory Exchange Effective Time.

 

1.18         
“IAC Entities” has the meaning set forth in the Transaction Agreement.

 

1.19         
“IAC Executive Benefit Plans” means the executive benefit and nonqualified plans, programs, agreements, and
arrangements established, sponsored, maintained, or agreed upon, by any IAC Entity for the benefit of employees and former employees
of any IAC Entity. For the avoidance of doubt, the term “IAC Executive Benefit Plans” shall not include any Health
and Welfare Plans or the IAC Long-Term Incentive Plans.

 

1.20         
“IAC Flexible Benefit Plan” means the flexible benefit plan maintained by IAC as in effect as of the time relevant
to the applicable provision of this Agreement.

 

1.21         
 “IAC Incentive Plans” means any of the annual or short term incentive plans of IAC, all as in effect as of
the time relevant to the applicable provisions of this Agreement.

 

1.22         
“IAC Long-Term Incentive Plans” means any of the IAC/InterActiveCorp 2018 Stock and Annual Incentive Plan, the
IAC/InterActiveCorp 2013 Stock and Annual Incentive Plan, the IAC/InterActiveCorp 2008 Stock and Annual Incentive Plan, or the
IAC/InterActiveCorp 2005 Stock and Annual Incentive Plan, each as in effect as of the time relevant to the applicable provisions
of this Agreement.

 

    	 	3	 

    	 

    

 

1.23         
“IAC Post-Separation Value” shall equal:

 

A minus (B times C)

 

where

 

“A” equals the IAC Pre-Separation Value

“B” equals the Match Post-Separation Value

“C” equals the Reclassification Exchange
Ratio

 

1.24         
“IAC Pre-Separation Value” means the closing per share price of IAC Common Stock (as defined in the Transaction
Agreement) as listed on the NASDAQ as of 4:00 P.M. New York City time on the last full trading session preceding the occurrence
of the Mandatory Exchange Effective Time.

 

1.25         
“IAC Ratio” means 3.2727, (a) the IAC Pre-Separation Value divided by (b) IAC Post-Separation Value.

 

1.26         
“Liability” has the meaning given that term in the Transaction Agreement.

 

1.27         
“Match” means, (a) during any period (or portion thereof) ending on or prior to the Mandatory Exchange Effective
Time, Match Group, Inc., a Delaware corporation, and (b) from and after the Mandatory Exchange Effective Time, the corporate entity
known, immediately prior to the Mandatory Exchange Effective Time, as IAC/InterActiveCorp, a Delaware corporation.

 

1.28         
“Match 401(k) Plan Trust” means a trust relating to the Match 401(k) Plan intended to qualify under Section
401(a) and be exempt under Section 501(a) of the Code.

 

1.29         
“Match 401(k) Plan” means a 401(k) plan established by Match.

 

1.30         
“Match Common Stock” means, (a) during the period prior to the Mandatory Exchange Effective Time, shares of
common stock, $0.001 par value per share, of Match, and (b) from and after the Mandatory Exchange Effective Time, New Match Common
Stock, as defined in the Transaction Agreement.

 

1.31         
“Match Employee” means (a) any individual who, immediately prior to the Mandatory Exchange Effective Time, is
either actively employed by, or then on Approved Leave of Absence from, a Match Entity, and (b) any individual who becomes an employee
of any Match Entity from and after the Mandatory Exchange Effective Time. For the avoidance of doubt, “Match Employee”
shall not include IAC Chief Executive Officer, Joseph Levin, notwithstanding his service as Executive Chairman of Match.

 

1.32         
 “Match Entities” has the meaning set forth in the Transaction Agreement.

 

    	 	4	 

    	 

    

 

1.33         
“Match Executive Benefit Plans” means the executive benefit and nonqualified plans, programs, and arrangements
established, sponsored, maintained, or agreed upon, by any Match Entity for the benefit of employees and former employees of any
Match Entity. For the avoidance of doubt, the term “Match Executive Benefit Plans” shall not include any Health and
Welfare Plans or the Match Long-Term Incentive Plans.

 

1.34         
“Match Long-Term Incentive Plans” means any of the IAC/InterActiveCorp 2020 Stock and Annual Incentive Plan
(as defined in the Transaction Agreement), the Match Group, Inc. 2017 Stock and Annual Incentive Plan or the Match Group, Inc.
2015 Stock and Annual Incentive Plan, each as in effect as of the time relevant to the applicable provisions of this Agreement.

 

1.35         
“Match Post-Separation Value” means the closing per share price of Match Common Stock as listed on the NASDAQ
as of 4:00 P.M. New York City time on the last full trading session prior to the occurrence of the Mandatory Exchange Effective
Time minus $3.00.

 

1.36          “Match
Ratio” means 3.1081, (a) the IAC Pre-Separation Value divided by (b) Match Post-Separation Value.

 

1.37         
“Medical Plan” when immediately preceded by “IAC,” means the Benefit Plan under which medical benefits
are provided to IAC Employees established and maintained by IAC. When immediately preceded by “Match,” Medical Plan
means the Benefit Plan under which medical benefits are provided to Match Employees to be established by Match pursuant to Article
IV.

 

1.38         
“New IAC” has the meaning set forth in the recitals.

 

1.39         
“Non-parties” has the meaning set forth in Section 7.4(b).

 

1.40         
 “Option” when immediately preceded by “IAC” means an option (either nonqualified or incentive)
to purchase shares of IAC Common Stock pursuant to an IAC Long-Term Incentive Plan. When immediately preceded by “Match,”
Option means an option (either nonqualified or incentive) to purchase shares of Match Common Stock pursuant to a Match Long-Term
Incentive Plan.

 

1.41         
“Participating Company” means (a) IAC and (b) any other Person (other than an individual) that participates
in a plan sponsored by any IAC Entity.

 

1.42         
“Parties” means IAC, Match and New IAC, and “Party” means any of IAC, Match and New IAC.

 

1.43         
“Person” has the meaning given that term in the Transaction Agreement.

 

1.44         
“Reclassification Exchange Ratio” has the meaning given that term in the Transaction Agreement.

 

    	 	5	 

    	 

    

 

1.45         
“RSU Award” (a) when immediately preceded by “IAC,” means an award of restricted stock units issued
under an IAC Long-Term Incentive Plan representing a general unsecured promise by IAC to pay the value of shares of IAC Common
Stock in cash or shares of IAC Common Stock and, (b) when immediately preceded by “Match,” means an award of restricted
stock units issued under a Match Long-Term Incentive Plan representing a general unsecured promise by Match to pay the value of
shares of Match Common Stock in cash or shares of Match Common Stock.

 

1.46         
“Separation Transactions” has the meaning given that term in the Transaction Agreement.

 

1.47         
“Subsidiary” has the meaning given that term in the Transaction Agreement.

 

1.48         
“Transaction Agreement” has the meaning set forth in the recitals to this Agreement.

 

1.49         
“U.S.” means the 50 United States of America and the District of Columbia.

 

ARTICLE
II

GENERAL PRINCIPLES

 

2.1           
Employment of Match Employees. All Match Employees shall continue to be employees of Match or another Match Entity, as the
case may be, immediately after the Mandatory Exchange Effective Time. To the extent that any individual is both a Match Employee
and an IAC Employee immediately prior to the Mandatory Exchange Effective Time, the Parties shall agree in writing whether such
individual shall continue as solely a Match Employee, solely an IAC Employee or as a dual employee, and the rights and obligations
in respect of such individual under this Agreement and the Transaction Agreement shall be allocated among the parties based on
such agreement as to such employee’s status and, for a person continuing as a dual employee, as the Parties may otherwise
agree in writing. Not later than the Mandatory Exchange Effective Time, the employment of all IAC Employees shall be transferred
to an entity that will be a member of the New IAC Group following the Mandatory Exchange Effective Time.

 

2.2           Assumption and Retention of Liabilities; Related Assets.

 

(a)          
As of the Mandatory Exchange Effective Time, except as expressly provided in this Agreement, the IAC Entities shall assume
or retain and IAC hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all IAC
Benefit Plans with respect to all IAC Employees, Former IAC Employees and their dependents and beneficiaries, (ii) all Liabilities
with respect to the employment or termination of employment of all IAC Employees and Former IAC Employees, in each case to the
extent arising in connection with or as a result of employment with or the performance of services to any IAC Entity, and (iii)
any other Liabilities expressly assigned to IAC under this Agreement. All assets held in trust to fund the IAC Benefit Plans and
all insurance policies funding the IAC Benefit Plans shall be New IAC Assets (as defined in the Transaction Agreement), except
to the extent specifically provided otherwise in this Agreement.

 

(b)          
From and after the Mandatory Exchange Effective Time, except as expressly provided in this Agreement, Match and the Match
Entities shall assume or retain, as applicable, and Match hereby agrees to pay, perform, fulfill and discharge, in due course in
full, (i) all Liabilities under all Match Benefit Plans, (ii) all Liabilities with respect to the employment or termination of
employment of all Match Employees and Former Match Employees, in each case to the extent arising in connection with or as a result
of employment with or the performance of services to any Match Entity, and (iii) any other Liabilities expressly assigned to Match
or any Match Entity under this Agreement.

 

    	 	6	 

    	 

    

 

(c)          
From and after the Mandatory Exchange Effective Time, IAC shall retain all rights and obligations that it had with respect
to each of the IAC Subsidiary Equity Plans and the IAC/ANGI EMA (each as defined in Section 5.02(c) of the IAC Disclosure Letter)
immediately prior to the Mandatory Exchange Effective Time.

 

2.3           
Match Participation in IAC Benefit Plans. Except as otherwise expressly provided herein, effective as of the Mandatory Exchange
Effective Time, Match and each other Match Entity shall cease to be a Participating Company in any IAC Benefit Plan, and IAC and
Match shall take all necessary action to effectuate such cessation as a Participating Company.

 

2.4           
Commercially Reasonable Efforts. IAC and Match shall use commercially reasonable efforts to (a) enter into any necessary
agreements and adopt any necessary amendments to any applicable benefit plans to accomplish the assumptions and transfers contemplated
by this Agreement; and (b) provide for the maintenance of the necessary participant records, the appointment of the trustees and
the engagement of recordkeepers, investment managers, providers, insurers, and other third parties reasonably necessary to maintaining
and administering the IAC Benefit Plans and the Match Benefit Plans.

 

2.5           
Regulatory Compliance. IAC and Match shall, in connection with the actions taken pursuant to this Agreement, reasonably
cooperate in making any and all appropriate filings required under the Code, ERISA and any applicable securities laws, implementing
all appropriate communications with participants, transferring appropriate records and taking all such other actions as the requesting
party may reasonably determine to be necessary or appropriate to implement the provisions of this Agreement in a timely manner.

 

ARTICLE
III

401(K) Plan Matters

 

3.1           
From November 24, 2015 and continuing until the Benefits Participation End Date, Match adopts, and shall participate in
as an Adopting Employer (as defined in the IAC 401(k) Plan), the IAC 401(k) Plan for the benefit of Match Employees and Former
Match Employees, and IAC consents to such adoption and maintenance, in accordance with the terms of the IAC 401(k) Plan. Each of
the Parties agrees and acknowledges that until the Benefits Participation End Date, Match shall make timely direct contributions
(including matching contributions) to the IAC 401(k) Plan on behalf of such Match participating employees in accordance with the
terms of the IAC 401(k) Plan and in accordance with (and no less promptly than) the timing of contributions made by IAC prior to
the Mandatory Exchange Effective Time.

 

3.2           
Each of the Parties agrees that, within six months following the Mandatory Exchange Effective Time, the trustee of the IAC
401(k) Plan shall (a) sell all shares of Match Common Stock held in the accounts of IAC Employees and Former IAC Employees, and
(b) sell all shares of IAC Common Stock held in the accounts of Match Employees and Former Match Employees.

 

    	 	7	 

    	 

    

 

3.3           
On and after the Mandatory Exchange Effective Time and until the completion of the sales contemplated by Section 3.2, shares
of Match Common Stock shall be held in a Match Common Stock Fund under the IAC 401(k) Plan and shares of IAC Common Stock shall
be held in an IAC Common Stock Fund under the IAC 401(k) Plan. Following the Mandatory Exchange Effective Time, (a) IAC Employees
and Former IAC Employees shall not be permitted to acquire shares of Match Common Stock under the IAC 401(k) Plan, and (b) Match
Employees and Former Match Employees shall not be permitted to acquire shares of IAC Common Stock under the IAC 401(k) Plan.

 

3.4           
Effective as of the date immediately following the Benefits Participation End Date, Match shall establish the Match 401(k)
Plan and the Match 401(k) Plan Trust. As soon as practical following the establishment of the Match 401(k) Plan and the Match 401(k)
Plan Trust, IAC shall cause the accounts of the Match Employees and Former Match Employees in the IAC 401(k) Plan to be transferred
to the Match 401(k) Plan and the Match 401(k) Plan Trust in cash or such other assets as mutually agreed by IAC and Match, and
Match shall cause the Match 401(k) Plan to assume and be solely responsible for all Liabilities under the IAC 401(k) Plan to or
relating to Match Employees and Former Match Employees whose accounts are transferred from the IAC 401(k) Plan. IAC and Match agree
to cooperate in making all appropriate filings and taking all reasonable actions required to implement the provisions of this Section
3.1; provided that Match acknowledges that it will be responsible for complying with any requirements and applying for any determination
letters with respect to the Match 401(k) Plan.

 

3.5           
IAC and Match shall each separately assume sole responsibility for ensuring that its respective savings plan(s) are maintained
in compliance with applicable laws with respect to holding shares of their respective common stock and common stock of the other
entity.

 

ARTICLE
IV

HEALTH AND WELFARE PLANS

 

4.1           
H&W Continuation Period.

 

(a)           IAC will cause the IAC Health and Welfare Plans in effect at the Mandatory Exchange Effective Time (“IAC H&W Plans”)
to provide coverage to Match Employees and Former Match Employees (and, in each case, their beneficiaries and dependents) from
and after November 24, 2015 until the Benefits Participation End Date (such period, the “H&W Continuation Period”).
Coverage following the Mandatory Exchange Effective Time shall be on the same basis as immediately prior to the Mandatory Exchange
Effective Time and in accordance with the terms of IAC’s Health and Welfare Plans. Following the Mandatory Exchange Effective
Time, Match shall pay to IAC fees in respect of IAC covering such Match Employees and Former Match Employees under the IAC Health
and Welfare Plans, such fees to be based on the per-employee budgeted rates set forth on Schedule A to this Agreement. The fees
contemplated by this Section 4.1(a) shall be payable in advance each month (i.e., not later than the first day of any month during
which coverage applies) during the H&W Continuation Period and shall be based on the prior month’s enrollment, with appropriate,
subsequent adjustments in each succeeding month to reflect actual enrollment, consistent with the practices in effect prior to
the Mandatory Exchange Effective Time. In addition, Match shall be subject to the same policies with respect to “catch up”
premium payments and “premium holidays” applicable to other IAC companies participating in the IAC H&W Plans, consistent
with the practices in effect prior to the Mandatory Exchange Effective Time. In the event that Match fails to pay in a timely manner
the fees contemplated by this Section 4.1(a), IAC shall have no obligation to continue, and may cease, to provide the coverage
contemplated by this Section 4.1(a) to the Match Employees and Former Match Employees commencing on the fifteenth day that any
such fees are past due.

 

    	 	8	 

    	 

    

 

(b)          Following each calendar year during the H&W Continuation Period, but not later than one hundred eighty days thereafter,
IAC shall calculate in good faith the total costs and expenses of the IAC Health and Welfare Plans for such calendar year (including
without limitation claims paid and costs and expenses associated with the administration of the IAC Health and Welfare Plans (as
determined by IAC in its good faith discretion) and IAC’s good faith estimate of claims incurred in such calendar year but
not reported (such estimate to be prepared based on historical claims reporting patterns and history) (the “Annual H&W
Expenses”), and IAC promptly shall provide to Match the Annual H&W Expenses following such calculation. To the extent
Annual H&W Expenses (i) exceed the aggregate fees paid by IAC and Match in respect of coverage during the applicable calendar
year of IAC Employees and Former IAC Employees and Match Employees and Former Match Employees, Match shall be required to pay to
IAC by wire transfer its ratable portion (calculated on the basis of the number of Match Employees relative to the total number
of IAC Employees and Match Employees taken together) of the fees deficit, and (ii) are less than the Annual H&W Expenses, IAC
shall pay to Match its ratable portion (calculated on the basis of the number of Match Employees relative to the total number of
IAC Employees and Match Employees taken together) of the excess fees collected, any such payments pursuant to clause (i) or clause
(ii) to be made no later than July 15 following the applicable calendar year. Any calculations made by IAC pursuant to this Section
4.1(b) shall be final and binding upon Match and the calculations contemplated by this Section 4.1(b) shall be adjusted to take
into account any calendar year in which participation by Match Employees and Former Match Employees in the IAC Health and Welfare
Plans is for less than the full calendar year.

 

4.2           
Establishment of Health and Welfare Plans.

 

  (a)          
Effective as of the date following the Benefits Participation End Date, Match shall adopt Health and Welfare Plans for the
benefit of Match Employees and Former Match Employees, and Match shall be responsible for all Liabilities relating to, arising
out of or resulting from health and welfare coverage or claims incurred by or on behalf of Match Employees and Former Match Employees
or their covered dependents under the Match Health and Welfare Plans after the Benefits Participation End Date.

 

  (b)          
Notwithstanding anything to the contrary in this Section 4.2:

 

(i)            
with respect to any Match Employee who becomes entitled to receive long-term disability benefits under the terms of the
IAC Health and Welfare Plans prior to the Benefits Participation End Date, such Match Employee shall continue to receive long-term
disability benefits under the IAC Health and Welfare Plans after the Benefits Participation End Date in accordance with the terms
of the IAC Health and Welfare Plans; and

 

    	 	9	 

    	 

    

 

(ii)           
with respect to any Match Employee who is receiving short-term disability benefits under the IAC Health and Welfare Plans
as of the Benefits Participation End Date, Match shall be responsible, as of the first day following the Benefits Participation
End Date, for providing to such Match Employee short term disability benefits and long-term disability benefits under the Match
Health and Welfare Plans.

 

4.3           
Retention of Sponsorship and Liabilities. Following the Mandatory Exchange Effective Time, IAC shall retain:

 

  (a)           sponsorship of all IAC Health and Welfare Plans and any trust or other funding arrangement established or maintained with
respect to such plans, including any assets held as of the Mandatory Exchange Effective Time with respect to such plans; and

 

  (b)           all Liabilities under the IAC Health and Welfare Plans, subject to the obligations of Match described in Section 4.1.

 

IAC shall not assume any Liability under any Match Health and
Welfare Plan, and all such claims shall be satisfied pursuant to Section 4.2(a).

 

4.4          
Flexible Benefit Plan. IAC will continue to maintain on behalf of Match Employees the health care reimbursement program,
the transit and parking reimbursement program and the dependent care reimbursement program of the IAC Flexible Benefit Plan (all
of such accounts, “IAC Flexible Benefit Plan”) for claims incurred on or prior to the Benefits Participation End Date
on the same basis as immediately prior to the Mandatory Exchange Effective Time and in accordance with the terms of the IAC Flexible
Benefit Plan. Following the Mandatory Exchange Effective Time, until such time as Match ceases to participate in the IAC Flexible
Benefit Plan and has satisfied all of its obligations thereunder, Match shall pay to IAC the amounts claimed by Match Employees
under the IAC Flexible Benefit Plan in addition to Match’s share of the administrative cost of the IAC Flexible Benefit Plan
(based on IAC historical allocations), such amounts to be paid by Match on a one-month lagging basis (i.e., claims made and administrative
costs incurred during a particular month shall be billed in the immediately succeeding month); provided, that Match shall remit
payment to IAC no later than the fifth business day following delivery by IAC of an invoice to Match. Match Employees shall not
participate in the IAC Flexible Benefit Plan after the Benefits Participation End Date.

 

4.5           
Workers’ Compensation Liabilities. All workers’ compensation Liabilities relating to, arising out of, or resulting
from any claim by an IAC Employee, Former IAC Employee, Match Employee and Former Match Employee that results from an accident
occurring, or from an occupational disease which becomes manifest, on or before the Mandatory Exchange Effective Time shall be
retained by IAC; provided, however, that Match promptly shall reimburse IAC for any such Liabilities relating to Match Employees
or Former Match Employees borne by IAC following November 24, 2015. All workers’ compensation Liabilities relating to, arising
out of, or resulting from any claim by an IAC Employee or Former IAC Employee shall be retained by IAC. All workers’ compensation
Liabilities relating to, arising out of, or resulting from any claim by a Match Employee or Former Match Employee that results
from an accident occurring, or from an occupational disease which becomes manifest, on or after the Mandatory Exchange Effective
Time shall be retained by Match. For purposes of this Agreement, a compensable injury shall be deemed to be sustained upon the
occurrence of the event giving rise to eligibility for workers’ compensation benefits or at the time that an occupational
disease becomes manifest, as the case may be. IAC, Match and the other Match Entities shall cooperate with respect to any notification
to appropriate governmental agencies of the Mandatory Exchange Effective Time and the issuance of new, or the transfer of existing,
workers’ compensation insurance policies and claims handling contracts.

 

    	 	10	 

    	 

    

 

4.6          
Payroll Taxes and Reporting of Compensation. IAC and Match shall, and shall cause the other IAC Entities and the other Match
Entities to, respectively, take such action as may be reasonably necessary or appropriate in order to minimize Liabilities related
to payroll taxes after the Mandatory Exchange Effective Time. IAC and Match shall, and shall cause the other IAC Entities and the
other Match Entities to, respectively, each bear its responsibility for payroll tax obligations and for the proper reporting to
the appropriate governmental authorities of compensation earned by their respective employees after the Mandatory Exchange Effective
Time, including compensation related to the exercise of Options.

 

ARTICLE
V

EXECUTIVE BENEFITS AND OTHER BENEFITS

 

5.1           Assumption of Obligations. Except as provided in this Agreement, effective as of November 24, 2015, Match shall assume and
be solely responsible for all Liabilities to or relating to Match Employees and Former Match Employees under all IAC Executive
Benefit Plans and Match Executive Benefit Plans. For the avoidance of doubt, IAC shall retain all Liabilities under the IAC Executive
Benefit Plans for all IAC Employees and Former IAC Employees. The Parties hereto agree that none of the transactions contemplated
by the Transaction Agreement or any of the Ancillary Agreements, including, without limitation, this Agreement, constitutes a “change
in control,” “change of control” or similar term, as applicable, within the meaning of any Benefit Plan, any
IAC Long-Term Incentive Plan or any Match Long-Term Incentive Plan.

 

5.2           
Severance. (a) A Match Employee shall not be deemed to have terminated employment for purposes of determining eligibility
for severance benefits in connection with or in anticipation of the consummation of the transactions contemplated by the Transaction
Agreement. Match shall be solely responsible for all Liabilities in respect of all costs arising out of payments and benefits relating
to the termination or alleged termination of any Match Employee or Former Match Employee’s employment that occurs prior to,
as a result of, in connection with or following the consummation of the transactions contemplated by the Transaction Agreement,
including any amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any
applicable severance, separation, redundancy, termination or similar plan, program, practice, contract, agreement, law or regulation
(such benefits to include any medical or other welfare benefits, outplacement benefits, accrued vacation, and taxes).

 

    	 	11	 

    	 

    

 

(b)          
An IAC Employee shall not be deemed to have terminated employment for purposes of determining eligibility for severance
benefits in connection with or in anticipation of the consummation of the transactions contemplated by the Transaction Agreement.
IAC shall be solely responsible for all Liabilities in respect of all costs arising out of payments and benefits relating to the
termination or alleged termination of any IAC Employee or Former IAC Employee’s employment that occurs prior to, as a result
of, in connection with or following the consummation of the transactions contemplated by the Transaction Agreement, including any
amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance,
separation, redundancy, termination or similar plan, program, practice, contract, agreement, law or regulation (such benefits to
include any medical or other welfare benefits, outplacement benefits, accrued vacation, and taxes).

 

5.3          
Certain Equity Award Matters. Match shall reimburse IAC for the cost of any IAC RSU Awards or IAC Options held by Match
Employees or Former Match Employees that vest (in the case of IAC RSU Awards) or are exercised (in the case of IAC Options) on
or after November 24, 2015 with such cost equal to the taxable income that arises from the applicable vesting or exercise event,
net of withholding taxes (payment for which Match shall be solely responsible) (the “IAC Award Cost”). No later than
five Business Days following invoice therefor, Match shall pay to IAC the IAC Award Cost in cash. Allocation of economic responsibility
for the Match Options resulting from the conversion contemplated by Section 6.1(a) of this Agreement is set forth in the Transaction
Agreement.

 

ARTICLE
VI 

EQUITY AWARD ADJUSTMENTS

 

6.1          
IAC Long-Term Incentive Plans. IAC and Match shall take all actions necessary or appropriate so that each outstanding IAC
Option and IAC RSU Award granted under any IAC Long-Term Incentive Plan held by any individual shall be adjusted as set forth in
this ARTICLE VI. The adjustments set forth below shall be the sole adjustments made with respect to IAC Options and IAC RSU Awards
in connection with the transactions contemplated by the Transaction Agreement.

 

(a)           
Currently Outstanding IAC Options. As determined by the Compensation and Human Resources Committee of the IAC Board of Directors
(the “IAC Committee”) pursuant to its authority under the applicable IAC Long-Term Incentive Plan, each IAC Option
that is outstanding (x) on December 19, 2019 and (y) as of immediately prior to the Mandatory Exchange Effective Time shall be
converted into both an IAC Option and a Match Option and shall otherwise be subject to the same terms and conditions after the
Mandatory Exchange Effective Time as the terms and conditions applicable to such IAC Option immediately prior to the Mandatory
Exchange Effective Time; provided, however, that from and after the Mandatory Exchange Effective Time:

 

(i)             (A)
the number of shares of IAC Common Stock subject to such IAC Option shall be equal to the same number of shares of IAC Common
Stock subject to such IAC Option immediately prior to the Mandatory Exchange Effective Time, and (B) the per share exercise
price of such IAC Option, rounded up to the nearest one one hundredth of a cent (i.e to the fourth decimal place), shall be equal to the quotient obtained by
dividing (1) the per share exercise price of such IAC Option immediately prior to the Mandatory Exchange Effective Time by
(2) the IAC Ratio; and

 

    	 	12	 

    	 

    

 

(ii)            (A)
the number of shares of Match Common Stock subject to such Match Option, rounded down to the nearest whole share, shall be
equal to the product obtained by multiplying (1) the number of shares of IAC Common Stock subject to such IAC Option
immediately prior to the Mandatory Exchange Effective Time by (2) the Reclassification Exchange Ratio, and (B) the per share
exercise price of such Match Option, rounded up to the nearest one one hundredth of a cent (i.e. to the fourth decimal place), shall be equal to the quotient
obtained by dividing (1) the per share exercise price of such IAC Option immediately prior to the Mandatory Exchange
Effective Time by (2) the Match Ratio.

 

(b)           Newly
Granted IAC Options. As determined by the IAC Committee pursuant to its authority under the applicable IAC Long-Term
Incentive Plan, each IAC Option that is (x) granted after December 19, 2019 and (y) outstanding as of immediately prior to
the Mandatory Exchange Effective Time shall be subject to the same terms and conditions after the Mandatory Exchange
Effective Time as the terms and conditions applicable to such IAC Option immediately prior to the Mandatory Exchange
Effective Time; provided, however, that from and after the Mandatory Exchange Effective Time (i) the number of shares of IAC
Common Stock subject to such IAC Option, rounded down to the nearest whole share, shall be equal to the product obtained by
multiplying (A) the number of shares of IAC Common Stock subject to such IAC Option immediately prior to the Mandatory
Exchange Effective Time by (B) the IAC Ratio and (ii) the per share exercise price of such IAC Option, rounded up to the
nearest one one hundredth of a cent (i.e. to the fourth decimal place), shall equal the quotient obtained by dividing (A) the per share exercise price of such
IAC Option immediately prior to the Mandatory Exchange Effective Time by (B) the IAC Ratio

 

(c)          
IAC RSU Awards. As determined by the IAC Committee pursuant to its authority under the applicable IAC Long-Term Incentive
Plan, each IAC RSU Award shall be subject to the same terms and conditions immediately after the Mandatory Exchange Effective Time
as the terms and conditions applicable to such IAC RSU Award immediately prior to the Mandatory Exchange Effective Time; provided,
however, that from and after the Mandatory Exchange Effective Time, (i) the number of shares of IAC Common Stock covered by each
IAC RSU Award, rounded to the nearest whole share, shall be equal to the product of (A) the number of shares of IAC Common Stock
covered by such IAC RSU Award immediately prior to the Mandatory Exchange Effective Time and (B) the IAC Ratio, and (ii) for any
IAC RSU Awards subject to performance conditions, the performance conditions shall be equitably adjusted, as determined by the
IAC Committee, to reflect the impact of the Separation Transactions.

 

(d)         
Foreign Grants/Awards.

 

(i)             To the extent that any of the IAC Options or IAC RSU Awards are granted to non-U.S. employees under any domestic or foreign
equity-based incentive program sponsored by an IAC Entity, IAC and Match shall use their commercially reasonable efforts to preserve,
at and after the Mandatory Exchange Effective Time, the value and tax treatment accorded to such IAC Options and such IAC RSU Awards
granted to non-U.S. employees under any domestic or foreign equity-based incentive program sponsored by an IAC Entity.

 

    	 	13	 

    	 

    

 

(ii)           To the extent that any of the Match Options or Match RSU Awards are granted to non-U.S. employees under any domestic or
foreign equity-based incentive program sponsored by a Match Entity, IAC and Match shall use their commercially reasonable efforts
to preserve, at and after the Mandatory Exchange Effective Time, the value and tax treatment accorded to such Match Options and
such Match RSU Awards granted to non-U.S. employees under any domestic or foreign equity-based incentive program sponsored by a
Match Entity.

 

6.2           
Match Long-Term Incentive Plans. As determined by the Compensation and Human Resources Committee of the Match Board of Directors
pursuant to its authority under the applicable Match Long-Term Incentive Plan, each equity award (“Match Equity Award”)
corresponding to shares of Match Common Stock shall be adjusted as set forth in Section 2.03(g) of the Transaction Agreement.

 

6.3          
Miscellaneous Option and Other Award Terms. IAC Options and IAC RSU Awards adjusted pursuant to Section 6.1, regardless
of by whom held, shall be settled by IAC pursuant to the terms of the applicable IAC Long-Term Incentive Plan, and Match Equity
Awards (including IAC Options that convert into Match Options pursuant to Section 6.1), regardless of by whom held, shall be settled
by Match pursuant to the terms of the applicable Match Long-Term Incentive Plan. It is intended that, to the extent of the issuance
of Match Options in connection with the adjustment provisions of Section 6.1, the applicable Match Long-Term Incentive Plan shall
be considered a successor to each of the IAC Long-Term Incentive Plans and Match shall be considered to have assumed the obligations
of the applicable IAC Long-Term Incentive Plan to make the adjustment of the IAC Options and IAC Awards as set forth in Section
6.1. The Mandatory Exchange Effective Time shall not constitute a termination of employment for any IAC Employee for purposes of
any Match Option and, except as otherwise provided in this Agreement, with respect to grants adjusted pursuant to Section 6.1,
employment with IAC shall be treated as employment with Match with respect to Match Options held by IAC Employees. The Mandatory
Exchange Effective Time shall not constitute a termination of employment for any Match Employee for purposes of any IAC Option
and, except as otherwise provided in this Agreement, with respect to grants adjusted pursuant to Section 6.1, employment with Match
shall be treated as employment with IAC with respect to IAC Options held by Match Employees. Termination of employment following
the Mandatory Exchange Effective Time from (i) all IAC Entities shall be treated as a termination of employment with respect to
any Match Options held by an IAC Employee and (ii) all Match Entities shall be treated as a termination of employment with respect
to any IAC Options held by a Match Employee.

 

6.4          
Waiting Period for Exercisability of Options and Settlement of RSU Awards. The IAC Options and Match Options shall not be
exercisable during a period beginning on a date prior to the Mandatory Exchange Effective Time reasonably determined by IAC, and
continuing until the IAC Post-Separation Value and the Match Post-Separation Value are determined, or such longer period as IAC,
with respect to IAC Options, and Match, with respect to Match Options, reasonably determines is necessary to implement the provisions
of this Article VI. The IAC RSU Awards and Match RSU Awards shall not be settled during a period beginning on a date prior to the
Mandatory Exchange Effective Time determined by IAC in its sole discretion, and continuing until the IAC Post-Separation Value
and the Match Post-Separation Value are determined immediately after the Mandatory Exchange Effective Time, or such longer period
as IAC, with respect to IAC RSU Awards, and Match, with respect to Match RSU Awards, determines is necessary to implement the provisions
of this Article VI.

 

    	 	14	 

    	 

    

 

6.5          
Treatment of Specified RSU Awards. The Parties agree to the treatment set forth on Schedule B to this Agreement
of the restricted stock units set forth on Schedule B to this Agreement.

 

 

ARTICLE
VII

GENERAL AND ADMINISTRATIVE

 

7.1          
Sharing of Participant Information. IAC and Match shall share, and IAC shall cause each other IAC Entity to share, and Match
shall cause each other Match Entity to share with each other and their respective agents and vendors (without obtaining releases)
all participant information necessary for the efficient and accurate administration of each of the Match Benefit Plans and the
IAC Benefit Plans. IAC and Match and their respective authorized agents shall, subject to applicable laws and the entry into such
agreements as shall be reasonably necessary or appropriate to comply with all applicable data protection laws, be given reasonable
and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the
other Party, to the extent necessary for such administration. Until the Benefits Participation End Date and for such reasonable
period thereafter as is reasonably necessary or appropriate to fulfill the purposes and intent of this Agreement, all participant
information shall be provided in a manner and medium as may be mutually agreed to by IAC and Match.

 

7.2          
Reasonable Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take,
or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws
and regulations to consummate the transactions contemplated by this Agreement. Each of the Parties hereto shall cooperate fully
on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter
or private letter ruling from the Internal Revenue Service, an advisory opinion from the Department of Labor or any other filing
(including, but not limited to, securities filings (remedial or otherwise)), consent or approval with respect to or by a governmental
agency or authority in any jurisdiction in the U.S. or abroad.

 

7.3          
No Third-Party Beneficiaries. This Agreement is solely for the benefit of the Parties and is not intended to confer upon
any other Persons any rights or remedies hereunder. Except as expressly provided in this Agreement, nothing in this Agreement shall
preclude IAC or any other IAC Entity, at any time after the Mandatory Exchange Effective Time, from amending, merging, modifying,
terminating, eliminating, reducing, or otherwise altering in any respect any IAC Benefit Plan, any benefit under any Benefit Plan
or any trust, insurance policy or funding vehicle related to any IAC Benefit Plan. Except as expressly provided in this Agreement,
nothing in this Agreement shall preclude Match or any other Match Entity, at any time Mandatory Exchange Effective Time, from amending,
merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Match Benefit Plan, any benefit
under any Benefit Plan or any trust, insurance policy or funding vehicle related to any Match Benefit Plan.

 

    	 	15	 

    	 

    

 

7.4          
Audit Rights With Respect to Information Provided.

 

(a)          
Each of IAC and Match, and their duly authorized representatives, shall have the right to conduct reasonable audits (but
not in excess of one audit per fiscal quarter) with respect to all information required to be provided to it by the other Party
under this Agreement. The Party conducting the audit (the “Auditing Party”) may adopt reasonable procedures and guidelines
for conducting audits and the selection of audit representatives under this Section 7.4. The Auditing Party shall have the right
to make copies of any records at its expense, subject to any restrictions imposed by applicable laws and to any confidentiality
provisions set forth in the Transaction Agreement, which are incorporated by reference herein. The Party being audited shall provide
the Auditing Party’s representatives with reasonable access during normal business hours to its operations, computer systems
and paper and electronic files, and provide workspace to its representatives. After any audit is completed, the Party being audited
shall have the right to review a draft of the audit findings and to comment on those findings in writing within thirty business
days after receiving such draft.

 

(b)          
The Auditing Party’s audit rights under this Section 7.4 shall include the right to audit, or participate in an audit
facilitated by the Party being audited, of any Subsidiaries and Affiliates of the Party being audited and to require the other
Party to request any benefit providers and third parties with whom the Party being audited has a relationship, or agents of such
Party, to agree to such an audit to the extent any such Persons are affected by or addressed in this Agreement (collectively, the
 “Non-parties”). The Party being audited shall, upon written request from the Auditing Party, provide an individual
(at the Auditing Party’s expense) to supervise any audit of a Non-party. The Auditing Party shall be responsible for supplying,
at the Auditing Party’s expense, additional personnel sufficient to complete the audit in a reasonably timely manner. The
responsibility of the Party being audited shall be limited to providing, at the Auditing Party’s expense, a single individual
at each audited site for purposes of facilitating the audit.

 

7.5           
Fiduciary Matters. It is acknowledged that actions required to be taken pursuant to this Agreement may be subject to fiduciary
duties or standards of conduct under ERISA or other applicable law, and no Party shall be deemed to be in violation of this Agreement
if it fails to comply with any provisions hereof based upon its good faith determination that to do so would violate such a fiduciary
duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply with
its own fiduciary responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure
to satisfy any such responsibility.

 

7.6           
Consent of Third Parties. If any provision of this Agreement is dependent on the consent of any third party (such as a vendor)
and such consent is withheld, the Parties hereto shall use commercially reasonable efforts to implement the applicable provisions
of this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of
such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory
manner. The phrase “commercially reasonable efforts” as used herein shall not be construed to require any Party to
incur any non-routine or unreasonable expense or Liability or to waive any right.

 

    	 	16	 

    	 

    

 

ARTICLE
VIII

MISCELLANEOUS

 

8.1           
Effectiveness. This Agreement shall become effective immediately prior to the Mandatory Exchange Effective Time and shall
supersede the Prior EMA at such time, subject to the consummation of the Separation Transactions.

 

8.2           
Effect If Mandatory Exchange Effective Time Does Not Occur. If the Transaction Agreement is terminated in accordance with
its terms prior to the Mandatory Exchange Effective Time, then this Agreement shall terminate and all actions and events that are,
under this Agreement, to be taken or occur effective immediately prior to or as of the Mandatory Exchange Effective Time, or otherwise
in connection with the Separation Transactions, shall not be taken or occur and the Prior EMA shall remain in effect in accordance
with its terms, except to the extent specifically agreed by IAC and Match.

 

8.3          
Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as creating
the relationship of principal and agent, partnership or joint venture between the Parties, it being understood and agreed that
no provision contained herein, and no act of the Parties, shall be deemed to create any relationship between the Parties other
than the relationship set forth herein.

 

8.4           Affiliates. Each of IAC and Match shall cause to be performed, and hereby guarantees the performance of, all actions, agreements
and obligations set forth in this Agreement to be performed by another IAC Entity or a Match Entity, respectively.

 

8.5           
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed
given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs
prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by
the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers
and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person
as a Party may designate by notice to the other Parties):

 

(a)       if
to IAC:

 

IAC/InterActiveCorp

555 West 18th Street

New York, NY 10011

Attention:     General Counsel

Email:             Gregg.Winiarski@iac.com

 

with a copy to:

 

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

Attention:    Andrew J. Nussbaum, Esq.

                        Jenna Levine, Esq.

Email:             ajnussbaum@wlrk.com

                         jelevine@wlrk.com

 

    	 	17	 

    	 

    

 

(b)       if
to Match:

 

Match Group, Inc.

8750 North Central Expressway

Suite 1400

Dallas, TX 75231

Attention:     Chief Legal Officer

Email:              Jared.Sine@match.com

 

with a copy to:

Debevoise & Plimpton

919 Third Avenue

New York, NY 10022

Attention:     Jeffrey J. Rosen

                        William D. Regner

Email:             jrosen@debevoise.com

                        wdregner@debevoise.com

 

8.6          
Incorporation of Transaction Agreement Provisions. The following provisions of the Transaction Agreement are hereby incorporated
herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein
mutatis mutandis (references in this Section 8.6 to an “Article” or “Section” shall mean Articles or Sections
of the Transaction Agreement, and references in the material incorporated herein by reference shall be references to the Transaction
Agreement): Section 7.03 (relating to Required Efforts); Article X (relating to Indemnification); Article XI (relating to Exchange
of Information; Confidentiality); Article XII (relating to Dispute Resolution); and Article XIII (relating to Miscellaneous).

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	18	 

    	 

    

 

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

 

	 	IAC/INTERACTIVECORP
	 	
	 	By: 	/s/ Gregg Winiarski 
	 	 	Name:  Gregg Winiarski
	 	 	Title:     EVP and General Counsel
	 	 	 
	 	 	 
	 	Match Group, Inc.
	 	 
	 	By:	/s/ Jared Sine 
	 	 	Name:  Jared Sine
	 	 	Title:    Chief Legal Officer & Secretary
	 	 	 
	 	 	 
	 	IAC HOLDINGS, INC.
	 	
	 	By:	/s/ Joanne Hawkins 
	 	 	Name:  Joanne Hawkins
	 	 	Title:     SVP and Deputy General Counsel

 

[SIGNATURE PAGE TO EMPLOYEE MATTERS AGREEMENT]

 

    	 	 	 

    	 

    

 

Schedule A

 

    	 	 	 

    	 

    

 

Schedule B

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]