Document:

AMENDMENT TO THE AIRLINE PARTICIPATION AGREEMENT AND THE GENERAL AGREEMENT

This Amendment ("Amendment"), dated the 17th day of November, 1999, amends the
Airline Participation Agreement ("APA") and the General Agreement ("GA"), dated
August 31, 1998, as amended, between and among Delta Air Lines, Inc. ("Delta")
and priceline.com Incorporated and PriceLine Travel, Inc. which merged with and
into priceline.com Incorporated on March 24, 1999 ("Priceline"). Unless
otherwise defined herein, capitalized terms shall have the meanings set forth in
the APA and the GA, as applicable.

1.    The following provision replaces Section 3.1 of the GA in its entirety:

      3.1 Subject to Section 3.5 below, Delta and Priceline agree that, during
      the term of the GA and APA:

      (a)   Delta consents to the participation in Priceline by the U.S.
            carriers identified in the attached Schedule 3.1; subject to the
            following restrictions:

            (i)   Priceline shall not issue tickets on Northwest Airlines to or
                  from ATL, except for the following O&D markets: DTW-ATL,
                  MSP-ATL, and MEM-ATL;

            (ii)  Priceline shall not issue tickets on Continental Airlines to
                  or from ATL, except for the following O&D markets: EWR-ATL,
                  CLE-ATL, HOU-ATL and IAH-ATL;

            (iii) Priceline shall not issue tickets on United Airlines to or
                  from ATL, except for the following O&D markets: ORD- ATL,
                  DEN-ATL, SFO-ATL, and IAD-ATL;

            (iv)  Priceline shall not issue tickets on USAirways to or from ATL,
                  BOS or LGA except for the following O&D markets: PIT-
                  ATL/BOS/LGA, PHL-ATL/BOS/LGA, and CLT-ATL/BOS/LGA.
                  Notwithstanding the above restriction, Priceline may issue
                  tickets on USAirways to or from BOS or LGA in O&D markets not
                  served by nonstop flights operated by Delta or a carrier
                  operating a flight under Delta's two letter "DL" designator
                  code, provided, that Priceline shall restrict its ticket BOS
                  or LGA sales on USAirways within thirty (30) days of any new
                  nonstop BOS or LGA service offered by Delta or a carrier
                  operating a flight under Delta's two letter "DL" designator
                  code; and

            (v)   Priceline shall not issue tickets on American Airlines to or

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                  from ATL, except for the following O&D markets: ORD-ATL,
                  DFW-ATL and MIA-ATL. In the event that American Airlines (or
                  an affiliate of American Airlines), merges with or acquires
                  substantial assets of USAirways in Boston, then, in addition
                  to the ATL market restriction, Priceline shall not issue
                  tickets on American Airlines to or from BOS, except for the
                  following O&D markets: ORD- BOS, DFW- BOS and MIA- BOS;
                  provided, that Priceline may issue tickets on American
                  Airlines to or from BOS in O&D markets not served by nonstop
                  flights operated by Delta or a carrier operating a flight
                  under Delta's two letter "DL" designator code subject to;
                  provided, further, that Priceline shall restrict its BOS
                  ticket sales on American within thirty (30) days of any new
                  nonstop BOS service offered by Delta or a carrier operating a
                  flight under Delta's two letter "DL" designator code. In the
                  event that American acquires or operates a hub airport in PIT,
                  PHL or CLT as a result of the acquisition of substantially all
                  of the assets of USAirways in PIT, PHL or CLT, then Priceline
                  may issue tickets on American Airlines, respectively, in the
                  PIT-ATL, PHL-ATL, or CLT-ATL markets, respectively.

      (b)   Delta consents to the participation in Priceline by the
            International Carriers identified in the attached Schedule 3.1;
            subject to the following restrictions:

            (i)   Priceline shall not issue tickets for international travel on
                  Austrian Airlines, Sabena, Swissair, AeroMexico, Air Jamaica,
                  Korean Airlines, Air Canada, All Nippon Airways, El Al Israel
                  Airlines, Qantas, Japan Airlines, Alitalia and Aerolineas
                  Argentinas to or from ATL or BOS, except for offers
                  originating from O&D markets not served by Delta or a carrier
                  operating a flight under Delta's two letter ("DL") designator
                  code.

      (c)   Notwithstanding the restrictions set forth in Section 3.1(a) and
            3.1(b), Priceline may, in addition to other rights set forth in this
            Amendment issue tickets (i) on Turkish Airlines solely in the New
            York (JFK) - Tel Aviv O&D market, (ii) on flights operated by
            Participating Airlines in O&D markets not served by Delta or a
            carrier operating a flight under Delta's two letter designator code,
            and (iii) on code share flights operated by third party carriers
            (including commuter carriers) where the Participating Carrier's two
            letter designator code used to identify its flights (as published
            and used in the Official Airline Guide (OAG), computer reservation
            systems (CRS's) and internal reservations systems) appears in the
            carrier code box of the flight coupon; provided, that the market
            restrictions set forth in Section 3.1(a) and 3.1(b) are applicable
            to such code share flights.

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      (d)   Priceline shall not issue tickets on carriers that are not listed on
            Schedule 3.1. The participation of other domestic and international
            carriers in Priceline, and the sale of tickets on such carriers, is
            subject to Delta's prior written consent. Delta agrees to meet with
            Priceline to discuss objective criteria by which new international
            participants could be added.

      (e)   For purposes of Section 3.1, an O&D market shall be considered to be
            served by Delta or a carrier operating a flight under Delta's two
            letter designator code at any time scheduled service is offered for
            sale by one or more such carriers.

2.    The following test is added as Section 7.15 (f) of the GA:

Reporting Audit Rights:

The General Agreement will be amended to state that Priceline will make
available (at no cost to Delta) to all Participating Airlines, on an agreed
production schedule, the following information for all Domestic and
International markets in which such Participating Airlines provide fares and
availability ("Applicable O&D's"):

o     Methodology for determination of "Reasonable Demand" where "Reasonable
      Demand" denotes offers acceptable to Priceline for possible fulfillment

o     Notification of changes to "Reasonable Demand" methodology

o     O&D routing, number of passengers, revenue, and average fare data for all
      Priceline tickets for each Participating Airline The above data will be
      made available to each Participating Airline no later than 30 days
      following the end of each calendar month in the case of segment data and
      each calendar quarter in the case of data relating to number of
      passengers, revenue and average fare data.

o     With respect to Delta only

      -     Weekly frequency distribution of offer price demand by applicable
            O&D to include mode, range, minimum/maximum level, mean, median,
            standard deviation and bid price trends

      -     As soon as practical but in any case within six months, make
            available to Delta with weekly detail and summary report that
            identifies rejected offers and the reasons leading to the rejections
            (e.g., "bid was too low by $20, no "L" inventory LGA-ATL Nov 1)

o     Priceline will continue to provide to Delta all the data it currently
      submits on a regular basis (i.e., Delta Air Lines' Weekly Ticket Report -
      Summaries of Ticket Sales by O&D - Domestic and International), including
      data routinely submitted in response to Delta ad hoc requests.

      Priceline will disclose bookings through Priceline in a format comparable
      to the CRS MIDT data on a weekly basis and Priceline shall make available

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      such data to all Participating Carriers.

      Priceline agrees to make available to Delta the audit plan and the report
      prepared by priceline's auditors concerning Priceline's compliance with
      the Participation Agreement and Delta General Agreement. In addition,
      Delta will have the right to audit Priceline for compliance on all
      contractual market, product, and other agreements and to receive regular
      reports measuring compliance to such contractual terms.

3.    The following provision replaces Section 7.11 of the General Agreement in
      its entirety:

      7.11 All Participating Carriers will be given the first opportunity to
      fill a customer ticket request based on a formula which allocates such
      requests in proportion to the aggregate domestic or international market
      share (as applicable) of each Participating Carrier for each O&D
      requested. If a Participating Carrier fails to respond to a ticket request
      on its designated first look, then Priceline will allocate the request
      through a second round of preferred looks, which will be allocated in
      proportion to the aggregate domestic or international market shares (as
      applicable) of all remaining Participating Carriers for each O&D requested
      (but excluding the Participating Carrier that failed to fulfill the ticket
      request on the first look).

4.    The following provision replaces Article III of the Airline Participation
      Agreement in its entirety:

      III. Priceline Ticket Allocation Methodology

            All Participating Carriers will be given the first opportunity to
            fill a customer ticket request based on a formula which allocates
            such requests in proportion to the aggregate domestic or
            international market share (as applicable) of each Participating
            Carrier for each O&D requested. If a Participating Carrier fails to
            respond to a ticket request on its designated first look, then
            Priceline will allocate the request through a second round of
            preferred looks, which will be allocated in proportion to the
            aggregate domestic or international market shares (as applicable) of
            all remaining Participating Carriers for each O&D requested (but
            excluding the Participating Carrier that failed to fulfill the
            ticket request on the first look).

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5.    Except as provided herein, all other terms and conditions of the APA and
      the GA shall remain in full force and effect. In the event any term or
      provision of the APA or the GA is contrary to or inconsistent with this
      Amendment, the terms of this Amendment shall control.

     PRICELINE.COM                          DELTA AIR LINES, INC.
     INCORPORATED

     -------------------------------        ----------------------------
     By: Paul E. Francis                    By: M. Michele Burns
     Title: Chief Financial Officer         Title: Vice President &
                                                   Treasurer

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                               SCHEDULE 3.1

                               US CARRIERS

                             Alaska Airlines
                            American Airlines
                          America West Airlines
                           Continental Airlines
                            Hawaiian Airlines
                             Midway Airlines
                            Northwest Airlines
                                 Sky West
                           Trans World Airlines
                               Trans States
                                USAirways
                             United Airlines

                          INTERNATIONAL CARRIERS

                               Air Jamaica
                                Aer Lingus
                          Aerolineas Argentinas
                                Aeromexico
                                Air Canada
                                Air France
                             Air New Zealand
                                 Alitalia
                            All Nippon Airways
                            Austrian Airlines
                          Cathay Pacific Airways
                          El Al Israel Airlines
                                  Iberia
                                Icelandair
                             Korean Air Lines
                              Japan Airlines
                                Lufthansa
                            Malaysia Airlines
                                  Qantas
                       SAS (Scandinavian Airlines)
                            Singapore Airlines
                                  Sabena
                          South African Airways
                                 Swissair
                                  Varig
                             Virgin Atlantic

                                       6Exhibit 10.11.7

             CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR CERTAIN
           PORTIONS OF THIS DOCUMENT. CONFIDENTIAL PORTIONS HAVE BEEN
               FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

THE WARRANT ISSUED PURSUANT TO THIS PARTICIPATION WARRANT AGREEMENT HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS. IT MAY
NOT BE SOLD OR OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND
APPLICABLE STATE SECURITIES LAWS UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED TO EFFECTUATE SUCH TRANSACTION.

                         PARTICIPATION WARRANT AGREEMENT
                       To Purchase Shares of Common Stock
                          Dated as of November 17, 1999
                           PRICELINE.COM INCORPORATED
                             a Delaware Corporation

                                                   Issue Date: November 17, 1999

THIS CERTIFIES THAT, Delta Air Lines, Inc. (the "Warrant Holder"), with a place
of business at 1030 Delta Boulevard, Hartsfield Atlanta International Airport,
Atlanta Georgia 30320, for value received, is entitled, upon the terms and
subject to the conditions of this Participation Warrant Agreement (this "Warrant
Agreement"), to subscribe for and purchase fully-paid and non-assessable shares
of common stock, par value $.008 per share (the "Common Stock"), of
priceline.com Incorporated, a Delaware corporation (the "Company").

      1. Issuance of Warrants. On the Issue Date, the Company will issue to the
Warrant Holder warrants (the "Warrants") to acquire Five Million Five Hundred
Thousand (5,500,000) shares of the Common Stock (the "Shares"), subject to
adjustment as hereinafter provided pursuant to Section 10 herein.

      2. Exercise Price. The Warrants have an exercise price of $56.625 per
share of Common Stock, as adjusted pursuant to the provisions of Section 10 of
this Warrant Agreement (the "Exercise Price").

      3. Term. The Warrants are fully vested on the Issue Date. Except as
otherwise provided herein, the term of the Warrants and the right to purchase
Shares as granted herein shall be exercisable on the fifth (5th) anniversary of
the Issue Date; provided, further, that if any of the Warrants first become
exercisable on the fifth (5th) anniversary of the Issue Date, the Warrant Holder
will have an additional six months thereafter to exercise its purchase rights in
respect of those Warrants (the end of such five year period and additional six
months, if applicable, being referred to herein as the "Termination Date").

      4. Exercise Events.

            (a) General. Unless otherwise exercisable at an earlier date, in
accordance with this Section 4, all of the Warrants shall be fully exercisable
commencing of the fifth anniversary of the Issue Date. Notwithstanding any
provision of Section 4(b) to the contrary, no Warrants granted hereunder shall
be exercisable prior to March 16, 2000.

            (b) Early Exercise Rights.

                  (i)   If, at any point during the period between [**]
                        and [**] (the "First Measuring
                        Period"), the Company receives Net Revenue (as defined
                        in Section 4(c)) of at least $[**] million (the "First
                        Measuring Period Net Revenue Benchmark") from tickets
                        sold during the First Measuring Period for travel on the
                        Warrant Holder,

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                        its subsidiaries and/or on the Warrant Holder's code
                        share partners using Warrant Holder's code
                        (collectively, "Warrant Holder and its Code Share
                        Partners"), the Warrant Holder will thereupon and
                        thereafter have the right to exercise Warrants, subject
                        to adjustment as provided in Section 10 hereof, equal to
                        50% of the Shares. In the event that the Company does
                        not achieve the First Measuring Period Net Revenue
                        Benchmark during the First Measuring Period, the Warrant
                        Holder will still be entitled to exercise Warrants,
                        subject to adjustment as provided in Section 10 hereof,
                        equal to [**]% of the Shares upon the expiration of the
                        First Measuring Period and thereafter if, during the
                        entire term of the First Measuring Period, Warrant
                        Holder does not voluntarily participate in any
                        name-your-price airline ticket service other than the
                        Company's and its affiliates' airline ticket services.

                  (ii)  In addition to Warrant Holder's early exercise rights
                        under Section 4(b)(i), if during the period between [**]
                        and [**] (the "Second Measuring Period"), the Company
                        receives Net Revenue (as defined in Section 4(c)) of at
                        least $[**] million (the "Second Measuring Period Net
                        Revenue Benchmark") from tickets sold during the Second
                        Measuring Period for travel on the Warrant Holder and
                        its Code Share Partners, the Warrant Holder will on [**]
                        and thereafter have the right to exercise Warrants,
                        subject to adjustment as provided in Section 10 hereof,
                        equal to [**]% of the Shares.

            (c) Net Revenue. As used in this Warrant Agreement, the term "Net
Revenue" shall mean the total ticket revenue received by the Company from
tickets sold for travel on the Warrant Holder and its Code Share Partners, net
of federal excise and segment taxes, passenger facility charges and related
fees. The parties acknowledge that credit card processing fees, and any
processing fees or similar fees charged by the Company to the consumer in
connection with the sale of a ticket shall not be included in the calculation of
Net Revenue. Attached hereto as Exhibit D is an example of the calculation of
Net Revenue.

      5. Exercise of Purchase Rights.

            (a) Subject to the provisions of Section 4 of this Warrant
Agreement, the purchase rights represented by this Warrant Agreement are
exercisable by the Warrant Holder, in whole or in part, at any time, or from
time to time during the period set forth in Section 3 above, by tendering to the
Company at its principal office a duly completed and executed notice of exercise
in the form attached hereto as Exhibit A (the "Notice of Exercise"), the
Warrants and the Exercise Price. Upon receipt of such items, the Company shall
issue to the Warrant Holder a certificate for the number of shares of Common
Stock purchased. The Warrant Holder, upon exercise of the Warrants, shall be
deemed to have become the holder of the Shares represented thereby (and such
Shares shall be deemed to have been issued) immediately prior to the close of
business on the date or dates upon which the Warrants are exercised. In the
event of any exercise of the rights represented by the Warrants, certificates
for the Shares so purchased shall be delivered to the Warrant Holder or its
designee as soon as practical and in any event within ten (10) business days
after receipt of such notice and, unless the Warrants have been fully exercised
or expired, new Warrants representing the remaining portion of the Warrants and
the underlying Shares, if any, with respect to which this Warrant Agreement
shall not then have been exercised shall also be issued to the Warrant Holder as
soon as possible and in any event within such ten-day period.

            (b) Net Issue Exercise. Notwithstanding any provisions herein to the
contrary, if the fair market value of one share of the Company's Common Stock is
greater than the Exercise Price (at the date of calculation as set forth below),
in lieu of exercising the Warrants for cash, the Warrant Holder may elect to

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receive shares of Common Stock equal to the value (as determined below) of the
Warrants (or portion thereof being exercised) by surrender of the Participation
Warrant Agreement at the principal office of the Company together with the duly
executed Notice of Exercise in which event the Company shall issue to the
Warrant Holder a number of shares of Common Stock computed using the following
formula: X=Y(A-B)/ A WHERE X= the number of shares of Common Stock to be issued
to the Warrant Holder; Y= the number of shares of the Common Stock purchasable
under the Warrants or, if only a portion of the Warrants is being exercised, the
portion of the Warrants being exercised; A= the fair market value of one share
of the Company's Common Stock (at the date of such calculation); and B= Exercise
Price (at the date of such calculation). For purposes of this Section 5(b), the
calculations contemplated by this Section 5(b) shall be made as of the close of
business on the trading day immediately preceding the date of the delivery of
this Warrant Agreement and the related Notice of Exercise and the fair market
value of one share of the Common Stock shall be equal to the sales price,
regular way, as reported on Nasdaq or if no such reported sale takes place, the
average of the closing bid and asked prices, regular way, as reported on Nasdaq
or if no such bid or ask prices are reported, the average of the bid and ask
prices of a New York Stock Exchange member. The Company shall deliver, or cause
to be delivered, the shares of Common Stock issuable upon a net issue exercise
pursuant this Section 5(b) within two business days of the surrender of this
Warrant Agreement and related Exercise Notice.

      6. Reservation of Shares. The Company will at all times have authorized
and reserved a sufficient number of shares of Common Stock to provide for the
exercise of the rights to purchase the Shares as provided in this Warrant
Agreement. All of the Shares shall be duly authorized and, when issued upon such
exercise, shall be validly issued, fully paid and nonassessable, and free and
clear of all preemptive rights.

      7. No Fractional Shares. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of the Warrant Holder's
rights to purchase the Shares.

      8. No Rights as Shareholder. This Warrant Agreement does not entitle the
Warrant Holder to any voting rights or other rights as a shareholder of the
Company with respect to the underlying Shares prior to the exercise of the
Warrant Holder's rights to purchase the Shares as provided for herein.

      9. Redemption. The Warrants represented by this Warrant Agreement are not
redeemable by the Company.

      10. Adjustment Rights. The Exercise Price and the number of shares of
Common Stock purchasable hereunder are subject to adjustment from time to time,
as follows:

            (a) Merger. If at any time there shall be a merger or consolidation
of the Company with or into another corporation when the Company is not the
surviving corporation, then, as part of such merger or consolidation, lawful
provision shall be made so that the holder of the Warrants evidenced hereby
shall thereafter be entitled to immediately exercise the Warrants upon payment
of the aggregate Exercise Price, the number of shares of stock or other
securities or property of the successor corporation resulting from such merger
or consolidation, to which a holder of the stock deliverable upon exercise of
the rights granted in this Warrant Agreement would have been entitled in such
merger or consolidation if such rights had been exercised immediately before
such merger or consolidation. In any such case, appropriate adjustment shall be
made in the application of the provisions of this Warrant Agreement with respect
to the rights and interests of the holder after the merger or consolidation. The
Company will not effect any such merger or consolidation unless, prior to the
consummation thereof, the successor corporation shall assume, by written
instrument reasonably satisfactory in form and substance to the Warrant Holder,
the obligations of the Company under the Warrants and this Warrant Agreement.

            (b) Reclassification, Etc. If the Company at any time shall, by
subdivision, combination or reclassification of securities or otherwise, change
any of the securities as to which purchase

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rights under this Warrant Agreement exist into the same or a different number of
securities of any other class or classes, this Warrant Agreement shall
thereafter represent the right to acquire such number and kind of securities as
would have been issuable as the result of such change with respect to the
securities which were subject to the purchase rights under this Warrant
Agreement immediately prior to such subdivision, combination, reclassification
or other change.

            (c) Split, Subdivision or Combination of Shares. If the Company at
any time shall split or subdivide its Common Stock, the Exercise Price shall be
proportionately decreased and the number of Shares issuable pursuant to this
Warrant Agreement shall be proportionately increased. If the Company at any time
shall combine or reverse split its Common Stock, the Exercise Price shall be
proportionately increased and the number of Shares issuable pursuant to this
Warrant Agreement shall be proportionately decreased.

            (d) Stock Dividends. If the Company at any time shall pay a dividend
payable in Common Stock, then the Exercise Price shall be adjusted, from and
after the date of determination of stockholders entitled to receive such
dividend, to that price determined by multiplying the Exercise Price in effect
immediately prior to such date of determination by a fraction (i) the numerator
of which shall be the total number of shares of Common Stock outstanding
immediately prior to such dividend and (ii) the denominator of which shall be
the total number of shares of Common Stock outstanding immediately after such
dividend. The Warrant Holder shall thereafter be entitled to purchase, at the
Exercise Price resulting from such adjustment, the number of shares of Common
Stock (calculated to the nearest whole share) obtained by multiplying (i) the
Exercise Price in effect immediately prior to such adjustment by (ii) the number
of shares of Common Stock issuable upon the exercise hereof immediately prior to
such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.

            (e) Other Changes. If any change in the outstanding Common Stock of
the Company or any other event occurs as to which the other provisions of this
Section 10 are not strictly applicable or if strictly applicable, would not
fairly protect the purchase rights of the Warrant Holder in accordance with such
provisions, then the Board of Directors of the Company shall make an adjustment
in the number of and class of shares available under the Warrants, the Exercise
Price or the application of such provisions, so as to protect the purchase
rights of the Warrant Holder. The adjustment shall be such as will give the
Warrant Holder upon exercise for the same aggregate Exercise Price the total
number, class and kind of shares or other property as the Warrant Holder would
have owned had the Warrants been exercised prior to the event and had the
Warrant Holder continued to hold such shares until after the event requiring
adjustment.

            (f) Notice of Adjustments; Notices. Whenever the Exercise Price or
number of shares purchasable hereunder shall be adjusted pursuant to Section 10
hereof, the Company shall issue a certificate signed by its Chief Executive
Officer or Chief Financial Officer setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated and the Exercise Price and number of shares
purchasable hereunder after giving effect to such adjustment, and shall cause a
copy of such certificate to be mailed (by first class mail, postage prepaid) to
the holder of this Warrant. The Company shall give written notice to the Warrant
Holder at least 10 days prior to the date on which the Company closes its books
or takes a record for determining rights to receive any dividends or
distributions. The Company shall also give written notice to the Warrant Holder
at least 30 business days prior to the date on which a merger or consolidation
of the Company with or into another corporation when the Company is not the
surviving corporation shall take place.

            (g) No Change of Warrant Necessary. Irrespective of any adjustment
in the Exercise Price or in the number or kind of securities issuable upon
exercise of the Warrant, unless the Warrant Holder otherwise requests, this
Warrant Agreement may continue to express the same price and number and kind of
shares of Common Stock as are stated in this Warrant Agreement as initially
executed.

      11. Representations and Warranties of the Warrant Holder.

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<PAGE>

      The Warrant Holder hereby represents and warrants to the Company as
follows:

            (a) Existence and Power. The Warrant Holder is a (i) is a
corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation and (ii) has the corporate power and
authority to execute, deliver and perform its obligations under this Warrant
Agreement.

            (b) Authorization; No Contravention. The execution, delivery and
performance by the Warrant Holder of this Warrant Agreement and the transactions
contemplated hereby (i) have been duly authorized by all necessary corporate
action of the Warrant Holder and (ii) do not contravene the terms of the
Certificate of Incorporation or By-laws of the Warrant Holder, each as amended
as of and through the Issue Date.

            (c) Governmental Authorization; Third Party Consents. No approval,
consent, compliance, exemption or authorization of any governmental authority or
agency, or of any other person or entity, is necessary or required in connection
with the execution, delivery or performance by, or enforcement against, the
Warrant Holder of this Warrant Agreement or the transactions contemplated
hereby.

            (d) Binding Effect. This Warrant Agreement has been duly executed
and delivered by the Warrant Holder and constitutes the valid and binding
obligations of the Warrant Holder, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium or
similar laws affecting the enforcement of creditors' rights generally or by
equitable principles relating to enforceability (regardless of whether
considered in a proceeding at law or in equity).

            (e) Purchase for Own Account. The Warrants issued to the Warrant
Holder pursuant to this Warrant Agreement, and the Shares to be issued upon
vesting and exercise thereof, are being or will be acquired for the Warrant
Holder's own account and with no intention of distributing or reselling such
securities or any part thereof in any transaction that would be in violation of
the securities laws of the United States of America, or any state.

            (f) Restricted Securities. The Warrant Holder understands that the
Warrants and the Shares issuable upon vesting and exercise of the Warrants, will
not be registered at the time of their issuance under the Securities Act for the
reason that the sale provided for in this Agreement is exempt pursuant to
Section 4(2) of the Securities Act and that reliance of the Company on such
exemption is predicated in part on such Warrant Holder's representations set
forth herein. The Warrant Holder represents that it is experienced in evaluating
companies such as the Company, has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its
investment and has the ability to suffer the total loss of the investment. The
Warrant Holder further represents that it has had the opportunity to ask
questions of and receive answers from the Company concerning the terms and
conditions of the Warrants, the business of the Company, and to obtain
additional information to such Warrant Holder's satisfaction.

            (g) Accredited Investor. The Warrant Holder is an "Accredited
Investor" within the meaning of Rule 501 of Regulation D under the Securities
Act, as presently in effect.

      12. Compliance with Securities Act; Transferability of Warrant or Shares
of Common Stock.

            (a) Compliance with Securities Act. The Warrant Holder, by
acceptance hereof, agrees that the Warrants, and the shares of Common Stock to
be issued upon exercise of the Warrants, are being acquired for investment and
that such Warrant Holder will not offer, sell or otherwise dispose of the
Warrants, or any shares of Common Stock to be issued upon exercise of the
Warrants except under

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circumstances which will not result in a violation of the Securities Act of
1933, as amended (the "Securities Act"), or any applicable state securities
laws. The Warrants and all shares of Common Stock issued upon exercise of the
Warrants (unless registered under) the Securities Act and any applicable state
securities laws) shall be stamped or imprinted with a legend in substantially
the following form:

                  "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
                  LAW. THEY MAY NOT BE SOLD OR OFFERED FOR SALE, PLEDGED,
                  HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN
                  EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNDER SAID
                  ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY
                  HAS RECEIVED AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS
                  NOT REQUIRED TO EFFECTUATE SUCH TRANSACTION."

            (b) Exchange, Transfer, Assignment. The Warrants cannot be
exchanged, transferred or assigned otherwise than in accordance with applicable
law. Upon compliance with applicable law and surrender of the Warrants to the
Company with the Assignment Form annexed hereto as Exhibit B duly executed, and
funds sufficient to pay any transfer tax, the Company shall, without charge,
execute and deliver a new Warrant Agreement in the name of the heir, devisee or
assignee named in such instrument of assignment and this Warrant Agreement shall
promptly be canceled. Subject to the terms hereof, the Warrants may be assigned
in whole or in part.

      13. Registration Rights. Upon the parties' execution of this Warrant
Agreement and the Acknowledgment and Agreement to the Amended and Restated
Registration Rights Agreement attached hereto as Exhibit C, Warrant Holder shall
be made a party to that certain Amended and Restated Registration Rights
Agreement, dated as of December 8, 1998, by and among the Company, the
stockholders of the Company named therein and such other stockholders and
warrant holders of the Company made a party thereto. In addition, within 30 days
of the execution of this Warrant Agreement, the Company agrees to enter into an
agreement with Warrant Holder, in form and substance reasonably satisfactory to
Warrant Holder, which shall grant Warrant Holder the right to transfer its
registration rights pursuant to such Amended and Restated Registration Rights
Agreement dated as of December 8, 1998 to any assignee or assignees of all or
any part of this Warrant or the Shares issuable upon exercise hereof, which
assignees, upon their execution and delivery of an Acknowledgment and Agreement
to the Amended and Restated Registration Rights Agreement substantially in the
form of Exhibit C hereto (with appropriate changes therein) shall each have all
the rights and obligations of a Demand Stockholder (as defined in such
Agreement) under such Agreement; provided that no registration statement with
respect to less than a minimum of 250,000 Shares shall be required to be
effected by the Company thereunder for the benefit of any such assignee.

      14. Miscellaneous.

            (a) No Consequential Damages. No party hereto shall be entitled to
consequential damages as a result of any breach of a covenant, representation or
warranty contained herein.

            (b) Notices. All notices, demands and other communications provided
for or permitted hereunder shall be made in writing and shall be by registered
or certified first-class mail, return receipt requested, telecopier, courier
service or personal delivery:

                  (i) if to the Company, to:

                      priceline.com Incorporated
                      Five High Ridge Park

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<PAGE>

                      Stamford, CT 06905
                      Telecopy:  (203) 595-8345
                      Attention:  Melissa M. Taub, Esq.

                  and to:

                      Skadden, Arps, Slate, Meagher, & Flom, L.L.P.
                      One Rodney Square
                      Wilmington, DE  19801
                      Telecopy:  (302) 651-3001
                      Attention:  Patricia Moran Chuff, Esq.

                  (ii) if to the Warrant Holder, to:

                      Delta Air Lines, Inc.
                      1030 Delta Boulevard
                      Hartfield Atlanta International Airport
                      Atlanta, GA  30320
                      Telecopy:  (404) 715-2233
                      Attention:  Executive Vice President -
                                  Chief Financial Officer
                  and to:

                      Delta Air Lines, Inc.
                      1030 Delta Boulevard
                      Hartfield Atlanta International Airport
                       Telecopy:  (404) 715-2233
                      Attention:  Senior Vice President -
                                  General Counsel

            All such notices and communications shall be deemed to have been
duly given when delivered by hand, if personally delivered; when delivered by
courier, if delivered by commercial courier service; five (5) business days
after being deposited in the mail, postage prepaid, if mailed; and when receipt
is mechanically acknowledged, if telecopied.

            (d) Successors and Assigns; Third Party Beneficiaries. This
Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of the parties hereto. No person, other than the parties
hereto and their successors and permitted assigns, is intended to be a
beneficiary of this Agreement.

            (e) Amendment and Waiver.

                  (i) No failure or delay on the part of the Company, or the
Warrant Holder in exercising any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. The remedies provided for herein are
cumulative and are not exclusive of any remedies that may be available to the
Company and the Warrant Holder at law, in equity or otherwise.

                  (ii) Any amendment, supplement or modification of or to any
provision of this Warrant Agreement, any waiver of any provision of this Warrant
Agreement, and any consent to any

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<PAGE>

departure by the Company or the Warrant Holder from the terms of any provision
of this Agreement, shall be effective only if it is made or given in writing and
signed by the Company and the Warrant Holder.

            (f) Counterparts. This Warrant Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

            (g) Headings. The headings in this Warrant Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

            (h) GOVERNING LAW. THIS WARRANT AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAW OF ANY JURISDICTION.

            (i) Severability. If any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held
invalid, illegal or unenforceable shall substantially impair the benefits of the
remaining provisions hereof.

            (j) Entire Agreement. This Warrant Agreement, together with the
exhibits hereto is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter
contained herein. This Warrant Agreement, together with the exhibits hereto,
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

            (k) Publicity. Except as may be required by law, none of the parties
hereto shall issue a publicity release or public announcement or otherwise make
any disclosure concerning this Warrant Agreement or the transactions
contemplated hereby, without prior approval by the other party (which approval
shall not be unreasonably withheld); provided, however, that nothing in this
Warrant Agreement shall restrict the Warrant Holder from disclosing information
(a) that is already publicly available and (b) to its attorneys, accountants,
consultants and other advisors to the extent necessary to obtain their services
in connection with the Warrant Holder's investment or participation in the
Company. If any announcement is required by law to be made by any party hereto
concerning this Warrant Agreement or the transactions contemplated hereby, prior
to making such announcement such party will deliver a draft of such announcement
to the other parties and shall give the other parties an opportunity to comment
thereon.

            (l) Charges; Taxes and Expenses. Issuance of certificates for shares
upon the exercise of the Warrants shall be made without charge to the Warrant
Holder for any issue or transfer tax or other incidental expense in respect of
the issuance of such certificates, all of which taxes and expenses shall be paid
by the Company.

            (m) Saturdays, Sundays, Holidays, Etc. If the last or appointed day
for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or a legal holiday.

            (n) Lost Warrants. The Company covenants to the Warrant Holder that,
upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant Agreement and, in the case of
any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation, upon
surrender and

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                                      -8-
<PAGE>

cancellation of this Warrant Agreement, the Company will make and deliver a new
Warrant Agreement of like tenor, in lieu of the lost, stolen, destroyed or
mutilated document.

            (o) Further Assurances. Each of the parties shall execute such
documents and perform such further acts (including, without limitation,
obtaining any consents, exemptions, authorizations or other actions by, or
giving any notices to, or making any filings with, any governmental authority or
any other person, and otherwise fulfilling, or causing the fulfillment of, the
various obligations made herein), as may be reasonably required or desirable to
carry out or to perform the provisions of this Warrant Agreement and to
consummate and make effective as promptly as possible the transactions
contemplated by this Warrant Agreement.

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<PAGE>

IN WITNESS WHEREOF, this Warrant Agreement has been duly executed and delivered
by the authorized officers of each of the undersigned.

                                    PRICELINE.COM INCORPORATED

                                    By:__________________________________
                                        Name:  Paul E. Francis
                                        Title:  Chief Financial Officer

                                    DELTA AIR LINES, INC.

                                    By:__________________________________
                                        Name:
                                        Title:

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<PAGE>

EXHIBIT A

NOTICE OF EXERCISE

To:   priceline.com Incorporated

            1. ___ The undersigned hereby elects to purchase __________ shares
of the Common Stock of priceline.com Incorporated pursuant to the terms of the
Participation Warrant Agreement, dated as of _________________, 1999, by and
between priceline.com Incorporated and the undersigned (the "Warrant
Agreement"), and tenders herewith payment of the purchase price of such shares
in full.

                  ___ The undersigned hereby elects to convert ___________
percent (____%) of the value of the Warrants pursuant to the provisions of
Section 5(b) of the Warrant Agreement.

            2. Please issue a certificate or certificates representing said
shares in the name of the undersigned.

                                    DELTA AIR LINES, INC.

                                    By:________________________________

                                     __________________________________
                                    (Print Name of Signatory)

                                     __________________________________
                                    (Title of Signatory)

Date:_____________________

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<PAGE>

EXHIBIT B

ASSIGNMENT FORM

TO:   priceline.com Incorporated

The undersigned hereby assigns and transfers unto _____________________________
of ____________________________________________________________________________
                  (Please typewrite or print in block letters)
the right to purchase ____________ shares of the common stock of priceline.com
Incorporated subject to the Participation Warrant Agreement, dated as of
________________, 1999, by and between priceline.com Incorporated and the
undersigned (the "Warrant Agreement").

This assignment complies with the provisions of Section 12(b) of the Warrant
Agreement and is accompanied by funds sufficient to pay all applicable transfer
taxes.

                                    DELTA AIR LINES, INC.

                                    By:________________________________

                                     __________________________________
                                    (Print Name of Signatory)

                                     __________________________________
                                    (Title of Signatory)

Date:_____________________

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<PAGE>

Exhibit C

                          ACKNOWLEDGMENT AND AGREEMENT
            TO THE AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

      WHEREAS, pursuant to a Participation Warrant Agreement, the undersigned
received a warrant to purchase 5,500,000 shares of common stock, par value $.008
per share (the "Shares"), of priceline.com Incorporated, a Delaware corporation
(the "Company"); and

WHEREAS, the undersigned wishes to receive certain registration rights with
respect to such Shares; and

      WHEREAS, the undersigned has reviewed a copy of that certain Amended and
Restated Registration Rights Agreement, dated as of December 8, 1998 (the
"Agreement"), among the Company, General Atlantic Partners 48, L.P., GAP
Coinvestment Partners, L.P., General Atlantic Partners 50, L.P. and the
stockholders named therein and has been given a copy of the Agreement and
afforded ample opportunity to read and to have counsel review it, and the
undersigned is thoroughly familiar with its terms.

      NOW, THEREFORE, in consideration of the mutual premises contained herein
and in the Agreement and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the undersigned hereby
acknowledges and agrees that (i) the undersigned has been given a copy of the
Agreement and afforded ample opportunity to read and to have counsel review it,
and the undersigned is thoroughly familiar with its terms, (ii) the Shares are
subject to terms and conditions set forth in the Agreement, (iii) the
undersigned does hereby agree fully to be bound by the Agreement as a "Demand
Stockholder" (as therein defined), and upon the execution and delivery of this
Acknowledgment and Agreement by the Company, the undersigned shall have all the
rights and obligations under the Agreement as a Demand Stockholder, and (iv) the
undersigned does hereby name _________________to serve as their representative
under the Agreement.

      This 17th day of November, 1999.

Acknowledged and agreed:

PRICELINE.COM INCORPORATED                  DELTA AIR LINES, INC.

By: _____________________________           By:_____________________________
    Name: Paul E. Francis                      Name:
    Title: Chief Financial Officer             Title:

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                                      -2-

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