Document:

Exhibit 4.8  

[FORM OF CERTIFICATE OF STOCK]

	NUMBER	 	EXPEDIA, INC.	 	SHARES
	
EC	
 	
INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE	
 	

 
	

 	
 	
COMMON STOCK	
 	

 
	

 	
 	

 	
 	
SEE REVERSE FOR CERTAIN DEFINITIONS
	
 	
 	

 	
 	

CUSIP 30212P 10 5

THIS
CERTIFIES THAT 

IS
THE OWNER OF 

FULLY
PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $.001 PAR VALUE PER SHARE, OF 

Expedia, Inc. transferable on the books of the Company by the holder hereof in person or
by his duly authorized attorney upon surrender of this certificate properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to all the provisions of
the Certificate of Incorporation, as now and hereafter amended, and of the By-laws of the Company (copies thereof being on file with the Secretary of the Company) and the holder hereof, by
accepting this certificate, expressly assents thereto. This certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

        Witness the seal of the Company and the facsimile signatures of its duly authorized officers.

Dated:

	
SIGNATURE TO COME
	 	[CORPORATE SEAL OF EXPEDIA, INC.]	 	
SIGNATURE TO COME

	
CHAIRMAN OF THE BOARD

AND SENIOR EXECUTIVE	
 	

 	
 	

SECRETARY

COUNTERSIGNED
AND REGISTERED:

        THE BANK OF NEW YORK

                TRANSFER AGENT AND REGISTRAR 

BY

                        AUTHORIZED SIGNATURE 

EXPEDIA, INC.

THE
CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. 

        The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: 

	TEN COM —	 	as tenants in common	 	UNIF GIFT MIN ACT —	 	_______ Custodian _______
	TEN ENT —	 	as tenants by the entireties	 	 	 	(Cust)                        (Minor)
	JT TEN —	 	as joint tenants with right of	 	 	 	under Uniform Gifts to Minors
	 	 	survivorship and not as tenants	 	 	 	Act ___________________
	 	 	in common	 	 	 	                        (State)
	

Additional abbreviations may also be used though not in the above list.

For value received, ____________ hereby sell, assign and transfer unto  

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE
	 	 
	

 	
 	

 
	

	
 	

 
	

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)
	

	

	

	

___________________________________________________________________ shares
	
of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	

___________________________________________________________________ Attorney
	
to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.
	
Dated ____________________________

	 	 	 	 	

	

 	
 	

NOTICE:	
 	

THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	

 	
 	

 	
 	

 
	 	 	SIGNATURE(S) GUARANTEED:	 	

	 	 	 	 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15.Exhibit 4.9  

[FORM OF CERTIFICATE OF STOCK]

	NUMBER	 	EXPEDIA, INC.	 	SHARES
	
EP	
 	
INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE	
 	

 
	

 	
 	
PREFERRED STOCK	
 	

 
	

 	
 	

 	
 	
SEE REVERSE FOR CERTAIN DEFINITIONS
	
 	
 	

 	
 	

CUSIP 30212P

THIS
CERTIFIES THAT 

IS
THE OWNER OF 

FULLY
PAID AND NON-ASSESSABLE SHARES OF THE SERIES A CUMULATIVE CONVERTIBLE PREFERRED STOCK,

$.001 PAR VALUE PER SHARE, OF 

Expedia, Inc. transferable on the books of the Company by the holder hereof in person or by his
duly authorized attorney upon surrender of this certificate properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to the provisions of the
Certificate of Incorporation, as now and hereafter amended, and of the By-laws of the Company (copies thereof being on file with the Secretary of the Company) and the holder hereof by accepting this
certificate, expressly assents thereto. This certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

        Witness the seal of the Company and the facsimile signatures of its duly authorized officers.

Dated:

	
SIGNATURE TO COME
	 	[CORPORATE SEAL OF EXPEDIA, INC.]	 	
SIGNATURE TO COME

	
CHAIRMAN OF THE BOARD

AND SENIOR EXECUTIVE	
 	

 	
 	

SECRETARY

COUNTERSIGNED
AND REGISTERED:

        THE BANK OF NEW YORK

                TRANSFER AGENT AND REGISTRAR 

BY

                        AUTHORIZED SIGNATURE 

EXPEDIA, INC.

THE
CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
THE SERIES A CUMULATIVE CONVERTIBLE PREFERRED STOCK AND EACH OTHER CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. 

        The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: 

	TEN COM —	 	as tenants in common	 	UNIF GIFT MIN ACT —	 	_______ Custodian _______
	TEN ENT —	 	as tenants by the entireties	 	 	 	(Cust)                        (Minor)
	JT TEN —	 	as joint tenants with right of	 	 	 	under Uniform Gifts to Minors
	 	 	survivorship and not as tenants	 	 	 	Act ___________________
	 	 	in common	 	 	 	                        (State)
	

Additional abbreviations may also be used though not in the above list.

For value received, ____________ hereby sell, assign and transfer unto  

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE
	 	 
	

 	
 	

 
	

	
 	

 
	

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)
	

	

	

	

___________________________________________________________________ shares
	
of the preferred stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	

___________________________________________________________________ Attorney
	
to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.
	
Dated ____________________________

	 	 	 	 	

	

 	
 	

NOTICE:	
 	

THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	

 	
 	

 	
 	

 
	 	 	SIGNATURE(S) GUARANTEED:	 	

	 	 	 	 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15.

FORM OF CONVERSION

(To be executed upon conversion of shares of Preferred Stock) 

        The
undersigned hereby irrevocably elects to exercise the right, represented by this Preferred Stock Certificate, to convert _______ Preferred Shares into shares of common stock,
par value $.001 per share, of Expedia, Inc. ("Common Stock") at the rate determined in accordance with the terms of the Certificate of Designations. The undersigned requests that a certificate for
such shares of Common Stock be registered in the name of: 

	

	

	

 (Please Print Name, Address and Social Security Number)

If
said number of shares of Preferred Stock is less than all of the Preferred Stock convertible hereunder, the undersigned requests that a new Preferred Stock Certificate representing the remaining
balance of the shares of Preferred Stock be registered in the name and delivered to the address stated below: 

Dated:
____________________________, 20_______ 

	

Name:	
 	

	

Address:	
 	

	

Signature:	
 	

 (Signature must conform in all respects to name of holder as specified on the face of the Preferred Stock Certificate)
	

 (Insert Social Security or Taxpayer Identification Number of holder)	
 	

 
	

Signature Guaranteed:	
 	

 Signature of GuarantorExhibit
10.5

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

                This Amendment
to Employment Agreement (“Amendment”) is between William Ruckelshaus (“Employee”)
and Expedia, Inc., a Washington corporation (the “Company”).

 

Recital

 

                Employee
and the Company entered into an Employment Agreement effective July 5, 2002
(the “Employment Agreement”).  Employee
has been promoted to a new position, with increased compensation, which
requires some amendments to the Employment Agreement.  The purpose of this Agreement is to memorialize
the necessary changes, but otherwise leave the terms of the Employment
Agreement in effect.

 

1.                                       This Amendment
is effective August 8, 2003 (“Amendment Effective Date”).

 

2.                                       Employee’s new
position is “Senior Vice-President, Corporate Development, IAC Travel”
reporting to the Chief Executive Officer of IAC Travel.  In this position, Employee will have the
responsibility for strategic planning and mergers and acquisitions.  Employee agrees that this is a promotion and
does not constitute Good Reason to resign under the Employment Agreement.

 

3.                                       Employee’s Base
Salary, as defined in the Employment Agreement, is increased to $250,000.00.

 

4.                                       Employee’s 2003
Target Incentive Bonus Percentage is 40% as of the Amendment Effective Date, up
from 25% prior to that date.  Employee’s
bonus for calendar 2003, if paid, will be prorated between the two percentages
(i.e., 25% for January 12 through August 7, and 40% for August 8 through
December 31).  Payment of this Bonus is
subject to all terms and conditions of the Bonus plan, including individual and
Company performance.

 

5.                                       As soon as
practicable after the Amendment Effective Date, the Company shall cause its
parent company (“Parent”) to grant Employee restricted stock units) the “RSU’s”)
representing 17,500 shares of the common stock of Parent, pursuant to a “Restricted
Stock Unit Agreement.” The RSU grant date shall be the Amendment Effective Date.  The RSU’s shall vest and no longer be subject
to any restrictions, in four equal installments on each of the first, second,
third, and fourth anniversaries of the date of the grant of the RSU’s (the “Restriction
Period”).  In the event of any conflict
between this Amendment and the Restricted Stock Unit Agreement relating to the
above-described RSU grant and vest schedule, this Amendment shall control.

 

6.                                       Except as
expressly modified in this Amendment, the Employment Agreement remains in full
force and effect.

 

 

 

 

	
  s/

  	
  1/13/04

  	
   

  	
  s/

  	
   

  
	
  Expedia, Inc.

  	
   

  	
  William Ruckelshaus

  

 

 

PRIVILEGED
AND CONFIDENTIAL

 

 

EMPLOYMENT
AGREEMENT

 

 

                THIS EMPLOYMENT
AGREEMENT (“Agreement”), executed this 5th of July, 2002 is entered
into by and between William Ruckelshaus (“Employee”) and Expedia, Inc., a
Washington corporation (the “Company”).

 

                WHEREAS,
the Board of Directors of the Company (the “Board”) desires to provide for the
employment of Employee from and after July 15th (the “Effective Date”)
as the Company’s Vice President of Corporate Development, and Employee is
willing to commit himself to serve the Company and its subsidiaries and affiliates,
as provided herein and in the Standard Terms and Conditions attached hereto;
and

 

                WHEREAS,
in order to effect the foregoing, the Company and Employee wish to enter into
as set forth below and in the Standard Terms and Conditions attached hereto.

 

                NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth,
Employee and the Company have agreed and do hereby agree as follows:

 

                1.             EMPLOYMENT.   The
Company agrees to employ Employee as its senior corporate development officer,
with the title of Vice President of Corporate Development of the Company,
commencing as of July 15th and Employee accepts and agrees to such
employment.  During Employee’s employment
with the Company, Employee shall perform all services and acts necessary or
advisable to fulfill the duties and responsibilities as are commensurate and
consistent with Employee’s position and shall render such services on the terms
set forth herein.  During Employee’s
employment with the Company, Employee shall report to the Company’s Chief
Financial Officer, or such person(s) as from time to time may be designated by
the Company (the “Reporting Officer”).  Employee
shall have such powers and duties with respect to the Company as may reasonably
be assigned to Employee by the Reporting Officer, to the extent consistent with
Employee’s position and status.  Employee
agrees to devote all of Employee’s working time, attention and efforts to the
Company and to perform the duties of Employee’s position in accordance with the
Company’s policies as in effect from time to time.  Employee’s principal place of employment
shall be the Company’s offices located in Seattle, Washington metropolitan
area.

 

2.             TERM OF AGREEMENT.   The
term of this Agreement (“Term”) shall commence upon the Effective Date and
shall continue until July 15th, 2005, unless sooner terminated in
accordance with the provisions of Section 1 of the Standard Terms and
Conditions attached hereto.

 

3.             COMPENSATION.

 

(i)            BASE SALARY. 
 During the Term, the Company
shall pay Employee an annual base salary of $170,000.00 (the “Base Salary”),
payable in equal biweekly installments or in accordance with the Company’s
payroll practice as in effect from time to time.  Unless otherwise agreed by the Company, the
Base Salary shall be subject to review and

 

2

 

adjustment at the discretion of the Company’s
Chief Financial Officer.  For all
purposes under this Agreement, the term “Base Salary” shall refer to Base
Salary as in effect from time to time.

 

(ii)           DISCRETIONARY BONUS.   Employee
will participate in the Company’s annual incentive bonus plan in accordance
with which Employee may earn an annual incentive bonus.  The terms of the annual incentive bonus plan,
including the criteria upon which Employee can earn the maximum bonus, will be
determined annually in the discretion of the Compensation Committee of the
Board (the “Compensation Committee”).  Employee
may also participate in other bonus or incentive plans adopted by the Company
that are applicable to Employee’s position, as they may be changed from time to
time, but nothing herein shall require the adoption or maintenance of any such
plan.

 

(iii)          SIGNING BONUS. 
 Upon execution of this Agreement,
the Company shall pay Employee a one-time signing bonus in the net amount after
applicable withholdings of $100,000.00; provided, however, that if Employee terminates
his employment under this Agreement without Good Reason or is terminated for
Cause (as hereinafter defined) prior to July 15th, 2004, Employee
shall reimburse Employer for fifty percent (50%) of the gross signing bonus.

 

(iv)          EQUITY PARTICIPATION.   In
consideration of Employee’s entering into this Agreement and as an inducement
to continue in the employ of the Company, Employee shall be granted, under the
Expedia, Inc. 2001 Stock Option plan, non-qualified stock options (the “Options”)
to purchase a total of 50,000 shares of the Company’s Common Stock.  The exercise price per share shall be the closing
sales price of the Common Stock (or the closing bid, if no sales are reported)
on the NASDAQ Stock Market on the last market trading day prior to the Grant
Date (as defined below).  The Options
shall vest in accordance with the Expedia, Inc. 2001 Stock Option Plan, and all
policies of the Company relating thereto and become exercisable in four (4)
equal installments on each of the first, second, third and fourth anniversaries
of the Grant Date.  The Options shall
have a scheduled ten (10) year term.

 

                The Company shall also grant to
Employee 5,000 restricted shares of the Company’s Common Stock (the “Restricted
Stock”).  All restrictions with respect
to the Restricted Stock shall lapse in three (3) equal installments on each of
the first, second, and third anniversaries of the Grant Date, provided that
Employee remains in the employ of the Employer through such dates.  This grant shall be structured with an
objective of maximizing Employee’s flexibility of timing in recognizing taxable
income.

 

                The Grant Date shall be the
Effective Date.

 

                a)             Effect of a Change in Control.   In the
event of a Change in Control (a) if Employee remains the senior corporate
development officer of a publicly traded entity, there shall be no change in
vesting or compensation, or (b) if Employee remains the senior corporate
development officer of Expedia, Inc., which is a wholly owned subsidiary of a
public parent company, and Expedia, Inc. options are converted to options in
the parent company, then fifty percent (50%) of Employee’s stock options shall
be accelerated to vest and restrictions on fifty percent (50%) of the
restricted stock shall lapse as of the date of the Change in Control.  Otherwise, one hundred percent (100%) of
Employee’s stock options shall be accelerated to vest and restrictions on one hundred
percent (100%) of the restricted stock shall lapse as of the date of Change in
Control.

 

3

 

                For purposes of this Section
3iv(a), any acceleration o vesting of stock options and lapses of restriction on
restricted stock shall apply only to those stock options and restricted stock
granted on or before the first anniversary of the Effective Date.  Except as specifically set forth herein, each
of the Options and the Restricted Stock will be governed by the applicable plan
under which each grant is made and the award agreement relating thereto.

 

                b)            Definition of a Change in Control.   For
purposes of this Agreement, Change in Control shall mean the occurrence of any
of the following events:

 

                Any “Person” (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under
said Act), directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the total voting power represented by the
Company’s then outstanding voting securities without
the approval of the Company’s Board; or

 

                A merger or consolidation of the
Company whether or not approved by the Board, other than a merger or
consolidation which should result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted or into voting securities of the
surviving entity) at least fifty percent (50%) of the total voting power
represented by the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation, or the shareholders
of the Company approve a plan of complete liquidation of the Company or an
agreement for the sales or dispositions by the Company of all or substantially
all of the Company’s assets.

 

                Notwithstanding the foregoing,
Change of Control shall also mean, without limitation, the consummation of any
transaction involving (but not limited to) USA Interactive or one of its
affiliates and no longer exists as a publicly traded entity.

 

 

 

(v)           BENEFITS.   From the Effective Date through the date of
termination of Employee’s employment with the Company for any reason, except as
specifically provided herein, Employee shall be entitled to participate in any
welfare, health, life insurance, pension benefit and incentive plans, programs,
policies, and practices as may be adopted from time to time by the Company on
the same basis as that provided to similarly situated executives of the Company.  Without limiting the generality of the
foregoing, Employee shall be entitled to the following benefits:

 

(vi)

 

                                a)             Moving Expenses and Closing
Costs.   The Company shall pay Employee’s reasonable
moving expenses (including without limitation, real estate broker’s
commissions), and shall reimburse Employee for reasonable closing costs related
to the sale of his home in San Francisco and the purchase of a new home in the
Seattle area.  To the extent these
expenses and/or costs are deemed to be taxable income to Employee, the Company
shall also reimburse Employee for any taxes due upon reasonable verification.  Employee shall consult with the Company and
obtain approval if Employee foresees that he will incur moving expenses and
closing costs greater than $75,000.

 

4

 

                                b)            Reimbursement for Business
Expenses.   During the Term, the Company shall reimburse
Employee for all reasonable and necessary expenses incurred by Employee in
performing Employee’s duties for the Company, on the same basis as similarly
situated executives of the Company and in accordance with Company’s policies as
in effect from time to time.

 

                                c)             Vacation.   During
the Term, Employee shall be entitled to a number of weeks of paid vacation per
year equal to those provided to similarly situated executives of the Company,
in accordance with the plans, policies, programs and practices of the Company
applicable to similarly situated executives of the Company generally.

 

                4.             NOTICES.   All
notices and other communications under this Agreement shall be in writing and
shall be given by first-class mail, certified or registered with return receipt
requested or hand delivery acknowledged in writing by the recipient personally,
and shall be deemed to have been duly given three days after mailing
immediately upon duly acknowledged hand delivery, as applicable, to the
respective persons named below:

                If to the Company:                                                               Expedia,
Inc.

                                                                                                                ATTN:  General Counsel

                                                                                                                13810
SE Eastgate Way, Suite 400

                                                                                                                Bellevue,
Washington 98005

 

                If to Employee:                                                                     At
the most recent address of Employee

                                                                                                                On
record at the Company

 

Either party may change such
party’s address for notices by notice duly given pursuant hereto.

 

                5.             GOVERNING
LAW; JURISDICTION; ATTORNEYS’ FEES.   This Agreement and the legal relations thus
created between the parties hereto shall be governed by and construed under and
in accordance with the laws of the State of Washington, without reference to
the principles of conflicts of laws.  Any
and all disputes between the parties which may arise pursuant to this Agreement
will be heard and determined solely before an appropriate federal court in
Washington or, if not maintainable therein, then in an appropriate Washington
state court.  The parties acknowledge
that such courts have jurisdiction to interpret and enforce the provisions of
this Agreement, and the parties consent to, and waive any and all litigation
over the interpretation or application of this Employment Agreement and the
incorporated Standard Terms and Conditions, the substantially prevailing party
in any such litigation shall be entitled to an award of his/its reasonable
attorneys’ fees and costs incurred therein.

 

                6.             COUNTERPARTS.   This
Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same instrument.  Employee expressly
understands and acknowledges that the Standard Terms and Conditions attached
hereto are incorporated herein by reference, deemed a part of this Agreement
and are binding and enforceable provisions of this Agreement.  References to “this Agreement” or the use of
the term “hereof” shall refer to this Agreement and the Standard Terms and
Conditions attached hereto, taken as a whole.

 

                7.             TERMINATION
OF PRIOR AGREEMENTS.   This
Agreement, including the Standard Terms and Conditions attached hereto,
constitutes the entire agreement between the parties, and as of the Effective
Date, terminates and supersedes any and all prior agreements and understandings
(whether written or oral) between the parties with respect to the subject
matter of this Agreement, including, without limitation, the term sheet.  Employee acknowledges and

 

5

 

agrees that neither the
Company nor anyone acting on its behalf has made, and is not making, and in
executing this Agreement, the Employee has not relied upon, any representations,
promises or inducements except to the extent the same is expressly set forth in
this Agreement.  Employee hereby
represents and warrants that by entering into this Agreement, Employee will not
rescind or otherwise breach any agreement or other legal obligations with any
other person or entity.

 

                                IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed and delivered by its duly authorized
officer and Employee has executed and delivered this Agreement on the date
above first written.

 

 

	
  EXPEDIA, INC.

  	
   

  	
  WILLIAM RUCKELSHAUS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  s/

  	
   

  	
   

  	
  s/

  	
   

  
	
  Gregory S. Stanger

  Sr. Vice President and Chief Financial Officer

  	
   

  	
   

  

 

6

 

STANDARD TERMS AND CONDITIONS

a.             TERMINATION
OF EMPLOYEE’S EMPLOYMENT.

(i)            DEATH.   In the
event Employee’s employment hereunder is terminated by reason of Employee’s
death, the Company shall pay Employee’s designated beneficiary or
beneficiaries, within thirty (30) days of Employee’s death in a lump sum in
cash, Employee’s Base Salary from the date of Employee’s death through the end
of the month in which Employee’s death occurs and any Accrued Obligations (as
defined in paragraph a(vi) below).  In
addition, Employee’s beneficiary or beneficiaries shall be entitled to amounts
that are vested benefits or that Employee is otherwise entitled to receive
under any plan of, or any other contract or agreement with, the Company at
Employee’s death in accordance with the terms of such plan, contract or
agreement, as such terms may be amended from time to time.

(ii)           DISABILITY.   If, as
a result of Employee’s incapacity due to physical or mental illness (“Disability”),
Employee shall have been absent from the full-time performance of Employee’s
duties with the Company for a period of four consecutive months and, within
thirty (30) days after written notice is provided to Employee by the Company
(in accordance with Section 4 hereof), Employee shall not have returned to the
full-time performance of Employee’s duties, Employee’s employment under this Agreement
may be terminated by the Company for Disability.  During any period prior to such termination
during which Employee is absent from the full-time performance of Employee’s
duties with the Company due to Disability, the Company shall continue to pay
Employee’s Base Salary at the rate in effect at the commencement of such period
of Disability, offset by any amounts payable to Employee under any disability
insurance plan or policy provided by the Company.  Upon termination of Employee’s employment due
to Disability, the Company shall pay Employee within thirty (30) days of such
termination (i) Employee’s Base Salary from the date of Employee’s termination
of employment due to Disability through the end of the month in which such
termination of employment occurs in a lump sum in cash, offset by any amounts
payable to Employee under any disability insurance plan or policy provided by
the Company with respect to such month; and (ii) any Accrued Obligations (as
defined in paragraph a(vi) below).  In
addition, Employee or Employee’s beneficiary or beneficiaries shall be entitled
to amounts that are vested benefits or that Employee is otherwise entitled to
receive under any plan of, or any other contract or agreement with, the Company
at Employee’s termination of employment due to Disability in accordance with
the terms of such plan, contract or agreement, as such terms may be amended
from time to time.

(iii)          TERMINATION FOR CAUSE; RESIGNATION
BY EMPLOYEE WITHOUT GOOD REASON.   The Company may terminate Employee’s employment
under this Agreement for Cause at any time prior to the expiration of the Term,
and Employee may resign from employment under this Agreement without Good
Reason at any time prior to the expiration of the Term.  As used herein, “Cause” shall mean:  (i) the plea of guilty or nolo contendere to, or conviction for, the commission of a
felony offense by Employee; provided, however,
that after indictment, the Company may suspend Employee from the rendition of
services, but without limiting or modifying in any other way the Company’s
obligations to Employee; (ii) a material breach by Employee of a fiduciary duty
owed to the

Company; (iii) a material breach by Employee of any of
the covenants made by Employee in Section b below; or (iv) the willful or
gross neglect by Employee of the material duties required by this Agreement
that is not cured by Employee within thirty (30) days after Em­ployee is
provided with written notice hereof.

As used herein, “Good Reason” shall mean the
occurrence of any of the following without Employee’s prior written consent,
other than in connection with the termination of the Employee’s employment for
Cause, provided Employee gives thirty (30) days’ written notice and the Company
fails to cure in that time period:  (i) a
material adverse change in Employee’s title, duties or reporting
responsibilities from those in effect on the Effective Date (including, without
limitation, a change from Employee’s status as the senior corporate development
officer of the Company), (ii) a reduction in Employee’s Base Salary or Target
Incentive Bonus Percentage as in effect from time to time, provided,
however, that an across-the-board reduction in Target Incentive
Bonus Percentage applicable to Vice Presidents of Employer generally shall not
be considered Good Reason under this Agreement, or (iii) a relocation of
Employee’s principal place of business more than twenty-five (25) miles from
the Seattle, Washington metropolitan area. 
In the event of Employee’s termination for Cause or resignation without
Good Reason, this Agreement shall terminate without further obligation by the
Company, except for the payment of any Accrued Obligations (as defined in
paragraph a(vi) below).

(iv)          TERMINATION BY THE COMPANY OTHER
THAN FOR DEATH, DISABILITY OR CAUSE; RESIGNATION BY EMPLOYEE FOR GOOD REASON.   If
Employee’s employment is terminated by the Company for any reason other than
Employee’s death or Disability or for Cause, or if Employee resigns for Good Reason,
then Employee shall be paid (i) his salary through the date of termination or
resignation, as the case may be, (ii) for any unused vacation time, and (iii)
for any unreimbursed business expenses that are subject to reimbursement under
Employer’s then current policy on business expenses.

                In
addition, the Company will continue to pay, as severance pay, Employee’s Base
Salary at the rate in effect on the termination date or resignation date, as
the case may be, through the date that is twelve (12) months from the
termination date or resignation date, as the case may be (the “Severance Period”).  Such payments will be at usual and customary
pay intervals of Employer and will be subject to all appropriate deductions and
withholdings.  In addition, Employee
shall automatically and immediately vest (including lapse of restrictions on
Restricted Stock Grant) in all of his then-outstanding equity-based
compensation awards granted on or prior to the date one (1) year after the
Effective Date.

(v)           Employee shall only be entitled to
the benefits stated in this Section a(iv) if both the Company (including,
without limitation, the Company’s affiliates) and Employee sign (and then
Employee does not revoke, as may be permitted by law) a general release of
claims against the Company in a form substantially identical to Exhibit A.  Upon Employee’s resignation for Good Reason
or termination by the Company other than for Cause, Death, or Disability,
Employee will have no rights to any unvested benefits or any other compensation
or payments except as stated in this Section a(iv).

(vi)          ACCRUED OBLIGATIONS.   As
used in this Agreement, “Accrued Obligations” shall mean the sum of (i) any
portion of Employee’s accrued but unpaid

2

Base Salary through the date of death or termination
of employment for any reason, as the case may be; and (ii) any compensation
previously earned but deferred by Employee (together with any interest or
earnings thereon) that has not yet been paid.

b.             CONFIDENTIAL
INFORMATION; NON-SOLICITATION; AND PROPRIETARY RIGHTS.

(i)            CONFIDENTIALITY.   During
the Term and at all times thereafter, Employee shall not disclose to anyone
outside the Company nor use for any purpose other than in Employee’s work for
the Company:  (a) any confidential or
proprietary information or trade secrets of the Company or its affiliates; or
(b) any information that the Company or its affiliates have received from
others that they are obligated to treat as confidential or proprietary.  Employee shall not disclose confidential or proprietary
information or trade secrets to other employees of the Company or its
affiliates except on a “need-to-know” basis, and Employee shall not disclose
third party confidential or proprietary information except as permitted by any
applicable agreement between the Company and the third party.  “Confidential or proprietary information or
trade secrets” means all data and information in whatever form, tangible or
intangible, that is not generally known to the public and that relates to the
business, technology, practices, products, marketing, sales, services, finances
or legal affairs of the Company or its affiliates or any third party doing
business with or providing information to the Company, including, without
limitation, information about actual or prospective
customers, suppliers and business partners; business, sales, marketing, technical,
financial and legal plans, proposals and projections; concepts, techniques,
processes, methods, systems, designs, programs, code, formulas, research,
experimental work and work in progress.  As
used in this Agreement, “affiliates” shall mean any company controlled by,
controlling or under common control with the Company.  When Employee’s employment with the Company
ends, Employee shall immediately return to the Company all papers, drawings,
notes, manuals, specifications, designs, devices, code, e-mail, documents,
diskettes and tapes, and any other material in any form or media containing and
confidential or proprietary information or trade secrets, as defined above.  Employee shall also return any keys, access
cards, credit cards, identification cards and other property and equipment
belonging to the Company.  All materials,
data and information stored on or transmitted using the Company owned or leased
property or equipment is the property of the Company and is subject to access
by the Company at any time without further notice.

(ii)           NON-COMPETITION.   During
the Term and for a period of two (2) years beyond Employee’s date of
termination of employment for any reason (the “Restricted Period”), Employee
shall not, directly or indirectly, engage in or become associated with a
Competitive Activity.  For purposes of
this Section b(ii):  (i) a “Competitive
Activity” means any business or other endeavor, in any county of any state of
the United States or a comparable jurisdiction in Canada or any other country,
of a kind being conducted by the Company or any of its subsidiaries or those
affiliates that are engaged in the provision of travel related services in such
jurisdiction as of the Effective Date or at any time thereafter  (including, without
limitation, general online travel providers such as Travelocity.com
Inc., Orbitz and Priceline.com Inc.); and (ii) Employee shall be considered to
have become “associated with a Competitive Activity” if Employee becomes
directly or indirectly involved as an owner, principal, employee, officer,
director, independent contractor, representative, stockholder financial backer,
agent, partner, advisor lender, or in any other individual or representative
capacity with any individual,

3

partnership, corporation, or other organization that
is engaged in a Competitive Activity.  Notwithstanding
the foregoing, Employee may make and retain investments during the Restricted
Period, for investment purposes only, in less than five percent (5%) of the
outstanding capital stock of any publicly-traded corporation engaged in a
Competitive Activity if stock of such corporation is either listed on a national
stock exchange or on the NASDAQ National Market System if Employee is not
otherwise affiliated with such corporation.

(iii)          NON-SOLICITATION OF EMPLOYEES.   During
the Restricted Period , Employee shall not, without prior written consent of
the Company, directly or indirectly, recruit or solicit the employment or
services of (whether as an employee, officer, director, agent, consultant or
independent contractor), any employee, officer, director, agent, consultant or
independent contractor of the Company or any of its subsidiaries or affiliates
(except for such employment or hiring by the Company or any of its subsidiaries
or affiliates); provided, however, that a general solicitation
is not designed to target, or does not have the effect of targeting, any employee,
officer, director, agent, consultant or independent contractor of the Company
or any of its subsidiaries or affiliates.

(iv)          NON-SOLICITATION OF CUSTOMERS.   During
the Restricted Period , Employee shall not, without prior written consent of
the Company, directly or indirectly, solicit, attempt to do business with, do
business with any business partners of, business affiliates of, or providers of
online travel inventory to, the Company or any of its subsidiaries or those
affiliates of the Company that are engaged in a Competitive Activity, or
encourage (regardless of who initiates the contact) any such customers to use
the services of any competitor of the Company, any of its subsidiaries or those
affiliates that are engaged in a Competitive Activity.

(v)           PROPRIETARY RIGHTS;
ASSIGNMENT.   Employee shall make prompt and full disclosure
to the Company, will hold in trust for the sole
benefit of the Company, and will assign exclusively to the Company all rights,
title, and interest in and to any and all inventions, discoveries, designs,
developments, improvements, copyrightable material, and trade secrets
(collectively herein “Inventions”) that Employee solely or jointly may conceive,
develop, author, reduce to practice or otherwise produce during his employment
with the Company.  Employee waives and
quitclaims to the Company any and all claims of any nature whatsoever that
Employee now or hereafter may have for infringement of any patent application,
patent, or other intellectual property right relating to any Inventions so
assigned to the Company.

                                Employee’s
obligation to assign shall not apply to any Invention about which Employee can
prove all of the following:

a)                                      it was developed entirely on Employee’s
own time;

b)                                     no equipment, supplies, facility,
services, or trade secret information of the Company were used in its
development;

c)                                      it does not relate (i) directly to the
business of the Company or (ii) to the actual or demonstrably anticipated
business, research or development of the Company; and

4

d)                                     it does not result from any work
performed by Employee for the Company.

Employee shall assign to the Company or its designee
all rights, title, and interest in and to any and all Inventions full title to
which may be required to lie in the United States government by any contract
between the Company and the United States government or any of its agencies.  In addition to the rights provided to the
Company under this paragraph, as to any Invention complying with subsections
(a)-(d) above that results in any product, service or development with
potential commercial application. The Company shall be given the right of first
refusal to obtain exclusive rights to the Invention and such product, service
or development.

(vi)          Employee has attached a list
describing all Inventions belonging to Employee and made by Employee prior to
employment with the Company that Employee wishes to have excluded from this
Agreement.  If no such list is attached,
Employee represents that there are no such Inventions.  As to any Invention in which Employee has an
interest at any time prior to or during Employee’s employment, if Employee uses
or incorporates such an Invention in any released or unreleased Company
product, service, program, process, machine, development or work in progress,
or if Employee permits the Company to use or incorporate such an Inventions,
the Company is hereby granted and shall have an exclusive royalty-free,
irrevocable, worldwide license to exercise any and all rights with respect to
such Invention, including the right to protect, make, have made, use, and sell
that Invention without restriction as to the extent of Employee’s ownership or
interest.

(vii)         COMPLIANCE WITH POLICIES AND
PROCEDURES.   During the Term, Employee shall adhere to the
policies and standards of professionalism set forth in the Company’s Policies
and Procedures as they may exist from time to time.

(viii)        REMEDIES FOR BREACH.   Employee
expressly agrees and understands that Employee will notify the Company in
writing of any alleged breach of this Agreement by the Company, and the Company
will have thirty (30) days from receipt of Employee’s notice to cure any such
breach.

Employee expressly agrees and understands that the
remedy at law for any breach by Employee of this Section b will be
inadequate and that damages flowing from such breach are not usually
susceptible to being measured in monetary terms.  Accordingly, it is acknowledged that upon
Employee’s violation of any provision of this Section b, in addition to
any remedy of law available to the Company, the Company shall be entitled to
obtain from any court of competent jurisdiction immediate injunctive relief and
obtain a temporary order restraining any threatened or further breach as well
as an equitable accounting of all profits or benefits arising out of such
violation.  Nothing in this
Section b shall be deemed to limit the Company’s remedies at law or in
equity for any breach by Employee of any of the provisions of this
Section b, which may be pursued by or available to the Company.

The Company expressly agrees and understands that the
Company will notify Employee in writing of any alleged breach of this Agreement
by Employee, and Employee will have thirty (30) days from receipt of the
Company’s notice to cure any such breach, of such breach is curable.

5

(ix)           SURVIVAL OF PROVISIONS.   The
obligations contained in this Section b shall, to the extent provided in this
Section b, survive the termination or expiration of Employee’s employment with
the Company and, as applicable, shall be fully enforceable thereafter in accordance
with the terms of this Agreement.  If it
is determined by a court of competent jurisdiction in any state that any restriction
in this Section b is excessive in duration or scope or is unreasonable or
unenforceable under the laws of that state, it is the intention of the parties
that such restriction may be modified or amended by the court to render it
enforceable to the maximum extent permitted by the law of that state.

c.             TERMINATION
OF PRIOR AGREEMENTS.   This Agreement constitutes the entire
agreement between the parties and terminates and supersedes any and all prior
agreements and understandings (whether written or oral) between the parties
with respect to the subject matter of this Agreement.  Employee acknowledges and agrees that neither
the Company nor anyone acting on its behalf has made, and is not making, and in
executing this Agreement, Employee has not relied upon, any representations,
promises or inducements except to the extent the same is expressly set forth in
this Agreement.  Employee hereby
represents and warrants that by entering into this Agreement, Employee will not
rescind or otherwise breach any agreement or other legal obligation with any
other person or entity.

d.             ASSIGNMENT;
SUCCESSORS.   This Agreement is personal in its nature and
none of the parties hereto shall, without the consent of the others, assign or
transfer this Agreement or any rights or obligations hereunder; provided that
the Company may assign this Agreement to any of its affiliates; provided
further that, in the event of the merger, consolidation, transfer, or sale of
all or substantially all of the assets of the Company with or to any other
individual entity, this Agreement shall, subject to the provisions hereto, be
binding upon and inure to the benefit of such successor and such successor
shall discharge and perform all the promises, covenants, duties, and
obligations of the Company hereunder, and all references herein to the “Company”
shall refer to such successor.

e.             WITHHOLDING.   The
Company shall make such deductions and withhold such amounts from each payment
and benefit made or provided to Employee hereunder, as may be required from
time to time by applicable law, governmental regulation or order.

f.              HEADING
REFERENCES.   Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose. 
References to “this Agreement” or the use of the term “hereof” shall
refer to these Standard Terms and Conditions and the Employment Agreement
attached hereto, taken as a whole.

g.             WAIVER;
MODIFICATION.   Failure to insist upon strict compliance with
any of the terms, covenants, or conditions hereof shall not be deemed a waiver
of such term, covenant, or condition, nor shall any waiver or relinquishment
of, or failure to insist upon strict compliance with, any right or power
hereunder at any one or more times be deemed a waiver or relinquishment of such
right or power at any other time or times. 
This Agreement shall not be modified in any respect except by a writing
executed by each party hereto.

6

h.             SEVERABILITY.   In the
event that a court of competent jurisdiction determines that any portion of
this Agreement is in violation of any law or public policy, only the portions
of this Agreement that violate such law or public policy shall be stricken.  All portions of this Agreement that do not
violate any statute or public policy shall continue in full force and
effect.  Further, any court order
striking any portion of this Agreement shall modify the stricken terms as
narrowly as possible to give as much effect as possible to the intentions of
the parties under this Agreement.

i.              INDEMNIFICATION.   The
Company shall indemnify and hold Employee harmless for acts and omissions in
Employee’s capacity as an officer, director or employee of the Company to the
maximum extent permitted under applicable law; provided,
however, that neither the Company, nor any of its subsidiaries or
affiliates shall indemnify Employee for any losses incurred by Employee as a
result of acts described in Section a(iii) of the Standard Terms and
Conditions.

j.              COUNTERPARTS.   This
Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same instrument.  Employee expressly
understands and acknowledges that the Agreement to which these Standards Terms
and Conditions are attached is incorporated herein by reference, deemed a part
of these Standard Terms and Conditions and is binding and enforceable part of
these Standard Terms and Conditions.  References
to “Standard Terms and Conditions” or the use of the term “hereof” shall refer
to the Standard Terms and Conditions and the Agreement to which these Standard
Terms and Conditions are attached, taken as a whole.

                IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed and
delivered by its duly authorized officer and Employee has executed and
delivered this Agreement on the date above first written.

 

	
  EXPEDIA, INC.

  	
   

  	
  WILLIAM RUCKELSHAUS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  s/

  	
   

  	
   

  	
  s/

  	
   

  
	
  Gregory S. Stanger

  Sr. Vice President and Chief Financial Officer

  	
   

  	
   

  

 

7

EXHIBIT
A

 

FORM OF
RELEASE AGREEMENT

 

                This
Release Agreement (“Release”) is entered into as of this      
day of             ,
200   , hereinafter “Execution Date”, by and between [Employee
Full Name} (hereinafter “Employee”), and Expedia, Inc., its successors and
assigns (hereinafter, the “Company”).  The
Employer and the Company are sometimes collectively referred to as the “Parties”.

 

1.                                       The Employee’s
employment with the Company is terminated effective [Month, Day, Year]
(hereinafter “Termination Date”).  The
Parties have agreed to avoid and resolve any alleged existing or potential
disagreements between them arising out of or connected with the Employee’s
employment with the Company including the termination thereof.  The Company expressly disclaims any
wrongdoing or any liability to the Employee.

 

2.                                       The Company
agrees to provide the Employee the severance benefits provided for in his/her
Employment Agreement with the Company, dated as of      ,
2005, after he/she executes this Release [FOR 40+ and does not revoke it as
permitted in Section 9 below, the expiration of such revocation period being
the “Effective Date”)].

 

3.                                       Employee
represents that he/she has not filed, and will not file, any complaints,
lawsuits, administrative complaints or charges relating to her employment with,
or resignation from, the Company[; provided, however, that nothing contained in
this Section 3 shall prohibit you from bringing a claim to challenge the
validity of the ADEA Release in Section 9 herein].  Employee agrees to release the Company, its subsidiaries,
affiliates, Board of Directors, officers, employees, agents and assigns
(collectively, the “Released Parties”), from any and all claims, charges,
complaints, causes of action or demands of whatever kind or nature that
Employee now has or has ever had against the Released Parties, whether known or
unknown, arising from or relating to Employee’s employment with or discharge
from the Company, including but not limited to: 
wrongful or tortious termination; constructive discharge; implied or
express employment contracts and/or estoppel; discrimination and/or retaliation
under any federal, state, or local statute or regulation, specifically
including any claims Employee may have under the Fair Labor Standards Act, the
Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964 as
amended, and the Family and Medical Leave Act; the discrimination or other
employment laws of the State of Washington; any claims brought under any federal
or state statute or regulation for non-payment of wages or other compensation,
including stock grants or stock options; and libel, slander, or breach of
contract other than the breach of this Release. 
This Release specifically excludes claims, charges, complaints, causes
of action

 

8

 

                                                or demand that
post-date the Termination Date [or the Effective Date, whichever is later,] and
that are based on factual allegations that do not arise from or relate to
Employee’s present employment with or resignation from the Company.

 

4.                                       Employee agrees
to keep the fact that this Release exists and the terms of this Release in
strict confidence except to his/her immediate family and his/her financial and
legal advisors on a need-to-know basis.

 

5.                                       Employee
acknowledges and affirms that he/she has previously executed an Employment Agreement
(attached) dated                ,
2002, and that the terms and conditions of such agreement that survive the
employment relationship are not affected by this Release.  Employee represents that he/she has returned
all property belonging to the Company.

 

6.                                       Employee
warrants that no promise or inducement has been offered for this Release other
than as set forth herein and that this Release is executed without reliance
upon any other promises or representations, oral or written.  Any modification of this Release must be made
in writing and be signed by Employee and the Company.

 

7.                                       Employee will
direct all employment verification inquires to [HR Rep].  In response to inquiries regarding Employee’s
employment with the Company, the Company by and through its speaking agent(s)
agrees to provide only the following information:  Employee’s date of hire, the date her
employment ended and rates of pay.

 

8.                                       If any
provision of this Release or compliance by Employee or the Company with any
provision of the Release constitutes a violation of any law, or is or becomes
unenforceable or void, then such provision, to the extent only that it is in
violation of law , unenforceable or void, will be deemed modified to the extent
necessary so that it is no longer in violation of law, unenforceable or void,
and such provision will be enforced to the fullest extent permitted by law.  If such modification is not possible, said
provision, to the extent that this is in violation of law, unenforceable or
void, will be deemed severable from the remaining provisions of this Release,
which provisions will remain binding on both Employee and the Company.  This Release is governed by, and construed
and interpreted in accordance with the laws of the State of Washington, without
regard to principles of conflicts of law. 
Employee consents to venue and personal jurisdiction in the State of
Washington for disputes arising under this Release.  This Release represents the entire
understanding  with the Parties with
respect to subject matter herein, no oral representations have been made or
relied upon by the Parties.

 

9

 

9.                                       [FOR EMPLOYEES
OVER 40 ONLY — In further recognition of the above, Employee hereby releases
and discharges the Released Parties from any and all claims, actions and causes
of action that he/she may have against the Released Parties, as of the date of
the execution of this Release, arising under the Age Discrimination in
Employment Act of 1967, as amended (“ADEA”), and the applicable rules and
regulations promulgated thereunder.  The
Employee acknowledges and understands that ADEA is a federal statute that
prohibits discrimination on the basis of age in employment, benefits and
benefit plans.  Employee specifically
agrees and acknowledges that:  (A) the
release in this Section 9 was granted in exchange for the receipt of
consideration that exceeds the amount to which he/she would otherwise be
entitled to receive upon termination of his/her employment; (B) his/her waiver
of rights under this Release is knowing and voluntary as required under the
Older Workers Benefit Protection Act; (B) that he/she has read and understands
the terms of this Release; (C) he/she has hereby been advised in writing by the
Company to consult with an attorney prior to executing this Release; (D) the
Company had given him/her a period of up to twenty-one (21) days with which to
consider this Release, which period shall be waived by the Employee’s voluntary
execution prior to the expiration of the twenty-one day period; and (E)
following his/her executions of this Release he/she has seven (7) days in which
to revoke his/her release as set forth in this Section 9 only and that, if
he/she chooses not to so revoke, the Release in this Section 9 shall then
become effective and enforceable and the payment listed above shall then be
made to his/her in accordance with the terms of this Release.  To cancel this Release, Employee understands
that he/she must give a written revocation to the General Counsel of the
Company at 13810 SE Eastgate Way, Suite 400, Bellevue, Washington 98005, either
by hand delivery or certified mail within the seven-day period.  If he/she rescinds the Release, it will not
become effective or enforceable and he/she will not be entitled to any benefits
from the Company.]

 

10.                                 EMPLOYEE
ACKNOWLEDGES AND AGREES THAT HE/SHE HAS CAREFULLY READ AND VOLUNTARILY SIGNED
THIS RELEASE, THAT HE/SHE HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF
HIS/HER CHOICE, AND THAT HE/SHE SIGNS THIS RELEASE WITH THE INTENT OF RELEASING
EXPEDIA AND ITS OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FROM ANY AND ALL
CLAIMS.

 

10

 

ACCEPTED
AND AGREED TO:

 

 

 

	
  Expedia, Inc.

  	
   

  	
  [Employee Full Name]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  Dated:

  	
   

  

 

11

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