Document:

Warrant to Purchase Common Stock issued to Escalate Capital

 Exhibit 4.8 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED OR HYPOTHECATED, OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

WARRANT TO PURCHASE STOCK 
  

			
	Corporation:	  	WVR Group, Inc.
		
	Number of Shares:	  	465,468
		
	Class of Stock:	  	Common Stock
		
	Initial Exercise Price:	  	$0.01 per Share
		
	Issue Date:	  	December 28, 2005
		
	Expiration Date:	  	December 28, 2012

 THIS WARRANT CERTIFIES
THAT, in consideration of the payment of $1.00 and for other good and valuable consideration, Escalate Capital I, L.P. or its assignee (“Holder”) is entitled to purchase the number of fully paid and nonassessable shares of
the class of securities (the “Shares”) of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant Price”) all as set forth above and as adjusted
pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 
 ARTICLE 1.
EXERCISE. 
 1.1 Method of Exercise. Holder may exercise this Warrant by delivering this Warrant and a duly
executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder shall also deliver to the Company
a check for the aggregate Warrant Price for the Shares being purchased. 
 1.2 Conversion Right. In lieu of
exercising this Warrant as specified in Section 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other
securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.3.

 1.3 Fair Market Value. If the Shares are traded regularly in a public market, the fair market value of the
Shares shall be the closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the
Shares are not regularly traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company
shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired. 

1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company at Holder’s expense shall execute and deliver, in lieu of this Warrant, a new Warrant of like tenor. 

 1.6 Repurchase on Sale, Merger, or Consolidation of the Company. 

1.6.1 “Acquisition.” For the purpose of this Warrant, “Acquisition” means any sale, exclusive
license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities before the
transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 

1.6.2 Assumption of Warrant. If upon the closing of any Acquisition the successor entity assumes the obligations of this Warrant,
then this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the surviving corporation to assume the obligations of this Warrant. 

1.6.3 Nonassumption. If upon the closing of any Acquisition the successor entity does not assume the obligations of this Warrant
and Holder has not otherwise exercised this Warrant in full, then this Warrant shall be deemed to have been automatically converted pursuant to Section 1.2 and thereafter Holder shall participate in the Acquisition on the same terms as other
holders of the same class of securities of the Company. 
 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock, or other
securities, subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which
Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 

2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in
a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder
would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. The Company or its successor shall promptly issue to Holder a new Warrant for such new securities
or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the
number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 

2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise,
into a lesser number of shares, the Warrant Price shall be proportionately increased 
 2.4 No Impairment. The Company
shall not, by amendment of its Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out all the provisions of this Article 2 and in taking all such action as may be necessary or
appropriate to protect Holder’s rights under this Article against impairment. 
 2.5 Certificate as to Adjustments.
Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment
is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

 2.7 Fractional Shares. No fractional Shares shall be issuable upon exercise or
conversion of the Warrant and the Number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional
shares interest by paying Holder an amount computed by multiplying the fractional interest by the fair market value of a full Share. 
 ARTICLE
3. REPRESENTATIONS AND COVENANTS. 
 3.1 Representations and Warranties of the Company. The Company hereby
represents and Warrants to the Holder as follows: 
 (a) The initial Warrant Price referenced on the first page of this Warrant
is not greater than the price per share at which the Shares were last issued in an arms-length transaction in which at least $500,000 of the Shares were sold. 
 (b) All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 

(c) The table attached hereto as Exhibit A is a correct statement of the capitalization of the Company as of the Issue Date.

 3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution
upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of
any class or series or other rights; (c) to effect any reclassification or recapitalization of common stock; or (d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of
its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder (1) at least 20 days prior written notice of the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and (2) in the case of
the matters referred to in (c) and (d) above at least 20 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for
securities or other property deliverable upon the occurrence of such event). 
 3.3 Information Rights. So long as the
Holder holds this Warrant and/or any of the Shares, the Company shall deliver to the Holder (a) promptly after mailing, copies of all communiques to all holders of Shares, (b) within 120 days after the end of each fiscal year of the
Company, annual audited financial statements of the Company certified by independent public accountants of recognized standing, and (c) within 45 days after the end of each of the first three quarters of each fiscal year, the Company’s
quarterly, unaudited financial statements. The information rights set forth in this Section 3.3 shall terminate and be of nor further force or effect upon the earlier to occur of (i) the closing of the Company’s initial underwritten
public offering of its securities to the general public pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended (the “Act”), (ii) the closing of an Acquisition,
or (iii) the Company becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

3.4 Registration Under Securities Act of 1933, as amended. The Shares shall be deemed “Registrable Securities” or
otherwise entitled to “piggy back” registration rights and related obligations and Holder shall be deemed a “Holder” (for purposes of such “piggy back” registrations rights and related obligations only) in accordance
with the terms of the Investor Rights Agreement dated February 1, 2005, as may be subsequently amended (the “Rights Agreement”) between the Company and its investor(s) in the form presented to Holder as of the Issue Date. 

 3.5 Representations and Warranties of Holder. With respect to the issuance of this
Warrant and the acquisition of any of the Shares, Holder hereby represents and warrants to the Company as follows: 
 (a)
Purchase for Own Account. This Warrant is granted to Holder in reliance upon Holder’s representation to the Company that the Shares will be acquired for investment for the Holder’s account, not as a nominee or agent, and not with a
view to the resale or distribution, within the meaning of the Act, of any part thereof and that Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. Holder further represents that Holder does
not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person with respect to any of the Shares. Holder also represents that the Holder has not been
formed for the specific purpose of acquiring this Warrant or the Shares. 
 (b) Disclosure of Information. The Holder has
received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. The Holder further has had an
opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to request additional information necessary to verify any information furnished to
the Holder or to which the Holder has access. 
 (c) Investment Experience. The Holder understands that the purchase of
this Warrant and its underlying securities involves substantial risk. The Holder has experience as an investor in securities of companies in the development stage and acknowledges that the Holder can bear the economic risk of such Holder’s
investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that the Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying
securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables the Holder to be aware of the character, business acumen and
financial circumstances of such persons. 
 (d) Accredited Investor Status. The Holder is an “accredited
investor” within the meaning of Regulation D promulgated under the Act. 
 (e) The Act. The Holder understands that
this Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the
Holder’s investment intent as expressed herein. The Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under
applicable state securities laws, or unless one or more exemptions from such registration and qualification are otherwise available. 
 3.6 “Market Stand-Off” Agreement. Holder (and its affiliates) hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period
commencing on the date of the final prospectus relating to the Company’s initial public offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) calendar
days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or
indirectly, any securities of the Company, including (without limitation) shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (whether now owned or hereafter acquired) or (ii) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any securities of the Company, including (without limitation) shares of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock (whether now owned or hereafter acquired), whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of securities, in cash or otherwise. The foregoing
covenants shall apply only to the Company’s initial public offering of equity securities, shall not apply to the sale of any shares by Holder (or its affiliates) to an underwriter pursuant to an underwriting agreement and shall only be
applicable to Holder (and its affiliates) if all the Company’s executive officers, directors and greater than five percent (5%) stockholders enter into similar agreements. Holder (and its affiliates) agrees to execute an

 
agreement(s) reflecting (i) and (ii) above as may be requested by the managing underwriters at the time of the initial public offering, and further agrees that the Company may impose
stop transfer instructions with its transfer agent in order to enforce the covenants in (i) and (ii) above. The underwriters in connection with the Company’s initial public offering are intended third party beneficiaries of the
covenants in this Section 3.6 and shall have the right, power and authority to enforce such covenants as though they were a party hereto. 

ARTICLE 4. MISCELLANEOUS. 
 4.1 Term. This Warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above. If this Warrant has not been exercised prior to the
Expiration Date, this Warrant shall be deemed to have been automatically converted on the Expiration Date by “cashless” conversion pursuant to Section 1.2. 
 4.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following
form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED FOR SALE,
SOLD, PLEDGED OR HYPOTHECATED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS FOLLOWING THE
EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN THAT CERTAIN WARRANT BETWEEN THE CORPORATION AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT
THE CORPORATION’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 
 4.3
Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in
whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably acceptable to
the Company, as reasonably requested by the Company). 
 4.4 Transfer Procedure. Subject to the provisions
of Section 4.3, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the
portion of the Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable); provided,
however, that Holder may transfer all or part of this Warrant to its affiliates, at any time with notice to the Company, and such affiliate shall then be entitled to all the rights of Holder under this Warrant and any related agreements, and the
Company shall cooperate fully in ensuring that any stock issued upon exercise of this Warrant is issued in the name of the affiliate that exercises the Warrant. The terms and conditions of this Warrant shall inure to the benefit of, and be binding
upon, the Company and the holders hereof and their respective permitted successors and assigns. Unless the 

 
Company is filing financial information with the SEC pursuant to the Exchange Act, the Company shall have the right to refuse to transfer any portion of this Warrant to any person who directly
competes with the Company. 
 4.5 Notices. All notices and other communications from the Company to the Holder, or vice
versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by
the Company or such Holder from time to time. 
 4.6 Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 4.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from
the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 
 4.8 Governing Law. This
Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
 [Signature page follows.] 

 The Company has caused this Warrant to be duly executed and delivered as of the date
specified above. 
  

			
	 	 	COMPANY:
		
	 	 	WVR GROUP, INC.
		
	By:	 	 /s/ Jerome L. Gallant

		
	Name:	 	 Jerome L. Gallant

		
	Title:	 	 Chief Financial Officer

AGREED AND ACKNOWLEDGED: 
  

			
	 	 	HOLDER:
		
	 	 	ESCALATE CAPITAL I, L.P..
		
	By:	 	 /s/ William A. Schell

		
	Name:	 	 William A. Schell

		
	Title:	 	 General Partner/Member

 APPENDIX I 
 NOTICE OF EXERCISE 
 1. The undersigned hereby elects to purchase
                     shares of the
                     stock of Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price of
such shares in full. 
 1. The undersigned hereby elects to convert the attached Warrant into shares in the manner specified in the Warrant.
This conversion is exercised with respect to                      of the shares covered by the Warrant. 

[Strike paragraph that does not apply.] 

2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:

 Escalate Capital I, L.P. 
 Or Registered Assignee 
 3. The undersigned represents it is acquiring the shares solely for its
own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
 Escalate Capital I, L.P. or Registered Assignee 
  

	
	  

	(Signature)
	
	  

	(Date)Warrant to Purchase Common Stock issued to GuestClick

 Exhibit 4.9 
 Issue Date: July 31, 2006 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND QUALIFIED UNDER
APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED. 

HOMEAWAY, INC. 
 STOCK PURCHASE WARRANT 
 THIS
CERTIFIES that GuestClick, Inc., a Florida corporation (the “Holder”), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or after the date of this Warrant and on or prior to
July 31, 2011 (the “Expiration Date”), to subscribe for and purchase from HomeAway, Inc., a Delaware corporation (the “Company”), 100,000 shares of the Company’s Common Stock (the
“Shares”) at an exercise price of 2.00 (two dollars) per share (the “Exercise Price”). The Exercise Price and the Shares purchasable hereunder are subject to adjustment as set forth in Section 9 hereof. This
Warrant is issued pursuant to that certain Agreement dated June 1, 2006, by and between the Company and the Holder (the “GuestClick Agreement”). Capitalized terms not otherwise defined herein shall have the same meanings as
when used in the GuestClick Agreement. 
 1. Exercise of Warrant. 

(a) Unless earlier terminated under Section 12 hereof, the purchase rights represented by this Warrant shall be exercisable by
the Holder (i) as to 50,000 of the Shares (the “Phase One Shares”) at any time after the date of delivery and successful operation of VacationClick Software on TripHomes quality assurance servers and before the close of
business on the Expiration Date; and (ii) as to 50,000 of the Shares (the “Phase Two Shares”) at any time after the date of the Phase Two Closing and before the close of business on the Expiration Date; provided,
however, in the event that the Phase Two Closing does not occur by the date set forth in paragraph 3 of Schedule 4 of the GuestClick Agreement, the purchase rights as to the Phase Two Shares shall terminate as of such date. Unless earlier
terminated under Section 12 hereof, the purchase rights represented by this Warrant shall be exercisable by the Holder, in whole or in part, by the surrender of this Warrant and the Notice of Exercise annexed hereto duly executed at the
principal executive office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company), and upon payment of the Exercise
Price of the Shares thereby purchased (by cash or by check or bank draft payable to the order of the Company); whereupon the Holder shall be entitled to receive a certificate for the number of Shares so purchased. The Company agrees that if at the
time of the surrender of this Warrant and purchase of the Shares, the Holder shall be entitled to exercise this Warrant, the Shares 

 
so purchased shall be and be deemed to be issued to the Holder as the record owner of such Shares as of the close of business on the date on which this Warrant shall have been exercised as
aforesaid. 
 (b) In lieu of exercising this Warrant by payment of cash or check pursuant to subsection (a) above, the
Holder may, unless earlier terminated under Section 12 hereof, elect to receive Shares equal to the value of this Warrant (or the portion thereof being exercised), at any time after the date hereof and before the close of business on the
Expiration Date, by surrender of this Warrant at the principal executive office of the Company, together with the Notice of Conversion annexed hereto, in which event the Company will issue to the Holder Shares in accordance with the following
formula: 
  

									
		  		 		 	Y(A-B)	  	
		  	X	 	    =    	 	A	  	

  

							
	Where,    	  	X    	  	=    	  	the number of Shares to be issued to Holder;
				
		  	Y    	  	=    	  	the number of Shares for which the Warrant is being exercised;
				
		  	A    	  	=    	  	the fair market value of one Share; and
				
		  	B    	  	=    	  	the Exercise Price.

 (i) For purposes of
this subsection (b), the fair market value of a Share is defined as follows: 
 (1) if the exercise is in connection with an
initial public offering of the Common Stock, and if the Company’s registration statement relating to such offering has been declared effective by the Securities and Exchange Commission, then the fair market value shall be the initial
“Price to Public” specified in the final prospectus with respect to the offering; 
 (2) if the exercise is in
connection with a Change of Control (as defined below), then the fair market value shall be the value received in such Change of Control by the holders of the securities as to which purchase rights under this Warrant exist; 

(3) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the
Company’s Board of Directors. 
 (ii) A “Change of Control” shall mean (x) the acquisition of the
Company by another entity by means of any transaction or series of related transactions (including, without limitation, any merger, consolidation or other form of reorganization in which outstanding shares of the Company are exchanged for securities
or other consideration issued, or caused to be issued, by the acquiring entity or its subsidiary, but excluding any transaction effected primarily for the purpose of changing the Company’s jurisdiction of incorporation), unless the
Company’s stockholders of record as constituted immediately prior to such transaction or series of related transactions will, immediately after such transaction or series of related transactions hold at least a majority of the

  
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voting power of the surviving or acquiring entity or (y) a sale of all or substantially all of the assets of the Company. 

2. Nonassessable. The Company covenants that all Shares which may be issued upon the exercise of rights represented by this
Warrant will, upon exercise of the rights represented by this Warrant, be validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue). Certificates for Shares purchased hereunder shall be delivered to the Holder within a reasonable time after the date on which this Warrant shall have been exercised as aforesaid. 

3. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the then current price at which each Share may be purchased hereunder shall be paid in cash to the
Holder. 
 4. Charges, Taxes and Expenses. Issuance of certificates for Shares upon the exercise of this Warrant shall be
made without charge to the Holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in
the name of the Holder. 
 5. No Rights as Stockholder. This Warrant does not entitle the Holder to any voting
rights, dividend rights or other rights as a stockholder of the Company prior to the exercise hereof. Without limiting the foregoing, no dividends shall accrue on any Shares purchased pursuant to this Warrant prior to the exercise hereof.

 6. Registration Under Securities Act of 1933, as amended. The Shares shall be deemed “Registrable
Securities” or otherwise entitled to “piggy back” registration rights and related obligations and Holder shall be deemed a “Holder” (for purposes of such “piggy back” registrations rights and related obligations
only) in accordance with the terms of that certain Amended and Restated Investors’ Rights Agreement dated May 26, 2006, as may be subsequently amended (the “Rights Agreement”) between the Company and its investor(s) in the form
presented to Holder as of the Issue Date. 
 7. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt of
evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement satisfactory in form and substance to the Company or, in the
case of mutilation, on surrender and cancellation of this Warrant, the Company, at the Holder’s expense, shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 

8. 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, a 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 legal holiday. 

  
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 9. Adjustments. The Exercise Price and the number of Shares purchasable hereunder are
subject to adjustment from time to time as set forth in this Section 9. 
 (a) Reclassification, etc. If the
Company, at any time while this Warrant, or any portion hereof, remains outstanding and unexpired by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same
or a different number of securities or any other class or classes, this Warrant 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 that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this
Section 9. 
 (b) Subdivision or Combination of Shares. In the event that the Company shall at any time subdivide
the outstanding securities as to which purchase rights under this Warrant exist, or shall issue a stock dividend on the securities as to which purchase rights under this Warrant exist, the number of securities as to which purchase rights under this
Warrant exist immediately prior to such subdivision or to the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the Company shall at any time combine
the outstanding securities as to which purchase rights under this Warrant exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such combination shall be proportionately decreased, and the Exercise
Price shall be proportionately increased, effective at the close of business on the date of such subdivision, stock dividend or combination, as the case may be. 
 (c) Cash Distributions. No adjustment on account of cash dividends or interest on the securities as to which purchase rights under this Warrant exist will be made to the Exercise Price under this
Warrant. 
 10. Restrictions on Transferability of Securities. 

(a) Restrictions on Transferability. This Warrant and the Shares issuable upon exercise of this Warrant (collectively the
“Securities”) shall not be sold, assigned, transferred or pledged except upon the conditions specified in this Section 10 and in compliance with Section 13 hereof, which conditions are intended to ensure compliance with
the provisions of the Securities Act of 1933, as amended (the “Securities Act”). The Holder will cause any proposed purchaser, assignee, transferee, or pledgee of the Securities to agree (i) to take and hold such Securities
subject to the provisions and upon the conditions specified in this Section 10 and (ii) to provide the representations in Section 11 hereof. 
 (b) Restrictive Legend. Each certificate representing the Securities and any other securities issued in respect of the Securities upon any stock split, stock dividend, recapitalization, merger,
consolidation or similar event, shall (unless otherwise permitted by the provisions of Section 10(c) below) be stamped or otherwise imprinted with legends in the following forms (in addition to any legend required under applicable state
securities laws): 

  
 - 4 -

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, OR
UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, INCLUDING A RIGHT OF FIRST REFUSAL AND A
LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THE WARRANT AGREEMENT, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH TRANSFER
RESTRICTIONS, INCLUDING THE RIGHT OF FIRST REFUSAL AND LOCK-UP PERIOD, ARE BINDING ON TRANSFEREES OF THE SECURITIES. 
 Each
holder of Securities and each subsequent transferee consents to the Company making a notation on its records and giving instructions to any transfer agent of the Securities in order to implement the restrictions on transfer established in this
Section 10. 
 (c) Notice of Proposed Transfers. Each holder of a warrant or stock certificate, as the case may be,
representing the Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 10(c) and the provisions set forth in Section 13 hereof. Such holder agrees not to make any disposition of all or any
portion of the Securities unless and until (X) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement or
(Y) such holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company,
such holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company that such disposition will not require registration of such shares under the Securities Act. 

11. Investment Representations and Covenants of the Holder. With respect to the acquisition of any of the Securities, the Holder
hereby represents and warrants to the Company as follows: 
 (a) Accredited Investor Status. The Holder is an
“accredited investor” within the meaning of Regulation D promulgated under the Securities Act. 
 (b)
Experience. The Holder is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. 

  
 - 5 -

 (c) Investment. The Holder is acquiring the Securities for investment for its own
account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that the Securities have not been, and will not be, registered under the Securities Act by reason of a
specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed
herein. 
 (d) Rule 144. The Holder acknowledges that the Securities must be held indefinitely unless subsequently
registered under the Securities Act, or unless an exemption from such registration is available. The Holder understands that the Company is not under any obligation to register any of the Securities. The Holder is aware of the provisions of Rule 144
promulgated under the Securities Act that permit limited resale of securities purchased in a private placement subject to satisfaction of certain conditions. 
 (e) No Public Market. The Holder understands that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will
ever exist for the Securities. 
 (f) Market Standoff. The Holder hereby agrees that it will not, without the prior
written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial public offering and ending on the date specified by the Company and the managing underwriter (such
period not to exceed one hundred eighty (l80) calendar days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any securities of the Company, including (without limitation) shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (whether now owned or
hereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any securities of the Company, including (without limitation) shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock (whether now owned or hereafter acquired), whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of
securities, in cash or otherwise. The Holder agrees to execute an agreement(s) reflecting (i) and (ii) above as may be requested by the managing underwriters at the time of the initial public offering, and further agrees that the Company
may impose stop transfer instructions with its transfer agent in order to enforce the covenants in (i) and (ii) above. The underwriters in connection with the Company’s initial public offering are intended third party beneficiaries of
the covenants in this subsection (e) and shall have the right, power and authority to enforce such covenants as though they were a party hereto. 
 (g) Access to Data. The Holder has had an opportunity to discuss the Company’s business, management and financial affairs with the Company’s management and has also had an opportunity to
ask questions of the Company’s officers, which questions were answered to its satisfaction. 
 12. Early
Termination. The purchase rights represented by this Warrant shall terminate and be of no further force and effect upon the first to occur of (a) the closing of the Company’s first

  
 - 6 -

 
firm commitment underwritten public offering of its Common Stock or other securities pursuant to an effective registration statement under the Securities Act or (b) the closing of a Change
of Control. 
 13. Company’s Right of First Refusal. Before any Securities held by Holder or any transferee
(sometimes referred to herein as the Holder) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Securities, or any portion
thereof, on the terms and conditions set forth in this Section 13 (the “Right of First Refusal”). 
 (a)
Notice of Proposed Transfer. The Holder of the Securities shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Securities;
(ii) the name of each proposed purchaser or other transferee (the “Proposed Transferee”); (iii) the number of Securities to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other
consideration for which the Holder proposes to transfer the Securities (the “Offered Price”), and the Holder shall offer the Securities at the Offered Price to the Company or its assignee(s). 

(b) Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or
its assignee(s) may, by giving written notice to the Holder, elect to purchase up to all of the Securities proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with
subsection (c) below. 
 (c) Purchase Price. The purchase price (the “Purchase Price”) for the
Securities purchased by the Company or its assignee(s) under this Section 13 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by
the Board of Directors of the Company in good faith. 
 (d) Payment. Payment of the Purchase Price shall be made, at the
option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination
thereof within thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(e) Holder’s Right to Transfer. To the extent the Securities, or any portion thereof, in the Notice are not purchased by the
Company and/or its assignee(s) as provided in this Section 13, then the Holder may sell or otherwise transfer such Securities to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is
consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this
Section 13 shall continue to apply to the Securities in the hands of such Proposed Transferee. If the Securities described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the
Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Securities held by the Holder may be sold or otherwise transferred. 

  
 - 7 -

 14. Notices. In the event (i) the Company shall take a record of the holders of
the securities at the time receivable upon the exercise of this Warrant for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right, (ii) of any capital reorganization of the Company, (iii) of any reclassification of the capital stock of the Company, (iv) of any Change of Control or (v) of any voluntary dissolution,
liquidation or winding-up of the Company, then, and in each such case, the Company will mail or cause to be mailed to the Holder a notice specifying, as the case may be, (A) the date on which a record is to be taken for the purpose of such
dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (B) the date on which such reorganization, reclassification, Change of Control, dissolution, liquidation or winding-up is to take
place, and the time, if any is to be fixed, as of which the holders of the securities at the time receivable upon the exercise of this Warrant shall be entitled to exchange such securities for the securities or other property deliverable upon such
reorganization, reclassification, Change of Control, dissolution, liquidation or winding-up. Such notice shall be mailed at least fifteen (15) days prior to the date therein specified. 

15. Miscellaneous. 
 (a) Governing Law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF TEXAS AS SUCH LAWS ARE APPLIED TO AGREEMENTS BETWEEN TEXAS RESIDENTS ENTERED INTO AND TO BE PERFORMED
ENTIRELY WITHIN TEXAS; PROVIDED, HOWEVER, THAT WITH RESPECT TO MATTERS OF CORPORATE LAW, THE DELAWARE GENERAL CORPORATION LAW SHALL APPLY WITHOUT REGARD TO CONFLICT OF LAWS RULES. 

(b) Restrictions. By acceptance hereof, the Holder acknowledges that the Shares acquired upon the exercise of this Warrant may
have restrictions upon its resale imposed by state and federal securities laws. 
 (c) Waivers and Amendments. This
Warrant and any provisions hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought. 

(d) Assignment. This Warrant may be assigned or transferred by the Holder only with the prior written approval of the Company.
This Warrant shall be binding upon any successors or assigns of the Company. 
 (e) Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be delivered personally by hand or by courier, mailed by United States first-class mail, postage prepaid, sent by facsimile or sent by electronic mail directed to the party
to be notified at the address, facsimile number or electronic mail address indicated for such person on the signature page hereof, or at such other address, facsimile number or electronic mail address as such party may designate by ten
(10) days’ advance written notice to the other parties hereto. All such notices and other communications shall be deemed given upon personal delivery, on the date of mailing, upon confirmation of facsimile transfer or when directed to the
electronic mail address set forth on signature page hereof. With respect to any notice given by the 

  
 - 8 -

 
Company under any provision of the Delaware General Corporation Law or the Company’s charter or bylaws, the Holder agrees that such notice may be given by facsimile or by electronic mail.

 (f) Counterparts. This Warrant may be executed in any number of counterparts, each of which shall be enforceable, and
all of which together shall constitute one instrument. 
 [Remainder of page intentionally left blank. Signature page to
follow.] 

  
 - 9 -

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized. 
  

			
	HomeAway, Inc.
		
	By:	 	 /s/ Carl Shepherd

		
	Its:	 	
President

			
	
	Address:
	
	3801 Capital of Texas Highway, Suite 150
	Austin, Texas 78704
	Facsimile: (512) 684-1063
	Email:	 	  

 

			
	AGREED AND ACKNOWLEDGED:
	
	“Holder”
	
	 /s/ Aaron Shepherd

	(Signature)
	
	 Aaron Shepherd

	(Print Name)
	
	 CEO, Guestclick, Inc.

	(Title if signing of behalf of an entity)
	
	Address*:
	
	 3301 Bonita Beach Road, #205

	 Bonita Springs, FL 34134

	  

	Facsimile:	 	  

			
	Email:	 	 aaron.shepherd@guestclick.com

 

	*	Please indicate address for notice purposes. 

 HOMEAWAY, INC. 

SIGNATURE PAGE TO WARRANT 

 NOTICE OF EXERCISE 

 

	TO:	HomeAway, Inc. 

 3801 Capital of
Texas Highway, Suite 150 
 Austin, Texas 78704 
 Facsimile: (512) 684-1063 
 ATTN: Secretary 

1. The undersigned hereby elects to purchase
                     shares of the Common Stock (the “Shares”) of HomeAway, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price in full. 
 2. Please issue a certificate or certificates
representing the Shares in the name of the undersigned or in such other name as is specified below: 
  

							
		  	  
	  	
		  	(Print Name)	  	
				
		  	Address:	 	  
	  	
			
		  	  
	  	

 3. The undersigned hereby makes the representations and covenants to the Company set forth in
Section 11 hereof in connection with the purchase of the Shares. 
  

					
	  
	 		 	  

	(Date)	 		 	(Signature)
			
		 		 	  

		 		 	(Print Name)
			
		 		 	  

		 		 	(Title if Signing on Behalf of an Entity)

 NOTICE OF CONVERSION 

 

	TO:	HomeAway, Inc. 

 3801 Capital of
Texas Highway, Suite 150 
 Austin, Texas 78704 
 Facsimile: (512) 684-1063 
 ATTN: Secretary 

1. The undersigned hereby elects to convert the attached Warrant into
                     shares of the Common Stock (the “Shares”) of HomeAway, Inc. pursuant to Section 1(b) of such
Warrant, which conversion shall be effected pursuant to the terms of the attached Warrant. 
 2. Please issue a certificate or
certificates representing the Shares in the name of the undersigned or in such other name as is specified below: 
  

							
		  	  
	  	
		  	(Print Name)	  	
				
		  	Address:	 	  
	  	
			
		  	  
	  	

 3. The undersigned hereby makes the representations and covenants to the Company set forth in
Section 11 hereof in connection with the purchase of the Shares. 
  

					
	  
	 		 	  

	(Date)	 		 	(Signature)
			
		 		 	  

		 		 	(Print Name)
			
		 		 	  

		 		 	(Title if Signing on Behalf of an Entity)

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