Document:

FORM OF WARRANT AGREEMENT

 Exhibit 4.2 
 FORM OF 
 EQUITY WARRANT AGREEMENT 

Dated as of                 , 2011 

for 

                       
     Warrants to Purchase 
 UP
TO                            SHARES OF COMMON STOCK 

EXPIRING MAY 7, 2012 
 between 
 TRIPADVISOR, INC. 

and 
 MELLON
INVESTOR SERVICES LLC, as 
 Equity Warrant Agent 

 THIS EQUITY WARRANT AGREEMENT (the “Agreement”), dated as of
                , 2011, is between TripAdvisor, Inc., a Delaware corporation (the “Company” or “TripAdvisor”), and Mellon Investor Services LLC (as
successor-in-interest to The Bank of New York Mellon), a New Jersey limited liability company, as warrant agent (the “Equity Warrant Agent”). 
 WHEREAS, on                 , 2011, TripAdvisor and its former parent company, Expedia, Inc., a Delaware corporation
(“Expedia”), entered into a Separation Agreement (the “Separation Agreement”), which set forth, among other things, the steps for the reclassification and division of Expedia securities and the issuance of TripAdvisor securities,
in each case, for purposes of effecting the separation of TripAdvisor from Expedia into a separate publicly traded company (the “Spin-off”), and which further provided that Expedia would effect a one-for-two reverse stock split immediately
prior to the effective time of the reclassification; 
 WHEREAS, immediately prior to the reverse stock split and the Spin-Off,
Expedia had issued and outstanding the following equity warrants governed by that certain Amended and Restated Equity Warrant Agreement, by and between Expedia and Mellon Investor Services LLC (as successor-in-interest to The Bank of New York
Mellon), as Equity Warrant Agent, dated as of October 25, 2011 (the “Expedia Warrant Agreement”): (i)             warrants, each to purchase one half of one share of
Expedia Common Stock, par value $0.001 per share (“Old Expedia Common Stock”), at an exercise price per warrant of $12.23 (the “$12.23 Expedia Warrants”) and
(ii)             warrants, each to purchase one half of one share of Old Expedia Common Stock, at an exercise price per warrant of $14.45 (the “$14.45 Expedia Warrants”);

 WHEREAS, in accordance with the terms of the Expedia Warrant Agreement and the Separation Agreement, following the completion
of the reverse stock split and the Spin-Off, (i) each $12.23 Expedia Warrant converted into a warrant to purchase one quarter of one share of Expedia Common Stock, par value $0.0001 per share (“New Expedia Common Stock”) at an
exercise price of $            per warrant and a warrant to purchase one quarter of one share of TripAdvisor Common Stock, par value $0.001 (“TripAdvisor Common Stock”) at an
exercise price of $            per warrant (the “$            Warrants”) and (ii) each $14.45 Expedia Warrant
converted into a warrant to purchase one quarter of one share of New Expedia Common Stock, at an exercise price of $            per warrant and a warrant to purchase one quarter of one
share of TripAdvisor Common Stock at an exercise price of $            per warrant (together with the $            Warrants, the
“Expedia Equity Warrants”), with all such TripAdvisor Equity Warrants being evidenced in electronic book-entry form (with any certificates evidencing TripAdvisor Equity Warrants herein referred to as “TripAdvisor Equity Warrant
Certificates”); and 
 WHEREAS, the Company and the Equity Warrant Agent wish to set forth herein the terms of the warrant
agreement governing the TripAdvisor Equity Warrants. 
 NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows: 

  
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 ARTICLE 1. 
 DEFINITIONS 
 “Agreement” shall have the meaning set forth in the
preamble. 
 “Business Day” means any day that is not a Saturday or Sunday and is not a United States federal
holiday or a day on which banking institutions generally are authorized or obligated by law or regulation to close in New York. 

“Cashless Exercise” shall have the meaning set forth in Section 3.3. 

“Cashless Exercise Ratio” means a fraction, the numerator of which is the excess of the Closing Price per share of
TripAdvisor Common Stock on the Exercise Date over the Exercise Price per share as of the Exercise Date and the denominator of which is the Closing Price per share of the TripAdvisor Common Stock on the Exercise Date. 

“Closing Price” for each Trading Day shall be the last reported sales price regular way, during regular trading hours,
or, in case no such reported sales takes place on such day, the average of the closing bid and asked prices regular way, during regular trading hours, for such day, in each case on The Nasdaq Stock Market or, if not listed or quoted on such market,
on the principal national securities exchange on which the shares of TripAdvisor Common Stock are listed or admitted to trading or, if not listed or admitted to trading on a national securities exchange, the last sale price regular way for the
TripAdvisor Common Stock as published by the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), or if such last sale price is not so published by NASDAQ or if no such sale takes place on such day, the
mean between the closing bid and asked prices for the TripAdvisor Common Stock as published by NASDAQ. If the TripAdvisor Common Stock is not publicly held or so listed or publicly traded, “Closing Price” shall mean the Fair Market Value
per share as determined in good faith by the Board of Directors of the Company or, if such determination cannot be made, by a nationally recognized independent investment banking firm selected in good faith by the Board of Directors of the Company.

 “Company” shall have the meaning set forth in the preamble. 

“Current Market Price” shall have the meaning set forth in Section 4.1(d). 

“Equity Warrant Agent” shall have the meaning set forth in the preamble. 

“Equity Warrant Register” shall have the meaning set forth in Section 6.1. 

“Exercise Date” shall have the meaning set forth in 3.3(a). 

“Exercise Price” shall have the meaning set forth in the applicable evidence of TripAdvisor Equity Warrant, whether
TripAdvisor Equity Warrant Certificate or equivalent electronic book-entry. 

  
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 “TripAdvisor Common Stock” shall have the meaning set forth in the
recitals. 
 “TripAdvisor Equity Warrant” and “TripAdvisor Equity Warrants” shall have the
meaning set forth in the recitals. 
 “TripAdvisor Equity Warrant Certificates” shall have the meaning set
forth in the recitals. 
 “Expiration Date” means 5:00 p.m., New York City time, on May 7, 2012.

 “Fair Market Value” means the amount that a willing buyer would pay a willing seller in an arm’s length
transaction. 
 “Formed, Surviving or Acquiring Corporation” shall have the meaning set forth in
Section 5.4. 
 “Holder” means the person or persons in whose name such TripAdvisor Equity Warrants shall
then be registered as set forth in the Equity Warrant Register to be maintained by the Equity Warrant Agent pursuant to Section 6.1 for that purpose. 
 “Initial Holder” shall mean Canal+Benelux BV. 

“Non-Electing Share” shall have the meaning set forth in Section 5.4. 

“Officer’s Certificate” shall have the meaning set forth in Section 7.2(e). 

“Sale Transaction” shall have the meaning set forth in Section 5.4. 

“Time of Determination” shall have the meaning set forth in Section 4.1(d). 

“Trading Day” shall mean a day on which the securities exchange utilized for the purpose of calculating the Closing
Price shall be open for business or, if the shares of TripAdvisor Common Stock shall not be listed on such exchange for such period, a day on which The Nasdaq Stock Market is open for business. 

ARTICLE 2. 

ISSUANCE OF TRIPADVISOR EQUITY WARRANTS AND EXECUTION AND 
 DELIVERY OF TRIPADVISOR EQUITY WARRANTS 
 2.1. Issuance of TripAdvisor Equity
Warrants. TripAdvisor Equity Warrants may be issued by the Company from time to time. 

  
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 2.2. Form and Execution of TripAdvisor Equity Warrant Certificates. 

(a) Except as provided in Section 2.6, the TripAdvisor Equity Warrants shall be evidenced by the TripAdvisor Equity Warrant
Certificates, which shall be in registered form and substantially in the forms set forth as Exhibits A-1 and A-2 attached hereto. Each TripAdvisor Equity Warrant Certificate shall be dated the date it is countersigned by the Equity Warrant Agent and
may have such letters, numbers or other marks of identification and such legends or endorsements printed, lithographed or engraved thereon as are not inconsistent with the provisions of this Agreement (but which do not affect the rights, duties or
responsibilities of the Warrant Agent except as consistent herewith and acknowledged as such by the Warrant Agent or otherwise agreed to by the Warrant Agent), or as may be required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which the TripAdvisor Equity Warrants may be listed, or to conform to usage, as the officer of the Company executing the same may approve (his execution thereof to be conclusive
evidence of such approval). Each Equity Warrant Certificate shall evidence one or more Equity Warrants. 
 (b) The TripAdvisor
Equity Warrant Certificates shall be signed in the name and on behalf of the Company by its Chairman, its Vice Chairman, its Chief Executive Officer, President or a Vice President (any reference to a Vice President of the Company herein shall be
deemed to include any Vice President of the Company whether or not designated by a number or a word or words added before or after the title “Vice President”) under its corporate seal, and attested by its Secretary or an Assistant
Secretary. Such signatures may be manual or facsimile signatures of the present or any future holder of any such office and may be imprinted or otherwise reproduced on the TripAdvisor Equity Warrant Certificates. The seal of the Company may be in
the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the TripAdvisor Equity Warrant Certificates. Each Warrant Certificate, when so signed on behalf of the Company, shall be delivered to the Warrant
Agent together with an order for the countersignature and delivery of such Warrants. 
 (c) No TripAdvisor Equity Warrant
Certificate shall be valid for any purpose, and no TripAdvisor Equity Warrant evidenced thereby shall be deemed issued or exercisable, until such TripAdvisor Equity Warrant Certificate has been countersigned by the manual or facsimile signature of
the Equity Warrant Agent. Such signature by the Equity Warrant Agent upon any TripAdvisor Equity Warrant Certificate executed by the Company shall be conclusive evidence that the TripAdvisor Equity Warrant Certificate so countersigned has been duly
issued hereunder. 
 (d) In case any officer of the Company who shall have signed any TripAdvisor Equity Warrant Certificate
either manually or by facsimile signature shall cease to be such officer before the TripAdvisor Equity Warrant Certificate so signed shall have been countersigned and delivered by the Equity Warrant Agent, such TripAdvisor Equity Warrant Certificate
nevertheless may be countersigned and delivered as though the person who signed such TripAdvisor Equity Warrant Certificate had not ceased to be such officer of the Company; and any TripAdvisor Equity Warrant Certificate may be signed on behalf of
the Company by such person as, at the actual date of the execution of such TripAdvisor Equity Warrant Certificate, shall be the proper officer of the Company, although at the date of the execution of this Agreement such person was not such an
officer. 

  
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 2.3. Issuance and Delivery of TripAdvisor Equity Warrant Certificates. At any time
and from time to time after the execution and delivery of this Agreement, the Company may deliver TripAdvisor Equity Warrant Certificates duly executed by the Company to the Equity Warrant Agent for countersignature. Except as provided in the
following sentence, the Equity Warrant Agent shall thereupon countersign, by either manual or facsimile signature, and deliver such TripAdvisor Equity Warrant Certificates to or upon the written request of the Company. Subsequent to the original
issuance of an TripAdvisor Equity Warrant Certificate evidencing TripAdvisor Equity Warrants, the Equity Warrant Agent shall countersign a new TripAdvisor Equity Warrant Certificate evidencing such TripAdvisor Equity Warrants only if such
TripAdvisor Equity Warrant Certificate is issued in exchange or substitution for one or more previously countersigned TripAdvisor Equity Warrant Certificates evidencing such TripAdvisor Equity Warrants or in connection with their transfer, as
hereinafter provided. 
 2.4. Temporary TripAdvisor Equity Warrant Certificates. Pending the preparation of a definitive
TripAdvisor Equity Warrant Certificate, the Company may execute, and upon the order of the Company the Equity Warrant Agent shall countersign, by either manual or facsimile signature, and deliver, temporary TripAdvisor Equity Warrant Certificates
that are printed, lithographed, typewritten, mimeographed or otherwise produced, substantially of the tenor of the definitive TripAdvisor Equity Warrant Certificates in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officer executing such TripAdvisor Equity Warrant Certificates may determine (but which do not affect the rights, duties or responsibilities of the Warrant Agent except as consistent herewith and
acknowledged as such by the Warrant Agent or otherwise agreed to by the Warrant Agent), as evidenced by his execution of such TripAdvisor Equity Warrant Certificates. 
 If temporary TripAdvisor Equity Warrant Certificates are issued, the Company will cause definitive TripAdvisor Equity Warrant Certificates to be prepared without unreasonable delay. After the preparation
of definitive TripAdvisor Equity Warrant Certificates, the temporary TripAdvisor Equity Warrant Certificates shall be exchangeable for definitive TripAdvisor Equity Warrant Certificates upon surrender of the temporary TripAdvisor Equity Warrant
Certificates at the stock transfer division of the Equity Warrant Agent. Upon surrender for cancellation of any one or more temporary TripAdvisor Equity Warrant Certificates, the Company shall execute and the Equity Warrant Agent shall countersign,
by either manual or facsimile signature, and deliver in exchange therefor definitive TripAdvisor Equity Warrant Certificates representing the same aggregate number of TripAdvisor Equity Warrants. Until so exchanged, the temporary TripAdvisor Equity
Warrant Certificates shall in all respects be entitled to the same benefits under this Agreement as definitive TripAdvisor Equity Warrant certificates. 
 2.5. Payment of Taxes. The Company will pay all stamp and other duties, if any, to which this Agreement or the original issuance, or exercise, of the TripAdvisor Equity Warrants or TripAdvisor
Equity Warrant Certificates may be subject under the laws of the United States of America or any state or locality; provided, however, that the Holder, and not the Company, shall be required to pay any stamp or other tax or other governmental charge
that may be imposed in 

  
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connection with any transfer involved in the issuance of the TripAdvisor Common Stock where the Holder designates the shares to be issued in a name other than the name of the Holder; and in the
event that any such transfer is involved, the Company shall not be required to issue any TripAdvisor Common Stock (and the purchase of the shares of TripAdvisor Common Stock issued upon the exercise of such Holder’s TripAdvisor Equity Warrant
shall not be deemed to have been consummated) until such tax or other charge shall have been paid or it has been established to the Company’s and the Warrant Agent’s satisfaction that no such tax or other charge is due. 

2.6. Book-Entry Provisions for TripAdvisor Equity Warrants. Unless (i) a Holder specifically requests in writing to the
Equity Warrant Agent and the Company that the TripAdvisor Equity Warrants be in certificated form or (ii) the Company instructs the Equity Warrant Agent in writing to issue TripAdvisor Equity Warrant Certificates in respect of a Holder’s
TripAdvisor Equity Warrants, paper certificates representing the TripAdvisor Equity Warrants will not be issued by the Company. Instead, the TripAdvisor Equity Warrants shall (i) be registered on the books and records of the Equity Warrant
Agent in the name of the Holder, and the Holder shall, subject to any cancellation or expiration thereof, be treated as the owner of such TripAdvisor Equity Warrants for all purposes, (ii) be delivered to the Equity Warrant Agent in electronic
form to be held for the account for such Holder, and (iii) bear the same restrictions and legends applicable to such TripAdvisor Equity Warrants had such TripAdvisor Equity Warrants been certificated as provided herein, if any. 

ARTICLE 3. 

DURATION AND EXERCISE OF TRIPADVISOR EQUITY WARRANTS 
 3.1. Exercise Price. Each Holder shall have the right to purchase the number of fully paid and nonassessable shares of TripAdvisor Common Stock which the Holder may at the time be entitled to
receive on exercise of such TripAdvisor Equity Warrant and payment of the Exercise Price, subject to the terms herein. The number of shares of TripAdvisor Common Stock which shall be purchasable upon the payment of the Exercise Price and to the
extent provided therein, the Exercise Price, shall be subject to adjustment pursuant to Article 4 hereof. 
 3.2. Duration of
TripAdvisor Equity Warrants. Each TripAdvisor Equity Warrant is exercisable at any time commencing upon issuance up to the Expiration Date. Each TripAdvisor Equity Warrant not exercised at or before the Expiration Date shall become null and
void, and all rights of the Holder of such TripAdvisor Equity Warrant thereunder and under this Agreement shall cease. 
 3.3.
Exercise of TripAdvisor Equity Warrants. 
 (a) The Holder of an TripAdvisor Equity Warrant shall have the right, at its
option, to exercise such TripAdvisor Equity Warrant and purchase one share of TripAdvisor Common Stock during the period referred to in Section 3.2, subject to adjustment pursuant to Article 4 hereof. Except as may be provided in an TripAdvisor
Equity Warrant Certificate, an TripAdvisor 

  
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Equity Warrant may be exercised by completing the form of election to purchase set forth on the reverse side of the Expedia Equity Warrant Certificate, by duly executing the same, and by
delivering the same, together with payment in full of the Exercise Price, in lawful money of the United States of America, in cash or by certified or official bank check or by bank wire transfer, to the Equity Warrant Agent. Equivalent procedures
shall be followed with respect to TripAdvisor Equity Warrants held in uncertificated form. In lieu of the foregoing, the Holder of an TripAdvisor Equity Warrant shall have the right, at its option, without payment of cash, to reduce the number of
shares of TripAdvisor Common Stock otherwise obtainable upon the exercise of an TripAdvisor Equity Warrant for payment of the Exercise Price in cash, so as to yield a number of shares of TripAdvisor Common Stock upon the exercise of such TripAdvisor
Equity Warrant equal to the product of (x) the number of shares of TripAdvisor Common Stock issuable as of the Exercise Date upon the exercise of such TripAdvisor Equity Warrant (if payment of the Exercise Price were being made in cash) and
(y) the Cashless Exercise Ratio. An exercise of an TripAdvisor Equity Warrant in accordance with the immediately preceding sentence is herein called a “Cashless Exercise”. Except as may be provided in an TripAdvisor Equity Warrant
Certificate, the date on which such TripAdvisor Equity Warrant Certificate (or, in the case of TripAdvisor Equity Warrants held in uncertificated form, instructions providing for such exercise) and payment are received by the Equity Warrant Agent as
aforesaid shall be deemed to be the date on which the TripAdvisor Equity Warrant is exercised and the relevant shares of TripAdvisor Common Stock are issued (the “Exercise Date”). The Equity Warrant Agent shall have no duty or obligation
to investigate or confirm whether the Company’s determination regarding the number of TripAdvisor Common Stock to be issued in the event of such cashless exercise is accurate or correct, nor shall the Equity Warrant Agent have any duty or
obligation to take any action with regard to such cashless exercise prior to being notified by the Company of the relevant number of TripAdvisor Common Stock to be issued. 
 (b) Upon the exercise of an TripAdvisor Equity Warrant, the Company shall, as soon as practicable, issue, to or upon the order of the Holder of such TripAdvisor Equity Warrant, the shares of TripAdvisor
Common Stock to which such Holder is entitled, registered in such name or names as may be directed by such Holder. 
 (c) Unless
the Equity Warrant Agent and the Company agree otherwise, the Equity Warrant Agent shall deposit all funds received by it in payment of the TripAdvisor Equity Warrant Price for TripAdvisor Equity Warrants in the account of the Company maintained
with it for such purpose and shall advise the Company by telephone by 5:00 P.M., New York City time, of each day on which a payment of the Exercise Price for TripAdvisor Equity Warrants is received of the amount so deposited in its account. The
Equity Warrant Agent shall promptly confirm such telephone advice in writing to the Company. 
 (d) The Equity Warrant Agent
shall, from time to time, as promptly as practicable, advise the Company of (i) the number of TripAdvisor Equity Warrants exercised for cash or otherwise, as provided herein, (ii) the instructions of each Holder of such TripAdvisor Equity
Warrants with respect to delivery of the TripAdvisor Common Stock issued upon exercise of such TripAdvisor Equity Warrants to which such Holder is entitled upon such exercise, and (iii) such other information as the Company shall reasonably
require. Such advice may be given by telephone to be confirmed in writing. 

  
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 (e) In furtherance of Section 3.2 hereof, if the TripAdvisor Equity Warrants are
received or deemed to be received after the Expiration Date, the exercise thereof shall be null and void and any funds delivered to the Equity Warrant Agent will be returned to the Holder as soon as practicable. The validity of any exercise of the
Warrants shall be determined by the Company in its sole discretion, and such determination shall be final and binding upon the Holder and the Equity Warrant Agent. Neither the Company nor the Equity Warrant Agent shall have any obligation to inform
a Holder of the invalidity of any exercise of the TripAdvisor Equity Warrants. 
 ARTICLE 4. 

ADJUSTMENTS OF NUMBER OF SHARES 
 4.1. Adjustments. The number of shares of TripAdvisor Common Stock purchasable upon the exercise of the Equity Warrants shall be subject to adjustment as follows: 

(a) In case the Company shall (A) pay a dividend or make a distribution on its Common Stock in shares of Common Stock,
(B) subdivide its outstanding shares of Common Stock into a greater number of shares, (C) combine its outstanding shares of Common Stock into a smaller number of shares, or (D) issue by reclassification, recapitalization or
reorganization of its Common Stock any shares of capital stock of the Company, then in each such case the number of shares of TripAdvisor Common Stock issuable upon exercise of an TripAdvisor Equity Warrant shall be equitably adjusted so that the
Holder of any TripAdvisor Equity Warrant thereafter surrendered for conversion shall be entitled to receive the number of shares of TripAdvisor Common Stock or other capital stock of the Company which such Holder would have owned or been entitled to
receive immediately following such action had such TripAdvisor Equity Warrant been exercised immediately prior to the occurrence of such event. An adjustment made pursuant to this subsection 4.1(a) shall become effective immediately after the record
date, in the case of a dividend or distribution, or immediately after the effective date, in the case of a subdivision, combination or reclassification. If, as a result of an adjustment made pursuant to this subsection 4.1(a), the Holder of any
TripAdvisor Equity Warrant thereafter exercised shall become entitled to receive shares of two or more classes of capital stock or shares of TripAdvisor Common Stock and other capital stock of the Company, the Board of Directors (whose determination
shall be in its good faith judgment and shall be described in a statement filed by the Company with the Equity Warrant Agent) shall determine the allocation of the Exercise Price between or among shares of such classes of capital stock or shares of
TripAdvisor Common Stock and other capital stock. Such adjustment shall be made successively whenever any event listed above shall occur. 
 (b) In case the Company shall issue options, rights or warrants to holders of its outstanding shares of TripAdvisor Common Stock entitling them (for a period expiring within 45 days after the record date
mentioned below) to subscribe for or purchase shares of TripAdvisor Common Stock or other securities convertible or exchangeable for shares of TripAdvisor Common Stock at a price per share of TripAdvisor Common Stock less than the Current Market
Price (as determined pursuant to subsection (d) of this Section 4.1) (other than pursuant to any stock option, restricted stock or other incentive or benefit plan or stock ownership or purchase

  
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plan for the benefit of employees, directors or officers or any dividend reinvestment plan of the Company in effect at the time hereof or any other similar plan adopted or implemented hereafter,
it being agreed that none of the adjustments set forth in this Section 4.1 shall apply to the issuance of stock, rights, warrants or other property pursuant to such benefit plans), then the number of shares of TripAdvisor Common Stock issuable
upon exercise of an TripAdvisor Equity Warrant shall be adjusted so that it shall equal the product obtained by multiplying the number of shares of TripAdvisor Common Stock issuable upon exercise of an TripAdvisor Equity Warrant immediately prior to
the date of issuance of such rights or warrants by a fraction of which the numerator shall be the number of shares of TripAdvisor Common Stock outstanding on the date of issuance of such rights or warrants (immediately prior to such issuance) plus
the number of additional shares of TripAdvisor Common Stock offered for subscription or purchase and of which the denominator shall be the number of shares of TripAdvisor Common Stock outstanding on the date of issuance of such rights or warrants
(immediately prior to such issuance) plus the number of shares which the aggregate offering price of the total number of shares so offered would purchase at such Current Market Price. Such adjustment shall be made successively whenever any rights or
warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights or warrants; provided, however, in the event that all the shares of TripAdvisor Common Stock
offered for subscription or purchase are not delivered upon the exercise of such rights or warrants, upon the expiration of such rights or warrants the number of shares of TripAdvisor Common Stock issuable upon exercise of an TripAdvisor Equity
Warrant shall be readjusted to the number of shares of TripAdvisor Common Stock issuable upon exercise of an TripAdvisor Equity Warrant which would have been in effect had the numerator and the denominator of the foregoing fraction and the resulting
adjustment been made based upon the number of shares of TripAdvisor Common Stock actually delivered upon the exercise of such rights or warrants rather than upon the number of shares of TripAdvisor Common Stock offered for subscription or purchase.
In determining whether any security covered by this Section 4.1(b) entitles the holders to subscribe for or purchase shares of TripAdvisor Common Stock at less than such Current Market Price, and in determining the aggregate offering price of
such shares of TripAdvisor Common Stock, there shall be taken into account any consideration received by the Company for the issuance of such options, rights, warrants or convertible or exchangeable securities, plus the aggregate amount of
additional consideration (as set forth in the instruments relating thereto) to be received by the Company upon the exercise, conversion or exchange of such securities, the value of such consideration, if other than cash, to be determined by the
Board of Directors in its good faith judgment (whose determination shall be described in a statement filed by the Company with the Equity Warrant Agent). 
 (c) In case the Company shall, by dividend or otherwise, distribute to all holders of its outstanding Common Stock, evidences of its indebtedness or assets (including securities and cash, but excluding
any regular periodic cash dividend of the Company and dividends or distributions payable in stock for which adjustment is made pursuant to subsection (a) of this Section 4.1) or rights or warrants to subscribe for or purchase securities of
the Company (excluding those referred to in subsection (b) of this Section 4.1), then in each such case the number of shares of TripAdvisor Common Stock issuable upon exercise of an TripAdvisor Equity Warrant shall be adjusted so that the
same shall equal the product determined by multiplying the number of shares of TripAdvisor Common Stock issuable upon exercise of an 

  
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TripAdvisor Equity Warrant immediately prior to the record date of such distribution by a fraction of which the numerator shall be the Current Market Price as of the Time of Determination, and of
which the denominator shall be such Current Market Price less the Fair Market Value on such record date (as determined by the Board of Directors in its good faith judgment, whose determination shall be described in a statement filed by the Company
with the stock transfer or conversion agent, as appropriate) of the portion of the capital stock or assets or the evidences of indebtedness or assets so distributed to the holder of one share of TripAdvisor Common Stock or of such subscription
rights or warrants applicable to one share of TripAdvisor Common Stock. Such adjustment shall be made successively whenever any such distributions referred to in the first sentence of this Section 4.01(c) are made and shall become effective
immediately after the record date for the determination of stockholders entitled to receive such distribution. 
 (d) For the
purpose of any computation under subsections (b) and (c) of this Section 4.1, the “Current Market Price” per share of TripAdvisor Common Stock on any date shall be deemed to be the average of the daily Closing Prices for the
shorter of (A) 10 consecutive Trading Days ending on the day immediately preceding the applicable Time of Determination or (B) the period commencing on the date next succeeding the first public announcement of the issuance of such rights
or warrants or such distribution through such last day prior to the applicable Time of Determination. For purposes of the foregoing, the term “Time of Determination” shall mean the time and date of the record date for determining
stockholders entitled to receive the rights, warrants or distributions referred to in Sections 4.1(b) and (c). 
 (e) In
any case in which this Section 4.1 shall require that an adjustment in the amount of TripAdvisor Common Stock or other property to be received by a Holder upon exercise of a TripAdvisor Equity Warrant be made effective as of a record date for a
specified event, the Company may elect to defer until the occurrence of such event the issuance to the Holder of any TripAdvisor Equity Warrant exercised after such record date the TripAdvisor Common Stock or other property issuable upon such
exercise over and above the shares of TripAdvisor Common Stock issuable upon such exercise prior to such adjustment, provided, however, that the Company shall deliver to such Holder a due bill or other appropriate instrument evidencing such
Holder’s right to receive such additional shares of TripAdvisor Common Stock or other property, if any, upon the occurrence of the event requiring such adjustment. 
 (f) [Intentionally Omitted] 
 (g) No adjustment in the number of shares of
TripAdvisor Common Stock issuable upon exercise of a TripAdvisor Equity Warrant shall be required to be made pursuant to this Section 4.1 unless such adjustment would require an increase or decrease of at least 1% of such number; provided,
however, that any adjustments which by reason of this subsection (g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this subsection 4.1(g) shall be made to the
nearest cent or to the nearest 1/1000th of a share, as the case may be. Except as set forth in subsections 4.1(a), (b), and (c) above, the number of shares of TripAdvisor Common Stock issuable upon exercise of a TripAdvisor Equity Warrant shall
not be adjusted as a result of the issuance of TripAdvisor Common Stock, or any securities convertible into or exchangeable for TripAdvisor Common Stock or carrying the right to purchase any of the foregoing, in exchange for cash, property or
services. 

  
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 4.2. Statement on TripAdvisor Equity Warrants. Irrespective of any adjustment in the
amount of TripAdvisor Common Stock issued upon exercise of a TripAdvisor Equity Warrant, TripAdvisor Equity Warrants theretofore or thereafter issued may continue to express the same number and kind of shares as are stated in the TripAdvisor Equity
Warrants initially issuable pursuant to this Agreement. 
 4.3. Cash Payments in Lieu of Fractional Shares. No fractional
shares or scrip representing fractions of shares of TripAdvisor Common Stock shall be issued upon exercise of the TripAdvisor Equity Warrants. If more than one share of TripAdvisor Equity Warrants shall be exercised at one time by the same Holder,
the number of full shares of TripAdvisor Common Stock issuable upon exercise thereof shall be computed on the basis of the aggregate number of shares of TripAdvisor Common Stock purchasable on exercise of the TripAdvisor Equity Warrants so requested
to be exercised. In lieu of any fractional interest in a share of TripAdvisor Common Stock which would otherwise be deliverable upon the exercise of such TripAdvisor Equity Warrants, the Company shall pay to the Holder of such TripAdvisor Equity
Warrants an amount in cash (computed to the nearest cent) equal to the Closing Price on the Exercise Date (or the next Trading Day if such date is not a Trading Day) multiplied by the fractional interest that otherwise would have been deliverable
upon exercise of such TripAdvisor Equity Warrants. Whenever a payment for fractions of shares of TripAdvisor Common Stock is to be made by the Equity Warrant Agent, the Company shall (i) promptly prepare and deliver to the Equity Warrant Agent
a certificate stating the amount of money to be paid in lieu of such fractional shares, and (ii) provide sufficient monies to the Equity Warrant Agent in the form of fully collected funds to make such payments. The Equity Warrant Agent shall be
fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for fractions of shares of TripAdvisor Common Stock under any Section of this Agreement relating to
the payment of fractions of shares of TripAdvisor Common Stock unless and until the Equity Warrant Agent shall have received such a certificate and sufficient monies. 
 4.4. Notices to Warrantholders and Equity Warrant Agent. Upon any adjustment of the amount of TripAdvisor Common Stock issuable upon exercise of a TripAdvisor Equity Warrant pursuant to
Section 4.1 (but not for any fractional cumulation as described in Section 4.1(f)) or, to the extent provided herein, to the Exercise Price of a TripAdvisor Equity Warrant pursuant to Section 4.1, the Company within 30 days thereafter
shall (i) cause to be filed with the Equity Warrant Agent an Officer’s Certificate (as defined hereinafter) setting forth the amount of TripAdvisor Common Stock issuable upon exercise of a TripAdvisor Equity Warrant and the Exercise Price
after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such calculations are based, which certificate, absent manifest error and any failure to comply with Section 4.1 (other than
failures that are de minimus in nature), shall be conclusive evidence of the correctness of the matters set forth therein, and (ii) cause to be given to each of the registered Holders at his address appearing on the Equity Warrant Register (as
defined hereinafter) written notice of such adjustments by first-class mail, postage prepaid. The Equity Warrant Agent shall be fully protected in relying upon any such Officer’s Certificate delivered in accordance with this Section 4.4,
and on any adjustment therein 

  
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contained, and shall not be deemed to have knowledge of such adjustment unless and until it shall have received such Officer’s Certificate. Notwithstanding anything to the contrary contained
herein, the Equity Warrant Agent shall have no duty or obligation to investigate or confirm whether the information contained in any such Officer’s Certificate complies with the terms of this Agreement or any other document. 

ARTICLE 5. 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS 
 OF TRIPADVISOR EQUITY WARRANTS 
 5.1. No Rights as Holder of Common Stock
Conferred by TripAdvisor Equity Warrants or TripAdvisor Equity Warrant Certificates. No TripAdvisor Equity Warrant or TripAdvisor Equity Warrant Certificate shall entitle the Holder to any of the rights of a holder of TripAdvisor Common Stock,
including, without limitation, voting, dividend or liquidation rights. 
 5.2. Lost, Stolen, Destroyed or Mutilated
TripAdvisor Equity Warrant Certificates. Upon receipt by the Company and the Equity Warrant Agent of evidence reasonably satisfactory to them of the ownership of and the loss, theft, destruction or mutilation of any TripAdvisor Equity Warrant
Certificate and of indemnity satisfactory to them and, in the case of mutilation, upon surrender of such TripAdvisor Equity Warrant Certificate to the Equity Warrant Agent for cancellation, the Company shall prepare, execute and deliver, and the
Equity Warrant Agent shall countersign and deliver, in exchange for or in lieu of each lost, stolen, destroyed or mutilated TripAdvisor Equity Warrant Certificate, a new TripAdvisor Equity Warrant Certificate evidencing a like number of TripAdvisor
Equity Warrants of the same title. Upon the issuance of a new TripAdvisor Equity Warrant Certificate under this Section, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be
imposed in connection therewith and any other expenses (including the fees and expenses of the Equity Warrant Agent) in connection therewith. Every substitute TripAdvisor Equity Warrant Certificate executed and delivered pursuant to this Section in
lieu of any lost, stolen or destroyed TripAdvisor Equity Warrant Certificate shall represent a contractual obligation of the Company, whether or not such lost, stolen or destroyed TripAdvisor Equity Warrant Certificate shall be at any time
enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other TripAdvisor Equity Warrant Certificates, duly executed and delivered hereunder, evidencing TripAdvisor Equity Warrants
of the same title. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of lost, stolen, destroyed or mutilated TripAdvisor Equity Warrant Certificates.

 5.3. Holders of TripAdvisor Equity Warrants May Enforce Rights. Notwithstanding any of the provisions of this
Agreement, any Holder may, without the consent of the Equity Warrant Agent, enforce and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of his right to exercise his
TripAdvisor Equity Warrants as provided in the TripAdvisor Equity Warrants and in this Agreement. 

  
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 5.4. Consolidation or Merger or Sale of Assets. For purposes of this
Section 5.4, a “Sale Transaction” means any transaction or event, including any merger, consolidation, sale of assets, tender or exchange offer, reclassification, compulsory share exchange or liquidation, in which all or substantially
all outstanding shares of the Company’s Common Stock are converted into or exchanged for stock, other securities, cash or assets or following which any remaining outstanding shares of Common Stock fail to meet the listing standards imposed by
each of the New York Stock Exchange, the American Stock Exchange and the Nasdaq National Market at the time of such transaction, but shall not include any transaction the primary purpose of which is the reincorporation of the Company in another U.S.
jurisdiction so long as in such transaction each TripAdvisor Equity Warrant shall convert into an equity security of the successor to the Company having identical rights as the TripAdvisor Equity Warrant. If a Sale Transaction occurs, then lawful
provision shall be made by the corporation formed by such Sale Transaction or the corporation whose securities, cash or other property will immediately after the Sale Transaction be owned, by virtue of such Sale Transaction, by the holders of Common
Stock immediately prior to the Sale Transaction, or the entity which shall have acquired such securities of the Company (collectively the “Formed, Surviving or Acquiring Corporation”), as the case may be, providing that each TripAdvisor
Equity Warrant then outstanding shall thereafter be exercisable for the kind and amount of securities, cash or other property receivable upon such Sale Transaction by a holder of the number of shares of Common Stock that would have been received
upon exercise of such TripAdvisor Equity Warrant immediately prior to such Sale Transaction assuming such holder of TripAdvisor Common Stock did not exercise his rights of election, if any, as to the kind or amount of securities, cash or other
property receivable upon such Sale Transaction (provided that, if the kind or amount of securities, cash or other property receivable upon such Sale Transaction is not the same for each share of TripAdvisor Common Stock in respect of which such
rights of election shall not have been exercised (“Non-Electing Share”), then for the purposes of this Section 5.4 the kind and amount of securities, cash or other property receivable upon such Sale Transaction for each Non-Electing
Share shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-Electing Shares). At the option of the Company, in lieu of the foregoing, the Company may require that in a Sale Transaction each Holder of a
TripAdvisor Equity Warrant shall receive in exchange for each such TripAdvisor Equity Warrant a security of the Formed, Surviving or Acquiring Corporation having substantially equivalent rights, other than as set forth in this Section 5.4, as
the TripAdvisor Equity Warrant. Concurrently with the consummation of such transaction, the Formed, Surviving or Acquiring Corporation shall enter into a supplemental TripAdvisor Equity Warrant Agreement so providing and further providing for
adjustments which shall be as nearly equivalent as may be practical to the adjustments provided for in Section 4.1. The Formed, Surviving or Acquiring Corporation shall mail to Holders a notice describing the supplemental TripAdvisor Equity
Warrant Agreement. If the issuer of securities deliverable upon exercise of TripAdvisor Equity Warrants under the supplemental TripAdvisor Equity Warrant Agreement is an affiliate of the formed or surviving corporation, that issuer shall join in the
supplemental TripAdvisor Equity Warrant Agreement. Notwithstanding anything to the contrary herein, there will be no adjustments pursuant to Article 4 hereof in case of the issuance of any shares of the Company’s stock in a Sale Transaction
except as provided in this Section 5.4. The provisions of this Section 5.4 shall similarly apply to successive Sale Transactions; provided, however, that in no event shall a Holder of a TripAdvisor Equity Warrant be entitled to more than
one adjustment pursuant to this Section 5.4 in respect of a series of related transactions. The Equity Warrant Agent shall have no duty to monitor or ensure the Company’s compliance with or actions under this Section. 

  
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 ARTICLE 6. 
 EXCHANGE AND TRANSFER OF TRIPADVISOR EQUITY WARRANTS 
 6.1. TripAdvisor Equity
Warrant Register; Exchange and Transfer of TripAdvisor Equity Warrants. The Equity Warrant Agent shall maintain, at its stock transfer division or other office designated for such purpose and identified to the Company, a register (the
“Equity Warrant Register”) in which, upon the issuance of TripAdvisor Equity Warrants, and, subject to such reasonable regulations as the Equity Warrant Agent may prescribe, it shall register the TripAdvisor Equity Warrants, whether held
in electronic book-entry or as TripAdvisor Equity Warrant Certificates, and exchanges and transfers thereof. The Equity Warrant Register shall be in written form or in any other form capable of being converted into written form within a reasonable
time. 
 Except as provided in the following sentence, TripAdvisor Equity Warrants, whether held in electronic book-entry form
or represented by TripAdvisor Equity Warrant Certificates, may be exchanged for one or more other TripAdvisor Equity Warrants evidencing the same aggregate number of TripAdvisor Equity Warrants of the same title, or may be transferred in whole or in
part. A transfer shall be registered and an appropriate entry made in the Equity Warrant Register (i) in the case of TripAdvisor Equity Warrants held in electronic book-entry form, upon receipt by the Equity Warrant Agent at its office
designated for such purpose, of irrevocable written instructions for exchange or transfer, all in form satisfactory to the Company and the Equity Warrant Agent, and (ii) in the case of TripAdvisor Equity Warrant Certificates, upon surrender of
a TripAdvisor Equity Warrant Certificate to the Equity Warrant Agent at its office designated for such purpose for transfer, properly endorsed or accompanied by appropriate instruments of transfer and written instructions for transfer, all in form
satisfactory to the Company and the Equity Warrant Agent. Whenever a TripAdvisor Equity Warrant Certificate is surrendered for exchange or transfer, the Equity Warrant Agent shall countersign, by manual or facsimile signature, and deliver to the
person or person entitled thereto one or more TripAdvisor Equity Warrant Certificates duly executed by the Company, as so requested. The Equity Warrant Agent shall not be required to effect any exchange or transfer which will result in the issuance
of a fraction of a New Equity Warrant or an Expeida Equity Warrant Certificate evidencing a fraction of a TripAdvisor Equity Warrant. All TripAdvisor Equity Warrants, whether issued in electronic book-entry form or represented by TripAdvisor Equity
Warrant Certificates, issued upon any exchange or transfer of a TripAdvisor Equity Warrant, shall be the valid obligations of the Company, evidencing the same obligations, and entitled to the same benefits under this Agreement, as the TripAdvisor
Equity Warrants surrendered for such exchange or transfer. 
 No service charge shall be made for any exchange or transfer of
TripAdvisor Equity Warrants, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such exchange or transfer, in accordance with Section 2.5 hereof. The
Warrant Agent shall forward any such sum collected by 

  
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it to the Company or to such persons as the Company shall specify by written notice. The Warrant Agent shall have no duty or obligation under this Section unless and until it is satisfied that
all such taxes or other governmental charges have been paid. 
 6.2. Treatment of Holders of TripAdvisor Equity Warrants.
Every Holder of a TripAdvisor Equity Warrant, by accepting the TripAdvisor Equity Warrant Certificate evidencing the same, consents and agrees with the Company, the Equity Warrant Agent and with every other Holder of TripAdvisor Equity Warrants that
the Company and the TripAdvisor Equity Warrant Agent may treat the record holder of an TripAdvisor Equity Warrant Certificate as the absolute owner of such TripAdvisor Equity Warrant for all purposes and as the person entitled to exercise the rights
represented by such TripAdvisor Equity Warrant, notwithstanding any notice to the contrary. Equivalent consent and agreement shall apply with respect to TripAdvisor Equity Warrants held in electronic book-entry form. For the avoidance of doubt,
neither the Company nor the Warrant Agent shall be liable or responsible for any registration or transfer of any TripAdvisor Equity Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary.

 6.3. Cancellation of TripAdvisor Equity Warrant Certificates. In the event that the Company shall purchase, redeem or
otherwise acquire any TripAdvisor Equity Warrants after the issuance thereof, the TripAdvisor Equity Warrant Certificate shall thereupon be delivered to the Equity Warrant Agent for cancellation or in canceled form, and if surrendered to the Warrant
Agent, shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no TripAdvisor Equity Warrant Certificate shall be issued hereunder in lieu thereof. The Equity Warrant Agent
shall also cancel any TripAdvisor Equity Warrant Certificate (including any mutilated TripAdvisor Equity Warrant Certificate) delivered to it for exercise, in whole or in part, or for exchange or transfer, and such exercise, exchange or transfer
shall not be effective until such TripAdvisor Equity Warrant Certificate has been received by the Equity Warrant Agent. TripAdvisor Equity Warrant Certificates so canceled shall be delivered by the Equity Warrant Agent to the Company from time to
time, or disposed of in accordance with the instructions of the Company. 
 ARTICLE 7. 

CONCERNING THE EQUITY WARRANT AGENT 
 7.1. Equity Warrant Agent. The Company hereby appoints Mellon Investor Services LLC as Equity Warrant Agent of the Company in respect of the TripAdvisor Equity Warrants upon the express terms and
subject to the conditions set forth herein (and no implied terms or conditions); and Mellon Investor Services LLC hereby accepts such appointment. The Equity Warrant Agent shall have the powers and authority granted to and conferred upon it in the
TripAdvisor Equity Warrant Certificates and hereby and such further powers and authority acceptable to it to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such
powers and authority contained in the Equity Warrant Certificates are subject to and governed by the terms and provisions hereof. 

  
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 7.2. Conditions of Equity Warrant Agent’s Obligations. The Equity Warrant Agent
accepts its obligations set forth herein upon the express terms and conditions hereof, including the following, to all of which the Company agrees and to all of which the rights hereunder of the Holders shall be subject: 

(a) Compensation and Indemnification. The Company agrees to pay the Equity Warrant Agent from time to time such
compensation for its services as the Company and the Equity Warrant Agent shall agree in writing and to reimburse the Equity Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred by the Equity Warrant Agent
in connection with the services rendered hereunder by the Equity Warrant Agent. The Company also agrees to indemnify the Equity Warrant Agent for, and to hold it harmless against, any loss, liability, suit, action, proceeding, judgment, claim,
settlement, cost or expenses (including the reasonable costs and expense of defending against any claim of liability) incurred without gross negligence, bad faith or wilful misconduct on the part of the Equity Warrant Agent (as each is determined by
a final, non-appealable judgment of a court of competent jurisdiction) for any action taken, suffered or omitted to be taken by the Equity Warrant Agent in connection with the acceptance and administration of this Agreement, or arising out of or in
connection with the preparation, delivery, administration, execution and amendment of this Agreement and the exercise and performance of its duties hereunder. Notwithstanding the foregoing, the Company shall not be responsible for any settlement
made without its written consent. 
 (b) Agent for the Company. In acting under this Agreement and in
connection with any TripAdvisor Equity Warrant Certificate, the Equity Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust for or with any Holder. 

(c) Counsel. The Equity Warrant Agent may consult with counsel reasonably satisfactory to it, and the advice of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in the absence of bad faith and in accordance with the advice of such counsel. 

(d) Documents. The Equity Warrant Agent shall be protected and shall incur no liability for or in respect of any
action taken, suffered or omitted to be taken by it in reliance upon any notice, direction, consent, certification, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the
proper parties. 
 (e) Officer’s Certificate. Whenever in the performance of its duties hereunder the
Equity Warrant Agent shall reasonably deem it necessary that any fact or matter be proved or established by the Company prior to taking, suffering or omitting any action hereunder, the Equity Warrant Agent may (unless other evidence in respect
thereof be herein specifically prescribed), in the absence of bad faith on its part, rely upon a certificate signed by the Chairman, the Vice Chairman, the Chief Executive Officer, the President, a Vice President, the Treasurer, and Assistant
Treasurer, the Secretary or an 

  
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Assistant Secretary of the Company (an “Officer’s Certificate”) delivered by the Company to the Equity Warrant Agent. Such certificate will be full authorization to the Equity
Warrant Agent for any action taken, suffered or omitted to be taken by it under the provisions of this Agreement in reliance upon such certificate. 
 (f) [Intentionally omitted] 
 (g) Certain Transactions. The
Equity Warrant Agent, and any officer, director or employee thereof, may become the owner of, or acquire interest in, any TripAdvisor Equity Warrant, with the same rights that he, she or it would have if it were not the Equity Warrant Agent, and, to
the extent permitted by applicable law, he, she or it may engage or be interested in any financial or other transaction with the Company and may serve on, or as depositary, trustee or agent for, any committee or body of holders of any obligations of
the Company as if it were not the Equity Warrant Agent. Nothing in this Agreement shall be deemed to prevent the Equity Warrant Agent from acting as trustee under an indenture. 

(h) No Liability for Interest. The Equity Warrant Agent shall not be liable for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the TripAdvisor Equity Warrant Certificates, except as otherwise agreed with the Company. 

(i) No Liability for Invalidity. The Equity Warrant Agent shall incur no liability with respect to the validity or
sufficiency of this Agreement or the execution or delivery hereof (except as to the due execution and delivery hereof by the Equity Warrant Agent) or with respect the validity or execution of any TripAdvisor Equity Warrant Certificate (except as to
the countersignature thereof by the Equity Warrant Agent). 
 (j) No Responsibility for Company
Representations. The Equity Warrant Agent shall not be responsible for any of the recitals or representations contained herein (except as to such statements or recitals as describe the Equity Warrant Agent or action taken or to be taken by it)
or in any TripAdvisor Equity Warrant Certificate (except as to the Equity Warrant Agent’s countersignature on such TripAdvisor Equity Warrant Certificate), all of which recitals and representations are made solely by the Company and the Equity
Warrant Agent assumes no responsibility hereby for the correctness of the same. 
 (k) No Implied
Obligations. The Equity Warrant Agent shall be obligated to perform only such duties as are specifically set forth herein, and no other duties or obligations shall be implied. The Equity Warrant Agent shall not be under any obligation to take
any action hereunder (including expending or risking its own funds) that may subject it to any expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory
to it. The Equity Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any TripAdvisor Equity Warrant Certificate countersigned by the Equity Warrant Agent and delivered by it to the Company
pursuant to this Agreement or 

  
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for the application by the Company of the proceeds of the issuance or exercise of TripAdvisor Equity Warrants. The Equity Warrant Agent shall have no duty or responsibility in case of any default
by the Company in the performance of its covenants or agreements contained herein or in any TripAdvisor Equity Warrant Certificate or in case of the receipt of any written demand from a Holder with respect to such default, including, without
limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 8.2 hereof, to make any demand upon the Company. 

(l) Compliance with Applicable Laws. The Equity Warrant Agent agrees to comply with all applicable federal and
state laws imposing obligations on it in respect of the services rendered by it under this Agreement and in connection with the TripAdvisor Equity Warrants, including (but not limited to) the provisions of United States federal income tax laws
regarding information reporting and backup withholding. 
 (m) Liability. The Equity Warrant Agent shall
act hereunder solely as agent for the Company, and its duties shall be determined solely by the provisions hereof. The TripAdvisor Warrant Agent shall not be liable for anything which it may do or refrain from doing in connection with this Agreement
except for its own gross negligence, bad faith or willful misconduct (as each is determined by a final non-appealable order of a court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, in no event shall the
Equity Warrant Agent be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Equity Warrant Agent has been advised of the likelihood of the
loss or damage and regardless of the form of the action. Except for losses or damages resulting from the Equity Warrant Agent’s gross negligence, bad faith or willful misconduct (as each is determined by a final, non-appealable judgment of a
court of compent jurisdiction), any liability of the Equity Warrant Agent under this Agreement shall be limited to three times the amount of annual fees paid by the Company to the Equity Warrant Agent. 

(n) Force Majeure. In no event shall the Equity Warrant Agent be responsible or liable for any failure or delay in
the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

(o) The Equity Warrant Agent shall not be liable and shall be fully protected in acting upon any written notice,
instruction, direction, request or other communication which the Equity Warrant Agent believes to be genuine, and shall have no duty to inquire into or investigate the validity, accuracy or content thereof. The Equity Warrant Agent shall not take
any instructions or directions except those given in accordance with this Agreement. 

  
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 (p) The Equity Warrant Agent will not be under any responsibility or
liability in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution and delivery hereof by the Equity Warrant Agent) or in respect of the validity or execution of any TripAdvisor Equity Warrant
Certificate (except the due countersignature thereof by the Equity Warrant Agent); nor will it be responsible or liable for any breach by the Company of any covenant or condition contained in this Agreement or in any TripAdvisor Equity Warrant
Certificate; nor will it be responsible or liable for any adjustment required under the provisions hereof or responsible for the manner, method or amount of any adjustment or the ascertaining of the existence of facts that would require any
adjustment (except with respect to the exercise of TripAdvisor Equity Warrants evidenced by TripAdvisor Equity Warrant Certificates after actual written notice of any adjustment); nor will it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of stock or other securities to be issued pursuant to this Agreement or any TripAdvisor Equity Warrant Certificate or as to whether any shares of stock or other securities will, when
issued, be validly authorized and issued, fully paid and nonassessable. 
 (q) The Company will perform, execute,
acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Equity Warrant Agent for the carrying out or performing by the
Equity Warrant Agent of the provisions of this Agreement. 
 (r) The Equity Warrant Agent will not be under any
duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of TripAdvisor Equity Warrant Certificates. 

(s) Unless otherwise expressly provided in this Agreement or in the TripAdvisor Equity Warrant Certificate, the Equity
Warrant Agent shall not be subject to, nor required to comply with, or determine if any person or entity has complied with any other agreement between or among the parties hereto, even though reference thereto may be made in this Agreement, or to
comply with any notice, instruction, direction, request or other communication, paper or document other than as expressly set forth in this Agreement or in the TripAdvisor Equity Warrant Certificate. 

(t) In the event the Equity Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice,
instruction, direction, request or other communication, paper or document received by the Equity Warrant Agent hereunder, Equity Warrant Agent, may, in its sole discretion and upon prior notice to the Company, refrain from taking any action, and
shall be fully protected and shall not be liable in any way to the Company or any Holder or other person or entity for refraining from taking such action, unless the Equity Warrant Agent receives written instructions signed by the Company which
eliminates such ambiguity or uncertainty to the satisfaction of Equity Warrant Agent. 

  
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 The provisions of this Section 7.3 shall survive the termination of this Agreement and
the resignation or removal of the Equity Warrant Agent. 
 7.4. Resignation and Appointment of Successor. 

(a) The Company agrees, for the benefit of the Holders of the TripAdvisor Equity Warrants, that there shall at all times be an Equity
Warrant Agent hereunder until all the TripAdvisor Equity Warrants are no longer exercisable. 
 (b) The Equity Warrant Agent may
at any time resign as such agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective, subject to the appointment of a successor Equity Warrant Agent and
acceptance of such appointment by such successor Equity Warrant Agent, as hereinafter provided. The Equity Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and
specifying such removal and the date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Equity Warrant Agent (which shall be a banking
institution organized under the laws of the United States of America, or one of the states thereof and having an office or an agent’s office in the Borough of Manhattan, the City of New York or an affiliate of such an entity) and the acceptance
of such appointment by such successor Equity Warrant Agent. In the event a successor Equity Warrant Agent has not been appointed and has not accepted its duties within 90 days of the Equity Warrant Agent’s notice of resignation, the Equity
Warrant Agent may apply to any court of competent jurisdiction for the designation of a successor Equity Warrant Agent. 
 (c)
In case at any time the Equity Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall file a petition seeking relief under any applicable federal or state bankruptcy
or insolvency law or similar law, or make an assignment for the benefit of its creditors or consent to the appointment of a receiver, conservator or custodian of all or any substantial part of its property, or shall admit in writing its inability to
pay or meet its debts as they mature, or if a receiver or custodian of it or all or any substantial part of its property shall be appointed, or if an order of a court shall be entered for relief against it under the provisions of any applicable
federal or state bankruptcy or similar law, or if any public officer shall have taken charge or control of the Equity Warrant Agent or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Equity
Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Equity Warrant Agent. Pending appointment of a successor to such Equity Warrant Agent the duties of the Equity Warrant
Agent shall be carried out by the Company. Upon the appointment as aforesaid of a successor Equity Warrant Agent and acceptance by the latter of such appointment, the Equity Warrant Agent so superseded shall cease to be the Equity Warrant Agent
hereunder. 
 (d) Any successor Equity Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Equity Warrant Agent, without any further 

  
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act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as
Equity Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Equity Warrant Agent shall be entitled to receive
all moneys, securities and other property on deposit with or held by such predecessor, as Equity Warrant Agent hereunder. 
 (e)
Any entity into which the Equity Warrant Agent hereunder may be merged or converted or any entity with which the Equity Warrant Agent may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Equity
Warrant Agent shall be a party, or any entity to which the Equity Warrant Agent shall sell or otherwise transfer all or substantially all of the assets and business of the Equity Warrant Agent, provided that it shall be qualified as aforesaid, shall
be the successor Equity Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 ARTICLE 8. 
 MISCELLANEOUS 

8.1. Amendment. 
 (a) This Agreement and the TripAdvisor Equity Warrants may be amended by the Company and the Equity Warrant Agent, without the consent of the Holders of the TripAdvisor Equity Warrants, for the purpose of
curing any ambiguity, or of curing, correcting or supplementing any defective or inconsistent provision contained herein or therein or in any other manner which the Company may deem to be necessary or desirable and which will not (i) materially
and adversely affect the rights of the TripAdvisor Equity Warrants and (ii) adversely affect the rights of the Initial Holder under this Agreement to the extent the Initial Holder is a Holder at the time of such amendment. 

(b) The Company and the Equity Warrant Agent may modify or amend this Agreement, the TripAdvisor Equity Warrants and the TripAdvisor
Equity Warrant Certificates with the consent of the Holders of not fewer than a majority in number of the then outstanding unexercised TripAdvisor Equity Warrants affected by such modification or amendment, for any purpose; provided, however,
(i) that no such modification or amendment that shortens the period of time during which the TripAdvisor Equity Warrants may be exercised, or increases the Exercise Price, or otherwise materially and adversely affects the exercise rights of the
holders or reduces the percentage of holders of outstanding TripAdvisor Equity Warrants the consent of which is required for modification or amendment of this Agreement or the TripAdvisor Equity Warrants, may be made without the consent of each
Holder affected thereby, and (ii) that no such modification or amendment that adversely affects the exercise rights of the holders may be made without the consent of the Initial Holder of the TripAdvisor Equity Warrants to the extent the
Initial Holder is a Holder at the time of such modification and/or amendment. A certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section shall be
delivered to the Equity Warrant Agent prior to the Equity Warrant Agent’s execution of such proposed supplement or amendment. 

  
 -22-

 8.2. Notices and Demands to the Company and Equity Warrant Agent. If the Equity
Warrant Agent shall receive any notice or demand addressed to the Company by any Holder, the Equity Warrant Agent shall promptly forward such notice or demand to the Company. 
 8.3. Addresses for Notices. Any communications from the Company to the Equity Warrant Agent with respect to this Agreement shall be addressed to Mellon Investor Services LLC, 520 Pike Street, Suite
1220, Seattle, Washington 98101, with a copy to Mellon Investor Services LLC, Newport Office Center VII, 480 Washington Blvd., Jersey City, New Jersey, 07310, Attention: General Counsel and any communications from the Equity Warrant Agent to the
Company with respect to this Agreement shall be addressed to TripAdvisor, Inc., 141 Needham Street Newton, MA 02464, Attention: General Counsel; or such other addresses as shall be specified in writing by the Equity Warrant Agent or by the Company.

 8.4. Governing Law. This Agreement and the TripAdvisor Equity Warrants shall be governed by the laws of the State of
New York applicable to contracts made and to be performed entirely within such state. 
 8.5. Governmental Approvals. The
Company will from time to time use all reasonable efforts to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and the national securities exchange on which the TripAdvisor Equity Warrants
may be listed or authorized for trading from time to time and filings under the United States federal and state laws, which may be or become requisite in connection with the issuance, sale, trading, transfer or delivery of the TripAdvisor Equity
Warrants, and the exercise of the TripAdvisor Equity Warrants. 
 8.6. Reservation of Shares of TripAdvisor Common Stock.
The Company covenants that it will at all times reserve and keep available, free from preemptive rights (other than such rights as do not affect the ownership of shares issued to a Holder), out of the aggregate of its authorized but unissued shares
of Common Stock or its issued shares of Common Stock held in its treasury, or both, for the purpose of effecting exercises of TripAdvisor Equity Warrants, the full number of shares of TripAdvisor Common Stock deliverable upon the exercise of all
outstanding TripAdvisor Equity Warrants not theretofore exercised and on or before taking any action that would cause an adjustment resulting in an increase in the number of shares of TripAdvisor Common Stock deliverable upon exercise above the
number thereof previously reserved and available therefor, the Company shall take all such action so required. For purposes of this Section 8.6, the number of shares of TripAdvisor Common Stock which shall be deliverable upon the exercise of
all outstanding TripAdvisor Equity Warrants shall be computed as if at the time of computation all outstanding TripAdvisor Equity Warrants were held by a single holder. Before taking any action which would cause an adjustment reducing the price per
share of TripAdvisor Common Stock issued upon exercise of the TripAdvisor Equity Warrants below the then par value (if any) of such shares of TripAdvisor Common Stock, the Company shall take any corporate action which may, in the opinion of its
counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares of TripAdvisor Common Stock at such Exercise Price. The Equity Warrant Agent shall have no duty to monitor or ensure the
Company’s compliance with or actions under this Section. 

  
 -23-

 8.7. Covenant Regarding Shares of TripAdvisor Common Stock. All shares of TripAdvisor
Common Stock which may be delivered upon exercise of the TripAdvisor Equity Warrants will upon delivery be duly and validly issued and fully paid and non-assessable, free of all liens and charges and not subject to any preemptive rights (other than
rights which do not affect the Holder’s right to own the shares of TripAdvisor Common Stock to be issued), and prior to the Exercise Date the Company shall take any corporate action necessary therefor. The issuance of all such shares of
TripAdvisor Common Stock shall, to the extent permitted by law, be registered under the Securities Act of 1933, as amended. 

8.8. Persons Having Rights Under Agreement. Nothing in this Agreement expressed or implied and nothing that may be inferred from
any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company, the Equity Warrant Agent and their respective successors and assigns and the Holders any right, remedy or
claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof; and all covenants, conditions, stipulations, promises and agreements in this Agreement contained shall be for the sole and exclusive
benefit of the Company and the Equity Warrant Agent and their successors and of the Holders of TripAdvisor Equity Warrants. 

8.9. Limitation of Liability. No provision hereof, in the absence of affirmative action by the Holder to purchase shares of
TripAdvisor Common Stock, and no enumeration herein of the rights or privileges of the Holder hereof, shall give rise to any liability of such Holder to pay the Exercise Price for any shares of TripAdvisor Common Stock other than pursuant to an
exercise of the TripAdvisor Equity Warrant or any liability as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 8.10. Severability. If any provision in this Agreement or in any TripAdvisor Equity Warrant Certificate shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions, or of such provisions in any other jurisdiction, shall not in any way be affected or impaired thereby. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated
as originally contemplated to the greatest extent possible; provided, however, if the parties hereto are unable to complete a satisfactory negotiation, the Equity Warrant Agent may resign upon 15 business days’ advance notice to the Company.

 8.11. Headings. The descriptive headings of the several Articles and Sections and the Table of Contents of this
Agreement are for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

  
 -24-

 8.12. Counterparts. This Agreement may be executed by the parties hereto in any
number of counterparts, each of which when so executed and delivered shall be deemed to be an original; but all such counterparts shall together constitute but one and the same instrument. 

8.13. Inspection of Agreement. A copy of this Agreement shall be available at all reasonable times at the offices of the Equity
Warrant Agent, for inspection by the Holders of TripAdvisor Equity Warrants. 
 8.14. Customer Identification Program.
Each Person that is a party hereto acknowledges that the Equity Warrant Agent is subject to the customer identification program (“Customer Identification Program”) requirements under the USA PATRIOT Act and its implementing regulations,
and that the Equity Warrant Agent must obtain, verify and record information that allows the Equity Warrant Agent to identify each such person. Accordingly, prior to accepting an appointment hereunder, the Equity Warrant Agent may request
information from any such person that will help the Equity Warrant Agent to identify such person, including without limitation, as applicable, such person’s physical address, tax identification number, organizational documents, certificate of
good standing or license to do business. Each person that is a party hereto agrees that the Equity Warrant Agent cannot accept an appointment hereunder unless and until the Equity Warrant Agent verifies each such person’s identity in accordance
with the Customer Identification Program requirements. 
 [Signature Page Follows] 

  
 -25-

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

			
	TRIPADVISOR, INC.
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	MELLON INVESTOR SERVICES LLC, as Equity Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 -26-

 EXHIBIT A-1 
 SPECIMEN 

CUSIP             

FACE 
  

					
	No. EWA     	 		 	Equity Warrants

 EQUITY WARRANT CERTIFICATE 
 TRIPADVISOR, INC. 
 This Warrant Certificate certifies that
                                         
                   , or registered assigns, is the registered Holder of Equity Warrants (the “Equity Warrants”) to purchase Common Stock, par
value $0.001 per share, of TripAdvisor, Inc., a Delaware corporation (the “Company”). Each Equity Warrant entitles the Holder to purchase from the Company .25 (one quarter) of one fully paid and non-assessable share of Common Stock, par
value $0.001 per share, of the Company (“Common Stock”) at any time on or before 5:00 p.m. New York City time on May 7, 2012, at the exercise price per Equity Warrant (the “Exercise Price”) of
$            payable in lawful money of the United States of America upon surrender of this Equity Warrant Certificate and payment of the Exercise Price at the office or agency of the
Warrant Agent in the City of New York, the State of New York, or in lieu thereof, upon a Cashless Exercise, in each case, upon such conditions set forth herein and in the Equity Warrant Agreement (as hereinafter defined). Payment of the Exercise
Price must be made in lawful money of the United States of America, in cash or by certified check or bank draft or bank wire transfer payable to the order of the Company. The number of shares of Common Stock which are issuable upon exercise of the
Equity Warrants and, to the extent provided therein, the Exercise Price, is subject to adjustment upon the occurrence of certain events set forth in the Equity Warrant Agreement. 

By acceptance of this Equity Warrant Certificate, each Holder agrees to be bound by the terms of the Equity Warrant Agreement.

 Reference is hereby made to the further provisions of this Equity Warrant Certificate set forth on the reverse hereof and
such further provisions shall for all purposes have the same effect as though fully set forth at this place. Capitalized defined terms used herein have the same meaning as in the Equity Warrant Agreement. 

This Equity Warrant Certificate shall not be valid unless countersigned by the Equity Warrant Agent, as such term is used in the Equity
Warrant Agreement. 

  
 -27-

 IN WITNESS WHEREOF, the Company has caused this Equity Warrant Certificate to be duly
executed under its corporate seal. 
  

					
	 Dated:
	 	TRIPADVISOR, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

			
	Attest:
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

			
	Countersigned:
	
	Mellon Investor Services LLC, as Equity Warrant Agent
		
	By	 	  

		 	Authorized Signature

  
 -28-

 REVERSE 
 EQUITY WARRANT CERTIFICATE 
 TRIPADVISOR, INC. 

The Equity Warrants evidenced by this Equity Warrant Certificate are part of a duly authorized issue of Equity Warrants issued pursuant
to a Warrant Agreement dated as of             , 2011 (the “Equity Warrant Agreement”), duly executed and delivered by the Company to Mellon Investor Services LLC (as
successor-in-interest to The Bank of New York Mellon) (the “Equity Warrant Agent”), which Equity Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the
rights, limitation of rights, obligations, duties and immunities thereunder of the Equity Warrant Agent, the Company and the Holders (the words “Holders” or “Holder” meaning the registered Holders or registered Holder) of the
Equity Warrants. 
 Equity Warrants may be exercised to purchase 0.25 (one-quarter) of one share of Common Stock of the Company,
par value $.001 per share (“Common Stock”) upon such terms and conditions as are set forth in the Equity Warrant Agreement at any time on or before 5:00 p.m. New York City time on May 7, 2012 at the Exercise Price set forth on the
face hereof. The Holder of Equity Warrants evidenced by this Equity Warrant Certificate may exercise them by surrendering the Equity Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed,
together with payment of the Exercise Price (or upon Cashless Exercise) at the office of the Equity Warrant Agent in the City of New York in the State of New York. In the event that upon any exercise of Equity Warrants evidenced hereby the number of
Equity Warrants exercised shall be less than the total number of Equity Warrants evidenced hereby, there shall be issued to the Holder hereof or his assignee a new Equity Warrant Certificate evidencing the number of Equity Warrants not exercised.
Nothing contained in the Equity Warrant Agreement or in this Equity Warrant Certificate shall be construed as conferring upon the Holder thereof the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to
consent or to receive notice as shareholders in respect of meetings of shareholders for the election of Directors of the Company or any other matter, or any other rights whatsoever as shareholders of the Company. 

The Equity Warrant Agreement provides that upon the occurrence of certain events, the number of shares of Common Stock issuable upon
exercise of an Equity Warrant and the Exercise Price each may, subject to certain conditions, be adjusted. 
 Equity Warrant
Certificates, when surrendered at the office of the Equity Warrant Agent in the City of New York in the State of New York by the registered Holder thereof in person or by a legal representative duly authorized in writing or by registered mail,
return receipt requested, may be exchanged, in the manner and subject to the limitations provided in the Equity Warrant Agreement, but without payment of any service charge, for another Equity Warrant Certificate or Equity Warrant Certificates of
like tenor evidencing in the aggregate a like number of Equity Warrants and registered in the name of such registered Holder. 

 Upon due presentment for registration of transfer of this Equity Warrant Certificate at the
office of the Equity Warrant Agent in the City of New York in the State of New York or by registered mail, return receipt requested, a new Equity Warrant Certificate or Equity Warrant Certificates of like tenor and evidencing in the aggregate a like
number of Equity Warrants shall be issued to the transferee(s) in exchange for this Equity Warrant Certificate, subject to the limitations provided in the Equity Warrant Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith. 
 The Company and the Equity Warrant Agent may deem and treat the registered Holder(s) hereof
as the absolute owner(s) of this Equity Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, and of any distribution to the Holder(s) hereof, and for all
other purposes, and neither the Company nor the Equity Warrant Agent shall be affected by any notice (other than a duly presented registration of transfer in accordance with the previous paragraph) to the contrary and shall not be bound to recognize
any equitable or other claim to or interest in such Equity Warrant on the part of any other person. 

  
 -2-

 EXHIBIT A-2 
 SPECIMEN 
 CUSIP
             
 FACE 

 

					
	No. EWB     	 		 	Equity Warrants

 EQUITY WARRANT CERTIFICATE 
 TRIPADVISOR, INC. 
 This Warrant Certificate certifies that
                                         
                   , or registered assigns, is the registered Holder of Equity Warrants (the “Equity Warrants”) to purchase Common Stock, par
value $0.001 per share, of TripAdvisor, Inc., a Delaware corporation (the “Company”). Each Equity Warrant entitles the Holder to purchase from the Company .25 (one quarter) of one fully paid and non-assessable share of Common Stock, par
value $0.001 per share, of the Company (“Common Stock”) at any time on or before 5:00 p.m. New York City time on May 7, 2012, at the exercise price per Equity Warrant (the “Exercise Price”) of
$             payable in lawful money of the United States of America upon surrender of this Equity Warrant Certificate and payment of the Exercise Price at the office or agency of the
Warrant Agent in the City of New York, the State of New York, or in lieu thereof, upon a Cashless Exercise, in each case, upon such conditions set forth herein and in the Equity Warrant Agreement (as hereinafter defined). Payment of the Exercise
Price must be made in lawful money of the United States of America, in cash or by certified check or bank draft or bank wire transfer payable to the order of the Company. The number of shares of Common Stock which are issuable upon exercise of the
Equity Warrants and, to the extent provided therein, the Exercise Price. is subject to adjustment upon the occurrence of certain events set forth in the Equity Warrant Agreement. 

By acceptance of this Equity Warrant Certificate, each Holder agrees to be bound by the terms of the Equity Warrant Agreement.

 Reference is hereby made to the further provisions of this Equity Warrant Certificate set forth on the reverse hereof and
such further provisions shall for all purposes have the same effect as though fully set forth at this place. Capitalized defined terms used herein have the same meaning as in the Equity Warrant Agreement. 

This Equity Warrant Certificate shall not be valid unless countersigned by the Equity Warrant Agent, as such term is used in the Equity
Warrant Agreement. 

  
 -3-

 IN WITNESS WHEREOF, the Company has caused this Equity Warrant Certificate to be duly
executed under its corporate seal. 
 Dated: 

 

			
	TRIPADVISOR, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  

			
	Countersigned:
	
	Mellon Investor Services LLC, as Equity Warrant Agent
		
	By	 	  

		 	Authorized Signature

  
 -4-

 REVERSE 
 EQUITY WARRANT CERTIFICATE 
 TRIPADVISOR, INC. 

The Equity Warrants evidenced by this Equity Warrant Certificate are part of a duly authorized issue of Equity Warrants issued pursuant
to a Warrant Agreement dated as of             , 2011 (the “Equity Warrant Agreement”), duly executed and delivered by the Company to Mellon Investor Services LLC (as
successor-in-interest to The Bank of New York Mellon) (the “Equity Warrant Agent”), which Equity Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the
rights, limitation of rights, obligations, duties and immunities thereunder of the Equity Warrant Agent, the Company and the Holders (the words “Holders” or “Holder” meaning the registered Holders or registered Holder) of the
Equity Warrants. 
 Equity Warrants may be exercised to purchase 0.25 (one-quarter) of one share of Common Stock of the Company,
par value $.001 per share (“Common Stock”) upon such terms and conditions as are set forth in the Equity Warrant Agreement at any time on or before 5:00 p.m. New York City time on May 7, 2012 at the Exercise Price set forth on the
face hereof. The Holder of Equity Warrants evidenced by this Equity Warrant Certificate may exercise them by surrendering the Equity Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed,
together with payment of the Exercise Price (or upon Cashless Exercise) at the office of the Equity Warrant Agent in the City of New York in the State of New York. In the event that upon any exercise of Equity Warrants evidenced hereby the number of
Equity Warrants exercised shall be less than the total number of Equity Warrants evidenced hereby, there shall be issued to the Holder hereof or his assignee a new Equity Warrant Certificate evidencing the number of Equity Warrants not exercised.
Nothing contained in the Equity Warrant Agreement or in this Equity Warrant Certificate shall be construed as conferring upon the Holder thereof the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to
consent or to receive notice as shareholders in respect of meetings of shareholders for the election of Directors of the Company or any other matter, or any other rights whatsoever as shareholders of the Company. 

The Equity Warrant Agreement provides that upon the occurrence of certain events, the number of shares of Common Stock issuable upon
exercise of an Equity Warrant and the Exercise Price each may, subject to certain conditions, be adjusted. 
 Equity Warrant
Certificates, when surrendered at the office of the Equity Warrant Agent in the City of New York in the State of New York by the registered Holder thereof in person or by a legal representative duly authorized in writing or by registered mail,
return receipt requested, may be exchanged, in the manner and subject to the limitations provided in the Equity Warrant Agreement, but without payment of any service charge, for another Equity Warrant Certificate or Equity Warrant Certificates of
like tenor evidencing in the aggregate a like number of Equity Warrants and registered in the name of such registered Holder. 

 Upon due presentment for registration of transfer of this Equity Warrant Certificate at the
office of the Equity Warrant Agent in the City of New York in the State of New York or by registered mail, return receipt requested, a new Equity Warrant Certificate or Equity Warrant Certificates of like tenor and evidencing in the aggregate a like
number of Equity Warrants shall be issued to the transferee(s) in exchange for this Equity Warrant Certificate, subject to the limitations provided in the Equity Warrant Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith. 
 The Company and the Equity Warrant Agent may deem and treat the registered Holder(s) hereof
as the absolute owner(s) of this Equity Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, and of any distribution to the Holder(s) hereof, and for all
other purposes, and neither the Company nor the Equity Warrant Agent shall be affected by any notice (other than a duly presented registration of transfer in accordance with the previous paragraph) to the contrary and shall not be bound to recognize
any equitable or other claim to or interest in such Equity Warrant on the part of any other person. 

  
 -2-

 TRIPADVISOR, INC. 
 ELECTION TO PURCHASE 
 TRIPADVISOR, INC. 

141 Needham Street 
 Newton, MA 02464

 The undersigned hereby irrevocably elects to exercise the right of purchase represented by this Equity Warrant Certificate
for             Equity Warrants, and to purchase thereunder the shares of Common Stock (the “Shares”) provided for therein, and requests that certificates for the Shares be
issued in the name of: 
 (Please Print Name, Address and Social Security Number) 

If said number of Equity Warrants to be exercised shall not be all of the Equity Warrants evidenced by this Equity Warrant Certificate,
the undersigned requests that a new Equity Warrant Certificate for the balance of the Equity Warrants be registered in the name of the undersigned or his Assignee as below indicated and delivered to the address stated below: 

 

									
		 	Dated:                 , 20    	 		  		  	

									
					
		 	Name of Equity Warrant Holder or	 		  		  	

									
		 	      Assignee (Please Print):	 	  
	 		  	

									
					
		 	Address:	  	  
	  		  	

									
					
		 	Signature:	 	  
	  	*	  	

									
					
		 	Signature Guaranteed:	  	  
	  		  	
		 		  	Signature of Guarantor	  		  	

  

	*	The signature must correspond with the name as written upon the face of the within Equity Warrant Certificate in every particular, without alteration or enlargement or
any change whatever, and must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent. 

 ASSIGNMENT 
 (To be executed by the registered Holder 
 if such Holder desires to transfer

 Equity Warrants.) 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  

					
		 	
                  
                       
	 	
		 	(Print name and address of transferee)	 	

             Equity Warrants, evidenced by this Equity Warrant
Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                            Attorney, to transfer the within Equity Warrant Certificate on the books of the
Company, with full power of substitution. If said number of Equity Warrants to be transferred shall not be all of the Equity Warrants evidenced by this Equity Warrant Certificate, the assignor and assignee agree that such Attorney shall submit this
Equity Warrant Certificate to the Company and request that New Equity Warrant Certificates for the applicable number of Equity Warrants be registered in the names of the undersigned as below indicated and delivered to the addresses below:

  

											
	Dated:	 		  		 		 		 	
						
	  
	 		  	Signature:	 	  
	 	*	 	
	(Insert Social Security or	 		  		 		 		 	
	Other Identifying Number of	 		  		 		 		 	
	Assignee)	 		  		 		 		 	

									
			
	Address of Assignor (if necessary):	 	  
	  	
			
	Address of Assignee (if necessary):	 	  
	  	
				
	Signature Guaranteed:	 		 		  	
				
	  
 Signature of
Guarantor
	 		 		  	

  

	*	The signature must correspond with the name as written upon the face of the within Equity Warrant Certificate in every particular, without alteration or enlargement or
any change whatever, and must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.Employment Agreement

 Exhibit 10.18 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is
entered into by and between Seth Kalvert (“Executive”) and TripAdvisor, LLC, a Delaware limited liability company (the “Company”), and is effective as of October 19, 2011 (the “Effective Date”). 

WHEREAS, the Company desires to establish its right to the services of Executive, in the capacity described below, on the terms and
conditions hereinafter set forth, and Executive is willing to accept such employment on such terms and conditions. 
 NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth, Executive and the Company have agreed and do hereby agree as follows: 
 1A. EMPLOYMENT. The Company agrees to employ Executive as Senior Vice President, General Counsel of the Company, and Executive accepts and agrees to such employment. During Executive’s
employment with the Company, Executive shall perform all services and acts necessary or advisable to fulfill the duties and responsibilities as are commensurate and consistent with Executive’s position and shall render such services on the
terms set forth herein. During Executive’s employment with the Company, Executive shall report directly to the Chief Executive Officer of the Company or such person(s) as from time to time may be designated by the Company (hereinafter referred
to as the “Reporting Officer”). Executive shall have such powers and duties with respect to the Company as may reasonably be assigned to Executive by the Reporting Officer, to the extent consistent with Executive’s position and
status. Executive agrees to devote all of Executive’s working time, attention and efforts to the Company and to perform the duties of Executive’s position in accordance with the Company’s policies as in effect from time to time.
Executive’s principal place of employment shall be the Company’s offices located in Newton, Massachusetts. 
 2A. TERM OF
AGREEMENT. The term (“Term”) of this Agreement shall commence on the Effective Date and shall continue through the second anniversary of the Effective Date, unless sooner terminated in accordance with the provisions of Section 1
of the Standard Terms and Conditions attached hereto. 
 3A. COMPENSATION. 
 (a) BASE SALARY. During the Term, the Company shall pay Executive an annual base salary of $325,000.00 (the “Base Salary”), payable in equal biweekly installments or in accordance with
the Company’s payroll practice as in effect from time to time. For all purposes under this Agreement, the term “Base Salary” shall refer to Base Salary as in effect from time to time. 

(b) DISCRETIONARY BONUS. During the Term, Executive shall be eligible to receive discretionary annual bonuses with an annual target bonus equal to
50% of Base Salary, with amounts, if any, for any partial year payable on a pro rata basis. Any such annual bonus shall be paid not later than March 15 of the calendar year immediately following the calendar year with respect to which
such annual bonus relates (unless Executive has elected to defer receipt of such 

 
bonus pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)). 

(c) BENEFITS. During the Term, from the Effective Date through the date of termination of Executive’s employment with the Company for any
reason, Executive shall be entitled to participate in any welfare, health and life insurance and pension benefit and incentive programs 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 generally. Without limiting the generality of the foregoing, Executive shall be entitled to the following benefits: 
 (i) Reimbursement for Business Expenses. During the Term, the Company shall reimburse Executive for all reasonable and necessary expenses incurred by Executive in performing Executive’s duties
for the Company, on the same basis as similarly situated executives of the Company generally and in accordance with the Company’s policies as in effect from time to time. 

(ii) Vacation. During the Term, Executive shall be entitled to annual paid vacation in accordance with the plans,
policies, programs and practices of the Company applicable to similarly situated executives of the Company generally. 
 4A. 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 or immediately upon duly acknowledged hand delivery to the respective persons named below: 
  

			
	If to the Company:	    	141 Needham Street
		    	Newton, MA 02464
		    	Attention: Chief Executive Officer
		
	If to Executive:	    	At the most recent address on record for Executive at the Company.

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

5A. GOVERNING LAW; JURISDICTION. This Agreement and the legal relations thus created between the parties hereto shall be governed by and construed
under and in accordance with the internal laws of the Commonwealth of Massachusetts 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 before an appropriate federal court in Massachusetts, or, if not maintainable therein, then in an appropriate Massachusetts 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 objections that they may have as to, personal jurisdiction and/or venue in such courts. 

  
 2 

 6A. 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. Executive 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. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and delivered by its duly
authorized officer and Executive has executed and delivered this Agreement. 
  

			
	TRIPADVISOR LLC
	
	 /s/ Burke F. Norton

	By:	 	Burke F. Norton
	Title:	 	Executive Vice President
	
	 /s/ Seth Kalvert

	Seth Kalvert

  
 3 

 STANDARD TERMS AND CONDITIONS 

1. TERMINATION OF EXECUTIVE’S EMPLOYMENT. 
 (a) DEATH. Upon termination of Executive’s employment prior to the expiration of the Term by reason of Executive’s death, the Company shall pay Executive’s designated beneficiary or
beneficiaries, within 30 days of Executive’s death in a lump sum in cash, (i) Executive’s Base Salary from the date of Executive’s death through the end of the month in which Executive’s death occurs and (ii) any
Accrued Obligations (as defined in Section 1(f) below). 
 (b) DISABILITY. If, as a result of Executive’s incapacity due to
physical or mental illness (“Disability”), Executive shall have been absent from the full-time performance of Executive’s duties with the Company for a period of four consecutive months and, within 30 days after written notice is
provided to Executive by the Company (in accordance with Section 4A hereof), Executive shall not have returned to the full-time performance of Executive’s duties, Executive’s employment under this Agreement may be terminated by the
Company for Disability. During any period prior to such termination during which Executive is absent from the full-time performance of Executive’s duties with the Company due to Disability, the Company shall continue to pay Executive’s
Base Salary at the rate in effect at the commencement of such period of Disability, offset by any amounts payable to Executive under any disability insurance plan or policy provided by the Company. Upon termination of Executive’s employment due
to Disability, the Company shall pay Executive within 30 days of such termination (i) Executive’s Base Salary through the end of the month in which Executive’s termination of employment for Disability occurs in equal biweekly
installments, offset by any amounts payable to Executive under any disability insurance plan or policy provided by the Company; and (ii) any Accrued Obligations in a lump sum in cash. 
 (c) TERMINATION FOR CAUSE; RESIGNATION WITHOUT GOOD REASON. The Company may terminate Executive’s employment under this Agreement with or without Cause at any time and Executive may resign
under this Agreement with or without Good Reason at any time. As used herein, “Cause” shall mean: (i) the plea of guilty or nolo contendere to, conviction for, or the commission of, a felony offense by Executive; provided,
however, that after indictment, the Company may suspend Executive from the rendition of services, but without limiting or modifying in any other way the Company’s obligations under this Agreement; (ii) a material breach by Executive
of a fiduciary duty owed to the Company or any of its subsidiaries; (iii) a material breach by Executive of any of the covenants made by Executive in Section 2 hereof; (iv) the willful or gross neglect by Executive of the material
duties required by this Agreement; or (v) a knowing and material violation by Executive of any Company policy pertaining to ethics, legal compliance, wrongdoing or conflicts of interest that, in the case of the conduct described in clauses
(iv) or (v) above, if curable, is not cured by Executive within 30 days after Executive is provided with written notice thereof. Upon Executive’s (A) termination of employment by the Company for Cause prior to the expiration of
the Term or (B) resignation without Good Reason prior to the expiration of the Term, this Agreement shall terminate without further obligation by the Company, except for the payment of any Accrued Obligations in a lump sum in cash within 30
days of such termination. 

 (d) TERMINATION BY THE COMPANY OTHER THAN FOR DEATH, DISABILITY OR CAUSE OR RESIGNATION BY EXECUTIVE FOR
GOOD REASON. Upon termination of Executive’s employment prior to the expiration of the Term by the Company without Cause (other than for death or Disability) or by Executive for Good Reason (as defined below), then: 

(i) the Company shall continue to pay Executive the Base Salary through the longer of (x) the end of the Term over the course of the
then remaining Term and (y) 12 months (such period, the “Salary Continuation Period” and such payments, the “Cash Severance Payments”), in each case payable in equal biweekly installments and the Company shall pay in cash to
Executive (within 10 business days of each applicable monthly period) for each month between the date of termination and the end of the Salary Continuation Period an amount equal to the premiums charged by the Company to maintain COBRA benefits
continuation coverage for Executive and Executive’s eligible dependents to the extent such coverage is then in place; 

(ii) the Company shall pay Executive within 30 days of the date of such termination in a lump sum in cash any Accrued Obligations;

 (iii) the Company will consider in good faith the payment of a discretionary bonus on a pro rata basis for the year in
which the Termination of Employment occurs, any such payment to be paid (if at all) based on actual performance during the year in which termination has occurred and based on the number of days of employment during such year relative to 365 days
(payable in a lump sum at the time such annual bonus would otherwise have been paid); 
 (iv) any compensation awards of
Executive based on, or in the form of, Company equity (e.g. restricted stock, restricted stock units, stock options or similar instruments) (“Equity Awards”) that are outstanding and unvested at the time of such termination but which
would, but for a termination of employment, have vested during the 12 months following such termination (such period, the “Equity Acceleration Period”) shall vest (and with respect to awards other than stock options and stock appreciation
rights, settle) as of the date of such termination of employment; provided that any outstanding award with a vesting schedule that would, but for a termination of employment, have resulted in a smaller percentage (or none) of the award being
vested through the end of such Equity Acceleration Period than if it vested annually pro rata over its vesting period shall, for purposes of this provision, be treated as though it vested annually pro rata over its vesting period (e.g., if 100
restricted stock units (“RSUs”) were granted 2.7 years prior to the date of the termination and vested pro rata on each of the first five anniversaries of the grant date and 100 RSUs were granted 1.7 years prior to the date of termination
and vested on the fifth anniversary of the grant date, then on the date of termination 20 RSUs from the first award and 40 RSUs from the second award would vest and settle); provided further that any amount that would vest under this
provision but for the fact that outstanding performance conditions have not been satisfied shall vest (and with respect to awards other than stock options and stock appreciation rights, settle) only if, and at such point as, such performance
conditions are satisfied; and provided further that if any Equity Awards made subsequent to the Effective Date of this Agreement specifies a more favorable post-

  
 2 

 
termination vesting schedule for such equity, the terms of the award agreement for such Equity Award shall govern; and 
 (v) any then vested options of Executive (including options vesting as a result of (iv) above) to purchase Company equity, shall remain exercisable through the date that is 18 months following the
date of such termination or, if earlier, through the scheduled expiration date of such options. 
 The expiration of the Term shall not give
rise to any payment to Executive or acceleration obligation under this Section 1(d). The payment to Executive of the severance pay or benefits described in Section 1(d) (other than any Accrued Obligations) is contingent upon Executive
signing and not revoking a separation and release of the Company and its affiliates in a form substantially similar to that used for similarly situated executives of the Company (the “Release”), the offset provisions in Section 1(e),
and Executive’s compliance with the restrictive covenants set forth in Section 2 (other than any non-compliance that is immaterial, does not result in harm to the Company or its affiliates, and, if curable, is cured by Executive promptly
after receipt of notice thereof given by the Company). The Release must become effective no later than sixty (60) days following Executive’s employment termination date or such earlier date required by the Release (such deadline, the
“Release Deadline”). If the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance. In no event will severance payments or benefits (other than any Accrued Obligations) be paid or provided
until the Release becomes effective and irrevocable. Upon the Release becoming effective and irrevocable, any payments delayed from the date Executive terminates employment through the effective date of the Release will be payable in a lump sum
without interest as soon as administratively practicable after the Release Deadline and all other amounts will be payable in accordance with the payment schedule applicable to each payment or benefit. In the event the termination occurs at a time
during the calendar year where the Release could become effective in the calendar year following the calendar year in which Executive’s termination occurs, then any severance payments or benefits that would be considered Deferred Payments (as
defined below) will be paid on the first payroll date to occur during the calendar year following the calendar year in which such termination occurs, or, if later, (i) the Release Deadline, (ii) such time as required by the payment
schedule provided above that is applicable to each payment or benefit, or (iii) the Delayed Initial Payment Date (as defined below). Executive acknowledges and agrees that the Company’s payment of severance pay and benefits (except Accrued
Obligations) constitutes good and valuable consideration for such Release. 
 As used herein, “Good Reason” shall mean the occurrence
of any of the following without Executive’s prior written consent: (A) the Company’s material breach of any material provision of this Agreement, (B) the material reduction in Executive’s title, duties, reporting
responsibilities or level of responsibilities as Senior Vice President, General Counsel of the Company, excluding for this purpose any such reduction that is an isolated and inadvertent action not taken in bad faith or that is authorized pursuant to
this Agreement, (C) the material reduction in Executive’s Base Salary or Executive’s total annual compensation opportunity, or (D) the relocation of Executive’s principal place of employment more than 50 miles outside the
Boston metropolitan area, provided that in no event shall Executive’s resignation be for “Good Reason” unless (x) an event or circumstance set forth in clauses (A) through (D) shall have occurred and

  
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Executive provides the Company with written notice thereof within 30 days after Executive has knowledge of the occurrence or existence of such event or circumstance, which notice specifically
identifies the event or circumstance that Executive believes constitutes Good Reason, (y) the Company fails to correct the circumstance or event so identified within 30 days after receipt of such notice, and (z) Executive resigns within 90
days after the date of delivery of the notice referred to in clause (x) above. Notwithstanding the preceding provisions of this Section 1(d), in the event that Executive is a “specified employee” (within the meaning of
Section 409A) on the date of termination of Executive’s employment with the Company and the Cash Severance Payments to be paid within the first six months following such date (the “Initial Payment Period”) exceed the amount
referenced in Treas. Regs. Section 1.409A-1(b)(9)(iii)(A) (the “Limit”), then (1) any portion of the Cash Severance Payments that is a “short-term deferral” within the meaning of Treas. Regs.
Section 1.409A-1(b)(4)(i) shall be paid at the times set forth in Section 1(d), (2) any portion of the Cash Severance Payments (in addition to the amounts contemplated by the immediately preceding clause (1)) that is payable
during the Initial Payment Period that does not exceed the Limit shall be paid at the times set forth in Section 1(d) as applicable, (3) any portion of the Cash Severance Payments that exceeds the Limit and is not a “short-term
deferral” (and would have been payable during the Initial Payment Period but for the Limit) shall be paid, with Interest, on the first business day of the first calendar month that begins after the six-month anniversary of Executive’s
“separation from service” (within the meaning of Section 409A) and (4) any portion of the Cash Severance Payments that is payable after the Initial Payment Period shall be paid at the times set forth in Section 1(d). For
purposes of this Agreement, “Interest” shall mean interest at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code, from the date on which payment would otherwise have been made but for any required delay
through the date of payment. 
 (e) OFFSET. If Executive obtains other employment during the Salary Continuation Period, any payments to
be made to Executive under Section 1(d) hereof after the date such employment is secured shall be offset by the amount of compensation earned by Executive from such employment. For purposes of this Section 1(e), Executive shall have an
obligation to inform the Company regarding Executive’s employment status following termination and during the Salary Continuation Period, but shall have no affirmative duty to seek alternate employment. 

(f) ACCRUED OBLIGATIONS. As used in this Agreement, “Accrued Obligations” shall mean the sum of (i) any portion of Executive’s
accrued and earned but unpaid Base Salary through the date of death or termination of employment for any reason, as the case may be; (ii) any compensation previously earned but deferred by Executive (together with any interest or earnings
thereon) that has not yet been paid and that is not otherwise paid at a later date pursuant to any deferred compensation arrangement of the Company to which Executive is a party, if any (provided, that any election made by Executive pursuant to any
deferred compensation arrangement that is subject to Section 409A regarding the schedule for payment of such deferred compensation shall prevail over this Section 1(f) to the extent inconsistent herewith); and (iii) other than in the
event of Executive’s resignation without Good Reason or termination by the Company for Cause (except as required by applicable law), any portion of Executive’s accrued but unpaid vacation pay through the date of death or termination of
employment. 

  
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 (g) OTHER BENEFITS. Upon any termination of Executive’s employment prior to the expiration of
the Term, Executive shall remain entitled to receive any vested benefits or amounts that Executive is otherwise entitled to receive under any plan, policy, practice or program of, or any other contract or agreement with, the Company in accordance
with the terms thereof (other than any such plan, policy, practice or program of the Company that provides benefits in the nature of severance or continuation pay). 
 (h) SECTION 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, including any regulations and guidance issued thereunder
(“Section 409A”), to the extent Section 409A is applicable to this Agreement. Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered by the Company in a
manner consistent with such intention and to avoid the pre-distribution inclusion in income of amounts deferred under this Agreement and the imposition of any additional tax or interest with respect thereto. Without limiting the generality of the
foregoing, to the extent required in order to comply with Section 409A, amounts that would otherwise be payable under this Agreement during the six-month period immediately following the date of termination of the Executive’s employment
shall instead be paid on the first business day after the date that is six months following the Executive’s “separation from service” within the meaning of Section 409A. 
 2. CONFIDENTIAL INFORMATION; DUTY OF LOYALTY; NON-SOLICITATION; AND PROPRIETARY RIGHTS. 
 (a) CONFIDENTIALITY. Executive acknowledges that while employed by the Company Executive will occupy a position of trust and confidence. The Company has provided and shall continue to provide
Executive with Confidential Information. Executive shall hold in a fiduciary capacity for benefit of the Company and its subsidiaries and affiliates, and shall not, except as may be required to perform Executive’s duties hereunder or as
required by applicable law, without limitation in time, communicate, divulge, disseminate, disclose to others or otherwise use, whether directly or indirectly, any Confidential Information. “Confidential Information” shall mean information
about the Company or any of its subsidiaries or affiliates, and their respective businesses, employees, consultants, contractors, suppliers, clients and customers that is not disclosed by the Company or any of its subsidiaries or affiliates for
financial reporting purposes and that was learned by Executive in the course of employment by the Company or any of its subsidiaries or affiliates, including (without limitation) any proprietary knowledge, trade secrets, data, formulae, processes,
methods, research, secret data, costs, names of users or purchasers of their respective products or services, business methods, operating procedures or programs or methods of promotion and sale, information relating to accounting or tax strategies
and data, information and client and customer lists and all papers, resumes, and records (including computer records) of the documents containing such Confidential Information. For purposes of this Section 2(a), information shall not cease to
be Confidential Information merely because it is embraced by general disclosures for financial reporting purposes or because individual features or combinations thereof are publicly available. Notwithstanding the foregoing provisions, if Executive
is required to disclose any such confidential or proprietary information pursuant to applicable law or a subpoena or court order, Executive shall promptly notify the Company in writing of any such requirement so that the

  
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Company may seek an appropriate protective order or other appropriate remedy or waive compliance with the provisions hereof. Executive shall reasonably cooperate with the Company to obtain such a
protective order or other remedy. If such order or other remedy is not obtained prior to the time Executive is required to make the disclosure, or the Company waives compliance with the provisions hereof, Executive shall disclose only that portion
of the confidential or proprietary information which he is advised by counsel that he is legally required to so disclose. Executive acknowledges that such Confidential Information is specialized, unique in nature and of great value to the Company
and its subsidiaries or affiliates, and that such information gives the Company and its subsidiaries or affiliates a competitive advantage. Executive agrees to deliver or return to the Company, at the Company’s request at any time or upon
termination or expiration of Executive’s employment, all documents, computer tapes and disks, plans, initiatives, strategies, records, lists, data, drawings, prints, notes and written information (and all copies thereof) created by or on behalf
of the Company or its subsidiaries or affiliates or prepared by Executive in the course of Executive’s employment by the Company and its subsidiaries or affiliates. As used in this Agreement, “subsidiaries” and “affiliates”
shall mean any company controlled by, controlling or under common control with the Company. 
 (b) NON-COMPETITION. In consideration of
the Company’s promise to disclose, and disclosure of, its Confidential Information and other good and valuable consideration provided hereunder, the receipt and sufficiency of which are hereby acknowledged by Executive, Executive hereby agrees
and covenants that until the longer of (i) the last day of the Term and (ii) a period of 12 months beyond Executive’s date of termination of employment from the Company or any of its subsidiaries or affiliates for any reason,
including the expiration of the Term (the “Restricted Period”), Executive shall not, directly or indirectly, engage in, assist or become associated with a Competitive Activity. For purposes of this Section 2(b): (i) a
“Competitive Activity” means, at the time of Executive’s termination, any business or other endeavor in any jurisdiction of a kind being conducted by the Company or any of its subsidiaries or affiliates (or demonstrably anticipated by
the Company or its subsidiaries or affiliates and, for avoidance of doubt, such affiliates to exclude Expedia, Inc. or any of its subsidiaries), in any jurisdiction as of the Effective Date or at any time thereafter; and (ii) Executive shall be
considered to have become “associated with a Competitive Activity” if Executive 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, partnership, corporation or other organization that is engaged in a Competitive Activity. Notwithstanding the foregoing,
(i) Executive may make and retain investments during the Restricted Period, for investment purposes only, in less than 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 Executive is not otherwise affiliated with such corporation; (ii) Executive may serve as an employee or partner (or otherwise hold an ownership
interest) in an investment firm that has an ownership interest in a partnership, corporation or other organization that is engaged in a Competitive Activity, provided that such ownership interest does not constitute greater than 20% of such
investment firm’s total assets under management and Executive is not directly involved with the provision of direction or management of such entity; and (iii) Executive may serve as an employee of or partner (or

  
 6 

 
otherwise hold an ownership interest) in a consultancy or investment bank engaged in providing advisory services to entities engaged in Competitive Activities, provided that Executive is
not directly involved in the provision of the advisory services to such entities. 
 (c) NON-SOLICITATION OF EMPLOYEES. Executive
recognizes that he or she will possess Confidential Information about other employees, officers, directors, agents, consultants and independent contractors of the Company and its subsidiaries or affiliates relating to their education, experience,
skills, abilities, compensation and benefits, and inter-personal relationships with suppliers to and customers of the Company and its subsidiaries or affiliates. Executive recognizes that the information he or she will possess about these employees,
officers, directors, agents, consultants and independent contractors is not generally known, is of substantial value to the Company and its subsidiaries or affiliates in developing their respective businesses and in securing and retaining customers,
and will be acquired by Executive because of Executive’s business position with the Company. Executive agrees (i) that, during the Restricted Period, Executive will not, directly or indirectly, hire or solicit or recruit the employment or
services of (i.e., whether as an employee, officer, director, agent, consultant or independent contractor), or encourage to change such person’s relationship with the Company or any of its subsidiaries or affiliates, any employee, officer,
director, agent, consultant or independent contractor of the Company or any of its subsidiaries or affiliates provided, however, that a general solicitation of the public for employment shall not constitute a solicitation hereunder so
long as such 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 and
(ii) that Executive will not convey any Confidential Information or trade secrets about any employees, officers, directors, agents, consultants and independent contractors of the Company or any of its subsidiaries or affiliates to any other
person except within the scope of Executive’s duties hereunder. 
 (d) NON-SOLICITATION OF CUSTOMERS, SUPPLIERS, PARTNERS. During
the Restricted Period, Executive shall not, without the prior written consent of the Company, directly or indirectly, solicit, attempt to do business with, or do business with any customers of, suppliers (including providers of travel
inventory) to, business partners of or business affiliates of the Company or any of its subsidiaries or affiliates (collectively, “Trade Relationships”) on behalf of any entity engaged in a Competitive Activity, or encourage (regardless of
who initiates the contact) any Trade Relationship to use the services of any competitor of the Company or its subsidiaries or affiliates, or encourage any Trade Relationship to change its relationship with the Company or its subsidiaries or
affiliates. 
 (e) PROPRIETARY RIGHTS; ASSIGNMENT. All Executive Developments (as defined below) shall be made for hire by Executive for
the Company or any of its subsidiaries or affiliates. “Executive Developments” means any idea, discovery, invention, design, method, technique, improvement, enhancement, development, computer program, machine, algorithm or other work or
authorship, in each case, (i) that (A) relates to the business or operations of the Company or any of its subsidiaries or affiliates, or (B) results from or is suggested by any undertaking assigned to Executive or work performed by
Executive for or on behalf of the Company or any of its subsidiaries or affiliates, whether created alone or with others, during or after working hours and (ii) that is conceived or developed during the Term. All Confidential

  
 7 

 
Information and all Executive Developments shall remain the sole property of the Company or any of its subsidiaries or affiliates. Executive shall acquire no proprietary interest in any
Confidential Information or Executive Developments developed or acquired during the Term. To the extent Executive may, by operation of law or otherwise, acquire any right, title or interest in or to any Confidential Information or Executive
Development, Executive hereby assigns to the Company all such proprietary rights. Executive shall, both during and after the Term, upon the Company’s request, promptly execute and deliver to the Company all such assignments, certificates and
instruments, and shall promptly perform such other acts, as the Company may from time to time in its reasonable discretion deem necessary or desirable to evidence, establish, maintain, perfect, enforce or defend the Company’s rights in
Confidential Information and Executive Developments. 
 (f) COMPLIANCE WITH POLICIES AND PROCEDURES. During the Term, Executive 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. 
 (g) REMEDIES FOR BREACH. Executive expressly agrees and understands that Executive will notify the Company in writing of any alleged breach of this Agreement by the Company, and the Company will
have 30 days from receipt of Executive’s notice to cure any such breach. Executive expressly agrees and understands that the remedy at law for any breach by Executive of this Section 2 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 Executive’s violation of any provision of this Section 2 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 2 shall be
deemed to limit the Company’s remedies at law or in equity for any breach by Executive of any of the provisions of this Section 2, which may be pursued by or available to the Company. 

(h) SURVIVAL OF PROVISIONS. The obligations contained in this Section 2 shall, to the extent provided in this Section 2, survive the
termination or expiration of Executive’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 2 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. 
 3. MERGER. 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. Executive acknowledges and agrees that
neither the Company nor anyone acting on its behalf has made, and is not making, and in executing this Agreement, Executive has not relied upon, any representations, promises or inducements except to the extent the same is expressly set forth in
this Agreement. All Stock Option Agreements and Restricted Stock Unit Agreements between 

  
 8 

 
Executive and the Company survive and are hereby incorporated by reference into this Agreement. 
 4. 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, in the event of a transfer of Executive to any entity affiliated with the Company and/or the merger, consolidation, transfer, or sale of all or substantially all of the assets of the Company with or to any other
individual or entity, this Agreement shall, subject to the provisions hereof, 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. 
 5. WITHHOLDING. The Company
shall make such deductions and withhold such amounts from each payment and benefit made or provided to Executive hereunder, as may be required from time to time by applicable law, governmental regulation or order. 

6. 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. 

7. 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, or extended beyond expiration of the Term (regardless of continued employment), except by a writing executed by each party hereto. Notwithstanding anything to the
contrary herein, neither the assignment of Executive to a different Reporting Officer due to a reorganization or an internal restructuring of the Company or its affiliated companies nor a change in the title of the Reporting Officer shall constitute
a modification or a breach of this Agreement. 
 8. 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. 

  
 9 

 ACKNOWLEDGED AND AGREED AS OF THE EFFECTIVE DATE: 

 

			
	TRIPADVISOR LLC
		
		 	 /s/ Burke F. Norton

	By:	 	Burke F. Norton
	Title:	 	Executive Vice President
		
		 	 /s/ Seth Kalvert

		 	Seth Kalvert

  
 10

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