Document:

EX-10.1

 Exhibit 10.1 

HOMEAWAY, INC. 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (the “Agreement”) is entered into effective as of October 1, 2015 (the
“Effective Date”) by and between HomeAway, Inc., a Delaware corporation (the “Company”), and Melissa Frugé (“Executive”). 

RECITALS 
 WHEREAS,
Executive and the Company entered into an offer letter dated as of August 25, 2009 (the “Prior Agreement”); 

WHEREAS, Executive is currently employed by the Company and has been promoted to the position of SVP and General Counsel, effective as of
October 1, 2015; 
 WHEREAS, the Company and Executive desire to amend and restate the Prior Agreement to reflect the new terms of
Executive’s employment; 
 WHEREAS, the Company considers it essential to its best interests and the best interests of its stockholders
to foster the continued employment of Executive by the Company during the term of this Agreement; and 
 WHEREAS, Executive is willing to
continue Executive’s employment on the terms hereinafter set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree
as follows: 
 1. Duties and Scope of Employment. 

(a) Positions and Duties. As of the Effective Date, Executive serves as the SVP and General Counsel, reporting to the Chief Executive
Officer (the “CEO”). Executive will render such business and professional services in the performance of Executive’s duties as are customarily associated with Executive’s position within the Company and Executive agrees to
perform such other duties and functions as shall from time to time be reasonably assigned or delegated to Executive by the CEO. The period Executive is employed by the Company under this Agreement is referred to herein as the “Employment
Term.” 
 (b) Obligations. During the Employment Term, Executive will perform Executive’s duties faithfully and to the best
of Executive’s ability and will devote Executive’s full business efforts and time to the Company; provided, however, Executive shall be allowed to (i) manage Executive’s passive personal investments and (ii) be
involved in charitable activities, so long as these matters do not interfere with Executive’s duties to the Company during the Employment Term. During the Employment Term, Executive agrees not actively to engage in any other employment,
occupation or consulting activity for any direct or indirect remuneration without the prior approval of the CEO. 
 (c) Subject to
Section 2, this Agreement will have a term of three (3) years, commencing on the Effective Date, unless terminated earlier as provided herein. Notwithstanding the foregoing, if a Change of Control should occur when there is less than
eighteen (18) months remaining in the term of this Agreement, Section 8 of this Agreement shall survive following the expiration of the term of this Agreement for a period of eighteen (18) months following the Change of Control. 

 2. At-Will Employment. Executive and the Company agree and acknowledge Executive’s
employment with the Company constitutes “at-will” employment. Executive and the Company further agree and acknowledge that this employment relationship may be terminated at any time, with or without notice to the other party, with or
without cause, at the option of either Executive or the Company. Executive understands and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as
the basis for modification, amendment, or extension, by implication or otherwise, of Executive’s employment with the Company. 
 3.
Compensation. 
 (a) Base Salary. As of October 1, 2015, the Company will pay Executive as compensation for
Executive’s services a base salary at the annualized rate of $290,000 (the “Base Salary”). The Base Salary will be paid in regular installments in accordance with the Company’s normal payroll practices (subject to required
withholding). The first and last payment will be adjusted, if necessary, to reflect a commencement or termination date other than the first or last working day of a pay period. Executive will be entitled to an annual review of the base salary with a
change in this base salary to be at the sole discretion of the Board. 
 (b) Bonus. Executive will be eligible to earn an annual
bonus targeting 50% of base earnings (the “Bonus”) pursuant to an annual bonus plan to be adopted each year by the Compensation Committee of the Board (the “Committee”) with terms and conditions determined by the
Committee in its discretion after consultation with Executive. Any Bonus will be paid each year following confirmation by the Board of the financial performance of the Company, and such determination and payment shall be made in all events no later
than March 15th of the year following the end of the year for which the Bonus is earned. 

(c) Equity. Executive currently holds equity awards received for services to the Company. During the Employment Term, the Board or
Committee will determine in its discretion whether Executive will be granted additional equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time. 

4. Employee Benefits. During the Employment Term, Executive will be entitled to participate, in accordance with the terms thereof, in
all employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company. The Company reserves the right to cancel or change the benefit plans and programs it offers to its
employees at any time. 

  
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 5. Vacation. Executive will be entitled to paid vacation generally applicable to the
senior executives of the Company, in accordance with the Company’s current vacation policy, with the timing and duration of specific vacations mutually and reasonably agreed to by Executive and the CEO. 

6. Business Expenses. During the Employment Term, the Company will reimburse Executive for reasonable travel, entertainment and other
expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time (the “Expense
Reimbursement”). 
 7. Termination of Employment. In the event Executive’s employment with the Company terminates for
any reason, including death or Disability, then Executive (or Executive’s estate, as applicable) will be entitled to (i) earned but unpaid compensation, including Base Salary and Bonus earned through the date of termination, (ii) any
accrued but unpaid vacation pay for the current calendar year, (iii) Expense Reimbursement, and (iv) not receive any other compensation or benefits from the Company except as may be required by law or in accordance with established Company
plans and policies, (v) not be credited with any additional vesting of his outstanding equity awards (that is, all vesting of outstanding equity awards will immediately terminate). In addition, if the termination is by the Company without Cause
or by the Executive for Good Reason, Executive will be entitled to the amounts specified in Section 8. 
 8. Severance. 

(a) Termination Not in Connection With a Change in Control. If the Company terminates Executive’s employment with the Company
without Cause, and such termination occurs more than three (3) months prior to, or more than eighteen (18) months following, a Change in Control, then, subject to Section 9, (i) Executive shall be entitled to receive a lump sum
cash payment equal to six (6) months’ Base Salary, payable within thirty (30) days following termination or such later date required by Section 9, and (ii) if Executive elects continuation coverage pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, the Company shall reimburse Executive for the COBRA premiums for such coverage (at the coverage
levels in effect immediately prior to Executive’s termination) until the earlier of (A) six (6) months following the date of termination, or (B) the date upon which Executive and/or Executive’s eligible dependents become
covered under similar plans, with such reimbursements made by the Company to Executive consistent with the Company’s normal expense reimbursement policy; provided, however, that if the Company determines that reimbursed COBRA premiums
would be deemed to be discriminatory or to otherwise violate the then-applicable provisions of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, and the guidance and regulations issued
thereunder, then Executive and the Company agree to negotiate in good faith to establish an alternative that replaces the benefit to Executive in a manner consistent with then applicable law, and does not increase the Company’s costs or
liability with respect to the benefit. 

  
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 (b) Termination in Connection With a Change in Control. If the Company terminates
Executive’s employment with the Company without Cause or Executive terminates employment with the Company for Good Reason, and such termination occurs within the period beginning three (3) months prior to, and ending eighteen
(18) months following, a Change in Control, then, subject to Section 9, (i) Executive shall be entitled to receive a lump sum cash payment equal to twelve (12) months’ Base Salary, payable within thirty (30) days
following termination or such later date required by Section 9, (ii) one hundred percent (100)% of the unvested portion of all equity awards, including without limitation stock option grants, restricted stock and restricted stock units,
held by Executive at the time of the termination shall become fully vested or released from the Company’s repurchase right and exercisable as of such date, and (iii) if Executive elects continuation coverage pursuant to COBRA for Executive
and Executive’s eligible dependents, the Company shall reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) twelve
(12) months from the date of termination, or (B) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans, with such reimbursements made by the Company to Executive consistent with the
Company’s normal expense reimbursement policy; provided, however, that if the Company determines that reimbursed COBRA premiums would be deemed to be discriminatory or to otherwise violate the then-applicable provisions of the Patient
Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, and the guidance and regulations issued thereunder, then Executive and the Company agree to negotiate in good faith to establish an alternative that
replaces the benefit to Executive in a manner consistent with then applicable law, and does not increase the Company’s costs or liability with respect to the benefit. 

(c) For purposes of this Section 8, Base Salary shall mean Executive’s Base Salary immediately prior to the termination date, or, if
Executive resigned for Good Reason as a result of a material reduction in his Base Salary, his Base Salary as in effect immediately prior to such reduction. If Executive should die before all amounts have been paid, such unpaid amounts shall be paid
in a lump sum payment (less any withholding taxes) to Executive’s designated beneficiary, if living, or otherwise to the personal representative of Executive’s estate 

9. Release of Claims Agreement; No Duty to Mitigate. 

(a) Release of Claims Agreement. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive
signing and not revoking a separation agreement and release of claims in substantially the form reasonably acceptable to the Company (the “Release”), which must become effective and irrevocable no later than the sixtieth
(60th) day following Executive’s termination of employment (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, Executive shall forfeit any right to severance
payments or benefits under this Agreement. In no event shall severance payments or benefits be paid or provided until the Release actually becomes effective and irrevocable. 

(b) Confidential Information Agreement and Non-Disparagement. Executive’s receipt of any payments or benefits under Section 8
shall be subject to Executive continuing to comply with the terms of the Confidential Information Agreement (as defined herein) and Section 13. 

  
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 (c) Section 409A. 

(i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any,
pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) shall be paid or otherwise provided until Executive has a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) shall be payable until Executive has a “separation from service” within the meaning of Section 409A. 

(ii) It is intended that none of the severance payments under this Agreement shall constitute “Deferred Payments” but rather shall
be exempt from Section 409A as a payment that would fall within the “short-term deferral period” as described in Section 9(c)(iv) below or resulting from an involuntary separation from service as described in
Section 9(c)(v) below. However, any severance payments or benefits under this Agreement that would be considered Deferred Payments shall be paid on, or, in the case of installments, shall not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section 9(c)(iii). Except as required by Section 9(c)(iii), any installment payments
that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence shall be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. 

(iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, shall become
payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, shall be payable in accordance with
the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but before the six (6) month anniversary of the separation from
service, then any payments delayed in accordance with this paragraph shall be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments shall be payable in accordance with
the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations. 

(iv) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Payments for purposes of clause (i) above. 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of 

  
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the Treasury Regulations that does not exceed the Section 409A Limit shall not constitute Deferred Payments for purposes of clause (i) above. “Section 409A Limit” means
the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of Executive’s
termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount
that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive ’s employment is terminated. 

(vi) This Agreement is intended to satisfy the requirements of Section 409A with respect to amounts subject thereto, and shall be
interpreted and construed consistent with such intent; provided that, notwithstanding the other provisions of this Agreement, with respect to any right to a payment or benefit hereunder (or portion thereof) that does not otherwise provide for a
“deferral of compensation” within the meaning of Section 409A, it is the intent of the parties that such payment or benefit will not so provide. Furthermore, if either party notifies the other in writing that, based on the advice of
legal counsel, one or more of the provisions of this Agreement contravenes any regulations or Treasury guidance promulgated under Section 409A or causes any amounts to be subject to interest or penalties under Section 409A, the parties
shall promptly and reasonably consult with each other (and with their legal counsel), and shall use their reasonable best efforts, to reform the provisions hereof to (a) maintain to the maximum extent practicable the original intent of the
applicable provisions without violating the provisions of Section 409A or increasing the costs to the Company of providing the applicable benefit or payment and (b) to the extent practicable, to avoid the imposition of any tax, interest or
other penalties under Section 409A upon Executive or the Company. 
 (d) No Duty to Mitigate. Executive will not be required to
mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment. 

10. Code Section 280G Best Results. If any payment or benefit Executive would receive pursuant to this Agreement or otherwise,
including accelerated vesting of any equity compensation (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment
that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of
the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (A) cash
payments shall be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated
vesting of stock awards shall be cancelled/reduced next and in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first), with full-value awards reversed before
any 

  
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stock option or stock appreciation rights are reduced; and (C) employee benefits shall be reduced last and in reverse chronological order such that the benefit owed on the latest date
following the occurrence of the event triggering such excise tax will be the first benefit to be reduced. 
 The Company shall appoint a
nationally recognized accounting firm to make the determinations required hereunder and perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.
The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which right to a
Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon
the Company and Executive. 
 11. Definitions. 

(a) Cause. For purposes of this Agreement, “Cause” means (i) with respect to Executive’s employment
with the Company, Executive’s willful and continued failure to substantially perform the duties and obligations of Executive’s position with the Company; (ii) any proven act of personal dishonesty, fraud or misrepresentation taken by
Executive which was intended to result in substantial gain or personal enrichment of Executive at the expense of the Company; (iii) Executive’s violation of a federal or state law or regulation applicable to the Company’s business
which violation was or is reasonably likely to be injurious to the Company, excluding violations made in good faith and upon advice of the Company’s counsel or directive of the Board; (iv) Executive’s conviction of, or plea of nolo
contendere or guilty to, a felony under the laws of the United States or any State, excluding felonies for minor traffic violation and vicarious liability (so long as Executive did not know of the felony and did not willfully violate the law)
(v) Executive’s breach of the terms of the Confidential Information Agreement, which breach is not remedied in a reasonable period of time (not to exceed thirty (30) days) after receipt of written notice from the Company or
(vi) failure to reasonably cooperate with any government investigation involving Executive or the Company. 
 (b) Change in
Control. For purposes of this Agreement, “Change in Control” shall have the meaning defined in the Company’s 2011 Equity Incentive Plan. 

(c) Good Reason. For purposes of this Agreement, “Good Reason” means, (i) without Executive’s consent, a
material reduction of Executive’s duties, authority or responsibilities or change in Executive’s title or reporting relative to Executive’s duties, authority, responsibilities title or reporting as in effect immediately prior to such
reduction; provided, however, that any reduction in Executive’s duties, authority or responsibilities or change in Executive’s title or reporting resulting solely from the Company being acquired by and made a part of a larger
entity (as, for example, when a chief executive officer becomes an employee of the acquiring corporation following a Change in Control but is not the chief executive officer of the acquiring corporation) shall not constitute a Good Reason;
(ii) without Executive’s consent, a reduction of at least 10% in the total annual target cash compensation (base salary plus the target bonus amount (i.e., the total bonus that could be earned and not the bonus actually paid) of Executive
as in effect immediately prior to such reduction, unless such reduction is part of a reduction in expenses generally affecting 

  
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senior executives of the Company; (iii) without Executive’s consent, a material reduction by the Company in the kind or level of employee benefits to which Executive was entitled
immediately prior to such reduction, with the result that Executive’s overall benefits package is materially reduced, unless such reduction is part of a reduction in benefits generally affecting senior executives of the Company; (iv) a
change in the geographic location of Executive’s primary work facility or location of more than fifty (50) miles from Executive’s then present location; or (v) the Company’s material breach of the Agreement, which breach is
not remedied in a reasonable period of time (not to exceed thirty (30) days) after receipt of written notice from Executive. Notwithstanding the foregoing, if Executive terminates employment with the Company for Good Reason, but the Company
discovers after such termination that Executive’s conduct during the Employment Term would have entitled the Company to terminate Executive for Cause, then Executive’s termination shall be for Cause and not for Good Reason and Executive
shall remit all amounts paid to Executive for termination for Good Reason (other than those amounts that would have been payable by the Company to Executive for termination for Cause). Notwithstanding anything herein to the contrary, Executive may
terminate employment hereunder for Good Reason within a period not to exceed one hundred twenty (120) days following the initial existence of the event(s) constituting Good Reason. For purposes of this Agreement, Good Reason shall not exist
unless Executive provides the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable
cure period of not less than thirty (30) days following the date of such notice. Such termination shall occur immediately following the cure period if such event remains uncured. Nonrenewal of the Agreement by the Company at the end of the
initial three-year term or a renewal term shall not constitute a termination of Executive by the Company without Cause at the expiration of the term or Good Reason and shall not trigger severance payments under Section 8. 

(d) Disability. For purposes of this Agreement, “Disability” means Executive’s inability to perform
Executive’s duties due to Executive’s physical or mental incapacity, as reasonably determined by the Board or its designee, for an aggregate of 180 days in any 365 consecutive day period. 

12. Confidential Information. Executive confirms Executive’s obligations under the employee proprietary information agreement
entered into by the Company and Executive as of April 19, 2010 (the “Confidential Information Agreement”). 
 13.
Non-Disparagement. Executive shall not, while Executive is employed by the Company or at any time thereafter, directly, or through any other personal entity, make any public or private statements that are disparaging of the Company, its
business or its employees, officers, directors, or stockholders. The Company agrees to refrain from any public statements after Executive’s employment with the Company ceases that are disparaging to Executive. The Company’s obligations
under this section extend only to then current officers and members of the Board, and only for so long as those individuals are officers or directors of the Company. 

14. Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives
of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose,
“successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or 

  
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otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant
to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be
null and void. 
 15. Notices. All notices, requests, demands and other communications called for under this Agreement shall be in
writing and shall be delivered personally by hand or by courier, mailed by United States first-class mail, postage prepaid, directed to the party to be notified at the address indicated for such party on the signature page to this Agreement, or at
such other address as such party may designate by ten (10) days’ advance written notice to the other parties hereto. All such notices and other communications shall be deemed given upon personal delivery, three (3) days after the date
of mailing, or upon confirmation of facsimile transfer. 
 16. Severability. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 

17. Arbitration. 
 (a)
Executive agrees that any dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, shall be settled by binding arbitration
to be held in Austin, Texas in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (the “Rules”). The arbitrator may grant injunctions or other relief
in such dispute or controversy. The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. 

(b) The arbitrator(s) will apply Texas law to the merits of any dispute or claim, without reference to rules of conflicts of law. The
arbitration proceedings will be governed by federal arbitration law and by the Rules, without reference to state arbitration law. Executive hereby consents to the personal jurisdiction of the state and federal courts located in Texas for any action
or proceeding arising from or relating to this Agreement or relating to any arbitration in which the parties are participants. 
 (c)
EXECUTIVE HAS READ AND UNDERSTANDS THIS SECTION, WHICH DISCUSSES ARBITRATION. EXECUTIVE UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE AGREES TO SUBMIT ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE
INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES
RELATING TO ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP, INCLUDING BUT NOT LIMITED TO, DISCRIMINATION CLAIMS. 

  
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 18. Integration. This Agreement, together with the Confidential Information Agreement and
agreements memorializing outstanding equity awards, represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including the
Prior Agreement. To the extent that any provision of the Confidential Information Agreement conflicts with a provision of this Agreement, this Agreement shall control. No waiver, alteration or modification of any of the provisions of this Agreement
will be binding unless in writing and signed by duly authorized representatives of the parties hereto. 
 19. Headings. All captions
and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 20. Tax
Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 
 21. Governing
Law. This Agreement will be governed by the laws of the State of Texas (with the exception of its conflict of laws provisions). 
 22.
Acknowledgment. Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s private attorney, Executive has had sufficient time to, and has carefully read and fully
understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 
 [Remainder of page
intentionally left blank.] 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by their duly authorized officers, as of the day and year first above written. 
  

			
	“COMPANY”
	
	HomeAway, Inc.
		
	By:	 	 /s/ Lori Knowlton

	Name:	 	 Lori Knowlton

	Title:	 	 Chief People Officer

	
	Address:
	
	1011 W. Fifth Street, Suite 300
	Austin, TX 78730
	Attn: Human Resources
	
	“EXECUTIVE”
	
	 /s/ Melissa Frugé

	Melissa Frugé
	
	Address:
	
	10608 MERRYWING COVE
	AUSTIN, TEXAS 78730pe-ex101_164.htm

Exhibit 10.1

 

 

 

NINTH AMENDMENT

TO

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of November 3, 2015

Among

PARSLEY ENERGY, L.P.,
as Borrower,

PARSLEY ENERGY MANAGEMENT, LLC,
as General Partner,

PARSLEY ENERGY, INC.,

as PEI,

 

PARSLEY ENERGY, LLC,
as Parent,

Wells Fargo Bank, National Association,
as Administrative Agent, 

JPMorgan Chase Bank, N.A.,

as Syndication Agent,

 

BMO Harris Bank, N.A.,

as Documentation Agent,

 

and

 

The Lenders Party Thereto

________________________________

Wells Fargo Securities, LLC
Sole Lead Arranger and Sole Bookrunner
________________________________

 

 

 

 

 

NINTH AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT

THIS NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Ninth Amendment”) dated as of November 3, 2015, is among Parsley Energy, L.P., a limited partnership duly formed and existing under the laws of the state of Texas (the “Borrower”); Parsley Energy Management, LLC, a Texas limited liability company (the “General Partner”); Parsley Energy, LLC, a Delaware limited liability company (the “Parent”); Parsley Energy, Inc., a Delaware corporation (“PEI”), each of the undersigned guarantors (the “Guarantors”, and together with the Borrower, the General Partner and the Parent, the “Obligors”); each of the Lenders party hereto; and Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

R E C I T A L S

A.The Borrower, the General Partner, the Parent, the Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement dated as of October 21, 2013 (as amended by the First Amendment to Amended and Restated Credit Agreement dated December 20, 2013, the Second Amendment to Amended and Restated Credit Agreement dated February 5, 2014, the Third Amendment to Amended and Restated Credit Agreement dated April 15, 2014, the Fourth Amendment to Amended and Restated Credit Agreement dated May 2, 2014, the Fifth Amendment to Amended and Restated Credit Agreement dated May 9, 2014, the Sixth Amendment to Amended and Restated Credit Agreement dated September 5, 2014, the Seventh Amendment to Amended and Restated Credit Agreement dated November 10, 2014 and the Eighth Amendment to Amended and Restated Credit Agreement dated April 21, 2015, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.

B.The Borrower and an unrelated third party have entered into that certain Asset Purchase Agreement dated as of October 20, 2015 as in effect on the date hereof, pursuant to which, among other things, the Borrower has agreed to sell certain assets to such unrelated third party (such disposition, the “Subject Disposition”).

C.The Borrower has requested that the Lenders waive the requirements of Section 9.12(d)(iii) with respect to the Subject Disposition, and the Lenders party hereto have agreed to such request, subject to the terms and conditions of this Ninth Amendment.

D.The Borrower has requested and the Administrative Agent and the Lenders party hereto have agreed to amend the Credit Agreement, subject to the terms and conditions of this Ninth Amendment.

E.NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Ninth Amendment and in consideration of the promises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1

 

Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Ninth Amendment (unless otherwise indicated).  Unless otherwise indicated, all section references in this Ninth Amendment refer to sections of the Credit Agreement. 

Section 2.Amendments to Credit Agreement.

2.1Amendments to Section 1.02 – Certain Defined Terms.  

(a)The following definition is hereby amended and restated in its entirety to read as follows:

“Aggregate Elected Borrowing Base Commitments” means (a) on the Ninth Amendment Effective Date, $575,000,000, and (b) at any time thereafter, an amount determined in accordance with Section 2.07(g).

(b)The following definitions are hereby added where alphabetically appropriate to read as follows:

“Ninth Amendment” means that certain Ninth Amendment to Amended and Restated Credit Agreement, dated as of November 3, 2015, among the Borrower, the General Partner, the Parent, PEI, the Guarantors, the Administrative Agent and the Lenders party thereto.

“Ninth Amendment Effective Date” has the meaning given such term in the Ninth Amendment.

2.2Amendment to Section 8.01(q).  Section 8.01(q) is hereby amended and restated in its entirety to read as follows:

(q)[Reserved]

Section 3.Borrowing Base Increase; Aggregate Elected Borrowing Base Commitments Increase.

3.1Borrowing Base Increase.  For the period from and including the Ninth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $575,000,000.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Sections 2.07(e), 2.07(f), 8.12(c) or 9.12(d).  For the avoidance of any doubt, this Borrowing Base increase shall constitute the October 1, 2015 Scheduled Redetermination.

3.2Aggregate Elected Borrowing Base Commitments Increase.  With respect to the increase of the Aggregate Elected Borrowing Base Commitments, the Borrower shall be deemed to have delivered an Increase Notice as required pursuant to Section 2.07(g)(ii)(A) and each Lender shall be deemed to have delivered a Lender Certificate required pursuant to Section 2.07(g)(ii)(B). Annex I of this Ninth Amendment shall 

2

 

satisfy the requirements of the Administrative Agent to distribute a revised Annex I pursuant to Section 2.07(g)(ii)(C). 

Section 4.Conditions of Effectiveness.  This Ninth Amendment will become effective on the date on which each of the following conditions precedent are satisfied or waived (the “Ninth Amendment Effective Date”):

(a)The Administrative Agent shall have received from PEI, the Borrower, the General Partner, the Parent, each other Obligor and the Lenders, counterparts (in such number as may be requested by the Administrative Agent) of this Ninth Amendment signed on behalf of such Person.

(b)The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Ninth Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower pursuant to the Credit Agreement (including, to the extent invoiced on or prior to the Ninth Amendment Effective Date, the fees and expenses of Paul Hastings LLP, counsel to the Administrative Agent).

(c)No Default or Event of Default shall have occurred and be continuing as of the Ninth Amendment Effective Date.

(d)The Administrative Agent shall have received, together with title information previously delivered to the Administrative Agent, satisfactory title information on at least 80% of the total value of the Oil and Gas Properties of the Borrower and the Subsidiaries evaluated by the most recently delivered Reserve Report.

(e)The Administrative Agent shall have received duly executed and notarized deeds of trust and/or mortgages or supplements to existing deeds of trust and/or mortgages in form satisfactory to the Administrative Agent, to the extent necessary so that the Mortgaged Properties represent at least 80% of the total value of the Oil and Gas Properties of the Borrower and the Subsidiaries evaluated by the most recently delivered Reserve Report.

(f)The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably require.

The Administrative Agent is hereby authorized and directed to declare this Ninth Amendment to be effective when it has received documents confirming compliance with the conditions set forth in this Section 4 or the waiver of such conditions as agreed to by the Majority Lenders.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

Section 5.Limited Waiver of Section 9.12(d)(iii) With Respect to the Subject Disposition.  The Borrower has requested that the Lenders waive, and the Lenders do hereby waive, the requirements of Section 9.12(d)(iii) with respect to the Subject Disposition; provided that the Subject Disposition shall occur on or before December 31, 2015.  Except as expressly waived herein, all covenants, obligations and agreements of the Obligors contained in the Credit Agreement and the other Loan Documents shall remain in full force and effect in accordance 

3

 

with their terms.  Without limitation of the foregoing, the foregoing waivers are hereby granted to the extent and only to the extent specifically stated herein and for no other purpose and shall not be deemed to (x) be a consent or agreement to, or waiver or modification of, or amendment to, any other term or condition of the Credit Agreement, any other Loan Document or any of the documents referred to therein, (y) except as expressly set forth herein, prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement, any other Loan Document or any of the documents referred to therein, or (z) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  Granting the waivers set forth herein does not and should not be construed to be an assurance or promise that consents or waivers will be granted in the future, whether for the matters herein stated or on other unrelated matters. 

Section 6.Miscellaneous.

(a)Confirmation.  The provisions of the Credit Agreement, as amended by this Ninth Amendment, shall remain in full force and effect following the effectiveness of this Ninth Amendment.

(b)Ratification and Affirmation; Representations and Warranties.  Each of PEI and each Obligor hereby: (a) acknowledges the terms of this Ninth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby; (c) agrees that from and after the Ninth Amendment Effective Date each reference to the Credit Agreement in the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Ninth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Ninth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event, development or circumstance has occurred or exists that has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 

(c)Counterparts.  This Ninth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Ninth Amendment by telecopy, facsimile, as an attachment to an email or other similar electronic means shall be effective as delivery of a manually executed counterpart of this Ninth Amendment.

4

 

(d)NO ORAL AGREEMENT.  THIS NINTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 

(e)GOVERNING LAW.  THIS NINTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

(f)Loan Document.  This Ninth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.

(g)Payment of Expenses.  In accordance with Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Ninth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

(h)Severability.  Any provision of this Ninth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

(i)Successors and Assigns. This Ninth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

[Signature Pages Follow]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Ninth Amendment to be duly executed and delivered by their proper and duly authorized officer(s) as of the day and year first above written.

 

	
BORROWER:
	
PARSLEY ENERGY, L.P.

	
 
	
 
	
 

	
 
	
By:
	
PARSLEY ENERGY MANAGEMENT, LLC, its general partner

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
President

	
 
	
 
	
 

	
 
	
 
	
 

	
GENERAL PARTNER:
	
PARSLEY ENERGY MANAGEMENT, LLC

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
President

	
 
	
 
	
 

	
 
	
 
	
 

	
PARENT:
	
PARSLEY ENERGY, LLC

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
President

	
 
	
 
	
 

	
 
	
 
	
 

	
PEI:
	
PARSLEY ENERGY, INC.

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
President

	
 
	
 
	
 

	
 
	
 
	
 

	
GUARANTOR:
	
PARSLEY ENERGY OPERATIONS, LLC

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
Manager

	
 
	
 
	
 

[Ninth Amendment Signature Page]

 

	
 
	
 
	
 

	
GUARANTOR:
	
PARSLEY ENERGY AVIATION, LLC

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
Manager

	
 
	
 
	
 

	
 
	
 
	
 

	
GUARANTOR:
	
PARSLEY FINANCE CORP.

	
 
	
 
	
 

	
 
	
By:
	
/s/ Bryan Sheffield

	
 
	
Name:
	
Bryan Sheffield

	
 
	
Title:
	
President

[Ninth Amendment Signature Page]

 

 

	
ADMINISTRATIVE AGENT AND LENDER:
	
WELLS FARGO BANK, NATIONAL ASSOCIATION

	
 
	
 
	
 

	
 
	
By:
	
/s/ Edward Pak

	
 
	
Name:
	
Edward Pak

	
 
	
Title:
	
Director

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
JPMORGAN CHASE BANK, N.A.

	
 
	
 
	
 

	
 
	
By:
	
/s/ Ronald Dierker

	
 
	
Name:
	
Ronald Dierker

	
 
	
Title:
	
Authorized Officer

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
BMO HARRIS BANK, N.A.

	
 
	
 
	
 

	
 
	
By:
	
/s/ Matthew L. Davis

	
 
	
Name:
	
Matthew L. Davis

	
 
	
Title:
	
Vice President

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
MORGAN STANLEY BANK, N.A.

	
 
	
 
	
 

	
 
	
By:
	
/s/ Michael King

	
 
	
Name:
	
Michael King

	
 
	
Title:
	
Authorized Signatory

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

	
 
	
 
	
 

	
 
	
By:
	
/s/ Nupur Kumar

	
 
	
Name:
	
Nupur Kumar

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

	
 
	
By:
	
/s/ Jayant Rao

	
 
	
Name:
	
Jayant Rao

	
 
	
Title:
	
Authorized Signatory

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
BOKF NA DBA BANK OF TEXAS

	
 
	
 
	
 

	
 
	
By:
	
/s/ Thomas E. Stelmar, Jr.

	
 
	
Name:
	
Thomas E. Stelmar, Jr.

	
 
	
Title:
	
Senior Vice President

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
FROST BANK, A TEXAS STATE BANK

	
 
	
 
	
 

	
 
	
By:
	
/s/ Jack Herndon

	
 
	
Name:
	
Jack Herndon

	
 
	
Title:
	
Senior Vice President

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
ROYAL BANK OF CANADA

	
 
	
 
	
 

	
 
	
By:
	
/s/ Don J. McKinnerney

	
 
	
Name:
	
Don J. McKinnerney

	
 
	
Title:
	
Authorized Signatory

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
U.S. BANK NATIONAL ASSOCIATION

	
 
	
 
	
 

	
 
	
By:
	
/s/ Nicholas T. Hanford

	
 
	
Name:
	
Nicholas T. Hanford

	
 
	
Title:
	
Vice President

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
THE BANK OF NOVA SCOTIA

	
 
	
 
	
 

	
 
	
By:
	
/s/ Alan Dawson

	
 
	
Name:
	
Alan Dawson

	
 
	
Title:
	
Director

[Ninth Amendment Signature Page]

 

 

	
LENDER:
	
COMPASS BANK

	
 
	
 
	
 

	
 
	
By:
	
/s/ Blake Kirshman

	
 
	
Name:
	
Blake Kirshman

	
 
	
Title:
	
Senior Vice President

 

 

 

[Ninth Amendment Signature Page]

 

ANNEX I
LIST OF MAXIMUM CREDIT AMOUNTS

 

	
Name of Lender
	
Applicable Percentage
	
Maximum Credit Amount

	
Wells Fargo Bank, National Association
	
16.695652173913%
	
$125,217,391.30

	
BMO Harris Bank, N.A.
	
12.608695652174%
	
$94,565,217.39

	
JPMorgan Chase Bank, N.A.
	
12.608695652174%
	
$94,565,217.39

	
Compass Bank
	
8.695652173913%
	
$65,217,391.30

	
Credit Suisse AG, Cayman Islands Branch
	
8.695652173913%
	
$65,217,391.30

	
Royal Bank of Canada
	
8.695652173913%
	
$65,217,391.30

	
BOKF NA dba Bank of Texas
	
6.521739130435%
	
$48,913,043.48

	
The Bank of Nova Scotia
	
6.521739130435%
	
$48,913,043.48

	
Frost Bank, a Texas State Bank
	
6.521739130435%
	
$48,913,043.48

	
U.S. Bank National Association
	
6.521739130435%
	
$48,913,043.48

	
Morgan Stanley Bank, N.A.
	
5.913043478261%
	
$44,347,826.09

	
TOTAL
	
100.00%
	
$750,000,000.00

 

Annex I to Ninth Amendment

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