Document:

Tax Sharing Agreement

 Exhibit 10.2 
 TAX SHARING AGREEMENT 
 by and between 

EXPEDIA, INC. 
 and 
 TRIPADVISOR, INC. 

Dated as of 

December 20, 2011 

 TAX SHARING AGREEMENT 

This TAX SHARING AGREEMENT (this “Agreement”), dated as of December 20, 2011, by and between Expedia, Inc., a
Delaware corporation (“Parent”), and TripAdvisor, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“SpinCo”). 
 W I T N E S S E T H 
 WHEREAS, Parent and SpinCo have entered into a
Separation Agreement, dated as of December, 2011 (the “Separation Agreement”), providing for the Separation of the Parent Group from the SpinCo Group; 
 WHEREAS, pursuant to the terms of the Separation Agreement, Parent will contribute all of the Separated Assets to SpinCo and its Subsidiaries and will cause SpinCo and its Subsidiaries to assume the
Assumed Liabilities; 
 WHEREAS, for U.S. federal Income Tax purposes, it is intended that the Contribution and the Spin-Off
shall qualify as a tax-free transaction under Sections 355(a) and 368(a)(1)(D) of the Code; 
 WHEREAS, at the close of business
on the Distribution Date, the taxable year of SpinCo shall close for U.S. federal Income Tax purposes; and 
 WHEREAS, the
parties hereto wish to provide for the payment of Taxes and entitlement to Refunds thereof, allocate responsibility and provide for cooperation in connection with the filing of returns in respect of Taxes, and provide for certain other matters
relating to Taxes. 
 NOW, THEREFORE, in consideration of the premises and the representations, covenants and agreements herein
contained and intending to be legally bound hereby, Parent and SpinCo hereby agree as follows: 
 1. Definitions.
Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Separation Agreement. For purposes of this Agreement, the following terms shall have the meanings set forth below: 

“Actually Realized” or “Actually Realizes” shall mean, for purposes of determining the
timing of the incurrence of any Spin-Off Tax Liability, Income Tax Liability or Other Tax Liability or the realization of a Refund (or any related Tax cost or benefit), whether by receipt or as a credit or other offset to Taxes payable, by a Person
in respect of any payment, transaction, occurrence or event, the time at which the amount of Taxes paid (or Refund realized) by such Person is increased above (or reduced below) the amount of Taxes that such Person would have been required to pay
(or Refund that such Person would have realized) but for such payment, transaction, occurrence or event. 

  
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 “Aggregate Spin-Off Tax Liabilities” shall mean the sum of
the Spin-Off Tax Liabilities with respect to each Taxing Jurisdiction. 
 “Business Day” shall
mean any day other than a Saturday, a Sunday or a day on which banking institutions located in the State of New York are authorized or obligated by law or executive order to close. 

“Carryback” shall mean the carryback of a Tax Attribute (including, without limitation, a net operating
loss, a net capital loss or a tax credit) by a member of the SpinCo Group from a Post-Distribution Taxable Period to a Pre-Distribution Taxable Period during which such member of the SpinCo Group was included in a Combined Return filed for such
Pre-Distribution Taxable Period. 
 “Cash Acquisition Merger” shall mean a merger of a newly
formed Subsidiary of SpinCo with a corporation, limited liability company, limited partnership, general partnership or joint venture (in each case, not previously owned directly or indirectly by SpinCo) pursuant to which SpinCo acquires such
corporation, limited liability company, limited partnership, general partnership or joint venture solely for cash and no Equity Securities of SpinCo or any SpinCo Subsidiary are issued, sold, redeemed or acquired, directly or indirectly. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Combined Return” shall mean a consolidated, combined or unitary Income Tax Return or Other Tax Return
that actually includes, by election or otherwise, one or more members of the Parent Group together with one or more members of the SpinCo Group (including, for the avoidance of doubt, any such Income Tax Return that is a consolidated U.S. federal
Income Tax Return of the Parent Consolidated Group). 
 “Contribution” shall mean those certain
capital contributions to SpinCo by Parent made in connection with the Spin-Off. 
 “Distribution
Date” shall mean the date on which the Spin-Off is completed. 
 “Distribution-Related
Proceeding” shall mean any Proceeding in which the IRS, another Tax Authority or any other party asserts a position that could reasonably be expected to adversely affect the Tax-Free Status of the Spin-Off Transactions. 

“EMA” shall mean the Employee Matters Agreement by and between Parent and SpinCo dated as of
December 20, 2011. 
 “Equity Securities” shall mean any stock or other securities treated
as equity for U.S. federal Income Tax purposes, options, warrants, rights, convertible debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined
by reference to the value of stock. 

  
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 “Expedia Service Provider” shall mean any “Expedia
Employee” as such term is defined in the EMA or any other provider of services to any member of the Parent Group. 
 “Final Determination” shall mean the final resolution of liability for any Tax, which resolution may be for a specific issue or adjustment or for a taxable period, (a) by IRS Form
870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of any Taxing Jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a
Final Determination to the extent that it reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for Refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or
adjustment or for such taxable period (as the case may be); (b) by a decision, judgment, decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in
compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of any Taxing Jurisdiction; (d) by any allowance of a Refund or credit in respect of an overpayment of Tax, but only after the expiration of all
periods during which such Refund may be recovered (including by way of offset) by the Taxing Jurisdiction imposing such Tax; or (e) by any other final disposition, including by reason of the expiration of the applicable statute of limitations
or by mutual agreement of the parties. 
 “IAC Tax Sharing Agreement” shall mean the Tax Sharing
Agreement, dated as of August 9, 2005, by and between IAC/InterActiveCorp, a Delaware corporation, and Parent. 
 “Income Taxes” (a) shall mean (i) any U.S. federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments that are based upon, measured by, or
calculated with respect to (A) net income or profits (including, but not limited to, any capital gains, gross receipts, or minimum tax, and any tax on items of tax preference, but not including sales, use, value added, real property gains, real
or personal property, transfer or similar taxes), (B) multiple bases (including, but not limited to, corporate franchise, doing business or occupation taxes), if one or more of the bases upon which such tax may be based, by which it may be
measured, or with respect to which it may be calculated is described in clause (a)(i)(A) of this definition, or (C) any net worth, franchise or similar tax, in each case together with (ii) any interest and any penalties, fines, additions
to tax or additional amounts imposed by any Tax Authority with respect thereto and (b) shall include any transferee or successor liability in respect of an amount described in clause (a) of this definition. 

“Income Tax Benefit” shall mean, with respect to the effect of any Carryback on the Income Tax Liability
of Parent or the Parent Group for any taxable period, the excess of (a) the hypothetical Income Tax Liability of Parent or the Parent Group for such taxable period, calculated as if such Carryback had not been utilized but with all other facts
unchanged over (b) the actual Income Tax Liability of Parent or the Parent Group for such taxable period, calculated taking into account such Carryback (and treating a Refund as a negative Income Tax Liability, for purposes of such
calculation). 

  
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 “Income Tax Liabilities” shall mean all liabilities for
Income Taxes. 
 “Income Tax Return” shall mean any return, report, filing, statement,
questionnaire, declaration or other document required to be filed with a Tax Authority in respect of Income Taxes. 
 “Indemnified Party” shall mean any Person seeking indemnification pursuant to the provisions of this Agreement. 

“Indemnifying Party” shall mean any party hereto from which any Indemnified Party is seeking
indemnification pursuant to the provisions of this Agreement. 
 “IRS” shall mean the Internal
Revenue Service of the United States. 
 “Losses” shall mean any and all losses, liabilities,
claims, damages, obligations, payments, costs and expenses, matured or unmatured, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, known or unknown (including, without limitation, the costs and expenses of any and all
Actions, threatened Actions, demands, assessments, judgments, settlements and compromises relating thereto and attorneys’ fees and any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any such
Actions or threatened Actions). 
 “Option” shall have the meaning ascribed to such term in the
EMA. 
 “Other Tax Liabilities” shall mean all liabilities for Other Taxes. 

“Other Tax Returns” shall mean any return, report, filing, statement, questionnaire, declaration or other
document required to be filed with a Tax Authority in respect of Other Taxes. 
 “Other Taxes”
shall mean any U.S. federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments of any nature whatsoever, and without limiting the generality of the foregoing, shall include superfund, sales, use, ad valorem, value
added, occupancy, transfer, recording, withholding, payroll, employment, excise, occupation, premium or property taxes (in each case, together with any related interest, penalties and additions to tax, or additional amounts imposed by any Tax
Authority thereon); provided, however, that Other Taxes shall not include any Income Taxes. 

“Parent Combined Return Taxes” shall mean any Taxes (or estimated Taxes) due or required to be paid with
respect to or required to be reported on any consolidated U.S. federal Income Tax Return of the Parent Consolidated Group or any other Combined Tax Return that are attributable to any member of the Parent Group. 

“Parent Consolidated Group” shall mean the affiliated group of corporations (within the meaning of
Section 1504(a) of the Code without regard to the exclusions in Section 1504(b)(1) through (8)) of which Parent is the common parent (and any predecessor or successor to such affiliated group). 

  
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 “Parent Group” shall mean (a) Parent and each Person
that is a direct or indirect Subsidiary of Parent (including any Subsidiary of Parent that is disregarded for U.S. federal Income Tax purposes (or for purposes of any state, local, or foreign tax law)) immediately after the Spin-Off after giving
effect to the Spin-Off Transactions, (b) any corporation (or other Person) that shall have merged or liquidated into Parent or any such Subsidiary and (c) any predecessor or successor to any Person otherwise described in this definition.

 “Parent Separate Return” shall mean any Separate Return required to be filed by Parent or any
member of the Parent Group. 
 “Permitted Transaction” shall mean any transaction that satisfies
the requirements of Section 4(c). 
 “Person” shall mean any individual, partnership, joint
venture, limited liability company, corporation, association, joint stock company, trust, unincorporated organization or similar entity or a governmental authority or any department or agency or other unit thereof. 

“Post-Distribution Taxable Period” shall mean a taxable period that, to the extent it relates to a member
of the SpinCo Group, begins after the Distribution Date. 
 “Pre-Distribution Taxable Period”
shall mean a taxable period that, to the extent it relates to a member of the SpinCo Group, ends on or before the Distribution Date. 
 “Private Letter Ruling” shall mean (a) any private letter ruling issued by the IRS in connection with the Spin-Off Transactions or (b) any similar ruling issued by any other Tax
Authority in connection with the Spin-Off Transactions. 
 “Private Letter Ruling Documents”
shall mean (a) any Private Letter Ruling, any request for a Private Letter Ruling submitted to the IRS (including the request for rulings submitted by Parent to the IRS on July 26, 2011), together with the appendices and exhibits thereto
and any supplemental filings or other materials subsequently submitted to the IRS in connection with the Spin-Off Transactions, or (b) any similar filings submitted to any other Tax Authority in connection with any such request for a Private
Letter Ruling. 
 “Proceeding” shall mean any audit or other examination, or judicial or
administrative proceeding relating to liability for, or Refunds or adjustments with respect to, Taxes. 

“Refund” shall mean any refund of Taxes, including any reduction in Tax Liabilities by means of a credit,
offset or otherwise. 
 “Representative” shall mean with respect to a Person, such Person’s
officers, directors, employees and other authorized agents. 

  
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 “Restriction Period” shall mean the period beginning on the
date hereof and ending on the twenty five (25) month anniversary of the Distribution Date. 

“RSU” shall have the meaning ascribed to such term in the EMA. 

“Separate Return” shall mean (a) in the case of any Tax Return required to be filed by any member of
the SpinCo Group (including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the Parent Group and (b) in the case of any Tax Return required to be filed by any member of the Parent Group
(including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the SpinCo Group. 
 “Separation Agreement” shall have the meaning set forth in the recitals of this Agreement. 
 “SpinCo Adjustment” shall mean an adjustment of any item of income, gain, loss, deduction or credit attributable to any member of the SpinCo Group (including, in the case of any state or
local consolidated, combined or unitary income or franchise Taxes, a change in one or more apportionment factors of members of the SpinCo Group) pursuant to a Final Determination for a Pre-Distribution Taxable Period. 

“SpinCo Business” shall mean each trade or business actively conducted (within the meaning of
Section 355(b) of the Code) by SpinCo or any member of the SpinCo Group immediately after the Spin-Off, as set forth in the Private Letter Ruling Documents and the Tax Opinion Documents. 

“SpinCo Combined Return Taxes” shall mean any Taxes (or estimated Taxes) due or required to be paid with
respect to or required to be reported on any consolidated U.S. federal Income Tax Return of the Parent Consolidated Group or any other Combined Tax Return that are attributable to any member of the SpinCo Group. 

“SpinCo Consolidated Group” shall mean the affiliated group of corporations (within the meaning of
Section 1504(a) of the Code without regard to the exclusions in Section 1504(b)(1) through (8)) of which SpinCo is the common parent, determined immediately after the Spin-Off (and any predecessor or successor to such affiliated group
other than the Parent Consolidated Group). 
 “SpinCo Group” shall mean (a) SpinCo and each
Person that is a direct or indirect Subsidiary of SpinCo (including any Subsidiary of SpinCo that is disregarded for U.S. federal Income Tax purposes (or for purposes of any state, local, or foreign tax law)) immediately after the Spin-Off after
giving effect to the Spin-Off Transactions, (b) any corporation (or other Person) that shall have merged or liquidated into SpinCo or any such Subsidiary and (c) any predecessor or successor to any Person otherwise described in this
definition. 
 “SpinCo Separate Return” shall mean any Separate Return required to be filed by
SpinCo or any member of the SpinCo Group, including, without limitation, (a) any consolidated U.S. federal Income Tax Return of the SpinCo Consolidated Group required to be filed with respect to a Post-Distribution Taxable Period and
(b) any consolidated U.S. federal Income Tax Return for any group of which any member of the SpinCo Group was the common parent. 

  
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 “SpinCo Tax Benefit” shall mean, with respect to any Taxing
Jurisdiction, any decrease in Tax Liability (or increase in a Refund) Actually Realized with respect to a Combined Return that is attributable to a SpinCo Adjustment. 

“SpinCo Tax Liability” shall mean, with respect to any Taxing Jurisdiction, any increase in Tax Liability
(or reduction in a Refund) Actually Realized with respect to a Combined Return that is attributable to a SpinCo Adjustment. 
 “Spin-Off” shall mean the distribution of TripAdvisor Common Stock and TripAdvisor Class B Common Stock pursuant to the Reclassification. 

“Spin-Off Transactions” shall mean the Contribution together with the Spin-Off. 

“Spin-Off Tax Liabilities” shall mean, with respect to any Taxing Jurisdiction, the sum of (a) any
increase in Tax Liability (or reduction in a Refund) Actually Realized as a result of any corporate-level gain or income recognized with respect to the failure of the Spin-Off Transactions to qualify for Tax-Free Status under the Income Tax Laws of
such Taxing Jurisdiction pursuant to any settlement, Final Determination, judgment, assessment, proposed adjustment or otherwise, (b) interest on such amounts calculated pursuant to such Taxing Jurisdiction’s laws regarding interest on Tax
Liabilities at the highest Underpayment Rate for corporations in such Taxing Jurisdiction from the date such additional gain or income was recognized until full payment with respect thereto is made pursuant to Section 3 hereof (or in the case
of a reduction in a Refund, the amount of interest that would have been received on the foregone portion of the Refund but for the failure of the Spin-Off Transactions to qualify for Tax-Free Status), and (c) any penalties actually paid to such
Taxing Jurisdiction that would not have been paid but for the failure of the Spin-Off Transactions to qualify for Tax-Free Status in such Taxing Jurisdiction. 
 “Tax Attribute” shall mean a consolidated, combined or unitary net operating loss, net capital loss, unused investment credit, unused foreign tax credit, or excess charitable contribution
(as such terms are used in Treasury Regulation Sections 1.1502-79 and 1.1502-79A or comparable provisions of foreign, state or local tax law), or a minimum tax credit or general business credit. 

“Tax Authority” shall mean a governmental authority (foreign or domestic) or any subdivision, agency,
commission or authority thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including, without limitation, the IRS). 

“Tax Benefits” shall have the meaning set forth in Section 3(a) hereof. 

  
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 “Tax Counsel” shall mean tax counsel of recognized national
standing that is acceptable to Parent. 
 “Taxes” shall mean Income Taxes and Other Taxes.

 “Tax-Free Status” shall mean the qualification of the Contribution and the Spin-Off, taken
together, (a) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c)
of the Code, and (c) as a transaction in which Parent, SpinCo and the shareholders of Parent recognize no income or gain for U.S. federal Income Tax purposes pursuant to Sections 355, 361 and 1032 of the Code other than, in the case of Parent
and SpinCo, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code. 

“Taxing Jurisdiction” shall mean the United States and every other government or governmental unit having
jurisdiction to tax Parent or SpinCo or any of their respective Affiliates. 
 “Tax Liabilities”
shall mean any liabilities for Taxes. 
 “Tax Opinion” shall mean any tax opinion issued by Tax
Counsel in connection with the Spin-Off Transactions. 
 “Tax Opinion Documents” shall mean the
Tax Opinion and the information and representations provided by, or on behalf of, Parent or SpinCo to Tax Counsel in connection therewith. 
 “Tax-Related Losses” shall mean: 
 (a) the
Aggregate Spin-Off Tax Liabilities, 
 (b) all accounting, legal and other professional fees, and court costs
incurred in connection with any settlement, Final Determination, judgment or other determination with respect to such Aggregate Spin-Off Tax Liabilities, and 
 (c) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by Parent or SpinCo in respect of the liability of shareholders, whether paid to
shareholders or to the IRS or any other Tax Authority payable by Parent or SpinCo or their respective Affiliates, in each case, resulting from the failure of the Spin-Off Transactions to qualify for Tax-Free Status. 

“Tax Returns” shall mean Income Tax Returns and Other Tax Returns. 

“TripAdvisor Service Provider” shall mean any “TripAdvisor Employee” as such term is defined in
the EMA or any other provider of services to any member of the SpinCo Group. 

  
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 “Underpayment Rate” shall mean the annual rate of interest
described in Section 6621(c) of the Code for large corporate underpayments of Income Tax (or similar provision of state, local, or foreign Income Tax law, as applicable), as determined from time to time. 

“Unqualified Tax Opinion” shall mean an unqualified opinion of Tax Counsel on which Parent may rely to
the effect that a transaction (a) will not disqualify the Spin-Off Transactions from having Tax-Free Status, assuming that the Spin-Off Transactions would have qualified for Tax-Free Status if such transaction did not occur, and (b) will
not adversely affect any of the conclusions set forth in the Private Letter Ruling or the Tax Opinion; provided, that any tax opinion obtained in connection with a proposed acquisition of Equity Securities of SpinCo (or any entity treated as
a successor to SpinCo) entered into during the Restriction Period shall not qualify as an Unqualified Tax Opinion unless such tax opinion concludes that such proposed acquisition will not be treated as “part of a plan (or series of related
transactions),” within the meaning of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, that includes the Spin-Off. 
 2. Tax Returns; Payment of Taxes. 
 (a) Filing of Tax
Returns; Payment of Taxes. 
 (i) Parent Consolidated Returns; Other Combined Returns. Parent shall
prepare and file or cause to be prepared and filed (A) all consolidated U.S. federal Income Tax Returns of the Parent Consolidated Group and (B) all other Combined Returns. Except as provided in Section 2(a)(ii) or
Section 2(a)(iii), Parent shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any such Tax Return. 

(ii) SpinCo Adjustments. SpinCo shall pay, or cause to be paid, and shall be responsible for, any SpinCo Tax
Liabilities and shall be entitled to all SpinCo Tax Benefits. 
 (iii) Post-Distribution Combined Returns.
In the event that any Combined Return is required to be filed pursuant to applicable law in any Taxing Jurisdiction for any Post-Distribution Taxable Period, Parent shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due
or required to be paid with respect to or required to be reported on any such Tax Return that are Parent Combined Return Taxes and SpinCo shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with
respect to or required to be reported on any such Tax Return that are SpinCo Combined Return Taxes. 
 (iv)
Parent Separate Returns. Parent shall prepare and file or cause to be prepared and filed all Parent Separate Returns. Parent shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with
respect to or required to be reported on any Parent Separate Return (including any increase in such Tax Liabilities attributable to a Final Determination). 

  
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 (v) SpinCo Separate Returns. SpinCo shall prepare and file or cause
to be prepared and filed all SpinCo Separate Returns. SpinCo shall pay, or cause to be paid, and shall be responsible for, any and all Taxes due or required to be paid with respect to or required to be reported on any SpinCo Separate Return
(including any increase in such Tax Liabilities attributable to a Final Determination). 
 (b) Preparation of
Tax Returns. 
 (i) Parent (or its designee) shall determine the entities to be included in any Combined
Return and make or revoke any Tax elections, adopt or change any Tax accounting methods, and determine any other position taken on or in respect of any Tax Return required to be prepared and filed by Parent pursuant to Section 2(a)(i) or
Section 2(a)(iii). Notwithstanding the immediately preceding sentence, any Tax Return filed by Parent pursuant to Section 2(a)(i) or Section 2(a)(iii) shall, to the extent relating to SpinCo or the SpinCo Group, be prepared in good
faith. For the avoidance of doubt, with respect to the consolidated U.S. federal Income Tax Return of the Parent Consolidated Group for any taxable year that includes the Spin-Off, Parent shall determine in its sole discretion whether to elect
ratable allocation under Treasury Regulation Section 1.1502-76. SpinCo shall, and shall cause each member of the SpinCo Group to, take all actions necessary to give effect to such election. SpinCo shall, and shall cause each member of the
SpinCo Group to, prepare and submit at Parent’s request (but in no event later than ninety (90) days after such request), at SpinCo’s expense, all information that Parent shall reasonably request, in such form as Parent shall
reasonably request, including any such information requested to enable Parent to prepare any Tax Return required to be filed by Parent pursuant to Section 2(a)(i) or Section 2(a)(iii). Parent shall make any such Tax Return and related
workpapers available for review by SpinCo to the extent such Tax Return relates to Taxes for which SpinCo would reasonably be expected to be liable or with respect to which SpinCo would reasonably be expected to have a claim. If practicable, Parent
shall make any such Tax Return available for review sufficiently in advance of the due date for filing such Tax Return to provide SpinCo an opportunity to analyze and comment on such return. Parent and SpinCo shall attempt in good faith to resolve
any issues arising out of the review of any such Tax Return. 
 (ii) Except as required by applicable law or as a
result of a Final Determination, neither Parent nor SpinCo shall (nor shall cause or permit any members of the Parent Group or SpinCo Group, respectively, to) take any position that is either inconsistent with the treatment of the Spin-Off
Transactions as having Tax-Free Status (or analogous status under state, local or foreign law) or, with respect to a specific item of income, deduction, gain, loss, or credit on any Tax Return, treat such specific item in a manner which is
inconsistent with the manner such specific item is reported on a Tax Return prepared or filed by Parent pursuant to Section 2(a) hereof (including, without limitation, the claiming of a deduction previously claimed on any such Tax Return).

  
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 3. Indemnification for Taxes. 

(a) Indemnification by Parent. From and after the Distribution Date, except as otherwise provided in
Section 3(b), Parent and each member of the Parent Group shall jointly and severally indemnify, defend and hold harmless SpinCo and each member of the SpinCo Group and each of their respective Representatives and Affiliates (and the heirs,
executors, successors and assigns of any of them) from and against, without duplication, (i) all Spin-Off Tax Liabilities incurred by any member of the Parent Group, (ii) all Tax Liabilities that any member of the Parent Group is
responsible for pursuant to Section 2, and (iii) all Tax Liabilities, Spin-Off Tax Liabilities and Tax-Related Losses incurred by any member of the Parent Group or SpinCo Group by reason of the breach by Parent or any member of the Parent
Group of any of Parent’s representations or covenants hereunder or made in connection with the Private Letter Ruling or the Tax Opinion and, in each case, any related costs and expenses (including, without limitation, reasonable attorneys’
fees and expenses); provided, however, that neither Parent nor any member of the Parent Group shall have any obligation to indemnify, defend or hold harmless any Person pursuant to this Section 3(a) to the extent that such
indemnification obligation is otherwise attributable to any breach by SpinCo or any member of the SpinCo Group of any of SpinCo’s representations or covenants hereunder (including any representations made in connection with the Private Letter
Ruling or the Tax Opinion). If the indemnification obligation of Parent or any member of the Parent Group under this Section 3(a) (or the adjustment giving rise to such indemnification obligation) results in (i) increased deductions,
losses, or credits, or (ii) decreases in income, gains or recapture of Tax credits (“Tax Benefits”) to SpinCo or any member of the SpinCo Group, which would not, but for the indemnification obligation (or the adjustment giving
rise to such indemnification obligation), be allowable, then SpinCo shall pay Parent the amount by which such Tax Benefit actually reduces, in cash, the amount of Tax that SpinCo or any member of the SpinCo Group would have been required to pay and
bear (or increases, in cash, the amount of a Refund to which SpinCo or any member of the SpinCo Group would have been entitled) but for such indemnification obligation (or adjustment giving rise to such indemnification obligation). SpinCo shall pay
Parent for such Tax Benefit no later than five (5) Business Days after such Tax Benefit is Actually Realized. 
 (b) Indemnification by SpinCo. From and after the Distribution Date, SpinCo and each member of the SpinCo Group shall jointly and severally indemnify, defend and hold harmless Parent and each
member of the Parent Group and each of their respective Representatives and Affiliates (and the heirs, executors, successors and assigns of any of them) from and against, without duplication, (i) all Tax Liabilities (including, all SpinCo Tax
Liabilities), Spin-Off Tax Liabilities and Tax-Related Losses that SpinCo or any member of the SpinCo Group is responsible for under Section 2 or Section 4 (including, without limitation, any Tax Liabilities, Spin-Off Tax Liabilities or
Tax-Related Losses arising with respect to a Permitted Transaction for which SpinCo is liable pursuant to Section 4(e)(i)), (ii) all indemnity payments required to made by any member of the Parent Group pursuant to the IAC Tax Sharing
Agreement to the extent relating to Taxes attributable to any member of the SpinCo Group and (iii) all Tax Liabilities, Spin-Off Tax Liabilities and Tax-Related Losses incurred by any member of the Parent Group or SpinCo Group by reason of the
breach by SpinCo or any member of the SpinCo Group of any of SpinCo’s representations or covenants hereunder (including any representations made in connection with the Private Letter Ruling or the Tax Opinion (irrespective of whether Parent
made the same representation on behalf of, or with respect to SpinCo)) and, in each case, any related costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses). If the indemnification obligation of SpinCo or
any member of the SpinCo Group under this Section 3(b) (or the adjustment giving rise to such indemnification obligation) results in a Tax Benefit to Parent or any member of the Parent Group, which would not, but for the Tax which is the
subject of the indemnification obligation 

  
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(or the adjustment giving rise to such indemnification obligation), be allowable, then Parent shall pay SpinCo the amount by which such Tax Benefit actually reduces, in cash, the amount of Tax
that Parent or any member of the Parent Group would have been required to pay and bear (or increases, in cash, the amount of a Refund to which Parent or any member of the Parent Group would have been entitled) but for such indemnification (or
adjustment giving rise to such indemnification obligation). Parent shall pay SpinCo for such Tax Benefit no later than five (5) Business Days after such Tax Benefit is Actually Realized. 

(c) Timing of Indemnification. Any payment and indemnification made pursuant to this Section 3 (other than a
payment for any Tax Benefit, the timing of which is provided in Sections 3(a) and 3(b) above) shall be made by the Indemnifying Party promptly, but, in any event, no later than: 

(i) in the case of an indemnification obligation with respect to any Tax Liabilities (including any SpinCo Tax Liabilities
and any Spin-Off Tax Liabilities), the later of (A) five (5) Business Days after the Indemnified Party notifies the Indemnifying Party and (B) five (5) Business Days prior to the date the Indemnified Party is required to make a
payment of Taxes, interest, or penalties to the applicable Tax Authority (including a payment with respect to an assessment of a Tax deficiency by any Taxing Jurisdiction or a payment made in settlement of an asserted Tax deficiency) or realizes a
reduced Refund; and 
 (ii) in the case of any payment or indemnification of any Losses not otherwise described
in clause (i) of this Section 3(c) (including, but not limited to, any Losses described in clause (b) or (c) of the definition of Tax-Related Losses, attorneys’ fees and expenses and other indemnifiable Losses), the later of
(A) five (5) Business Days after the Indemnified Party notifies the Indemnifying Party and (B) five (5) Business Days prior to the date the Indemnified Party makes a payment thereof. 

4. Spin-Off Related Matters. 
 (a) Representations. 
 (i) Private Letter Ruling and Tax
Opinion Documents. SpinCo hereby represents and warrants that (A) it has examined the Private Letter Ruling Documents and the Tax Opinion Documents (including, without limitation, the representations to the extent that they relate to the
plans, proposals, intentions, and policies of SpinCo, its Subsidiaries, the SpinCo Business, or the SpinCo Group) and (B) to the extent in reference to SpinCo, its Subsidiaries, the SpinCo Business, or the SpinCo Group, the facts presented and
the representations made therein are true, correct and complete. 
 (ii) Tax-Free Status. SpinCo hereby
represents and warrants that it has no plan or intention of taking any action, or failing to take any action or knows of any circumstance, that could reasonably be expected to (A) cause the Spin-Off Transactions not to have Tax-Free Status or
(B) cause any representation or factual statement made in this Agreement, the Separation Agreement, the Private Letter Ruling Documents, the Tax Opinion Documents or any of the Ancillary Agreements to be untrue. 

  
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 (iii) Plan or Series of Related Transactions. SpinCo hereby
represents and warrants that during the two-year period ending on the Distribution Date, there was no “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulation
Section 1.355-7(h)) by any one or more officers or directors of any member of the SpinCo Group or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding an acquisition of
all or a significant portion of the Equity Securities of SpinCo (and any predecessor); provided, that no representation or warranty is made by SpinCo regarding any “agreement, understanding, arrangement, substantial negotiations or
discussions” (as such terms are defined in Treasury Regulation Section 1.355-7(h)) by any one or more officers or directors of Parent. 
 (b) Covenants. 
 (i) Actions Consistent with
Representations and Covenants. Neither Parent nor SpinCo shall take any action or permit any member of the Parent Group or the SpinCo Group, respectively, to take any action, or shall fail to take any action or permit any member of the Parent
Group or the SpinCo Group, respectively, to fail to take any action, where such action or failure to act would be inconsistent with or cause to be untrue any material information, covenant or representation in this Agreement, the Separation
Agreement, the Private Letter Ruling Documents, the Tax Opinion Documents or any of the Ancillary Agreements. 

(ii) Preservation of Tax-Free Status; SpinCo Business. SpinCo shall not (A) take any action (including, but
not limited to, any cessation, transfer or disposition of all or any portion of any SpinCo Business, payment of extraordinary dividends and acquisitions or issuances of stock) or permit any member of the SpinCo Group to take any such action, and
SpinCo shall not fail to take any such action or permit any member of the SpinCo Group to fail to take any such action, in each case, unless such action or failure to act could not reasonably be expected to cause the Spin-Off Transactions to fail to
have Tax-Free Status or could not require Parent or SpinCo to reflect a liability or reserve for Taxes with respect to the Spin-Off Transactions in its financial statements, and (B) until the first day after the Restriction Period, engage in
any transaction (including, without limitation, any cessation, transfer or disposition of all or any portion of any SpinCo Business) that could reasonably be expected to result in it or any member of the SpinCo Group ceasing to be a company engaged
in any SpinCo Business. 
 (iii) Sales, Issuances and Redemptions of Equity Securities. Until the first
day after the Restriction Period, none of SpinCo or any member of the SpinCo Group shall, or shall agree to, sell or otherwise issue to any Person, or redeem or otherwise acquire from any Person, any Equity Securities of SpinCo or any member of the
SpinCo Group; provided, however, that (A) the adoption by SpinCo of a shareholder rights plan shall not constitute a sale or issuance of such Equity Securities, (B) SpinCo and the members of the SpinCo Group may repurchase
such Equity Securities to the extent that such repurchases meet the requirements of Section 4.05(1)(b) of Revenue Procedure 96-30, (C) SpinCo may issue such Equity Securities to the extent such issuances satisfy Safe Harbor VIII (relating
to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d), and (D) members of the SpinCo Group
other than SpinCo may issue or sell Equity Securities to other members of the SpinCo Group, and may redeem or purchase Equity Securities from other members of the SpinCo group, in each case, to the extent not inconsistent with the Tax-Free Status of
the Spin-Off Transactions. 

  
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 (iv) Tender Offers; Other Business Combination Transactions. Until
the first day after the Restriction Period, none of SpinCo or any member of the SpinCo Group shall (A) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Securities of SpinCo, (B) participate in or
support any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Securities of SpinCo or (C) approve or otherwise permit any proposed business combination or any transaction which, in the case of clauses
(A), (B) or (C), individually or in the aggregate, together with any transaction occurring within the four-year period beginning on the date which is two years before the Distribution Date and any other transaction which is part of a plan or
series of related transactions (within the meaning of Section 355(e) of the Code) that includes the Spin-Off, could result in one or more Persons acquiring (except for acquisitions that otherwise satisfy Safe Harbor VIII (relating to
acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) directly or indirectly stock representing a 40%
or greater interest, by vote or value, in SpinCo (or any successor thereto). In addition, none of SpinCo or any member of the SpinCo Group shall at any time, whether before or subsequent to the expiration of the Restriction Period, engage in any
action described in clauses (A), (B) or (C) of the preceding sentence if it is pursuant to an arrangement negotiated (in whole or in part) prior to the first anniversary of the Spin-Off, even if at the time of the Spin-Off or thereafter
such action is subject to various conditions. 
 (v) Dispositions of Assets. Until the first day after the
Restriction Period, none of SpinCo or any member of the SpinCo Group shall sell, transfer, or otherwise dispose of or agree to sell, transfer or otherwise dispose of assets (including, for such purpose, any shares of capital stock of a Subsidiary
and any transaction treated for tax purposes as a sale, transfer or disposition) that, in the aggregate, constitute more than 30% of the consolidated gross assets of SpinCo or the SpinCo Group. The foregoing sentence shall not apply to
(A) sales, transfers, or dispositions of assets in the ordinary course of business, (B) any cash paid to acquire assets from an unrelated Person in an arm’s-length transaction, (C) any assets transferred to a Person that is
disregarded as an entity separate from the transferor for U.S. federal Income Tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness of SpinCo or any member of the SpinCo Group. The percentages of gross
assets or consolidated gross assets of SpinCo or the SpinCo Group, as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross assets of SpinCo and the members of the SpinCo Group as of the
Distribution Date. For purposes of this Section 4(b)(v), a merger of SpinCo or one of its Subsidiaries with and into any Person shall constitute a disposition of all of the assets of SpinCo or such Subsidiary. 

(vi) Liquidations, Mergers, Reorganizations. Until the first day after the Restriction Period, neither SpinCo nor
any of its Subsidiaries shall, or shall agree to, voluntarily dissolve or liquidate (including by converting into an entity that is treated as a “disregarded entity” or partnership for U.S. federal Income Tax purposes) or engage in any
transaction involving a merger (except for a Cash Acquisition Merger), consolidation or other reorganization; provided, that, mergers of direct or indirect wholly-owned Subsidiaries of SpinCo solely with and into SpinCo or with other direct
or indirect wholly-owned Subsidiaries of SpinCo, and liquidations of SpinCo’s subsidiaries are not subject to this Section 4(b)(vi) to the extent not inconsistent with the Tax-Free Status of the Spin-Off Transactions. 

  
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 (c) Permitted Transactions. 

Notwithstanding the restrictions otherwise imposed by Sections 4(b)(iii) through 4(b)(vi), during the Restriction Period,
SpinCo may (i) issue, sell, redeem or otherwise acquire (or cause a member of the SpinCo Group to issue, sell, redeem or otherwise acquire) Equity Securities of SpinCo or any member of the SpinCo Group in a transaction that would otherwise
breach the covenant set forth in Section 4(b)(iii), (ii) approve, participate in, support or otherwise permit a proposed business combination or transaction that would otherwise breach the covenant set forth in Section 4(b)(iv),
(iii) sell or otherwise dispose of the assets of SpinCo or any member of the SpinCo Group in a transaction that would otherwise breach the covenant set forth in Section 4(b)(v), or (iv) merge SpinCo or any member of the SpinCo Group
with another entity without regard to which party is the surviving entity in a transaction that would otherwise breach the covenant set forth in Section 4(b)(vi), if and only if such transaction would not violate Section 4(b)(i) or
Section 4(b)(ii) and prior to entering into any agreement contemplating a transaction described in clauses (i), (ii), (iii) or (iv), and prior to consummating any such transaction, SpinCo shall request that Parent obtain a private letter
ruling (or, if applicable, a supplemental private letter ruling) from the IRS and/or any other applicable Tax Authority in accordance with Section 4(d)(ii) of this Agreement to the effect that such transaction will not affect the Tax-Free
Status of the Spin-Off Transactions and Parent shall have received such private letter ruling, in form and substance satisfactory to Parent in its sole and absolute discretion, exercised in good faith; provided, that to the extent
(A) such private letter ruling cannot be obtained from the IRS under Rev. Proc. 2011-3, 2011-1 I.R.B. 111 (as amended from time to time) (or from any other applicable Tax Authority under any analogous procedure of such Tax Authority) or
(B) Parent determines in its sole and absolute discretion not to seek to obtain such private letter ruling, in lieu of such private letter ruling (1) SpinCo shall obtain Parent’s written consent (which may be withheld at Parent’s
sole discretion) or (2) SpinCo shall provide Parent with an Unqualified Tax Opinion, in form and substance satisfactory to Parent in its sole and absolute discretion, exercised in good faith (and in determining whether an opinion is
satisfactory, Parent may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations if used as a basis for the opinion). 

(d) Private Letter Rulings and Restrictions on SpinCo. 

(i) Private Letter Ruling at Parent’s Request. Parent shall have the right to obtain a private letter ruling
from the IRS and/or any other applicable Tax Authority (or, if applicable, a supplemental private letter ruling) in its sole discretion, exercised in good faith. If Parent determines to obtain any such private letter ruling, SpinCo shall (and shall
cause each member of the SpinCo Group to) cooperate with Parent and take any and all actions reasonably requested by Parent in connection with obtaining such private letter ruling (including, without limitation, by making any representation or
covenant or providing any materials or information requested by any Tax Authority; provided, that SpinCo shall not be required to make (or cause any member of the SpinCo Group to make) any representation or covenant that is inconsistent with
historical facts or as to future matters or events over which it has no control). 

  
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In connection with obtaining a private letter ruling pursuant to this Section 4(d)(i), (A) Parent shall, to the extent practicable, consult with SpinCo reasonably in advance of taking
any material action in connection therewith; (B) Parent shall (1) reasonably in advance of the submission of any documents relating to such private letter ruling, provide SpinCo with a draft copy thereof, (2) reasonably consider
SpinCo’s comments on such draft copy, and (3) provide SpinCo with a final copy; and (C) Parent shall provide SpinCo with notice reasonably in advance of, and SpinCo shall have the right to attend and participate in, any formally
scheduled meetings with any Tax Authority (subject to the approval of the Tax Authority) that relate to such private letter ruling. 
 (ii) Private Letter Rulings at SpinCo’s Request. Parent agrees that at the reasonable request of SpinCo pursuant to Section 4(c), Parent shall (and shall cause each member of the Parent
Group to) cooperate with SpinCo and use its reasonable best efforts to seek to obtain, as expeditiously as possible, a private letter ruling from the IRS and/or any other applicable Tax Authority (or, if applicable, a supplemental private letter
ruling) for the purpose of confirming compliance on the part of SpinCo or any member of the SpinCo Group with its obligations under Section 4(b) of this Agreement; provided, however, that in no event shall Parent be required to
file any request for a private letter ruling under this Section 4(d)(ii) unless SpinCo represents that (A) it has read the request for such private letter ruling and any materials, appendices and exhibits submitted or filed therewith, and
(B) all information and representations, if any, relating to any member of the SpinCo Group, contained in the related private letter ruling documents are true, correct and complete in all material respects. SpinCo shall reimburse Parent for all
reasonable costs and expenses incurred by the Parent Group in obtaining a private letter ruling requested by SpinCo within ten (10) Business Days after receiving an invoice from Parent therefor. SpinCo hereby agrees that Parent shall have sole
and exclusive control over the process of obtaining any private letter ruling, and that only Parent shall apply for any private letter ruling. In connection with obtaining a private letter ruling pursuant to this Section 4(d)(ii),
(A) Parent shall, to the extent practicable, consult with SpinCo reasonably in advance of taking any material action in connection therewith; (B) Parent shall (1) reasonably in advance of the submission of any related private letter
ruling documents, provide SpinCo with a draft copy thereof, (2) reasonably consider SpinCo’s comments on such draft copy, and (3) provide SpinCo with a final copy; and (C) Parent shall provide SpinCo with notice reasonably in
advance of, and SpinCo shall have the right to attend and participate in, any formally scheduled meetings with any Tax Authority (subject to the approval of the Tax Authority) that relate to such private letter ruling. 

(iii) Prohibition on SpinCo. SpinCo hereby agrees that, except to the extent permitted by Section 4(d)(ii),
neither it nor any member of the SpinCo Group shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) concerning the Spin-Off Transactions (or the impact of any transaction on the Spin-Off
Transactions). 

  
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 (e) Liability of SpinCo for Undertaking Certain Actions.
Notwithstanding anything in this Agreement to the contrary, SpinCo and each member of the SpinCo Group shall be responsible for any and all Tax-Related Losses that are attributable to, or result from: 

(i) any act or failure to act by SpinCo or any member of the SpinCo Group, which action or failure to act breaches any of
the covenants described in Section 4(b)(i) through 4(b)(vi) of this Agreement (determined without regard to the exceptions or provisos set forth in such provisions or in Section 4(c), so that SpinCo and each member of the SpinCo Group
shall be responsible for any and all Tax-Related Losses even if such Tax-Related Losses are attributable to or result from any act or failure to act pursuant to an exception or proviso described in Section 4(b)(i) through 4(b)(vi) or in
Section 4(c)), expressly including, for this purpose, any Permitted Transaction and any act or failure to act that breaches Section 4(b)(i) or 4(b)(ii), regardless of whether such act or failure to act is permitted by
Section 4(b)(iii) through 4(b)(vi); 
 (ii) any acquisition of Equity Securities of SpinCo or any member of
the SpinCo Group by any Person or Persons (including, without limitation, as a result of an issuance of SpinCo Equity Securities or a merger of another entity with and into SpinCo or any member of the SpinCo Group) or any acquisition of assets of
SpinCo or any member of the SpinCo Group (including, without limitation, as a result of a merger) by any Person or Persons; and 
 (iii) any breach by SpinCo or any member of the SpinCo Group of a representation or covenant made in this Agreement, the Separation Agreement, the Ancillary Agreement, any Private Letter Ruling Documents
or any Tax Opinion Documents. 
 (f) Cooperation. 

(i) Without limiting the prohibition set forth in Section 4(d)(iii), until the first day after the Restriction
Period, SpinCo shall furnish Parent with a copy of any private letter ruling request that any member of the SpinCo Group may file with the IRS or any other Tax Authority and any opinion received that in any respect relates to, or otherwise
reasonably could be expected to have any effect on, the Tax-Free Status of the Spin-Off Transactions. 
 (ii)
Parent shall reasonably cooperate with SpinCo in connection with any request by SpinCo for an Unqualified Tax Opinion pursuant to Section 4(c). 
 (iii) Until the first day after the Restriction Period, SpinCo will provide adequate advance notice to Parent in accordance with the terms of Section 4(f)(iv) of any action described in Sections
4(b)(i) through 4(b)(vi) within a period of time sufficient to enable Parent to seek injunctive relief pursuant to Section 4(g) in a court of competent jurisdiction. 

(iv) Each notice required by Section 4(f)(iii) shall set forth the terms and conditions of any such proposed
transaction, including, without limitation, (A) the nature of any related action proposed to be taken by the board of directors of SpinCo, (B) the approximate number of Equity Securities (and their voting and economic rights) of SpinCo or
any member of the SpinCo Group (if any) proposed to be sold or otherwise issued, (C) the approximate value of SpinCo’s assets (or assets of any member of the SpinCo Group) proposed to be transferred, and (D) the proposed timetable for
such transaction, all with sufficient particularity to enable Parent to seek such injunctive relief. Promptly, but in any event within thirty (30) days, after Parent receives such written notice from SpinCo, Parent shall notify SpinCo in
writing of Parent’s decision to seek injunctive relief pursuant to Section 4(g). 

  
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 (v) From and after the Distribution Date until the first day after the
Restriction Period, neither SpinCo nor any member of the SpinCo Group shall take (or refrain from taking) any action to the extent that such action or inaction would have caused a representation given by SpinCo in connection with the Private Letter
Ruling and/or the Tax Opinion to have been untrue as of the relevant representation date, had SpinCo or any member of the SpinCo Group intended to take (or refrain from taking) such action on the relevant representation date. 

(g) Enforcement. The parties hereto acknowledge that irreparable harm would occur in the event that any of
the provisions of this Section 4 were not performed in accordance with their specific terms or were otherwise breached. The parties hereto agree that, in order to preserve the Tax-Free Status of the Spin-Off Transactions, injunctive relief is
appropriate to prevent any violation of the foregoing covenants; provided, however, that injunctive relief shall not be the exclusive legal or equitable remedy for any such violation. 

5. Refunds. Parent shall be entitled to all Refunds in respect of Taxes paid with respect to any Tax Return for which
Parent or any member of the Parent Group is responsible pursuant to Section 2, except to the extent such Refunds are solely attributable to SpinCo Tax Benefits. SpinCo shall be entitled to all Refunds in respect of Taxes paid with respect to
any Tax Return for which SpinCo or any member of the SpinCo Group is responsible pursuant to Section 2 or which are solely attributable to SpinCo Tax Benefits. Notwithstanding the foregoing, in the event a party obtains a Refund of Taxes for
which it was indemnified by another party, the indemnifying party shall be entitled to such Refund. For the absence of doubt, a party entitled to a Refund pursuant to this Section 5 shall also be entitled to (and the party receiving such Refund
shall pay over to such other party) any interest thereon received from the applicable Tax Authority, or, in the case of any Combined Return, the amount of any interest thereon that would have been received from such Tax Authority had such Refund
related to a hypothetical Tax Return that did not include the other party or any member of such other party’s group but with all other facts unchanged. A party receiving a Refund to which another party is entitled pursuant to this
Section 5 shall pay the amount to which such other party is entitled (including interest in accordance with the preceding sentence) within fifteen (15) Business Days after such Refund is Actually Realized. Each of Parent and SpinCo shall
cooperate with the other party in connection with any claim for Refund in respect of any Tax for which any member of the Parent Group or the SpinCo Group, as the case may be, is responsible pursuant to Section 2. 

6. Tax Contests. 
 (a) Notification. Each of Parent and SpinCo shall notify the other party in writing of any communication with respect to any pending or threatened Proceeding in connection with any Tax Liability
(or any issue related thereto) of Parent or any member of the Parent Group, or SpinCo or any member of the SpinCo Group, respectively, for which a member of the SpinCo Group or the Parent Group, respectively, may be responsible pursuant to this
Agreement within ten (10) Business Days of receipt; provided, however, that in the case of any 

  
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Distribution-Related Proceeding (whether or not SpinCo or Parent may be responsible thereunder), such notice shall be provided no later than ten (10) Business Days after Parent or SpinCo, as
the case may be, first receives written notice from the IRS or other Tax Authority of such Distribution-Related Proceeding). Each of Parent and SpinCo shall include with such notification a true, correct and complete copy of any written
communication, and an accurate and complete written summary of any oral communication, received by Parent or a member of the Parent Group, or SpinCo or a member of the SpinCo Group, respectively. The failure of Parent or SpinCo timely to forward
such notification in accordance with the immediately preceding sentence shall not relieve SpinCo or Parent, respectively, of any obligation to pay such Tax Liability or indemnify Parent and the members of the Parent Group, or SpinCo and the members
of the SpinCo Group, respectively, and their respective Representatives, Affiliates, successors and assigns therefor, except to the extent that the failure timely to forward such notification actually prejudices the ability of SpinCo or Parent to
contest such Tax Liability or increases the amount of such Tax Liability. 
 (b) Representation with Respect
to Tax Disputes. Parent (or such member of the Parent Group as Parent shall designate) shall have the sole right to represent the interests of the members of the Parent Group and the members of the SpinCo Group and to employ counsel of its
choice at its expense in any Proceeding (including any Distribution-Related Proceeding) relating to (i) any consolidated U.S. federal Income Tax Returns of the Parent Consolidated Group, (ii) any other Combined Returns and (iii) any
Parent Separate Returns. SpinCo (or such member of the SpinCo Group as SpinCo shall designate) shall have the sole right to represent the interests of the members of the SpinCo Group and to employ counsel of its choice at its expense in any
Proceeding relating to SpinCo Separate Returns. 
 (c) Power of Attorney. Each member of the SpinCo Group
shall execute and deliver to Parent (or such member of the Parent Group as Parent shall designate) any power of attorney or other document requested by Parent (or such designee) in connection with any Proceeding described in the first sentence of
Section 6(b). 
 (d) Distribution-Related Proceedings, Proceedings with Respect to SpinCo Tax
Liabilities. 
 (i) In the event of any Distribution-Related Proceeding or Proceeding relating to a SpinCo
Tax Liability as a result of which SpinCo could reasonably be expected to become liable for Tax or any Tax-Related Losses and with respect to which Parent has the right to represent the interests of the members of the Parent Group and/or the members
of the SpinCo Group pursuant to Section 6(b) above, (A) Parent shall consult with SpinCo reasonably in advance of taking any significant action in connection with such Proceeding, (B) Parent shall consult with SpinCo and offer SpinCo
a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such Proceeding, (C) Parent shall defend such Proceeding diligently and in good faith as if it were the only party in interest
in connection with such Proceeding, and (D) Parent shall provide SpinCo copies of any written materials relating to such Proceeding received from the relevant Tax Authority. Notwithstanding anything in the preceding sentence to the contrary,
the final determination of the positions taken, including with respect to settlement or other disposition, in (i) any Distribution-Related Proceeding, or (ii) any other Proceeding relating to a SpinCo Tax Liability,

  
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which other Proceeding would not reasonably be expected to result in a liability for additional Taxes in an amount exceeding five (5) million dollars for a single Tax year, shall be made in
the sole discretion of Parent and shall be final and not subject to the dispute resolution provisions of Section 9 (and Article X of the Separation Agreement). With respect to any Proceeding relating to a SpinCo Tax Liability (other than any
Distribution-Related Proceeding), which could reasonably be expected to result in a liability for additional Taxes in an amount exceeding five (5) million dollars for a single Tax year, SpinCo shall be entitled to participate in such
Proceeding, and Parent shall not settle, compromise or abandon any such Proceeding without obtaining the prior written consent of SpinCo, which consent shall not be unreasonably withheld. 

(ii) In the event of any Distribution-Related Proceeding with respect to any SpinCo Separate Return, (A) SpinCo shall
consult with Parent reasonably in advance of taking any significant action in connection with such Proceeding, (B) SpinCo shall consult with Parent and offer Parent a reasonable opportunity to comment before submitting any written materials
prepared or furnished in connection with such Proceeding, (C) SpinCo shall defend such Proceeding diligently and in good faith as if it were the only party in interest in connection with such Proceeding, (D) Parent shall be entitled to
participate in such Proceeding and receive copies of any written materials relating to such Proceeding received from the relevant Tax Authority, and (E) SpinCo shall not settle, compromise or abandon any such Proceeding without obtaining the
prior written consent of Parent, which consent shall not be unreasonably withheld. 
 7. Apportionment of Tax Attributes;
Carrybacks. 
 (a) Apportionment of Tax Attributes. 

(i) If the Parent Consolidated Group has a Tax Attribute, the portion, if any, of such Tax Attribute apportioned to SpinCo
or any member of the SpinCo Consolidated Group and treated as a carryover to the first Post-Distribution Taxable Period of SpinCo (or such member) shall be determined by Parent in accordance with Treasury Regulation Sections 1.1502-21, 1.1502-21T,
1.1502-22, 1.1502-79 and, if applicable, 1.1502-79A. 
 (ii) No Tax Attribute with respect to consolidated U.S.
federal Income Tax of the Parent Consolidated Group, other than those described in Section 7(a)(i), and no Tax Attribute with respect to consolidated, combined or unitary state, local, or foreign Income Tax, in each case, arising in respect of
a Combined Return shall be apportioned to SpinCo or any member of the SpinCo Group, except as Parent (or such member of the Parent Group as Parent shall designate) determines is otherwise required under applicable law. 

(iii) Parent (or its designee) shall determine the portion, if any, of any Tax Attribute which must (absent a Final
Determination to the contrary) be apportioned to SpinCo or any member of the SpinCo Group in accordance with this Section 7(a) and applicable law, and the amount of tax basis and earnings and profits to be apportioned to SpinCo or any member of
the SpinCo Group in accordance with applicable law, and shall provide written notice of the calculation thereof to SpinCo as soon as practicable after the information necessary to make such calculation becomes available to Parent. 

  
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 (iv) The written notice delivered by Parent pursuant to
Section 7(a)(iii) shall be binding on all members of the SpinCo Group and shall not be subject to dispute resolution. Except as otherwise required by applicable law or pursuant to a Final Determination, SpinCo shall not take any position
(whether on a Tax Return or otherwise) that is inconsistent with the information contained in the written notice delivered by Parent pursuant to Section 7(a)(iii). 

(b) Carrybacks. Except to the extent otherwise consented to by Parent or prohibited by applicable law, SpinCo shall
elect to relinquish, waive or otherwise forgo all Carrybacks. In the event that SpinCo (or the appropriate member of the SpinCo Group) is prohibited by applicable law to relinquish, waive or otherwise forgo a Carryback (or Parent consents to a
Carryback), (i) Parent shall cooperate with SpinCo, at SpinCo’s expense, in seeking from the appropriate Tax Authority such Refund as reasonably would result from such Carryback, and (ii) SpinCo shall be entitled to any Income Tax
Benefit Actually Realized by a member of the Parent Group (including any interest thereon received from such Tax Authority), to the extent that such Refund is directly attributable to such Carryback, within fifteen (15) Business Days after such
Refund is Actually Realized; provided, however, that SpinCo shall indemnify and hold the members of the Parent Group harmless from and against any and all collateral Tax consequences resulting from or caused by any such Carryback,
including (but not limited to) the loss or postponement of any benefit from the use of Tax attributes generated by a member of the Parent Group or an Affiliate thereof if (x) such Tax attributes expire unutilized, but would have been utilized
but for such Carryback, or (y) the use of such Tax attributes is postponed to a later taxable period than the taxable period in which such Tax attributes would have been utilized but for such Carryback. If there is a Final Determination that
results in any change to or adjustment of an Income Tax Benefit Actually Realized by a member of the Parent Group that is directly attributable to a Carryback, then Parent (or its designee) shall make a payment to SpinCo, or SpinCo shall make a
payment to Parent (or its designee), as may be necessary to adjust the payments between SpinCo and Parent (or its designee) to reflect the payments that would have been made under this Section 7(b) had the adjusted amount of such Income Tax
Benefit been taken into account in computing the payments due under this Section 7(b). 
 8. Cooperation and Exchange
of Information. 
 (a) Cooperation and Exchange of Information. Each of Parent and SpinCo, on
behalf of itself and each member of the Parent Group and the SpinCo Group, respectively, agrees to provide the other party (or its designee) with such cooperation or information as such other party (or its designee) reasonably shall request in
connection with the determination of any payment or any calculations described in this Agreement, the preparation or filing of any Tax Return or claim for Refund, or the conduct of any Proceeding. Such cooperation and information shall include,
without limitation, upon reasonable notice (i) promptly forwarding copies of appropriate notices and forms or other communications (including, without limitation, information document requests, revenue agent’s reports and similar reports,
notices of proposed adjustments and notices of deficiency) received from or sent to any Tax Authority or any other administrative, judicial or governmental authority, (ii) providing copies of all relevant Tax Returns, together with accompanying
schedules and related workpapers, documents relating to rulings or other determinations by any Tax Authority, and 

  
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such other records concerning the ownership and tax basis of property, or other relevant information, (iii) the provision of such additional information and explanations of documents and
information provided under this Agreement (including statements, certificates, forms, returns and schedules delivered by either party) as shall be reasonably requested by Parent (or its designee) or SpinCo (or its designee), as the case may be,
(iv) the execution of any document that may be necessary or reasonably helpful in connection with the filing of any Tax Return, a claim for a Refund, or in connection with any Proceeding, including such waivers, consents or powers of attorney
as may be necessary for Parent or SpinCo, as the case may be, to exercise its rights under this Agreement, and (v) the use of Parent’s or SpinCo’s, as the case may be, reasonable efforts to obtain any documentation from a governmental
authority or a third party that may be necessary or reasonably helpful in connection with any of the foregoing. It is expressly the intention of the parties to this Agreement to take all actions that shall be necessary to establish Parent as the
sole agent for Tax purposes of each member of the SpinCo Group with respect to all Combined Returns. Upon reasonable notice, each of Parent and SpinCo shall make its, or shall cause the members of the Parent Group or the SpinCo Group, as applicable,
to make their, employees and facilities available on a mutually convenient basis to provide explanation of any documents or information provided hereunder. Any information obtained under this Section 8 shall be kept confidential, except as
otherwise reasonably may be necessary in connection with the filing of Tax Returns or claims for Refund or in conducting any Proceeding. 
 (b) Retention of Records. Each of Parent and SpinCo agrees to retain all Tax Returns, related schedules and workpapers, and all material records and other documents as required under
Section 6001 of the Code and the Treasury Regulations promulgated thereunder (and any similar provision of state, local, or foreign law) existing on the date hereof or created in respect of (i) any taxable period that ends on or before or
includes the Distribution Date or (ii) any taxable period that may be subject to a claim hereunder until the later of (A) the expiration of the statute of limitations (including extensions) for the taxable periods to which such Tax Returns
and other documents relate and (B) the Final Determination of any payments that may be required in respect of such taxable periods under this Agreement. From and after the end of the period described in the preceding sentence of this
Section 8(b), if a member of the Parent Group or the SpinCo Group wishes to dispose of any such records and documents, then Parent or SpinCo, as the case may be, shall provide written notice thereof to the other party and shall provide the
other party the opportunity to take possession of any such records and documents within ninety (90) days after such notice is delivered; provided, however, that if such other party does not, within such 90-day period, confirm its
intention to take possession of such records and documents, Parent or SpinCo, as the case may be, may destroy or otherwise dispose of such records and documents. 

(c) Remedies. Each of Parent and SpinCo hereby acknowledges and agrees that (i) the failure of any member of
the Parent Group or the SpinCo Group, as the case may be, to comply with the provisions of this Section 8 may result in substantial harm to the Parent Group or the SpinCo Group, as the case may be, including the inability to determine or
appropriately substantiate a Tax Liability (or a position in respect thereof) for which the Parent Group (or a member thereof) or the SpinCo Group (or a member thereof), as applicable, would be responsible under this Agreement or appropriately
defend against an adjustment thereto by a Tax Authority, (ii) the remedies available to the Parent Group for the breach by a member of the SpinCo Group of its obligations under this Section 8 shall include (without limitation) the

  
 - 23 -

 
indemnification by SpinCo of the Parent Group for any Tax Liabilities incurred or any Tax Benefit lost or postponed by reason of such breach and the forfeiture by the SpinCo Group of any related
rights to indemnification by Parent and (iii) the remedies available to the SpinCo Group for the breach by a member of the Parent Group of its obligations under this Section 8 shall include (without limitation) the indemnification by
Parent of the SpinCo Group for any Tax Liabilities incurred or any Tax Benefit lost or postponed by reason of such breach and the forfeiture by the Parent Group of any related rights to indemnification by SpinCo. 

(d) Reliance by Parent. If any member of the SpinCo Group supplies information to a member of the Parent Group in
connection with a Tax Liability and an officer of a member of the Parent Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the
Parent Group identifying the information being so relied upon, the chief financial officer of SpinCo (or his or her designee) shall certify in writing that to his knowledge (based upon consultation with appropriate employees) the information so
supplied is accurate and complete. SpinCo agrees to indemnify and hold harmless each member of the Parent Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a
member of the SpinCo Group having supplied, pursuant to this Section 8, a member of the Parent Group with inaccurate or incomplete information in connection with a Tax Liability. 

(e) Reliance by SpinCo. If any member of the Parent Group supplies information to a member of the SpinCo Group in
connection with a Tax Liability and an officer of a member of the SpinCo Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the
SpinCo Group identifying the information being so relied upon, the chief financial officer of Parent (or his or her designee) shall certify in writing that to his knowledge (based upon consultation with appropriate employees) the information so
supplied is accurate and complete. Parent agrees to indemnify and hold harmless each member of the SpinCo Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a
member of the Parent Group having supplied, pursuant to this Section 8, a member of the SpinCo Group with inaccurate or incomplete information in connection with a Tax Liability. 

9. Resolution of Disputes. The provisions of Article X of the Separation Agreement (Dispute Resolution) shall apply to any
dispute arising in connection with this Agreement; provided, however, that in the case of disputes arising under this Agreement, Parent and SpinCo shall jointly select the arbitrator, who shall be an attorney or accountant who is
generally recognized in the tax community as a qualified and competent tax practitioner with experience in the tax area involved in the issue or issues to be resolved. 
 10. Payments. 
 (a) Method of Payment. All
payments required by this Agreement shall be made by (i) wire transfer to the appropriate bank account as may from time to time be designated by the parties for such purpose; provided, that on the date of such wire transfer, notice of
the transfer is given to the recipient thereof in accordance with Section 11, or (ii) any other method agreed to by the parties. All payments due under this Agreement shall be deemed to be paid when available funds are actually received by
the payee. 

  
 - 24 -

 (b) Interest. Any payment required by this Agreement that is not made
on or before the date required hereunder shall bear interest, from and after such date through the date of payment, at the Underpayment Rate. 
 (c) Characterization of Payments. For all Income Tax purposes, the parties hereto agree to treat, and to cause their respective Affiliates to treat, (i) any payment required by this Agreement
or by the Separation Agreement, as either a contribution by Parent to SpinCo or a distribution by SpinCo to Parent, as the case may be, occurring immediately prior to the Spin-Off and (ii) any payment of interest or non-federal Income Taxes by
or to a Tax Authority, as taxable or deductible, as the case may be, to the party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case, except as otherwise mandated by applicable
law or a Final Determination; provided, that in the event it is determined (A) pursuant to applicable law that it is more likely than not, or (B) pursuant to a Final Determination, that any such treatment is not permissible (or that
an Indemnified Party nevertheless suffers an Tax detriment as a result of such payment), the payment in question shall be adjusted to place the Indemnified Party in the same after-Tax position it would have enjoyed absent such applicable law or
Final Determination. 
 11. Compensatory Equity Interests Treatment. 

(a) Deductions. To the extent permitted by law, (i) Parent (or the appropriate member of the Parent Group)
shall claim all Income Tax deductions arising by reason of (x) exercises of Options or compensatory warrants held by any Expedia Service Provider to acquire Parent common stock or SpinCo common stock, (y) payments made with respect to
Parent RSUs held by any Expedia Service Provider, or (z) payments made with respect to SpinCo RSUs held by Mr. Dara Khosrowshahi and (ii) SpinCo (or the appropriate member of the SpinCo Group) shall claim all Income Tax deductions
arising by reason of (x) exercises of Options or compensatory warrants held by any TripAdvisor Service Provider to acquire Parent common stock or SpinCo common stock or (y) payments made with respect to SpinCo RSUs held by any TripAdvisor
Service Provider. For purposes of this Section 11, Mr. Barry Diller shall be treated as an Expedia Service Provider only with respect to his Options to acquire Parent common stock and his Parent RSUs and as a TripAdvisor Service Provider
only with respect to his Options to acquire SpinCo common stock and his SpinCo RSUs; provided, however, (i) if there is a Final Determination that Parent and not SpinCo is entitled to a deduction with respect to any such SpinCo
Options or SpinCo RSUs held by Mr. Barry Diller, Parent shall pay to SpinCo, when Actually Realized, any Tax Benefit relating thereto and (ii) if there is a Final Determination that SpinCo and not Parent is entitled to a deduction with
respect to any such Parent Options or Parent RSUs held by Mr. Barry Diller, SpinCo shall pay to Parent, when Actually Realized, any Tax Benefit relating thereto. For the avoidance of doubt, Mr. Dara Khosrowshahi shall be treated as an
Expedia Service Provider for all Tax purposes, including with respect to his Parent RSUs and SpinCo RSUs, and Parent shall claim all Income Tax deductions arising by reason of payments made with respect to such Parent RSUs and SpinCo RSUs;
provided, however, if there is a Final Determination that SpinCo and not Parent is entitled to a deduction with respect to any such SpinCo RSUs held by Mr. Khosrowshahi, SpinCo shall pay to Parent, when Actually Realized, any Tax
Benefit relating thereto. 

  
 - 25 -

 (b) Withholding and Reporting. Parent shall, to the extent required
by law, withhold applicable Taxes and satisfy applicable Tax reporting obligations with respect to (x) exercises of Options or compensatory warrants held by Expedia Service Providers to acquire Parent common stock or SpinCo common stock.
(y) payments made with respect to Parent RSUs held by Expedia Service Providers and (z) payments made with respect to SpinCo RSUs held by Mr. Dara Khosrowshahi. SpinCo shall, to the extent required by law, withhold applicable Taxes
and satisfy applicable Tax reporting obligations with respect to (x) exercises of Options or compensatory warrants held by TripAdvisor Service Providers to acquire Parent common stock or SpinCo common stock and (y) payments made with
respect to SpinCo RSUs held by TripAdvisor Service Providers. Unless otherwise determined by Parent in its sole discretion, Tax withholding and reporting with respect to exercises of Options or compensatory warrants described in this
Section 11(b) shall be conducted in a manner consistent with past practice of Parent (including as historically conducted by Morgan Stanley on behalf of Parent with respect to analogous exercises of Options or compensatory warrants to acquire
Parent common stock or IAC/InterActiveCorp common stock in connection with the spin-off of Parent from IAC/InterActiveCorp). 

12. Notices. Notices, requests, permissions, waivers, and other communications hereunder shall be in writing and shall be
deemed to have been duly given upon (a) a transmitter’s confirmation of a receipt of a facsimile transmission (but only if followed by confirmed delivery of a standard overnight courier the following Business Day or if delivered by hand
the following Business Day), or (b) confirmed delivery of a standard overnight courier or delivered by hand, to the parties at the following addresses (or at such other addresses for a party as shall be specified by like notice): 

 

			
	If to Parent, to:	 	Expedia, Inc.
		 	333 108th Avenue NE
		 	Bellevue, WA 98004
		 	Attention: General Counsel
		 	Telecopier: (425) 679-7200
		
	With a copy to:	 	Wachtell, Lipton, Rosen & Katz
		 	51 W. 52nd St.
		 	New York, NY 10019
		 	Attention: Andy Nussbaum
		 	Telecopier: (212) 403-2000
		
	If to SpinCo to:	 	TripAdvisor, Inc.
		 	141 Needham Street
		 	Newton, MA 02464
		 	Attention: General Counsel
		 	Telecopier: (617) 670-6300

  
 - 26 -

 Such names and addresses may be changed by notice given in accordance with this Section 12. 

13. Designation of Affiliate. Each of Parent and SpinCo may assign any of its rights or obligations under this Agreement to
any member of the Parent Group or the SpinCo Group, respectively, as it shall designate; provided, however, that no such assignment shall relieve Parent or SpinCo, respectively, of any obligation hereunder, including any obligation to
make a payment hereunder to SpinCo or Parent, respectively, to the extent such designee fails to make such payment. 
 14.
Miscellaneous. Except to the extent otherwise provided in this Agreement, this Agreement shall be subject to the provisions of Article XIV (Miscellaneous) of the Separation Agreement to the extent set forth therein. 

  
 - 27 -

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its
behalf by its officers thereunto duly authorized, all as of the day and year first written above. 
  

					
	EXPEDIA, INC.
		
	By:	 	/s/ Mark D. Okerstrom
		 	Name:	 	Mark D. Okerstrom
		 	Title:	 	Executive Vice President & Chief Financial Officer
	
	TRIPADVISOR, INC.
		
	By:	 	/s/ Stephen Kaufer
		 	Name:	 	Stephen Kaufer
		 	Title:	 	President & Chief Executive Officer

  
 - 28 -Employee Matters Agreement

 Exhibit 10.3 
 EMPLOYEE MATTERS AGREEMENT 
 by and between 

EXPEDIA, INC. 
 and 
 TRIPADVISOR, INC. 

Dated as of December 20, 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	DEFINITIONS	  	 	1	  
			
	 ARTICLE II
	 	GENERAL PRINCIPLES	  	 	7	  
	 2.1
	 	Employment of TripAdvisor Employees	  	 	7	  
	 2.2
	 	Assumption and Retention of Liabilities; Related Assets	  	 	7	  
	 2.3
	 	TripAdvisor Participation in Expedia Benefit Plans	  	 	8	  
	 2.4
	 	Terms of Participation by TripAdvisor Employees in TripAdvisor Benefit Plans	  	 	8	  
	 2.5
	 	Commercially Reasonable Efforts	  	 	8	  
	 2.6
	 	Regulatory Compliance	  	 	9	  
	 2.7
	 	Approval by Expedia as Sole Stockholder	  	 	9	  
			
	 ARTICLE III
	 	SAVINGS PLANS	  	 	9	  
	 3.1
	 	Savings Plan	  	 	9	  
	 3.2
	 	Stock Considerations	  	 	9	  
			
	 ARTICLE IV
	 	HEALTH AND WELFARE PLANS	  	 	10	  
	 4.1
	 	U.S. Health and Welfare Plans	  	 	10	  
		 	 (a)    Transition Period
	  	 	10	  
		 	 (b)    Establishment of TripAdvisor Health and Welfare Plans
	  	 	10	  
		 	 (c)    Flexible Benefit Plan
	  	 	10	  
		 	 (d)    COBRA and HIPAA Compliance
	  	 	11	  
	 4.2
	 	Non-U.S. Health and Welfare Plans	  	 	11	  
	 4.3
	 	Retention of Sponsorship and Liabilities	  	 	11	  
	 4.4
	 	Vendor Contracts	  	 	12	  
		 	 (a)    Third-Party ASO Contracts, Group Insurance Policies and HMOs
	  	 	12	  
		 	 (b)    Effect of Change in Rates
	  	 	12	  
	 4.5
	 	Workers’ Compensation Liabilities	  	 	12	  
	 4.6
	 	Payroll Taxes and Reporting of Compensation	  	 	13	  
			
	 ARTICLE V
	 	EXECUTIVE BENEFITS AND OTHER BENEFITS	  	 	13	  
	 5.1
	 	Assumption of Obligations	  	 	13	  
	 5.2
	 	Expedia Incentive Plans	  	 	13	  
		 	 (a)    TripAdvisor Bonus Awards
	  	 	13	  
		 	 (b)    Expedia Bonus Awards
	  	 	13	  
	 5.3
	 	Expedia Long-Term Incentive Plan	  	 	14	  
		 	 (a)    Vested Expedia Options
	  	 	14	  
		 	 (b)    Unvested Expedia Options Held by Expedia Employees (other than Barry Diller) and Former Expedia
Employees
	  	 	15	  

  
 -i-

							
		 	 (c)    Unvested Expedia Options Held by TripAdvisor Employees (other than Barry Diller) and Former
TripAdvisor Employees
	  	 	15	  
		 	 (d)    Unvested Expedia Options Held by Barry Diller
	  	 	16	  
		 	 (e)    Expedia RSUs Held by Expedia Employees (other than Expedia RSUs Held by Barry Diller and other than
the DK Performance-Based Expedia RSUs) and Former Expedia Employees and Expedia RSUs Awarded in Respect of Service as an Expedia Director
	  	 	17	  
		 	 (f)     Expedia RSUs Held by TripAdvisor Employees (other than Barry Diller) and Former TripAdvisor
Employees
	  	 	17	  
		 	 (g)    Expedia RSUs Held by Barry Diller
	  	 	18	  
		 	 (h)    DK Performance-Based Expedia RSUs
	  	 	18	  
		 	 (i)     Foreign Grants/Awards
	  	 	19	  
		 	 (j)     Miscellaneous Option and Other RSU Terms
	  	 	19	  
		 	 (k)    Waiting Period for Exercisability of Options and Grant of Options and RSUs
	  	 	20	  
		 	 (l)     Equity Plan Administrator
	  	 	20	  
	 5.4
	 	Restrictive Covenants	  	 	20	  
	 5.5
	 	Employment Agreements	  	 	21	  
	 5.6
	 	Registration Requirements	  	 	21	  
	 5.7
	 	Expedia Executive DC Plan	  	 	21	  
	 5.8
	 	Severance	  	 	21	  
	 5.9
	 	Miscellaneous	  			
			
	 ARTICLE VI
	 	GENERAL AND ADMINISTRATIVE	  	 	22	  
	 6.1
	 	Sharing of Participant Information	  	 	22	  
	 6.2
	 	Reasonable Efforts/Cooperation	  	 	22	  
	 6.3
	 	No Third-Party Beneficiaries	  	 	22	  
	 6.4
	 	Audit Rights With Respect to Information Provided	  	 	23	  
	 6.5
	 	Fiduciary Matters	  	 	23	  
	 6.6
	 	Consent of Third Parties	  	 	23	  
			
	 ARTICLE VII
	 	MISCELLANEOUS	  	 	24	  
	 7.1
	 	Effect If Effective Time Does Not Occur	  	 	24	  
	 7.2
	 	Relationship of Parties	  	 	24	  
	 7.3
	 	Affiliates	  	 	24	  
	 7.4
	 	Notices	  	 	24	  
	 7.5
	 	Incorporation of Separation Agreement Provisions	  	 	25	  

  
 -ii-

 EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (this “Agreement”), dated as of December 20, 2011, with effect as of the Effective
Time, is entered into by and between Expedia, Inc., a Delaware corporation (“Expedia”), and TripAdvisor, Inc., a Delaware corporation (“TripAdvisor,” and together with Expedia, the “Parties”).

 RECITALS: 
 WHEREAS, Expedia and TripAdvisor have entered into a Separation Agreement pursuant to which the Parties have set out the terms on which, and the conditions subject to which, they wish to implement the
Separation (as defined in the Separation Agreement) (such agreement, as amended, restated or modified from time to time, the “Separation Agreement”). 
 WHEREAS, in connection therewith, Expedia and TripAdvisor have agreed to enter into this Agreement to allocate between them assets, liabilities and responsibilities with respect to certain employee
compensation, pension and benefit plans, programs and arrangements and certain employment matters. 
 NOW THEREFORE, in
consideration of the mutual agreements, covenants and other provisions set forth in this Agreement, the Parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Unless otherwise defined in this Agreement, capitalized words and expressions and variations thereof used in this Agreement or in its
Appendices have the meanings set forth below. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Separation Agreement. 
 1.1 “Affiliate” has the meaning given that term in the Separation Agreement. 
 1.2 “Agreement” means this Employee Matters Agreement, including all the Schedules hereto. 
 1.3 “Ancillary Agreements” has the meaning given that term in the Separation Agreement. 
 1.4 “Approved Leave of Absence” means an absence from active service (a) due to an individual’s inability to perform his or her regular job duties by reason of illness or injury
and resulting in eligibility to receive benefits pursuant to the terms of the Expedia Short-Term Disability Plan or the Expedia Long-Term Disability Plan, or (b) pursuant to an approved leave policy with a guaranteed right of reinstatement.

 1.5 “ASO Contract” has the meaning set forth in Section 4.4(a). 

 1.6 “Auditing Party” has the meaning set forth in Section 6.4(a).

 1.7 “Benefit Plan” means, with respect to an entity or any of its Subsidiaries, (a) each “employee
welfare benefit plan” (as defined in Section 3(1) of ERISA) and all other employee benefits arrangements, policies or payroll practices (including, without limitation, severance pay, sick leave, vacation pay, salary continuation,
disability, retirement, deferred compensation, bonus, stock option or other equity-based compensation, hospitalization, medical insurance or life insurance) sponsored or maintained by such entity or by any of its Subsidiaries (or to which such
entity or any of its Subsidiaries contributes or is required to contribute) and (b) all “employee pension benefit plans” (as defined in Section 3(2) of ERISA), occupational pension plan or arrangement or other pension
arrangements sponsored, maintained or contributed to by such entity or any of its Subsidiaries (or to which such entity or any of its Subsidiaries contributes or is required to contribute). For the avoidance of doubt, “Benefit Plans”
includes Health and Welfare Plans and Executive Benefit Plans. When immediately preceded by “Expedia,” Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by Expedia or an Expedia Entity or any Benefit Plan with
respect to which Expedia or an Expedia Entity is a party. When immediately preceded by “TripAdvisor,” Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by TripAdvisor or any TripAdvisor Entity or any Benefit Plan
with respect to which TripAdvisor or a TripAdvisor Entity is a party. 
 1.8 “COBRA” means the continuation
coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code § 4980B and ERISA §§ 601 through 608. 

1.9 “Code” means the Internal Revenue Code of 1986, as amended, or any successor federal income tax law. Reference to a
specific Code provision also includes any proposed, temporary or final regulation in force under that provision. 
 1.10
“Committee” has the meaning set forth in Section 5.3(a). 
 1.11 “DK Performance-Based Expedia
RSUs” means the 800,000 Expedia RSUs granted to Dara Khosrowshahi on March 7, 2006. 
 1.12 “Effective
Date” has the meaning given that term in the Separation Agreement. 
 1.13 “Effective Time” has the
meaning given that term in the Separation Agreement. 
 1.14 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended. Reference to a specific provision of ERISA also includes any proposed, temporary or final regulation in force under that provision. 
 1.15 “Expedia” has the meaning set forth in the preamble to this Agreement. 
 1.16 “Expedia Allocation Factor” means the quotient obtained by dividing the Expedia Post-Separation Stock Value by the sum of the Expedia Post-Separation Stock Value and the TripAdvisor
Stock Value. 

  
 -2-

 1.17 “Expedia Common Stock” means, with respect to periods prior to the
Separation, shares of common stock, $0.001 par value per share, of Expedia, and with respect to periods following the Separation, shares of common stock, $0.0001 par value per share, of Expedia. 

1.18 “Expedia Director DC Plan” means the Expedia, Inc. Non-Employee Director Deferred Compensation Plan, in effect as
of the time relevant to the applicable provision of this Agreement. 
 1.19 “Expedia Employee” means any
individual who, immediately prior to the Effective Time, is either actively employed by, or then on Approved Leave of Absence from, any Expedia Entity. 
 1.20 “Expedia Entities” means the members of the Expedia Group, as defined in the Separation Agreement, and their respective Subsidiaries and Affiliates, excluding any business or
operations (whether current or historical, regardless of whether discontinued or sold) that are included in the Separated Businesses. 
 1.21 “Expedia Executive Benefit Plans” means the executive benefit and nonqualified plans, programs, agreements, and arrangements established, sponsored, maintained, or agreed upon, by
any Expedia Entity for the benefit of employees and former employees of any Expedia Entity before the Effective Time. For the avoidance of doubt, “Expedia Executive Benefit Plans” includes the Expedia Executive DC Plan. 

1.22 “Expedia Executive DC Plan” means the Expedia Executive Deferred Compensation Plan, in effect as of the time
relevant to the applicable provision of this Agreement. 
 1.23 “Expedia Flexible Benefit Plan” means the
flexible benefit plan maintained by Expedia as in effect as of the time relevant to the applicable provision of this Agreement. 

1.24 “Expedia Incentive Plans” means any of the annual or short term incentive plans of Expedia, all as in effect as of
the time relevant to the applicable provisions of this Agreement. 
 1.25 “Expedia Long-Term Incentive Plan”
means the Amended and Restated Expedia, Inc. 2005 Stock and Annual Incentive Plan. 
 1.26 “Expedia Post-Separation
Stock Value” means the closing per-share price of Expedia Common Stock in the “when issued market” on December 20, 2011, as listed on the NASDAQ as of 4:00 P.M. New York City time. 

1.27 “Expedia Ratio” means the quotient obtained by dividing the Expedia Stock Value by the Expedia Post-Separation
Stock Value. 
 1.28 “Expedia Retirement Savings Plan” means the Expedia, Inc. Retirement Savings Plan as in
effect as of the time relevant to the applicable provision of this Agreement. 

  
 -3-

 1.29 “Expedia Stock Value” means the closing per-share price of Expedia
Common Stock trading “regular way with due bills” on December 20, 2011, as listed on the NASDAQ as of 4:00 P.M., New York City time. 
 1.30 “Former Expedia Employee” means any individual who as of the Effective Time is a former employee of the Expedia Group or the TripAdvisor Group, and whose last employment with the
Expedia Group or TripAdvisor Group, was with an Expedia Entity. 
 1.31 “Former TripAdvisor Employee” means any
individual who as of the Effective Time is a former employee of the TripAdvisor Group or the Expedia Group, and whose last employment with the TripAdvisor Group or Expedia Group, was with a TripAdvisor Entity. 

1.32 “Former TripAdvisor Non-U.S. Employee” means any Former TripAdvisor Employee whose last employment was with a
TripAdvisor Entity located outside of the U.S. 
 1.33 “Former TripAdvisor U.S. Employee” means any Former
TripAdvisor Employee whose last employment was with a TripAdvisor Entity located in the U.S. 
 1.34 “Group Insurance
Policies” has the meaning set forth in Section 4.4(a). 
 1.35 “Health and Welfare Plans” means
any plan, fund or program which was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, medical (including PPO, EPO and HDHP coverages), dental,
prescription, vision, short-term disability, long-term disability, life and AD&D, employee assistance, group legal services, wellness, cafeteria (including premium payment, health flexible spending account and dependent care flexible spending
account components), travel reimbursement, transportation, or other benefits in the event of sickness, accident, disability, death or unemployment, or vacation benefits, apprenticeship or other training programs or day care centers, scholarship
funds, or prepaid legal services, including any such plan, fund or program as defined in Section 3(1) of ERISA. 
 1.36
“HIPAA” means the health insurance portability and accountability requirements for “group health plans” under the Health Insurance Portability and Accountability Act of 1996, as amended. 

1.37 “HMO” means a health maintenance organization that provides benefits under the Expedia Medical Plans or the
TripAdvisor Medical Plans. 
 1.38 “HMO Agreements” has the meaning set forth in Section 4.4(a).

 1.39 “H&W Transition Period” has the meaning set forth in Section 4.1(a). 

1.40 “H&W Transition Period Amount” has the meaning set forth in Section 4.1(a). 

1.41 “Immediately after the Effective Date” means on the first moment of the day after the Effective Date. 

  
 -4-

 1.42 “Liability” has the meaning given that term in the Separation
Agreement. 
 1.43 “Medical Plan” when immediately preceded by “Expedia,” means the Benefit Plan
under which medical benefits are provided to Expedia Employees established and maintained by Expedia. When immediately preceded by TripAdvisor, Medical Plan means the Benefit Plan under which medical benefits are provided to TripAdvisor Employees to
be established by TripAdvisor pursuant to Article IV. 
 1.44 “NASDAQ” means the National Association of
Securities Dealers Inc. Automated Quotation System. 
 1.45 “Non-parties” has the meaning set forth in
Section 6.4(b). 
 1.46 “Option” when immediately preceded by “Expedia” means an option (either
nonqualified or incentive) to purchase shares of Expedia Common Stock pursuant to the Expedia Long-Term Incentive Plan. When immediately preceded by “TripAdvisor,” Option means an option (either nonqualified or incentive) to purchase
shares of TripAdvisor Common Stock following the Effective Time pursuant to the TripAdvisor Long-Term Incentive Plan. 
 1.47
“Participating Company” means (a) Expedia and (b) any other Person (other than an individual) that participates in a plan sponsored by any Expedia Entity. 

1.48 “Parties” has the meaning set forth in the preamble to this Agreement. 

1.49 “Person” has the meaning given that term in the Separation Agreement. 

1.50 “RSU” (a) when immediately preceded by “Expedia,” means units issued under an Expedia Benefit Plan
representing a general unsecured promise by Expedia to pay the value of shares of Expedia Common Stock in cash or shares of Expedia Common Stock and, (b) when immediately preceded by “TripAdvisor,” means units issued under a
TripAdvisor Benefit Plan representing a general unsecured promise by TripAdvisor to pay the value of shares of TripAdvisor Common Stock in cash or shares of TripAdvisor Common Stock. 

1.51 “Reverse Stock Split” has the meaning given that term in the Separation Agreement. 

1.52 “Securities Act” has the meaning set forth in Section 5.6. 

1.53 “Separated Businesses” has the meaning given that term in the Separation Agreement. 

1.54 “Separation” has the meaning given that term in the Separation Agreement. 

1.55 “Separation Agreement” has the meaning set forth in the recitals to this Agreement. 

  
 -5-

 1.56 “Subsidiary” has the meaning given that term in the Separation
Agreement. 
 1.57 “Transition Services Agreement” means the Transition Services Agreement entered into as of
the date hereof between Expedia and TripAdvisor. 
 1.58 “TripAdvisor” has the meaning set forth in the
preamble to this Agreement. 
 1.59 “TripAdvisor Allocation Factor” means the quotient obtained by dividing the
TripAdvisor Stock Value by the sum of the Expedia Post-Separation Stock Value and the TripAdvisor Stock Value. 
 1.60
“TripAdvisor Common Stock” has the meaning given that term in the Separation Agreement. 
 1.61
“TripAdvisor Employee” means any individual who, immediately prior to the Effective Time, is either actively employed by, or then on Approved Leave of Absence from, a TripAdvisor Entity. 

1.62 “TripAdvisor Entities” means the TripAdvisor Group as defined in the Separation Agreement and any business or
operations (whether current or historical regardless of whether discontinued or sold) included in the Separated Businesses. 

1.63 “TripAdvisor Executive Benefit Plans” means the executive benefit and nonqualified plans, programs, and
arrangements established, sponsored, maintained, or agreed upon, by any TripAdvisor Entity for the benefit of employees and former employees of any TripAdvisor Entity before the Effective Time. 

1.64 “TripAdvisor Flexible Benefit Plan” means the flexible benefit plan to be established by TripAdvisor pursuant to
Section 4.1(c) of this Agreement as in effect as of the time relevant to the applicable provision of this Agreement. 

1.65 “TripAdvisor Long-Term Incentive Plan” means the long-term incentive plan or program to be established by
TripAdvisor, effective immediately prior to the Effective Date, in connection with the treatment of Options and RSUs as described in Article V. 
 1.66 “TripAdvisor Non-U.S. Employee” means a TripAdvisor Employee whose principal place of employment or engagement is outside the U.S. 

1.67 “TripAdvisor Ratio” means the quotient obtained by dividing the Expedia Stock Value by the TripAdvisor Stock Value.

 1.68 “TripAdvisor Retirement Savings Plan” means the 401(k) and profit sharing plan established by
TripAdvisor, as in effect on the date of this Agreement. 

  
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 1.69 “TripAdvisor Retirement Savings Plan Trust” means a trust relating to
the TripAdvisor Retirement Savings Plan intended to qualify under Section 401(a) and be exempt under Section 501(a) of the Code. 
 1.70 “TripAdvisor Stock Value” means the closing per-share price of TripAdvisor Common Stock trading in the “when issued market” on December 20, 2011, as listed on the
NASDAQ as of 4:00 P.M., New York City time. 
 1.71 “TripAdvisor U.S. Employee” means a TripAdvisor Employee
whose principal place of employment or engagement is in the U.S. 
 1.72 “U.S.” means the 50 United States of
America and the District of Columbia. 
 ARTICLE II 

GENERAL PRINCIPLES 
 2.1 Employment of TripAdvisor Employees. All TripAdvisor Employees shall continue to be employees of TripAdvisor or another TripAdvisor Entity, as the case may be, immediately after the Effective
Time. Notwithstanding any provision of this Agreement to the contrary, for purposes of this Agreement, the Parties shall treat the individuals (i) listed on Schedule A hereto as Expedia Employees, (ii) listed on Schedule
B hereto as TripAdvisor Employees, in each case, following the Effective Time and until the Parties mutually agree otherwise in writing. As soon as practicable following such time as (i) Expedia establishes a corporate entity in China
that has legal authority to hire employees, Expedia shall cause such entity to extend written offers of employment to each individual listed on Schedule A hereto, (ii) TripAdvisor establishes a corporate entity in Korea that has legal
authority to hire employees, TripAdvisor shall cause such entity to extend a written offer of employment to the individual listed in Section 1 of Schedule B hereto, and (iii) TripAdvisor establishes a corporate entity in Australia that
has legal authority to hire employees, TripAdvisor shall cause such entity to extend a written offer of employment to the individual listed in Section 2 of Schedule B hereto. Each offer referred to in the immediately preceding sentence
shall provide for compensation, benefits and terms of employment at least as favorable as those in effect at TripAdvisor or Expedia, as applicable, immediately prior to the other company (Expedia or TripAdvisor, as applicable) making such offer.

 2.2 Assumption and Retention of Liabilities; Related Assets. 

(a) As of the Effective Date, except as expressly provided in this Agreement, the Expedia Entities shall assume or retain
and Expedia hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all Expedia Benefit Plans with respect to all Expedia Employees, Former Expedia Employees and their dependents and beneficiaries,
(ii) all Liabilities with respect to the employment or termination of employment of all Expedia Employees, Former Expedia Employees, and other service providers (including any individual who is, or was, an independent contractor, temporary
employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or nonpayroll worker of any Expedia Entity or in any other employment, non-employment, or retainer arrangement, or
relationship with any Expedia Entity), in each case to the extent arising in connection with or as a result of employment with or the performance of services to any Expedia Entity, and (iii) any other Liabilities expressly assigned to Expedia
under this Agreement. All assets held in trust to fund the Expedia Benefit Plans and all insurance policies funding the Expedia Benefit Plans shall be Expedia Assets (as defined in the Separation Agreement), except to the extent specifically
provided otherwise in this Agreement. 

  
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 (b) From and after the Effective Date, except as expressly provided in this
Agreement, TripAdvisor and the TripAdvisor Entities shall assume or retain, as applicable, and TripAdvisor hereby agrees to pay, perform, fulfill and discharge, in due course in full, (i) all Liabilities under all TripAdvisor Benefit Plans,
(ii) all Liabilities with respect to the employment or termination of employment of all TripAdvisor Employees, Former TripAdvisor Employees, and other service providers (including any individual who is, or was, an independent contractor,
temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or nonpayroll worker of TripAdvisor or any TripAdvisor Entity or in any other employment, non-employment, or
retainer arrangement, or relationship with TripAdvisor or a TripAdvisor Entity), in each case to the extent arising in connection with or as a result of employment with or the performance of services to any TripAdvisor Entity, and (iii) any
other Liabilities expressly assigned to TripAdvisor or any TripAdvisor Entity under this Agreement. 
 2.3 TripAdvisor
Participation in Expedia Benefit Plans. Except as expressly provided in this Agreement and the Transition Services Agreement, effective as of the Effective Time, TripAdvisor and each other TripAdvisor Entity shall cease to be a Participating
Company in any Expedia Benefit Plan, and Expedia and TripAdvisor shall take all necessary action to effectuate such cessation as a Participating Company. 
 2.4 Terms of Participation by TripAdvisor Employees in TripAdvisor Benefit Plans. Expedia and TripAdvisor shall agree on methods and procedures, including, without limitation, amending the
respective Benefit Plan documents, to prevent TripAdvisor Employees from receiving duplicative benefits from the Expedia Benefit Plans and the TripAdvisor Benefit Plans. With respect to TripAdvisor Employees, each TripAdvisor Benefit Plan shall
provide that all service, all compensation and all other benefit-affecting determinations that, as of the Effective Time, were recognized under the corresponding Expedia Benefit Plan shall, as of Immediately after the Effective Date or any
subsequent effective date for such TripAdvisor Benefit Plan, receive full recognition, credit and validity and be taken into account under such TripAdvisor Benefit Plan to the same extent as if such items occurred under such TripAdvisor Benefit
Plan, except to the extent that duplication of benefits would result or for benefit accrual under any defined benefit pension plan. 
 2.5 Commercially Reasonable Efforts. Expedia and TripAdvisor shall use commercially reasonable efforts to (a) enter into any necessary agreements to accomplish the assumptions and transfers
contemplated by this Agreement; and (b) provide for the maintenance of the necessary participant records, the appointment of the trustees and the engagement of recordkeepers, investment managers, providers, insurers, and other third parties
reasonably necessary to maintaining and administering the Expedia Benefit Plans and the TripAdvisor Benefit Plans. 

  
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 2.6 Regulatory Compliance. Expedia and TripAdvisor shall, in connection with the
actions taken pursuant to this Agreement, reasonably cooperate in making any and all appropriate filings required under the Code, ERISA and any applicable securities laws, implementing all appropriate communications with participants, transferring
appropriate records and taking all such other actions as the requesting party may reasonably determine to be necessary or appropriate to implement the provisions of this Agreement in a timely manner. 

2.7 Approval by Expedia as Sole Stockholder. Prior to the Effective Time, Expedia shall cause TripAdvisor to adopt the TripAdvisor
Long-Term Incentive Plan. 
 ARTICLE III 
 SAVINGS PLANS 
 3.1 Savings Plan. TripAdvisor has established the
TripAdvisor Retirement Savings Plan and the TripAdvisor Retirement Savings Plan Trust. Expedia has caused the accounts of the TripAdvisor Employees and Former TripAdvisor Employees under the Expedia Retirement Savings Plan (including any outstanding
participant loans) to be transferred to the TripAdvisor Retirement Savings Plan and the TripAdvisor Retirement Savings Plan Trust in cash or such other assets as mutually agreed by Expedia and TripAdvisor. TripAdvisor shall cause the TripAdvisor
Retirement Savings Plan to assume and be solely responsible for all Liabilities for plan benefits under the TripAdvisor Retirement Savings Plan to or relating to TripAdvisor Employees and Former TripAdvisor Employees whose accounts have been
transferred from the Expedia Retirement Savings Plan. Expedia and TripAdvisor agree to cooperate in making all appropriate filings and taking all reasonable actions required to implement the provisions of this Section 3.1; provided that
TripAdvisor acknowledges that it will be responsible for complying with any requirements and applying for any Internal Revenue Service determination letters with respect to the TripAdvisor Retirement Savings Plan. 

3.2 Stock Considerations. There is no Expedia Common Stock held in the TripAdvisor Retirement Savings Plan. To the extent that
Expedia Employees or Former Expedia Employees receive shares of TripAdvisor Common Stock in connection with the Separation with respect to Expedia Common Stock held under the Expedia Retirement Savings Plan, such shares will be deposited in a
TripAdvisor Common Stock Fund under the Expedia Retirement Savings Plan, subject to such limitations, or the removal of the TripAdvisor Common Stock Fund, in each case, as determined solely by Expedia or the applicable fiduciary of the Expedia
Retirement Savings Plan. Following the Effective Date, Expedia Employees and Former Expedia Employees shall not be permitted to acquire shares of TripAdvisor Common Stock in the TripAdvisor Common Stock Fund under the Expedia Retirement Savings
Plan. Expedia and TripAdvisor shall assume sole responsibility for ensuring that their respective savings plans are maintained in compliance with applicable laws with respect to holding shares of their respective common stock and common stock of the
other entity. 

  
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 ARTICLE IV 
 HEALTH AND WELFARE PLANS 
 4.1 U.S. Health and Welfare Plans

 (a) Transition Period. Expedia will cause the Expedia Health and Welfare Plans in effect on the
Effective Date to provide coverage to TripAdvisor U.S. Employees and Former TripAdvisor U.S. Employees (and, in each case, their beneficiaries and dependents) from and after the Effective Date until December 31, 2011 (such period, the
“H&W Transition Period”) on the same basis as immediately prior to the Effective Date and in accordance with the terms of Expedia’s Health and Welfare Plans. No later than January 31, 2012, Expedia shall provide to
TripAdvisor an invoice for providing coverage to the TripAdvisor U.S. Employees and the Former TripAdvisor U.S. Employees under the Expedia Health and Welfare Plans during the H&W Transition Period, the amount of such invoice to equal the
product (such product, the “H&W Transition Period Amount”) obtained by multiplying (i) the amount that Expedia would charge TripAdvisor in respect of providing coverage to the TripAdvisor U.S. Employees and Former
TripAdvisor U.S. Employees under the Expedia Health and Welfare Plans during December 2011 if the Effective Time did not occur, calculated in accordance with past practice, and (ii) 35%. TripAdvsior shall remit to Expedia the H&W Transition
Period Amount no later than February 15, 2012. Expedia’s calculation of the H&W Transition Period Amount pursuant to this Section 4.1(a) shall be final and binding upon TripAdvisor. 

(b) Establishment of TripAdvisor Health and Welfare Plans. 

(i) Effective as of January 1, 2012, TripAdvisor shall adopt Health and Welfare Plans for the benefit of TripAdvisor
U.S. Employees and Former TripAdvisor U.S. Employees, and TripAdvisor shall be responsible for all Liabilities relating to, arising out of or resulting from health and welfare coverage (including COBRA continuation coverage) or claims incurred by or
on behalf of TripAdvisor U.S. Employees, Former TripAdvisor U.S. Employees or their covered dependents under the TripAdvisor Health and Welfare Plans prior to, on or after the Effective Date. No Expedia Health and Welfare Plan shall be required to
make COBRA continuation coverage available to any TripAdvisor U.S. Employees, Former TripAdvisor U.S. Employees or their covered dependents after the H&W Transition Period. 

(ii) For the avoidance of doubt, with respect to any TripAdvisor U.S. Employee who becomes disabled under the terms of the
Expedia Health and Welfare Plans and becomes entitled to receive long-term or short-term disability benefits prior to January 1, 2012, such TripAdvisor U.S. Employee shall receive long-term or short-term disability benefits under the
TripAdvisor Health and Welfare Plans on and after January 1, 2012 in accordance with the terms of the TripAdvisor Health and Welfare Plans. 
 (c) Flexible Benefit Plan. TripAdvisor shall continue to participate in the Expedia Flexible Benefit Plan until December 31, 2011 for the benefit of TripAdvisor U.S. Employees. Effective as of
January 1, 2012, TripAdvisor shall establish the TripAdvisor Flexible Benefit Plan. 

  
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 (d) COBRA and HIPAA Compliance. Expedia shall be responsible for
administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Expedia Health and Welfare Plans with respect to Expedia
Employees and Former Expedia Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the Expedia Health and Welfare Plans at any time before, on or after the Effective Time. Until December 31, 2011,
Expedia shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Expedia Health and Welfare Plans
with respect to TripAdvisor Employees and Former TripAdvisor Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the Expedia Health and Welfare Plans at any time through December 31, 2011. On and
after January 1, 2011, TripAdvisor or another TripAdvisor Entity shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the
corresponding provisions of the TripAdvisor Health and Welfare Plans and/or the Expedia Health and Welfare Plans with respect to TripAdvisor Employees and Former TripAdvisor Employees and their covered dependents who incur a COBRA qualifying event
or loss of coverage under the TripAdvisor Health and Welfare Plans and/or the Expedia Health and Welfare Plans at any time before, on or after the Effective Time. The Parties hereto agree that the consummation of the transactions contemplated by
this Agreement and the Separation Agreement shall not constitute a COBRA qualifying event for any purpose of COBRA. 
 4.2
Non-U.S. Health and Welfare Plans. Effective as of the Effective Date, TripAdvisor shall adopt Health and Welfare Plans for the benefit of TripAdvisor Non-U.S. Employees and Former TripAdvisor Non-U.S. Employees, and TripAdvisor shall be
responsible for all Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred by or on behalf of TripAdvisor Non-U.S. Employees, Former TripAdvisor Non-U.S. Employees or their covered dependents under
the TripAdvisor Health and Welfare Plans prior to, on or after the Effective Date. 
 4.3 Retention of Sponsorship and
Liabilities. Following the Effective Date, Expedia shall retain: 
 (a) sponsorship of all Expedia Health and
Welfare Plans and any trust or other funding arrangement established or maintained with respect to such plans, including any “voluntary employee’s beneficiary association,” or any assets held as of the Effective Date with respect to
such plans; and 
 (b) all Liabilities relating to, arising out of, or resulting from health and welfare coverage
or claims incurred by or on behalf of Expedia Employees or Former Expedia Employees or their covered dependents under the Expedia Health and Welfare Plans prior to, on or after the Effective Date. 

  
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 Other than as contemplated by Section 4.1(a) with respect to the H&W Transition Period, Expedia
shall not assume any Liability relating to health and welfare claims incurred by or on behalf of TripAdvisor Employees or Former TripAdvisor Employees or their respective covered dependents prior to, on or after the Effective Date, and such claims
shall be satisfied pursuant to Section 4.1(b)(i) and Section 4.2. 
 4.4 Vendor Contracts. 

(a) Third-Party ASO Contracts, Group Insurance Policies and HMOs. Expedia and TripAdvisor shall use commercially
reasonable efforts to obligate the third party administrator of each administrative-services-only contract with a third-party administrator that relates to any of the Expedia Health and Welfare Plans (an “ASO Contract”), each group
insurance policy that relates to any of the Expedia Health and Welfare Plans (“Group Insurance Policies”) and each agreement with a Health Maintenance Organization that provides medical services under the Expedia Health and Welfare
Plans (“HMO Agreements”), in each case, in existence as of the date of this Agreement that is applicable to TripAdvisor Employees, to enter into a separate ASO Contract, Group Insurance Policy and HMO Agreement, as applicable, with
TripAdvisor providing for similar terms and conditions as are contained in the ASO Contracts, Group Insurance Policies and HMO Agreements, as applicable, to which Expedia is a party. Such terms and conditions shall include the financial and
termination provisions, performance standards, methodology, auditing policies, quality measures and reporting requirements. 
 (b) Effect of Change in Rates. Expedia and TripAdvisor shall use commercially reasonable efforts to cause each of the insurance companies and third-party administrators providing services and
benefits under the Expedia Health and Welfare Plans and the TripAdvisor Health and Welfare Plans to maintain the premium and/or administrative rates based on the aggregate number of participants in both the Expedia Health and Welfare Plans and the
TripAdvisor Health and Welfare Plans as of immediately prior to the Effective Date through the end of the year in which the Effective Date occurs. To the extent they are not successful in such efforts, Expedia and TripAdvisor shall each bear the
revised premium or administrative rates attributable to the individuals covered by their respective Health and Welfare Plans. 

4.5 Workers’ Compensation Liabilities. All workers’ compensation Liabilities relating to, arising out of, or resulting
from any claim by an Expedia Employee, Former Expedia Employee, TripAdvisor Employee and Former TripAdvisor Employee that results from an accident occurring, or from an occupational disease which becomes manifest, on or before the Effective Time
shall be retained by Expedia. All workers’ compensation Liabilities relating to, arising out of, or resulting from any claim by an Expedia Employee or Former Expedia Employee that results from an accident occurring, or from an occupational
disease which becomes manifest, on or after the Effective Date shall be retained by Expedia. All workers’ compensation Liabilities relating to, arising out of, or resulting from any claim by a TripAdvisor Employee or Former TripAdvisor Employee
that results from an accident occurring, or from an occupational 

  
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disease which becomes manifest, on or after the Effective Date shall be retained by TripAdvisor. For purposes of this Agreement, a compensable injury shall be deemed to be sustained upon the
occurrence of the event giving rise to eligibility for workers’ compensation benefits or at the time that an occupational disease becomes manifest, as the case may be. Expedia, TripAdvisor and the other TripAdvisor Entities shall cooperate with
respect to any notification to appropriate governmental agencies of the effective time and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling contracts. 

4.6 Payroll Taxes and Reporting of Compensation. Expedia and TripAdvisor shall, and shall cause the other Expedia Entities and the
other TripAdvisor Entities to, respectively, take such action as may be reasonably necessary or appropriate in order to minimize Liabilities related to payroll taxes after the Effective Date. Expedia and TripAdvisor shall, and shall cause the other
Expedia Entities and the other TripAdvisor Entities to, respectively, each bear its responsibility for payroll tax obligations and for the proper reporting to the appropriate governmental authorities of compensation earned by their respective
employees after the Effective Time, including compensation related to the exercise of Options. 
 ARTICLE V 

EXECUTIVE BENEFITS AND OTHER BENEFITS 
 5.1 Assumption of Obligations. Except as provided in this Agreement, effective as of the Effective Time, TripAdvisor shall assume and be solely responsible for all Liabilities to or relating to
TripAdvisor Employees and Former TripAdvisor Employees under all Expedia Executive Benefit Plans and TripAdvisor Executive Benefit Plans. The Parties hereto agree that none of the transactions contemplated by the Separation Agreement or any of the
Ancillary Agreements, including, without limitation, this Agreement, constitutes a “change in control,” “change of control” or similar term, as applicable, within the meaning of any Benefit Plan, the Expedia Long-Term Incentive
Plan or the TripAdvisor Long-Term Incentive Plan. 
 5.2 Expedia Incentive Plans. 

(a) TripAdvisor Bonus Awards. TripAdvisor shall be responsible for determining all bonus awards that would
otherwise be payable under the Expedia Incentive Plans to TripAdvisor Employees for the year in which the Effective Time occurs. TripAdvisor shall also determine for TripAdvisor Employees (i) the extent to which established performance criteria
(as interpreted by TripAdvisor, in its sole discretion) have been met, and (ii) the payment level for each TripAdvisor Employee. TripAdvisor shall assume all Liabilities with respect to any such bonus awards payable to TripAdvisor Employees for
the year in which the Effective Time occurs and thereafter. 
 (b) Expedia Bonus Awards. Expedia shall
retain all Liabilities with respect to any bonus awards payable under the Expedia Incentive Plans to Expedia Employees for the year in which the Effective Time occurs and thereafter. 

  
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 5.3 Expedia Long-Term Incentive Plan. Expedia and TripAdvisor shall use commercially
reasonable efforts to take all actions necessary or appropriate so that each outstanding Option and RSU granted under any Expedia Long-Term Incentive Plan held by any individual shall be adjusted as set forth in this Article V. The adjustments set
forth below shall be the sole adjustments made with respect to Expedia Options and Expedia RSUs in connection with the Reverse Stock Split and the other transactions contemplated by the Separation Agreement. Following the Separation, for any award
adjusted under this Section 5.3, any reference to a “change in control,” “change of control” or similar definition in an award agreement, employment agreement or the Expedia Long-Term Incentive Plan (x) with respect to
post-Separation equity awards denominated in shares of Expedia Common Stock, such reference shall be deemed to refer to a “change in control,” “change of control” or similar definition as set forth in the applicable award
agreement, employment agreement or the Expedia Long-Term Incentive Plan, and (y) with respect to post-Separation equity awards denominated in shares of TripAdvisor Common Stock, such reference shall be deemed to refer to a “Change in
Control” as defined in the TripAdvisor Long-Term Incentive Plan. 
 (a) Vested Expedia Options. As
determined by the Compensation Committee of the Expedia Board of Directors (the “Committee”) pursuant to its authority under the Expedia Long-Term Incentive Plan, each Expedia Option that is vested as of the Effective Time shall be
converted into both a TripAdvisor Option and an Expedia Option and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia Option immediately prior to the Effective
Time; provided, however, that from and after the Effective Time: 
 (i) the number of shares of
Expedia Common Stock subject to such Expedia Option, rounded down to the nearest whole share, shall be equal to the product obtained by multiplying (A) the Expedia Ratio by (B) the Expedia Allocation Factor by (C) the number of shares
of Expedia Common Stock subject to such Expedia Option immediately prior to the Reverse Stock Split and the Effective Time, 
 (ii) the number of shares of TripAdvisor Common Stock subject to such TripAdvisor Option, rounded down to the nearest whole share, shall be equal to the product obtained by multiplying (A) the
TripAdvisor Ratio by (B) the TripAdvisor Allocation Factor by (C) the number of shares of Expedia Common Stock subject to Expedia Option immediately prior to the Reverse Stock Split and the Effective Time, 

(iii) the per share exercise price of such Expedia Option, rounded up to the nearest whole cent, shall be equal to the
quotient obtained by dividing (x) the per share exercise price of such Expedia Option immediately prior to the Reverse Stock Split and the Effective Time by (y) the Expedia Ratio, and 

(iv) the per share exercise price of the TripAdvisor Option, rounded up to the nearest whole cent, shall be equal to the
quotient obtained by dividing (x) the per share exercise price of the Expedia Option immediately prior to the Reverse Stock Split and the Effective Time by (y) the TripAdvisor Ratio; 

  
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 provided, further, however, that (x) the exercise price, the number of shares of
Expedia Common Stock and TripAdvisor Common Stock subject to such options and the terms and conditions of exercise of such options shall be determined in a manner consistent with the requirements of Section 409A of the Code, and (y) in the
case of any Expedia Option to which Section 421 of the Code applies by reason of its qualification under Section 422 of the Code as of immediately prior to the Effective Time, the exercise price, the number of shares of Expedia Common
Stock and TripAdvisor Common Stock subject to such option and the terms and conditions of exercise of such option shall be determined in a manner consistent with the requirements of Section 424(a) of the Code. 

(b) Unvested Expedia Options Held by Expedia Employees (other than Barry Diller) and Former Expedia Employees. As
determined by the Committee pursuant to its authority under the Expedia Long-Term Incentive Plan, each Expedia Option held by an Expedia Employee (other than Barry Diller) or a Former Expedia Employee that is unvested as of the Effective Time shall
be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia Option immediately prior to the Effective Time; provided, however, that from and after the Effective Time:

 (i) the number of shares of Expedia Common Stock subject to such Expedia Option, rounded down to the nearest
whole share, shall be equal to the product obtained by multiplying (A) the number of shares of Expedia Common Stock subject to such Expedia Option immediately prior to the Reverse Stock Split and the Effective Time by (B) the Expedia
Ratio, and 
 (ii) the per share exercise price of such Expedia Option, rounded up to the nearest whole cent,
shall be equal to the quotient obtained by dividing (A) the per share exercise price of such Expedia Option immediately prior to the Reverse Stock Split and the Effective Time by (B) the Expedia Ratio; 

provided, further, however, that (x) the exercise price, the number of shares of Expedia Common Stock subject to such option
and the terms and conditions of exercise of such option shall be determined in a manner consistent with the requirements of Section 409A of the Code, and (y) in the case of any Expedia Option to which Section 421 of the Code applies
by reason of its qualification under Section 422 of the Code as of immediately prior to the Effective Time, the exercise price, the number of shares of Expedia Common Stock subject to such option and the terms and conditions of exercise of such
option shall be determined in a manner consistent with the requirements of Section 424(a) of the Code. 

(c) Unvested Expedia Options Held by TripAdvisor Employees (other than Barry Diller) and Former TripAdvisor
Employees. As determined by the Committee pursuant to its authority under the Expedia Long-Term Incentive Plan, each Expedia Option held by a TripAdvisor Employee (other than Barry Diller) or Former TripAdvisor Employee that is unvested as of
the Effective Time shall be converted into a TripAdvisor Option and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia Option immediately prior to the Effective
Time; provided, however, that from and after the Effective Time: 
 (i) the number of shares of
TripAdvisor Common Stock subject to such Option, rounded down to the nearest whole share, shall be equal to the product obtained by multiplying (A) the number of shares of Expedia Common Stock subject to such Expedia Option immediately prior to
the Reverse Stock Split and the Effective Time by (B) the TripAdvisor Ratio, and 

  
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 (ii) the per share exercise price of such TripAdvisor Option, rounded up to
the nearest whole cent, shall be equal to the quotient obtained by dividing (A) the per share exercise price of such Expedia Option immediately prior to the Reverse Stock Split and the Effective Time by (B) the TripAdvisor Ratio;

 provided, further, however, that (x) the exercise price, the number of shares of TripAdvisor Common Stock subject
to such option and the terms and conditions of exercise of such option shall be determined in a manner consistent with the requirements of Section 409A of the Code, and (y) in the case of any Expedia Option to which Section 421 of the
Code applies by reason of its qualification under Section 422 of the Code as of the Effective Time, the exercise price, the number of shares of TripAdvisor Common Stock subject to such option and the terms and conditions of exercise of such
option shall be determined in a manner consistent with the requirements of Section 424(a) of the Code. 

(d) Unvested Expedia Options Held by Barry Diller. As determined by the Committee pursuant to its authority under
the Expedia Long-Term Incentive Plan, each Expedia Option held by Barry Diller that is unvested as of the Effective Time shall be converted into both a TripAdvisor Option and an Expedia Option and shall otherwise be subject to the same terms and
conditions after the Effective Time as the terms and conditions applicable to such Expedia Option immediately prior to the Effective Time; provided, however, that from and after the Effective Time: 

(i) the number of shares of Expedia Common Stock subject to such Expedia Option, rounded down to the nearest whole share,
shall be equal to the product obtained by multiplying (A) the Expedia Ratio by (B) the Expedia Allocation Factor by (C) the number of shares of Expedia Common Stock subject to such Expedia Option immediately prior to the Reverse Stock
Split and the Effective Time, 
 (ii) the number of shares of TripAdvisor Common Stock subject to such
TripAdvisor Option, rounded down to the nearest whole share, shall be equal to the product obtained by multiplying (A) the TripAdvisor Ratio by (B) the TripAdvisor Allocation Factor by (C) the number of shares of Expedia Common Stock
subject to the Expedia Option immediately prior to the Reverse Stock Split and the Effective Time, 
 (iii) the
per share exercise price of such Expedia Option, rounded up to the nearest whole cent, shall be equal to the quotient obtained by dividing (A) the per share exercise price of such Expedia Option immediately prior to the Reverse Stock Split and
the Effective Time by (B) the Expedia Ratio, and 

  
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 (iv) the per share exercise price of the TripAdvisor Option, rounded up to
the nearest whole cent, shall be equal to the quotient obtained by dividing (A) the per share exercise price of the Expedia Option immediately prior to the Reverse Stock Split and the Effective Time by (B) the TripAdvisor Ratio;

 provided, further, however, that the exercise price, the number of shares of Expedia Common Stock and TripAdvisor Common
Stock subject to such options and the terms and conditions of exercise of such options shall be determined in a manner consistent with the requirements of Section 409A of the Code. Following the Effective Time, the satisfaction of conditions to
vesting of Barry Diller’s Expedia Options governed by this Section 5.3(d) will be determined based on Barry Diller’s employment with Expedia, and the satisfaction of conditions to vesting of Barry Diller’s TripAdvisor Options
governed by this Section 5.3(d) will be determined based on Barry Diller’s employment with TripAdvisor. 
 (e) Expedia RSUs Held by Expedia Employees (other than Expedia RSUs Held by Barry Diller and other than the DK Performance-Based Expedia RSUs) and Former Expedia Employees and Expedia RSUs Awarded in
Respect of Service as an Expedia Director. As determined by the Committee pursuant to its authority under the Expedia Long-Term Incentive Plan (or in the case of Expedia RSUs held under the Expedia Director DC Plan, by the Expedia Board of
Directors pursuant to its authority under the Expedia Director DC Plan), Expedia RSUs held by an Expedia Employee or a Former Expedia Employee (other than Expedia RSUs held by Barry Diller and other than the DK Performance-Based Expedia RSUs) and
Expedia RSUs awarded in respect of service as an Expedia director (whether pursuant to the Expedia Long-Term Incentive Plan or the Expedia Director DC Plan) shall be subject to the same terms and conditions after the Effective Time as the terms and
conditions applicable to such Expedia RSUs immediately prior to the Effective Time; provided, however, that from and after the Effective Time, the number of Expedia RSUs, rounded to the nearest whole share, shall be equal to the
product obtained by multiplying (i) the number of Expedia RSUs immediately prior to the Reverse Stock Split and the Effective Time by (ii) the Expedia Ratio. 

(f) Expedia RSUs Held by TripAdvisor Employees (other than Barry Diller) and Former TripAdvisor Employees. As
determined by the Committee pursuant to its authority under the Expedia Long-Term Incentive Plan, the Expedia RSUs held by a TripAdvisor Employee (other than Barry Diller) or a Former TripAdvisor Employee as of the Effective Time shall be converted
into TripAdvisor RSUs, and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia RSUs immediately prior to the Effective Time; provided, however,
that from and after the Effective Time, the number of TripAdvisor RSUs, rounded to the nearest whole share, shall be equal to the product obtained by multiplying (i) the number of Expedia RSUs immediately prior to the Reverse Stock Split and
the Effective Time by (ii) the TripAdvisor Ratio. 

  
 -17-

 (g) Expedia RSUs Held by Barry Diller. As determined by the Committee
pursuant to its authority under the Expedia Long-Term Incentive Plan, the Expedia RSUs held by Barry Diller as of the Effective Time shall be converted into: 
 (i) Expedia RSUs, and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia RSUs immediately prior to the Effective
Time; provided, however, that from and after the Effective Time, (A) the number of Expedia RSUs, rounded to the nearest whole share, shall be equal to one half the number of Expedia RSUs immediately prior to the Reverse Stock
Split and the Effective Time, and (B) the amount of any corresponding accrued and unpaid dividends, rounded to the nearest whole cent, shall be equal to the product obtained by multiplying (1) the amount of any corresponding accrued and
unpaid dividends immediately prior to the Reverse Stock Split and the Effective Time, by (2) the Expedia Allocation Factor, and 
 (ii) TripAdvisor RSUs, and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia RSUs immediately prior to the
Effective Time; provided, however, that from and after the Effective Time (A) the number of TripAdvisor RSUs, rounded to the nearest whole share, shall be equal to one half the number of Expedia RSUs immediately prior to the
Reverse Stock Split and the Effective Time, and (B) the amount of any corresponding accrued and unpaid dividends, rounded to the nearest whole cent, shall be equal to the product obtained by multiplying (1) the amount of any corresponding
accrued and unpaid dividends immediately prior to the Reverse Stock Split and the Effective Time, by (2) the TripAdvisor Allocation Factor. 
 Following the Effective Time, the satisfaction of conditions to vesting of Barry Diller’s Expedia RSUs governed by this Section 5.3(g) will be determined based on Barry Diller’s employment
with Expedia, and the satisfaction of conditions to vesting of Barry Diller’s TripAdvisor RSUs governed by this Section 5.3(g) will be determined based on Barry Diller’s employment with TripAdvisor. 

(h) DK Performance-Based Expedia RSUs. As determined by the Committee pursuant to its authority under the Expedia
Long-Term Incentive Plan, the DK Performance-Based Expedia RSUs that are outstanding as of the Effective Time shall be converted into: 
 (i) Expedia RSUs, and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia RSUs immediately prior to the Effective
Time; provided, however, that from and after the Effective Time (A) the number of Expedia RSUs, rounded to the nearest whole share, shall be equal to one half the number of Expedia RSUs immediately prior to the Reverse Stock Split
and the Effective Time, (B) the vesting of such Expedia RSUs will be determined in accordance with the terms of an amended and restated award agreement between Dara Khosrowshahi and Expedia, and (C) the amount of any

  
 -18-

 
corresponding accrued and unpaid dividends, rounded to the nearest whole cent, shall be equal to the product obtained by multiplying (1) the amount of any corresponding accrued and unpaid
dividends immediately prior to the Reverse Stock Split and the Effective Time, by (2) the Expedia Allocation Factor; and 
 (ii) TripAdvisor RSUs, and shall otherwise be subject to the same terms and conditions after the Effective Time as the terms and conditions applicable to such Expedia RSUs immediately prior to the
Effective Time; provided, however, that from and after the Effective Time (A) the number of TripAdvisor RSUs, rounded to the nearest whole share, shall be equal to one half the number of Expedia RSUs immediately prior to the
Reverse Stock Split and the Effective Time, (B) the vesting of such TripAdvisor RSUs will be determined in accordance with the terms of an award agreement between Dara Khosrowshahi and TripAdvisor, and (C) the amount of any corresponding
accrued and unpaid dividends, rounded to the nearest whole cent, shall be equal to the product obtained by multiplying (1) the amount of any corresponding accrued and unpaid dividends immediately prior to the Reverse Stock Split and the
Effective Time, by (2) the TripAdvisor Allocation Factor. 
 (i) Foreign Grants/Awards. To the extent
that any of the Expedia RSUs or any of the Expedia Options are granted to non-U.S. employees under any domestic or foreign equity-based incentive program sponsored by an Expedia Entity, Expedia and TripAdvisor shall use their commercially reasonable
efforts to preserve, at and after the Effective Time, the value and tax treatment accorded to such Expedia Options and such Expedia RSUs granted to non-U.S. employees under any domestic or foreign equity-based incentive program sponsored by an
Expedia Entity. 
 (j) Miscellaneous Option and Other RSU Terms. After the Effective Date, Expedia Options
and Expedia RSUs (including any corresponding dividend equivalents) adjusted pursuant to Section 5.3, regardless of by whom held, shall be settled by Expedia pursuant to the terms of the Expedia Long-Term Incentive Plan, and TripAdvisor Options
and TripAdvisor RSUs (including any corresponding dividend equivalents), regardless of by whom held, shall be settled by TripAdvisor pursuant to the terms of the TripAdvisor Long-Term Incentive Plan. Accordingly, it is intended that, to the extent
of the issuance of such TripAdvisor Options and TripAdvisor RSUs in connection with the adjustment provisions of this Section 5.3, the TripAdvisor Long-Term Incentive Plan shall be considered a successor to the Expedia Long-Term Incentive Plan
and to have assumed the obligations of the applicable Expedia Long-Term Incentive Plan to make the adjustment of the Expedia Options and Expedia RSUs as set forth in this Section 5.3. The Effective Time shall not constitute a termination of
employment for any TripAdvisor Employees for purposes of any Expedia Option or Expedia RSU and, except as otherwise provided in this Agreement, with respect to grants adjusted pursuant to this Section 5.3, employment with TripAdvisor shall be
treated as employment with Expedia with respect to Expedia Options held by TripAdvisor Employees and employment with Expedia shall be treated as employment with TripAdvisor with respect to TripAdvisor Options held by Expedia Employees. Barry Diller
shall be treated as (i) an Expedia Employee with respect to the vesting and exercisability of Expedia equity awards, and (ii) a TripAdvisor Employee with respect to the vesting and excercisability of TripAdvisor equity awards. 

  
 -19-

 (k) Waiting Period for Exercisability of Options and Grant of Options and
RSUs. The Expedia Options and TripAdvisor Options shall not be exercisable during a period beginning on a date prior to the Effective Date determined by Expedia in its sole discretion, and continuing until the Expedia Post-Separation Stock Value
and the TripAdvisor Stock Value are determined after the Effective Time, or such longer period as Expedia, with respect to Expedia Options, and TripAdvisor, with respect to TripAdvisor Options, determines necessary to implement the provisions of
this Section 5.3. The Expedia RSUs and TripAdvisor RSUs shall not be settled during a period beginning on a date prior to the Effective Date determined by Expedia in its sole discretion, and continuing until the Expedia Post-Separation Stock
Value and the TripAdvisor Stock Value are determined immediately after the Effective Time, or such longer period as Expedia, with respect to Expedia RSUs, and TripAdvisor, with respect to TripAdvisor RSUs, determines necessary to implement the
provisions of this Section 5.3. 
 (l) Equity Plan Administrator. Each of Expedia and TripAdvisor
agrees that it will use Morgan Stanley Smith Barney to administer all employee equity awards that are outstanding immediately following the Effective Time (including all such equity awards that are adjusted in accordance with this Section 5.3).

 5.4 Restrictive Covenants. Following the Effective Date, TripAdvisor shall use commercially reasonable efforts to
monitor the TripAdvisor Employees and Former TripAdvisor Employees to determine whether any such TripAdvisor Employees or Former TripAdvisor Employees have breached any of the restrictive covenants in the agreements evidencing the terms of their
Expedia Options and Expedia Awards. As soon as practicable following TripAdvisor’s reasonable belief that a TripAdvisor Employee or Former TripAdvisor Employee has breached any such covenant, TripAdvisor shall provide Expedia in writing with
the name and address of such employee or former employee and a description of the breach that such employee or former employee is believed to have committed. Notwithstanding the foregoing or anything in any agreement evidencing the terms of any
Expedia Options and Expedia Awards or otherwise to the contrary, it shall not be a violation of any Expedia non-competition or non-solicitation of clients or customers covenant for a TripAdvisor Employee to engage in acts on behalf of TripAdvisor or
a TripAdvisor Entity that are otherwise prohibited by the terms of such non-competition or non-solicitation of clients or customers covenants and it shall not be a violation of any TripAdvisor non-competition or non-solicitation of clients or
customers covenant for an Expedia Employee to engage in acts on behalf of Expedia or an Expedia Entity that are otherwise prohibited by the terms of such non-competition or non-solicitation of clients or customers covenants. In addition, following
the Effective Time, the restrictive covenants (including, without limitation, any proprietary rights agreements or confidential information covenants) to which any TripAdvisor Employee or Former TripAdvisor Employee are party shall run in favor of
TripAdvisor (and, to the extent relating to Expedia, shall run in favor of Expedia to the same extent that they ran in favor of Expedia immediately prior to the Effective Time; provided, that the Effective Time shall be treated as a
termination of employment from Expedia for purposes of the duration of Expedia’s ability to enforce the restrictive covenant) and the restrictive covenants to which any Expedia Employee or Former Expedia Employee are party shall run in favor of
Expedia. 

  
 -20-

 5.5 Employment Agreements. Any employment agreement between Expedia and a TripAdvisor
Employee or Former TripAdvisor Employee shall as of the Effective Time be assigned by Expedia to TripAdvisor and assumed by TripAdvisor. 
 5.6 Registration Requirements. TripAdvisor agrees that it shall maintain on a continuous basis an effective registration statement under the Securities Act of 1933, as amended (the
“Securities Act”) (and maintain the prospectus contained therein for its intended use) with respect to the shares of TripAdvisor Common Stock authorized for issuance under the TripAdvisor Long-Term Incentive Plan. Expedia agrees
that, following the Effective Date, it shall use reasonable efforts to continue to maintain a Form S-8 Registration Statement with respect to and cause to be registered pursuant to the Securities Act, the shares of Expedia Common Stock authorized
for issuance under the Expedia Long-Term Incentive Plan as required pursuant to the Securities Act and any applicable rules or regulations thereunder. 
 5.7 Expedia Executive DC Plan. Expedia shall retain, or cause its Subsidiaries to retain, all Assets and all Liabilities arising out of or relating to the Expedia Executive DC Plan, and shall make
payments to all participants in such plans who are TripAdvisor Employees or Former TripAdvisor Employees in accordance with the terms of the Expedia Executive DC Plan. Expedia and TripAdvisor acknowledge that none of the transactions contemplated by
the Separation Agreement will trigger a payment or distribution of compensation under the Expedia Executive DC Plan for any TripAdvisor Employee or Former TripAdvisor Employee and, consequently, that the payment or distribution of any compensation
to which any TripAdvisor Employee or Former TripAdvisor Employee is entitled under the Expedia Executive DC Plan will occur upon such TripAdvisor Employee’s separation from service from TripAdvisor and its Subsidiaries or at such other time as
provided in the Expedia Executive DC Plan or such TripAdvisor Employee’s or Former TripAdvisor Employee’s deferral election. 
 5.8 Severance. A TripAdvisor Employee shall not be deemed to have terminated employment for purposes of determining eligibility for severance benefits in connection with or in anticipation of the
consummation of the transactions contemplated by the Separation Agreement. TripAdvisor shall be solely responsible for all Liabilities in respect of all costs arising out of payments and benefits relating to the termination or alleged termination of
any TripAdvisor Employee or Former TripAdvisor Employee’s employment that occurs prior to, as a result of, in connection with or following the consummation of the transactions contemplated by the Separation Agreement, including any amounts
required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy, termination or similar plan, program, practice, contract, agreement, law or regulation (such
benefits to include any medical or other welfare benefits, outplacement benefits, accrued vacation, and taxes). 

  
 -21-

 5.9 Miscellaneous. Immediately following the Effective Time, references to Expedia
Common Stock in the Expedia Long-Term Incentive Plan and the Expedia Director DC Plan shall mean common stock, $0.0001 par value per share, of Expedia, and such plans automatically shall be amended to reflect the foregoing without any further
action. 
 ARTICLE VI 
 GENERAL AND ADMINISTRATIVE 
 6.1 Sharing of Participant Information.
Expedia and TripAdvisor shall share, and Expedia shall cause each other Expedia Entity to share, and TripAdvisor shall cause each other TripAdvisor Entity to share with each other and their respective agents and vendors (without obtaining releases)
all participant information necessary for the efficient and accurate administration of each of the TripAdvisor Benefit Plans and the Expedia Benefit Plans. Expedia and TripAdvisor and their respective authorized agents shall, subject to applicable
laws, be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the other Party, to the extent necessary for such administration. Until the Effective Time, all
participant information shall be provided in the manner and medium applicable to Participating Companies in Expedia Benefit Plans generally, and thereafter through the end of the H&W Transition Period, all participant information shall be
provided in a manner and medium as may be mutually agreed to by Expedia and TripAdvisor. 
 6.2 Reasonable
Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and
regulations to consummate the transactions contemplated by this Agreement. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination
letter or private letter ruling from the Internal Revenue Service, an advisory opinion from the Department of Labor or any other filing (including, but not limited to, securities filings (remedial or otherwise)), consent or approval with respect to
or by a governmental agency or authority in any jurisdiction in the U.S. or abroad. 
 6.3 No Third-Party Beneficiaries.
This Agreement is solely for the benefit of the Parties and is not intended to confer upon any other Persons any rights or remedies hereunder. Except as expressly provided in this Agreement, nothing in this Agreement shall preclude Expedia or any
other Expedia Entity, at any time after the Effective Time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Expedia Benefit Plan, any benefit under any Benefit Plan or any trust,
insurance policy or funding vehicle related to any Expedia Benefit Plan. Except as expressly provided in this Agreement, nothing in this Agreement shall preclude TripAdvisor or any other TripAdvisor Entity, at any time after the Effective Time, from
amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any TripAdvisor Benefit Plan, any benefit under any Benefit Plan or any trust, insurance policy or funding vehicle related to any TripAdvisor
Benefit Plan. 

  
 -22-

 6.4 Audit Rights With Respect to Information Provided. 

(a) Each of Expedia and TripAdvisor, and their duly authorized representatives, shall have the right to conduct reasonable
audits with respect to all information required to be provided to it by the other Party under this Agreement. The Party conducting the audit (the “Auditing Party”) may adopt reasonable procedures and guidelines for conducting audits
and the selection of audit representatives under this Section 6.4. The Auditing Party shall have the right to make copies of any records at its expense, subject to any restrictions imposed by applicable laws and to any confidentiality
provisions set forth in the Separation Agreement, which are incorporated by reference herein. The Party being audited shall provide the Auditing Party’s representatives with reasonable access during normal business hours to its operations,
computer systems and paper and electronic files, and provide workspace to its representatives. After any audit is completed, the Party being audited shall have the right to review a draft of the audit findings and to comment on those findings in
writing within thirty business days after receiving such draft. 
 (b) The Auditing Party’s audit rights
under this Section 6.4 shall include the right to audit, or participate in an audit facilitated by the Party being audited, of any Subsidiaries and Affiliates of the Party being audited and to require the other Party to request any benefit
providers and third parties with whom the Party being audited has a relationship, or agents of such Party, to agree to such an audit to the extent any such Persons are affected by or addressed in this Agreement (collectively, the
“Non-parties”). The Party being audited shall, upon written request from the Auditing Party, provide an individual (at the Auditing Party’s expense) to supervise any audit of a Non-party. The Auditing Party shall be responsible
for supplying, at the Auditing Party’s expense, additional personnel sufficient to complete the audit in a reasonably timely manner. The responsibility of the Party being audited shall be limited to providing, at the Auditing Party’s
expense, a single individual at each audited site for purposes of facilitating the audit. 
 6.5 Fiduciary Matters. It is
acknowledged that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable law, and no Party shall be deemed to be in violation of this Agreement if it fails
to comply with any provisions hereof based upon its good faith determination that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply
with its own fiduciary responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility. 
 6.6 Consent of Third Parties. If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld, the Parties hereto shall use
commercially reasonable efforts to implement the applicable provisions of this Agreement to the full extent practicable. If any provision of this Agreement cannot be 

  
 -23-

 
implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase
“commercially reasonable efforts” as used herein shall not be construed to require any Party to incur any non-routine or unreasonable expense or Liability or to waive any right. 

ARTICLE VII 

MISCELLANEOUS 
 7.1 Effect If Effective Time Does Not Occur. If the Separation Agreement is terminated prior to the Effective Time, then this Agreement shall terminate and all actions and events that are, under
this Agreement, to be taken or occur effective immediately prior to or as of the Effective Time, or Immediately after the Effective Date, or otherwise in connection with the Separation Transactions, shall not be taken or occur except to the extent
specifically agreed by Expedia and TripAdvisor. 
 7.2 Relationship of Parties. Nothing in this Agreement shall be deemed
or construed by the Parties or any third party as creating the relationship of principal and agent, partnership or joint venture between the Parties, it being understood and agreed that no provision contained herein, and no act of the Parties, shall
be deemed to create any relationship between the Parties other than the relationship set forth herein. 
 7.3 Affiliates.
Each of Expedia and TripAdvisor shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by another Expedia Entity or a TripAdvisor Entity,
respectively. 
 7.4 Notices. All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile with confirmation of transmission by the
transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the person (by name or
title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Parties): 
 (a) if to Expedia: 
 Expedia, Inc. 

333 108th Avenue NE 
 Bellevue, WA 98004 
 Attention: General Counsel 

Facsimile No.: (425) 679-7251 

  
 -24-

 with a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, NY 10019 
 Attention: Andrew J. Nussbaum, Esq.

 Facsimile No.: (212) 403-2000 

(b) if to TripAdvisor: 
 TripAdvisor, Inc. 
 141 Needham Street 

Newton, MA 02464 
 Attention: Office of the General Counsel 
 Facsimile No.:
(617) 670-6301 
 7.5 Incorporation of Separation Agreement Provisions. The following provisions of the Separation
Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein mutatis mutandis (references in this Section 7.5 to an “Article” or
“Section” shall mean Articles or Sections of the Separation Agreement, and references in the material incorporated herein by reference shall be references to the Separation Agreement): Article VII (relating to Mutual Releases;
Indemnification); Article IX (relating to Exchange of Information; Confidentiality); Article X (relating to Dispute Resolution); Article XI (relating to Further Assurances); Article XIII (relating to Sole Discretion of Expedia; Termination); and
Article XIV (relating to Miscellaneous). 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -25-

 IN WITNESS WHEREOF, the Parties have caused this Employee Matters Agreement to be duly
executed as of the day and year first above written. 
  

					
	EXPEDIA, INC.
		
	By:	 	/s/ Mark D. Okerstrom
		 	Name:	 	Mark D. Okerstrom
		 	Title:	 	Executive Vice President and
Chief Financial Officer

  

					
	TRIPADVISOR, INC.
		
	By:	 	/s/ Stephen Kaufer
		 	Name:	 	Stephen Kaufer
		 	Title:	 	President and Chief Executive Officer

 Schedule A 

 

							
	 #
	  	 Current Legal Entity
	  	 First Name
	  	 Last Name

	1.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd.	  	[*]	  	[*]
				
	2.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd.	  	[*]	  	[*]
				
	3.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd.	  	[*]	  	[*]
				
	4.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	5.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	6.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	7.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd.	  	[*]	  	[*]
				
	8.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	9.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	10.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	11.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]
				
	12.	  	TripAdvisor Consulting Service (Beijing) Co., Ltd. - Shanghai Branch	  	[*]	  	[*]

 Schedule B 
 1. 
  

					
	 Current Legal Entity
	  	First Name	 	Last Name
	Expedia Korea Co., Ltd.	  	[*]	 	[*]

 2.

  

					
	 Current Legal Entity
	  	First Name	 	Last Name
	Expedia Australia Pty. Ltd.	  	[*]	 	[*]

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