Document:

Transition Services Agreement

 Exhibit 10.4 
 TRANSITION SERVICES AGREEMENT 
 by and between 

EXPEDIA, INC. 

and 

TRIPADVISOR, INC. 

DATED AS OF DECEMBER 20, 2011 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of December 20, 2011 (this “Services Agreement”), is entered into by
and between Expedia, Inc., a Delaware corporation (“Expedia”), and TripAdvisor, Inc., a Delaware corporation and wholly owned Subsidiary of Expedia (“TripAdvisor”). Capitalized terms used herein but not defined
herein shall have the meaning set forth in that certain Separation Agreement, dated as of the date hereof, by and between Expedia and TripAdvisor (the “Separation Agreement”). 

WHEREAS, the Board of Directors of Expedia has determined it is appropriate and desirable to separate Expedia and TripAdvisor into two
publicly-traded companies by separating the businesses comprising Expedia’s TripAdvisor media group from Expedia’s remaining businesses by way of Expedia and its Subsidiaries effecting the Separation Transactions, and thereafter effecting
a reclassification of the capital stock of Expedia; 
 WHEREAS, Expedia and TripAdvisor expect to enter into the Separation
Agreement on the date hereof, which sets forth, among other things, the assets, liabilities, rights and obligations of each of the Parties for purposes of effecting the separation of Expedia and TripAdvisor; and 

WHEREAS, in connection with such separation, (a) TripAdvisor desires to procure certain services from Expedia, and Expedia is
willing to provide such services to TripAdvisor, during a transition period commencing on the Effective Date, on the terms and conditions set forth in this Services Agreement; and (b) Expedia desires to procure certain services from
TripAdvisor, and TripAdvisor is willing to provide such services to Expedia, during a transition period commencing on the Effective Date, on the terms and conditions set forth in this Services Agreement. 

NOW THEREFORE, in consideration of the mutual agreements, covenants and other provisions set forth in this Services Agreement, the
Parties hereby agree as follows: 
 ARTICLE I 
 Definitions 
 1.01. All terms used herein and not defined herein
shall have the meanings assigned to them in the Separation Agreement. 
 ARTICLE II 

Agreement To Provide and Accept Services 
 2.01. Provision of Services. 
 (a) On the terms and
subject to the conditions contained herein, Expedia shall provide, or shall cause its Subsidiaries and Affiliates and their respective employees designated by Expedia (such designated Subsidiaries, Affiliates and employees, together with Expedia,
being herein collectively referred to as the “Expedia Service Providers”) to provide, to 

 
TripAdvisor, the services (“Expedia Services”) listed on the Schedule of Services agreed upon and exchanged between the Parties on the date hereof (the “Services
Schedule”) as being performed by Expedia. Subject to Section 3.01, any decisions as to which of the Expedia Service Providers (including the decisions to use third parties) shall provide the Expedia Services shall be made by
Expedia in its sole discretion, except to the extent specified in the Services Schedule. Each Expedia Service shall be provided in exchange for the consideration set forth with respect to such Expedia Service on the Services Schedule or as the
Parties may otherwise agree in writing. Each Expedia Service shall be provided and accepted in accordance with the terms, limitations and conditions set forth herein and on the Services Schedule. 

(b) On the terms and subject to the conditions contained herein, TripAdvisor shall provide, or shall cause its
Subsidiaries and Affiliates and their respective employees designated by it (such designated Subsidiaries, Affiliates and employees, together with TripAdvisor, being herein collectively referred to as the “TripAdvisor Service
Providers” and together with the Expedia Service Providers, the “Service Providers”) to provide, to Expedia the services (“TripAdvisor Services” and together with the Expedia Services, the
“Services”) listed on the Services Schedule as being performed by TripAdvisor. Subject to Section 3.01, any decisions as to which of the TripAdvisor Service Providers (including the decisions to use third parties)
shall provide the TripAdvisor Services shall be made by TripAdvisor in its sole discretion, except to the extent specified on the Services Schedule. Each TripAdvisor Service shall be provided in exchange for the consideration
set forth with respect to such Service on the Services Schedule or as the Parties may otherwise agree in writing. Each TripAdvisor Service shall be provided and accepted in accordance with the terms, limitations and conditions set forth
herein and on the Schedule. 
 (c) As used in this Services Agreement, the term “Receiving
Party” shall mean the Party receiving Services. 
 2.02. Books and Records; Availability of Information.
Each Party shall create and maintain accurate books and records in connection with the provision of the Services performed or caused to be performed by it and, upon reasonable notice from the other Party, shall make available for inspection and copy
by such other Party’s agents such books and records during reasonable business hours with such inspection occurring no more than one (1) time during the term in which the Service Provider has provided the applicable Service. Moreover, such
inspection shall be conducted by the Receiving Party or its agents in a manner that will not unreasonably interfere with the normal business operations of the Service Provider. Each Party shall make available on a timely basis to the Service
Providers all information and materials reasonably requested by such Service Providers to enable them to provide the Services. Each Receiving Party shall provide to the Service Providers reasonable access to such Receiving Party’s premises to
the extent necessary for the purpose of providing the Services. 

  
 -2-

 ARTICLE III 
 Services; Payment; Independent Contractors 
 3.01. Services To Be
Provided. (a) Unless otherwise agreed by the Parties (including to the extent specified on the Services Schedule), (i) the Service Providers shall be required to perform the Services only in a manner, scope, nature and quality as
provided by or within Expedia that is similar in all material respects to the manner in which such Services were performed immediately prior to the Effective Date, and (ii) the Services shall be used for substantially the same purposes and in
substantially the same manner (including as to volume, amount, level or frequency, as applicable) as the Services have been used immediately prior to the Effective Date; provided, however, that the Services Schedule shall control the
scope of the Service to be performed (to the extent provided therein), unless otherwise agreed in writing. Each Party and the Service Providers shall act under this Services Agreement solely as an independent contractor and not as an agent or
employee of any other Party or any of such Party’s Affiliates. As an independent contractor, all overhead and personnel necessary to the Services required of the Service Providers hereunder shall be the Service Provider’s sole
responsibility and shall be at the Service Provider’s sole cost and expense. No Service Provider shall have the authority to bind the Receiving Party by contract or otherwise. 

(b) The provision of Services by Service Providers shall be subject to Article V hereof. 

(c) Each Party agrees to use its reasonable efforts to reduce or eliminate its dependency on the Services as soon as is
reasonably practicable; provided that a breach of this Section 3.01(c) shall not affect a Service Provider’s obligation to provide any Service through the term applicable to such Service. 

3.02. The Parties will use good-faith efforts to reasonably cooperate with each other in all matters relating to the provision and
receipt of Services. Such cooperation shall include obtaining all consents, licenses or approvals necessary to permit each Party to perform its obligations hereunder; provided, however, under no circumstances shall any Service Provider
be required to make any payments to any third party in respect of any such consents, licenses or approvals nor shall any Service Provider be required to make any alternative arrangements in the event that any such consents, licenses or approvals are
not obtained. 
 3.03. Additional Services. 

(a) From time to time during the term, each of Expedia and TripAdvisor may request the other Party (i) to
provide additional (including as to volume, amount, level or frequency, as applicable) or different services which the other Party is not expressly obligated to provide under this Agreement if such services are of the type and scope provided within
Expedia during fiscal year 2011 or (ii) expand the scope of any Service (such additional or expanded services, the “Additional Services”). The Party receiving such request shall consider such request in good faith and shall use
commercially reasonable efforts to provide such Additional Services; provided, no Party shall be obligated to provide any Additional Services if it does not, in its reasonable judgment, have adequate resources to provide such Additional
Services or if the provision of such Additional Services would interfere with the operation of its business. The Party receiving the request for Additional Services shall notify the requesting Party within fifteen (15) days as to whether it
will or will not provide the Additional Services. 

  
 -3-

 (b) If a Party agrees to provide Additional Services pursuant to
Section 3.03(a), then a representative of each party shall in good faith negotiate the terms of a supplement to the Services Schedule which will describe in detail the service, project scope, term, price and payment terms to be charged
for the Additional Services. Once agreed to in writing, the supplement to the Services Schedule shall be deemed part of this Services Agreement as of such date and the Additional Services shall be deemed “Services” provided hereunder, in
each case subject to the terms and conditions of this Agreement. 
 3.04. Payments. Except as may be set forth on
the Services Schedule, statements will be delivered to the Receiving Party within fifteen days after the end of each month by the Service Providers designated by each Party for Services provided to the Receiving Party during the preceding month, and
each such statement shall set forth a brief description of such Services, the amounts charged therefor, and, except as the Parties may agree or as set forth on the Services Schedule, such amounts shall be due and payable by the Receiving Party
within thirty (30) days after the date of such statement. Statements not paid within such 30-day period shall be subject to late charges, calculated at an interest rate per annum equal to the Prime Rate plus 2% (or the maximum legal rate,
whichever is lower), and calculated for the actual number of days elapsed, accrued from the date on which such payment was due up to the date of the actual receipt of payment. Payments shall be made by wire transfer to an account designated in
writing from time to time by Service Provider. 
 3.05. Payroll Transition. On or about December 30, 2011,
Expedia shall, through Expedia payroll systems, (a) pay TripAdvisor employees in respect of the December 12, 2011 to December 25, 2011 pay period (the “Final Pay Period”), (b) make contributions to the
TripAdvisor 401(k) Plan on behalf of the TripAdvisor employees in respect of the Final Pay Period, and (c) make any applicable withholdings, and pay any applicable payroll taxes relating to TripAdvisor employees in respect of such Final Pay
Period. No later than January 31, 2012, Expedia shall provide to TripAdvisor an invoice that sets forth the product (such product, the “Payroll Transition Amount”) obtained by multiplying (x) the aggregate amount of
payments made pursuant to clauses (a) through (c) of the immediately preceding sentence by (y) 35.71%. TripAdvisor shall remit to Expedia the Payroll Transition Amount no later than February 15, 2012. Expedia’s calculation
of the Payroll Transition Amount pursuant to this Section 3.05 shall be final and binding upon TripAdvisor. 

3.06. Disclaimer of Warranty. EXCEPT AS EXPRESSLY SET FORTH IN THIS SERVICES AGREEMENT, THE SERVICES TO BE PURCHASED UNDER
THIS SERVICES AGREEMENT ARE FURNISHED AS IS, WHERE IS, WITH ALL FAULTS AND WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. In the event that the provision of any
Service for the account of a Receiving Party by a Service Provider conflicts with such Service Provider’s provision of such Service for its own account, priority for the provision of such Service shall be allocated in an equitable manner on an
aggregate basis, and in a manner consistent with the Receiving Party’s level of use of such Service during fiscal year 2011 up to the Effective Date (or as described on the Services Schedule). 

3.07. Taxes. In the event that any Tax is properly chargeable on the provision of the Services as indicated on the Services
Schedule, the Receiving Party shall be responsible for and shall pay the amount of any such Tax in addition to and at the same time as the Service fees. All Service fees and other consideration will be paid free and clear of and without withholding
or deduction for or on account of any Tax, except as may be required by law. 

  
 -4-

 3.08. Use of Services. The Receiving Party shall not, and shall cause its
Affiliates not to, resell any Services to any person whatsoever or permit the use of the Services by any person other than in connection with the conduct of the Receiving Party’s operations as conducted immediately prior to the Effective Date.

 ARTICLE IV 
 Term of Services 
 4.01. The provision of Services shall commence on
the Effective Date and shall terminate no later than twelve (12) months after the date hereof or as of the date indicated for each such Service on the Services Schedule; provided, however, that subject to the Services Schedule,
any Service may be cancelled or reduced in amount or any portion thereof by the Receiving Party upon ninety (90) days’ written notice thereof (or such other notice period if one is set forth for such Service on the Services Schedule)
subject to the requirement that the Receiving Party pay to the Service Provider the actual out-of-pocket costs incurred by the Service Provider, as well as the actual incremental internal costs incurred by the Service Providers, in each case
directly resulting from such cancellation (including employee severance and other termination costs), which out-of-pocket and internal costs shall be set forth in a written statement provided by the Service Provider to the Receiving Party;
provided, further, that such costs shall not exceed amounts payable hereunder in respect of the applicable Service for the ninety (90) days prior to such termination. The foregoing notwithstanding and subject to
Section 7.02, (i) a Service Provider may immediately terminate any individual Service provided to a Receiving Party in the event that the Receiving Party fails to make payments for such Service under Section 3.04 and has
not cured such failure within thirty (30) days of written notice of such failure from the Service Provider, and (ii) upon ninety (90) days’ written notice, the Service Provider may terminate any Service provided to the Receiving
Party at such time as the Service Provider no longer provides the same Service to itself for its own account. 
 4.02. In
the event a Receiving Party requests an extension of the term applicable to the provision of Services, such request shall be considered in good faith by the Service Provider. Any terms, conditions or costs or fees to be paid by the Receiving Party
for Services provided during an extended term will be on mutually acceptable terms. For the avoidance of doubt, under no circumstances shall a Service Provider be required to extend the term of provision of any Service if (i) the Service
Provider does not, in its reasonable judgment, have adequate resources to continue providing such Services, (ii) the extension of the term would interfere with the operation of the Service Provider’s business or (iii) the extension
would require capital expenditure on the part of the Service Provider or otherwise require the Service Provider to renew or extend any Contract with any third party. 
 4.03. Termination of Certain Agreements. Notwithstanding any provision to the contrary in the PSG Lodging Supply Services Agreement, between Expedia Partner Services Group Sarl and Expedia
Business Service (Beijing) Co., Ltd., effective July 1, 2010, (the “PSG Agreement”), Expedia and TripAdvisor shall terminate the PSG Agreement, such termination 

  
 -5-

 
effective no later than twelve (12) months after the date hereof. Notwithstanding any provision to the contrary in the Fulfillment Services Agreement, between Egencia LLC
(“Egencia”) and eLong, Inc. (“eLong”), dated as of January 1, 2009 (“FSA Agreement”), Egencia and eLong shall terminate the FSA Agreement, such termination effective no later than
(12) months after the date hereof. 
 ARTICLE V 

Force Majeure 
 5.01. The Service Providers shall not be liable for any expense, loss or damage whatsoever arising out of any interruption of Service or delay or failure to perform under this Services Agreement
that is due to acts of God, acts of a public enemy, acts of terrorism, acts of a nation or any state, territory, province or other political division thereof, changes in applicable law, fires, hurricanes, floods, epidemics, riots, theft, quarantine
restrictions, freight embargoes or other similar causes beyond the reasonable control of the Service Providers. In any such event, the Service Providers’ obligations hereunder shall be postponed for such time as its performance is suspended or
delayed on account thereof. Each Service Provider will promptly notify the recipient of the Service, either orally or in writing, upon learning of the occurrence of such event of force majeure. Upon the cessation of the force majeure event, such
Service Provider will use commercially reasonable efforts to resume, or to cause any other relevant Service Provider to resume, its performance with the least practicable delay (provided that, at the election of the applicable Receiving
Party, the applicable term for such suspended Services shall be extended by the length of the force majeure event). 
 ARTICLE
VI 
 Liabilities 
 6.01. Consequential and Other Damages. None of the Service Providers shall be liable to the Receiving Party with respect to this Services Agreement, whether in contract, tort (including
negligence and strict liability) or otherwise, for any special, indirect, incidental or consequential damages whatsoever (except, in each case, to the extent any such amount is paid to third parties by a Receiving Party or its Affiliates) which in
any way arise out of, relate to or are a consequence of, the performance or nonperformance by it hereunder or the provision of, or failure to provide, any Service hereunder, including with respect to loss of profits, business interruptions or claims
of customers. 
 6.02. Limitations of Liability. Subject to Section 6.03 hereof, the liability of any
Service Provider with respect to this Services Agreement or any act or failure to act in connection herewith (including, but not limited to, the performance or breach hereof), or from the sale, delivery, provision or use of any Service provided
under or covered by this Services Agreement, whether in contract, tort (including negligence and strict liability) or otherwise, shall be limited to actions or omissions resulting from intentional breach of this Services Agreement or gross
negligence, and, in any event, such liability shall not exceed the fees previously paid to such Service Provider under this Services Agreement. 

  
 -6-

 6.03. Obligation To Re-perform. In the event of any breach of this Services
Agreement by any Service Provider resulting from any error or defect in the performance of any Service (which breach such Service Provider can reasonably be expected to cure by re-performance in a commercially reasonable manner), the Service
Provider shall use its reasonable commercial efforts to correct in all material respects such error, defect or breach or re-perform in all material respects such Service upon receipt of the written request of the Receiving Party. 

6.04. Indemnity. Except as otherwise provided in this Service Agreement (including the limitation of liability provisions
in this Article VI), each Party shall indemnify, defend and hold harmless the other Party from and against any Liability arising out of the intentional breach hereunder or gross negligence of the Indemnifying Party or its Affiliates,
employees, agents, or contractors (including with respect to the performance or nonperformance of any Service hereunder). The procedures set forth in Sections 7.04 and 7.05 of the Separation Agreement shall apply to any claim for
indemnification hereunder. 
 ARTICLE VII 
 Termination 
 7.01. Termination. Notwithstanding anything
herein to the contrary, this Services Agreement shall terminate, and the obligation of the Service Providers to provide or cause to be provided any Service shall cease, on the earliest to occur of (i) the last date indicated for the termination
of any Service on the Services Schedule, as the case may be, (ii) the date on which the provision of all Services has been terminated or canceled pursuant to Article IV hereof, or (iii) the date on which this Services Agreement
is terminated by TripAdvisor or Expedia, as the case may be, in accordance with the terms of Section 7.02 hereof; provided that, in each case, no such termination shall relieve any Party of any liability for any breach of any
provision of this Services Agreement prior to the date of such termination. 
 7.02. Breach of Services Agreement;
Dispute Resolution. Subject to Article VI hereof, and without limiting a Party’s obligations under Section 4.01, if a Party shall cause or suffer to exist any material breach of any of its obligations under this
Services Agreement, including any failure to make a payment within thirty (30) days after receipt of the statement describing the Services provided for pursuant to Section 3.04 with respect to more than one Service provided
hereunder, and that Party does not cure such default in all material respects within 30 days after receiving written notice thereof from the non-breaching Party, the non-breaching Party shall have the right to terminate this Services Agreement
immediately thereafter. In the event a dispute arises between the Parties regarding the terms of this Services Agreement, such dispute shall be governed by Article X of the Separation Agreement. 

7.03. Sums Due. In addition to any other payments required pursuant to this Services Agreement, in the event of a
termination of this Services Agreement, the Service Providers shall be entitled to the immediate payment of, and the Receiving Party shall within three (3) Business Days, pay to the Service Providers, all accrued amounts for Services, Taxes and
other amounts due under this Services Agreement as of the date of termination. 

  
 -7-

 7.04. Effect of Termination. Section 2.02 hereof and
Articles V, VI, VII and VIII hereof shall survive any termination of this Services Agreement. 

ARTICLE VIII 
 Miscellaneous 
 8.01. Incorporation of Separation Agreement
Provisions. The provisions of Article XIV 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. 

8.02. Ownership of Work Product. Subject to the terms of the Separation Agreement, (i) each Service Provider
acknowledges and agrees that it will acquire no right, title or interest (including any license rights or rights of use) to any work product resulting from the provision of Services hereunder for the Receiving Party’s exclusive use and such
work product shall remain the exclusive property of the Receiving Party and (ii) each Receiving Party acknowledges and agrees that it will acquire no right, title or interest (other than a non-exclusive, worldwide right of use) to any work
product resulting from the provision of Services hereunder that is not for the Receiving Party’s exclusive use and such work product shall remain the exclusive property, subject to license, of the Service Provider. 

  
 -8-

 IN WITNESS WHEREOF, the Parties have caused this Services Agreement to be executed by their
duly authorized representatives. 
  

					
	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

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 1 

Knowledge Transfer 
 Scope of Services: In the functional areas listed below, subject to the following limitations, Expedia personnel shall provide reasonably requested knowledge transfer and general assistance to
TripAdvisor personnel related to matters that occurred prior to the Effective Date. No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of
attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of Expedia’s business. TripAdvisor shall use all reasonable efforts to minimize the extent of requested knowledge transfer and general
assistance. 
 Term: 12 months 
  

					
	 Functional Area
	  	 Cost*
	  	 Related Functions

	 Internal Audit
	  	$100 per hour	  	
			
	 Legal – Litigation
	  	$150 per hour	  	
			
	 Legal - Employment
	  	$150 per hour	  	
			
	 Legal – Corporate/Securities
	  	$150 per hour	  	
			
	 Legal – Software
	  	Applicable access fee	  	 Expedia shall provide
  

(i)     access to Upside Contract Management software on an as-needed basis,
and
  

(ii)    access to TripAdvisor data from Expedia’s Serengeti Tracker e-billing software
system on an as-needed basis

			
	 Executive Expertise
	  	Per diem rate based on executive’s annual base salary	  	
			
	 Treasury
	  	$100 per hour	  	
			
	 SEC and External Financial Reporting
	  	$125 per hour	  	Expedia shall provide access to supporting documentation for S-4 and other materials filed with the SEC prior to the Effective Date
			
	 Procurement/sourcing
	  	None	  	Parties will coordinate strategic sourcing for the companies in a manner designed to optimize purchasing power and enhance cost savings

  

	*	In addition to per-hour charge, any out-of-pocket expenses will be charged to Receiving Party. 

  
 1 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 2 

Government Affairs Services 
 Scope of Services: Subject to the limitations set forth below, Expedia shall provide reasonably requested Government Affairs Services to TripAdvisor. The type and scope of such services to be
provided shall be generally consistent with the types of services provided within Expedia immediately prior to the Effective Date, including: 
  

	 	•	 	 Monitoring of state, federal and international legislative developments in connection with the public policy interests of TripAdvisor, including, but
not limited to, anti-trust issues, review of competitive activities in the travel space, airline activities, regulations relating to the vacation rental market, ongoing review of international norms for online intermediaries, and guidance on
occupancy tax issues. 

  

	 	•	 	 Making lobbying contacts, with state, federal and international policymakers. 

 

	 	•	 	 Supervising and coordinating the activities of outside advisors in connection with government affairs activities. 

 

	 	•	 	 Advising TripAdvisor on political affairs strategy. 

  

	 	•	 	 Overseeing TripAdvisor’s trade association memberships and representing TripAdvisor in related matters. 

 

	 	•	 	 Assisting TripAdvisor in communicating with regulatory agencies and achieving regulatory compliance. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of the provider’s business. 
 Service Provider; Limitations: For Governmental Affairs Services, the primary Service Provider at Expedia shall be [*], or his successor, and such Service Provider shall dedicate no more than 15%
of his time to the provision of services to TripAdvisor pursuant to this Agreement. 
 Term: 12 months. 

Early Termination: In the event of a change in the primary Service Provider (i.e., the departure of [*] from the employ of
Expedia), either Expedia or TripAdvisor shall be permitted to terminate all Government Affairs Services upon 90 days’ written notice. 
 Cost: Charges for Government Affairs Services shall accrue on a cost plus 5% basis, with cost calculated as 15% of the sum of [*]’s (or his successor’s) (x) salary, (y) bonus
target and (z) Expedia’s net cost of his benefits, (adjusted for any salary, bonus or benefits increases). In other words, the monthly charge will be equal to: 1/12 x (0.15 x ((base salary + target bonus + annualized cost of benefits) x
1.05)). In addition, TripAdvisor shall be charged for any out-of-pocket expenses incurred in connection with the provision of services (e.g., travel costs). 

  

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 3 

Legal Services – Intellectual Property & Domain Name Acquisition 

Scope of Services: Subject to the limitations set forth below, Expedia shall provide TripAdvisor with reasonably requested
assistance with regard to the legal aspects of its intellectual property portfolio and in the acquisition of domain names, urls and similar properties. 
 No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of attorney-client privilege, expose Expedia to
potential liability or otherwise interfere with the operation of the provider’s business. 
 Service Provider;
Limitations: For these services, the primary Service Provider shall be [*] and such primary Service Provider shall dedicate no more than 15% of her time to the provision of services to TripAdvisor pursuant to this Agreement. 

Term: up to 12 months, as needed. 
 Early Termination: In the event of a change in the primary Service Provider (i.e., the departure of [*] from the employ of Expedia), either Expedia or TripAdvisor shall be permitted to
terminate all intellectual property-related legal services and domain name acquisition services upon 90 days’ written notice. 
 Cost: Charges for intellectual property-related legal services and domain name acquisition services shall accrue on a cost plus 5% basis, with cost calculated as 15% of the sum of [*]’s
(x) salary, (y) bonus target and (z) Expedia’s net cost of her benefits, (adjusted for any salary, bonus or benefits increases). In other words, the monthly charge will be equal to: 1/12 x (0.15 x ((base salary + target bonus +
annualized cost of benefits) x 1.05)). In addition, TripAdvisor shall be charged for any out-of-pocket expenses incurred in connection with the provision of services (e.g., travel costs). 

  

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 4 

Legal Services – Privacy 
 Scope of Services: Subject to the limitations set forth below, Expedia shall provide TripAdvisor with reasonably requested assistance with issues relating to privacy law. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of the provider’s business. 
 Service Provider; Limitations: For these services, the primary Service Provider shall be [*] and such primary Service Provider shall dedicate no more than 10% of her time to the provision of
services to TripAdvisor pursuant to this Agreement. 
 Term: Up to 12 months, as needed. 

Early Termination: In the event of a change in the primary Service Provider (i.e., the departure of [*] from the employ of
Expedia), either Expedia or TripAdvisor shall be permitted to terminate all privacy-related legal services upon 90 days’ written notice. 
 Cost: Charges for privacy-related legal services shall accrue on a cost plus 5% basis, with cost calculated as 10% of the sum of [*]’s (x) salary, (y) bonus target and
(z) Expedia’s net cost of her benefits, (adjusted for any salary, bonus or benefits increases). In other words, the monthly charge will be equal to: 1/12 x (0.1 x ((base salary + target bonus + annualized cost of benefits) x 1.05)). In
addition, TripAdvisor shall be charged for any out-of-pocket expenses incurred in connection with the provision of services (e.g., travel costs). 

  

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 5 

Legal Services – Corporate Secretarial 
 Scope of Services: Subject to the limitations set forth below, Expedia shall provide TripAdvisor with reasonably requested assistance with corporate formation, organization and maintenance matters.

 Service Provider; Limitations: For these services, the primary Service Provider shall be [*] and such primary
Service Provider shall dedicate no more than 10% of his time to the provision of services to TripAdvisor pursuant to this Agreement. 
 No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of attorney-client privilege, expose Expedia to
potential liability or otherwise interfere with the operation of the provider’s business. 
 Term: Up to 12 months,
as needed. 
 Early Termination: In the event of a change in the primary Service Provider (i.e., the departure of
[*] from the employ of Expedia), either Expedia or TripAdvisor shall be permitted to terminate all corporate secretarial-related legal services upon 90 days’ written notice. 

Cost: Charges for corporate secretarial-related legal services shall accrue on a cost plus 5% basis, with cost calculated as 10%
of the sum of [*]’s (x) salary, (y) bonus target and (z) Expedia’s net cost of his benefits, (adjusted for any salary, bonus or benefits increases). In other words, the monthly charge will be equal to: 1/12 x (0.1 x
((base salary + target bonus + annualized cost of benefits) x 1.05)). In addition, TripAdvisor shall be charged for any out-of-pocket expenses incurred in connection with the provision of services (e.g., travel costs and outside vendor fees).

  

 Schedule 6 

Tax and Transfer Pricing Services 
 Scope of Services: Subject to the limitations set forth below, Expedia shall make Expedia in-house tax personnel reasonably available to TripAdvisor, including outside consultants if needed, to
provide reasonably requested knowledge transfer and general assistance related to matters that occurred or information that may have been obtained concerning TripAdvisor prior to the Effective Date. In addition, tax services shall be provided as
follows: 
  

	 	•	 	 With respect to tax preparation and related matters concerning tax year 2011, the Tax Sharing Agreement entered into by and between the Parties of even
date herewith shall govern the responsibilities of the Parties. 

  

	 	•	 	 For any periods subsequent to tax year 2011, but not beyond the Term as stated below: 

 

	 	•	 	 Expedia in-house personnel shall provide to TripAdvisor consultative tax services, including consultative services related to historical transfer
pricing positions and customer requests regarding permanent establishment questions. 

  

	 	•	 	 Expedia in-house personnel shall prepare sales and occupancy tax returns through March 2012 for SmarterTravel, including in the states of New York and
South Carolina, provided, however, that TripAdvisor provides to such personnel appropriate supporting documentation and information in a timely manner. 

 

	 	•	 	 TripAdvisor Service Provider, [*], shall provide to Expedia consultative tax services. In the event of a change in the Service Provider (i.e., the
departure of [*] from the employ of TripAdvisor), either Expedia or TripAdvisor shall be permitted to terminate all services to Expedia upon 90 days’ written notice. 

Anything above to the contrary notwithstanding, nothing in this Schedule 6 shall be interpreted to in any way limit the Parties’
respective rights and obligations under the Tax Sharing Agreement and in the case of any conflict between the above provisions and any provision in the Tax Sharing Agreement, the Tax Sharing Agreement shall govern. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of the provider’s business. Each party shall use reasonable efforts to minimize the extent of requested
knowledge transfer and assistance. 
 Cost: $125 per hour plus out-of-pocket expenses. 

Term: Up to 12 months, as needed. 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 7 

Finance and Accounting Services 
 Scope of Services: Subject to the limitations set forth below, Expedia shall make Expedia in-house personnel reasonably available to TripAdvisor personnel to provide the specific services set forth
below and to provide reasonably requested knowledge transfer and general assistance related to matters that occurred or information that may have been obtained concerning TripAdvisor and its business during the period prior to the Effective Date.

 With regard to specific services, Expedia shall assist TripAdvisor with: 

 

	 	•	 	 preparation and processing of certain journal entries and allocations related to the payroll accounting function; 

 

	 	•	 	 certain reconciliations, subledger maintenance procedures and systems conversion related to the fixed asset accounting function;

  

	 	•	 	 support during the conversion process related to the time and expense reporting function; 

 

	 	•	 	 standard setup, processing and maintenance, and assistance with systems conversion related to the accounts payable function; and

  

	 	•	 	 support for the accounts payable function for TripAdvisor’s Chinese entities. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of Expedia’s business. TripAdvisor shall use reasonable efforts to minimize the extent of requested
knowledge transfer and assistance. 
 Cost: $85 per hour plus out-of-pocket expenses, which shall include vendor fees
charged to Expedia that relate to TripAdvisor processing (e.g., Concur fee related to TripAdvisor expense reports) 

Term: Up to 12 months, as needed. 

  
 2 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 8 

Financial Systems and Support Services 
 Scope of Services: Subject to the limitations set forth below, Expedia shall make Expedia in-house personnel reasonably available to TripAdvisor personnel to provide services related to the systems
conversion process as discussed below and to provide reasonably requested knowledge transfer and general assistance related to matters that occurred or information that may have been obtained concerning TripAdvisor and its business during the period
prior to the Effective Date. 
 Expedia personnel will provide a reasonable level of assistance to TripAdvisor, and will
facilitate the support of third-party software providers, as reasonably required during the conversion to standalone TripAdvisor financial systems. During this financial systems conversion process, TripAdvisor will have access to TripAdvisor data in
all accounting and related modules, including, but not limited to, accounts receivable; accounts payable; fixed assets; period-end financial reporting, allocations and consolidation; global helpdesk; and planning and forecasting. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of Expedia’s business. TripAdvisor shall use reasonable efforts to minimize the extent of requested
knowledge transfer and assistance. 
 Term: Up to 12 months, as needed. 

Cost: $85 per hour plus out-of-pocket expenses. 

  
 3 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 9 

Corporate Development Services 
 Scope of Services: Subject to the limitations set forth below, Expedia shall make Expedia in-house personnel reasonably available to TripAdvisor personnel to provide reasonably requested knowledge
transfer and general assistance related to matters that occurred or information that may have been obtained concerning TripAdvisor and its business during the period prior to the Effective Date, including matters or information relating to any
merger, acquisition or investment that was completed prior to the Effective Date. 
 In addition, prior to March 31, 2012,
upon the mutual written consent of the parties and on account of timing of the in-progress build-out of the equivalent TripAdvisor function, personnel in Expedia’s Corporate Development group may provide assistance to TripAdvisor in connection
with any potential merger, acquisition of assets or securities or investment in a third party by TripAdvisor that may arise subsequent to the Effective Date. 
 No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of attorney-client privilege, expose Expedia to
potential liability or otherwise interfere with the operation of Expedia’s business. TripAdvisor shall use reasonable efforts to minimize the extent of requested knowledge transfer and assistance. 

Term: Up to 12 months, as needed. 
 Cost: $150 per hour plus out-of-pocket expenses. 

  
 4 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 10 

Human Resources, Employment, Payroll and Benefits Services 

A. Scope of Services: Subject to the limitations set forth below, Expedia shall make Expedia in-house personnel reasonably
available to TripAdvisor personnel to provide the specific services set forth below and to provide reasonably requested knowledge transfer and general assistance related to matters that occurred or information that may have been obtained concerning
TripAdvisor and its business during the period prior to the Effective Date, if requested information is available, or if existing suppliers are not able to provide such information or assistance. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations or personally identifiable health information, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of Expedia’s business. 

Human Resources, Employment, Payroll and Benefits Services: 

Payroll processing administration and training - Expedia will provide transition assistance with respect to payroll
administration and training as reasonably requested by TripAdvisor for up to 12 months, as needed. The cost will be the incremental cost, if any, of Expedia providing this service to TripAdvisor. 

US Benefits Administration - Hewitt will provide benefits administration and customer service for TripAdvisor participants
through December 31, 2011 under the existing Expedia relationship. There will be no additional charge for this service, the cost of which is included in the H&W Transition Period Amount (as defined in the Employee Matters Agreement).

 Employment Services - Continued coverage of TripAdvisor employees on the Expedia sponsored benefits under the
following benefits plans until such time that such employees can be moved on to new TripAdvisor benefits plans: Australia (Colonial First State and Financial Keys); China (Ping’an); and Hong Kong, Japan, Singapore and South Korea (HTH
Worldwide). The cost will be equal to the actual cost incurred by Expedia in respect of covering the relevant TripAdvisor employees. The service will be provided for no longer than 12 months. 

Cost: $85 per hour plus out-of-pocket expenses. 

  
 5 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Term: Up to 12 months, as needed. 

B. Scope of Services: Subject to the terms set forth below, the entity currently known as TripAdvisor Consulting Services
(Beijing) Co., Ltd. (the “Beijing Entity”), shall provide services to Expedia in accordance with past practice in respect of the Partner Services Group and Egencia businesses as described below. The specific services provided to
Expedia by the Beijing Entity relating to the Partner Services Group (“PSG”) shall be provided pursuant to the terms of the PSG Agreement. 
 No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of attorney-client privilege, expose TripAdvisor
to potential liability or otherwise interfere with the operation of TripAdvisor’s business. 
 Cost: 

PSG-related Services - Costs in respect of PSG-related services, including balances accrued as of the Effective Date, and
payment in respect of such costs and balances shall be governed by the PSG Agreement; provided that, for the avoidance of doubt, the reference to “employee benefits” in the definition of Direct Costs in Section 1 of the PSG
Agreement shall include any severance costs. 
 Egencia-related Services - 

Service Fee. As consideration for the services provided by the Beijing Entity relating to Expedia’s Egencia business, Expedia
shall pay the Beijing Entity or its Affiliate an amount (the “Egencia Service Fee”) equal to: 

(i) 100% of the Beijing Entity’s Direct and Indirect Costs, plus 

(ii) 100% of the Beijing Entity’s Third Party Costs, plus 

(iii) 100% of any net foreign exchange loss realized or unrealized by the Beijing Entity, less 

(iv) 100% of any net foreign exchange gain realized or unrealized by the Beijing Entity, less 

(v) 100% of any income realized by the Beijing Entity. 

Subsections (i) to (v) above shall be included in the Egencia Service Fee calculation only to the extent that they are
attributable to Egencia-related services provided by the Beijing Entity. 

  
 6 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Service Fee Exclusions. The Service Fee excludes the following items:
(i) interest income or expense recognized or incurred by the Beijing Entity; (ii) any income taxes incurred by the Beijing Entity; and (iii) any costs ordinarily categorized under U.S. Generally Accepted Accounting Principles as
“non-operating income/expenses.” 
 Certain Defined Terms: Capitalized terms used under the heading
“Egencia-related Services” in this Section B and used in Section C of this Services Schedule 10 that are not otherwise defined shall have the meanings set forth below. 

“Direct Costs” means all direct costs incurred by the Service Provider that are (i) attributable to
the employees directly engaged in performing the Service Provider’s duties as described in the applicable section of this Services Schedule 10, including without limitation all salaries, wages, compensation, and employee benefits (including
severance) directly allocated to such employees; and (ii) all costs attributable to the materials and supplies consumed in rendering such services. 
 “Indirect Costs” means any indirect costs that relate to the Direct Costs including, without limitation, an allocable portion of occupancy costs, utilities, supervisory and clerical
support, and other overhead, general, and administrative costs (e.g., depreciation) reasonably allocable to the Service Provider’s duties under the applicable section of this Services Schedule 10. 

“Third Party Costs” means all costs incurred by the Service Provider for services performed by third
parties in respect of the services described in the applicable section of this Services Schedule 10 including, but not limited to, marketing or advertising agencies and professional services firms. 

Term: Up to 12 months, as need. 
 C. Scope of Services: Subject to the terms set forth below, the individuals listed on Schedule B of the Employee Matters Agreement (“Schedule B Employees”) shall provide services
to TripAdvisor in accordance with past practices until the employment by Expedia of each Schedule B Employee is terminated (such period of time in respect of each Schedule B Employee, the “Schedule B Transition Period”). 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations or personally identifiable health information, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of Expedia’s business. 

  
 7 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Cost: 
 Service Fee. As consideration for the services provided by the Schedule B Employees to TripAdvisor, TripAdvisor shall pay Expedia an amount (the “Schedule B Service Fee”) equal to:

 (i) 108% of the Direct and Indirect Costs arising from the services provided by the Schedule B Employees to
TripAdvisor during the Schedule B Transition Period, plus 
 (ii) 100% of the Third Party Costs arising from the
services provided by the Schedule B Employees to TripAdvisor during the Schedule B Transition Period, plus 

(iii) 100% of any net foreign exchange loss realized or unrealized arising from the services provided by the Schedule B
Employees to TripAdvisor during the Schedule B Transition Period, less 
 (iv) 100% of any net foreign exchange
gain realized or unrealized arising from the services provided by the Schedule B Employees to TripAdvisor during the Schedule B Transition Period. 
 Service Fee Exclusions. The Schedule B Service Fee excludes the following items: (i) interest income or expense recognized or incurred in respect of the employment by Expedia of the Schedule B
Employees; (ii) any income taxes incurred in respect of the employment by Expedia of the Schedule B Employees; and (iii) any costs ordinarily categorized under U.S. Generally Accepted Accounting Principles as “non-operating
income/expenses.” 
 Term: Up to 12 months, as needed. 

D. Scope of Services: Amounts owed by Egencia to eLong pursuant to the terms of the FSA Agreement, including balances accrued as
of the Effective Date, and payment in respect of such liabilities and balances shall be governed by the FSA Agreement. 
 No
information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with
the operation of Expedia’s business. 

  
 8 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 11 

Real Estate Services 
 Scope of Services: Subject to the limitations set forth below, Expedia shall make Expedia in-house personnel reasonably available to TripAdvisor personnel to advise and consult regarding specific
real estate transactions and to provide reasonably requested knowledge transfer and general assistance related to matters that occurred or information that may have been obtained concerning TripAdvisor and its business during the period prior to the
Effective Date. 
 No information or assistance may be provided to the extent it would create a conflict of interest, violate
any confidentiality obligations, risk the loss of attorney-client privilege, expose Expedia to potential liability or otherwise interfere with the operation of Expedia’s business. TripAdvisor shall use reasonable efforts to minimize the extent
of requested knowledge transfer and assistance. 
 Term: Up to 12 months, as needed. 

Cost: $125 per hour plus out-of-pocket expenses. 

  
 9 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 12 

China ICP Hosting Services 
 Scope of Services: Subject to the limitations set forth below, TripAdvisor, through a Chinese subsidiary, will continue to host ICP licenses, whether currently held or subsequently obtained, for
use by Expedia as needed to carry out Expedia’s operations in China until the earlier of the end of the Term stated below or the date on which Expedia secures such licenses through its own Chinese entity or entities. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose either Party to potential liability or otherwise interfere with the operation of either Party’s business. 
 Term: Up to 12 months, as needed. 
 Cost: TripAdvisor may charge
Expedia an access fee based upon the cost of the relevant ICP licenses. In addition, Expedia shall be charged for its pro rata share of any out-of-pocket expenses incurred in connection with obtaining or maintaining the relevant ICP licenses.

  
 10 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 13 

Shanghai Office Space 
 Scope of Services: Subject to the limitations set forth below, Expedia shall continue to make available office space in its Shanghai office for one employee of TripAdvisor until the earlier of the
end of the Term stated below or the date on which such TripAdvisor employee no longer requires such office space. 
 No
information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality obligations, risk the loss of attorney-client privilege, expose either Party to potential liability or otherwise interfere
with the operation of either Party’s business. 
 Term: Up to 12 months, as needed. 

Cost: Expedia may charge TripAdvisor a fee based upon the cost of the relevant office space. 

  
 11 

 Expedia-TripAdvisor Schedules to Transition Services Agreement 

Final – December 20, 2011 
  

 Schedule 14 

Intercompany Balance 
 Scope of Services: Subject to the limitations set forth below, each Party shall use commercially reasonable efforts and exchange such information as is necessary to settle the intercompany balance
that exists as of the Effective Date. This intercompany balance resulted from the payment of certain expenses by Expedia on behalf of TripAdvisor related to the startup of TripAdvisor’s operations in India. 

No information or assistance may be provided to the extent it would create a conflict of interest, violate any confidentiality
obligations, risk the loss of attorney-client privilege, expose either Party to potential liability or otherwise interfere with the operation of either Party’s business. 
 Term: Up to 12 months, as needed. 
 Cost: Expedia may seek
reimbursement from TripAdvisor for any third-party fees paid by Expedia in connection with such settlement. 

  
 12TripAdvisor, Inc. Restricted Stock Unit Agreement

 Exhibit 10.5 
 TRIPADVISOR, INC. RESTRICTED STOCK UNIT AGREEMENT 
 FOR DARA KHOSROWSHAHI

 THIS AGREEMENT, dated as of December 20, 2011, is between TripAdvisor, Inc., a
Delaware corporation (“TripAdvisor” or the “Corporation”), and Dara Khosrowshahi (the “Eligible Individual”). 
 All capitalized terms used herein, to the extent not defined, shall have the meanings set forth in the Corporation’s 2011 Stock and Annual Incentive Plan (the “Plan”). 

For purposes of this Agreement: 
 “Service” means service as a director of the Corporation or, at the election of the Corporation, such other service to the Corporation at a level of time commitment commensurate with the
time commitment as a director of the Corporation. 
 “Cause” means (i) the plea of guilty or nolo
contendere to, conviction for, or the commission of, a felony offense by the Eligible Individual; (ii) a material breach by the Eligible Individual of a fiduciary duty owed to the Corporation; (iii) a material breach by the Eligible
Individual of any of the covenants made by the Eligible Individual in Paragraph 18 of this Agreement; (iv) the willful or gross neglect by the Eligible Individual of the material duties as a director of the Corporation or the material duties
relating to such other Service provided by the Eligible Individual; or (v) a knowing and material violation by the Eligible Individual of any policy of the Corporation pertaining to ethics, legal compliance, wrong-doing or conflicts of interest
that, in the case of the conduct described in clauses (iv) or (v) above, if curable, is not cured by the Eligible Individual within 30 days after the Eligible Individual is provided with written notice thereof. 

 

	1.	Award and Vesting of Restricted Stock Units 

 (a) This Agreement covers restricted stock units with respect to 400,000 Shares (the “Restricted Stock Units”). Reference is made to the “Summary of Award” that can be
found on the Smith Barney Benefit Access System at www.benefitaccess.com. The Summary of Award, which sets forth the number of Restricted Stock Units granted to the Eligible Individual by the Corporation and the Award Date (among other information),
is hereby incorporated by reference into, and shall be read as part and parcel of, this Agreement. 

 (b) Subject to the terms and conditions of this Agreement and the provisions of the Plan and
subject to the Eligible Individual’s continuous Service through the applicable vesting dates, the Restricted Stock Units shall vest and no longer be subject to any restriction (such period during which restrictions apply is the
“Restriction Period”) as set forth below in the event both (i) one of the two performance goals (the “Performance Goals”) approved by the Compensation Committee of the Board of Directors of Expedia, Inc.
(“Expedia”) and relating to Expedia EBITA or Expedia’s stock price is achieved and (ii) the TripAdvisor OIBA Target (as defined in Exhibit A) is achieved (collectively, the “Combined Goals”):

  

			
	 Vesting Date
	 	Percentage of Total
Grant Vesting
	Upon the attainment of the Combined Goals; provided, however, that at the election of the Corporation, such vesting shall be conditioned on the Eligible Individual
agreeing to provide Service for an additional two years following satisfaction of the Combined Goals.	 	75%
		
	On the one year anniversary of the attainment of the Combined Goals (or, if earlier, upon the Eligible Individual’s termination of Service (other than a voluntary termination
of Service) following the attainment of the Combined Goals), provided the Eligible Individual has not voluntarily terminated his Service and there has not been a good faith determination by a majority of the Board of Directors of TripAdvisor
(the “Board”) (other than the Eligible Individual) of the existence of Cause.	 	25%

 For the avoidance of doubt, the Corporation acknowledges that at least one of the Performance Goals has been satisfied as
of the date of this Agreement. 
 (c) Notwithstanding the provisions of Paragraph 1(b), if (i) the Eligible Individual
incurs a termination of Service (other than a voluntary termination of Service) during a fiscal year in which the Modified TripAdvisor OIBA Target (as defined in Exhibit A) is met, and (ii) there has not been a good faith determination by a
majority of the Board (other than the Eligible Individual) of the existence of Cause, then 75% of the Restricted Stock Units will vest (and the Restriction Period shall lapse for such Restricted Stock Units) as soon as practicable following the
determination by the Committee (within sixty (60) days following the end of the applicable fiscal year) that the Modified TripAdvisor OIBA Target and one of the Performance Goals have been met and all remaining unvested Restricted Stock Units
shall be forfeited by the Eligible Individual. If the Eligible Individual incurs a termination of Service and the Committee determines that either (x) the Modified TripAdvisor OIBA Target has not been met, or (y) both of the Performance
Goals have not been met, then all the Restricted Stock Units will be forfeited immediately, provided, however, that the Committee shall have the discretion to waive, in whole or in part, any or all remaining restrictions with respect
to any or all of such Eligible Individual’s Restricted Stock Units. 
 (d) Notwithstanding the provisions of Paragraph
1(b), in the event there has been a good faith determination by a majority of the Board (other than the Eligible Individual) of the existence of Cause, or the Eligible Individual voluntarily incurs a termination of Service within two years after any
event or circumstance that constitutes Cause, the Eligible Individual’s Restricted Stock Units (whether or not vested) shall be forfeited and canceled in their entirety, and the Corporation may cause the Eligible Individual, immediately upon
notice from the Corporation, either to return the shares or cash issued upon settlement of Restricted Stock Units that vested during the two-year period after the events or circumstances giving rise to or constituting Cause or to pay to the
Corporation an amount equal to the aggregate amount, if any, that the Eligible Individual had previously realized in respect of any and all shares issued 

  
 - 2 -

 
upon settlement of Restricted Stock Units that vested during the two-year period after the events or circumstances giving rise to or constituting grounds for such termination of Service for Cause
(i.e., the value of the Restricted Stock Units upon vesting), in each case including any dividend equivalents or other distributions received in respect of any such Restricted Stock Units. 

(e) In the event the Eligible Individual incurs a termination of Service during the Restriction Period for any reason other than as set
forth in Paragraph 1(c) or Paragraph 5 (with respect to a Change in Control), all remaining unvested Restricted Stock Units shall be forfeited by the Eligible Individual and canceled in their entirety, effective immediately upon such
termination. 
 (f) Nothing in this Agreement or the Plan shall confer upon the Eligible Individual any right to continue in the
Service of the Corporation or employ of any of its Affiliates or interfere in any way with the right of the Corporation or any such Affiliates to terminate the Eligible Individual’s Service at any time. 

(g) In calculating TripAdvisor OIBA in any given fiscal year for purposes of determining whether the TripAdvisor OIBA Target or the
Modified TripAdvisor OIBA Target has been met, the operating results of all of the Corporation’s acquisitions will be included in all such calculations, starting with the first full fiscal year after any such acquisitions. The TripAdvisor OIBA
Target and the Modified TripAdvisor OIBA Target will reflect acquisitions by the Corporation in accordance with the terms of Exhibit A. 
 (h) For the avoidance of doubt, in no event will the Eligible Individual be deemed to have a termination of Service in the event that the Eligible Individual ceases to serve as a director of the
Corporation due to the fact that the Board does not nominate the Eligible Individual to stand for election as a director or the stockholders of the Corporation do not elect the Eligible Individual as a director, as long as the Corporation offers to
engage the Eligible Individual to provide other Service, and if, under such circumstances, the Eligible Individual declines to provide other Service, the Eligible Individual shall be deemed to have a voluntary termination of Service for purposes of
this Agreement. 
  

	2.	Settlement of Units 

 As
soon as practicable (but in no event later than five business days) after any Restricted Stock Units have vested and are no longer subject to the Restriction Period, such Restricted Stock Units shall be settled. Subject to Paragraph 8
(pertaining to the withholding of taxes), for each Restricted Stock Unit settled pursuant to this Paragraph 2, the Corporation shall (i) if the Eligible Individual is employed within the United States, issue one share of Common Stock for
each vested Restricted Stock Unit and cause to be delivered to the Eligible Individual one or more unlegended, freely-transferable stock certificates in respect of such shares issued upon settlement of the vested Restricted Stock Units or
(ii) if the Eligible Individual is employed outside the United States, pay, or cause to be paid, to the Eligible Individual an amount of cash equal to the Fair Market Value of one share of Common Stock for each vested Restricted Stock Unit
settled at such time. Notwithstanding the foregoing, the Corporation shall be entitled to hold the shares or cash issuable upon settlement of Restricted Stock Units that have vested until the Corporation or the agent selected by the Corporation to
manage the Plan under which the Restricted Stock Units have been issued (the “Agent”) shall have received from the Eligible Individual a duly executed Form W-9 or W-8, as applicable. 

  
 - 3 -

	3.	Non-Transferability of the Restricted Stock Units 

 During the Restriction Period and until such time as the Restricted Stock Units are ultimately settled as provided in Paragraph 2 above, the Restricted Stock Units shall not be transferable by the
Eligible Individual by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. 
  

	4.	Rights as a Stockholder 

Except as otherwise specifically provided in this Agreement, during the Restriction Period the Eligible Individual shall not be entitled
to any rights of a stockholder with respect to the Restricted Stock Units. Notwithstanding the foregoing, if the Corporation declares and pays dividends on the Common Stock during the Restriction Period, the Eligible Individual will be credited with
additional amounts for each Restricted Stock Unit equal to the dividend that would have been paid with respect to such Restricted Stock Unit if it had been an actual share of Common Stock, which amounts shall remain subject to restrictions (and as
determined by the Committee, may be reinvested in Restricted Stock Units or may be held in kind as restricted cash or property) and shall vest and be settled concurrently with the vesting and settlement of the Restricted Stock Units upon which such
dividend equivalent amounts were paid. Notwithstanding the foregoing, dividends and distributions other than regular quarterly cash dividends, if any, may result in an adjustment pursuant to Paragraph 5, rather than under this Paragraph 4.

  

	5.	Adjustments in the Event of Change in Stock; Change in Control 

 (a) Subject to the provisions of Paragraph 5(b), in the event of a stock dividend, stock split, reverse stock split, stock rights offering, share combination, separation, spinoff or recapitalization or
similar event affecting the capital structure of the Corporation, the Committee or the Board shall make such substitutions or adjustments as it deems equitable to the number of Restricted Stock Units and the number and kind of shares of Common Stock
underlying the Restricted Stock Units. Subject to the provisions of Paragraph 5(b), in the event of a merger, consolidation, acquisition of property or shares, reorganization, liquidation, Disaffiliation or similar event affecting the Corporation or
any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to the number of Restricted Stock Units and the
number and kind of shares of Common Stock underlying the Restricted Stock Units. 
 In the case of Corporate Transactions, such
adjustments may include, without limitation (i) the cancellation of the Restricted Stock Units in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Restricted Stock Units, as
determined by the Committee or the Board in its sole discretion, and (ii) the substitution of other property (including, without limitation, cash or other securities of the Corporation and securities of entities other than the Corporation) for
the shares of Common Stock underlying the Restricted Stock Units. 

  
 - 4 -

 In the case of any Disaffiliation, such adjustments may include, without limitation,
arranging for the assumption of the Restricted Stock Units, or the replacement of the Restricted Stock Units with new awards based on other property or other securities (including, without limitation, other securities of the Corporation and
securities of entities other than the Corporation), by the affected Subsidiary, Affiliate or division or by the entity that controls such Subsidiary, Affiliate or division following such Disaffiliation (as well as any corresponding adjustments to
any Restricted Stock Units that remain based upon securities of the Corporation). 
 The determination of the Committee
regarding any such adjustment will be final and conclusive and need not be the same for all recipients of restricted stock units granted under the Plan. 
 (b) In the event of a Change in Control (as defined in the Plan; provided, however, that for the purposes of this Agreement, a “Change in Control” shall in addition to the
items covered by the definition in the Plan include the termination of the irrevocable proxy held by Barry Diller to vote shares of the Corporation held by Liberty Media Corporation or its affiliates, and the acquisition by Liberty Media Corporation
and their respective affiliates of Beneficial Ownership of equity securities of the Corporation whereby Liberty Media Corporation acquires or assumes more than 35% of the voting power of the then outstanding equity securities of the Corporation
entitled to vote generally in the election of directors), then 50% of the Restricted Stock Units automatically shall vest immediately without regard to the achievement of the TripAdvisor OIBA Target or the Performance Goals. If, within one year
following such Change in Control, (i) the Eligible Individual incurs a termination of Service (other than a voluntary termination of Service) and (ii) there has not been a good faith determination by a majority of the board of directors
(other than the Eligible Individual) of the ultimate parent entity following such Change in Control of the existence of Cause, then the remaining Restricted Stock Units immediately shall vest, in each case without regard to the achievement of the
TripAdvisor OIBA Target or the Performance Goals. This Paragraph 5(b) shall not apply to the Eligible Individual’s Restricted Stock Units in the event of the Eligible Individual’s termination of Service prior to a Change in Control.

  

	6.	Payment of Transfer Taxes, Fees and Other Expenses 

 The Corporation agrees to pay any and all original issue taxes and stock transfer taxes that may be imposed on the issuance of shares received by an Eligible Individual in connection with the Restricted
Stock Units, together with any and all other fees and expenses necessarily incurred by the Corporation in connection therewith. 

  
 - 5 -

	7.	Other Restrictions 

 (a)
The Restricted Stock Units shall be subject to the requirement that, if at any time the Committee shall determine that (i) the listing, registration or qualification of the shares of Common Stock subject or related thereto upon any securities
exchange or under any state or federal law, or (ii) the consent or approval of any government regulatory body is required, then in any such event, the award of Restricted Stock Units shall not be effective unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 

(b) The Eligible Individual acknowledges that the Eligible Individual is subject to the Corporation’s policies regarding compliance
with securities laws, including but not limited to its Securities Trading Policy (as in effect from time to time and any successor policies) and pursuant to these policies, if the Eligible Individual is on the Corporation’s insider list, the
Eligible Individual shall be required to obtain pre-clearance from the Corporation’s General Counsel prior to purchasing or selling any of the Corporation’s securities, including any shares issued upon vesting of the Restricted Stock
Units, and may be prohibited from selling such shares other than during an open trading window. The Eligible Individual further acknowledges that, in its discretion, the Corporation may prohibit the Eligible Individual from selling such shares even
during an open trading window if the Corporation has concerns over the potential for insider trading. 
  

	8.	Taxes and Withholding 

 No
later than the date as of which an amount first becomes includible in the gross income of the Eligible Individual for federal, state, local or foreign income or employment or other tax purposes with respect to any Restricted Stock Units, the
Eligible Individual shall pay to the Corporation, or make arrangements satisfactory to the Corporation regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. The
obligations of the Corporation under this Agreement shall be conditioned on compliance by the Eligible Individual with this Paragraph 8, and the Corporation and its Affiliates shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment otherwise due to the Eligible Individual, including deducting such amount from the delivery of shares or cash issued upon settlement of the Restricted Stock Units that gives rise to the withholding requirement.

  

	9.	Notices 

 All notices and
other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by facsimile, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed as
follows: 
 If to the Eligible Individual: at the last known address on record at the Corporation. 

If to the Corporation: 
 TripAdvisor, Inc. 
 141 Needham Street 

Newton, MA 02464 
 Attention: Office of the General Counsel 
 Facsimile No.: (617) 670-6301

  
 - 6 -

 or to such other address or facsimile number as any party shall have furnished to the other in writing in
accordance with this Paragraph 9. Notice and communications shall be effective when actually received by the addressee. Notwithstanding the foregoing, the Eligible Individual consents to electronic delivery of documents required to be delivered
by the Corporation under the securities laws. 
  

	10.	Effect of Agreement 

Except as otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors
of the Corporation. The terms, conditions and vesting on any previously granted Awards to the Eligible Individual remain in full force and effect. 
  

	11.	Laws Applicable to Construction; Consent to Jurisdiction 

 The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware without reference to principles of conflict of laws, as applied to contracts
executed in and performed wholly within the State of Delaware. In addition to the terms and conditions set forth in this Agreement, the Restricted Stock Units are subject to the terms and conditions of the Plan, which are hereby incorporated by
reference. 
 Any and all disputes arising under or out of this Agreement, including without limitation any issues involving the
enforcement or interpretation of any of the provisions of this Agreement, shall be resolved by the commencement of an appropriate action in the state or federal courts located within the state of Delaware, which shall be the exclusive jurisdiction
for the resolution of any such disputes. The Eligible Individual hereby agrees and consents to the personal jurisdiction of said courts over the Eligible Individual for purposes of the resolution of any and all such disputes. 

 

	12.	Severability 

 The
invalidity or enforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
  

	13.	Conflicts and Interpretation 

 In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan
shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan, and
(iii) make all other determinations deemed necessary or advisable for the administration of the Plan. 
 In the event of
any (i) conflict between the Summary of Award (or any other information posted on the Smith Barney Benefit Access System) and this Agreement, the Plan and/or the books and records of the Corporation or (ii) ambiguity in the Summary of
Award (or any other information posted on the Smith Barney Benefit Access System), this Agreement, the Plan and/or the books and records of the Corporation, as applicable, shall control. 

  
 - 7 -

	14.	Amendment 

 The
Corporation may modify, amend or waive the terms of the Restricted Stock Unit award, prospectively or retroactively, but no such modification, amendment or waiver shall impair the rights of the Eligible Individual without his consent, except as
required by applicable law, NASDAQ or stock exchange rules, tax rules or accounting rules. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this
Agreement, or of any subsequent breach by such party of a provision of this Agreement. 
  

	15.	Headings 

 The headings of
paragraphs herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Agreement. 
  

	16.	[Reserved] 

  

	17.	Data Protection 

 The
Eligible Individual authorizes the release from time to time to the Corporation (and any of its subsidiaries or affiliated companies) and to the Agent (together, the “Relevant Companies”) of any and all personal or professional data
that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). Without limiting the above, the Eligible Individual permits his or her employing company to collect, process,
register and transfer to the Relevant Companies all Relevant Information (including any professional and personal data that may be useful or necessary for the purposes of the administration of the Plan and/or this Agreement and/or to implement or
structure any further grants of equity awards (if any)). The Eligible Individual hereby authorizes the Relevant Information to be transferred to any jurisdiction in which the Corporation, his or her employing company or the Agent considers
appropriate. The Eligible Individual shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

 

	18.	Non-Compete 

 In
consideration of the Corporation’s award of Restricted Stock Units, the Eligible Individual hereby agrees and covenants that during his Service with the Corporation and its Subsidiaries and Affiliates and for a period of 24 months beyond
the Eligible Individual’s date of termination of Service for any reason (the “Non-Compete Period”), the Eligible Individual shall not, directly or indirectly, engage in, assist or become associated with a Competitive Activity.
For purposes of this Agreement: (i) a “Competitive Activity” means, at the time of such Eligible Individual’s termination of Service, any business or other endeavor, in any jurisdiction, of a kind being conducted by the
Corporation or any of its subsidiaries or, if engaged in the provision of any travel related services, any of its Affiliates in any jurisdiction (or demonstrably anticipated by the Corporation or its Subsidiaries or Affiliates) as of the date hereof
or at any time 

  
 - 8 -

 
thereafter; and (ii) the Eligible Individual shall be considered to have become “associated with a Competitive Activity” if the Eligible Individual becomes directly or indirectly
involved as an owner, principal, employee, officer, director, independent contractor, representative, stockholder, financial backer, agent, partner, advisor, lender, or in any other individual or representative capacity with any individual,
partnership, corporation or other organization that is engaged in a Competitive Activity. Notwithstanding the foregoing, (i) the Eligible Individual’s service as Chief Executive Officer of Expedia (or in any other capacity at Expedia,
including as a member of the Board of Directors of Expedia) shall not be a Competitive Activity, and (ii) the Eligible Individual may make and retain investments during the Non-Compete Period, for investment purposes only, in the outstanding
capital stock of Expedia or in less than five percent (5%) of the outstanding capital stock of any publicly-traded corporation engaged in a Competitive Activity if stock of such corporation is either listed on a national stock exchange or on
the NASDAQ National Market System if the Eligible Individual is not otherwise affiliated with such corporation. 
  

	19.	Counterparts 

 This
Agreement may be executed in counterparts, which together shall constitute one and the same original. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 - 9 -

 IN WITNESS WHEREOF, as of the date first above written, the Corporation has caused
this Agreement to be executed on its behalf by a duly authorized officer and the Eligible Individual has hereunto set the Eligible Individual’s hand. 

 

					
	TRIPADVISOR, INC.
		
	By:	 	/s/ Stephen Kaufer
		 	Name:	 	Stephen Kaufer
		 	Title:	 	President and Chief Executive Officer
	
	ELIGIBLE INDIVIDUAL
		
	By:	 	/s/ Dara Khosrowshahi
		 	     DARA KHOSROWSHAHI

 Exhibit A 
 “TripAdvisor OIBA Target” means, as of any given fiscal year, the sum obtained by adding (x) the Acquisition OIBA to (y) the TripAdvisor Unadjusted OIBA Target. 

“TripAdvisor Unadjusted OIBA Target” means the difference obtained by subtracting (x) $17.8 million from (y) the product
obtained by multiplying (1) 2011 TripAdvisor OIBA by (2) the Shortfall Factor. 
 “Modified TripAdvisor OIBA Target”
means, as of any given fiscal year, the sum obtained by adding (x) the Acquisition OIBA to (y) 90.8% of the TripAdvisor Unadjusted OIBA Target. 
 “OIBA” means operating income before amortization as set forth in or derived from the Corporation’s or Expedia’s, as applicable, publicly available financial reports. For the
avoidance of doubt, if the Corporation or Expedia, as applicable, adopts adjusted EBITDA as its primary performance metric, then OIBA shall mean reported adjusted EBITDA, as adjusted to give effect to depreciation. 

“Shortfall Factor” means the sum of (x) 1.0 plus (y) the Shortfall Quotient. 

“Shortfall Quotient” means the quotient obtained by dividing (x) the 2011 Shortfall by (y) 2011 Consolidated OIBA, carried out
to four decimal places. 
 “2011 Consolidated OIBA” means consolidated OIBA for Expedia, Inc. (including TripAdvisor Media
Group segment OIBA) for the twelve month period ending December 31, 2011, excluding any OIBA generated by any 2011 acquisition, calculated in a manner consistent with the historical calculation of Expedia, Inc. OIBA on a consolidated basis.

 “2011 TripAdvisor OIBA” means OIBA for the TripAdvisor Media Group segment for the twelve month period ending
December 31, 2011, excluding any OIBA generated by any 2011 acquisition. 
 “2011 Shortfall” means the difference obtained
by subtracting (x) 2011 Consolidated OIBA from (y) $1,085,100,000. 
 “Acquisition OIBA” means, for all acquisitions
completed by the Corporation after December 31, 2010 and prior to the fiscal year with respect to which the TripAdvisor OIBA Target or the Modified TripAdvisor OIBA Target, as applicable, is being calculated, the aggregate positive amount of
OIBA that the Corporation expected to achieve (as projected at the time of each such acquisition) in the first full fiscal year following each such acquisition. 

*        *        *      
  *        *        * 
 Set forth below is an example,
for illustrative purposes only, of the calculation of the TripAdvisor OIBA Target and the Modified TripAdvisor OIBA Target. The example is not based on actual data. 
  

					
	 2011 Consolidated OIBA =
	  	$	900,000,000	  
	 2011 TripAdvisor OIBA =
	  	$	350,000,000	  
	 2011 Shortfall =
	  	$	185,100,000	1 
	 Shortfall Quotient =
	  	 	.2057	2 
	 Shortfall Factor =
	  	 	1.2057	3 
	 TripAdvisor Unadjusted OIBA Target =
	  	$	404,195,000	4 
	 Acquisition OIBA =
	  	$	2,600,000	  
	 TripAdvisor OIBA Target =
	  	$	406,795,000	5 
	 Modified TripAdvisor OIBA Target =
	  	$	369,609,060	6 

  

	1 	 $1,085,100,000 - $900,000,000 = $185,100,000 

	2 	 $185,100,000 / $900,000,000 = .2057 

	3 	 1 + .2057 = 1.2057 

	4 	 $350,000,000 x 1.2057 = $421,995,000 - $17,800,000 = $404,195,000 

	5 	 $404,195,000 + $2,600,000 = $406,795,000 

	6 	 $404,195,000 x 0.908 = $367,009,060 + $2,600,000 = $369,609,060 

  
 A- 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]