Document:

Exhibit 4.1

 

EXECUTION COPY

 

INVESTMENT AGREEMENT

 

INVESTMENT AGREEMENT,
dated as of March 15, 2020 (this “Agreement”), among Liberty TripAdvisor Holdings, Inc., a Delaware corporation
(the “Company”), the investors listed in Schedule I hereto (collectively, the “Purchaser”)
and, solely for purposes of the Subject GM Provisions (as defined below), Gregory B. Maffei (“GM”).

 

RECITALS

 

WHEREAS, the Company
desires to sell to the Purchaser, and the Purchaser desires to purchase from the Company, as an investment in the Company, shares
of 8% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, of the Company (the “Series A Preferred
Stock”), having the terms as set forth in a certificate of designations for the Series A Preferred Stock (the “Series
A Certificate of Designations”) made a part of the Company’s Restated Certificate of Incorporation (the “Certificate
of Incorporation”) by filing the Series A Certificate of Designations in substantially the form attached as Exhibit
A with the Secretary of State of the State of Delaware (the “Delaware Secretary of State”), subject to the
terms and conditions set forth herein;

 

WHEREAS, the Company,
in accordance with the Certificate of Incorporation and the Company’s Amended and Restated Bylaws as currently in effect,
and the Purchaser, in accordance with its governing documents, and, in each case, in accordance with applicable Law (as defined
below), approved, and has obtained the prior approval of its board of directors or other governing body (as applicable) of, (i)
this Agreement and the consummation of the transactions contemplated hereby upon the terms and conditions set forth herein, (ii)
each of the other Transaction Documents and (iii) each of the other transactions contemplated herein and therein; and

 

WHEREAS, in connection
with the purchase by the Purchaser of the shares of Series A Preferred Stock, contemporaneously with the Closing (as defined below),
the registration rights agreement, by and between the Company and the Purchaser will be entered into in substantially the form
attached hereto as Exhibit B (the “Registration Rights Agreement”).

 

NOW, THEREFORE, for and
in consideration of the mutual promises set forth herein and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and upon the terms and subject to the conditions hereof, the parties hereto agree as follows:

 

SECTION 1. DEFINITIONS

 

1.1   For
the purposes of this Agreement, the following terms shall have the meanings ascribed below:

 

     

     

    

 

“2020 Confirmation”
means that certain letter agreement (including the Pledge Annex, as defined therein), dated as of March 9, 2020, by and among Liberty
TripAdvisor, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company and Credit Suisse Capital LLC
and/or its affiliates, which supplements, forms a part of, and is subject to the Agreement (as defined in the 2020 Confirmation)
for a variable forward transaction in respect of all or a portion of the shares of Tripadvisor Common Stock and Class B Shares
beneficially owned by Liberty TripAdvisor, LLC.

 

“Affiliate”
means with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such specified Person, for so long as such Person remains so associated to the specified
Person. For purposes of this definition, (i) natural persons shall not be deemed to be Affiliates of each other and (ii) neither
the Company nor the Purchaser shall be deemed to be Affiliates of each other.

 

“Affiliate Transaction”
means any transaction between the Company, on the one hand, and any Affiliate, on the other hand; provided, however, that
under no circumstance shall an Affiliate Transaction include (i) any transaction effected pursuant to any Contract entered into
in connection with or in effect at the time of the spin-off of the Company from Qurate Retail Inc. (f/k/a Liberty Interactive.
Inc.) as it may be amended from time to time (the “Spin Contracts”), subject to Section 4.15 hereof;
(ii) any compensatory arrangements, including pursuant to the Company’s incentive plans or that certain Employment Agreement,
dated December 2019, between GM and Liberty Media Corporation or (iii) a Company Change in Control, Tripadvisor Change in Control,
Tripadvisor Transaction or Liberty Party Transaction.

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Board of Directors”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Capital Stock”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Certares Managing
Directors” shall have the meaning set forth in Section 4.7(c).

 

“Certificate
of Incorporation” shall have the meaning set forth in the recitals to this Agreement.

 

“Change in Control
Transaction” means any share exchange, consolidation, merger or similar transaction with another Person the result of
which would be a Company Change in Control.

 

“Class B Shares”
means shares of Class B common stock, $0.001 par value, of Tripadvisor.

 

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

 

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“Common Stock”
shall have the meaning set forth in the Series A Certificate of Designations.

 

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

 

“Company Change
in Control” means a transaction or series of related transactions that results in the stockholders of the Company prior
to the transaction, or prior to the first transaction if a series of related transactions, ceasing to own, directly or indirectly,
securities representing at least fifty percent (50%) of the equity and voting power (or, if the Series B Common Stock represents
less than twenty percent (20%) of the outstanding voting power of the Company, fifty percent (50%) of the outstanding equity securities)
of the Company or the successor entity.

 

“Company Material
Adverse Effect” means, with respect to the Company and its Subsidiaries, any event, change, occurrence, state of facts,
development, circumstance or condition that, individually or in the aggregate, has had, or would reasonably be expected to have,
a material adverse effect on the business, assets, properties, liabilities, results of operations or financial condition of the
Company and its Subsidiaries, taken as a whole; provided, however, that, none of the following shall be deemed in and of
themselves, either alone or in combination, to constitute, nor shall any of the following be taken into account in determining
whether there has been or will be, a Company Material Adverse Effect: (a) general economic (including changes in the financial,
credit or securities markets, interest rates, credit availability and liquidity, currency exchange rates, commodity prices or foreign
exchange rates), political or regulatory conditions, or changes therein, (b) general political or geopolitical conditions or changes
therein (including any changes arising out of acts of terrorism or war, pandemics (including COVID 19), cyber-attacks or weather
conditions ), (c) general economic, political or regulatory changes in, or events generally affecting, the travel or technology
industries in which the Company or any of its Subsidiaries operate, (d) any effect arising out of a change or proposed change in
GAAP or applicable Law, or any authoritative interpretation thereof, (e) the identity of, or any facts or circumstances relating
to the identity of, the Purchaser, or the announcement of the transactions contemplated by this Agreement, (f) any changes in the
price or trading volume of the Common Stock or any equity securities of Tripadvisor (provided that the underlying causes of such
changes that are not otherwise excluded from the definition of Company Material Adverse Effect may be considered in determining
whether there has been a Company Material Adverse Effect), (g) any failure by the Company or Tripadvisor to meet published or unpublished
plans, forecasts, projections, estimates or predictions in respect of revenues, earnings or other financial or operating metrics,
or other financial performance or results of operations for any period, or (h) the availability or cost of financing, whether debt,
equity or otherwise, to the Purchaser; provided, that in the cases of clauses (a) through (d), any such event, change, occurrence,
state of facts, development, circumstance or condition to the extent it disproportionately affects the Company and its Subsidiaries
relative to other participants in the travel advisory services industry shall not be excluded from, and may be taken into account
in, the determination of whether there has been a Company Material Adverse Effect.

 

“Company SEC Documents”
means the Company’s forms, registration statements, reports, schedules and statements or other document (including exhibits)
filed with, or furnished to, the Commission and publicly available after December 31, 2018 and prior to the date hereof.

 

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“Company Tripadvisor
Shares” means shares of Tripadvisor Common Stock and Class B Shares, beneficially owned and of record by the Company
and/or the Company’s Controlled Affiliates, which shares as of the date hereof are set forth in Section 2.2.

 

“Company Voting
Matter” shall have the meaning set forth in Section 4.11(a)(2).

 

“Controlled
Affiliate” means with respect to any Person, another Person that, directly or indirectly, through one or more intermediaries,
is controlled by such first Person.

 

“Conversion
Rate” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Delaware Secretary
of State” shall have the meaning set forth in the recitals to this Agreement.

 

“Distributed
Entity” means any Subsidiary of the Company distributed in a Distribution Transaction.

 

“Distribution
Transaction” means any transaction by which a Subsidiary of the Reference Company ceases to be a Subsidiary of the Reference
Company by reason of the distribution of such Subsidiary’s equity securities to holders of Reference Stock, whether by means
of a spin-off, split-off, redemption, reclassification, exchange, stock dividend, share distribution, rights offering or similar
transaction.

 

“Eligible Common
Stock” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“Exchange Preferred
Stock” means a series of preferred stock of the Company having terms, conditions, designations, dividend rights, voting
powers, rights on liquidation and other preference and relative, participating, optional or other special rights, and qualifications,
limitations, or restrictions thereof that are identical, or as nearly so as is practicable in the good faith judgment of the Board
of Directors, to those of the Series A Preferred Stock, except that the liquidation preference and the Conversion Rate will be
determined as provided herein.

 

“Exempt Transfer”
means the proposed Transfer is (i) a pledge of or grant of a security interest to secure bona fide indebtedness to or with a third
party or in connection with the entry into a bona fide financing or hedging transaction (including any such transaction requiring
settlement in shares of Series B Common Stock or conveyance in lieu of foreclosure or otherwise in connection with the enforcement
of any such lien on, pledge of or security interest in the Series B Common Stock) or (ii) to any GM Related Person.

 

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“GM”
shall have the meaning set forth in the preamble to this Agreement.

 

“GM Related
Persons” means, with respect to GM, any: (a) spouses, siblings or lineal descendants (including adoptees) of GM; (b)
any trusts or private foundations created primarily for the benefit of, or controlled by, GM or any of the Persons described in
clause (a) or any trusts or private foundations created primarily for the benefit of any such trust or private foundation or for
charitable purposes; (c) in the event of the incompetence or death of GM or any of the Persons described in clause (a), such Person’s
estate, executor, administrator, committee or other personal representative or similar fiduciary or beneficiaries, heirs, devisees
or distributees; or (d) any group consisting solely of GM and/or any Person described in clauses (a)-(c).

 

“Governance
Agreement” means the Governance Agreement among Tripadvisor, Liberty Interactive Corporation (now known as Qurate Retail,
Inc.) and Barry Diller, dated as of December 20, 2011, as amended by the Assignment and Assumption of Governance Agreement among
Tripadvisor, the Company and Liberty Interactive Corporation, dated August 12, 2014.

 

“Governmental
Authority” means any government, court, regulatory or administrative agency, commission, arbitrator or authority or other
legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal,
state or local, domestic, foreign or multinational.

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 

“Indebtedness”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Junior Stock”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Law”
means all state or federal laws, common law, statutes, ordinances, codes, rules or regulations or other similar requirement enacted,
adopted, promulgated, or applied by any Governmental Authority.

 

“Liberty Party
Transaction” means any share exchange, merger, consolidation or other business combination between the Company, on the
one hand, and on the other hand, (i) (i) any Person in which one or more of the Liberty Persons (x) is the largest holder of voting
power represented by the outstanding common stock or other ownership interests of such Person and (y) collectively own at least
25% of the outstanding voting power, or (ii) any of Liberty Media Corporation, Qurate Retail, Inc, GCI Liberty, Inc. or Liberty
Broadband Corporation.

 

“Liberty Person”
means any of:

 

(1)               
John C. Malone and any (a) spouses, siblings or lineal descendants (including adoptees) of John C. Malone; (b) any
trusts or private foundations created primarily for the benefit of, or controlled by, John C. Malone or any of the Persons described
in clause (a) or any trusts or private foundations created primarily for the benefit of any such trust or private foundation or
for charitable purposes; (c) in the event of the incompetence or death of John C. Malone or any of the Persons described in clause
(a), such Person’s estate, executor, administrator, committee or other personal representative or similar fiduciary or beneficiaries,
heirs, devisees or distributees; or (d) any group consisting solely of John C. Malone and/or any Person described in clauses (a)-(c);
or

 

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(2)              
GM and any GM Related Persons.

 

“Liquidation
Price” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Majority Holders”
shall have the meaning set forth in Section 4.14(a).

 

“Mandatory Redemption
Date” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Margin Loan
Agreement” means the Margin Loan Agreement, dated as of June 10, 2019 (as amended by Amendment No. 1 to Margin Loan Agreement,
dated as of November 19, 2019, and Amendment No. 2 to Margin Loan Agreement, dated as of March 10, 2020, and as further amended
and restated, supplemented or otherwise modified from time to time), among Liberty TripAdvisor, LLC, the Company, Société
Générale, as administrative agent (the “Administrative Agent”), Credit Suisse AG, Cayman Islands
Branch, as calculation agent (the “Calculation Agent”) and the financial institutions party from time to time
thereto (the “Lenders”).

 

“Mirror Preferred
Stock” means a series of convertible preferred stock issued by the Company and having terms, conditions, designations,
dividend rights, voting powers, rights on liquidation and other preferences and relative, participating, optional or other special
rights, and qualifications, limitations or restrictions thereof that are identical, or as nearly so as is practicable in the good
faith judgment of the Board of Directors, to those of the Series A Preferred Stock, except that the liquidation preference and
the Conversion Rate will be determined as provided herein.

 

“Parity Stock”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Payment Shares”
means any Series A Common Stock, Series C Common Stock or Tripadvisor Common Stock issued to the Purchaser in payment of any obligations
under the Series A Certificate of Designations or this Agreement.

 

“Permitted Transferee”
means any Person to whom Purchased Shares are Transferred in accordance with and pursuant to Sections 4.6(b)(2), (3)
or (4) and who executes a written instrument reasonably acceptable to the Company agreeing to be bound by the provisions
of this Agreement, including, without limitation, Section 6.10.

 

“Person”
shall have the meaning set forth in the Series A Certificate of Designations.

 

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“Publicly Traded
Securities” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Purchaser”
shall have the meaning set forth in the preamble to this Agreement.

 

“Purchaser Material
Adverse Effect” means, with respect to the Purchaser and its Subsidiaries, any event, change, occurrence, state of facts,
development, circumstance or condition that, individually or in the aggregate, would, or would reasonably be expected to, prevent
or delay the Purchaser from performing its obligations under this Agreement or from consummating the purchase and sale of the Purchased
Shares on the Closing Date.

 

“Put Option
Exercise Notice” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Put Option
Mandatory Redemption Date” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Reference Company”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Reference Stock”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Senior Stock”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Series A Certificate
of Designations” shall have the meaning set forth in the recitals to this Agreement.

 

“Series A Common
Stock” means the Company’s Series A common stock, par value $0.01 per share.

 

“Series A Preferred
Redemption Director” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Series A Preferred
Stock” shall have the meaning set forth in the recitals to this Agreement.

 

“Series A Preferred
Threshold Director” shall have the meaning set forth in the Series A Certificate of Designations.

 

“Series B Common
Stock” means the Company’s Series B common stock, par value $0.01 per share.

 

“Spinoff Exchange
Offer” shall have the meaning set forth in Section 4.14(a).

 

“Subject GM
Provisions” means Section 2.4, Section 4.10(b), Section 4.10(c), Section 4.11(a)(2), Section
4.11(a)(4), Section 4.11(b) and Section 6.

 

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“Subsidiary”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Tax Return”
shall mean any return, report or statement filed or required to be filed with any Governmental Authority with respect to Taxes,
including any schedules, attachments or amendments thereto.

 

“Taxes”
shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup
withholding), fees, or other similar charges imposed by any Governmental Authority and any interest, fines, penalties, or additions
to tax with respect to the foregoing.

 

“Threshold Amount”
shall have the meaning set forth in the Series A Certificate of Designations.

 

“Transaction
Documents” means, collectively, this Agreement, the Registration Rights Agreement and any other agreements, documents
or other instruments contemplated hereby or thereby.

 

“Transfers”
by any Person shall mean, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or otherwise dispose
of or transfer (by operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or
other arrangement, agreement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation
or other disposition or transfer (by operation of law or otherwise), of any interest in any equity securities beneficially owned
by such Person.

 

“Trip Voting
Matter” shall have the meaning set forth in Section 4.11(a)(1).

 

“Tripadvisor”
means Tripadvisor, Inc., a Delaware corporation.

 

“Tripadvisor
Change in Control” means a transaction or series of related transactions that results in the stockholders of Tripadvisor
prior to the transaction, or prior to the first transaction if a series of related transactions, ceasing to own, directly or indirectly,
securities representing at least fifty percent (50%) of the equity and voting power (or, if the Class B Shares represent less than
twenty percent (20%) of the outstanding voting power of Tripadvisor, fifty percent (50%) of the outstanding equity securities)
of Tripadvisor or the successor entity.

 

“Tripadvisor
Common Stock” means shares of common stock, par value $0.001 per share, of Tripadvisor.

 

“Tripadvisor
Transaction” means any share exchange, merger, consolidation or other business combination between the Company and Tripadvisor.

 

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SECTION 2. PURCHASE AND
SALE

 

2.1  
Purchase Price; Payment.

 

(a)              
Subject to the terms and conditions contained herein, at the Closing, the Purchaser will purchase from the Company and the
Company will issue and sell to the Purchaser the number and series of shares of Series A Preferred Stock as set forth next to the
Purchaser’s name on Schedule I attached hereto (collectively, the “Purchased Shares”) for a per share
purchase price of $1,000 (the “Purchase Price”). The aggregate purchase price delivered at the Closing shall
be equal to $325 million.

 

(b)              
The closing of the purchase and sale of the Purchased Shares (the “Closing”) will be held at the offices
of Baker Botts L.L.P. at 2001 Ross Avenue, Suite 900, Dallas, Texas 75201, at 10:00 a.m., New York time, on March 30, 2020, unless
any condition set forth in Section 3 is not satisfied on that date (other than conditions that by their nature are to be
satisfied at the Closing but subject to the satisfaction of conditions at such time), in which case the Closing will be held as
soon as practicable (but not more than two Business Days after satisfaction of the conditions set forth in Section 3 (other
than conditions that by their nature are to be satisfied and are in fact satisfied at the Closing but subject to the satisfaction
of conditions at such time), or at such other date, time or place as the parties may mutually agree. The date on which the Closing
occurs is referred to as the “Closing Date.” Time is of the essence with respect to this Section 2.1(b),
and the parties agree to use reasonable efforts to hold the closing in advance of March 30, 2020.

 

(c)              
Subject to the satisfaction or waiver on the Closing Date of the conditions to the Closing in Section 3, at the Closing:

 

(1)              
The Company will issue to the Purchaser, free and clear of all liens, the Purchased Shares to be purchased by the Purchaser
and issued and sold by the Company hereunder and record the Purchaser as the registered owner of such shares on the books and records
of the Company;

 

(2)              
The Purchaser will deliver the aggregate Purchase Price in respect of the Purchased Shares being purchased by it hereunder
in cash by wire transfer of immediately available funds to a bank account designated by the Company (which shall be the account
designated by the Calculation Agent for repayment of the obligations (other than in respect of contingent indemnification and expense
reimburse claims not then due) under the Margin Loan Agreement, as notified by such Calculation Agent to the Company in writing);

 

(3)              
The Company shall repay in full amounts owing under the Margin Loan Agreement and, upon payment by the Purchaser of the
Purchase Price at the Closing as set forth herein, all amounts owing under the Margin Loan Agreement and the Guarantee Agreement
(as defined in the Margin Loan Agreement) shall be satisfied in full, the Margin Loan Agreement and all other Loan Documents (as
defined in the Margin Loan Agreement) shall terminate and all shares of Common Stock and Class B Shares owned by Liberty TripAdvisor,
LLC shall be released from the liens under such Margin Loan Documentation; and

 

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(4)              
The Purchaser shall duly execute and deliver to the Company, and the Company shall duly execute and deliver to the Purchaser,
the Registration Rights Agreement dated as of the Closing Date.

 

2.2   Representations
and Warranties of the Company. The Company hereby represents and warrants to the Purchaser and GM that:

 

(a)              
Organization. Each of the Company and Tripadvisor is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. Each of the Company, Tripadvisor and their respective Subsidiaries is duly licensed or
qualified to transact business as a foreign corporation in each jurisdiction in which the conduct of its business requires such
licensing or qualification, except where failure to so qualify would not have a Company Material Adverse Effect.

 

(b)              
Authority. The Company has the corporate power and authority to execute, deliver and perform this Agreement and each
other Transaction Document and to carry out the obligations hereunder and thereunder. The execution, delivery and performance of
this Agreement and each other Transaction Document by the Company and the consummation of the transactions contemplated hereby
or thereby, including the authorization, issuance, sale and delivery of the Purchased Shares being sold pursuant to this Agreement,
have been duly authorized by all requisite corporate action on the part of the Company. This Agreement has been, and each of the
other Transaction Documents to which the Company is or will be a party when executed and delivered will be, duly and validly executed
and delivered by the Company and, assuming due authorization, execution and delivery by the Purchaser and GM, constitutes (and
each of the other Transaction Documents to which the Company is or will be a party when executed and delivered at the Closing,
will constitute) a valid and binding obligation of the Company enforceable against the Company in accordance with its terms (except
as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar
Laws of general applicability relating to or affecting creditors’ rights or by general equity principles).

 

(c)              
No Conflicts. Neither the execution and delivery of this Agreement or any other Transaction Document by the Company,
nor the consummation by the Company of the transactions contemplated hereby or thereby, nor performance by the Company of this
Agreement or any other Transaction Document, will (i) conflict with or violate any provision of the Certificate of Incorporation
or the Company’s Amended and Restated Bylaws or (ii) assuming that the Series A Certificate of Designations is filed
with and accepted by the Delaware Secretary of State pursuant to the General Corporation Law of the State of Delaware (the “DGCL”),
(x) violate any Law or any judgment, ruling, order, writ, injunction or decree (collectively, “Judgment”)
applicable to the Company or any Subsidiary of the Company or any of their respective properties or assets or (y) violate
or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default)
under, result in the termination of or a right of termination or cancellation under, result in the loss of any benefit or require
a payment or incur a penalty under, any of the terms or provisions of any loan or credit agreement, indenture, debenture, note,
bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement (each, a “Contract”) to
which the Company or any of its Subsidiaries is a party or accelerate the Company’s or, if applicable, any of its Subsidiaries’
obligations under any such Contract, except, in the case of clause  (ii), as would not reasonably be expected to have a Company
Material Adverse Effect.

 

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(d)              
Governmental Approvals. Except for (i) the filing of the Series A Certificate of Designations with the Delaware Secretary
of State and the acceptance for record by the Delaware Secretary of State of the Series A Certificate of Designations pursuant
to the DGCL, and (ii) and compliance with any applicable state securities or blue sky laws, no consent or approval of, or filing,
license, permit or authorization, declaration or registration with, any Governmental Authority is necessary for the execution and
delivery of this Agreement or any other Transaction Document by the Company, the performance by the Company of its obligations
hereunder or thereunder and the consummation by the Company of the transactions contemplated hereby or thereby, other than such
other consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that, if not obtained, made
or given, would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

 

(e)              
Authorized Shares. As of the date of this Agreement, the authorized capital stock of the Company consists of 407,500,000
shares of Common Stock and 50,000,000 shares preferred stock, par value $0.01 per share, and no shares of such preferred stock
are outstanding. Other than grants under equity incentive plans or compensatory arrangements of or for the benefit of the Company,
there are no preemptive or other outstanding rights, options, warrants, conversion rights, redemption rights, repurchase rights,
agreements, arrangements or commitments under which the Company is or may become obligated to issue or sell, or which give any
Person a right to subscribe for or acquire, any securities or interests or obligations exercisable or exchangeable for or convertible
into any capital stock or other equity interest or claim with respect to the Company, and no securities or obligations evidencing
such rights are authorized, issued or outstanding.

 

(f)               
Indebtedness of the Company. The Company has provided to the Purchaser a schedule (including the amount outstanding)
of all material Indebtedness, pledges, hedges or other similar debt arrangements outstanding as of date hereof, including the 2020
Confirmation.

 

(g)              
Series A Preferred Stock. The Purchased Shares to be issued pursuant to this Agreement have been duly authorized
by all necessary corporate action. When issued and sold against receipt of the consideration therefor as provided in this Agreement,
such Purchased Shares will be validly issued, fully paid and nonassessable, will not be subject to preemptive rights of any other
Person, and will have the terms and conditions and entitle the holders thereof to the rights set forth in the Series A Certificate
of Designations.

 

(h)              
Tripadvisor Capitalization; Ownership. As of the date of this Agreement, the authorized capital stock of Tripadvisor
consists of 1,600,000,000 shares of Tripadvisor Common Stock, 400,000,000 Class B Shares and 100,000,000 shares preferred stock,
par value $0.001 per share, which are undesignated as to series, and no shares of such preferred stock are outstanding. The Company
is the beneficial owner of 18,159,753 shares of Tripadvisor Common Stock and 12,799,999 Class B Shares free and clear of all security
interests, claims, liens and encumbrances, other than in connection with the Margin Loan Agreement, the 2020 Confirmation and
the Governance Agreement and restrictions on transfer under applicable federal and state securities laws.

 

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(i)                
Company SEC Documents. Since December 31, 2018, the Company’s forms, registration statements, reports, schedules
and statements required to be filed by it under the Exchange Act have been filed with the SEC on a timely basis. The Company SEC
Documents, at the time filed (or in the case of registration statements, solely on the dates of effectiveness), except to the extent
corrected by a subsequent Company SEC Document filed prior to the date hereof, (i) did not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading and (ii) complied as to form in all material respects with the
applicable requirements of the Exchange Act and the Securities Act, as the case may be.

 

(j)                
Company Financial Statements. Except as disclosed in the Company SEC Documents (excluding any disclosures set forth
in the risk factors or “forward-looking statements” sections of such reports or similar statements that are similarly
non-specific and are predictive or forward-looking in nature), the historical financial statements (including the related notes
and supporting schedule) contained or incorporated by reference in the Company SEC Documents (i) comply as to form in all material
respects with the applicable accounting requirements under the Securities Act and the Exchange Act (except that certain supporting
schedules are omitted), (ii) fairly present in all material respects the consolidated financial position of the Company and its
Subsidiaries as of the date thereof and the consolidated results of operations, cash flow and stockholder equity for the respective
periods (subject, in the case of unaudited quarterly financial statements, to normal year-end adjustments) and (iii) have been
prepared in all material respects in accordance with GAAP (except, in the case of unaudited quarterly statements, as permitted
by Form 10-Q of the SEC or other rules and regulations of the SEC) consistently applied throughout the periods involved, (except
(y) as may be indicated in the notes thereto or (z) as permitted by Regulation S-X).

 

(k)              
Undisclosed Liabilities of the Company. Neither the Company nor any of its Subsidiaries has any liabilities of any
nature (whether accrued, absolute, contingent or otherwise) that would be required under GAAP, to be reflected on a consolidated
balance sheet of the Company (including the notes thereto) except (i) liabilities reflected or reserved against in the balance
sheet (or notes thereto) of the Company and its Subsidiaries as of December 31, 2019 (the “Balance Sheet Date”)
included in the Company SEC Documents, (ii) trade payables and accrued expenses incurred in the ordinary course of business since
the Balance Sheet Date, (iii) as contemplated by this Agreement or otherwise incurred in connection with the transactions contemplated
hereby, (iv) that have been discharged or paid prior to the date of this Agreement or (v) as would not, individually or in the
aggregate, reasonably be expected to have a Company Material Adverse Effect.

 

(l)                 Tripadvisor
SEC Documents. Since December 31, 2018, to the knowledge of the Company, Tripadvisor’s forms, registration
statements, reports, schedules and statements required to be filed by it under the Exchange Act (the “Tripadvisor
SEC Documents”) have been filed with the SEC on a timely basis. To the knowledge of the Company, the Tripadvisor
SEC Documents, at the time filed (or in the case of registration statements, solely on the dates of effectiveness), except to
the extent corrected by a subsequent Tripadvisor SEC Document filed prior to the date hereof, (i) did not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading and (ii) complied as to form in
all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be.

 

    12

     

    

 

(m)            
Tripadvisor Financial Statements. Except as disclosed in the Tripadvisor SEC Documents (excluding any disclosures
set forth in the risk factors or “forward-looking statements” sections of such reports or similar statements that are
similarly non-specific and are predictive or forward-looking in nature), the historical financial statements (including the related
notes and supporting schedule) contained or incorporated by reference in the Tripadvisor SEC Documents, to the knowledge of the
Company, (i) comply as to form in all material respects with the applicable accounting requirements under the Securities Act and
the Exchange Act (except that certain supporting schedules are omitted), (ii) fairly present in all material respects the consolidated
financial position of Tripadvisor and its Subsidiaries as of the date thereof and the consolidated results of operations, cash
flow and stockholder equity for the respective periods (subject, in the case of unaudited quarterly financial statements, to normal
year-end adjustments) and (iii) have been prepared in all material respects in accordance with GAAP (except, in the case of unaudited
quarterly statements, as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC) consistently applied throughout
the periods involved, (except (y) as may be indicated in the notes thereto or (z) as permitted by Regulation S-X).

 

(n)              
Actions. As of the date hereof, there is no action, suit, investigation or proceeding, governmental, regulatory or
otherwise by or before any court or other Governmental Authority, pending or, to the knowledge of the Company, threatened, against
the Company or any of its Subsidiaries that would, individually or in the aggregate, reasonably be expected to have a Company Material
Adverse Effect.

 

(o)              
Securities Act. Based in part on Purchaser’s representations in Section 2.3(g), the offer and sale of
the Series A Preferred Stock is exempt from the registration and prospectus delivery requirements of the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder (the “Securities Act”). Neither the Company,
nor anyone acting on behalf of it, has offered or sold or will offer or sell any securities, or has taken or will take any other
action (including, without limitation, any offering of any securities of the Company under circumstances that would require, under
the Securities Act, the integration of such offering with the offering and sale of the Series A Preferred Stock), that would subject
the issuance of the Series A Preferred Stock to the registration provisions of the Securities Act.

 

(p)              
No Brokers. Neither the Company nor any of its Subsidiaries is bound by or subject to any contract with any Person
which will result in the Purchaser being obligated to pay any finder’s fees, brokerage or agent’s commissions or other
like payments in connection with the negotiations leading to this Agreement or the consummation of the transactions contemplated
hereby.

 

    13

     

    

 

(q)              
Compliance with Laws. The Company and each of its Subsidiaries are and since December 31, 2018 have been, in compliance
with all Laws that are applicable to the Company or any of its Subsidiaries, except as would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect. The Company and each of its Subsidiaries hold all licenses, franchises,
permits, certificates, approvals and authorizations from Governmental Authorities necessary for the lawful conduct of their respective
businesses, except where the failure to hold the same would not, individually or in the aggregate, reasonably be expected to have
a Company Material Adverse Effect.

 

(r)               
Tax Matters. Except as would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect, (a) each of the Company and its Subsidiaries has filed all Tax Returns required to be filed by it and has timely
paid all Taxes payable by it (whether or not shown on a Tax Return and including in its capacity as withholding agent) that have
become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves with
respect thereto in accordance with GAAP and (b) the Company and each of its Subsidiaries has paid, or has provided adequate reserves
in accordance with GAAP for the payment of, all Taxes not yet due and payable. To the knowledge of the Company, there is no current
or proposed Tax assessment, deficiency or other claim against the Company or any Subsidiary that would reasonably be expected to
result, individually or in the aggregate, in a Company Material Adverse Effect.

 

(s)               
No Advisory Arrangement. There is no advisory, monitoring or similar agreement or arrangement between the Company
or any of its Subsidiaries, on the one hand, and any of their Affiliates, GM Related Persons or Liberty Persons, on the other hand,
pursuant to which the Company, Tripadvisor or any of their respective Subsidiaries incurs or pays a monitoring, advisory or similar
fee to an Affiliate, GM Related Person or Liberty Person.

 

(t)                
No Rights Agreement; Anti-Takeover Provisions. Neither the Company nor any of its Subsidiaries is party to a stockholder
rights agreement, “poison pill” or similar anti-takeover agreement or plan.

 

(u)              
Investment Company Status. Neither the Company nor any of its Subsidiaries is, and immediately after the sale of
the Purchased Shares hereunder, none of the Company nor any of its Subsidiaries will be, required to be registered as an “investment
company” under the Investment Company Act of 1940, as amended.

 

(v)               No
Other Purchaser Representations or Warranties. Except for the representations and warranties expressly set forth in Section
2.3 and in any certificate delivered in connection with this Agreement, the Company hereby acknowledges that neither the
Purchaser nor any of its Subsidiaries, nor any other Person, (i) has made or is making any other express or implied
representation or warranty with respect to the Purchaser or any of its Subsidiaries or their respective businesses,
operations, assets, liabilities, condition (financial or otherwise) or prospects, including with respect to any information
provided or made available to the Company or any of its representatives or any information developed by the Company or any of
its representatives or (ii) will have or be subject to any liability or indemnification obligation to the Company resulting
from the delivery, dissemination or any other distribution to the Company or any of its representatives, or the use by the
Company or any of its representatives, of any information, documents, estimates, projections, forecasts or other
forward-looking information, business plans or other material developed by or provided or made available to the Company or
any of its representatives. The Company, on behalf of itself and on behalf of its respective Affiliates, expressly waives any
such claim relating to the foregoing matters, except with respect to fraud.

 

    14

     

    

 

2.3   Representations
of the Purchaser. The Purchaser hereby represents and warrants to the Company and GM that:

 

(a)              
Organization. The Purchaser is a limited liability company duly organized, validly existing and in good standing
under the laws of the state of Delaware. The Purchaser is duly licensed or qualified to transact business as a foreign corporation
in each jurisdiction in which the conduct of its business requires such licensing or qualification, except where failure to so
qualify would not have a Purchaser Material Adverse Effect.

 

(b)              
Authority. The Purchaser has the corporate or other power and authority to execute, deliver and perform this Agreement
and each other Transaction Document and to carry out its obligations hereunder and thereunder. The execution, delivery and performance
of this Agreement and each other Transaction Document by the Purchaser and the consummation of the transactions contemplated hereby
or thereby, including the purchase of the Purchased Shares being sold pursuant to this Agreement, have been, and each of the other
Transaction Documents to which the Purchaser is or will be a party when executed and delivered will be, duly authorized by all
requisite corporate action on the part of the Purchaser. This Agreement has been duly and validly executed and delivered by the
Purchaser and, assuming due authorization, execution and delivery by the Company and GM, constitutes (and each of the other Transaction
Documents to which the Purchaser is or will be a party when executed and delivered at the Closing, will constitute) a valid and
binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms (except as enforcement may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar Laws of general applicability
relating to or affecting creditors’ rights or by general equity principles).

 

(c)              
No Conflicts. Neither the execution, delivery and performance of this Agreement or any other Transaction Document
by the Purchaser, nor the consummation by the Purchaser of the transactions contemplated hereby or thereby, nor performance by
the Purchaser of this Agreement or any other Transaction Document, will (i) conflict with or violate any provision of the
organizational documents of the Purchaser or (ii) (x) violate any Law or Judgment applicable to the Purchaser or any Subsidiary
of the Purchaser or any of their respective properties or assets or (y) violate or constitute a default (or constitute an
event which, with notice or lapse of time or both, would violate or constitute a default) under, result in the termination of or
a right of termination or cancellation under, result in the loss of any benefit or require a payment or incur a penalty under,
any of the terms or provisions of any Contract to which the Purchaser or any of its Subsidiaries is a party or accelerate the Purchaser’s
or, if applicable, any of its Subsidiaries’ obligations under any such Contract, except, in the case of clause (ii), as would
not reasonably be expected to have a Purchaser Material Adverse Effect.

 

(d)               Governmental
Approvals. Except for the securities or blue sky laws of the various states, no consent or approval of, or filing,
license, permit or authorization, declaration or registration with, any Governmental Authority is necessary for the execution
and delivery of this Agreement or any other Transaction Document by the Purchaser, the performance by the Purchaser of its
obligations hereunder or thereunder and the consummation by the Purchaser of the transactions contemplated hereby or thereby,
other than such other consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that,
if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to have a Purchaser
Material Adverse Effect.

 

    15

     

    

 

(e)              
Actions. As of the date hereof, there is no action, suit, investigation or proceeding, governmental, regulatory or
otherwise by or before any court or other Governmental Authority, pending or, to the knowledge of the Purchaser, threatened, against
the Purchaser that would reasonably be expected to have a Purchaser Material Adverse Effect.

 

(f)               
Sufficient Funds. The Purchaser will have available to it at the Closing sufficient funds to consummate the purchase
of the Purchased Shares hereunder.

 

(g)              
Purchase for Investment. The Purchaser acknowledges that none of the Purchased Shares (nor any Payment Shares) have
been registered under the Securities Act or under any state or other applicable securities laws and, accordingly, must be held
indefinitely unless a subsequent sale or other transfer thereof by the Purchaser is registered under the Securities Act and such
securities or blue sky laws or is exempt from registration thereunder. The Purchaser (i) acknowledges that it is acquiring the
Purchased Shares (and, if applicable, any Payment Shares) being purchased by it pursuant to an exemption from registration under
the Securities Act solely for its own account for investment purposes with no intention to distribute any of the foregoing to any
Person, (ii) will not sell, transfer, or otherwise dispose of any of the Purchased Shares (and, if applicable, any Payment Shares),
except in compliance with this Agreement and the registration requirements or exemption provisions of the Securities Act and any
other applicable securities Laws, (iii) has such knowledge and experience in financial and business matters and in investments
of this type that it is capable of evaluating the merits and risks of its investment in the Purchased Shares (and, if applicable,
any Payment Shares) and of making an informed investment decision, (iv) is an "accredited investor" (as that term is
defined by Rule 501 of the Securities Act) and (v) (1) has had an opportunity to discuss with the Company and its representatives
the intended business and financial affairs of the Company and to obtain information necessary to verify any information furnished
to it or to which it had access and (2) can bear the economic risk of (x) an investment in the Purchased Shares (and, if applicable,
any Payment Shares) indefinitely and (y) a total loss in respect of such investment. The Purchaser has such knowledge and experience
in business and financial matters so as to enable it to understand and evaluate the risks of, and form an investment decision with
respect to its investment in, the Purchased Shares (and, if applicable, any Payment Shares) and to protect its own interest in
connection with such investment.

 

(h)               No
Reliance. In connection with the due diligence investigation of the Company by the Purchaser and its representatives, the
Purchaser and its representatives may have received, and may continue to receive from the Company and its representatives,
certain estimates, projections, forecasts and other forward-looking information regarding the Company and its Subsidiaries.
The Purchaser hereby acknowledges that there are uncertainties inherent in attempting to make such estimates, projections,
forecasts and other forward-looking statements with which the Purchaser is familiar, that the Purchaser is making its own
evaluation of the adequacy and accuracy of all estimates, projections, forecasts and other forward-looking information so
furnished, and that the Purchaser will have no claim against the Company or any of its Subsidiaries, or any of their
respective representatives, with respect thereto.

 

    16

     

    

 

(i)                
No Other Company Representations or Warranties. Except for the representations and warranties expressly set forth
in Section 2.2 or Section 2.4, and in any certificate delivered in connection with this Agreement, the Purchaser
hereby acknowledges that neither the Company nor any of its Subsidiaries, nor any other Person, (i) has made or is making any other
express or implied representation or warranty with respect to the Company, Tripadvisor or any of their respective Subsidiaries
or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects, including with
respect to any information provided or made available to the Purchaser or any of its representatives or any information developed
by the Purchaser or any of its representatives or (ii) will have or be subject to any liability or indemnification obligation to
the Purchaser resulting from the delivery, dissemination or any other distribution to the Purchaser or any of its representatives,
or the use by the Purchaser or any of its representatives, of any information, documents, estimates, projections, forecasts or
other forward-looking information, business plans or other material developed by or provided or made available to the Purchaser
or any of its representatives. The Purchaser, on behalf of itself and on behalf of its respective Affiliates, expressly waives
any such claim relating to the foregoing matters, except with respect to intentional fraud.

 

(j)                
Independent Review. The Purchaser hereby acknowledges (for itself and on behalf of its Affiliates and representatives)
that it has conducted, to its satisfaction, its own independent investigation with such investment, legal, tax, accounting and
other advisers as it deemed necessary of the business, operations, assets and financial condition of the Company and its Subsidiaries
and, in making its determination to proceed with the purchase and acquisition of the Purchased Shares, the Purchaser and its Affiliates
and its representatives have relied exclusively on the results of their own independent investigation without reliance on any representation
or warranty of the Company other than those contained in Section 2.2 of this Agreement or any advice from the Company.

 

(k)              
No Brokers. The Purchaser is not bound by or subject to any contract with any Person which will result in the Company
being obligated to pay any finder’s fees, brokerage or agent’s commissions or other like payments in connection with
the negotiations leading to this Agreement or the consummation of the transactions contemplated hereby.

 

2.4   Representations
of GM. GM hereby represents and warrants to the Company and the Purchaser that:

 

(a)              
Authority. GM has power and authority to execute, deliver and perform this Agreement and to carry out the obligations
hereunder. This Agreement has been duly and validly executed and delivered by GM and, assuming due authorization, execution and
delivery by the Company and the Purchaser, constitutes a valid and binding obligation of GM enforceable against GM in accordance
with its terms (except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer and similar Laws of general applicability relating to or affecting creditors’ rights or by general equity principles).

 

    17

     

    

 

(b)              
Beneficial Ownership. GM is the beneficial owner of (i) no shares of Series A Common Stock and (ii) 4,644,098 shares
of Series B Common Stock, in the case of clause (ii), free and clear of all security interests, claims, liens and encumbrances,
other than in connection with Exempt Transfers.

 

SECTION 3. CONDITIONS TO CLOSING

 

3.1             
Conditions to the Purchaser’s Obligations. The obligation of the Purchaser to consummate the purchase of the
Purchased Shares to be purchased by it as contemplated by this Agreement is subject to the satisfaction of the following conditions,
any of which may be waived in writing by the Purchaser:

 

(a)              
No Judgments. No temporary or permanent Judgment shall have been enacted, promulgated, issued, entered, amended or
enforced by any Governmental Authority nor shall any proceeding brought by a Governmental Authority seeking any of the foregoing
be pending, or any applicable Law shall be in effect enjoining or otherwise prohibiting consummation of the transactions contemplated
hereby.

 

(b)              
Representations and Warranties True and Correct. Each of the representations and warranties contained in Section
2.2 of this Agreement shall be true and correct in all respects (with respect to representations qualified by materiality or
Company Material Adverse Effect) or true in and correct in all material respects (with respect to all other representations), in
each case as of the date hereof and as of the Closing Date or as of such other date as specifically provided in Section 2.2
of this Agreement, in each case with the same effect as if then made. The Company shall have performed, in all material respects,
all obligations required by this Agreement to be performed by it on or prior to the Closing Date. The Company shall have delivered
a certificate to the Purchaser, executed by the Company or one or more duly authorized representatives thereof, as the case may
be, as to the matters referred to in this Section 3.1(b).

 

(c)               Certificate
of Designations. The Series A Certificate of Designations substantially in the form attached as Exhibit A hereto shall
have been certified by the Delaware Secretary of State and a copy thereof delivered to the Purchaser; provided,
however, that if the Delaware Secretary of State is closed due to an extraordinary event (including relating to
COVID-19), then the Series A Certificate of Designations, substantially in the form attached as Exhibit A hereto,
shall be delivered to or positioned with the Delaware Secretary of State or a representative thereof or otherwise prepared by
the Company for filing, in each case in a manner reasonably acceptable to the Purchaser, so that it can be subsequently
filed, and deemed effective as of a date no later than the Closing Date, in accordance with the guidelines and procedures of
the Delaware Secretary of State following the reopening of the Delaware Secretary of State after the extraordinary event has
ended (such that the Certificate of Designations shall be deemed filed and effective as of a date no later than the Closing
Date as if the Delaware Secretary of State had not been closed due to an extraordinary event notwithstanding that the
administrative act of filing the Certificate of Designations on the applicable systems of the Delaware Secretary of State and
the acceptance of such filing by the Delaware Secretary of State will not occur until the Delaware Secretary of State is
reopened after the extraordinary event has ended) and a certified copy shall be obtained from the Delaware Secretary of State
no later than as promptly as possible following the reopening of the Delaware Secretary of State after the extraordinary
event has ended, and a copy thereof delivered to the Purchaser.

 

    18

     

    

 

(d)              
No Default Under Margin Loan. None of the Calculation Agent or the Administrative Agent (or any successor to either
of the foregoing under the Margin Loan Agreement) or any Lender shall have exercised any right under the Margin Loan Agreement
to transfer any Pledged Shares (as defined in the Margin Loan Agreement) in foreclosure.

 

3.2             
Conditions of the Company’s Obligations. The obligation of the Company to consummate the transactions contemplated
by this Agreement is subject to the satisfaction of the following conditions, any of which may be waived in writing by the Company:

 

(a)              
No Judgments. No temporary or permanent Judgment shall have been enacted, promulgated, issued, entered, amended or
enforced by any Governmental Authority nor shall any proceeding brought by a Governmental Authority seeking any of the foregoing
be pending, or any applicable Law shall be in effect enjoining or otherwise prohibiting consummation of the transactions contemplated
hereby.

 

(b)              
Representations and Warranties True and Correct. Each of the representations and warranties of the Purchaser contained
in Section 2.3 of this Agreement shall be true and correct in all respects as of the date hereof and as of the Closing Date,
with the same effect as if then made. The Purchaser shall have performed, in all material respects, all obligations required by
this Agreement to be performed by it on or prior to the Closing Date. The Purchaser shall have delivered a certificate to the Company,
executed by the Purchaser or one or more duly authorized representatives thereof, as the case may be, as to the matters referred
to in this Section 3.2(b) in respect of the Purchaser.

 

(c)              
Certificate of Designations. The Series A Certificate of Designations substantially in the form attached as Exhibit
A hereto shall have been certified by the Delaware Secretary of State and a copy thereof delivered to the Purchaser; provided
that if the Delaware Secretary of State is closed due to an extraordinary event (including relating to COVID-19), then the Series
A Certificate of Designations, substantially in the form attached as Exhibit A hereto, shall be delivered to or positioned
with the Delaware Secretary of State or a representative thereof or otherwise prepared by the Company for filing so that it can
be subsequently filed, and deemed effective as of a date no later than the Closing Date, in accordance with the guidelines and
procedures of the Delaware Secretary of State following the reopening of the Delaware Secretary of State after the extraordinary
event has ended (such that the Certificate of Designations shall be deemed filed and effective as of a date no later than the
Closing Date as if the Delaware Secretary of State had not been closed due to an extraordinary event notwithstanding that the
administrative act of filing the Certificate of Designations on the applicable systems of the Delaware Secretary of State and
the acceptance of such filing by the Delaware Secretary of State will not occur until the Delaware Secretary of State is reopened
after the extraordinary event has ended) and a certified copy shall be obtained from the Delaware Secretary of State no later
than as promptly as possible following the reopening of the Delaware Secretary of State after the extraordinary event has ended,
and a copy thereof delivered to the Purchaser.

 

    19

     

    

 

(d)              
Purchased Shares. The Purchaser shall have purchased and paid for in accordance with Section 2.1(c)(2) the
Purchased Shares being purchased by it on such Closing Date.

 

(e)              
Internal Revenue Service Forms. The Purchaser shall have delivered to the Company a properly completed and executed
Internal Revenue Service Form W-9 providing the Purchaser’s taxpayer identification number and the requisite certification
by the Purchaser under penalties of perjury, or shall have delivered an applicable properly completed and executed Internal Revenue
Service Form W-8 attesting to the Purchaser’s tax status and the requisite certification by the Purchaser under penalties
of perjury; provided that, if the Purchaser is disregarded for U.S. federal income tax purposes, the Purchaser shall instead have
delivered to the Company a properly completed and executed Internal Revenue Service Form W-9 or an applicable Internal Revenue
Service Form W-8 properly referencing the Purchaser and providing the relevant information of the Purchaser’s regarded owner
for U.S. federal income tax purposes and the requisite certification by such regarded owner under penalties of perjury.

 

SECTION 4. COVENANTS

 

4.1             
Filings; Other Actions. The Purchaser, on the one hand, and the Company, on the other hand, will cooperate and consult
with the other and use reasonable best efforts to prepare and file all necessary documentation, to effect all necessary applications,
notices, petitions, filings and other documents, and to obtain all necessary permits, consents, orders, approvals and authorizations
of, or any exemption by, all third parties and Governmental Authorities, and the expiration or termination of any applicable waiting
period, necessary or advisable to consummate the transactions contemplated by this Agreement, and to perform the covenants contemplated
by this Agreement. Each party shall execute and deliver both before and after the Closing such further certificates, agreements
and other documents and take such other actions as the other parties may reasonably request to consummate or implement such transactions
or to evidence such events or matters. Purchaser and the Company will have the right to review in advance, and to the extent practicable
each will consult with the other, in each case subject to applicable laws relating to the exchange of information, all the information
relating to such other party, and any of their respective Affiliates, which appears in any filing made with, or written materials
submitted to, any third party or any Governmental Authority in connection with the transactions contemplated by this Agreement.
In exercising the foregoing right, each of the parties hereto agrees to act reasonably and as promptly as practicable. Each party
hereto agrees to keep the other party apprised of the status of matters referred to in this Section 4.1. The Purchaser shall
promptly furnish the Company, and the Company shall promptly furnish the Purchaser, to the extent permitted by applicable law,
with copies of written communications received by it or its Subsidiaries from, or delivered by any of the foregoing to, any Governmental
Authority in respect of the transactions contemplated by this Agreement.

 

4.2              Certificate
of Designations. Prior to the Closing, the Company shall file the Series A Certificate of Designations substantially in
the form attached as Exhibit A hereto with the Delaware Secretary of State; provided that if the Delaware Secretary of
State is closed due to an extraordinary event (including relating to COVID-19), then the Series A Certificate of
Designations, substantially in the form attached as Exhibit A hereto, shall be delivered to or positioned with the
Delaware Secretary of State or a representative thereof or otherwise prepared by the Company for filing, in each case in a
manner reasonably acceptable to the Purchaser, so that it can be subsequently filed, and deemed effective as of a date no
later than the Closing Date, in accordance with the guidelines and procedures of the Delaware Secretary of State following
the reopening of the Delaware Secretary of State after the extraordinary event has ended (such that the Certificate of
Designations shall be deemed filed and effective as of a date no later than the Closing Date as if the Delaware Secretary of
State had not been closed due to an extraordinary event notwithstanding that the administrative act of filing the Certificate
of Designations on the applicable systems of the Delaware Secretary of State and the acceptance of such filing by the
Delaware Secretary of State will not occur until the Delaware Secretary of State is reopened after the extraordinary event
has ended).

 

    20

     

    

 

4.3             
Confidentiality. Each party to this Agreement will hold, and will cause its respective Affiliates and their directors,
officers, employees, agents, consultants and advisors to hold, in strict confidence, unless disclosure to a regulatory authority
is necessary or appropriate in connection with any necessary regulatory approval or unless disclosure is required by judicial or
administrative process or, in the written opinion of its counsel, by other requirement of law or the applicable requirements of
any regulatory agency or relevant stock exchange, all non-public records, books, contracts, instruments, computer data and other
data and information (collectively, “Confidential Information”) concerning the other party hereto furnished
to it by such other party or its representatives pursuant to this Agreement or otherwise to Purchaser in connection with Purchaser’s
ownership of the Purchased Shares (except to the extent that such information can be shown to have been (1) previously known by
such party on a non-confidential basis, (2) in the public domain through no fault of such party or (3) later lawfully acquired
from other sources by the party to which it was furnished), and neither party hereto shall release or disclose such Confidential
Information to any other Person, except its auditors, attorneys, and financial advisors; provided, that Purchaser may disclose
information as is customary for private equity firms relating to its investment in the Purchased Shares to its limited partners
and prospective limited partners provided that such Persons are bound by customary confidentiality obligations.

 

4.4             
Further Assurances. If, subsequent to the Closing Date, further documents are reasonably requested in order to carry
out the provisions and purposes of this Agreement, the parties hereto shall execute and deliver such further documents.

 

4.5             
Conduct of Business. From the date hereof until the earlier of the Closing and the termination of this Agreement,
except as (i) contemplated by this Agreement or (ii) required by applicable Law, the Company shall not, and shall cause its Subsidiaries
not to, (unless otherwise consented to by the Purchaser in writing):

 

(i)              
declare, set aside, make or pay any distribution in respect of the equity interests of the Company or repurchase, redeem
or otherwise acquire any outstanding equity interests or other securities of, or other ownership interests in, the Company other
than pursuant to its equity incentive plans;

 

(ii)             
transfer, issue, sell or dispose of any equity interests of the Company or grant options, warrants, calls, phantom shares,
profit participation or other rights to purchase or otherwise acquire equity interests of the Company other than pursuant to its
equity incentive plans;

 

    21

     

    

 

(iii)            
except in connection with a merger of wholly-owned Subsidiaries, effect any recapitalization, reclassification, stock split
or like change in the capitalization of the Company or its Subsidiaries;

 

(iv)            
except in connection with a merger of wholly-owned Subsidiaries, amend any organizational document of the Company or its
Subsidiaries;

 

(v)              
knowingly grant or take any other action that will result in the imposition of any material lien granted on any material
property or assets (whether tangible or intangible) of the Company or its Subsidiaries, other than as required by or provided in
connection with the 2020 Confirmation or Indebtedness, in each case, existing as of the date hereof;

 

(vi)            
make any material change in the Company’s or its Subsidiaries’ financial accounting principles, except as required
by changes in GAAP (or any interpretation thereof) or in applicable Law;

 

(vii)           
except in connection with a merger of wholly-owned Subsidiaries, merge or consolidate with any other Person, or acquire
capital stock or assets of any other Person;

 

(viii)          
incur any Indebtedness for borrowed money or guarantee any such Indebtedness of another Person (other than (A) Indebtedness
for borrowed money that will be repaid at Closing, (B) Indebtedness for borrowed money between the Company and its Subsidiaries
or (C) accrual of interests under the instruments of Indebtedness existing as of the date hereof); or

 

(ix)             agree
or commit in writing to do any of the foregoing or otherwise operate outside of the ordinary course of business.

 

4.6             
Transfer Restrictions.

 

(a) Except as otherwise
permitted in Section 4.6(b), the Purchaser will not Transfer any Purchased Shares or enter into any Contract agreeing
to Transfer any Purchased Shares.

 

(b) Notwithstanding
Section 4.6(a), the Purchaser or any Permitted Transferee of the Purchaser shall be permitted to Transfer any portion
or all of their Purchased Shares at any time under the following circumstances:

 

(1)              
Transfers pursuant to a merger, consolidation or other business combination where the Company is a constituent corporation;

 

(2)              
(x) Transfers to a Controlled Affiliate of the Purchaser or (y) indirect Transfers to a limited partner or a member of the
Purchaser pursuant to an investment in Purchaser by such limited partner or member, provided that the Purchaser or a Controlled
Affiliate thereof remains the record holder of the Purchased Shares;

 

    22

     

    

 

 

(3)              
Transfers that have been approved by the Board of Directors, subject to such conditions as the Board of Directors reasonably
determines; or

 

(4)              
in the event (i) the Purchased Shares have not been redeemed in full by the Company following the Mandatory Redemption Date
or (ii) are made available for sale pursuant to Section 5(g) of the Certificate of Designations.

 

(c)              
Any attempted Transfer in violation of this Section 4.6 shall be null and void ab initio.

 

(d)              
On or prior to the date that any Person becomes a Permitted Transferee, such Permitted Transferee shall deliver to the Company
a properly completed and executed Internal Revenue Service Form W-9 (or applicable successor form) providing the Permitted Transferee’s
taxpayer identification number and the requisite certification by the Permitted Transferee under penalties of perjury, or shall
have delivered an applicable properly completed and executed Internal Revenue Service Form W-8 (or applicable successor form) attesting
to such Permitted Transferee’s tax status and the requisite certification by the Permitted Transferee under penalties of
perjury; provided that, if the Permitted Transferee is disregarded for U.S. federal income tax purposes, the Permitted Transferee
shall instead have delivered to the Company a properly completed and executed Internal Revenue Service Form W-9 (or applicable
successor form) or an applicable Internal Revenue Service Form W-8 (or applicable successor form) properly referencing the Permitted
Transferee and providing the relevant information of the Permitted Transferee’s regarded owner for U.S. federal income tax
purposes and the requisite certification by such regarded owner under penalties of perjury.

 

 4.7             
 Board of Directors.

 

(a)              
Prior to the appointment of the Series A Preferred Threshold Director or the Series A Preferred Redemption Director in accordance
with the Series A Certificate of Designations, (x) the Purchaser and (y) the Series A Preferred Threshold Director or the Series
A Preferred Redemption Director, as applicable, must provide to the Company:

 

(i)                       
all information reasonably requested by the Company that is required to be or is customarily disclosed for directors, candidates
for directors and their respective Affiliates and representatives in a proxy statement or other filings in accordance with applicable
Law, any stock exchange rules or listing standards or the Company’s organizational documents or corporate governance guidelines,
in each case, relating to the appointment of the Series A Preferred Threshold Director or the Series A Preferred Redemption Director,
as applicable, as a director of the Company; and

 

(ii)                       
all information reasonably requested by the Company in connection with assessing eligibility, independence and other criteria
applicable to directors or satisfying compliance and legal or regulatory obligations, in each case, relating to the appointment
of the Series A Preferred Threshold Director or the Series A Preferred Redemption Director, as applicable, as a director of the
Company or the Company’s operations in the ordinary course of business.

 

    23

     

    

 

(b)              
Within a reasonable time prior to the filing with the SEC of its proxy statement or information statement with respect to
each meeting of stockholders at which directors are to be elected, the Company shall, to the extent the Purchaser is entitled to
appoint the Series A Preferred Threshold Director and/or the Series A Preferred Redemption Director in accordance with the Series
A Certificate of Designations, provide the Purchaser with the opportunity to review and comment on the information contained in
such proxy or information statement applicable to the Series A Preferred Threshold Director and/or Series A Preferred Redemption
Director, as applicable.

 

(c)              
Each Person appointed as the Series A Preferred Threshold Director or the Series A Preferred Redemption Director shall be
reasonably acceptable to the Company and otherwise meet the requirements set forth in the Company’s corporate governance
guidelines to serve as a director of the Company. The Company and the Purchaser agree and acknowledge that each of the senior managing
directors of the Certares Management LLC as of the date hereof (each, “Certares Managing Director”) is reasonably
acceptable to the Company.

 

(d)              
The Company shall indemnify the Series A Preferred Threshold Director or Series A Preferred Redemption Director and provide
such director with director and officer insurance to the same extent as it indemnifies and provides such insurance to other members
of the Board, pursuant to the applicable governing documents of the Company, the DGCL or otherwise.

 

(e)              
As of the date hereof, the Company and the Purchaser agree and acknowledge that M. Gregory O’Hara shall be appointed
as the Series A Preferred Threshold Director pursuant to the Series A Certificate of Designations. Mr. O’Hara may also be
named Vice Chairman of the Board of Directors, at the election of Purchaser.

 

4.8             
Preferred Contingent Matter. If and for so long as shares of Series A Preferred Stock having a liquidation value
equal to the Threshold Amount remain outstanding, the Company shall not, without the prior written approval of the holders of at
least a majority of the outstanding shares of Series A Preferred Stock, pay any dividend or distribution, in each case, in cash
or in kind, on, or purchase or redeem, any Junior Stock or any Parity Stock, other than purchases, redemptions or other acquisitions
of shares of Junior Stock in the ordinary course in connection with any employment contract, benefit plan or other similar arrangement
approved by the Board of Directors with or for the benefit of employees, officers, directors or consultants, provided that
no such purchase of Junior Stock from GM will be permitted other than in connection with net settling of options and repurchases
of unvested restricted stock in accordance with the terms thereby. Notwithstanding the foregoing, the prohibition in this Section
4.8 shall cease to apply following (i) delivery of the Put Option Exercise Notice and (ii) the Purchaser ceasing to hold
share of Series A Preferred Stock having a liquidation value equal to the Threshold Amount.

 

4.9             
Purchaser Contingent Matters. If and for so long the Purchaser beneficially owns a number of shares of Preferred
Stock with an aggregate Liquidation Price at least equal to the Threshold Amount, neither the Company nor any of its Subsidiaries
shall take any of the following actions without the prior written approval of the holders of at least a majority of the outstanding
shares of Series A Preferred Stock (and, with respect to subsection (d) below, the approval of the independent directors of the
Board of Directors):

 

    24

     

    

 

(a)              
The Company will not and the Company will not permit any of its Subsidiaries to incur any Indebtedness which ranks senior
in right of payment to the Preferred Stock, except for:

 

(1)              
Increase in Indebtedness under the 2020 Confirmation as in effect as of the date hereof;

 

(2)              
Indebtedness incurred to fund the redemption, repurchase, retirement or other acquisition of any outstanding Series A Preferred
Stock; and

 

(3)              
Indebtedness incurred to fund the working capital needs of the Company and/or its Subsidiaries as determined in good faith
by the Company, including, but not limited to, Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar institution drawn against insufficient funds in the ordinary course of business; provided that the
aggregate outstanding principal amount of Indebtedness (such outstanding amount measured solely when incurred, created or assumed)
under this clause (3) shall not exceed $25,000,000.

 

(b)              
Issue any Senior Stock or Parity Stock;

 

(c)              
Issue shares of the Series B Common Stock to any Person, other than to GM (and any GM Related Persons) or to the Purchaser
or any Controlled Affiliate of the Purchaser;

 

(d)              
Enter into or consummate an Affiliate Transaction; or

 

(e)              
Transfer any of the Tripadvisor Common Stock or Class B Shares, except for (i) up to 2,422,210 shares of Tripadvisor Common
Stock that are or may be pledged pursuant to the 2020 Confirmation, (ii) any Transfer to the extent incurred to fund the redemption,
repurchase, retirement or other acquisition of any outstanding Series A Preferred Stock or (iii) pursuant to a TripAdvisor Transaction
or Tripadvisor Change in Control.

 

 4.10              Change in Control Transaction.

 

(a)              
If the Board of Directors approves the initiation of a sale process seeking a Change in Control Transaction or approves
the entry by the Company into negotiations with a third party for a Change in Control Transaction (a “Sale Process”)
and at such time the Purchaser beneficially owns a number of shares of Preferred Stock with an aggregate Liquidation Price equal
to at least the Threshold Amount:

 

(1)              
The Company shall (x) provide prompt notice (a “Sale Notice”) to the Purchaser of its intent to initiate
such Sale Process and (y) within a reasonable period of time, designate a nationally recognized investment bank to act as financial
advisor to manage the Sale Process; provided, that such investment bank shall be reasonably acceptable to the Purchaser;
and provided, further that if the Purchaser does not object in writing to the designation of such investment bank within
five (5) Business Days following delivery of written notice thereof, such investment bank shall be deemed acceptable to the Purchaser;

 

    25

     

    

 

(2)              
 The Company shall provide to the Purchaser an opportunity to participate in the Sale Process as a prospective purchaser;

 

(3)              
If, pursuant to the Sale Process, the Company receives a bona fide written offer from a prospective purchaser for a Change
in Control Transaction in which the stockholders of the Company and all holders of options, restricted stock units and other contingent
equity in the Company would receive consideration in exchange therefor consisting at least 90% of cash in immediately available
funds (a “CIC Cash Proposal”) that, the Board of Directors determines (after consultation with its outside legal
counsel and its financial advisor), is reasonably likely to be consummated on the terms proposed, it shall (A) provide Purchaser
with written notice thereof and the Purchaser will be entitled to engage (and if it so elects to engage, the Company shall so engage
with Purchaser in good faith) for a period not less than five Business Days in private discussions with, and make private proposals
to, the Board of Directors with respect to a Change in Control Transaction in which the stockholders of the Company and all holders
of options, restricted stock units and other contingent equity in the Company would receive all cash consideration therefor in
an amount (including the cash consideration for the non-cash portion of the consideration in the CIC Cash Proposal at the fair
market value) no less than the CIC Cash Proposal and (B) in the event Purchaser agrees in writing to acquire the Company in a Change
in Control Transaction in which the stockholders of the Company and all holders of options, restricted stock units and other contingent
equity in the Company would receive all cash consideration therefor in an amount no less than the CIC Cash Proposal and otherwise
on terms no less favorable than the CIC Cash Proposal in the aggregate (the “Matching Proposal”), then, subject
to compliance by the Board of Directors with its fiduciary duties, the Company and the Purchaser shall use commercially reasonable
efforts to consummate such Matching Proposal, subject to the Company’s right, in its sole discretion, to determine not to
consummate any Change in Control Transaction at such time.

 

(4)              
Notwithstanding anything in this Section 4.10 or this Agreement to the contrary, the parties acknowledge and agree
that this Section 4.10(a) does not apply to any Tripadvisor Transaction or Exempt Transfer.

 

(b)              
Series B Transfer. If (i) at any such time that the Purchaser beneficially owns a number of shares of Preferred Stock
with an aggregate Liquidation Price equal to at least the Threshold Amount and (ii) GM receives a bona fide written proposal from
a Person that is not a GM Related Party or otherwise a Controlled Affiliate of GM for the Transfer of any shares of Series B Common
Stock (excluding any Exempt Transfer) and GM determines, in his sole discretion, to sell such shares of Series B Common Stock:

 

    26

     

    

 

(1)              
GM shall provide Purchaser with written notice thereof; and

 

(2)               If
the consideration to be received by GM in proposed Transfer consists at least 90% of cash in exchange for the Series B Common
Stock, then (A) Purchaser will be entitled to engage (and if it so elects to engage, GM shall so engage with Purchaser in
good faith) for a period not less than five Business Days in private discussions with, and make private proposals to, GM with
respect to a potential Transfer of Series B Common Stock to Purchaser or one or more of its Controlled Affiliates in which
the GM would receive all cash consideration therefor in an amount (including the cash consideration for the non-cash portion
of the consideration in the CIC Cash Proposal at the fair market value) no less than the original third-party proposal (the
“Series B Matching Proposal”) (B) in the event Purchaser agrees in writing to acquire all but not less
than all of the Series B Common Stock proposed to be Transferred in a transaction in which GM would receive all cash
consideration therefor in an amount no less than the original third-party proposal and otherwise on terms no less favorable
than the third-party proposal in the aggregate (the “Series B Matching Proposal”), then, subject to
compliance by GM with any duties, fiduciary or otherwise, arising out of his ownership of Series B Common Stock, GM and
Purchaser shall use commercially reasonable efforts to consummate such Series B Matching Proposal, subject to GM’s
right in its sole discretion to determine not to Transfer (other than an Exempt Transfer) such Series B Common Stock at such
time.

 

(3)              
Notwithstanding anything in this Section 4.10 or this Agreement to the contrary, the parties acknowledge and agree
that this Section 4.10(b) does not apply to any Tripadvisor Transaction, Exempt Transfer or Transfers pursuant to a merger,
consolidation or other business combination where the Company is a constituent corporation.

 

(c)              
Notwithstanding anything in this Section 4.10 or this Agreement to the contrary, the parties acknowledge and agree
that the rights described in Section 4.10 do not (i) make the Purchaser the beneficial owner, directly or indirectly, of
any securities of the Company or Tripadvisor, (ii) contemplate the offer, sale, issuance, acquisition, disposition, voting
(or exercise of consensual rights) of (or with respect to) or continued ownership of any securities of the Company or Tripadvisor
by the Purchaser, (iii) constitute any agreement, arrangement, or understanding in any respect for the purpose of acquiring, holding,
voting or disposing of any securities of the Company or Tripadvisor by the Purchaser, or (iv) constitute or contemplate any joint,
common or coordinated action by any party with respect to any securities of the Company or Tripadvisor (and such party maintains
whatever individual rights such party may have with respect to the acquiring, holding, voting or disposing of any securities of
the Company or Tripadvisor, as applicable).

 

 4.11              Consultation Rights.

 

(a)              
If and only for so long as the Purchaser beneficially owns a number of shares of Series A Preferred Stock with an aggregate
Liquidation Price equal to or in excess of the Threshold Amount:

 

(1)              
Promptly following the Company’s receipt of notice from Tripadvisor that the Company is entitled to vote the shares
of Company Tripadvisor Shares with respect to any matter (“Trip Voting Matter”), the Company shall (A) notify
the Purchaser of such Trip Voting Matter, (B) consult with the Purchaser with respect to the Trip Voting Matter and (C) consider
the views of the Purchaser in good faith in connection with exercising (or abstaining from) its right to vote the Company Tripadvisor
Shares.

 

    27

     

    

 

(2)              
Promptly following delivery by the Company of notice to its holders of Series B Common Stock that such holders are entitled
to vote such shares of Series B Common Stock with respect to any matter (“Company Voting Matter”), (A) the Company
shall notify the Purchaser of such Company Voting Matter and (B) GM shall (x) consult with the Purchaser with respect to the Company
Voting Matter and (y) consider the views of the Purchaser in good faith in connection with exercising (or abstaining from) his
right to vote the shares of Series B Common Stock owned beneficially and of record by GM in such Company Voting Matter.

 

(3)              
 The Company shall in good faith provide a reasonable opportunity for the Purchaser to meet with (either in person, telephonically
or by electronic means) the representatives of the Company as early as reasonably practicable prior to voting any Company Tripadvisor
Shares with respect to any Trip Voting Matter.

 

(4)              
GM shall in good faith provide a reasonable opportunity for Purchaser to meet with (either in person, telephonically or
by electronic means) the representatives of GM as early as reasonably practicable prior to voting Series B Common Stock with respect
to any Company Voting Matter.

 

(b)              
Notwithstanding anything in this Section 4.11 or this Agreement to the contrary, the parties acknowledge and agree
that the rights described in Section 4.11(a) are solely advisory in nature and do not (i) make the Purchaser the beneficial
owner, directly or indirectly, of any securities of the Company or Tripadvisor, (ii) contemplate the offer, sale, issuance,
acquisition, disposition, voting (or exercise of consensual rights) of (or with respect to) or continued ownership of any securities
of the Company or Tripadvisor by the Purchaser, (iii) constitute any agreement, arrangement, or understanding in any respect for
the purpose of acquiring, holding, voting or disposing of any securities of the Company or Tripadvisor by the Purchaser, or (iv)
constitute or contemplate any joint, common or coordinated action by any party with respect to any securities of the Company or
Tripadvisor (and such party maintains whatever individual rights such party may have with respect to the acquiring, holding, voting
or disposing of any securities of the Company or Tripadvisor, as applicable).

 

4.12         
Exchange Ratio. For so long the Purchaser beneficially owns a number of shares of Preferred Stock with an aggregate
Liquidation Price at least equal to the Threshold Amount, connection with a Change in Control Transaction in which the holders
of Common Stock are to be paid in Publicly Traded Securities, the applicable merger agreement or other agreement executed to effect
such Change in Control Transaction will provide for merger consideration for the Series B Common Stock consisting of Publicly Traded
Securities with an exchange ratio no greater than 110% than the merger consideration exchange ratio for the Series A Common Stock.

 

 4.13              Tripadvisor Director.

 

(a)               From
the Closing Date until the earlier of (i) the date the Purchaser beneficially owns a number of shares of Preferred Stock with
an aggregate Liquidation Price that is less than the Threshold Amount and (ii) the date the Company beneficially owns a
number of Equity Securities (as defined in the Governance Agreement) that no longer entitles it to nominate a number of
Liberty Directors (as defined in the Governance Agreement) equal to 20% of the total number of directors on
Tripadvisor’s board of directors (the “Tripadvisor Board”) or no longer entitles the Company to
nominate two or more Liberty Directors to the TripAdvisor Board in each case pursuant to the Governance Agreement (such
period, the “Purchaser Designee Period”), the Company shall nominate one designee of the Purchaser’s
choosing (the “Purchaser Designee”) as one of its Liberty Directors pursuant to the Governance
Agreement.

 

    28

     

    

 

(b)              
If the Purchaser Designee is not currently serving on the Tripadvisor Board, the Company will cause one of the Liberty Directors,
in the Company’s sole discretion, to resign and will designate the Purchaser Designee to fill such vacancy.

 

(c)              
During the Purchaser Designee Period, the Company shall vote (and cause its Subsidiaries to vote), or act by written consent,
with respect to all Tripadvisor Common Stock and Class B Shares beneficially owned by it to approve and facilitate the election
of the Purchaser Designee to the Tripadvisor Board.

 

(d)              
 Prior to the nomination of the Purchaser Designee in accordance with the Governance Agreement, (x) the Purchaser and (y)
the Purchaser Designee, must provide to the Company and Tripadvisor, as applicable:

 

(1)              
all information requested by the Company and/or Tripadvisor that is required to be or is customarily disclosed for directors,
candidates for directors and their respective Affiliates and representatives in a proxy statement or other filings in accordance
with applicable Law, any stock exchange rules or listing standards or Tripadvisor’s organizational documents or corporate
governance guidelines, in each case, relating to the nomination of the Purchaser Designee, as a Liberty Director; and

 

(2)              
all information requested by the Company and/or Tripadvisor in connection with assessing eligibility, independence and other
criteria applicable to directors or satisfying compliance and legal or regulatory obligations, in each case, relating to the nomination
of the Purchaser Designee as a Liberty Director or Tripadvisor’s operations in the ordinary course of business.

 

(e)              
Prior to the filing with the SEC of Tripadvisor’s proxy statement or information statement with respect to each meeting
of stockholders at which directors are to be elected, the Company shall, to the extent it has received a copy of such document
and the Purchaser is entitled to designate the Purchaser Designee, provide the Purchaser with the opportunity to review and comment
on the information contained in such proxy or information statement applicable to the Purchaser Designee.

 

(f)               
Each Person designated as the Purchaser Designee shall be reasonably acceptable to the Company and otherwise meet the requirements
set forth in Tripadvisor’s corporate governance guidelines to serve as a director of Tripadvisor.

 

(g)              
As of the date hereof, the Company and the Purchaser agree and acknowledge that each of the Certares Managing Directors
shall be reasonably acceptable to the Company and designated as the Purchaser Designee.

 

(h)              
The Company shall not consent to any amendment, waiver or other modification of the Governance Agreement the effect of which
is to deprive the Purchaser of the right to nominate a Purchaser Designee.

 

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 4.14              Spinoff Exchange Offer.

 

(a)              
In the event that the Reference Company determines to engage in a Distribution Transaction which results in certain assets
and businesses of the Reference Company being transferred to and owned by the Distributed Entity in a transaction that would be
subject to an adjustment to the Conversion Rate pursuant to paragraph 9(a)(iii) of the Series A Certificate of Designations, then,
by written action of the holders of a number of shares of Preferred Stock with an aggregate Liquidation Price equal to at 50% of
the Liquidation Preference (the “Majority Holders”) of the outstanding shares of Series A Preferred Stock, the
Company will negotiate in good faith with such Majority Holders the terms and conditions of an exchange offer described herein
(the “Spinoff Exchange Offer”), and in the event the Spinoff Exchange Offer is completed, then no adjustment
to the Conversion Rate will be made pursuant to paragraph 9(a)(iii) of the Series A Certificate of Designations.

 

(b)              
In connection with the Spinoff Exchange Offer, each share of Series A Preferred Stock will be exchanged by the Company for
one share of Mirror Preferred Stock and one share of Exchange Preferred Stock. The Liquidation Price of the Series A Preferred
Stock will be allocated between the shares of Mirror Preferred Stock and Exchange Preferred Stock in accordance with the relative
fair market values of the assets and businesses to be held by the Distributed Entity and the assets and businesses to be retained
by the Reference Company, as determined in good faith by the Board of Directors after consultation with the Reference Company and
the Majority Holders.

 

(c)              
The Company and the Majority Holders will negotiate reasonably and in good faith and each will use its reasonable best efforts
to agree on mutually acceptable terms for the Spinoff Exchange Offer, including, without limitation, the certificate of designations
with respect to the Mirror Preferred Stock and the certificate of designations with respect to the Exchange Preferred Stock, and
such amendments to the terms of this Agreement as are reasonably necessary to reflect the fact that following the completion of
the Spinoff Exchange Offer the adjustments to the Conversion Rate contemplated by the Series A Certificate of Designations will
be based upon the common stock of the Reference Company and the common stock of the Distributed Entity, and that the rights, benefits,
obligations and economic characteristics of the Series A Preferred Stock will not be expanded or diminished as a result of the
exchange of shares of Series A Preferred Stock for shares of Mirror Preferred Stock and Exchange Preferred Stock. The exchange
of Series A Preferred Stock in the Spinoff Exchange Offer shall be structured in a manner so as to qualify as a recapitalization
within the meaning of Section 368(a) of the Code.

 

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 4.15              No Amendment to Spinoff Contracts.

 

Neither
the Company nor GM may agree to any amendment, waiver or other modification to any Spinoff Contract unless such amendment, waiver
or modification is approved in advance by a committee of independent directors of the Board of Directors and is consistent with
the prior practice.

 

 4.16              Legend.

 

(a)              
All certificates, statements or other instruments representing the Series A Preferred Stock will bear a legend substantially
to the following effect (unless and until registered under the Securities Act of 1933, as amended):

 

THE SHARES OF 8% SERIES A CUMULATIVE
REDEEMABLE PREFERRED STOCK OF THE CORPORATION (“SERIES A PREFERRED STOCK”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE
A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.

 

THE SHARES OF SERIES A PREFERRED
STOCK ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS AS SET FORTH IN THE CERTIFICATE OF DESIGNATIONS OF THE SERIES A PREFERRED
STOCK (THE “CERTIFICATE OF DESIGNATIONS”) AND THE INVESTMENT AGREEMENT, DATED AS OF MARCH 15, BY THE ISSUER AND THE
PURCHASER NAMED THEREIN (THE “INVESTMENT AGREEMENT”). AS SET FORTH THEREIN, SHARES OF SERIES A PREFERRED STOCK MAY
NOT BE TRANSFERRED (AS DEFINED IN THE INVESTMENT AGREEMENT) TO ANY PERSON (AS DEFINED IN THE CERTIFICATE OF DESIGNATIONS), EXCEPT
IN ACCORDANCE WITH THE TERMS OF THE INVESTMENT AGREEMENT. ANY ATTEMPTED TRANSFER IN VIOLATION OF SUCH RESTRICTIONS SHALL BE NULL
AND VOID AB INITIO.

 

THE CERTIFICATE OF DESIGNATIONS
AND THE INVESTMENT AGREEMENT ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE CORPORATION AND, IN THE CASE OF THE CERTIFICATE
OF DESIGNATIONS, WITH THE SECRETARY OF STATE OF THE STATE OF DELAWARE. A COPY OF THE CERTIFICATE OF DESIGNATIONS AND/OR THE INVESTMENT
AGREEMENT WILL BE PROVIDED TO ANY STOCKHOLDER OF THE CORPORATION, UPON REQUEST, AND WITHOUT COST.

 

Any Payment Shares
issued pursuant to paragraph three of the Series A Certificate of Designations will include the first paragraph of the above legend.

 

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4.17          Tax
Treatment. Notwithstanding Section 14(b) of the Certificate of Designation, for U.S. federal income tax purposes, the
Company hereby agrees not to treat or report any dividends on the Series A Preferred Stock (including any dividends that are
accrued and added to the Liquidation Price) as income or gain to the Purchaser in respect of the Series A Preferred Stock,
unless and until any such amounts are paid in cash, property, stock or securities to the Purchaser, in each case except as
otherwise required by (i) a change in law (including any interpretation by a Governmental Authority) or (ii) a final
“determination” within the meaning of Section 1313 of the Code. For the avoidance of doubt, a dividend shall not
be treated as paid for purposes of this Section 4.17 solely because such dividend has been accrued or added to the
Liquidation Price.

 

SECTION 5. TERMINATION

 

5.1             
Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time
prior to the Closing by the Company or the Purchaser, if (a) the Closing shall not have occurred before April 6, 2020 and (b) the
failure of the Closing to occur is not caused by a breach of this Agreement by the party seeking to terminate this Agreement pursuant
to this Section 5.1.

 

5.2             
Effect of Termination. In the event of any termination of this Agreement pursuant to Section 5.1, this Agreement
shall be terminated, and there shall be no further liability or obligation hereunder or thereunder on the part of any party hereto;
provided, however, that nothing contained in this Agreement (including this Section 5.2) will relieve any party from liability
for any breach of any of its representations, warranties, covenants or agreements set forth in this Agreement.

 

SECTION 6. MISCELLANEOUS

 

6.1             
Survival. The representations and warranties of the Company and the Purchaser set forth in Sections 2.2(a),
(b), (c), (d), and (e) and Sections 2.3(a), (b), (c), (d) and (e)
hereunder shall survive the execution and delivery of this Agreement until the expiration of the applicable statute of limitations
and the other representations and warranties set forth herein shall survive for a period of fifteen (15) months from the Closing
Date. The covenants made in this Agreement or any other Transaction Document that by their terms are to be performed following
the Closing shall survive the Closing and remain operative and in full force and effect until fully performed. Regardless of any
purported general termination of this Agreement, the provisions of this Section 6 shall remain operative and in full force and
effect as between the Company and the Purchaser, unless the Company and the Purchaser execute a writing that expressly terminates
such rights and obligations as between the Company and the Purchaser

 

6.2              Notice.
Any notice, request, claim, demand or other communication under this Agreement shall be in writing and shall be deemed given
(a) on the date of delivery if delivered personally or sent via facsimile or e-mail or (b) on the first (1st)
business day following the date of dispatch if sent by a nationally recognized overnight courier (providing proof of
delivery), to the address for such party set forth below or such other address as the recipient party has specified by prior
written notice to the other parties hereto and shall be deemed to have been given hereunder when receipt is acknowledged for
personal delivery or facsimile transmission or one day after deposit with a reputable overnight courier service; provided,
that, should any such delivery be made by facsimile or e-mail, the sender shall also send a copy of the information so
delivered on or before the next business day by a nationally recognized overnight courier:

 

    32

     

    

 

If to Purchaser:

 

Certares Management LLC

350 Madison Avenue, 8th Floor

New York, NY 10017

	 	Attention:	Tom LaMacchia
	 	Email:	[Separately Provided]

 

with a copy to:

 

Simpson Thacher and Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention:    Anthony F. Vernace

                    Eric
M. Swedenburg

                    Juan M. Naveira

Email:         AVernace@stblaw.com

                    eswedenburg@stblaw.com

                    JNaveira@stblaw.com

 

If to the Company:

 

Liberty TripAdvisor
Holdings, Inc.

12300 Liberty Boulevard

Englewood, Colorado
80112

	 	Attention:	 Chief Legal Officer
	 	Email:	[Separately Provided]

 

with a copy to:

 

Baker Botts L.L.P.

30 Rockefeller Plaza

New York, NY 10112

	 	Attention:	 Samantha Crispin
	 	 	Frederick H. McGrath
	 	Telephone:	(212) 408-2530
	 	Facsimile:	(212) 259-2530
	 	Email:	 Samantha.crispin@bakerbotts.com
	 	 	Frederick.mcgrath@bakerbotts.com

 

    33

     

    

 

6.3              Governing
Law; Consent to Jurisdiction. This Agreement, and all claims or causes of action (whether in contract, tort or statute)
that may be based upon, arise out of or related to this Agreement, or the negotiation or performance of this Agreement
(including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law. Each of the
parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the
State of Delaware for any action, suit, investigation or proceeding, governmental or otherwise
(“Proceeding”) arising out of or relating to this Agreement and the transactions contemplated hereby and
further agrees that service of any process, summons, notice or document by U.S. mail to its respective address set forth in
this Agreement shall be effective service of process for any Proceeding brought against it in any such court. Each of the
parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any Proceeding arising
out of this Agreement or the transactions contemplated hereby in the courts of the State of Delaware, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Proceeding brought in
any such court has been brought in an inconvenient forum. Each of the parties irrevocably and unconditionally waives, to the
fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby.

 

6.4             
Successors and Assigns. Except as otherwise provided herein, neither this Agreement nor any of the rights or obligations
under this Agreement shall be assigned, in whole or in part (except by operation of law pursuant to a merger whose purpose is not
to avoid the provisions of this Agreement), by any party without the prior written consent of the other parties hereto, except
that upon prior notice to the Company, the Purchaser may assign all but not less than all of its rights and obligations under this
Agreement to a Controlled Affiliate so long as the Purchaser is not relieved of its obligations hereunder as a result of such assignment.
Subject to the foregoing and except as provided herein, this Agreement shall bind and inure to the benefit of and be enforceable
by the parties hereto and their respective permitted successors and assigns.

 

6.5             
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same agreement.

 

6.6             
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

 

 6.7              Remedies.

 

(a)               Each
party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or
agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to
and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction,
temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and
enforcing specifically the terms and provisions hereof.

 

    34

     

    

 

(b)              
All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude
the simultaneous or later exercise of any other such right, power or remedy by such party.

 

6.8             
Entire Agreement. This Agreement embodies the complete agreement and understanding among the parties hereto with
respect to the subject matter hereof or thereof and supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, that may have related to the subject matter hereof in any way.

 

6.9             
Amendment; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed
by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving.

 

6.10         
Interpretation. The table of contents and headings contained in this Agreement are for convenience only and shall
not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

 

6.11         
Expenses. Each of the parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection
with the transactions contemplated pursuant to this Agreement unless otherwise provided herein.

 

6.12         
Non-Recourse. This Agreement may only be enforced against, and any claims or causes of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against
the entities that are expressly identified as parties hereto, including entities that become parties hereto after the date hereof
or that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to the Purchaser,
and no former, current or future equityholders, controlling persons, directors, officers, employees, agents or Affiliates of any
party hereto or any former, current or future equityholder, controlling person, director, officer, employee, general or limited
partner, member, manager, advisor, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”)
shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether in tort,
contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations
made or alleged to be made in connection herewith. Without limiting the rights of any party against the other parties hereto, in
no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement
against, or seek to recover monetary damages from, any Non-Recourse Party.

 

6.13          Purchase
Representative. By execution hereof, the Purchaser (and each Person listed in Schedule I hereto) appoints Certares
Holdings LLC (the “Purchaser Representative”) to act as its agent and representative for and on its behalf
regarding any matter under this Agreement or otherwise relating to the transactions contemplated hereby, including, but not
limited to, Sections 4.10, 4.11, 4.13 and 5.1. Purchaser shall provide the Company with a notice
prior to replacing the existing Purchaser Representative, and effective upon such notice, the replacement Purchaser
Representative constitutes the Purchaser Representative hereunder; provided, that such replacement shall be a Controlled
Affiliate of Purchaser. For the avoidance of doubt, the Purchaser Representative is exclusively authorized and empowered to
exercise any rights or remedies of Purchaser hereunder.

  

[Signature
page follows]

 

    35

     

    

 

IN WITNESS WHEREOF, each
of the parties hereto has executed this Agreement as of the date first written above.

 

	 	COMPANY:
	 	  
	 	LIBERTY TRIPADVISOR HOLDINGS, INC.

 

	 	By:	/s/ Gregory B. Maffei
	 	 	Name:  	Gregory B. Maffei
	 	 	Title:	Chairman, President and Chief Executive Officer

 

	 	PURCHASER:
	 	 
	 	CERTARES HOLDINGS LLC
	 	CERTARES HOLDINGS (BLOCKABLE) LLC
	 	CERTARES HOLDINGS (OPTIONAL) LLC
	 	 
	 	By: Certares Management LLC, its manager
	 	 
	 	By:	/s/ M. Gregory O’Hara
	 	 	Name:  	M. Gregory O’Hara
	 	 	Title:	 Founder and Senior Managing Director
	 	 
	 	Solely for purposes of the Subject GM
	 	Provisions:
	 	 
	 	/s/ Gregory B. Maffei
	 	Gregory B. Maffei

 

[Signature Page to Investment Agreement]

 

    

     

    

 

Schedule I

 

Purchased Shares

 

	Purchaser	 	Number of shares of 

Series A Preferred

 Stock	 
	CERTARES HOLDINGS LLC	 	 	61,116	 
	 	 	 	 	 
	CERTARES HOLDINGS (BLOCKABLE) LLC	 	 	215,236	 
	 	 	 	 	 
	CERTARES HOLDINGS (OPTIONAL) LLC	 	 	48,648Exhibit 4.2

 

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (as amended
from time to time, this “Agreement”) is dated as of March ___, 2020, and is between Liberty TripAdvisor
Holdings, Inc. (the “Company”), and Certares Holdings LLC, Certares Holdings (Blockable) LLC and Certares
Holdings (Optional) LLC, (the “Shareholders”, and individually, a “Shareholder”).
References to Shareholders also include transferees to whom a Shareholder (or its direct or indirect transferee) transfers shares
(other than pursuant to an effective shelf registration hereunder) and related rights under this Agreement in accordance with Section
6.1 of this Agreement

 

ARTICLE
I

Definitions

 

In this Agreement:

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“shares” means the
shares of Series A preferred stock, par value $0.01 per share, of the Company (the “Preferred Shares”),
to be acquired by the Shareholders pursuant to the Investment Agreement, dated March 15, 2020, between the Company and the Shareholders
(the “Investment Agreement”), together with any shares of Series A Common Stock, par value $0.01 per
share, of the Company, and any shares of Series C Common Stock, par value $0.01 per share, of the Company, received by the Shareholders
pursuant to the terms of the Preferred Stock (the “Common Shares”), or any securities of the Company
into which such shares are converted or for which the shares are exchanged. Any such shares held by or on behalf of a Shareholder
which are not subject to a Securities Act restrictive legend, which shares may be resold freely without registration under the
Securities Act and without limitation on volume or manner of sale, will not be considered shares for purposes of the demand and
piggyback provisions of this Agreement, provided that, notwithstanding the absence of any such legend, shares held by any
Shareholder that, together with its affiliates, is required to file or to be named in a report on Schedule 13D or 13G under the
Exchange Act shall continue to be treated as shares for purposes of this Agreement.

 

“WKSI” means a well-known
seasoned issuer, as defined in the SEC’s Rule 405.

 

All other capitalized terms used herein and
not otherwise defined shall have the meanings ascribed thereto in the Certificate of Designations of 8% Series A Cumulative Redeemable
Preferred Stock of the Company (the “Certificate”) or the Investment Agreement.

 

     

     

    

 

ARTICLE
II

 

Demand and Piggyback Rights

 

2.1                       
Right to be Included in a Shelf Registration. Upon (x) the demand of the Shareholders made at any time and from
time to time when the Company is eligible to sell shares in a secondary offering on a delayed or continuous basis in accordance
with Rule 415 or (y) the Company’s determination to issue Common Shares to the Shareholders under the Certificate, the Company
will facilitate in the manner described in this Agreement a shelf registration of shares held by the Shareholders. Any shelf registration
statement filed by the Company covering shares (whether pursuant to a Shareholder demand or at the initiative of the Company) will
cover shares held by each of the Shareholders up to the highest amount of their respective holdings at such time as they may request
(which, for the avoidance of doubt, shall include the total number of Common Shares to be issued to such Shareholders under the
Certificate at the applicable time). If at the time of such request the Company is a WKSI, such shelf registration statement would,
at the request of the Shareholders, cover an unspecified number of shares to be sold by such Shareholders and such shelf registration
statement may, at the request of the Company, cover an unspecified number of shares to be sold by the Company. Notwithstanding
the foregoing, (a) no shelf registration shall be fileable with respect to any Preferred Shares unless and until (x) a Put Option
Exercise Notice is properly delivered to the Company, and/or (y) the Preferred Shares have not been redeemed in full by the Company
following the Mandatory Redemption Date, and (b) no shelf registration shall be fileable with respect to any Common Shares unless
and until such shares are issued pursuant to the terms of the Certificate, provided that in no event will the Company issue
Common Shares under the Certificate unless such shares will be immediately saleable under an effective registration statement.

 

2.2                       
Demand and Piggyback Rights for Shelf Takedowns. Upon the demand of any Shareholder made at any time and from
time to time (but subject to the limitations set forth in Section 2.1), the Company will facilitate in the manner described in
this Agreement a “takedown” off of an effective shelf registration statement of shares held by such Shareholder that
are registered on such shelf. In connection with any shelf takedown (whether pursuant to the exercise of such demand rights or
at the initiative of the Company), the Shareholders may exercise piggyback rights to have included in such takedown shares held
by them that are registered on such shelf. Any demanded “takedown” of shares off of an effective WKSI shelf registration
statement may, at the Company’s option, include shares to be sold by the Company for its own account.

 

2.3                       
Right to Reload a Shelf. [intentionally omitted]

 

2.4                       
Limitations on Demand and Piggyback Rights.

 

(a)              
The number of occasions on which any Shareholder shall be entitled to demand a shelf takedown shall be limited to no more
than four, and no single demand by a Shareholder shall cover an amount of shares valued at less than $15,000,000 (as determined
in the good faith judgment the Company).

 

    2

     

    

 

(b)              
Any demand for the filing of a registration statement or for a registered offering or takedown will be subject to the constraints
of any applicable lockup arrangements, and such demand must be deferred until such lockup arrangements expire, are waived or otherwise
no longer apply. If a demand has been made for a shelf takedown, no further demands may be made so long as the related offering
is still being pursued. Notwithstanding anything in this Agreement to the contrary, the Shareholders will not have piggyback or
other registration rights with respect to registered primary offerings by the Company (i) covered by a Form S-8 registration statement
or a successor form applicable to employee benefit-related offers and sales or any registration statement filed solely to cover
issuances pursuant to a dividend reinvestment plan, (ii) where the shares are not being sold for cash, (iii) pursuant to a Registration
Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor
rule thereto) or (iv) where the offering is a bona fide offering of securities other than shares, even if such securities are convertible
into or exchangeable or exercisable for shares that are registered as part of such offering.

 

(c)              
The Company may postpone the filing of a demanded registration statement or suspend the effectiveness of any shelf registration
statement, or defer initiating the process for a demanded shelf takedown, for a reasonable “blackout period” not in
excess of the applicable limits specified below if the board of directors of the Company reasonably determines that such registration
or offering or takedown could materially interfere with a bona fide business or financing transaction of the Company or is reasonably
likely to require premature disclosure of information, the premature disclosure of which could materially and adversely affect
the Company. The blackout period will end upon the earlier to occur of, (i) in the case of a bona fide business or financing transaction,
a date not later than 90 days from the date such deferral commenced, and (ii) in the case of disclosure of non-public information,
the earlier to occur of (x) the filing by the Company of its next succeeding Form 10-K or Form 10-Q, or (y) the date upon which
such information otherwise becomes public knowledge.

 

ARTICLE
III

PROCEDURES REGARDING DEMANDS AND PIGGYBACKS

 

3.1                       
Notifications Regarding Registration Statements. In order for any Shareholder to exercise its right to demand
that a registration statement be filed or that an underwritten takedown occur (whether or not other Shareholders are exercising
their rights), it must so notify the Company in writing indicating the number of shares sought to be registered or taken down and
the proposed plan of distribution, and such exercise must comply with the requirements for demand set forth in Article II. The
Company will keep the Shareholders contemporaneously apprised of all pertinent aspects of any registration or underwritten shelf
takedown of shares, as the case may be, whether pursuant to a Shareholder demand or otherwise, with respect to which a piggyback
opportunity is available, including the anticipated timing of the filing of a registration statement or amendment and the finalization
of related preliminary and final prospectuses and the timing of pricing. Pending any required public disclosure and subject to
applicable legal requirements, the parties will maintain the confidentiality of these discussions and notifications.

 

    3

     

    

 

3.2                       
Notifications Regarding Registration Piggyback Rights. No notice is required in connection with a shelf registration
statement, as shares held by all Shareholders will be included up to the applicable percentage.

 

3.3                       
Notifications Regarding Demanded Underwritten Takedowns.

 

(a)              
The Company will keep the Shareholders contemporaneously apprised of all pertinent aspects of any underwritten shelf takedown
in order that they may have a reasonable opportunity to exercise their related piggyback rights. Without limiting the Company’s
obligation as described in the preceding sentence, having a reasonable opportunity requires that the Shareholders be notified by
the Company of an anticipated takedown (whether pursuant to a demand made by a Shareholder or made at the Company’s own initiative)
no later than 5:00 pm, New York City time, on (i) if applicable, the second trading day prior to the date on which the preliminary
prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such takedown is finalized,
and (ii) in all cases, the second trading day prior to the date on which the pricing of the relevant takedown occurs. The Company
shall not be required to effect more than one underwritten shelf takedown during any 180 day period.

 

(b)              
Any Shareholder wishing to exercise its piggyback rights with respect to a shelf takedown must notify the Company and the
other Shareholders of the number of shares it seeks to have included in such takedown. Such notice must be given as soon as practicable,
but in no event later than 5:00 pm, New York City time, on (i) if applicable, the first trading day prior to the date on which
the preliminary prospectus or prospectus supplement intended to be used in connection with marketing efforts for the relevant offering
is expected to be finalized, and (ii) in all cases, the first trading day prior to the date on which the pricing of the relevant
takedown occurs.

 

(c)              
Pending any required public disclosure and subject to applicable legal requirements, the parties will maintain appropriate
confidentiality of their discussions regarding a prospective takedown.

 

3.4                       
Plan of Distribution, Underwriters, Advisors and Counsel. If a majority of the shares proposed to be sold in
an underwritten offering through a shelf takedown is being sold by the Company for its own account, the Company will be entitled
to determine the plan of distribution and select the managing underwriters for such offering, which managing underwriters shall
be reasonably acceptable to the Shareholders. Otherwise, Shareholders holding a majority of the shares requested to be included
in such offering will be entitled to determine the plan of distribution and select the managing underwriters, which may include
affiliates of the Shareholders, and such Shareholders will also be entitled to select a common counsel for the selling Shareholders
(which may be the same as counsel for the Company).

 

3.5                        Cutbacks.
If the managing underwriters advise the Company and the selling Shareholders that, in their opinion, the number of shares
requested to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely
affecting the distribution of the shares being offered, such offering will include only the number of shares that the
underwriters advise can be sold in such offering without such adverse effect. The selling Shareholders and the Company, to
the extent it is selling shares in the offering, will be subject to cutback pro rata based on the respective number of shares
initially requested by them to be included in such offering, without regard to who initiated or otherwise made the demand for
such offering

 

    4

     

    

 

Except as contemplated by Section 6.1(b),
shares held by other selling holders who are not Shareholders will be included in an underwritten offering only with the consent
of Shareholders holding a majority of the shares being sold in such offering, or, if in connection with a demanded offering (pursuant
to Section 2.2), the demanding Shareholder.

 

3.6                       
Withdrawals. Even if shares held by a Shareholder have been part of a registered underwritten offering, such
Shareholder may, no later than the time at which the public offering price and underwriters’ discount are determined with
the managing underwriter, decline to sell all or any portion of the shares being offered for its account; provided that such Shareholder
shall still be deemed to have an exercised a demand in connection with such underwritten offering.

 

3.7                       
Lockups. In connection with any underwritten offering of shares, the Company and each Shareholder will agree
(in the case of Shareholders, with respect to shares respectively held by them) to be bound by the underwriting agreement’s
lockup restrictions (which must apply in like manner to all of them) that are agreed to (a) by the Company, if a majority of the
shares being sold in such offering are being sold for its account, and (b) by Shareholders holding a majority of shares being sold
by all Shareholders, if a majority of the shares being sold in such offering are being sold by Shareholders. Pending execution
and delivery of the relevant underwriting agreement, upon being notified of a proposed or requested underwritten offering with
respect to which the piggyback rights described in this Agreement will apply, the Shareholders will immediately be bound by the
lockup provisions set forth in the underwriting agreement. The lockup restrictions in any such underwriting agreement will be for
a customary period specified by the managing underwriters or underwriters not to exceed 90 days following the pricing of any registered
public sale of shares by the Company. The Company shall use commercially reasonable efforts to cause its executive officers and
directors to enter into lockup agreements that contain restrictions that are no less restrictive than the restrictions contained
in the lockup agreements executed by the Shareholders; provided, that (i) the executive officers and directors will not be required
or expected to execute lockup agreements covering more than 90 consecutive days in any 180 day period and there must be at least
30 “clear days” following the expiration of a lockup agreement during which the executive officers may trade in the
shares prior to execution of a subsequent lockup agreement, and (ii) the lockup agreements shall include exceptions for customary
estate planning transactions.

 

3.8                        Expenses.
All expenses incurred in connection with any registration statement or registered offering covering shares held by
Shareholders, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of
counsel (including the fees and disbursements of a single outside counsel firm for Shareholders), and of the independent
certified public accountants, the expense of qualifying such shares under state blue sky laws and any expenses relating to
analyst and investor presentations or any “road show” (other than those borne by the underwriters), and all
internal expenses of the Company, including the compensation of officers and employees of the Company, will be borne by the
Company, but any internal expenses of a Shareholder will be borne by such Shareholder. However, underwriters’,
brokers’ and dealers’ discounts and commissions applicable to shares sold for the account of a Shareholder will
be borne by such Shareholder.

 

    5

     

    

 

ARTICLE
IV

FACILITATING REGISTRATIONS AND OFFERINGS

 

4.1                       
General. If the Company becomes obligated under this Agreement to facilitate a registration and offering of shares
on behalf of one or more Shareholders, the Company will do so with the same degree of care and dispatch as would reasonably be
expected in the case of a registration and offering by the Company of shares for its own account. Without limiting this general
obligation, the Company will fulfill its specific obligations as described in this Article IV.

 

4.2                       
Registration Statements. In connection with each registration statement that is demanded by any Shareholder or
as to which piggyback rights otherwise apply, the Company will:

 

(a)              
(i) prepare and file with the SEC a registration statement covering the applicable shares, (ii) file amendments thereto
as warranted, (iii) seek the effectiveness thereof, and (iv) file with the SEC prospectuses and prospectus supplements as may be
required, all in consultation with the Shareholders and as reasonably necessary in order to permit the offer and sale of the such
shares in accordance with the applicable plan of distribution;

 

(b)              
(i) within a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a registration
statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling
Shareholders and to the underwriter or underwriters of an underwritten offering, if applicable, and to their respective counsel;
fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the Shareholders
or the underwriter or the underwriters may request; and make such of the representatives of the Company as shall be reasonably
requested by the selling Shareholders or any underwriter available for discussion of such documents; and

 

(ii) within a reasonable time prior to the
filing of any document which is to be incorporated or deemed incorporated by reference into a registration statement or a prospectus,
provide copies of such document to counsel for the Shareholders and underwriters; fairly consider such reasonable changes in such
document prior to or after the filing thereof as counsel for such Shareholders or such underwriter shall request; and make such
of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document;

 

(c)               use
all reasonable efforts to cause each registration statement and the related prospectus and any amendment or supplement
thereto, as of the effective date of such registration statement, amendment or supplement and during the distribution of the
registered shares (x) to comply in all material respects with the requirements of the Securities Act and the rules and
regulations of the SEC and (y) not to contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading;

 

    6

     

    

 

(d)              
notify each Shareholder promptly, its respective counsel and the managing underwriter or underwriters and, if requested
by such Shareholder, confirm such notification in writing, (i) when any registration statement, any prospectus, any amendment to
a registration statement, amendment or supplement to a prospectus or any free writing prospectus has been filed, when a registration
statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration
statement or post-effective amendment is not automatically effective upon filing pursuant to Rule 462, (ii) of any request by the
SEC or any other federal or state governmental authority for amendments or supplements to a registration statement or related prospectus
or for additional information, (iii) of the issuance by the SEC or any state securities authority of any stop order, injunction
or other order or requirement suspending the effectiveness of a registration statement or the initiation of any proceedings for
that purpose, (iv) if, between the effective date of a registration statement and the expiration or earlier closing of any sale
of securities covered thereby pursuant to any over-allotment option under any underwriting, placement or similar purchase agreement
to which the Company is a party, the representations and warranties of the Company contained in such agreement cease to be true
and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification
of the shares for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (v) of the happening of any
event during the period a registration statement is effective as a result of which such registration statement or the related prospectus
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary
to make the statements therein not misleading;

 

(e)              
promptly furnish counsel for each underwriter, if any, and for the Shareholders copies of any correspondence with the SEC
or any state securities authority relating to the registration statement or prospectus (for the avoidance of doubt, including,
but not limited to, any comment letters received from the SEC or any state securities authority);

 

(f)               
otherwise use all reasonable efforts to comply with all applicable rules and regulations of the SEC, including making available
to its security holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder (or any similar provision then in force);

 

(g)              
use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement
at the earliest possible time; and

 

(h)              
provide and cause to be maintained a transfer agent and registrar for all shares covered by a registration statement from
and after a date no later than the effective date of such registration statement.

 

4.3                       
Shelf Takedowns. In connection with any shelf takedown that is demanded by any Shareholder or as to which piggyback
rights otherwise apply, the Company will:

 

    7

     

    

 

(a)              
cooperate with the selling Shareholders shares and the sole underwriter or managing underwriter of an underwritten offering
shares, if any, to facilitate the timely preparation and delivery of certificates representing the shares to be sold and not bearing
any restrictive legends; and enable such shares to be in such denominations (consistent with the provisions of the governing documents
thereof) and registered in such names as the selling Shareholders or the sole underwriter or managing underwriter of an underwritten
offering of shares, if any, may reasonably request at least two Business Days prior to any sale of such shares;

 

(b)              
furnish to each Shareholder and to each underwriter, if any, participating in the relevant offering, without charge, as
many copies of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such
other documents as such Shareholder or underwriter may reasonably request in order to facilitate the public sale or other disposition
of the shares; the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by each such Shareholder
and underwriter in connection with the offering and sale of the shares covered by the prospectus or the preliminary prospectus;

 

(c)              
(i) use all reasonable efforts to register or qualify the shares being offered and sold, no later than the time of pricing
of the applicable offering, under all applicable state securities or “blue sky” laws of such jurisdictions as each
underwriter, if any, or any Shareholder holding shares covered by a registration statement, shall reasonably request; (ii) use
all reasonable efforts to keep each such registration or qualification effective during the distribution of the registered shares;
and (iii) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter,
if any, and Shareholder to consummate the disposition in each such jurisdiction of such shares owned by such Shareholder; provided,
however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any
jurisdiction in which it is not so qualified or to consent to be subject to general service of process (other than service of process
in connection with such registration or qualification or any sale of shares in connection therewith) in any such jurisdiction;

 

(d)              
cause all shares being sold to be qualified for inclusion in or listed on any securities exchange on which shares issued
by the Company are then so qualified or listed if so requested by the Shareholders, or if so requested by the underwriter or underwriters
of an underwritten offering of shares, if any;

 

(e)              
cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation
by any underwriter in an underwritten offering;

 

(f)               
use all reasonable efforts to facilitate the distribution and sale of any shares to be offered pursuant to this Agreement,
including without limitation by making road show presentations, holding meetings with and making calls to potential investors and
taking such other actions as shall be requested by the Shareholders or the lead managing underwriter of an underwritten offering;

 

(g)              
[intentionally omitted];

 

    8

     

    

 

(h)              
enter into customary agreements (including, in the case of an underwritten offering, one or more underwriting agreements
in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with
the provisions relating to indemnification and contribution contained herein) and take all other customary and appropriate actions
in order to expedite or facilitate the disposition of such shares and in connection therewith:

 

1.                 
make such representations and warranties to the selling Shareholders and the underwriters, if any, in form, substance and
scope as are customarily made by issuers to underwriters in similar underwritten offerings;

 

2.                 
obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to the underwriters, if any (and if so requested,
to each selling Shareholder), covering the matters customarily covered in opinions requested in sales of securities or underwritten
offerings and such other matters as may be reasonably requested by such Shareholders and underwriters;

 

3.                 
obtain “cold comfort” letters and updates thereof from the Company’s independent certified public accountants
addressed to the underwriters, if any (and if so requested, to each selling Shareholder), which letters shall be customary in form
and shall cover matters of the type customarily covered in “cold comfort” letters to underwriters in connection with
primary underwritten offerings;

 

4.                 
to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with the Shareholders
providing for, among other things, the appointment of such representative as agent for the selling Shareholders for the purpose
of soliciting purchases of shares, which agreement shall be customary in form, substance and scope and shall contain customary
representations, warranties and covenants; and

 

5.                 
deliver such documents and certificates as the sole underwriter or managing underwriter, if any, any selling Shareholder,
or their respective counsel, shall reasonably request to evidence the continued validity of the representations and warranties
made in accordance with Section 4.3(h)(1) above and to evidence compliance with any customary conditions contained in the underwriting
agreement or other agreement entered into by the Company;

 

(i)                
if required by the Company’s transfer agent for the shares (the “Transfer Agent”) and/or The Depository
Trust Company (“DTC”), the Company will use reasonable efforts to cause opinions of counsel to be delivered
to and maintained with the Transfer Agent and/or DTC, together with any other agreements, authorizations, certificates and directions
required by the Transfer Agent and/or DTC which authorize and direct the Transfer Agent to transfer shares without any restrictive
legend and which allow DTC to accept such shares for settlement; and

 

    9

     

    

 

(j)                
use all reasonable efforts to facilitate the settlement of the shares to be sold pursuant to this Agreement, including through
the facilities of DTC.

 

The above shall be done at such times as customarily occur in
similar registered offerings or shelf takedowns.

 

4.4                       
Due Diligence. In connection with each registration and offering of shares to be sold by Shareholders, the Company
will, in accordance with customary practice, make available for inspection by representatives of the Shareholders and underwriters
and any counsel or accountant retained by such Shareholder or underwriters all relevant financial and other records, pertinent
corporate documents and properties of the Company and cause appropriate officers, managers, employees, outside counsel and accountants
of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in
connection with their due diligence exercise, including through in-person meetings, but subject to customary privilege constraints.

 

4.5                       
Information from Shareholders. Each Shareholder that holds shares covered by any registration statement will
furnish to the Company such information regarding itself as is required by applicable law to be included in the registration statement,
including the ownership of shares by such Shareholder and the proposed distribution by such Shareholder of such shares, as the
Company may from time to time reasonably request in writing.

 

ARTICLE
V

INDEMNIFICATION

 

5.1                        Indemnification
by the Company. In the event of any registration under the Securities Act by any registration statement pursuant to
rights granted in this Agreement of shares held by Shareholders, the Company will indemnify and hold harmless Shareholders,
their officers, directors and affiliates (and the officers, directors, employees, general and limited partners, Affiliates
and controlling persons of any of the foregoing), and each underwriter of such securities and each other person, if any, who
controls any Shareholder or such underwriter within the meaning of the Securities Act, against any losses, claims, damages,
expenses, judgments or liabilities (including, without limitation, legal fees and costs of court), joint or several, to which
Shareholders or such underwriter or controlling person may become subject under the Securities Act, common law or otherwise,
including any amount paid in settlement of any litigation commenced or threatened, and shall promptly reimburse such persons,
as and when incurred, for any legal or other expenses reasonably incurred by them in connection with investigating any claims
and defending any actions, insofar as such losses, claims, damages, or liabilities (or any actions in respect thereof) arise
out of or are based upon any violation or alleged violation by the Company of the Securities Act, any blue sky laws,
securities laws or other applicable laws or rules of any state or country in which such shares are offered and relating to
action taken or action or inaction required of the Company in connection with such offering, or arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact (i) contained in any registration statement under
which such securities were registered under the Securities Act or any amendment or supplement to any of the foregoing, or in
any document incorporated by reference therein or related document or report, or any issuer free writing prospectus
(including any “road show,” whether or not required to be filed with the SEC), or which arise out of or are based
upon the omission or alleged omission to state a material fact required to be stated therein or necessary to make the
statements therein not misleading or (ii) contained in any preliminary prospectus, if used prior to the effective date of
such registration statement, or in the final prospectus (as amended or supplemented if the Company shall have filed with the
SEC any amendment or supplement to the final prospectus), or which arise out of or are based upon the omission or alleged
omission (if so used) to state a material fact required to be stated in such prospectus or necessary to make the statements
in such prospectus not misleading; and will reimburse Shareholders and each such underwriter and each such controlling person
for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, or liability; provided, however, that the Company shall not be liable to any Shareholder or its
underwriters or controlling persons in any such case to the extent that any such loss, claim, damage, or liability arises out
of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration
statement or such amendment or supplement or other document, in reliance upon and in conformity with information furnished to
the Company in writing by Shareholders or such underwriter (or their respective counsel) specifically for use in the
preparation of the information with respect to such Shareholder or such underwriter required under Items 403 and 507 of
Regulation S-K under the Securities Act.

 

    10

     

    

 

5.2                       
Indemnification by Shareholders. Each Shareholder (as to itself, severally and not jointly) will indemnify and
hold harmless (in the same manner and to the same extent as set forth in Section 5.1) the Company, each director of the
Company, each officer of the Company who shall sign the registration statement, and any person who controls the Company within
the meaning of the Securities Act, (i) with respect to any untrue statement or alleged untrue statement in or omission or alleged
omission from such registration statement, or any amendment or supplement to it, or any issuer free writing prospectus or other
document, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity
with information furnished to the Company in writing by such Shareholder (or its counsel) specifically regarding such Shareholder
for use in the preparation of the information with respect to such Shareholder required under Items 403 and 507 of Regulation S-K
under the Securities Act, and (ii) with respect to compliance by such Shareholder with applicable laws in effecting the sale or
other disposition of the securities covered by such registration statement; provided that the liability of each Shareholder
pursuant to this Section 5.2 shall not exceed the amount by which the total price at which the shares were offered to the
public by such Shareholder exceeds the amount of any damages which such Shareholder has otherwise been required to pay by reason
of an untrue statement or omission.

 

    11

     

    

  

5.3                        Indemnification
Procedures. Promptly after receipt by an indemnified party of notice of the commencement of any action involving a
claim referred to in the preceding Sections of this Article V, the indemnified party will, if a resulting claim is to
be made or may be made against any indemnifying party, give written notice to the indemnifying party of the commencement of
the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its obligations
in this Article V, except to the extent that the indemnifying party is actually and materially prejudiced by the
failure to give notice. If any such action is brought against an indemnified party, the indemnifying party will be entitled
to participate in and to assume the defense of the action with counsel reasonably satisfactory to the indemnified party, and
after notice from the indemnifying party to such indemnified party of its election to assume defense of the action, the
indemnifying party will not be liable to such indemnified party for any legal or other expenses incurred by the latter in
connection with the action’s defense. An indemnified party shall have the right to employ separate counsel in any
action or proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at such
indemnified party’s expense unless the employment of such counsel has been specifically authorized in writing by the
indemnifying party, which authorization shall not be unreasonably withheld, (ii) the indemnifying party has not assumed the
defense and employed counsel reasonably satisfactory to the indemnified party within 30 days after notice of any such action
or proceeding, or (iii) the named parties to any such action or proceeding (including any impleaded parties) include the
indemnified party and the indemnifying party and the indemnified party shall have been advised by such counsel that there may
be one or more legal defenses available to the indemnified party that are different from or additional to those available to
the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or
proceeding on behalf of the indemnified party), it being understood, however, that the indemnifying party shall not, in
connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel
for the indemnifying party and counsel for the indemnified party in order to adequately represent the indemnified parties)
for the indemnified party and that all such fees and expenses shall be reimbursed as they are incurred upon written request
and presentation of invoices. Whether or not a defense is assumed by the indemnifying party, the indemnifying party will not
be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld).
No indemnifying party will consent to entry of any judgment or enter into any settlement which (i) does not include as an
unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in
respect of such claim or litigation or (ii) involves the imposition of equitable remedies or the imposition of any
non-financial obligations on the indemnified party.

  

5.4                        Contribution.
If the indemnification required by this Article V from the indemnifying party is unavailable to or insufficient to
hold harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then
the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses,
claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the
indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect the relative benefit referred to in clause (i) and also the relative fault of the
indemnified and indemnifying parties, in connection with the actions which resulted in such losses, claims, damages,
liabilities, or expenses, as well as any other relevant equitable considerations. The relative benefits received by a party
shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received
by it bear to the total amounts (including, in the case of any underwriter, any underwriting commissions and discounts)
received by each other party. The relative fault of the indemnifying party and the indemnified party shall be determined by
reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied
by, such indemnifying party or parties, and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims,
damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding. The Company and the Shareholders agree that it
would not be just and equitable if contribution pursuant to this Section 5.4 were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to in the prior
provisions of this Section 5.4.

 

    12

     

    

 

Notwithstanding the provisions of this Section
5.4, no indemnifying party shall be required to contribute any amount in excess of the amount by which the total price
at which the securities were offered to the public by the indemnifying party exceeds the amount of any damages which the indemnifying
party has otherwise been required to pay by reason of an untrue statement or omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such a fraudulent misrepresentation.

 

ARTICLE
VI

other agreements

 

6.1                       
Transfer of Rights.

 

(a)              
Any Shareholder may transfer all or any portion of its rights under this Agreement to any direct or indirect transferee
of shares held by such Shareholder to the extent such transfer is not in violation of any requirements applicable under any agreement
such Shareholder has with the Company. Any such transfer of registration rights will be effective upon receipt by the Company of
(i) written notice from such Shareholder stating the name and address of any transferee and identifying the number of shares with
respect to which rights under this Agreement are being transferred and the nature of the rights so transferred, and (ii) a written
agreement from such transferee Shareholder to be bound by the terms of this Agreement. However, if such transferees constitute
the partners or members of Certares Holdings LLC, Certares Holdings (Blockable) LLC or Certares Holdings (Optional) LLC, and their
respective affiliated investment vehicles utilized in connection with the investment in the Company, including relevant co-invest
and side-by-side entities and their respective investment vehicles (collectively, “Certares”) and such partners
or members are receiving shares through an in-kind distribution as contemplated by Section 6.4, (i) no such written
agreement is required, and (ii) such in-kind transferees (as well as other persons or entities to whom such in-kind transferees
transfer such shares) will, as transferee Shareholders, be entitled solely to the rights set forth in the subsequent sentence and
in Section 3.8, Article V and Section 6.4 as third-party beneficiaries to the rights
under this Agreement so transferred. In that regard, in-kind transferees and their transferees that receive shares pursuant to
Section 6.4 will not be given demand or piggyback rights; rather, their means of registered resale will be limited
to sales off a shelf registration statement with respect to which no special actions are required by the Company or the other Shareholders.
The Company and the transferring Shareholder will notify the other Shareholders as to who the transferees are and the nature of
the rights so transferred.

 

    13

     

    

 

(b)              
In the event the Company engages in a merger or consolidation in which the shares are converted into securities of another
company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided
to Shareholders by the issuer of such securities. To the extent such new issuer, or any other company acquired by the Company in
a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement,
the Company will, unless Shareholders then holding a majority of the shares otherwise agree, use its best efforts to modify any
such preexisting registration rights obligations so as not to interfere in any material respects with the rights provided under
this Agreement.

 

(c)              
In addition, in the event that the Company effects the separation of any portion of its business into one or more entities
(each, a “NewCo”), whether existing or newly formed, including without limitation by way of spin-off,
split-off, carve-out, demerger, recapitalization, reorganization or similar transaction, and any Shareholder will receive equity
interests in any such NewCo as part of such separation, the Company shall cause any such NewCo to enter into a registration rights
agreement with each such Shareholder that provides each such Shareholder with registration rights vis-á-vis such NewCo that
are substantially identical to those set forth in this Agreement.

 

6.2                       
Limited Liability. Notwithstanding any other provision of this Agreement, neither the members, general partners,
limited partners or managing directors, or any directors or officers of any members, general or limited partner, advisory director,
nor any future members, general partners, limited partners, advisory directors, or managing directors, if any, of any Shareholder
shall have any personal liability for performance of any obligation of such Shareholder under this Agreement.

 

6.3                       
Rule 144. If the Company is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act,
the Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or,
if the Company is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act but is not required to file such
reports, it will, upon the request of any Shareholder, make publicly available such information) and it will take such further
action as any Shareholder may reasonably request, so as to enable such Shareholder to sell shares without registration under the
Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule
may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC, subject to any applicable
lock-up restrictions. Upon the request of any Shareholder, the Company will deliver to such Shareholder a written statement as
to whether it has complied with such requirements.

 

6.4                       
In-Kind Distributions. If Certares, as a Shareholder or prospective Shareholder, seeks to effectuate an in-kind
distribution of all or part of its shares to its direct or indirect partners, members or other equityholders, the Company will,
subject to applicable lockups, work with such Shareholder and the Company’s transfer agent to facilitate such in-kind distribution
in the manner reasonably requested by such Shareholder, subject to applicable legal and regulatory requirements, as well as any
resales by such transferees under a shelf registration statement covering such distributed shares with respect to which no special
actions are required by the Company or the other Shareholders.

 

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ARTICLE
VII

 

MISCELLANEOUS

 

7.1                       
Notices. All notices, consents, confirmations, requests, permissions, waivers and other communications hereunder
shall be in writing and shall be deemed to have been duly given (a) five Business Days following sending by registered or
certified mail, postage prepaid; (b) when delivered, if before 5:00 p.m. U.S. Eastern time on a Business Day, or on the next
succeeding Business Day otherwise, if delivered personally to the intended recipient; (c) one Business Day following sending
by overnight delivery via a national or international courier service; or (d) when sent, if before 5:00 p.m. U.S. Eastern
time on a Business Day, or on the next succeeding Business Day otherwise, if sent by email and either (x) return receipt or
confirmation reply is subsequently received or (y) a copy is delivered personally or sent by overnight delivery via a national
or international courier service within one Business Day thereafter, and, in each case, addressed to a Party at the following address
for such Party.

 

If to the Company:

 

Liberty TripAdvisor Holdings, Inc.

12300 Liberty Boulevard

Englewood, CO 80112

Attention:      Chief Legal Officer

Email:            [Separately Provided]

 

And copies (which copies shall not constitute
notice) to such counsel as may be specified from time to time by the Company.

 

If to the Shareholders:

 

Certares Management LLC

350 Madison Avenue, 8th Floor

New York, NY 10117

Attention:       Tom LaMacchia, Managing Director &
General Counsel

Email:              [Separately Provided]

 

And a copy (which copy shall not constitute
notice) to such counsel as may be specified from time to time by the Shareholders.

 

Notice may also be delivered to such other
address(es) as shall be furnished in writing by any such Party to the other Parties in accordance with the provisions of this Section
7.1.

 

7.2                        Section
Headings. Captions, headings and titles contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. When a reference is made in this Agreement to
“Articles” or “Sections,” such reference shall be to an Article or Section of this Agreement, unless
otherwise indicated.

 

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7.3                       
Governing Law. This Agreement, the negotiation, execution or performance of this Agreement and any disputes arising
under or related hereto (whether for breach of contract, tortious conduct or otherwise) shall be governed and construed in accordance
with the laws of the State of New York.

 

7.4                       
Waiver of Jury Trial. Each party hereby waives, to the fullest extent permitted by law, any right it may have
to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement
or the transactions contemplated hereby or thereby or disputes relating hereto or thereto. Each party (a) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver; and (b) acknowledges that it and the other parties have been induced to enter
into this Agreement by, among other things, the mutual waivers and certifications in this Section 7.4.

 

7.5                       
Consent to Jurisdiction and Service of Process. Each party irrevocably agrees that any Proceeding against them
arising out of or in connection with this Agreement or the transactions contemplated by this Agreement or disputes relating hereto
(whether for breach of contract, tortious conduct or otherwise) shall be brought exclusively in the United States District Court
for the Southern District of New York, or, if such court does not have subject matter jurisdiction, the state courts of New York
located in New York County, and hereby irrevocably accepts and submits to the exclusive jurisdiction and venue of the aforesaid
courts in personam with respect to any such Proceeding and waives to the fullest extent permitted by law any objection that it
may now or hereafter have that any such Proceeding has been brought in an inconvenient forum. Each of the parties consents to service
of any process, summons, notice or document that may be served in any Proceeding in the United States District Court for the Southern
District of New York or the state courts of New York located in New York County, which service may be made by certified or registered
mail, postage prepaid, or as otherwise provided in Section 7.1, to such party’s respective address set forth in Section
7.1. It is further agreed that (A) a final judgment in any such Proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law; (B) nothing in this Section 7.5 shall affect
the right of any party to serve legal process in any other manner permitted by Law; and (C) the consent to jurisdiction provided
in this Section 7.5 shall not constitute a general consent to service of process in the State of New York.

 

7.6                        Amendments.
This Agreement may be amended, modified, superseded or canceled only by an instrument in writing signed by each of the
parties, and any of the terms, covenants, representations, warranties or conditions hereof may be waived only by an
instrument in writing signed by or on behalf of the party waiving compliance. No course of dealing between the parties shall
be effective to amend or waive any provision of this Agreement. Except as specifically provided herein, the failure or delay
of any party to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of
any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party
thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall
be held to be a waiver of any other or subsequent breach or non-compliance. Any such amendment will apply to all Shareholders
equally, without distinguishing between them.

 

    16

     

    

  

7.7                       
Termination. This Agreement will terminate as to any Shareholder when it no longer holds any shares. In addition,
any Shareholder that owns less than 1% of the outstanding shares may, upon delivery of an opinion or representation letter in accordance
with the procedures of the Company’s transfer agent that such Shareholder meets the applicable conditions of Rule 144 for
the removal of transfer restriction legends from its shares, require the Company to remove such transfer restriction legends from
its shares, at which time this Agreement shall terminate as to such Shareholder.

 

7.8                       
Entire Agreement. This Agreement constitute the entire understanding between the parties with respect to the
subject matter hereof and thereof, and supersede all other understandings and negotiations with respect thereto. The parties agree
to define their rights, liabilities and obligations with respect to such understanding and the transactions contemplated hereby
exclusively in contract pursuant to the express terms and provisions of this Agreement, and the parties expressly disclaim that
they are owed any duties or are entitled to any remedies not expressly set forth in this Agreement. The registration rights granted
under this Agreement supersede any registration, qualification or similar rights with respect to any of the shares granted under
any other agreement, and any of such preexisting registration rights are hereby terminated.

 

7.9                       
Severability. Every provision of this Agreement is intended to be severable. In the event that any provision
contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any jurisdiction, such provision
shall be ineffective as to such jurisdiction to the extent of such invalidity, illegality or unenforceability without invalidating
or affecting the remaining provisions hereof or affecting the validity, legality or enforceability of such provision in any other
jurisdiction. Upon such determination of illegality or invalidity, the parties shall negotiate in good faith to amend this Agreement
to effect the original intent of the parties. In any event, the invalidity or unenforceability of any provision of this Agreement
in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or
the validity or enforceability of this Agreement, including that provision, in any other competent jurisdiction.

 

7.10                   
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one
and the same agreement, and shall become effective when each party shall have received counterparts hereof signed by each of the
other parties. If any signature is delivered in PDF or other electronic form, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf the signature is executed) with the same force and effect as if such PDF or electronic
signature were an original thereof.

 

    17

     

    

 

7.11                    Equitable
Remedies. The parties agree that irreparable damage for which monetary damages, even if available, would not be an
adequate remedy, would occur in the event that the parties do not perform their obligations under the provisions of this
Agreement in accordance with its specified terms or otherwise breach such provisions. The parties acknowledge and agree that
(a) the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent
breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction
without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this
Agreement; and (b) the right of specific enforcement is an integral part of the transactions contemplated by this Agreement
and without that right, none of the parties would have entered into this Agreement. The parties agree not to assert that a
remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, and not to assert
that a remedy of monetary damages would provide an adequate remedy or that the Parties otherwise have an adequate remedy at
law. The parties acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 7.11
shall not be required to provide any bond or other security in connection with any such order or injunction.

 

7.12                   
No Inconsistent Agreements. From and after the date of this Agreement, the Company shall not enter into any agreement
with any person, including any holder or prospective holder of any securities of the Company, giving or granting any registration
(or related) rights the terms of which are more favorable than, senior to or conflict with, the registration or other rights granted
to the Shareholders hereunder.

 

7.13                   
Cumulative Remedies. Except as specifically provided herein, all remedies, either under this Agreement or by
law or otherwise afforded, shall be cumulative and not alternative.

 

[Remainder
of page intentionally left blank. Signature page follows.]

 

    18

     

    

  

So agreed:

	 	 
	 	LIBERTY TRIPADVISOR HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CERTARES HOLDINGS LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CERTARES HOLDINGS (BLOCKABLE) LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CERTARES HOLDINGS (OPTIONAL) LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    19

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