Document:

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

 Exhibit 10.11 

 
  

AMENDED AND RESTATED 
 STOCKHOLDERS AGREEMENT 
 between 

LIBERTY INTERACTIVE CORPORATION 
 and 
 BARRY DILLER 

Dated as of December 20, 2011 
  

 
 EXPEDIA, INC.

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	  	 Certain Defined Terms
	  	 	1	  
	 Section 1.2.
	  	 Other Defined Terms
	  	 	6	  
	 Section 1.3.
	  	 Other Definitional Provisions
	  	 	6	  
		
	 ARTICLE II RESERVED
	  	 	6	  
		
	 ARTICLE III CORPORATE GOVERNANCE
	  	 	6	  
			
	 Section 3.1.
	  	 Voting on Certain Matters
	  	 	6	  
	 Section 3.2.
	  	 Restrictions on Other Agreements
	  	 	7	  
	 Section 3.3.
	  	 Irrevocable Proxy of Liberty
	  	 	8	  
	 Section 3.4.
	  	 Cooperation
	  	 	9	  
		
	 ARTICLE IV TRANSFER OF COMMON SHARES
	  	 	9	  
			
	 Section 4.1.
	  	 Restrictions on Transfer by Liberty and Diller
	  	 	9	  
	 Section 4.2.
	  	 Tag-Along for Diller and Liberty for Transfers by the Other
	  	 	10	  
	 Section 4.3.
	  	 Right of First Refusal Between Liberty and Diller
	  	 	11	  
	 Section 4.4.
	  	 Transfers of Class B Shares
	  	 	13	  
	 Section 4.5.
	  	 Transferees
	  	 	14	  
	 Section 4.6.
	  	 Notice of Transfer
	  	 	16	  
	 Section 4.7.
	  	 Compliance with Transfer Provisions
	  	 	16	  
	 Section 4.8.
	  	 Hedging Transactions
	  	 	16	  
		
	 ARTICLE V DISTRIBUTION TRANSACTION
	  	 	17	  
			
	 Section 5.1.
	  	 Distribution Transaction
	  	 	17	  
		
	 ARTICLE VI MISCELLANEOUS
	  	 	17	  
			
	 Section 6.1.
	  	 Conflicting Agreements
	  	 	17	  
	 Section 6.2.
	  	 Duration of Agreement
	  	 	18	  
	 Section 6.3.
	  	 Further Assurances
	  	 	18	  
	 Section 6.4.
	  	 Amendment and Waiver
	  	 	18	  
	 Section 6.5.
	  	 Severability
	  	 	18	  
	 Section 6.6.
	  	 Effective Time
	  	 	18	  
	 Section 6.7.
	  	 Entire Agreement
	  	 	19	  
	 Section 6.8.
	  	 Successors and Assigns
	  	 	19	  
	 Section 6.9.
	  	 Counterparts
	  	 	19	  
	 Section 6.10.
	  	 Liabilities Under Federal Securities Laws
	  	 	19	  

  
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	 Section 6.11.
	  	 Remedies
	  	 	19	  
	 Section 6.12.
	  	 Notices
	  	 	19	  
	 Section 6.13.
	  	 Adjustment of Shares Numbers
	  	 	20	  
	 Section 6.14.
	  	 Governing Law; Consent to Jurisdiction
	  	 	21	  
	 Section 6.15.
	  	 Interpretation
	  	 	21	  

 EXHIBIT A: Form of Liberty-Diller Letter Agreement 

  
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 AMENDED AND RESTATED STOCKHOLDERS AGREEMENT dated as of December 20, 2011 between
Liberty Interactive Corporation (formerly known as Liberty Media Corporation), a Delaware corporation (“Liberty”), for itself and on behalf of the members of the Liberty Stockholder Group, and Mr. Barry Diller
(“Diller”), for himself and on behalf of the members of the Diller Stockholder Group. 
 WHEREAS, the parties
hereto have agreed that Liberty and Diller shall enter into this Agreement in order to amend and restate in its entirety the respective rights and obligations of the parties set forth in the Stockholders Agreement, dated as of August 9, 2005.

 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the
parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Certain Defined Terms. As used herein the
following terms shall have the following meanings: 
 “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, (ii) none of Liberty, Diller or the Company shall be deemed to be Affiliates of any of the others, (iii) TripAdvisor and the Company shall not be
deemed Affiliates of one another as a result of such entities being under the common control of the Stockholders, and (iv) the Company shall not be deemed to be an Affiliate of IAC/InterActiveCorp to the extent such relationship would otherwise
be based on the common control of the Company and IAC/InterActiveCorp by Diller. 
 “Agreement” means this
Amended and Restated Stockholders Agreement as it may be amended, supplemented, restated or modified from time to time. 

“beneficial owner” or “beneficially own” has the meaning given such term in Rule 13d-3 under the
Exchange Act and a Person’s beneficial ownership of Common Shares or Voting Securities shall be calculated in accordance with the provisions of such Rule; provided, however, that for purposes of determining beneficial ownership,
(i) a Person shall be deemed to be the beneficial owner of any Equity which may be acquired by such Person (disregarding any legal impediments to such beneficial ownership), whether within 60 days or thereafter, upon the conversion, exchange or
exercise of any warrants, options (which options held by Diller shall be deemed to be exercisable), rights or other securities issued by the Company and (ii) no Person shall be deemed to beneficially own any Equity solely as a result of such
Person’s execution of this Agreement (including by virtue of holding a proxy with respect to any shares) or the Governance Agreement. 
 “Block Sale” shall have the meaning ascribed to such term in the Governance Agreement. 

 “Block Sale Transferee” shall have the meaning ascribed to such term in the
Governance Agreement. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by
law to be closed in the City of New York. 
 “Capital Stock” means, with respect to any Person at any time, any
and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such Person.

 “Cause” means (i) the conviction of, or pleading guilty to, any felony, or (ii) the willful,
continued and complete failure to attend to managing the business affairs of the Company, after written notice of such failure from the Board and reasonable opportunity to cure. 

“Chairman” means the Chairman of the Board. 
 “Chairman Termination Date” means the later of (i) such time as Diller no longer serves as Chairman and (ii) such time as Diller no longer holds the Liberty Proxy (other than
suspension of such proxy pursuant to Section 3.3(e)). 
 “Class B Common Stock” means the Class B common
stock, par value $0.001 per share, of the Company and any securities of the Company issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or other similar reorganization (other than Common Stock issued upon conversion of Class B Common Stock). 
 “Commission” means the Securities and Exchange Commission, and any successor commission or agency having similar powers. 

“Common Shares” means, collectively, the Common Stock and the Class B Common Stock. 

“Common Stock” means the common stock, par value $0.001 per share, of the Company and any securities of the Company
issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 

“Company” means Expedia, Inc., a Delaware corporation, and any successor by merger, consolidation or other business
combination. 
 “Contingent Matters” shall have the meaning ascribed to such term in the Governance Agreement.

 “control” (including the terms “controlled by” and “under common control
with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the
ownership of voting securities, as trustee or executor, by contract or otherwise. 

  
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 “Diller Stockholder Group” means (i) Diller and (ii) any
Affiliate of Diller which (A) Diller controls and (B) in which Diller owns, directly or indirectly, 90% or more of the outstanding Capital Stock or other ownership interests, which such Affiliate holds Equity subject to this Agreement.

 “Director” means any member of the Board. 

“Disabled” means the disability of Diller after the expiration of more than 180 consecutive days after its commencement
which is determined to be total and permanent by a physician selected by Liberty and reasonably acceptable to Diller, his spouse or a personal representative designated by Diller; provided that Diller shall be deemed to be disabled only
following the expiration of 90 days following receipt of a written notice from the Company and such physician specifying that a disability has occurred if within such 90-day period he fails to return to managing the business affairs of the Company.
A total disability shall mean mental or physical incapacity that prevents Diller from managing the business affairs of the Company. 
 “Distribution Transaction” shall have the meaning ascribed to such term in the Governance Agreement. 
 “Eligible Stockholder Amount” means, in the case of Diller, the equivalent of 1,100,000 Common Shares and, in the case of Liberty, 1,000,000 shares of Common Stock, in each case
determined on a fully diluted basis (taking into account, in the case of Diller, all unexercised Options, whether or not then exercisable). 
 “Equity” means any and all shares of Capital Stock of the Company, securities of the Company convertible into, or exchangeable for, such shares, and options, warrants or other rights to
acquire such shares. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as to any securities or other property, the cash price at which a willing seller would sell
and a willing buyer would buy such securities or property in an arm’s-length negotiated transaction without time constraints. 
 “FCC” means the Federal Communications Commission or its successor. 
 “FCC Regulations” means, as of any date, all federal communications statutes and all rules, regulations, orders, decrees and policies of the FCC as then in effect, and any interpretations
or waivers thereof or modifications thereto. 
 “Governance Agreement” means the Amended and Restated
Governance Agreement among the Company, Diller and Liberty, of even date herewith, as it may be amended, supplemented, restated or modified from time to time hereafter. 

  
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 “Group” shall have the meaning assigned to it in Section 13(d)(3) of
the Exchange Act. 
 “Hedging Transaction” means any (i) short sale, (ii) any purchase, sale or grant
of any right (including, without limitation, any put or call option), or (iii) any forward sale (whether for a fixed or variable number of shares or at a fixed or variable price) of or with respect to, or any non-recourse loan secured by,
Common Stock or any security (other than Class B Common Stock or any broad-based market basket or index) that includes, relates to or derives any significant part of its value from Common Stock, and such term includes (a) the pledge of Common
Stock in connection with any of the foregoing to secure the obligations of the pledgor under a Hedging Transaction and (b) the pledge of a Hedging Transaction itself to secure any extension of credit to a party based, in whole or part, on the
value thereof. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 “Independent Investment Banking Firm” means an investment banking firm of nationally recognized standing
that is, in the reasonable judgment of the Person engaging such firm, qualified to perform the task for which it has been engaged. 
 “Liberty Spinco” shall have the meaning ascribed to such term in the Governance Agreement. 
 “Liberty Stockholder Group” means Liberty and those Subsidiaries of Liberty that, from time to time, hold Equity subject to this Agreement. 

“Market Sale” means a “brokers’ transaction” within the meaning of Section 4(4) of the Securities
Act. 
 “Options” means options to acquire Capital Stock of the Company granted by the Company to Diller and
outstanding from time to time. 
 “Permitted Designee” means any Person designated by a Stockholder, who shall
be reasonably acceptable to the other Stockholder, to exercise such Stockholder’s rights pursuant to Section 4.3. 

“Permitted Transferee” means (i) with respect to Liberty, any member of the Liberty Stockholder Group, and
(ii) with respect to Diller, any member of the Diller Stockholder Group. In addition, each of Liberty and Diller shall be a Permitted Transferee of its respective Permitted Transferees. 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing. 

“Public Stockholder” means any Person that, together with its Affiliates (a) has sole or shared voting power with
respect to Voting Securities representing no more than 10% of the voting power of the outstanding Voting Securities or (b) has sole or shared power to dispose of Equity representing no more than 10% of the Equity to be tendered or exchanged in
any applicable tender or exchange offer, as the case may be. 

  
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 “Qualified Distribution Transferee” has the meaning ascribed to it in the
Governance Agreement. 
 “Reference Rate” means, for any day, a fixed rate per annum equal to the yield,
expressed as a percentage per annum, obtained at the official auction of 90-day United States Treasury Bills most recently preceding the date thereof plus 100 basis points. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Stockholder” means each of Liberty and Diller. 

“Stockholder Group” means one or more of the Diller Stockholder Group and the Liberty Stockholder Group. For purposes of
this Agreement, a Stockholder’s Permitted Designee shall be deemed to be a member of the designating Stockholder’s Stockholder Group (other than for purposes of Section 4.1(a)(iv)). 

“Subsidiary” means, with respect to any Person, any corporation or other entity of which at least a majority of the
voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person. 

“Third Party Transferee” means any Person to whom a Stockholder (including a Third Party Transferee subject to this
Agreement pursuant to Section 4.5(b) and Section 4.5(c)) or a Permitted Transferee Transfers Common Shares, other than a Permitted Transferee of such Stockholder or a member of another Stockholder Group. For the avoidance of doubt, a
Qualified Distribution Transferee shall not be deemed a Third Party Transferee. 
 “Transfer” means, directly
or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any Common Shares beneficially owned by a Stockholder or any interest in any Common Shares beneficially owned by a Stockholder; provided, however, that a merger
or consolidation in which a Stockholder is a constituent corporation shall not be deemed to be the Transfer of any Common Shares beneficially owned by such Stockholder (provided, that a significant purpose of any such transaction is not to
avoid the provisions of this Agreement). 
 “TripAdvisor” means TripAdvisor, Inc., a Delaware corporation.

 “Voting Securities” means at any time shares of any class of Capital Stock of the Company which are then
entitled to vote generally in the election of Directors. 

  
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 Section 1.2. Other Defined Terms. The following terms shall have the meanings defined
for such terms in the Sections set forth below: 
  

			
	 Term
	  	 Section

	 Appraisal
	  	Section 4.3(c)
	 Diller
	  	Preamble
	 Exchange Notice
	  	Section 4.4(a)
	 Initiating Party
	  	Section 4.2(a)
	 L/D Offer Notice
	  	Section 4.3(b)
	 L/D Offer Price
	  	Section 4.3(c)
	 L/D Other Party
	  	Section 4.3(b)
	 L/D Transferring Party
	  	Section 4.3(a)
	 Liberty
	  	Preamble
	 Liberty Proxy
	  	Section 3.3(a)
	 Liberty Proxy Shares
	  	Section 3.3(a)
	 Litigation
	  	Section 6.14
	 Non-Transferring Stockholder
	  	Section 4.4(a)
	 Tag-Along Notice
	  	Section 4.2(a)
	 Tag-Along Sale
	  	Section 4.2(a)
	 Tag-Along Shares
	  	Section 4.2(a)
	 Tag Party
	  	Section 4.2(a)
	 Transferring Stockholder
	  	Section 4.4(a)

 Section 1.3. Other Definitional Provisions. (a) The words “hereof”,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article and Section references are to this
Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 (c) For purposes of calculating the amount of outstanding Common Shares or Equity as
of any date and the number of Common Shares or Equity beneficially owned by any Person as of any date, any Common Shares held in the Company’s treasury or owned by any Subsidiaries of the Company shall be disregarded. 

ARTICLE II 

RESERVED 

ARTICLE III 

CORPORATE GOVERNANCE 
 Section 3.1. Voting on Certain Matters. (a) In the event that Section 2.03 of the Governance Agreement is applicable, in connection with any vote or action by written consent of the
stockholders of the Company relating to any matter that constitutes a Contingent Matter, Liberty and Diller agree (and each agrees to cause each member of its Stockholder Group, if applicable), with respect to any Common Shares with respect to which
it or he has the power to vote (whether by proxy or otherwise), (x) to vote against (and not act by written consent to 

  
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approve) such Contingent Matter unless Liberty and Diller (or, if either such Stockholder’s consent is no longer required pursuant to the Governance Agreement, the Stockholder whose consent
is then required) have consented to such Contingent Matter in accordance with the provisions of the Governance Agreement and (y) to take or cause to be taken all other reasonable actions required, to the extent permitted by law, to prevent the
taking of any action by the Company with respect to a Contingent Matter without the consent of Liberty and/or Diller (as applicable). 
 (b) Each Stockholder agrees to vote (and cause each member of its or his Stockholder Group to vote, if applicable), or act by written consent with respect to, any Common Shares with respect to which it or
he has the power to vote (whether by proxy or otherwise) in favor of each of the Director designees of Liberty which Liberty has a right to designate pursuant to the Governance Agreement. 

(c) Upon the written request of Liberty, Diller, in his capacity as a stockholder only, agrees to vote (and cause each member of the
Diller Stockholder Group to vote, if applicable), or act by written consent, with respect to any Common Shares with respect to which it or he has the power to vote (whether by proxy or otherwise) and otherwise take or cause to be taken all actions
necessary to remove any Director designated by Liberty and to elect any replacement Director designated by Liberty as provided in the Governance Agreement. Unless Liberty and Diller otherwise agree, neither Diller nor any member of the Diller
Stockholder Group, shall take any action to cause the removal of any Director designated by Liberty except upon the written request of Liberty. 
 (d) Liberty will not be deemed to be in violation of paragraphs (a), (b) or (c) of this Section 3.1 as a result of any action by Diller that is not within Liberty’s control.

 Section 3.2. Restrictions on Other Agreements. No Stockholder or any of its or his Permitted Transferees shall enter
into or agree to be bound by any stockholder agreements or arrangements of any kind with any Person with respect to any Equity (including, without limitation, the deposit of any Common Shares in a voting trust or forming, joining or in any way
participating in or assisting in the formation of a Group with respect to any Common Shares, other than any such Group consisting exclusively of Liberty and Diller and any of their respective Affiliates, Permitted Designees and Permitted Transferees
and, to the extent contemplated by Section 4.5, any Third Party Transferee) and no Stockholder (other than Liberty or any of its Permitted Transferees) or any of its or his Permitted Transferees shall enter into or agree to be bound by any
agreements or arrangements of any kind with any Person to incur indebtedness for purposes of purchasing Equity (other than to exercise Options or to purchase Common Shares pursuant to Section 4.3 of this Agreement), except (i) for such
agreements or arrangements as are now in effect, (ii) in connection with a proposed sale of Common Shares otherwise permitted hereunder, (iii) for such agreements or arrangements with a Permitted Designee as are reasonably acceptable to
the other Stockholder and not inconsistent with or for the purpose of evading the terms of this Agreement, (iv) agreements between a Stockholder and its Permitted Transferee that are reasonably acceptable to the other Stockholder and not
inconsistent with this Agreement, (v) for Hedging Transactions as contemplated by Section 4.8, or (vi) such agreements or arrangements as contemplated by this Agreement and the Governance Agreement in connection with a Block Sale or a
Transfer to a Qualified Distribution Transferee in a Distribution Transaction. 

  
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 Section 3.3. Irrevocable Proxy of Liberty. (a) Subject to paragraphs
(b) and (c) below, until the earlier of the date that (x) Diller is no longer Chairman or (y) Diller is Disabled, Diller shall be entitled to exercise voting authority and authority to act by written consent over all Common
Shares beneficially owned by each member of the Liberty Stockholder Group (the “Liberty Proxy Shares”), on all matters submitted to a vote of the Company’s stockholders or by which the Company’s stockholders may act by
written consent, pursuant to a conditional proxy (which proxy is irrevocable and coupled with an interest for purposes of Section 212 of the Delaware General Corporation Law) (the “Liberty Proxy”); provided, that in the
event that Diller is removed by the Board as Chairman for any reason other than Cause, Diller shall be deemed to continue to be Chairman for purposes of this Agreement and shall be entitled to the Liberty Proxy set forth herein until the earlier of
(A) such time as he has abandoned efforts to cause his reinstatement as Chairman and (B) the next stockholders meeting of the Company at which he has had an adequate opportunity to nominate and elect his slate of directors (unless at such
stockholders meeting Diller’s slate of directors is elected and Diller is promptly thereafter reinstated as Chairman). 

(b) Notwithstanding the foregoing, the Liberty Proxy shall not be valid with respect to any of the Liberty Proxy Shares (and Diller will
have no right to vote the Liberty Proxy Shares) in connection with any vote on (or consent to approve) any matter that is a Contingent Matter with respect to which Liberty’s consent is required pursuant to the terms of the Governance Agreement
with respect to which Liberty has not consented. 
 (c) The Liberty Proxy shall terminate as provided for in Section 3.3(a)
or, if earlier, (i) immediately upon a material breach by Diller of the terms of Section 3.1(a), Section 3.1(b), Section 3.1(c) or Section 3.3(b) of this Agreement, (ii) at such time as Diller has been convicted of, or
has pleaded guilty to, any felony involving moral turpitude or (iii) at such time as Diller ceases to beneficially own 2,500,000 Common Shares with respect to which he has a pecuniary interest; provided, in the case of clauses
(ii) and (iii) above, that Liberty sends notice of such termination to Diller within 30 days after receiving notice of the event giving rise to such termination, in which case the Liberty Proxy shall terminate immediately upon the receipt
of such notice. 
 (d) Notwithstanding anything to the contrary set forth herein, the Liberty Proxy is personal to Diller and
may not be assigned by Diller by operation of law or otherwise and shall not inure to Diller’s successors without the prior written consent of Liberty. 
 (e) Notwithstanding the foregoing, and without affecting the termination of the Liberty Proxy pursuant to this Section 3.3, the Liberty Proxy will be suspended during any period in which Diller has
suffered a mental or physical disability preventing Diller from voting or acting by written consent with respect to the Liberty Proxy Shares, and during such period of disability, Liberty will be entitled to vote or consent in writing with respect
to all Liberty Proxy Shares. The Liberty Proxy will be reinstated (unless sooner terminated in accordance with this Section 3.3) upon Diller ceasing to be so disabled. 

  
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 Section 3.4. Cooperation. Each Stockholder shall vote (or act or not act by written
consent with respect to) all of its Common Shares (and any Common Shares with respect to which it has the power to vote (whether by proxy or otherwise)) and shall, as necessary or desirable, attend all meetings in person or by proxy for purposes of
obtaining a quorum, and execute all written consents in lieu of meetings, as applicable, to effectuate the provisions of this Article III. 
 ARTICLE IV 
 TRANSFER OF COMMON SHARES 

Section 4.1. Restrictions on Transfer by Liberty and Diller. (a) Until the Chairman Termination Date or such time as Diller
becomes Disabled, subject to the other provisions of this Agreement, neither Liberty nor Diller shall Transfer or otherwise dispose of (including pledges), directly or indirectly, any Common Shares beneficially owned by its Stockholder Group other
than (i) Transfers of Common Stock pursuant to a Hedging Transaction permitted by Section 4.8, (ii) Transfers of Common Shares to a Qualified Distribution Transferee, (iii) Transfers of Common Shares by Diller in order to pay
taxes arising from the granting, vesting and/or exercise of the Options, (iv) Transfers of Common Shares by Liberty to members of the Liberty Stockholder Group or by Diller to members of the Diller Stockholder Group, (v) Transfers of
Options or Common Shares to the Company by Diller or his Affiliates in connection with a “cashless” exercise of the Options (including Options granted to Diller heretofore or in the future), (vi) a pledge or grant of a security
interest in Common Stock to secure bona fide indebtedness, and (vii) Transfers of Common Shares made pursuant to Section 4.2, Section 4.3 and Section 4.4. The restrictions on Transfer by Liberty provided in this Section 4.1
shall be for the sole benefit of Diller and the restrictions on Transfer by Diller provided in this Section 4.1 shall be for the sole benefit of Liberty. 
 (b) Notwithstanding the restrictions contained in subsection (a) above (and in addition to the foregoing exceptions, but subject to the right of first refusal described in Section 4.3 on behalf
of Diller (or his designee) with respect to Transfers of shares of Class B Common Stock by members of the Liberty Stockholder Group and to a right of first refusal on behalf of Liberty (or its designee) with respect to Transfers of shares of Class B
Common Stock by members of the Diller Stockholder Group (which rights shall be assignable)), either Liberty or Diller may Transfer all or any portion of the Common Shares beneficially owned by its Stockholder Group to an unaffiliated third party,
provided, however, that a Transfer by either Liberty or Diller of shares of Class B Common Stock to an unaffiliated third party shall be subject to the tag-along right pursuant to Section 4.2, after compliance with the right of
first refusal described in Section 4.3 and the swap provisions described in Section 4.4. In addition, either Liberty or Diller may transfer any of its Common Stock in one or more transactions that comply with the requirements of Rule 144
or 145 (as applicable) under the Securities Act. For the avoidance of doubt, any Transfer of shares of Class B Common Stock by any member of the Liberty Stockholder Group or the Diller Stockholder Group to an unaffiliated third party shall be
subject to the tag-along right pursuant to Section 4.2, after compliance with the right of first refusal described in Section 4.3, and such Transfers and any conversion of shares of Class B Common Stock by any member of the Liberty
Stockholder Group or the Diller Stockholder Group shall be subject to the swap provisions described in Section 4.4. 

  
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 Section 4.2. Tag-Along for Diller and Liberty for Transfers by the Other.
(a) If, after compliance with Section 4.4, either Diller or Liberty shall desire to Transfer to any unaffiliated third party any of the Class B Common Stock beneficially owned by him or it or any member of his or its Stockholder Group
(other than a Transfer to a Qualified Distribution Transferee), in one transaction or a series of related transactions (the “Tag-Along Sale”), Diller or Liberty, as applicable (the “Initiating Party), shall give prior
written notice to the other (the “Tag Party”) of such intended Transfer. Such notice (the “Tag-Along Notice”) shall set forth the terms and conditions of such proposed Transfer, including the number of shares of
Class B Common Stock proposed to be Transferred (the “Tag-Along Shares”), the purchase price per share of Class B Common Stock proposed to be paid therefor and the payment terms and type of Transfer to be effectuated. 

(b) Within ten days after delivery of the Tag-Along Notice, the Tag Party will have the opportunity and right (exercisable by such Tag
Party by written notice to the Initiating Party not later than the end of such ten day period) to sell to the acquiring Person in such proposed Tag-Along Sale (upon the same terms and conditions as the Initiating Party), subject to the following
sentence, up to that number of shares of Class B Common Stock beneficially owned by it as shall equal the product of (x) a fraction, the numerator of which is the number of Tag-Along Shares and the denominator of which is the aggregate number
of shares of Class B Common Stock beneficially owned as of the date of the Tag-Along Notice by the Initiating Party, multiplied by (y) the number of shares of Class B Common Stock beneficially owned by the Tag Party as of the date of the
Tag-Along Notice. The number of shares of Class B Common Stock that Diller or Liberty may sell to an unaffiliated third party pursuant to Section 4.2(a) shall be determined by multiplying the maximum number of Tag-Along Shares that such third
party is willing to purchase on the terms set forth in the Tag-Along Notice by a fraction, the numerator of which is the number of shares of Class B Common Stock that such Stockholder proposes to sell hereunder (subject to the maximum amount for
Diller or Liberty, as applicable, calculated pursuant to the preceding sentence) and the denominator of which is the aggregate number of shares of Class B Common Stock that Diller and Liberty propose to sell hereunder. 

(c) At the closing of any proposed Transfer in respect of which a Tag-Along Notice has been delivered, the Tag Party shall deliver, free
and clear of all liens (other than liens caused by the acquiring Person in the Tag-Along Sale), to such third party certificates evidencing the shares of Class B Common Stock to be sold thereto duly endorsed with Transfer powers and shall receive in
exchange therefore the consideration to be paid by such third party in respect of such shares of Class B Common Stock as described in the Tag-Along Notice. 
 (d) Neither Diller and the members of his Stockholder Group, on the one hand, nor Liberty and the members of its Stockholder Group, on the other hand, shall effect any Transfer or Transfers constituting a
Tag-Along Sale absent compliance with this Section 4.2. 
 (e) Upon written request made from time to time by Liberty,
Diller will use reasonable efforts to cause the Company to deliver to Liberty and Diller a written statement specifying the number of shares of Common Stock, Class B Common Stock and other Voting Securities issued and outstanding as of the most
recent practicable date. Liberty and Diller will, in connection with any applicable calculations hereunder or under the Governance Agreement, be entitled to rely upon the information set forth in such statement. In the event such statement

  
 -10-

 
is not delivered to Liberty within five Business Days following Liberty’s request therefor, Liberty and Diller (and their respective successors and permitted assigns) shall be entitled to
rely for purposes of such calculations on the number of shares of Common Stock, Class B Common Stock and other Voting Securities listed as issued and outstanding in the Company’s most recent quarterly or annual report publicly filed with the
Commission or the most recent statement from the Company. 
 Section 4.3. Right of First Refusal Between Liberty and
Diller. (a) Any Transfer of shares of Class B Common Stock by a member of the Liberty Stockholder Group or a member of the Diller Stockholder Group (the “L/D Transferring Party”) will be subject to the right of first
refusal provisions of this Section 4.3, other than a Transfer by a member of the Liberty Stockholder Group or the Diller Stockholder Group permitted by Section 4.1(a) hereof, including, for the avoidance of doubt, a Transfer to a Qualified
Distribution Transferee. 
 (b) Prior to effecting any Transfer subject to Section 4.3(a), the L/D Transferring Party shall
deliver written notice (the “L/D Offer Notice”) to Diller, if the L/D Transferring Party is a member of the Liberty Stockholder Group, or to Liberty, if the L/D Transferring Party is a member of the Diller Stockholder Group (the
recipient of such notice, the “L/D Other Party”), which L/D Offer Notice shall specify (i) the Person to whom the L/D Transferring Party proposes to make such Transfer, (ii) the number or amount of the shares of Class B
Common Stock to be Transferred, (iii) the L/D Offer Price (as defined below), and (iv) all other material terms and conditions of the proposed Transfer, including a description of any non-cash consideration sufficiently detailed to permit
valuation thereof, and which L/D Offer Notice shall be accompanied by any written offer from the prospective transferee to purchase such shares of Class B Common Stock, if available and permitted pursuant to the terms thereof. The L/D Offer Notice
shall constitute an irrevocable offer to the L/D Other Party, for the period of time described below, to purchase all (but not less than all) of such shares of Class B Common Stock. 

(c) For purposes of this Section 4.3, “L/D Offer Price” shall mean the purchase price per share of Class B Common
Stock to be paid to the L/D Transferring Party in the proposed transaction (as it may be adjusted in order to determine the net economic value thereof). In the event that the consideration payable to the L/D Transferring Party in a proposed
transaction consists of securities, the purchase price per share shall equal the fair market value of such securities divided by the number of shares of Class B Common Stock to be Transferred. Such fair market value shall be the market price of any
publicly traded security and, if such security is not publicly traded, the fair market value shall be equal to the Fair Market Value of such security determined as follows: Each of Liberty and Diller shall select an Independent Investment Banking
Firm each of which shall promptly make a determination (each such determination, an “Appraisal”) of the Fair Market Value of such security. If the higher of such Appraisals is less than or equal to 110% of the lower of such
Appraisals, then the Fair Market Value shall be equal to the average of such Appraisals. If the higher of such Appraisals is greater than 110% of the lower of such Appraisals, then a third Independent Investment Banking Firm (which shall be an
Independent Investment Banking Firm that shall not have been engaged by the Company, TripAdvisor (but only for so long as Diller is the Senior Executive of TripAdvisor), IAC/InterActiveCorp (but only for so long as Diller is the Senior Executive of
IAC/InterActiveCorp), Liberty or Diller in any significant matter for the three years prior to the date of such selection) shall be selected by the first two Independent Investment Banking Firms,

  
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which third Independent Investment Banking Firm shall promptly make a determination of the Fair Market Value. The Fair Market Value shall equal the average of the two of such three Appraisals
closest in value (or if there are no such two, then of all three Appraisals). 
 (d) If the L/D Other Party elects to purchase
the offered shares of Class B Common Stock, it shall give notice to the L/D Transferring Party within ten Business Days after receipt of the L/D Offer Notice of its election (or in the case of a third party tender offer or exchange offer, at least
five Business Days prior to the expiration date of such offer, provided that all conditions to such offer that need to be satisfied prior to acceptance for payment (other than with respect to the number of shares of Class B Common Stock
tendered) shall have been satisfied or waived and the L/D Offer Notice shall have been provided at least ten Business Days prior to the expiration date of such offer), which shall constitute a binding obligation, subject to standard terms and
conditions for a stock purchase contract between two significant stockholders of an issuer (provided that the L/D Transferring Party shall not be required to make any representations or warranties regarding the business of the Company), to purchase
the offered shares of Class B Common Stock, which notice shall include the date set for the closing of such purchase, which date shall be at least 20 Business Days following the delivery of such election notice, or, if later, five Business Days
after receipt of all required regulatory approvals; provided that the closing shall only be delayed pending receipt of required regulatory approvals if (i) the L/D Other Party is using reasonable efforts to obtain the required regulatory
approvals, (ii) there is a reasonable prospect of receiving such regulatory approvals and (iii) if such closing is delayed more than 90 days after the date of the L/D Other Party’s notice of election to purchase, then the L/D Other
Party agrees to pay interest on the aggregate L/D Offer Price at the Reference Rate to the L/D Transferring Party from such date to the closing date. Notwithstanding the foregoing, such time periods shall not be deemed to commence with respect to
any purported notice that does not comply in all material respects with the requirements of this Section 4.3(d). Liberty and Diller may assign their respective rights to purchase under this Section 4.3 to any Person who is a Permitted
Designee. 
 (e) If the L/D Other Party does not respond to the L/D Offer Notice within the required response time period or
elects not to purchase the offered shares of Class B Common Stock, the L/D Transferring Party shall be free to complete the proposed Transfer (to the same proposed transferee, in the case of a privately-negotiated transaction) on terms no less
favorable to the L/D Transferring Party or its Affiliate, as the case may be, than those set forth in the L/D Offer Notice, provided that (x) such Transfer is closed within (I) 90 days after the latest of (A) the expiration of
the applicable period for the L/D Other Party to accept the offer from the L/D Transferring Party, or (B) the receipt by the L/D Transferring Party of notice declining the offer to purchase the shares of Class B Common Stock or, in the case of
(A) or (B), if later, five Business Days following receipt of all required regulatory approvals; provided that the closing shall only be delayed pending receipt of required regulatory approvals if (i) the L/D Transferring Party is
using reasonable efforts to obtain the required regulatory approvals and (ii) there is a reasonable prospect of receiving such regulatory approvals, or (II) in the case of a public offering, within 20 days of the declaration by the Commission
of the effectiveness of a registration statement filed with the Commission pursuant to this Agreement, and (y) the price at which the shares of Class B Common Stock are transferred must be equal to or higher than the L/D Offer Price (except in
the case of a public offering, in which case the price at which the shares of Class B Common Stock are sold (before deducting underwriting discounts and commissions) shall be equal to at least 90% of the L/D Offer Price). 

  
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 (f) If the L/D Other Party elects to exercise its right of first refusal under this
Section 4.3, the L/D Other Party shall pay the L/D Offer Price in cash (by wire transfer of immediately available funds) or by the delivery of marketable securities having an aggregate fair market value equal to the L/D Offer Price,
provided, that if the securities to be so delivered by the L/D Other Party would not, in the L/D Transferring Party’s possession, have at least the same general degree of liquidity as the securities the L/D Transferring Party was to
receive in such proposed transaction (determined by reference to the L/D Transferring Party’s ability to dispose of such securities (including, without limitation, the trading volume of such securities and the L/D Other Party’s percentage
ownership of the issuer of such securities)), then the L/D Other Party shall be required to deliver securities having an appraised value (calculated in accordance with the method described in Section 4.3(c)) equal to the L/D Offer Price. If the
L/D Other Party delivers securities in payment of the L/D Offer Price, it will cause the issuer of such securities to provide the L/D Transferring Party with customary registration rights related thereto (if, in the other transaction, the L/D
Transferring Party would have received cash, cash equivalents, registered securities or registration rights). Each of Diller and Liberty agrees to use his or its commercially reasonable efforts (but not to expend any money) to preserve for the other
Stockholder, to the extent possible, the tax benefits available to it in such proposed transaction, and to otherwise seek to structure such transaction in the most tax efficient method available. Notwithstanding the foregoing, if Diller pays the L/D
Offer Price in securities, such securities must be securities that Liberty is permitted to own under applicable FCC Regulations. 
 (g) Notwithstanding anything to the contrary contained in this Section 4.3, the time periods applicable to an election by the L/D Other Party to purchase the offered shares of Class B Common Stock
shall not be deemed to commence until the Fair Market Value has been determined, provided that, in the case of a third party tender offer or exchange offer, in no event shall any such election be permitted within five Business Days prior to
the latest time by which shares of Class B Common Stock shall be tendered in such offer if all conditions to such offer that need to be satisfied prior to acceptance for payment (other than the number of shares tendered) have been satisfied or
waived. Each of Diller and Liberty agrees to use his and its best efforts to cause the Fair Market Value to be determined as promptly as practicable, but in no event later than ten Business Days after the receipt by the L/D Other Party of the L/D
Offer Notice. 
 Section 4.4. Transfers of Class B Shares. (a) Subject to the rights of first refusal pursuant
to Section 4.3 and subject to paragraph (c) below, in the event that any Stockholder or any members of its Stockholder Group (the “Transferring Stockholder”) proposes to Transfer any shares of Class B Common Stock, such
Transferring Stockholder shall send a written notice (which obligation may be satisfied by the delivery of the applicable L/D Offer Notice) (the “Exchange Notice,” which term will include any corresponding L/D Offer Notice) to
Diller, if the Transferring Stockholder is Liberty or a member of the Liberty Stockholder Group, or to Liberty, if the Transferring Stockholder is Diller or a member of the Diller Stockholder Group (the recipient of such notice, the
“Non-Transferring Stockholder”), that such Transferring Stockholder intends to Transfer shares of Class B Common Stock, including the number of such shares proposed to be Transferred. The Non-Transferring Stockholder shall give
notice to the 

  
 -13-

 
Transferring Stockholder within 10 Business Days of its receipt of the Exchange Notice of its desire to exchange some or all of such shares of Class B Common Stock proposed to be Transferred for
an equivalent number of shares of Common Stock or its election to purchase all such offered shares of Class B Common Stock pursuant to Section 4.3. If the Non-Transferring Stockholder desires to exchange some or all of such shares rather than
exercise its right of first refusal pursuant to Section 4.3, such shares of Class B Common Stock shall be exchanged. Except to the extent necessary to avoid liability under Section 16(b) of the Exchange Act and subject to applicable law,
any such exchange shall be consummated immediately prior to the consummation of any such Transfer. 
 (b) (i) Subject to
paragraph (c) below, if any shares of Class B Common Stock proposed to be Transferred are not exchanged pursuant to the provisions of paragraph (a) above or exchanged with the Company as contemplated by clause (ii) of this
Section 4.4(b), then prior to any such Transfer, the Transferring Stockholder shall convert, or cause to be converted, such shares of Class B Common Stock into shares of Common Stock (or such other securities of the Company into which such
shares are then convertible). 
 (ii) In the event Liberty or a member of its Stockholder Group is the Transferring Stockholder
and the proposed Transfer is (x) a Block Sale, or (y) a Transfer, in a single transaction (other than a Transfer to a Qualified Distribution Transferee), of all of the Common Shares (or other equity securities of the Company) beneficially
owned by Liberty at such time (other than any Restricted Equity Securities (as defined in the Governance Agreement)) to a Person (other than Mr. Diller, a Permitted Transferee or the Company) not affiliated with Liberty, instead of converting
such shares of Class B Common Stock to Common Stock pursuant to clause (i) of this Section 4.4(b), the Transferring Stockholder will exchange, or cause to be exchanged, with the Company any remaining shares of Class B Common Stock not
acquired by the Non-Transferring Stockholder pursuant to Section 4.4(a) for the number and type of shares of Common Stock or other securities it would have received upon conversion of such shares of Class B Common Stock; provided,
however, that in the event Liberty is not reasonably satisfied that such exchange and subsequent Transfer in accordance with the applicable L/D Offer Notice or Exchange Notice will not cause or result in Liberty or its Affiliates incurring
any liability or obligation to disgorge profits under Section 16 of the Exchange Act, then in lieu of such exchange, this clause (ii) shall not apply and Liberty will convert such remaining shares of Class B Common Stock into Common Stock
or other securities as provided in clause (i) of this Section 4.4(b). 
 (c) The provisions of Section 4.4(a) and
Section 4.4(b) (i) shall not be applicable to any Transfers (i) to a member of such Stockholder’s Stockholder Group, (ii) from Liberty, Diller or their respective Stockholder Group to the other Stockholder or its or his
Stockholder Group subject to the terms of this Agreement or (iii) to a Qualified Distribution Transferee in a Distribution Transaction. 
 Section 4.5. Transferees. (a) Any Permitted Transferee or Permitted Designee of a Stockholder, or any Qualified Distribution Transferee in a Distribution Transaction, shall be subject to
the terms and conditions of this Agreement as if such Permitted Transferee, Permitted Designee or Qualified Distribution Transferee were Liberty (in the event of a Distribution Transaction, or if Liberty or a Permitted Transferee of Liberty is the
transferor) or Diller (if 

  
 -14-

 
Diller or a Permitted Transferee of Diller is the transferor). Prior to the initial acquisition of beneficial ownership of any Common Shares by a Qualified Distribution Transferee or any
Permitted Transferee (or a Permitted Designee), and as a condition thereto, the applicable Stockholder agrees (i) to cause the Qualified Distribution Transferee (in the event of a Distribution Transaction) or to cause its respective Permitted
Transferees or Permitted Designees to agree in writing with the other parties hereto to be bound by the terms and conditions of this Agreement to the extent described in the preceding sentence and (ii) that (other than in the event of a
Distribution Transaction) such Stockholder shall remain directly liable for the performance by its respective Permitted Transferees or Permitted Designees of all obligations of such Permitted Transferees or Permitted Designees under this Agreement.
Except as otherwise contemplated by this Agreement (including the terms of Section 4.2, Section 4.3 and Section 4.4 and pursuant to a Distribution Transaction), (i) each of Diller and Liberty agrees not to cause or permit any of
its respective Permitted Transferees to cease to qualify as a member of such Stockholder’s Stockholder Group so long as such Permitted Transferee beneficially owns any shares of Class B Common Stock, and if any such Permitted Transferee shall
cease to be so qualified, such Permitted Transferee shall automatically upon the occurrence of such event cease to be a “Permitted Transferee” for any purpose under this Agreement and (ii) each Stockholder agrees not to Transfer any
Common Shares to any Affiliate other than a Permitted Transferee of such Stockholder. 
 (b) No Third Party Transferee shall
have any rights or obligations under this Agreement, except: 
 (i) in the case of a Third Party Transferee of
Liberty (or any member of the Liberty Stockholder Group) who acquires shares of Common Stock and who (together with its Affiliates) would not be a Public Stockholder, such Third Party Transferee shall be subject to the obligations of Liberty (but
subject to the other terms and conditions of this Agreement) pursuant to Section 3.1(a) (but shall not have the right to consent to any Contingent Matters), Section 3.1(b), Section 3.1(c), Section 3.2, Section 3.4, this
Section 4.5 and Article VI; provided that such Third Party Transferee shall only be subject to such obligations for so long as it would not be a Public Stockholder; and 

(ii) in the case of a Third Party Transferee of Diller (or any member of the Diller Stockholder Group) who (together with
its Affiliates) upon consummation of any Transfer would not be a Public Stockholder, such Third Party Transferee shall be subject to the obligations of Diller (but subject to the other terms and conditions of this Agreement) pursuant to
Section 3.1(a) (but shall not have the right to consent to any Contingent Matters), Section 3.1(b), Section 3.1(c), Section 3.4, this Section 4.5 and Article VI; provided that such Third Party Transferee shall only be
subject to such obligations for so long as it would not be a Public Stockholder. 
 (c) Prior to the consummation of a Transfer
described in Section 4.5(b) to the extent rights and obligations are to be assigned, and as a condition thereto, the applicable Third Party Transferee shall agree in writing with the other parties hereto to be bound by the terms and conditions
of this Agreement to the extent described in Section 4.5(b). To the extent the Third Party Transferee is not an “ultimate parent entity” (as defined in the HSR Act), the ultimate parent entity of such Third Party Transferee
shall agree in writing to be directly liable for the performance of the Third Party Transferee to the same extent Liberty would be liable for the performance of its Permitted Transferees. 

  
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 Section 4.6. Notice of Transfer. In addition to any other notices required by
this Agreement, to the extent any Stockholder and its Permitted Transferees Transfer any Common Shares, such Stockholder shall, within three Business Days following consummation of such Transfer, deliver notice thereof to the Company and the other
Stockholder, provided, however, that no such notice shall be required to be delivered unless the aggregate Common Shares transferred by such Stockholder and its Permitted Transferees since the date of the last notice delivered by such
Stockholder pursuant to this Section 4.6 exceeds 1% of the outstanding Common Shares. 
 Section 4.7. Compliance
with Transfer Provisions. Any Transfer or attempted Transfer of Common Shares in violation of any provision of this Agreement shall be void. 
 Section 4.8. Hedging Transactions. (a) Pursuant to Section 4.1(i), Liberty is entitled to engage in one or more Hedging Transactions, provided that: 

(i) no shares of Class B Common Stock shall be used for a Hedging Transaction unless such shares are first converted into
shares of Common Stock in accordance with Section 4.4(b) (after Diller has had the opportunity to exercise his right to exchange such shares of Class B Common Stock for shares of Common Stock pursuant to Section 4.4); and 

(ii) the shares of Common Stock subject to any Hedging Transaction shall remain subject to the Liberty Proxy and no
Hedging Transaction shall, prior to the settlement of such Hedging Transaction, impair Diller’s right to vote any shares of the Common Stock pursuant to Section 3.3 (it being understood that a settlement of a Hedging Transaction may result
in a disposition of the shares subject to such Hedging Transaction and that, upon such disposition and the termination of all of Liberty’s legal and beneficial ownership with respect to and economic interests in such shares, Diller will not
have the right to vote such shares); provided that such right shall not be deemed to be impaired to the extent that a counterparty to a Hedging Transaction to whom Common Stock has been pledged has obtained the right to vote or take
consensual action with respect to the Common Stock so pledged as a result of an event of default or termination event with respect to the Liberty Stockholder Group under the Hedging Transaction; provided, further, that the terms of
such pledging arrangement shall permit the Liberty Stockholder Group to exercise voting rights and to take consensual action with respect to the Common Stock so pledged in circumstances where no event of default or termination event has occurred;

 (b) Liberty will use its reasonable efforts to ensure that it will not be deemed part of a Group with a counterparty to a
Hedging Transaction; and 
 (c) a Hedging Transaction shall not be deemed to be a Block Sale; provided that if the
settlement of a Hedging Transaction that is permitted pursuant to this Agreement would otherwise qualify as a Block Sale, then upon the written request of Liberty delivered prior to the settlement of such Hedging Transaction, such Transfer at
settlement will be treated as a Block Sale pursuant to this Agreement and the Governance Agreement. 

  
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 ARTICLE V 
 DISTRIBUTION TRANSACTION 
 Section 5.1. Distribution Transaction. On or
prior to the date of consummation of a Distribution Transaction in which Common Shares are Transferred to a Qualified Distribution Transferee (which Transfer, for the avoidance of doubt, will be deemed to occur on the date such Qualified
Distribution Transferee ceases to be a Subsidiary of Liberty), Liberty, Diller and the Qualified Distribution Transferee and, if applicable under the proviso to this Section 5.1, the Liberty Spinco, will amend this Agreement in order to:
(a) effective immediately prior to such Distribution Transaction (but subject to the consummation of the Distribution Transaction) assign all rights and obligations of Liberty and the Liberty Stockholder Group under this Agreement to the
Qualified Distribution Transferee in such Distribution Transaction, (b) have such Qualified Distribution Transferee agree to accept, as of immediately prior to the effective time of such Distribution Transaction (but subject to the consummation
of the Distribution Transaction), such assignment of rights and agree to assume and perform all liabilities and obligations of Liberty and the Liberty Stockholder Group under this Agreement to be performed following the effective time of such
Distribution Transaction including the obligation to ensure the compliance of its Stockholder Group with all obligations of the Liberty Stockholder Group under this Agreement, (c) effective immediately prior to such Distribution Transaction
(but subject to the consummation of the Distribution Transaction) substitute such Qualified Distribution Transferee for Liberty for all purposes under this Agreement (and the stockholder group of the Qualified Distribution Transferee for the Liberty
Stockholder Group) and (d) provide for (i) a representation from Liberty that such amendment is being entered into in connection with a Distribution Transaction involving a Qualified Distribution Transferee pursuant to Section 5.01 of
the Governance Agreement and (ii) Liberty’s acknowledgement that it shall not be entitled to any benefits under this Agreement following such Distribution Transaction; provided, that if the Qualified Distribution Transferee is not
the Liberty Spinco, then the Liberty Spinco shall also become a party to this Agreement and in such case each reference in the foregoing clauses (a) through (c) to Qualified Distribution Transferee shall be to the Liberty Spinco and the
Qualified Distribution Transferee shall become a party to this Agreement as a member of the Liberty Spinco’s stockholder group. In connection with a Transfer of Common Shares to a Qualified Distribution Transferee in a Distribution Transaction,
Liberty and Diller will execute a letter agreement in the form of Exhibit A to this Agreement. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.1. Conflicting Agreements. Each of the parties hereto represents and warrants that such party has not granted and is not
a party to any proxy, voting trust or other agreement that is inconsistent with or conflicts with any provision of this Agreement. 

  
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 Section 6.2. Duration of Agreement. This Agreement may be terminated at anytime by
the mutual agreement of Liberty and Diller. In addition, except as otherwise provided in this Agreement, the rights and obligations of a Stockholder under this Agreement shall terminate as follows: 

(a) Each of Liberty and Diller shall cease to be entitled to exercise any rights and shall cease to have any obligations
under this Agreement as of the date that its or his Stockholder Group collectively ceases to own its Eligible Stockholder Amount of Common Shares; provided that Liberty shall cease to be entitled to exercise any rights and shall cease to have
any obligations under Section 4.2 at such time as the Liberty Stockholder Group ceases to beneficially own at least 5% of the outstanding Common Shares. 
 (b) Diller and each member of his Stockholder Group shall cease to be entitled to exercise any rights under this Agreement upon the Chairman Termination Date or the date upon which Diller has become
Disabled. 
 In addition, at such time as the Chairman Termination Date has occurred or Diller has become Disabled, neither the
Diller Stockholder Group nor the Liberty Stockholder Group shall have any obligation under this Agreement with respect to the matters covered under Section 3.3, Section 4.1 and Section 4.3. 

Section 6.3. Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each
other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the
transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 Section 6.4. Amendment
and Waiver. This Agreement may not be amended, modified, or waived except in a written instrument executed by the parties. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of
such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
 Section 6.5. 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. 
 Section 6.6. Effective Time. This Agreement shall become effective as of the date hereof, immediately following consummation of TripAdvisor’s spin-off from the Company and transactions
relating thereto. 

  
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 Section 6.7. Entire Agreement. Except as otherwise expressly set forth herein,
(a) this Agreement and (b) the Governance Agreement, including, if applicable, the form of Standstill Agreement attached thereto as Exhibit A, embody 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. 

Section 6.8. 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
party hereto. Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. 

Section 6.9. 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. 
 Section 6.10. Liabilities Under Federal Securities
Laws. The exercise by any party (or its Affiliates or Stockholder Group, if applicable) (and including, in the case of the Liberty Stockholder Group, its exercise of the preemptive rights under Article III of the Governance Agreement) of any
rights under this Agreement shall be subject to such reasonable delay as may be required to prevent any party or its respective Stockholder Group from incurring any liability under the federal securities laws and the parties agree to cooperate in
good faith in respect thereof; provided, that this Section 6.10 will not be applicable to the transactions contemplated by Section 4.4(b). 
 Section 6.11. 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. 
 (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. 
 Section 6.12. Notices. Except as otherwise provided herein, any notice, request, claim, demand or other communication under this Agreement shall be in writing, shall be either personally delivered,
delivered by facsimile transmission, or sent by reputable overnight courier service (charges prepaid) to the address for such Person 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. 

  
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 If to Liberty: 

Liberty Interactive Corporation 
 12300 Liberty Boulevard 
 Englewood, CO 80112 

Attention: General Counsel 
 Telephone: (720) 875-5400 
 Facsimile: (720) 875-5401 

with a copy to: 
 Baker Botts LLP 
 30 Rockefeller Plaza 

44th Floor 
 New York, NY 10112 
 Attention: Frederick H. McGrath, Esq.

 Telephone: (212) 408-2530 

Facsimile: (212) 259-2530 
 If to Diller: 
 c/o IAC/InterActiveCorp 

555 West 18th Street 
 New York, NY 10011 
 Attention: General Counsel 

Telephone: (212) 314-7376 
 Facsimile: (212) 632-9551 
 with a copy to: 

Wachtell, Lipton, Rosen & Katz 

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

 Telephone: (212) 403-1000 

Facsimile: (212) 403-2000 
 Section 6.13. Adjustment of Shares Numbers. If, after the effective time of this Agreement, there is a subdivision, split, stock dividend, combination, reclassification or similar event with
respect to any of the shares of Capital Stock referred to in this Agreement, then, in any such event, the numbers and types of shares of such Capital Stock referred to in this Agreement (and if applicable, the share prices thereof) shall be adjusted
to the number and types of shares of such Capital Stock that a holder of such number of shares of such Capital Stock would own or be entitled to receive as a result of such event if such holder had held such number of shares immediately prior to the
record date for, or effectiveness of, such event. 

  
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 Section 6.14. Governing Law; Consent to Jurisdiction. 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, proceeding or investigation in any court or before any governmental authority (“Litigation”) 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 Litigation 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 Litigation 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 Litigation 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 Litigation arising out of or relating to this Agreement or the transactions contemplated hereby. 

Section 6.15. 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”. 

  
 -21-

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

			
	LIBERTY INTERACTIVE CORPORATION
		
	By	 	 /s/ John C. Malone

	Name:	 	John C. Malone
	Title:	 	Chairman of the Board
	
	 /s/ Barry Diller

	BARRY DILLER

 [SIGNATURE PAGE TO EXPEDIA AMENDED AND RESTATED 

STOCKHOLDERS AGREEMENT] 

 EXHIBIT A: FORM OF LIBERTY-DILLER LETTER AGREEMENT 

Barry Diller 
 c/o IAC/InterActiveCorp 
 555 West 18th Street 

New York, NY 10011 
  

			
	Liberty Interactive Corporation	 	
	 12300 Liberty Boulevard
	 	
	 Englewood, CO 80112
	 	
		 	Dated [—]

 Dear Sir: 
 1. Reference is hereby made to the Amended and Restated Stockholders Agreement, dated as of December 20, 2011 (the “Stockholders Agreement”), by and between Liberty Interactive
Corporation (“Liberty”) and Mr. Barry Diller (“Diller”) in relation to Expedia, Inc. (the “Company”). Capitalized terms used and not defined herein shall have the meanings ascribed to such
terms in the Stockholders Agreement. 
 2. In the event that, at any time after consummation of a Distribution Transaction in
connection with which Common Shares are Transferred to a Qualified Distribution Transferee, the Common Shares beneficially owned by Liberty and its Subsidiaries in the aggregate exceed 5% of the outstanding Common Shares, then, subject to paragraph
3 hereto, until the earlier of the date that (x) Diller is no longer Chairman or (y) Diller is Disabled, Diller shall be entitled to exercise voting authority and authority to act by written consent over all Common Shares beneficially
owned by Liberty and its Subsidiaries (the “Post-Distribution Proxy Shares”), on all matters submitted to a vote of the Company’s stockholders or by which the Company’s stockholders may act by written consent, pursuant to
a conditional proxy (which proxy is irrevocable and coupled with an interest for purposes of Section 212 of the Delaware General Corporation Law) (the “Post-Distribution Proxy”); provided, that in the event that Diller
is removed by the Board as Chairman for any reason other than Cause, Diller shall be deemed to continue to be Chairman for purposes of this letter agreement and shall be entitled to the Post-Distribution Proxy set forth herein until the earlier of
(A) such time as he has abandoned efforts to cause his reinstatement as Chairman and (B) the next stockholders meeting of the Company at which he had an adequate opportunity to nominate and elect his slate of directors (unless at such
stockholders meeting Diller’s slate of directors is elected and Diller is promptly thereafter reinstated as Chairman). 

3. The Post-Distribution Proxy shall terminate as provided for in the prior paragraph or, if earlier, (i) at such time as Diller has
been convicted of, or has pleaded guilty to, any felony involving moral turpitude, (ii) at such time as Diller ceases to beneficially own 2,500,000 

 
Common Shares with respect to which he has a pecuniary interest or (iii) at such time as the Common Shares beneficially owned by Liberty and its Subsidiaries no longer represents greater
than 5% of the outstanding Common Shares; provided, in the case of clauses (i) and (ii) above, that Liberty sends notice of such termination to Diller within 30 days after receiving notice of the event giving rise to such
termination, in which case the Post-Distribution Proxy shall terminate immediately upon the receipt of such notice. In addition, Common Shares that cease to be beneficially owned by Liberty or its Subsidiaries upon Transfer to an unaffiliated third
party will cease to be subject to the Post-Distribution Proxy upon the date of Transfer thereof. 
 4. Adjustment of Shares
Numbers. If, after the effective time of this letter agreement, there is a subdivision, split, stock dividend, combination, reclassification or similar event with respect to any of the shares of Capital Stock referred to in this letter
agreement, then, in any such event, the numbers and types of shares of such Capital Stock referred to in this letter agreement (and if applicable, the share prices thereof) shall be adjusted to the number and types of shares of such Capital Stock
that a holder of such number of shares of such Capital Stock would own or be entitled to receive as a result of such event if such holder had held such number of shares immediately prior to the record date for, or effectiveness of, such event.

 5. Stockholders Agreement. Diller hereby acknowledges and agrees that from and after the date hereof, Liberty will not
have any liability to Diller or the members of the Diller Stockholder Group for any breach, violation or failure to perform by the Qualified Distribution Transferee of any of the liabilities and obligations of the Qualified Distribution Transferee
under the Stockholders Agreement. 
 6. Further Assurances. At any time or from time to time after the date hereof, the
parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or
effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 7. Amendment and Waiver. This letter agreement may not be amended, modified, or waived except in a written instrument executed by the parties. The failure of any party to enforce any of the
provisions of this letter agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this letter agreement in accordance with its terms.

 8. Severability. Whenever possible, each provision of this letter agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this letter 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 letter agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 
 9. Effective Time. This letter agreement shall become effective as of the date hereof. 

  
 A-2

 10. Entire Agreement; Survival. Except as otherwise expressly set forth herein, this
letter agreement embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof or thereof and supersedes and preempts 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. 
 11. Successors and Assigns.
Neither this letter agreement nor any of the rights or obligations under this letter 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 letter
agreement), by any party without the prior written consent of the other party hereto. Subject to the foregoing, this letter agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and
assigns. 
 12. Counterparts. This letter 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. 
 13. 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 letter 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. 
 (b) All rights, powers and remedies provided under this letter
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. 
 14. Notices. Except as otherwise provided herein, any notice,
request, claim, demand or other communication under this letter agreement shall be in writing, shall be either personally delivered, delivered by facsimile transmission, or sent by reputable overnight courier service (charges prepaid) to the address
for such Person 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: 
 If to Liberty: 

Liberty Interactive Corporation 
 12300 Liberty Boulevard 
 Englewood, CO 80112 

Attention: General Counsel 
 Telephone: (720) 875-5400 
 Facsimile: (720) 875-5401 

  
 A-3

 with a copy to: 

Baker Botts LLP 
 30 Rockefeller Plaza 
 44th Floor New York, NY 10112 

Attention: Frederick H. McGrath, Esq. 

Telephone: (212) 408-2530 
 Facsimile: (212) 259-2530 
 If to Diller: 

c/o IAC/InterActiveCorp 
 555 West 18th Street 
 New York, NY 10011 

Attention: General Counsel 
 Telephone: (212) 314-7376 
 Facsimile: (212) 632-9551 

with a copy to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street

 New York, NY 10019 
 Attention: Andrew J. Nussbaum, Esq. 
 Telephone: (212) 403-1000

 Facsimile: (212) 403-2000 
 15. Governing Law; Consent to Jurisdiction. This letter 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, proceeding or investigation in any court or before any
governmental authority (“Litigation”) arising out of or relating to this letter 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 letter agreement shall be effective service of process for any Litigation 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 Litigation arising out of this letter 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 Litigation 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 Litigation arising out of or relating to this letter agreement or the transactions contemplated hereby. 

  
 A-4

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

  
 A-5

 If the foregoing is consistent with your understanding, please so indicate by your signature
below, which will constitute the agreement of the parties hereto. 
  

			
	  
 BARRY DILLER

 Accepted and Agreed: 
  

			
	LIBERTY INTERACTIVE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-6Services Agreement

 Exhibit 10.5 
 EXECUTION COPY 
 SERVICES AGREEMENT 

This SERVICES AGREEMENT (this “Agreement”) is entered into as of December 31, 2011, by and between Epicor Software
Corporation (f/k/a Eagle Parent, Inc.), a Delaware corporation (the “Company”), and EGL Holdco, Inc., a Delaware corporation (the “Adviser”). 
 WHEREAS, as of the date hereof, the Adviser is the sole stockholder of the Company; 
 WHEREAS, since May 16, 2011, Activant Group, Inc., a Delaware corporation (“Activant”) and Epicor Software Corporation, a Delaware corporation (“Epicor”) have been
wholly owned subsidiaries of the Company; 
 WHEREAS, on December 31, 2011, each of Activant and Epicor merged with and
into the Company, with the Company remaining as the surviving corporation (the “Merger”) and, following the consummation of the Merger, the Company changed its name from Eagle Parent, Inc. to Epicor Software Corporation; 

WHEREAS, on May 16, 2011, the Company was retained to provide certain strategic advisory services to (a) Epicor pursuant to
that certain Services Agreement, by and between the Company and Epicor, dated as of May 16, 2011 (as amended from time to time, the “Epicor Services Agreement”) and (b) Activant pursuant to that certain Services Agreement,
by and between the Company and Activant, dated as of May 16, 2011 (as amended from time to time, the “Activant Services Agreement”); 
 WHEREAS, upon the consummation of the Merger, the separate corporate existence of Epicor and Activant ceased, and therefore, the Epicor Services Agreement and the Activant Services Agreement automatically
terminated; 
 WHEREAS, nothing in this Services Agreement changes the characterization of the payments made, or services
provided, under the Epicor Services Agreement or the Activant Services Agreement; 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Certain Definitions. The following terms shall have the following meanings for the purposes of this Agreement. Other capitalized terms used but not defined herein shall have the respective
meanings ascribed to such terms in the Merger Agreements. 
 “Affiliate” means, in relation to any Person, any
other Person directly or indirectly controlling or controlled by or under common control with such Person and, for this purpose, “control” (including, with correlative meanings, the terms “controlling”, “controlled by”
and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or procure the direction of the management and policies of such Person, whether through the ownership of shares, by contract or
otherwise. 

 “Apax Funds” means, collectively, Apax US VII, L.P., Apax Europe VII-A,
L.P., Apax Europe VII-B, L.P., Apax Europe VII-1, LP, Apax Europe VI-A, L.P., Apax Europe VI-1, LP and Eagle AIV LP (or their respective nominees, designees, co-investors or trustees). 

“Business Day” means a day (excluding Saturdays) on which banks are generally open in New York for the transaction of
normal banking business. 
 “Company Group” means the Company and its subsidiaries and Affiliates. 

“Exit Event” means a sale of equity securities of any company in the Company Group or a public offering of equity
securities of any company in the Company Group or a liquidation of the Company or any other event analogous to such events that results in the Apax Funds (or any of their Affiliates holding such equity securities being sold or an interest in such
entity being liquidated) receiving proceeds in respect of such shares or such interest. Notwithstanding the forgoing, any sale of shares in any company in the Company Group effected to syndicate any party’s recently purchased investment
interest (rather than to monetize such an interest) shall not be considered an Exit Event. 
 “Merger
Agreements” means (i) the Agreement and Plan of Merger, dated April 4, 2011, by and among the Company, Element Merger Sub, Inc. and Epicor, as amended, restated or otherwise modified from time to time and (ii) the Agreement
and Plan of Merger, dated April 4, 2011, by and among the Company, Sun5 Merger Sub, Inc., Activant and the other parties signatory thereto, as amended, restated or otherwise modified from time to time. 

2. Services. 
 (a) The Adviser hereby agrees that, during the Term (as defined below), it will provide to the Company services relating to (i) financing, (ii) strategic business planning and (iii) add-on
investments in respect of the Company (collectively, “Services”); provided, however, that the Adviser shall act as an advisor and shall not be involved in the management and/or the operational business of the Company
Group. 
 (b) The Adviser shall devote such time and efforts to the performance of the Services as the Adviser deems reasonably
necessary or appropriate; provided, however, that no minimum number of hours is required to be devoted by the Adviser on a weekly, monthly, annual or other basis. The Company acknowledges that the Adviser’s services are not
exclusive to the Company and that the Adviser may render services (including, without limitation, services similar to the Services) to any other Person, including a competitor of any company in the Company Group. In providing Services to the
Company, the Adviser will act as an independent contractor and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no party
hereto has the right or ability to contract for or on behalf of any other party hereto or to effect any transaction for the account of any other party hereto. 

  
 2 

 (c) The Adviser shall provide and devote to the performance of this Agreement such
partners, employees and agents of the Adviser or subadvisers as the Adviser shall deem appropriate to the furnishing of the Services required. The fees and other compensation payable to the Adviser under this Agreement shall be paid by the Company
regardless of the extent of Services requested by the Company pursuant to this Agreement, and regardless of whether or not the Company requests the Adviser to provide any such Services. 

3. Fees. 
 (a) Advisory Services Fees. During the Term, the Company shall pay to the Adviser or its designee a fee for the Services (“Advisory Services Fee”), calculated at 0.305% per
year of the aggregate sums invested (as of the time of determination, taking into account any reduction in the sums invested as a result of any Exit Event) directly or indirectly by the Apax Funds (whether through the subscription for debt and
equity securities or otherwise) in the Company (or its predecessors, including Epicor and Activant). In each year of the Term, the Advisory Services Fee shall be payable in advance in four equal quarterly installments due on each
January 1, April 1, July 1 and October 1, or if any such date shall be a Business Day, on the immediately preceding Business Day. Pursuant to the Original Agreement, the Company paid the quarterly Advisory Services Fee
to the Adviser on October 1, 2011. On January 1, 2012, the Company shall pay the Adviser the Advisory Services Fees due on such date pursuant to this Agreement. The parties acknowledge and agree that the initial annual Advisory Service
Fee, based on the sums invested by the Apax Funds as of the date hereof shall be $1,941,000. 
 4. Payment of Fees &
Other Amounts. All fees, compensation and other amounts payable to the Adviser and/or its designee(s) pursuant to this Agreement shall be paid by the Company by wire transfer of immediately available funds to the account(s) designated by the
Adviser to the Company. For purposes of the calculations under this Agreement, a year has three hundred sixty (360) days. 

5. Expense Reimbursement. The Company shall reimburse the Adviser for all of the Adviser’s reasonable out-of-pocket fees and
expenses (including travel expenses and the fees and expenses of accountants, attorneys and other advisors retained by the Adviser) incurred by the Adviser and its partners, members, employees, agents, Affiliates, or designees in connection with the
rendering of Services pursuant to this Agreement. Such expenses shall be reimbursed by wire transfer of immediately available funds promptly upon the request of the Adviser (but in any case no later than five (5) Business Days following such
request) and shall be in addition to any other fees or amounts payable to the Adviser pursuant to this Agreement. 
 6.
Term. 
 (a) This Agreement shall remain in effect until the parties hereto mutually agree in writing to terminate this
Agreement (the “Term”), in which case this Agreement shall terminate on the following anniversary of the date hereof. Upon termination of this Agreement, the Company shall pay the Adviser all unpaid fees and expenses due with
respect to periods prior to the date of termination. 

  
 3 

 (b) Notwithstanding any termination of this Agreement in its entirety in accordance with
this Section 6, (i) the provisions of Sections 3, 4 and 5 shall survive until all amounts due and payable thereunder are paid to the Adviser or its designee(s) and (ii) the provisions of this
Section 6 and Sections 8 through 21 shall survive indefinitely. 
 7. Regulatory Compliance.
The Adviser shall have the right to assign or otherwise restructure any amounts payable to the Adviser hereunder to ensure regulatory compliance by the Adviser, its Affiliates and designees. 

8. Indemnification. The Company shall indemnify, exonerate and hold the Adviser and each of its partners, shareholders, members,
controlling Persons, Affiliates, directors, officers, fiduciaries, managers, employees, agents and subadvisers and each of the partners, shareholders, members, controlling Persons, Affiliates, directors, officers, fiduciaries, managers, employees,
agents and professional advisors of each of the foregoing (collectively, “Related Persons” and, together with the Adviser, the “Indemnitees”) free and harmless from and against any and all actions, causes of action,
suits, claims, liabilities, losses, damages, claims, costs and expenses (including any expense relating to enforcement of rights and obligations hereunder and reasonable attorneys’ fees and expenses incurred in connection with the
investigation, settlement and/or defense thereof, including in respect of third party claims), awards or settlements incurred by an Indemnitee (a “Loss”, provided that, for avoidance of doubt, the term “Loss” shall
not be deemed to include any diminution in value of the investment by the Adviser’s affiliated investment funds, directly or indirectly, in the Company) before or after the date of this Agreement and arising out of, resulting from, or relating
to: (i) this Agreement or the Services provided hereunder, (ii) the transactions contemplated by the Merger Agreements (including, without limitation, any financing relating thereto or the beneficial interest of any Indemnitee in any of
the foregoing), (iii) any advice or other services (including, without limitation, the Services) provided by or on behalf of the Adviser to the Company whether before, after or on the date hereof, or (iv) any indemnities or “hold
harmless” obligations entered into by the Adviser or any of its Related Persons with any auditor, advisers, consultant or other Person in connection with the transactions contemplated by the Merger Agreements; provided, that the
foregoing indemnification rights shall not be available to the extent that (a) any such Losses are incurred as a result of such Indemnitee’s willful misconduct or gross negligence or (b) subject to the rights of contribution provided
for below, to the extent indemnification for any Losses would violate any applicable law or regulation, in each case, as determined by a final non-appealable ruling of a court of competent jurisdiction. In any action, suit or proceeding against any
Indemnitee relating to or arising out of, or alleged to relate to or to arise out of, any such action or non-action, the Indemnitee shall have the right jointly to employ, at the expense of the Company, counsel of the Indemnitee’s choice, which
counsel shall be reasonably satisfactory to the Company, in such action, suit or proceeding. The indemnification rights contained in this Agreement shall be cumulative and in addition to any and all other rights, remedies and recourse to which an
Indemnitee, its heirs, successors, assignees and administrators are entitled. The indemnification provided in this Agreement will inure to the benefit of the heirs, successors, assignees and administrators of each of the Indemnitees. If the
indemnification provided for above is unavailable in respect of any Losses, then, in lieu of indemnifying an Indemnitee, the Company agrees to contribute to the amount paid or payable by such Indemnitee in such proportion as is appropriate to
reflect the relative fault of the Company on the one hand, and such Indemnitee, on the other hand, in connection with the actions which resulted in such Losses, as well as any other equitable considerations. 

  
 4 

 9. Disclaimer; Limitation of Liability. 

(a) The Adviser makes no representations or warranties, express or implied, in respect of any of the Services to be rendered by it
hereunder. In no event shall any Indemnitee be liable to any member of the Company Group for any act, alleged act, omission or alleged omission that does not constitute fraud, gross negligence or willful misconduct of such Indemnitee as determined
by a final, non-appealable determination of a court of competent jurisdiction. 
 (b) In no event will any Indemnitee be liable
to any member of the Company Group or to any of their respective officers, directors, employees or agents for any indirect, special, incidental, punitive or consequential damages, including, without limitation, lost profits or savings, whether or
not such damages are foreseeable, or for any third-party claims (whether based in contract, tort or otherwise), relating to the Services to be provided hereunder. 
 (c) Each Indemnitee shall have the right to, (i) engage in the same or similar business activities or lines of business as any member of the Company Group and (ii) conduct business with any
client or customer of any member of the Company Group. No Indemnitee shall be liable to any member of the Company Group for breach of any duty (contractual or otherwise) by reason of any such activities. 

(d) In the event that any Indemnitee acquires knowledge of a potential transaction or matter that may be a corporate opportunity for any
member of the Company Group on the one hand, and any Indemnitee, on the other hand, no Indemnitee shall have any duty (contractual or otherwise) to communicate or present such corporate opportunity to any member of the Company Group and,
notwithstanding any provision hereunder, no Indemnitee shall be liable to any member of the Company Group for breach of any duty (contractual or otherwise) by reason of the fact that any Indemnitee directly or indirectly pursues or acquires such
opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to any member of the Company Group. 
 10. Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile, upon
written confirmation of receipt by facsimile, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth
Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. In the case of the Company all notices shall be delivered to its registered address and in the case of the Adviser to
the address set out below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 To the Adviser: 
 EGL Holdco, Inc. 

601 Lexington Avenue, 53rd Floor 

  
 5 

 New York, NY 10022 
 Attention: Jason Wright 
 Facsimile: (646) 390-6292 

with a copy (which shall not constitute notice to the Adviser) to: 

 

			
	Kirkland & Ellis LLP
	601 Lexington Avenue
	New York, New York 10022
	Attention:	 	Kirk A. Radke
		 	Eunu Chun
		 	Ariel Yehezkel
	Facsimile No.: (212) 446-6460

 To the Company: 
 Epicor Software Corporation 
 18200 Von Karman Avenue, Suite 1000 

Irvine, California 92612 
 Attention: Chief Executive Officer 
 Facsimile: (949) 341-4225 

with a copy (which shall not constitute notice to the Company) to: 

 

			
	Kirkland & Ellis LLP
	601 Lexington Avenue
	New York, New York 10022
	Attention:	 	Kirk A. Radke
		 	Eunu Chun
		 	Ariel Yehezkel
	Facsimile No.: (212) 446-6460

 11. Assignment. Neither this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any party without the prior written consent of the other parties hereto, and any such assignment without such prior written consent shall be null and
void; provided, however, that the Adviser may assign, without the consent of any party hereto, any or all of its rights, interests and obligations under this Agreement to any of its Affiliates or financing sources. 

12. Successors and Assigns. All covenants and agreements contained in this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and permitted assigns. 
 13. Amendments. Except as
otherwise expressly provided herein, this Agreement may be amended, modified, or waived only by a written instrument signed by the Adviser and the Company. 

  
 6 

 14. Waiver. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

15. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any
dispute relating hereto shall be heard in the state or federal courts of the State of Delaware, and the parties agree to jurisdiction and venue therein. 
 16. Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION
(I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT
THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

17. Further Action. The parties agree to execute and deliver all documents, provide all information and take or refrain from
taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 18. Entire
Agreement. This Agreement embodies the complete agreement and understanding among the parties hereto and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, that may
have related to the subject matter hereof in any way. 
 19. 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. 
 20. Counterparts. This Agreement may be executed in any
number of counterparts and by each of the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

  
 7 

 21. Delivery by Facsimile or Email. This Agreement and each other agreement or
instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall
be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or
to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine
or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract, and each such
party forever waives any such defense. 
 *     *     *    
*     * 

  
 8 

 IN WITNESS WHEREOF, each of the undersigned parties has caused this Agreement to be executed
on its behalf as of the date first above written by its officer or representative thereunto duly authorized. 
  

			
	EPICOR SOFTWARE CORPORATION
		
	By:	 	 /s/ Vincent Lowder

	  Name:	 	Vincent Lowder
	  Title:	 	Vice President & Assistant General Counsel

 IN WITNESS WHEREOF, each of the undersigned parties has caused this Agreement to be executed
on its behalf as of the date first above written by its officer or representative thereunto duly authorized. 
  

			
	EGL HOLDCO, INC.
		
	By:	 	 /s/ Vincent Lowder

	  Name:	 	Vincent Lowder
	  Title:	 	Vice President & Assistant General Counsel

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