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                                                                EXHIBIT 10.27

                           RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (this "Agreement") dated as of July 1,
2003 , is between Orbitz, Inc., a Delaware corporation ("Company") having an
address at 200 S. Wacker Drive, Suite 1900, Chicago, IL 60657 and Christopher
T. Hjelm ("Employee") having an address set forth on the signature page hereof,
relating to the award of shares of Company's Class C common stock ("Stock") to
Employee pursuant to the Restricted Stock Awards provisions of Company's 2002
Stock Plan (as such may be amended from time to time, the "Plan"). Capitalized
terms used in this Agreement without definition shall have the meaning ascribed
to such terms in the Plan.

1. ISSUANCE OF RESTRICTED SHARES. Company hereby awards to Employee 100,000
shares of Stock (the "Restricted Shares").

2. LAPSE OF RESTRICTIONS. Restricted Shares shall cease to be subject to the
restrictions described herein, (shares no longer subject to such restrictions
being referred to herein as "Unrestricted Shares") as of the date set forth
below according to the percentage set forth opposite such date:

<Table>
<Caption>
         Date                          Cumulative Percentage Unrestricted
         ----                          ----------------------------------
     <S>                                             <C>
     July 1, 2004                                     25%
     July 1, 2005                                     50%
     July 1, 2006                                     75%
     July 1, 2007                                    100%
</Table>

In the event that Employee ceases to be a Service Provider for any or no reason
(including death or disability) before all of the shares of Stock granted
hereunder cease to be Restricted Shares, Employee shall, upon the date of such
termination (as reasonably fixed and determined by the Company, the "Termination
Date") forfeit that number of shares of Stock which constitute the Restricted
Shares. Upon such forfeiture the Company shall become the legal and beneficial
owner of the Restricted Shares being forfeited and all rights and interests
therein or relating thereto, and the Company shall have the right to retain and
transfer to its own name the number of Restricted Shares being forfeited by
Employee.

3. RESTRICTION ON TRANSFER. Restricted Shares (and any interest therein) may
never be directly or indirectly transferred, pledged, hypothecated, or otherwise
disposed of while they remain Restricted Shares. Prior to the closing of an
initial public offering with respect to shares of Stock ("IPO") registered under
the Securities Act of 1933, as amended (the "Securities Act"), neither
Unrestricted Shares nor any interest therein my be transferred, pledged,
hypothecated, or otherwise disposed of. Following the consummation of an IPO,
any Unrestricted Shares shall be freely transferable subject only to the
restrictions set forth in Sections 6 and 8 hereof.

4. REPURCHASE. In the event that Employee ceases to be a Service Provider for
any or no reason (including death or disability) at any time prior to the
consummation of an IPO, any then Unrestricted Shares shall be subject to a right
(but not an obligation) of repurchase by Company. Company's right of repurchase
with respect to Unrestricted Shares shall be exercisable, during the sixty (60)
day period immediately following the Termination Date, by delivery of written
notice to Employee (which notice shall set forth a date, within thirty (30) days
of the date of the notice, on which the repurchase is to be effected). Company's
right of repurchase with respect to Unrestricted Shares shall lapse upon the
consummation of an IPO or upon expiration of the above referenced sixty (60) day
period. If Company exercises its right of repurchase with respect to
Unrestricted Shares it shall pay Employee, at closing, an amount equal to: (a)
the Fair Market Value (as of the Termination Date) per share in the event that
Employee's employment with the Company is terminated by the Company other than
for "Cause" (as defined in Employee's Employment Agreement) or if Employee
resigns as a result of "Constructive

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Termination" (as defined therein); or (b) par value per share in the event that
Employee's employment with the Company is terminated by the Company for Cause or
if Employee resigns other than as a result of Constructive Termination.. At the
closing of any repurchase, Employee shall deliver to Company stock certificates
duly endorsed for transfer, or accompanied by duly executed stock powers,
representing all of the Stock being sold, free and clear of all claims, liens,
or encumbrances from any third parties together with such other documentation as
Company's legal counsel may reasonably require.

5. ESCROW. The Company may, in its discretion, reflect ownership of Restricted
Shares (and Unrestricted Shares) through the issuance of stock certificates, or
in book-entry form, without stock certificates, on its books and records. If the
Company elects to issue certificates, such certificates for Restricted Shares
shall be deposited in escrow, together with stock powers duly executed in blank
by Employee, with the corporate secretary of Company to be held in accordance
with the provisions hereof. Restricted Shares shall be: (i) released to Company
upon forfeiture as described in Section 2 above; (ii) release for transfer and
assignment to Company upon Company's exercise of its right of repurchase
described in Section 4 above; or (ii) released to Employee, upon Employee's
request, to the extent the shares of Stock are no longer Restricted Shares.

6. ADDITIONAL RESTRICTIONS ON TRANSFER OF STOCK. The certificates representing
shares of Stock granted hereunder will bear a legend which states, and Employee
agrees to, the following:

               "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
               REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE
               SECURITIES ACT. THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN THE
               ABSENCE OF A REGISTRATION STATEMENT WHICH IS EFFECTIVE UNDER
               THOSE ACTS AS TO SUCH SECURITIES OR AN OPINION, IN FORM AND
               SUBSTANCE SATISFACTORY TO THE CORPORATION AND GIVEN BY COUNSEL
               SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT SUCH
               REGISTRATION IS NOT REQUIRED. THE SECURITIES REPRESENTED BY THIS
               CERTIFICATE ARE SUBJECT TO CERTAIN REPURCHASE OPTIONS, ADDITIONAL
               RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS SET FORTH IN A
               RESTRICTED STOCK AGREEMENT (THE "AGREEMENT") BETWEEN ORBITZ,
               INC., A DELAWARE CORPORATION, AND CHRISTOPHER T. HJELM DATED AS
               OF JULY 1, 2003, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL
               EXECUTIVE OFFICE OF THE CORPORATION. ANY TRANSFER OR PLEDGE IN
               CONFLICT WITH, OR IN DEROGATION OF THE AGREEMENT IS VOID AND OF
               NO LEGAL FORCE, EFFECT, OR VALIDITY WHATSOEVER."

7. SECTION 83(b) ELECTION. Employee acknowledges that he may, within the thirty
(30) day period after the date hereof, in his sole discretion make an election
with the Internal Revenue Service under Section 83(b) of the Code. If Employee
makes such election, he will promptly file a copy with the Company.

                                                                               2
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8. EMPLOYEE'S INVESTMENT REPRESENTATIONS. Employee represents that he; (a)
understands that Employee's shares of Stock have not been registered under the
Securities Act, are offered pursuant to an exemption thereunder, and have not
been approved or disapproved by the Securities and Exchange Commission or by any
other federal or state agency; (b) is acquiring shares of Stock for his own
account for investment, not on behalf or for the benefit of any other person,
trust, estate, or business organization and has no intention of distributing
such shares of Stock to others in violation of the Securities Act; (c) has no
contract or arrangement with any person to sell or transfer to them of
Employee's shares of Stock; (d) is aware of no existing circumstances which will
compel him to obtain money by the sale of any shares of Stock, and has no reason
to anticipate any change in such circumstances, financial or otherwise, or to
anticipate any occasion or event which would cause him to assign, transfer,
sell, or distribute or necessitate or require him to assign, transfer, sell, or
distribute Employee's shares of Stock; (e) understands that the shares of Stock
are illiquid, subject to resale restrictions imposed by the securities laws of
various states and may not be sold without compliance with such laws and he may
be required to hold the shares of Stock indefinitely; and (f) resides in the
State of Illinois.

9. MISCELLANEOUS. This Agreement, together with the Plan and the Employment
Agreement by and between Employee and Company (the "Employment Agreement"),
embodies the complete agreement and understanding between the parties and
supersedes and preempts any prior understandings, agreements, or representations
by or among the parties, written or oral, which may have related to the subject
matter hereof in any way. This Agreement is intended to bind, inure to the
benefit of and be enforceable by Employee and Company and their respective
successors and assigns. In addition to any other available remedies, the parties
to will be entitled to specifically enforce their respective rights hereunder
and obtain injunctive relief to enforce or prevent violations of the provisions
hereof.

10. GOVERNING LAW. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Illinois, without regard
to its conflict of laws rules.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year first above written.

                                   ORBITZ, INC.,
                                   A DELAWARE CORPORATION

                                   By: /s/ Jane Denman
                                       ----------------------------------
                                       Jane Denman, VP of Human Resources

                                   EMPLOYEE:

                                       /s/ Chris Hjelm
                                   --------------------------------------
                                   Name:   Chris Hjelm
                                        ---------------------------------
                                   Address:
                                           ------------------------------

                                   --------------------------------------

                                                                               3<Page>

                                                                 EXHIBIT 10.28

                           RESTRICTED STOCK AGREEMENT

         THIS RESTRICTED STOCK AGREEMENT (this "Agreement") dated as of July 6,
2003, is between Orbitz, Inc., a Delaware corporation ("Company") having an
address at 200 S. Wacker Drive, Suite 1900, Chicago, IL 60657 and Jeffrey G.
Katz ("Employee") having an address set forth on the signature page hereof,
relating to the award of shares of Company's Class C common stock ("Stock") to
Employee pursuant to the Restricted Stock Awards provisions of Company's 2002
Stock Plan (as such may be amended from time to time, the "Plan"). Capitalized
terms used in this Agreement without definition shall have the meaning ascribed
to such terms in the Plan.

         1. ISSUANCE OF RESTRICTED SHARES. Company hereby awards to Employee
200,000 shares of Stock (the "Restricted Shares") as provided for in Section
2(d) of the Employment Agreement.

         2. LAPSE OF RESTRICTIONS. Restricted Shares shall cease to be subject
to the restrictions described herein, (shares no longer subject to such
restrictions being referred to herein as "Unrestricted Shares") as of the date
set forth below according to the percentage set forth opposite such date, unless
vesting occurs earlier, as provided for in Section 2(d) of the Employment
Agreement:

<Table>
<Caption>
                      Date                         Cumulative Percentage Unrestricted
                  ------------                     ----------------------------------
               <S>                                 <C>
                  July 6, 2004                                     25%
                  July 6, 2005                                     50%
                  July 6, 2006                                     75%
                  July 6, 2007                                    100%
</Table>

                  For purposes of this Agreement, the term "vesting" shall have
the effect of converting Restricted Shares into Unrestricted Shares.

                  In the event that Employee ceases to be a Service Provider
before all of the shares of Stock granted hereunder cease to be Restricted
Shares, Employee shall, upon the date of such termination forfeit or the
restrictions shall lapse as to that number of shares of Stock which constitute
the Restricted Shares as provided under Employee's Amended and Restated
Employment Agreement dated as of July 6, 2003 ("Employment Agreement"). Upon
such forfeiture the Company shall become the legal and beneficial owner of the
Restricted Shares being forfeited and all rights and interests therein or
relating thereto, and the Company shall have the right to retain and transfer to
its own name the number of Restricted Shares being forfeited by Employee. Upon a
lapse of restrictions under this Section 2, the shares shall become Unrestricted
Shares.

         3. RESTRICTION ON TRANSFER. Restricted Shares (and any interest
therein) may never be directly or indirectly transferred, pledged, hypothecated,
or otherwise disposed of while they remain Restricted Shares. Prior to the
closing of an initial public offering with respect to shares of Stock ("IPO")
registered under the Securities Act of 1933, as amended (the "Securities Act"),
neither Unrestricted Shares nor any interest therein my be transferred, pledged,
hypothecated, or otherwise disposed of. Following the consummation of an IPO,
any Unrestricted Shares shall be freely transferable subject only to the
restrictions set forth in Sections 6 and 8 hereof.

         4. REPURCHASE. In the event that Employee ceases to be a Service
Provider for any or no reason (including death or disability) at any time prior
to the consummation of an IPO, any then Unrestricted Shares shall be subject to
a right (but not an obligation) of repurchase by Company.
<Page>

Company's right of repurchase with respect to Unrestricted Shares shall be
exercisable, during the sixty (60) day period immediately following the
Termination Date, by delivery of written notice to Employee (which notice shall
set forth a date, within thirty (30) days of the date of the notice, on which
the repurchase is to be effected). Company's right of repurchase with respect to
Unrestricted Shares shall lapse upon the consummation of an IPO or upon
expiration of the above referenced sixty (60) day period. If Company exercises
its right of repurchase with respect to Unrestricted Shares it shall pay
Employee, at closing, an amount equal to the Fair Market Value (as of the
Termination Date) per share or, in the event that Employee's employment with the
Company is terminated by the Company for "Cause" (as defined in Employee's
Employment Agreement), the par value per share. At the closing of any
repurchase, Employee shall deliver to Company stock certificates duly endorsed
for transfer, or accompanied by duly executed stock powers, representing all of
the Stock being sold, free and clear of all claims, liens, or encumbrances from
any third parties together with such other documentation as Company's legal
counsel may reasonably require.

         5. ESCROW. The Company may, in its discretion, reflect ownership of
Restricted Shares (and Unrestricted Shares) through the issuance of stock
certificates, or in book-entry form, without stock certificates, on its books
and records. If the Company elects to issue certificates, such certificates for
Restricted Shares shall be deposited in escrow, together with stock powers duly
executed in blank by Employee, with the corporate secretary of Company to be
held in accordance with the provisions hereof. Restricted Shares shall be: (i)
released to Company upon forfeiture as described in Section 2 above; (ii)
release for transfer and assignment to Company upon Company's exercise of its
right of repurchase described in Section 4 above; or (ii) released to Employee,
upon Employee's request, to the extent the shares of Stock are no longer
Restricted Shares.

         6. ADDITIONAL RESTRICTIONS ON TRANSFER OF STOCK. The certificates
representing shares of Stock granted hereunder will bear a legend which states,
and Employee agrees to, the following:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE
                  SECURITIES ACT. THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN
                  THE ABSENCE OF A REGISTRATION STATEMENT WHICH IS EFFECTIVE
                  UNDER THOSE ACTS AS TO SUCH SECURITIES OR AN OPINION, IN FORM
                  AND SUBSTANCE SATISFACTORY TO THE CORPORATION AND GIVEN BY
                  COUNSEL SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT
                  SUCH REGISTRATION IS NOT REQUIRED. THE SECURITIES REPRESENTED
                  BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN REPURCHASE OPTIONS,
                  ADDITIONAL RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS SET
                  FORTH IN A RESTRICTED STOCK AGREEMENT (THE "AGREEMENT")
                  BETWEEN ORBITZ, INC., A DELAWARE CORPORATION, AND
                  __________________ DATED AS OF _____________, A COPY OF WHICH
                  MAY BE OBTAINED AT THE PRINCIPAL EXECUTIVE OFFICE OF THE
                  CORPORATION. ANY TRANSFER OR PLEDGE IN CONFLICT WITH, OR IN
                  DEROGATION OF THE AGREEMENT IS VOID AND OF NO LEGAL FORCE,
                  EFFECT, OR VALIDITY WHATSOEVER."

         7. SECTION 83(b) ELECTION. Employee acknowledges that he may, within
the thirty (30) day period after the date hereof, in his sole discretion make an
election with the Internal Revenue Service under Section 83(b) of the Code. If
Employee makes such election, he will promptly file a copy with the Company.
<Page>

         8. EMPLOYEE'S INVESTMENT REPRESENTATIONS. Employee represents that he;
(a) understands that Employee's shares of Stock have not been registered under
the Securities Act, are offered pursuant to an exemption thereunder, and have
not been approved or disapproved by the Securities and Exchange Commission or by
any other federal or state agency; (b) is acquiring shares of Stock for his own
account for investment, not on behalf or for the benefit of any other person,
trust, estate, or business organization and has no intention of distributing
such shares of Stock to others in violation of the Securities Act; (c) has no
contract or arrangement with any person to sell or transfer to them of
Employee's shares of Stock; (d) is aware of no existing circumstances which will
compel him to obtain money by the sale of any shares of Stock, and has no reason
to anticipate any change in such circumstances, financial or otherwise, or to
anticipate any occasion or event which would cause him to assign, transfer,
sell, or distribute or necessitate or require him to assign, transfer, sell, or
distribute Employee's shares of Stock; (e) understands that the shares of Stock
are illiquid, subject to resale restrictions imposed by the securities laws of
various states and may not be sold without compliance with such laws and he may
be required to hold the shares of Stock indefinitely; and (f) resides in the
State of Illinois.

         9. GOVERNING LAW. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of Illinois, without
regard to its conflict of laws rules.

         IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first above written.

                                 ORBITZ, INC.,  A DELAWARE CORPORATION

                                 By: /s/: JANE M. DENMAN
                                     ----------------------------------------
                                       Jane Denman, VP of Human Resources

                                 EMPLOYEE:

                                 /s/:  JEFFREY G. KATZ
                                 --------------------------------------------
                                 Name: J. G. KATZ
                                      ---------------------------------------
                                 Address:
                                         ------------------------------------

                                 --------------------------------------------

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