Document:

Employment Agreement between TripAdvisor LLC and Julie Bradley

 Exhibit 10.14 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is entered into by and between Julie Bradley (“Executive”) and TripAdvisor, LLC, a Delaware limited liability company (the “Company”), and is effective as of October 3, 2011 (the “Effective
Date”). 
 WHEREAS, the Company desires to establish its right to the services of Executive, in the capacity described
below, on the terms and conditions hereinafter set forth, and Executive is willing to accept such employment on such terms and conditions. 
 NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, Executive and the Company have agreed and do hereby agree as follows: 

1A. EMPLOYMENT. The Company agrees to employ Executive as Chief Financial Officer, and Executive accepts and agrees to such employment. During
Executive’s employment with the Company, Executive shall perform all services and acts necessary or advisable to fulfill the duties and responsibilities as are commensurate and consistent with Executive’s position and shall render such
services on the terms set forth herein. During Executive’s employment with the Company, Executive shall report directly to the Chief Executive Officer of the Company or such person(s) as from time to time may be designated by the Company
(hereinafter referred to. as the “Reporting Officer”). Executive shall have such powers and duties with respect to the Company as may reasonably be assigned to Executive by the Reporting Officer, to the extent consistent with
Executive’s position and status. Executive agrees to devote all of Executive’s working time, attention and efforts to the Company and to perform the duties of Executive’s position in accordance with the Company’s policies as in
effect from time to time. Executive’s principal place of employment shall be the Company’s offices located in Newton, Massachusetts. 

2A. TERM OF AGREEMENT. The term (“Term”) of this Agreement shall commence on the Effective Date and shall continue through the second
anniversary of the Effective Date, unless sooner terminated in accordance with the provisions of Section 1 of the Standard Terms and Conditions attached hereto. 
 3A. COMPENSATION. 
 (a) BASE SALARY. During the Term, the Company shall pay
Executive an annual base salary of $300,000.00 (the “Base Salary”), payable in equal biweekly installments or in accordance with the Company’s payroll practice as in effect from time to time. For all purposes under this Agreement, the
term “Base Salary” shall refer to Base Salary as in effect from time to time. 
 (b) DISCRETIONARY BONUS. During the Term,
Executive shall be eligible to receive discretionary annual bonuses with an annual target bonus equal to 66% of Base Salary, with amounts, if any, for any partial year payable on a pro rata basis, provided that, subject to the
provisions of Section 1 of the Standard Terms and Conditions attached hereto, Executive’s bonus for calendar year 2011 shall be no less than the annual target bonus, pro-rated for time worked at’ the Company. Any such annual bonus
shall be paid not later than March 15 of the calendar year immediately following the calendar year with respect to which such annual bonus relates (unless Executive has elected to defer receipt of such bonus pursuant to an arrangement that
meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)). 

 (c) BENEFITS. During the Term, from the Effective Date through the date of termination of
Executive’s employment with the Company for any reason, Executive shall be entitled to participate in any welfare, health and life insurance and pension benefit and incentive programs as may be adopted from time to time by the Company on the
same basis as that provided to similarly situated executives of the Company generally. Without limiting the generality of the foregoing, Executive shall be entitled to the following benefits: 

 

	 	(i)	Reimbursement for Business Expenses. During the Term, the Company shall reimburse Executive for all reasonable and necessary expenses incurred by Executive in
performing Executive’s duties for the Company, on the same basis as similarly situated executives of the Company generally and in accordance with the Company’s policies as in effect from time to time. 

 

	 	(ii)	Vacation. During the Term, Executive shall be entitled to annual paid vacation in accordance with the plans, policies, programs and practices of the Company
applicable to similarly situated executives of the Company generally, provided that Executive shall be entitled to a minimum of four (4) weeks paid vacation per year. 

4A. INITIAL RESTRICTED STOCK UNIT GRANT. On behalf of the Company and pursuant to a letter, dated September 26, 2011 (the “Grant
Letter”), Expedia, Inc., a Delaware corporation and the ultimate parent of the Company (“Expedia”), shall recommend to the Compensation Committee of the Expedia Board of Directors (the “Committee”), at its next regular
meeting, a one-time grant of 50,000 Expedia restricted stock units (the “Initial Grant”) under the Expedia, Inc. 2005 Stock and Annual Incentive Plan, terms of which are set forth in the Grant Letter. In the event that the Initial Grant is
not approved by the Committee on or before the date that is sixty (60) days following the Effective Date (the “Outside Grant Date”), Executive shall have the right, exercisable for a ten day period commencing on the Outside Grant
Date, to terminate this Agreement by providing written notice to the Company, such notice to be no less than fourteen (14) days nor greater than thirty (30) days. Upon the date stipulated in any notice provided pursuant to the preceding
sentence, this Agreement shall terminate and neither party shall have any obligation to the other, except that (i) the Company shall pay Executive any Accrued Obligations in a lump sum in cash within 30 days of such termination and
(ii) notwithstanding Section 2(h) of the Standard Terms and Conditions attached hereto, none of the provisions of Section 2 of such Standard Terms shall survive, other than Section 2(a) thereof. 

  
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 5A. NOTICES. All notices and other communications under this Agreement shall be in writing and shall
be given by first-class mail, certified or registered with return receipt requested or hand delivery acknowledged in writing by the recipient personally, and shall be deemed to have been duly given three days after mailing or immediately upon duly
acknowledged hand delivery to the respective persons named below: 
  

			
	        If to the Company:	  	 141 Needham Street
 Newton,
MA 02464
 Attention: General Counsel

		
	        If to Executive:	  	At the most recent address on record for Executive at the Company.

 Either party may change such party’s address for notices by notice duly given pursuant hereto. 

6A. GOVERNING LAW; JURISDICTION. This Agreement and the legal relations thus created between the parties hereto shall be governed by and construed
under and in accordance with the internal laws of the Commonwealth of Massachusetts without reference to the principles of conflicts of laws. Any and all disputes between the parties which may arise pursuant to this Agreement will be heard and
determined before an appropriate federal court in Massachusetts, or, if not maintainable therein, then in an appropriate Massachusetts state court. The parties acknowledge that such courts have jurisdiction to interpret and enforce the provisions of
this Agreement, and the parties consent to, and waive any and all objections that they may have as to, personal jurisdiction and/or venue in such courts. 
 7A. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
Executive expressly understands and acknowledges that the Standard Terms and Conditions attached hereto are incorporated herein by reference, deemed a part of this Agreement and are binding and enforceable provisions of this Agreement. References to
“this Agreement” or the use of the term “hereof’ shall refer to this Agreement and the Standard Terms and Conditions attached hereto, taken as a whole. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and delivered by its duly authorized officer and Executive has executed and delivered this Agreement. 

 

	
	TRIPADVISOR LLC
	
	     /s/ Stephen Kaufer

	By: Stephen Kaufer
	Title: Chief Executive Officer
	
	     /s/ Julie Bradley

	Julie Bradley

  
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 STANDARD TERMS AND CONDITIONS 

1. TERMINATION OF EXECUTIVE’S EMPLOYMENT. 
 (a) DEATH. Upon termination of Executive’s employment prior to the expiration of the Term by reason of Executive’s death, the Company shall pay Executive’s designated beneficiary or
beneficiaries, within 30 days of Executive’s death in a lump sum in cash, (i) Executive’s Base Salary from the date of Executive’s death through the end of the month in which Executive’s death occurs and (ii) any
Accrued Obligations (as defined in Section 1(f) below). 
 (b) DISABILITY. If, as a result of Executive’s incapacity due to
physical or mental illness (“Disability”), Executive shall have been absent from the full-time performance of Executive’s duties with the Company for a period of four consecutive months and, within 30 days after written notice is
provided to Executive by the Company (in accordance with Section 4A hereof), Executive shall not have returned to the full-time performance of Executive’s duties, Executive’s employment under this Agreement may be terminated by the
Company for Disability. During any period prior to such termination during which Executive is absent from the full-time performance of Executive’s duties with the Company due to Disability, the Company shall continue to pay Executive’s
Base Salary at the rate in effect at the commencement of such period of Disability, offset by any amounts payable to Executive under any disability insurance plan or policy provided by the Company. Upon termination of Executive’s employment due
to Disability, the Company shall pay Executive within 30 days of such termination (i) Executive’s Base Salary through the end of the month in which Executive’s termination of employment for Disability occurs in equal biweekly
installments, offset by any amounts payable to Executive under any disability insurance plan or policy provided by the Company; and (ii) any Accrued Obligations in a lump sum in cash. 
 (c) TERMINATION FOR CAUSE; RESIGNATION WITHOUT GOOD REASON. The Company may terminate Executive’s employment under this Agreement with or without Cause at any time and Executive may resign
under this Agreement with or without Good Reason at any time. As used herein, “Cause” shall mean: (i) the plea of guilty or nolo contendere to, conviction for, or the commission of, a felony offense by Executive; provided,
however, that after indictment, the Company may suspend Executive from the rendition of services, but without limiting or modifying in any other way the Company’s obligations under this Agreement; (ii) a material breach by Executive
of a fiduciary duty owed to the Company or any of its subsidiaries; (iii) a material breach by Executive of any of the covenants made by Executive in Section 2 hereof; (iv) the willful or gross neglect by Executive of the material
duties required by this Agreement; or (v) a knowing and material violation by Executive of any Company policy pertaining to ethics, legal compliance, wrongdoing or conflicts of interest that, in the case of the conduct described in
clauses (iv)or (v) above, if curable, is not cured by Executive within 30 days after Executive is provided with written notice thereof. Upon Executive’s (A) termination of employment by the Company for Cause prior to the
expiration of the Term or (B) resignation without Good Reason prior to the expiration of the Term, this Agreement shall terminate without further obligation by the Company, except for the payment of any Accrued Obligations in a lump sum in cash
within 30 days of such termination. 

 (d) TERMINATION BY THE COMPANY OTHER THAN FOR DEATH, DISABILITY OR CAUSE OR RESIGNATION BY EXECUTIVE FOR
GOOD REASON. Upon termination of Executive’s employment prior to the expiration of the Term by the Company without Cause (other than for death or Disability) or by Executive for Good Reason (as defined below), then: 

(i) the Company shall continue to pay Executive the Base Salary through the longer of (x) the end of the Term over the course of the
then remaining Term and (y) 12 months (such period, the “Salary Continuation Period” and such payments, the “Cash Severance Payments”), in each case payable in equal biweekly installments and the Company shall pay in cash to
Executive (within 10 business days of each applicable monthly period) for each month between the date of termination and the end of the Salary Continuation Period an amount equal to the premiums charged by the Company to maintain COBRA benefits
continuation coverage for Executive and Executive’s eligible dependents to the extent such coverage is then in place; 

(ii) the Company shall pay Executive within 30 days of the date of such termination in a lump sum in cash any Accrued Obligations;

 (iii) the Company will consider in good faith the payment of a discretionary bonus on a pro rata basis for the year in
which the Termination of Employment occurs, any such payment to be paid (if at all) based on actual performance during the year in which termination has occurred and based on the number of days of employment during such year relative to 365 days
(payable in a lump sum at the time such annual bonus would otherwise have been paid); 
 (iv) any compensation awards of
Executive based on, or in the form of, Company equity (e.g. restricted stock, restricted stock units, stock options or similar instruments) (“Equity Awards”) that are outstanding and unvested at the time of such termination but which
would, but for a termination of employment, have vested during the 12 months following such termination (such period, the “Equity Acceleration Period”) shall vest (and with respect to awards other than stock options and stock appreciation
rights, settle) as of the date of such termination of employment; provided that any outstanding award with a vesting schedule that would, but for a termination of employment, have resulted in a smaller percentage (or none) of the award being
vested through the end of such Equity Acceleration Period than if it vested annually pro rata over its vesting period shall, for purposes of this provision, be treated as though it vested annually pro rata over its vesting period
(e.g., if 100 restricted stock units (“RSUs”) were granted 2.7 years prior to the date of the termination and vested pro rata on each of the first five anniversaries of the grant date and 100 RSUs were granted 1.7 years prior to the
date of termination and vested on ‘ the fifth anniversary of the grant date, then on the date of termination 20 RSUs from the first award and 40 RSUs from the second award would vest and settle); provided further that any amount that
would vest under this provision but for the fact that outstanding performance conditions have not been satisfied shall vest (and with respect to awards other than stock options and stock appreciation rights, settle) only if, and at such point as,
such performance conditions are satisfied; and provided further that if any Equity Awards made subsequent to the Effective Date of this Agreement specifies a more favorable post termination vesting schedule for such equity, the terms of the
award agreement for such Equity Award shall govern; and 

  
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 (v) any then vested options of Executive (including options vesting as a result of
(iv) above) to purchase Company equity, shall remain exercisable through the date that is 18 months following the date of such termination or, if earlier, through the scheduled expiration date of such options. 

The expiration of the Term shall not give rise to any payment to Executive or acceleration obligation under this Section 1(d). The payment to
Executive of the severance pay or benefits described in Section 1(d) (other than any Accrued Obligations) is contingent upon Executive signing and not revoking a separation and release of the Company and its affiliates in a form substantially
similar to that used for similarly situated executives of the Company (the “Release”), the offset provisions in Section 1(e), and Executive’s compliance with the restrictive covenants set forth in Section 2 (other than any
non-compliance that is immaterial, does not result in harm to the Company or its affiliates, and, if curable, is cured by Executive promptly after receipt of notice thereof given by the Company). The Release must become effective no later than sixty
(60) days following Executive’s employment termination date or such earlier date required by the Release (such deadline, the “Release Deadline”). If the Release does not become effective by the Release Deadline, Executive will
forfeit any rights to severance. In no event will severance payments or benefits (other than any Accrued Obligations) be paid or provided until the Release becomes effective and irrevocable. Upon the Release becoming effective and irrevocable, any
payments delayed from the date Executive terminates employment through the effective date of the Release will be payable in a lump sum without interest as soon as administratively practicable after the Release Deadline and all other amounts will be
payable in accordance with the payment schedule applicable to each payment or benefit. In the event the termination occurs at a time during the calendar year where the Release could become effective in the calendar year following the calendar year
in which Executive’s termination occurs, then any severance payments or benefits that would be considered Deferred Payments (as defined below) will be paid on the first payroll date to occur during the calendar year following the calendar year
in which such termination occurs, or, if later, (i) the Release Deadline, (ii) such time as required by the payment schedule provided above that is applicable to each payment or benefit, or (iii) the Delayed Initial Payment Date (as
defined below). Executive acknowledges and agrees that the Company’s payment of severance pay and benefits (except Accrued Obligations) constitutes good and valuable consideration for such Release. 

As used herein, “Good Reason” shall mean the occurrence of any of the following without Executive’s prior written consent: (A) the
Company’s material breach of any material provision of this Agreement, (B) the material reduction in Executive’s title, duties, reporting responsibilities or level of responsibilities as Chief Financial Officer of the Company,
excluding for this purpose any such reduction that is an isolated and inadvertent action not taken in bad faith or that is authorized pursuant to this Agreement, (C) the material reduction in Executive’s Base Salary or Executive’s
total annual compensation opportunity, or (D) the relocation of Executive’s principal place of employment more than 50 miles outside the Boston metropolitan area, provided that in no event shall Executive’s resignation be for
“Good Reason” unless (x) an event or circumstance set forth in clauses (A) through (D) shall have occurred and Executive provides the Company with written notice thereof within 30 days after Executive has knowledge of the
occurrence or existence of such 

  
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event or circumstance, which notice specifically identifies the event or circumstance that Executive believes constitutes Good Reason, (y) the Company fails to correct the circumstance or
event so identified within 30 days after receipt of such notice, and (z) Executive resigns within 90 days after the date of delivery of the notice referred to in clause (x) above. Notwithstanding the preceding provisions of this
Section 1(d), in the event that Executive is a “specified employee” (within the meaning of Section 409A) on the date of termination of Executive’s employment with the Company and the Cash Severance Payments to be paid within
the first six months following such date (the “Initial Payment Period”) exceed the amount referenced in Treas. Regs. Section 1.409A-1(b)(9)(iii)(A) (the “Limit”), then (1) any portion of the Cash Severance Payments that
is a “short-term deferral” within the meaning of Treas. Regs. Section 1.409A-1(b)(4)(i) shall be paid at the times set forth in Section 1(d), (2) any portion of the Cash Severance Payments (in addition to the amounts
contemplated by the immediately preceding clause (1)) that is payable during the Initial Payment Period that does not exceed the Limit shall be paid at the times set forth in Section 1(d) as applicable, (3) any portion of the Cash
Severance Payments that exceeds the Limit and is not a “short-term deferral” (and would have been payable during the Initial Payment Period but for the Limit) shall be paid, with Interest, on the first business day of the first calendar
month that begins after the six-month anniversary of Executive’s “separation from service” (within the meaning of Section 409A) and (4) any portion of the Cash Severance Payments that is payable after the Initial Payment
Period shall be paid at the times set forth in Section 1(d). For purposes of this Agreement, “Interest” shall mean interest at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code, from the date on which
payment would otherwise have been made but for any required delay through the date of payment. 
 (e) OFFSET. If Executive obtains other
employment during the Salary Continuation Period, any payments to be made to Executive under Section 1(d) hereof after the date such employment is secured shall be offset by the amount of compensation earned by Executive from such employment.
For purposes of this Section 1(e), Executive shall have an obligation to inform the Company regarding Executive’s employment status following termination and during the Salary Continuation Period, but shall have no affirmative duty to seek
alternate employment. 
 (f) ACCRUED OBLIGATIONS. As used in this Agreement, “Accrued Obligations” shall mean the sum of
(i) any portion of Executive’s accrued and earned but unpaid Base Salary through the date of death or termination of employment for any reason, as the case may be; (ii) any compensation previously earned but deferred by Executive
(together with any interest or earnings thereon) that has not yet been paid and that is not otherwise paid at a later date pursuant to any deferred compensation arrangement of the Company to which Executive is a party, if any (provided, that any
election made by Executive pursuant to any deferred compensation arrangement that is subject to Section 409A regarding the schedule for payment of such deferred compensation shall prevail over this Section 1(f) to the extent inconsistent
herewith); and (iii) other than in the event of Executive’s resignation without Good Reason or termination by the Company for Cause (except as required by applicable law), any portion of Executive’s accrued but unpaid vacation pay
through the date of death or termination of employment. 
 (g) OTHER BENEFITS. Upon any termination of Executive’s employment prior
to the expiration of the Term, Executive shall remain entitled to receive any vested benefits or amounts that Executive is otherwise entitled to receive under any plan, policy, practice or program of, or any other

  
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contract or agreement with, the Company in accordance with the terms thereof (other than any such plan, policy, practice or program of the Company that provides benefits in the nature of
severance or continuation pay). 
 (h) SECTION 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue
Code of 1986, as amended, including any regulations and guidance issued thereunder (“Section 409A”), to the extent Section 409A is applicable to this Agreement. Notwithstanding any other provision of this Agreement to the
contrary, this Agreement shall be interpreted, operated and administered by the Company in a manner consistent with such intention and to avoid the pre-distribution inclusion in income of amounts deferred under this Agreement and the imposition of
any additional tax or interest with respect thereto. Without limiting the generality of the foregoing, to the extent required in order to comply with Section 409A, amounts that would otherwise be payable under this Agreement during the
six-month period immediately following the date of termination of the Executive’s employment shall instead be paid on the first business day after the date that is six months following the Executive’s “separation from service”
within the meaning of Section 409A. 
 2. CONFIDENTIAL INFORMATION; DUTY OF LOYALTY; NON-SOLICITATION; AND PROPRIETARY RIGHTS.

 (a) CONFIDENTIALITY. Executive acknowledges that while employed by the Company Executive will occupy a position of trust and
confidence. The Company has provided and shall continue to provide Executive with Confidential Information. Executive shall hold in a fiduciary capacity for benefit of the Company and its subsidiaries and affiliates, and shall not, except as may be
required to perform Executive’s duties hereunder or as required by applicable law, without limitation in time, communicate, divulge, disseminate, disclose to others or otherwise use, whether directly or indirectly, any Confidential Information.
“Confidential Information” shall mean information about the Company or any of its subsidiaries or affiliates, and their respective businesses, employees, consultants, contractors, suppliers, clients and customers that is not disclosed by
the Company or any of its subsidiaries or affiliates for financial reporting purposes and that was learned by Executive in the course of employment by the Company or any of its subsidiaries or affiliates, including (without limitation) any
proprietary knowledge, trade secrets, data, formulae, processes, methods, research, secret data, costs, names of users or purchasers of their respective products or services, business methods, operating procedures or programs or methods of promotion
and sale, information relating to accounting or tax strategies and data, information and client and customer lists and all papers, resumes, and records (including computer records) of the documents containing such Confidential Information. For
purposes of this Section 2(a), information shall not cease to be Confidential Information merely because it is embraced by general disclosures for financial reporting purposes or because individual features or combinations thereof are publicly
available. Notwithstanding the foregoing provisions, if Executive is required to disclose any such confidential or proprietary information pursuant to applicable law or a subpoena or court order, Executive shall promptly notify the Company in
writing of any such requirement so that the Company may seek an appropriate protective order or other appropriate remedy or waive compliance with the provisions hereof. Executive shall reasonably cooperate with the Company to obtain such a
protective order or other remedy. If such order or other remedy is not obtained prior to the time Executive is required to make the disclosure, or the Company waives compliance with the provisions hereof, Executive shall disclose only that portion
of the confidential or proprietary 

  
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information which he is advised by counsel that he is legally required to so disclose. Executive acknowledges that such Confidential Information is specialized, unique in nature and of great
value to the Company and its subsidiaries or affiliates, and that such information gives the Company and its subsidiaries or affiliates a competitive advantage. Executive agrees to deliver or return to the Company, at the Company’s request at
any time or upon termination or expiration of Executive’s employment, all documents, computer tapes and disks, plans, initiatives, strategies, records, lists, data, drawings, prints, notes and written information (and all copies thereof)
created by or on behalf of the Company or its subsidiaries or affiliates or prepared by Executive in the course of Executive’s employment by the Company and its subsidiaries or affiliates. As used in this Agreement, “subsidiaries” and
“affiliates” shall mean any company controlled by, controlling or under common control with the Company. 
 (b)
NON-COMPETITION. In consideration of the Company’s promise to disclose, and disclosure of, its Confidential Information and other good and valuable consideration provided hereunder, the receipt and sufficiency of which are hereby
acknowledged by Executive, Executive hereby agrees and covenants that until the longer of (i) the last day of the Term and (ii) a period of 12 months beyond Executive ‘s date of termination of employment from the Company or any of its
subsidiaries or affiliates for any reason, including the expiration of the Term (the “Restricted Period”), Executive shall not, directly or indirectly, engage in, assist or become associated with a Competitive Activity. For purposes of
this Section 2(b): (i) a “Competitive Activity” means, at the time of Executive’s termination, any business or other endeavor in any jurisdiction of a kind being conducted by the Company or any of its subsidiaries or
affiliates (or demonstrably anticipated by the Company or its subsidiaries or affiliates and, for avoidance of doubt, such affiliates to exclude Expedia, Inc. or any of its subsidiaries), in any jurisdiction as of the Effective Date or at any time
thereafter; and (ii) Executive shall be considered to have become “associated with a Competitive Activity” if Executive becomes directly or indirectly involved as an owner, principal, employee, officer, director, independent
contractor, representative, stockholder, financial backer, agent, partner, advisor, lender, or in any other individual or representative capacity with any individual, partnership, corporation or other organization that is engaged in a Competitive
Activity. Notwithstanding the foregoing, (i) Executive may make and retain investments during the Restricted Period, for investment purposes only, in less than 5% of the outstanding capital stock of any publicly-traded corporation engaged in a
Competitive Activity if stock of such corporation is either listed on a national stock exchange or on the NASDAQ National Market System if Executive is not otherwise affiliated with such corporation; (ii) Executive may serve as an employee or
partner (or otherwise hold an ownership interest) in an investment firm that has an ownership interest in a partnership, corporation or other organization that is engaged in a Competitive Activity, provided that such ownership interest does
not constitute greater than 20% of such investment firm’s total assets under management and Executive is not directly involved with the provision of direction or management of such entity; and (iii) Executive may serve as an employee of or
partner (or otherwise hold an ownership interest) in a consultancy or investment bank engaged in providing advisory services to entities engaged in Competitive Activities, provided that Executive is not directly involved in the provision of
the advisory services to such entities. 
 (c) NON-SOLICITATION OF EMPLOYEES. Executive recognizes that he or she will possess
Confidential Information about other employees, officers, directors, agents, consultants and independent contractors of the Company and its subsidiaries or affiliates relating to their education, 

  
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experience, skills, abilities, compensation and benefits, and inter-personal relationships with suppliers to and customers of the Company and its subsidiaries or affiliates. Executive recognizes
that the information he or she will possess about these employees, officers, directors, agents, consultants and independent contractors is not generally known, is of substantial value to the Company and its subsidiaries or affiliates in developing
their respective businesses and in securing and retaining customers, and will be acquired by Executive because of Executive’s business position with the Company. Executive agrees (i) that, during the Restricted Period, Executive will not,
directly or indirectly, hire or solicit or recruit the employment or services of (i.e., whether as an employee, officer, director, agent, consultant or independent contractor), or encourage to change such person’s relationship with the Company
or any of its subsidiaries or affiliates, any employee, officer, director, agent, consultant or independent contractor of the Company or any of its subsidiaries or affiliates provided, however, that a general solicitation of the public
for employment shall not constitute a solicitation hereunder so long as such general solicitation is not designed to target, or does not have the effect of targeting, any employee, officer, director, agent, consultant or independent contractor of
the Company or any of its subsidiaries or affiliates and (ii) that Executive will not convey any Confidential Information or trade secrets about any employees, officers, directors, agents, consultants and independent contractors of the Company
or any of its subsidiaries or affiliates to any other person except within the scope of Executive’s duties hereunder. 
 (d)
NON-SOLICITATION OF CUSTOMERS, SUPPLIERS, PARTNERS. During the Restricted Period, Executive shall not, without the prior written consent of the Company, directly or indirectly, solicit, attempt to do business with, or do business with any
customers of, suppliers (including providers of travel inventory) to, business partners of or business affiliates of the Company or any of its subsidiaries or affiliates (collectively, “Trade Relationships”) on behalf of any entity engaged
in a Competitive Activity, or encourage (regardless of who initiates the contact) any Trade Relationship to use the services of any competitor of the Company or its subsidiaries or affiliates, or encourage any Trade Relationship to change its
relationship with the Company or its subsidiaries or affiliates. 
 (e) PROPRIETARY RIGHTS; ASSIGNMENT. All Executive Developments (as
defined below) shall be made for hire by Executive for the Company or any of its subsidiaries or affiliates. “Executive Developments” means any idea, discovery, invention, design, method, technique, improvement, enhancement, development,
computer program, machine, algorithm or other work or authorship, in each case, (i) that (A) relates to the business or operations of the Company or any of its subsidiaries or affiliates, or (B) results from or is suggested by any
undertaking assigned to Executive or work performed by Executive for or on behalf of the Company or any of its subsidiaries or affiliates, whether created alone or with others, during or after working hours and (ii) that is conceived or
developed during the Term. All Confidential Information and all Executive Developments shall remain the sole property of the Company or any of its subsidiaries or affiliates. Executive shall acquire no proprietary interest in any Confidential
Information or Executive Developments developed or acquired during the Term. To the extent Executive may, by operation of law or otherwise, acquire any right, title or interest in or to any Confidential Information or Executive Development,
Executive hereby assigns to the Company all such proprietary rights. Executive shall, both during and after the Term, upon the Company’s request, promptly execute and deliver to the Company all such assignments, certificates and instruments,
and shall promptly perform such other acts, as the Company may from time to time in its reasonable discretion deem necessary or desirable to evidence, establish, maintain, perfect, enforce or defend the Company’s rights in Confidential
Information and Executive Developments. 

  
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 (f) COMPLIANCE WITH POLICIES AND PROCEDURES. During the Term, Executive shall adhere to the policies
and standards of professionalism set forth in the Company’s Policies and Procedures as they may exist from time to time. 
 (g) REMEDIES
FOR BREACH. Executive expressly agrees and understands that Executive will notify the Company in writing of any alleged breach of this Agreement by the Company, and the Company will have 30 days from receipt of Executive’s notice to cure
any such breach. Executive expressly agrees and understands that the remedy at law for any breach by Executive of this Section 2 will be inadequate and that damages flowing from such breach are not usually susceptible to being measured in
monetary terms. Accordingly, it is acknowledged that upon Executive’s violation of any provision of this Section 2 the Company shall be entitled to obtain from any court of competent jurisdiction immediate injunctive relief and obtain a
temporary order restraining any threatened or further breach as well as an equitable accounting of all profits or benefits arising out of such violation. Nothing in this Section 2 shall be deemed to limit the Company’s remedies at law or
in equity for any breach by Executive of any of the provisions of this Section 2, which may be pursued by or available to the Company. 

(h) SURVIVAL OF PROVISIONS. The obligations contained in this Section 2 shall, to the extent provided in this Section 2, survive the
termination or expiration of Executive’s employment with the Company and, as applicable, shall be fully enforceable thereafter in accordance with the terms of this Agreement. If it is determined by a court of competent jurisdiction in any state
that any restriction in this Section 2 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of that state. 
 3. MERGER. This Agreement and the Grant Letter
constitutes the entire agreement between the parties and terminates and supersedes any and all prior agreements and understandings (whether written or oral) between the parties with respect to the subject matter of this Agreement. Executive
acknowledges and agrees that neither the Company nor anyone acting on its behalf has made, and is not making, and in executing this Agreement, Executive has not relied upon, any representations, promises or inducements except to the extent the same
is expressly set forth in this Agreement. All Stock Option Agreements and Restricted Stock Unit Agreements between Executive and the Company survive and are hereby incorporated by reference into this Agreement. 

4. ASSIGNMENT; SUCCESSORS. This Agreement is personal in its nature and none of the parties hereto shall, without the consent of the others,
assign or transfer this Agreement or any rights or obligations hereunder, provided that, in the event of a transfer of Executive to any entity affiliated with the Company and/or the merger, consolidation, transfer, or sale of all or substantially
all of the assets of the Company with or to any other individual or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the
promises, covenants, duties, and obligations of the Company hereunder, and all references herein to the “Company” shall refer to such successor. 

  
 -11-

 5. WITHHOLDING. The Company shall make such deductions and withhold such amounts from each payment
and benefit made or provided to Executive hereunder, as may be required from time to time by applicable law, governmental regulation or order. 

6. HEADING REFERENCES. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose. References to “this Agreement” or the use of the term “hereof’ shall refer to these Standard Terms and Conditions and the Employment Agreement attached hereto, taken as a whole.

 7. WAIVER; MODIFICATION. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be
deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such
right or power at any other time or times. This Agreement shall not be modified in any respect, or extended beyond expiration of the Term (regardless of continued employment), except by a writing executed by each party hereto. Notwithstanding
anything to the contrary herein, neither the assignment of Executive to a different Reporting Officer due to a reorganization or an internal restructuring of the Company or its affiliated companies nor a change in the title of the Reporting Officer
shall constitute a modification or a breach of this Agreement. 
 8. SEVERABILITY. In the event that a court of competent jurisdiction
determines that any portion of this Agreement is in violation of any law or public policy, only the portions of this Agreement that violate such law or public policy shall be stricken. All portions of this Agreement that do not violate any statute
or public policy shall continue in full force and effect. Further, any court order striking any portion of this Agreement shall modify the stricken terms as narrowly as possible to give as much effect as possible to the intentions of the parties
under this Agreement. 

  
 -12-

 ACKNOWLEDGED AND AGREED AS OF THE EFFECTIVE DATE: 

 

	
	TRIPADVISOR LLC
	
	     /s/ Stephen Kaufer

	By: Stephen Kaufer
	Title: Chief Executive Officer
	
	     /s/ Julie Bradley

	Julie Bradley

  
 -13-Executive Release of Claims Agreement

 Exhibit 10.15 
 EXECUTIVE RELEASE OF CLAIMS AGREEMENT 
 This Executive Release of Claims
Agreement (“Agreement”) is between Michael Adler (“Executive”) and Expedia, Inc., a Washington corporation (the “Company”). Executive and the Company are sometimes referred to collectively as the “Parties.”

 WHEREAS, the Parties anticipate that Executive's employment with the Company will end on or about January 31, 2012 (the
“Termination Date”) and Executive will experience a “separation from service” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) on the Termination Date;

 WHEREAS, Executive is a party to an Employment Agreement between himself and the Company dated May 16, 2009 (the
“Employment Agreement”); the Employment Agreement incorporates Standard Terms and Conditions (the “Standard Terms and Conditions”); and 
 WHEREAS, the Parties to this Agreement have agreed to afford Executive certain severance benefits prior to the Termination Date as specified in Exhibit A upon his execution and non-revocation of the full
release of claims set forth in this Agreement; 
 WHEREAS, upon Executive's execution and non-revocation of a second full
release of claims following the Termination Date, the Company shall provide the severance payments and benefits specified in Section 1(d) of the Standard Terms and Conditions, except as provided herein, and the severance payments and benefits
as specified in Exhibit A, as well as such other severance benefits as mutually agreed by the Parties; and 
 WHEREAS, this
Agreement has been presented to Executive for consideration in accordance with paragraph 5(b) on September 27, 2011 (the “Presentation Date”); 
 NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, the Parties have agreed and do hereby agree as follows: 

1. Consideration. Upon the expiration of the Revocation Period as defined below (the Effective Date”), any compensation
awards of Executive based on, or in the form of, Company equity (e.g. restricted stock, restricted stock units, stock options or similar instruments) (“Equity Awards”) that are outstanding and unvested at the time of such Effective Date
but which would have vested during the 12 months following the Termination Date (such period, the “First Equity Acceleration Period”) shall vest (and with respect to awards other than stock options and stock appreciation rights, settle) as
of the Effective Date; provided that any outstanding award with a vesting schedule that would have resulted in a smaller percentage (or none) of the award being vested through the end of such Equity Acceleration Period than if it vested
annually pro rata over its vesting period shall, for purposes of this provision, be treated as though it vested annually pro rata over its vesting period (e.g., if 100 restricted stock units (“RSUs”) were granted 2.7 years prior to the
date of the termination and vested pro rata on each of the first five anniversaries of the grant date and 100 RSUs were granted 1.7 years prior to the Effective Date and vested on the fifth anniversary of

 
the grant date, then on the Effective Date 20 RSUs from the first award and 40 RSUs from the second award would vest and settle); and provided further that to the extent that any such
equity awards constitutes “non-qualified deferred compensation” within the meaning of Section 409A, such awards shall vest, but only settle in accordance with their terms (it being understood that it is intended that no equity awards
outstanding as of the date of this Agreement constitutes “non-qualified deferred compensation” within the meaning of Section 409A). Subject to the same terms set forth above, Equity Awards that would have vested in the 12-month period
commencing on the first anniversary of the Termination Date and ending on the second anniversary of the Termination Date shall vest on the sooner of (a) immediately prior to the spin-off of TripAdvisor or (b) November 15, 2011,
subject to Executive's assistance with the transition of CFO responsibilities, to the reasonable satisfaction of the CEO. In the event that the CEO is not reasonably satisfied with Executive's transition assistance, Executive will be notified in
writing and provided with 10 business clays during which to cure. 
 2. Section 409A. This Agreement (and the
payments hereunder) are intended to qualify for the short-term deferral exception to Section 409A described in Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent possible, and to the extent they do not so qualify, they are
intended to qualify for the involuntary separation pay plan exception to Section 409A described in Treasury Regulation Section 1.409A-1(b)(9)(iii) to the maximum extent possible. To the extent Section 409A is applicable to this
Agreement, this Agreement is intended to be exempt from, but to the extent necessary, comply with, Section 409A. Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and
administered by the Company in a manner consistent with such intentions and to avoid the pre-distribution inclusion in income of amounts deferred under this Agreement and the imposition of any additional tax or interest with respect thereto.

 3. Taxation. Executive specifically acknowledges and agrees that the Company has made no representations to Executive
regarding the tax consequences of any amounts received by Executive or for Executive's benefit pursuant to this Agreement. 
 4.
Transition Services and Reasonable Cooperation. Executive agrees to assist with the transition of Chief Financial Officer responsibilities through the Termination Date. In addition, Executive agrees to make himself reasonably available to the
Company to respond to requests by the Company for documents and information concerning matters involving facts or events relating to the Company or any affiliate or subsidiary thereof (including, without limitation, predecessors thereof) that may be
within his knowledge, and further agrees to provide truthful information to the Company, an affiliate or subsidiary thereof or any of their representatives, in each case, as reasonably requested with respect to pending and future litigation,
arbitrations, dispute resolutions, investigations or requests for information. Executive also agrees to make himself reasonably available to assist the Company and its affiliates in connection with any administrative, civil or criminal matter or
proceeding brought by or brought against any of them, in which and to the extent the Company, an affiliate of subsidiary thereof or any of their representatives reasonably deem his cooperation necessary. Following the Termination Date, Executive
shall be reimbursed for his reasonable out-of-pocket expenses incurred as a result of such cooperation. 

  
 -2-

 5. Complete Release. 

(a) In return for the consideration given to Executive by the Company as described in this Agreement, and except as provided in paragraph
5(c), Executive hereby voluntarily releases all rights and claims he has or claims to have, against the Company, known and unknown, on his own behalf and on behalf of Executive's marital community, heirs, executors, administrators, trustees, legal
representatives and assigns (collectively, the “Releasors”) through the Presentation Date under applicable local, state, federal and foreign law. This release specifically includes, but is not limited to, all rights and claims in
connection with Executive's employment by the Company and any acts or omissions by the Company with respect to that employment, including but not limited to, breach of the Employment Agreement or Standard Terms and Conditions, breach of any stock
option agreement, claims for wages, benefits, any form of equity compensation, defamation, libel and slander claims, discrimination of any kind, retaliation of any kind, constructive discharge, violation of public policy, negligence, intentional or
negligent infliction of emotional distress, any claims under the Civil Rights Acts of 1964 and 1991, the Washington State Law Against Discrimination, the Employment Retirement Income Security Act (“ER1SA”), any claims under the federal Age
Discrimination in Employment Act (“ADEA”), the Americans With Disabilities Act (“ADA”). In addition, Executive waives any other possible rights or claims, whether arising under statute, contract, or common law, and attorneys'
fees or costs with respect to or derivative of such employment prior to the Presentation Date. This release covers all of Executive's rights against the Company as well as its affiliates, including without limitation, Expedia, Inc. (Delaware), and
its and their respective divisions, branches, predecessors, successors, assigns, directors, officers, employees, agents, partners, members, stockholders, representatives and attorneys, in their representative capacities (collectively, the
“Releasees”). 
 (b) A special federal law applies to the release of a claim for age discrimination. By signing this
Agreement, Executive acknowledges and agrees that in the event that he is over the age of 40 on the Presentation Date, the following requirements have been met: 
  

	 	(i)	The Agreement is written in language which is readily understandable. 

  

	 	(ii)	Executive understands that he is relinquishing any claim for age discrimination which he might assert as of the Effective Date of the Agreement.

  

	 	(iii)	Executive is informed that he should consult an attorney regarding the Agreement if that is his wish, and has been given an ample opportunity to do so.

  

	 	(iv)	This Agreement will not be effective until seven days after Executive signs it (“Revocation Period”); Executive may revoke it at any time during the
Revocation Period. 

  

	 	(v)	Executive has been allowed at least 21 days following the Presentation Date to consider the Agreement before he signs and returns it to assure he has ample time to
consider it, although he may do so in less time. 

  
 -3-

 (c) Notwithstanding anything to the contrary set forth in this Section , Executive does
not release, waive or discharge the Company from (i) any claims to seek to enforce this Agreement, any terms of the Employment Agreement which survive after the Termination Date, or the obligations of the Company as specified in Exhibit A,
(ii) any vested benefit to which the Executive is entitled under any tax qualified pension plan of the Company or its affiliates, or any other similar benefits required to be provided by statute or by the terms of the Company's employee benefit
plans, programs or policies or (iii) any claims for indemnification or contribution with respect to any liability incurred by Executive as an employee, officer or director of the Company as set forth in Article VIII of the Expedia, Inc.
(Delaware) Amended and Restated Certification of Incorporation in effect as of the date of this Agreement. 
 (d) Executive
hereby represents that he has not filed or commenced any proceeding against the Releasees, and hereby covenants and agrees not to file or commence any proceeding against the Releasees with respect to his employment with the Company, or otherwise,
arising on or prior to the Presentation Date. Executive also agrees that if he breaches these representations or covenants, then he authorizes the Releasees to, and each shall have the right to, cause any such proceeding to be dismissed on the
grounds that Executive has completely released and waived such proceeding. If any governmental agency or other third party independently initiates an adverse proceeding against the Company, nothing in this Agreement prevents Executive from
testifying truthfully upon receipt of a subpoena as a fact witness in such proceedings, but by this Agreement, Executive waives and agrees to relinquish any damages or other individual relief that may be awarded to Executive as a result of any such
proceedings. 
 (e) The Company hereby represents that it has not filed or commenced any proceeding against Executive and hereby
covenants and agrees not to file or commence any proceeding against Executive with respect to his employment with the Company, or otherwise, arising on or prior to the Presentation Date. The Company also agrees that if it breaches these
representations or covenants, then Executive shall have the right to cause any such proceeding to be dismissed on the grounds that the Company has completely released and waived such proceeding. If any governmental agency or other third party
independently initiates an adverse proceeding against Executive, nothing in this Agreement prevents any of the Releasees from testifying truthfully upon receipt of a subpoena as a fact witness in such proceedings, but by this Agreement, the Company
waives and agrees to relinquish any damages or other individual relief that may be awarded to the Company as a result of any such proceedings. 
 6. Confidential Information; Duty of Loyalty; Non-Competition; Non-Solicitation; and Proprietary Rights. Executive hereby acknowledges the continuing nature of his obligations set forth in
Section 2 of the Standard Terms and Conditions and he hereby reaffirms those obligations, and agrees that the consideration provided by the Company under the terms of this Agreement is additional consideration for those obligations. 

7. Non-disparagement. 
 (a) In accordance with normal ethical and professional standards, prior to and for two years following the Termination Date, Executive agrees to refrain from taking actions or making statements, written
or oral, which are intended to denigrate, disparage or defame the goodwill or 

  
 -4-

 
reputation of the Company and its affiliates, divisions, branches, predecessors, successors, assigns, trustees, officers, security holders, partners, agents, senior employees and directors in
their capacities as such or which are intended to, or may be reasonably expected to, adversely affect the morale of the employees of any of the Company or its affiliates. Executive further agrees not to make any negative statements to third parties
relating to his employment or any aspect of the business, officers or employees of the Company and its affiliates and not to make any statements to third parties about the circumstances of the termination of his employment, except as may be required
by a court or governmental body. Executive may however discuss the circumstances of the termination of his employment with the Company with his attorneys, tax advisors, and immediate family. 

(b) In accordance with normal ethical and professional standards, prior to and for two years following the Termination Date, the
Company's executive officers shall refrain from taking actions or making statements, written or oral, which are intended to denigrate, disparage or defame the goodwill or reputation of Executive in his professional or personal capacities. The
Company further agrees that its executive officers shall not make any negative statements to third parties relating to Executive's employment and shall not make any statements to third parties about the circumstances of the termination of
Executive's employment, except as may be required by a court or governmental body. The Company and the Releasees may however discuss the circumstances of the termination of Executive's employment with attorneys, tax advisors, and other appropriate
business advisors. 
 8. Company Property. On or before the Termination Date, Executive agrees to return to the Company
any and all records, files, notes, memoranda, reports, work product and similar items, and any manuals, drawings, sketches, plans, tape recordings, computer programs, disks, hard drives, cassettes and other physical representations of any
information, relating to the Company, or any of its affiliates, whether or not constituting confidential information, and he will return to the Company any other property, including but not limited to a laptop computer, belonging to the Company, no
later than the Termination Date. 
 9. Choice of Law, Jurisdiction and Venue. This Agreement and all matters or issues
related hereto shall be governed by the laws of the State of Washington applicable to contracts entered into and performed therein. 
 10. Miscellaneous. 
 (a) This Agreement is personal in its nature and the
parties shall not, without the prior written consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, the provisions hereof shall inure to the benefit of, and be binding upon,
each successor of the Company or any of its affiliates, whether by merger, consolidation or transfer of all or substantially all of its assets. 
 (b) This Agreement contains the entire understanding of the Parties relating to the subject matter herein contained and supersedes all prior agreements or understandings between the Parties with respect
thereto except as specifically provided herein. This Agreement can be changed only by a writing signed by the Parties and this Agreement shall control over any contrary term of the Employment Agreement and Standard Terms and Conditions. No waiver
shall be effective against any party unless in writing and signed by the party against whom such waiver shall be enforced. 

  
 -5-

 (c) All notices and other communications hereunder shall be deemed to be sufficient if in
writing and delivered in person or by a nationally recognized courier service, addressed, if to Executive, to the Executive's most recent home or Company address on file with the Company, and if to the Company, to: 

Expedia, Inc. 
 333 108th
Avenue NE 
 Bellevue, Washington 98004 

Attention: General Counsel 
 (d) In case any provision or provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect by any court or administrative body with competent
jurisdiction, such invalidity, illegality or unenforceability shall not affect the remaining provisions hereof, which shall remain in full force and effect. Any provision(s) so determined to be invalid, illegal or unenforceable shall be reformed so
that they are valid, legal and enforceable to the fullest extent permitted by law or, if such reformation is impossible, then this Agreement shall be construed as if such invalid, illegal or unenforceable provision(s) had never been contained
herein; provided that, upon a finding by a court of competent jurisdiction that this Agreement is illegal and/or unenforceable, Executive shall be required to repay to the Company the payments set forth herein. 

(e) This Agreement may be executed via facsimile or pdf, and in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument, binding on the parties. 
  

									
	 EXPEDIA, INC.
	 		 	 EXECUTIVE

				
	 By:
	 	 /s/ Burke F. Norton
	 		 	 /s/ Michael B. Adler

					
	 Name:
	 	Burke Norton	 		 		 	
					
	 Title:
	 	General Counsel	 		 		 	
					
	 Date:
	 	September 28, 2011	 		 	Date:	 	September 28, 2011

  
 -6-

 Exhibit A (attached letter agreement) 

September 27, 2011 
 Michael Adler

 Chief Financial Officer 
 Expedia,
Inc. 
 333 108th Avenue N.E. 

Bellevue, WA 98004 
  

	RE:	Separation Terms 

 Dear Mike: 

The following is a summary of the proposed severance terms relating to your departure from Expedia. Section 1(d) of the Standard Terms and
Conditions of your May 16, 2009 Employment Agreement governs the terms of your separation. The terms below that are inconsistent with your existing Employment Agreement have been approved by the company's Compensation Committee. However, the
items below are subject to your execution and non-revocation of a full release of all claims prior to forward vesting of equity awards and again following termination of your employment. Please note the following: 

 

	 	•	 	 In order to accommodate your request to maximize your 2012 401(k) contribution, the company will extend your employment through January 31, 2012.

  

	 	•	 	 Since you will remain employed an extra month from the separation date originally intended, the period for severance payments has been established at
eleven (11) months and COBRA reimbursement has been established at seventeen (17) months. Salary continuation and COBRA reimbursement payments are contingent upon your continuing adherence to the restrictive covenants that survive the
termination of your Employment Agreement. 

  

	 	•	 	 The company will waive its right to offset your future earnings against its severance obligation. 

 

	 	•	 	 A 2011 bonus payment will be paid and pro-rated for 9 months' service, paid at the same time and at the same funding level as other corporate executive
bonuses (based on your 75% bonus target). You will not be eligible to receive a pro-rated 2012 bonus payment. 

  

	 	•	 	 Unvested restricted stock units and option awards which would have vested in the 24 months following termination shall vest, in accordance with this
paragraph. Cliff 

	 	 
vesting awards shall be treated as if they vested annually for this purpose. Equity awards that would have vested in the twelve months following termination shall vest following execution (and
non-revocation within 7 days) of a release agreement. Equity awards that would have vested in the 12-month period commencing on the first anniversary of the termination date and ending on the second anniversary of the termination date shall vest on
the sooner of (a) immediately prior to the spin-off of TripAdvisor or (b) November 15, 2011, subject to your assistance with the transition of CFO responsibilities, to the reasonable satisfaction of the CEO. In the event that the CEO
is not reasonably satisfied with your transition assistance, you will be notified in writing and provided with 10 business days during which to cure. The additional 12 months' forward vesting is comprised of 108,750 options and 7,842 RSUs (total
116,592). Your total 24 months' forward vesting consists of 297,500 options and 23,514 RSUs. Your vested stock options remain exercisable for eighteen (18) months following your termination date. 

 

	 	•	 	 You are no longer required to comply with the company's Stock Ownership Policy, and you shall be free to trade in the companies' securities at the next
open window period, subject to applicable law. 

 Please let me know if you have any questions. 

 

	
	Sincerely,
	
	  

	 Burke Norton
 Executive Vice
President

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