Document:

Offer Letter - Hale

 Exhibit 10.20 
 HomeAway.com, Inc 
 1011 W. Fifth Street, Suite 300 

Austin, TX 78703 

June 14, 2010 
 Tom Hale

 tomeghale@gmail.com 
  

	 	Re:	Offer of Employment with HomeAway.com, Inc 

 Dear Tom: 
 On behalf of HomeAway.com, Inc., a Delaware corporation (the
“Company”) and wholly owned subsidiary of HomeAway, Inc., a Delaware corporation (“HomeAway”), I am pleased to invite you to join the Company as a Chief Product Officer, reporting to Brian Sharples, Chief Executive
Officer. In this position, you will be expected to devote your full business time, attention and energies to the performance of your duties with the Company. You will be responsible for global technology and product organizations including program
management. Direct reports will initially include the Chief Technology Officer, VP, Products and individual product managers who are working on our Global Owner Products. The effective date of your employment will be Friday, June 16, 2010.

 Initially, as you relocate from California, you will be working part time (approximately 10 hours per week) and be
compensated according to an hourly rate based on your salary below. During such time, you will report the hours you work on a weekly basis to Lori Knowlton, VP of Human Resources. Full time employment will commence on July 12, 2010 or such date
as you and the Company mutually agree in writing. 
 The terms of this offer of employment are as follows: 

1. At-Will Employment. You should be aware that your employment with the Company is for no specified period and constitutes
“at-will” employment. As a result, you are free to terminate your employment at any time, for any reason or for no reason. Similarly, the Company is free to terminate your employment at any time, for any reason or for no reason. We request
that, in the event of a resignation, you give the Company at least two weeks’ prior written notice. 
 2.
Compensation. The Company will pay you a salary at the rate of $12,500.00 per semi-monthly pay period ($300,000 annualized) payable in accordance with the Company’s standard payroll policies, including compliance with applicable
withholding. The first and last payment by the Company to you will be adjusted, if necessary, to reflect a commencement or termination date other than the first or last working day of a pay period. You will also be eligible for a target incentive
discretionary bonus of up to 50% percent (fifty percent) of your gross annual earnings depending on HomeAway and personal performance as determined by the compensation committee of the HomeAway Board of Directors. 

 3. Stock Option and Restricted Stock Grants. Subject to approval by HomeAway’s
Board of Directors, you will be eligible to receive (i) a stock option grant to purchase 400,000 shares of HomeAway’s Common Stock vesting over four (4) years with 25% of such shares vesting on the one year anniversary of your first
date of employment and the remaining shares vesting in equal monthly installments over the remaining three (3) years; and (ii) a restricted stock grant of 50,000 shares of the HomeAway’s Common Stock vesting over four (4) years
with 25% of such shares vesting on the one year anniversary of your first date of employment and the remaining shares vesting in equal monthly installments over the remaining three (3) years, in each case provided you continue to be an employee
on each such vesting date and subject to the terms and conditions of HomeAway’s 2004 Stock Plan and the related forms of stock option and restricted stock agreement (collectively, the “Stock Agreements”). The exercise price of
the option to purchase HomeAway Common Stock will be equal to the fair market value of such stock, as determined as of the date HomeAway’s Board of Directors approves of the grants. 

4. Benefits. During the term of your full time employment, you will be entitled to the Company’s standard vacation and
benefits covering employees at your level, as such may be in effect from time to time. 
 5. Relocation Assistance. To
assist with your relocation and settlement, unless otherwise approved by the Company’s VP Human Resources, the Company will provide you with relocation assistance as follows: 

(a) The Company will pay you a relocation allowance up to $5,000.00, less applicable taxes and withholdings, payable within thirty
(30) days of your start date with the Company. 
 (b) The Company will pay up to $21,000 of the cost of moving your
household goods (up to 14,000 lbs.) and automobiles from your former primary residence to your new primary residence. 
 (c) The
Company will pay for up to $8,000 of the cost of up to 60 days of temporary housing in Austin. 
 (d) The Company will pay for
up to an aggregate of $6,000 of the cost of up to 6 months of storage for your furniture and personal belongings while you are in transition. 
 (e) When your final move is made to the new location, you will be reimbursed for the following expenses for you and your family including your spouse, children and au pair: (i) Reasonable meals;
(ii) Reasonable lodging, one night in departure location and one night en-route; and (iii) Transportation (not to exceed $4,000 total for Airfare, if move is more than 400 miles, or mileage at current rate). 

(f) The Company will pay you tax gross-up to help offset the increased federal and state tax liability on non-deductible relocation
expenses. Note that the tax gross-up does not apply to the relocation allowance in section 5(a) above. 

  
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 The Company partners with Mobility Services International (MSI) to provide and manage relocation benefits.
You will be contacted by MSI directly to review the details of your relocation assistance. This amount will be paid under our Relocation Agreement (see attached Addendum A); provided, however, that to the extent you leave employment as a result of
an Involuntary Termination (as defined below) you will not be obligated to repay any of the relocation assistance described in this paragraph 5. 
 6. Immigration Laws. For purposes of federal immigration laws, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United
States. Such documentation must be provided within 3 business days of the effective date of your employment, or your employment relationship with the Company may be terminated. 

7. Employee Proprietary Information Agreement. Your acceptance of this offer and commencement of employment with the Company is
contingent upon the execution, and delivery to an officer of the Company, of the Company’s Employee Proprietary Information Agreement (the “EPIA”) a copy of which is enclosed for your review and execution, prior to or on your
Start Date. 
 8. Severance and Change of Control Benefits. 

(a) Effect of Termination. Pursuant to paragraph 1 above, the Company shall be entitled to terminate your employment with or
without Cause and you shall be entitled to resign for any reason or no reason, subject to the following: 
 (i) If, within the
first twelve (12) months of your employment, you suffer an Involuntary Termination as defined below (excluding any termination due to death or Disability), then, subject to the limitations of section 8(b) below, you shall be entitled to
receive: (A) your salary through the date of termination; (B) continuing severance pay at a rate equal to one-hundred percent (100%) of your salary, as then in effect (less applicable withholding), for a period of twelve
(12) months from the date of such termination, to be paid periodically in accordance with the Company’s normal payroll practices; (C) twelve (12) months’ accelerated vesting of any then unvested shares or shares subject to
repurchase subject to the Stock Agreements (if approved by the Board of Directors) related to the grants described in paragraph 3 above, effective as of the date of your termination; (D) reimbursement of all expenses for which you are
entitled to be reimbursed, but for which you have not yet been reimbursed; (E) the right to continue health care benefits under COBRA, at your cost, to the extent required and available by law; and (F) no other severance or benefits of any
kind, unless required by law or pursuant to any written Company plans or policies, as then in effect. 
 (ii) If, in the second
twelve (12) months of your employment, you suffer an Involuntary Termination (excluding any termination due to death or Disability), then, subject to the limitations of section 8(b) below, you shall be entitled to receive: (A) your salary
through the date of termination; (B) continuing severance pay at a rate equal to one-hundred percent (100%) of your salary, as then in effect (less applicable withholding), for a period of six (6) months from the date of such
termination, to be paid periodically in accordance with the Company’s normal payroll practices; (C) six (6) months’ accelerated vesting of any then unvested shares or shares subject to repurchase subject to the Stock Agreements
(if approved by the Board of Directors) related to the grants described in paragraph 3 above, effective as of the date of your termination; 

  
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(D) reimbursement of all expenses for which you are entitled to be reimbursed, but for which you have not yet been reimbursed; (E) the right to continue health care benefits under
COBRA, at your cost, to the extent required and available by law; and (F) no other severance or benefits of any kind, unless required by law or pursuant to any written Company plans or policies, as then in effect. 

(iii) In the event of (x) a Change of Control, and (y) an Involuntary Termination of your employment upon or during the one
(1) year period after the effective date of such Change of Control, you shall fully vest in the Stock Option Agreement (if approved by the Board of Directors) described in paragraph 3 above as to all of the shares of Common Stock subject
to the option, including shares as to which the option would not otherwise be vested as of the date of any such Involuntary Termination. 
 (b) Conditions Precedent. Any severance payments and/or benefits contemplated by section 8(a) above are conditional on you: (i) continuing to comply with the terms of this offer letter and the
EPIA; (ii) delivering prior to or contemporaneously with any such severance payments, and not revoking, a separation agreement including a general release of claims relating to your employment and/or this offer letter against the Company or its
successor, its subsidiaries and their respective directors, officers and stockholders and affirmation of obligations hereunder and under the EPIA in a form acceptable to the Company or its successor; and (iii) in the event of an Involuntary
Termination, providing the Company with written notice of the acts or omissions constituting the grounds for Involuntary Termination within ninety (90) days of the initial existence of the grounds for Involuntary Termination and a reasonable
opportunity for the Company to cure the conditions giving rise to such Involuntary Termination, which shall not be less than thirty (30) days following the date of notice from you. If the Company cures the conditions giving rise to such
Involuntary Termination within thirty (30) days of the date of such notice, you will not be entitled to severance payments and/or benefits contemplated by section 8(a) above if you thereafter resign from the Company based on such grounds.
Unless otherwise required by law, no severance payments and/or benefits under section 8(a) will be paid and/or provided until after the expiration of any relevant revocation period. Notwithstanding the foregoing, this section 8(b) shall not limit
your ability to obtain expense reimbursements or any other compensation or benefits otherwise required by law or in accordance with written Company plans or policies, as then in effect. 

9. Definitions. 
 (a) Cause. As used herein, the term “Cause” shall mean (i) your continued failure to substantially perform the duties and obligations of your position with the Company (other than
any such failure resulting from Disability which failure is not remedied in a reasonable period of time (not to exceed thirty (30) days) after receipt of written notice from the Company; (ii) any act of personal dishonesty, fraud or
misrepresentation taken by you which was intended to result in substantial gain or personal enrichment for you at the expense of the Company; (iii) your violation of a federal or state law or regulation applicable to the Company’s business
which violation was or is reasonably likely to be injurious to the Company; or (iv) your conviction of, or plea of nolo contendere or guilty to, a felony under the laws of the United States or any State. 

(b) Change of Control. For purposes of this offer letter, “Change of Control” shall mean (i) the acquisition
of the Company by another entity by means of any transaction or series 

  
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of related transactions (including, without limitation, any merger, consolidation or other form of reorganization in which outstanding shares of the Company are exchanged for securities or other
consideration issued, or caused to be issued, by the acquiring entity or its subsidiary) (each a “Merger Transaction”), unless the Company’s stockholders of record as constituted immediately prior to such Merger Transaction
will, immediately after such Merger Transaction, hold at least a majority of the voting power of the surviving or acquiring entity in the same relative proportions, (ii) a sale of all or substantially all of the assets of the Company or the
exclusive license of all or substantially all of the Company’s intellectual property by means of any transaction or series of related transactions, or (iii) a liquidation, dissolution or winding up of the Company. An equity financing or
initial public offering shall not be considered a Change of Control for the purposes of this offer letter. 
 (c)
Disability. As used herein, the term “Disability” shall have the meaning as set forth in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)), 

(d) Involuntary Termination. As used herein, the term “Involuntary Termination” shall mean (i) a termination
by the Company of your employment other than for Cause (as defined above); (ii) without your consent, a material reduction of your duties, authority or responsibilities relative to your duties, authority or responsibilities as in effect
immediately prior to such reduction; provided, however, that any reduction in duties, authority or responsibilities resulting solely from the Company being acquired by and made a part of a larger entity (as, for example, when a chief operating
officer becomes an employee of the acquiring corporation following a Change of Control but is not the chief operating officer of the acquiring corporation) shall not constitute an Involuntary Termination; (iii) if applicable, without your
consent, a material reduction in your base salary as in effect immediately prior to such reduction; or (iv) if applicable, without your consent, a material reduction by the Company in the kind or level of the benefits to which you were entitled
immediately prior to such reduction, with the result that the your overall benefits package is materially reduced. 
 10.
General. This offer letter, the EPIA and the Stock Agreements (if approved by the Board of Directors) covering the grants described in paragraph 3, when signed by you, set forth the terms of your employment with the Company and supersede
any and all prior representations and agreements, whether written or oral. In the event of a conflict between the terms and provisions of this offer letter and the EPIA and the Stock Agreements, the terms and provisions of the EPIA and the Stock
Agreements will control. Any amendment of this offer letter or any waiver of a right under this offer letter must be in a writing signed by you and an officer of the Company. This offer letter shall be governed by the internal substantive laws, but
not the choice of law rules, of the State of Texas. This offer is contingent upon a successful professional reference check and a clear background check. Please see the attached Background Consent form for the extent of the background check which
ranges from criminal to credit history. 
 Should you have concerns about the potential outcome of the background check,
please let us know. We will allow for the results to be returned and your offer to be finalized prior to establishing your start date. 
 This offer, if not accepted in writing, will expire on June 18, 2010. 

  
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 We look forward to you joining the Company. If the foregoing terms are agreeable, please
indicate your acceptance by signing this offer letter in the space provided below and returning it and your completed and signed EPIA to our confidential fax number 512 684 1085. 

 

			
	Sincerely,
	
	HomeAway.com, Inc.
		
	By:	 	 /s/ Lori Knowlton

		 	Lori Knowlton
		 	VP Human Resources

  

	
	 AGREED TO AND ACCEPTED:

	
	 Tom Hale

	
	 /s/ Tom Hale

	 Signature

  
 -6-Amendment to Offer Letter - Hale

 Exhibit 10.21 
 HOMEAWAY, INC. 
 AMENDMENT TO HOMEAWAY OFFER LETTER 

This amendment (the “Amendment”) is made by and between Thomas Hale (the “Executive”) and Homeaway,
Inc. (the “Company” and together with the Executive hereinafter collectively referred to as the “Parties”) on December 29, 2010. 
 W I T N E S S E T H: 
 WHEREAS, the Parties previously entered into an offer letter of employment dated June 14, 2010 (the “Agreement”); 

WHEREAS, the Company and Executive desire to amend certain provisions of the Agreement in order to ensure compliance with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any final regulations and official guidance promulgated thereunder (together, “Section 409A”) so as to avoid the imposition
of the additional tax imposed under Section 409A, as set forth below. 
 NOW, THEREFORE, for good and valuable
consideration, Executive and the Company agree as follows: 
 1. Section 409A. The Agreement is hereby amended and
the following new Appendix A is hereby added to the Agreement as follows: 
 Appendix A 

To the extent any severance payments or benefits will be made under the Agreement, they will be delayed as necessary pursuant to
(A) the Release Requirement (referenced under the heading “Release Requirement”) below) and (B) the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the
final regulations and any guidance promulgated thereunder and any applicable state law equivalents (“Section 409A”), each as outlined below. 
 Release Requirement 
 (i) The receipt of any severance pursuant to
the Agreement is subject to Executive signing and not revoking a standard release of claims with the Company (the “Release”) and provided that the Release becomes effective and irrevocable within sixty (60) days following
Executive’s termination of employment (such deadline, the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, Executive will forfeit any rights to severance or benefits under
this Agreement. In no event will severance payments or benefits be paid or provided until the Release becomes effective and irrevocable. 

 Section 409A 
 (i) Notwithstanding anything to the contrary in the Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to the Agreement that, when considered together with any
other severance payments or separation benefits, are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from
service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to the Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)
will be payable until Executive has a “separation from service” within the meaning of Section 409A. 
 (ii) Any
severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from
service, or, if later, such time as required by the next paragraph. Except as required by the next paragraph, any installment payments that would have been made to Executive during the sixty (60) day period immediately following
Executive’s separation from service but for the preceding sentence will be paid to you on the sixtieth (60th) day following Executive’s separation from service and the remaining payments shall be made as provided in the Agreement.

 (iii) Notwithstanding anything to the contrary in the Agreement, if Executive is a “specified employee” within the
meaning of Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will
become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in
accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the
separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of your death and all other Deferred Payments will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 (iv) Any amount paid under the Agreement that satisfies the requirements of the “short-term deferral” rule set
forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 
 (v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations
that does not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of clause (i) above. For purposes of this offer letter, “Section 409A Limit” will mean two (2) times the lesser of:
(i) your annualized compensation based upon the annual rate of pay paid to you during your taxable year preceding the taxable year of your separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1)
and any Internal Revenue 

  
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Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue
Code for the year in which your separation from service occurred. 
 (vi) To the extent that any taxable reimbursements of
expenses or in-kind benefits are provided, they shall be made in accordance with Section 409A, including, but not limited to the following provisions: (i) the amount of any such expense reimbursement or in-kind benefit provided during a
service provider’s taxable year shall not affect any expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of the eligible expense shall be made no later than the last day of the service provider’s
taxable year that immediately follows the taxable year in which the expense was incurred; and (ii) the right to any reimbursement shall not be subject to liquidation or exchange for another benefit or payment. 

(vii) The Agreement is intended to satisfy the requirements of Section 409A with respect to amounts subject thereto, and shall be
interpreted and construed consistent with such intent; provided that, notwithstanding the other provisions of this Agreement, with respect to any right to a payment or benefit hereunder (or portion thereof) that does not otherwise provide for a
“deferral of compensation” within the meaning of Section 409A, it is the intent of the parties that such payment or benefit will not so provide. Furthermore, if either party notifies the other in writing that, based on the advice of
legal counsel, one or more of the provisions of this Agreement contravenes any regulations or Treasury guidance promulgated under Section 409A or causes any amounts to be subject to interest or penalties under Section 409A, the parties
shall promptly and reasonably consult with each other (and with their legal counsel), and shall use their reasonable best efforts, to reform the provisions hereof to (a) maintain to the maximum extent practicable the original intent of the
applicable provisions without violating the provisions of Section 409A or increasing the costs to the Company of providing the applicable benefit or payment and (b) to the extent practicable, to avoid the imposition of any tax, interest or
other penalties under Section 409A upon Executive or the Company. 
 2. Full Force and Effect. To the extent not
expressly amended hereby, the Agreement shall remain in full force and effect. 
 3. Entire Agreement. This Amendment and
the Agreement constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof 
 4. Successors and Assigns. This Amendment and the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns, and legal
representatives. 
 5. Governing Law. This Amendment will be governed by the laws of the State of Texas (with the
exception of its conflict of laws provisions). 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, each of the Parties has executed this Amendment, in the case of
the Company by its duly authorized officer, as of the day and year set forth above. 
  

					
	COMPANY	 	HOMEAWAY, INC.
			
		 	By:	 	 /s/ Brian Sharples

			
		 	Title:	 	 Chief Executive Officer

		
	EXECUTIVE	 	THOMAS HALE
		
		 	 /s/ Thomas Hale

  
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