Company: LBTYK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001193125-25-076819
Chunk: 63

Company: Liberty Global Ltd.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 63
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 applicable performance year and Mr. Fries achieving his individual performance objectives established by the compensation committee, which may contain qualitative and quantitative goals. Consistent with the terms of the Prior Fries Agreement, Mr. Fries may elect to receive his annual bonus payment, or any portion thereof, in Liberty Global Class A, Liberty Global Class B or Liberty Global Class C shares in lieu of cash under the company’s shareholding incentive program of our annual performance bonus plan, subject to new limitations related to overall voting power held by Mr. Fries and the company’s chairman, Mr. Malone. Mr. Fries is eligible to participate in our equity compensation programs on the same basis as other members of senior management. Pursuant to these programs, Mr. Fries is entitled to receive grants of annual equity awards (the Annual Equity Awards), which may be in the form of PSUs, RSUs, PSARs, SARs, restricted shares or other forms of equity as determined by the compensation committee. The target value of Mr. Fries’ 2025 Annual Equity Award is $16,000,000 (a reduction from $22,000,000 under the Prior Fries Agreement) and may be increased by the compensation committee in its discretion. As with the Prior Fries Agreement, the compensation committee may elect to deliver any shares underlying the Annual Equity Awards in Liberty Global Class B shares, and, at Mr. Fries’ election, any shares to be vested, granted or deliverable pursuant to our equity award programs in Liberty Global Class A or Liberty Global Class B shares may be rebalanced into shares of Liberty Global Class A or Liberty Global Class C shares on an equivalent value basis. The Fries Agreement allows Mr. Fries to continue to participate in the employee benefit plans and arrangements sponsored by our company for the benefit of its senior management team, and he will continue to 53

have use our company’s aircraft, with personal use privileges of up to 125 hours per year. Mr. Fries moved to London from Denver in 2023, where he continues to live and work. The company previously paid a portion of his moving and other expatriate expenses in accordance with the terms of the Prior Fries Agreement. The Fries Agreement contemplates a continuation of similar expatriate payments to partially defray some of the expenses associated with his international deployment, which payments are subject to annual review for increases by the compensation committee.

Termination for Death or Disability. If Mr. Fries’ employment is terminated for cause or