Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

PREFERRED STOCK PURCHASE AGREEMENT

     PREFERRED STOCK PURCHASE AGREEMENT, dated as of August 13, 2010 (this “Agreement”), between
[•] (the “Investor”), and LIBERTY ACQUISITION HOLDINGS CORP., a Delaware corporation (the
“Company”).

WITNESSETH:

     WHEREAS, the Company, Liberty Acquisition Holdings Virginia, Inc. (“Liberty Virginia”) and
Promotora de Informaciones, S.A., a Spanish sociedad anónima (“Prisa”), have entered into that
certain Business Combination Agreement, dated March 5, 2010 (as amended through August 4, 2010, the
“Business Combination Agreement”);

     WHEREAS, in connection with the transactions contemplated by the Business Combination
Agreement, Prisa filed, on May 7, 2010, with the United States Securities and Exchange Commission a
Registration Statement on Form F-4 which includes the Proxy Statement of the Company (as such
Registration Statement may be amended and mailed to the holders of Liberty Common Stock and Liberty
Warrants, the “Registration Statement and Proxy”) relating to, among other things, the approval by
the Company’s stockholders and warrantholders of the transactions contemplated by the Business
Combination Agreement, including the proposed exchange (the “Share Exchange”) of shares of Liberty
Common Stock, Preferred Stock (as defined herein) and Liberty Warrants for newly issued Prisa
American Depositary Shares (the “Prisa Exchange Securities”) and other consideration; and

     WHEREAS, in connection with the transactions contemplated by the Amended and Restated Business
Combination Agreement (as defined herein), the Company has determined, with the requisite consent
of Prisa, to, among other things, (i) create a new series of preferred stock to be designated as
the “Series A Preferred Stock” (the “Series A Preferred Stock”) with an aggregate stated value of
$50.0 million to be issued in the amounts shown on Annex A to this Agreement to the Sponsors (the
“Series A Participants”), (ii) create a new series of preferred stock to be designated as the
“Series B Preferred Stock” (the “Series B Preferred Stock”) with an aggregate stated value of
$300.0 million to be issued in the amounts shown on Annex A to this Agreement to the Investor and
an unrelated third party investor (the “Series B Participants”), (iii) create a new series of
preferred stock to be designated as the “Series C Preferred Stock” (the “Series C Preferred Stock”)
with an aggregate stated value of $10.00 to be issued in the amounts shown on Annex A to this
Agreement to an unrelated third party investor (the “Series C Participant”), (iv) create a new
series of preferred stock to be designated as the “Series D Preferred Stock” (the “Series D
Preferred Stock”) with an aggregate stated value of $50.0 million to be issued in the amounts shown
on Annex A to this Agreement to an unrelated third party investor (the “Series D Participant”),
and, (v) create an additional new series of preferred stock to be designated as the “Series E
Preferred Stock” (the “Series E Preferred Stock”, together with the Series A Preferred Stock, the
Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock, the
“Preferred Stock”) with the Series E Preferred Stock having a maximum, aggregate stated value of
$100.0 million, to be

 

 

issued to [the Investor and, if appropriate,] unrelated third parties (the “Series E
Participants”, and together with the Series A Participants, the Series B Participants, the Series C
Participant and the Series D Participant, the “Participants”), and (vi) issue to the Investor [•]
shares of Series E Preferred Stock (such shares to be issued to the Investor being herein referred
to as the “Shares”); and

     WHEREAS, capitalized terms used herein but not otherwise defined shall have the meanings set
forth in the Amended and Restated Business Combination Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and
agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties
agree as follows:

ARTICLE I

PURCHASE AND SALE OF SECURITIES

     1.1 Issuance of Shares/Acknowledgements.

          (a) Upon the terms and subject to the conditions set forth in this Agreement, the Investor
hereby subscribes for and agrees to purchase from the Company, and the Company hereby agrees to
issue and deliver to the Investor on the Investment Closing Date, [•] shares of Series E Preferred
Stock at a purchase price of $1,000 per share ($[•] million in the aggregate, the “Purchase
Price”). The “Investment Closing Date” means the New York business day ten (10) New York business
days prior to the Liberty Stockholder Meeting (or such other time upon which the Company and the
Investor shall mutually agree).

          (b) The closing of the purchase and sale of the Shares described in Section 1.1(a) (the
“Investment Closing”) shall be held at the offices of Greenberg Traurig, LLP, MetLife Building, 200
Park Avenue, New York, NY 10166, on the Investment Closing Date (or at such other place upon which
the Company and the Investor shall mutually agree). At the Investment Closing, the Company shall
deliver to the Investor a certificate or certificates, registered in the name of the Investor (or
its designee), representing the Shares, and the Investor shall pay the Purchase Price therefor to
the Company by wire transfer to an interest bearing escrow account (the “Escrow Account”) to be
established by the Company at Citibank, N.A. (the “Escrow Agent”) pursuant to an escrow agreement
in form mutually agreeable to the Investor, the Company and the Escrow Agent (the “Escrow
Agreement”), such Escrow Account to be used solely to fund payments to holders of Liberty Common
Stock that make the Cash Election or for payments to the Participants upon redemption or exchange
of the Preferred Stock, as provided herein.

          (c) The parties hereto acknowledge and agree that:

               (i) the Series A Preferred Stock will have the rights, privileges and restrictions set forth
in the Certificate of Designations of the Series A Preferred Stock attached hereto as Exhibit
A-1;

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               (ii) the Series B Preferred Stock will have the rights, privileges and restrictions set forth
in the Certificate of Designations of the Series B Preferred Stock attached hereto as Exhibit
A-2;

               (iii) the Series C Preferred Stock will have the rights, privileges and restrictions set forth
in the Certificate of Designations of the Series C Preferred Stock attached hereto as Exhibit
A-3;

               (iv) the Series D Preferred Stock, will have the rights, privileges and restrictions set forth
in the Certificate of Designations of the Series D Preferred Stock attached hereto as Exhibit
A-4;

               (v) the Series E Preferred Stock, will have the rights, privileges and restrictions set forth
in the Certificate of Designations of the Series E Preferred Stock attached hereto as Exhibit
A-5;

               (vi) on August 4, 2010, the Company entered into the Amended and Restated Business Combination
Agreement, in the form attached hereto as Exhibit B (as so amended and restated, the
“Amended and Restated Business Combination Agreement”);

               (vii) all of the consideration to be issued to the Participants in connection with the
Reorganization are described in the Amended and Restated Business Combination Agreement;

               (viii) the Investor hereby acknowledges receipt of the Registration Statement and Proxy
attached hereto as Exhibit C, the Form 8-K and press release attached hereto as Exhibit
D, the Certificate of Designations of each series of Preferred Stock, and the Amended and
Restated Business Combination Agreement. The Investor acknowledges that neither the Company, Prisa
nor any of their representatives or affiliates, has made any representation, express, or implied,
to the Investor with respect to the Company or Prisa, the Shares or Prisa Exchange Securities or
the accuracy, completeness or adequacy of any financial or other information concerning the Company
or Prisa, the Shares or Prisa Exchange Securities, other than as set forth herein. The Investor
has such information concerning the Company, Prisa, the Shares and the Prisa Exchange Securities as
it has deemed necessary to make an investment decision and has made its own assessment concerning
the relevant tax, legal and other economic considerations relevant to its investment;

               (ix) the Investor’s obligation to purchase the Shares at the Investment Closing is subject to
the conditions precedent that (A) the Certificates of Designations described above shall have been
filed with the Secretary of State of the State of Delaware in the form attached, (B) each other
Participant shall be consummating the purchase of Preferred Stock in the amounts shown on Annex A
to this Agreement on, or prior to, the Investment Closing Date, [and] (C) [Prisa and the Investor
shall have agreed, in writing, to Registration Rights Arrangements (as defined herein) and] (D)
either (y) the Form of Amendment No. 1 to the Amended and Restated Business Combination Agreement
(“Amendment No. 1”), as attached at Exhibit B hereto, shall be in full force and effect or, if
Amendment No. 1 is not in full force and effect, (z) the Investor is otherwise satisfied, in its
sole discretion, with an amendment to the

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Amended and Restated Business Combination Agreement providing for the rights of the holders of
Series E Preferred Stock in connection with the Share Exchange;

               (x) if the Share Exchange is consummated, the Investor shall be entitled to receive the Per
Share Series E Consideration as set forth in the Amended and Restated Business Combination
Agreement [and additional cash from the Company in the amount of $2.0 million (the “Additional
Cash”)]; and

               (xi) this Agreement is being entered into, and the transactions contemplated hereby are being
consummated, in connection with the transactions contemplated by the Amended and Restated Business
Combination Agreement.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company represents and warrants to the Investor as follows, on and as of the date of this
Agreement and the Investment Closing Date:

     2.1 Organization; Good Standing; Qualification. The Company is duly incorporated, validly
existing and in good standing under the laws of the State of Delaware and is qualified or
registered to do business in each jurisdiction in which the nature of its business or operations
requires such qualification or registration.

     2.2 Authority; Approvals; No Violation.

          (a) The Company has full power and authority to execute and deliver this Agreement, to perform
its obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement
has been duly and validly executed and delivered by the Company and (assuming due authorization,
execution and delivery by the Investor) constitutes legal, valid and binding obligations of the
Company, enforceable against the Company in accordance with its terms, except as enforceability may
be limited by bankruptcy laws, other similar laws affecting creditors’ rights and general
principles of equity affecting the availability of specific performance and other equitable
remedies.

          (b) Neither the execution and delivery of this Agreement by the Company nor the consummation
by the Company of the transactions contemplated hereby nor compliance by the Company with any of
the terms or provisions hereof will (i) violate any provision of the Company’s Organizational
Documents or (ii) (A) violate any Law or Order applicable to the Company or any of its Assets or
(B) violate, conflict with, result in a breach of any provision of or the loss of any benefit
under, constitute a default (or an event which, with notice or lapse of time, or both, would
constitute a default) under, result in the termination of or a right of termination or cancellation
or require consent or give rise to a right of first refusal under, accelerate the performance
required by, or result in the creation of any Encumbrance upon any of the Assets of the Company
under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which the Company is a party,
or by which it or any of its Assets may be bound or affected.

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          (c) The Board of Directors of the Company has duly adopted the resolutions necessary to
authorize (i) the creation of the Preferred Stock, (ii) the filing of the Certificates of
Designations relating thereto and (iii) the issuance of the shares of Preferred Stock contemplated
by this Agreement.

     2.3 Consents and Approvals. Except for (i) the filing by the Company with the SEC of a
Current Report on Form 8-K no later than four (4) SEC business days following the date of this
Agreement, (ii) the filing by the Company with the Secretary of State of the State of Delaware of
the Certificates of Designations relating to each series of Preferred Stock, and (iii) the filing
by the Company with the Secretary of State of the State of Virginia of amended and restated
Articles of Incorporation of Liberty Virginia including the terms of the Preferred Stock, no
consents or approvals of or filings or registrations with any Governmental Entity, or of or with
any third party, are necessary in connection with the execution and delivery by the Company of this
Agreement or the consummation by the Company of the transactions contemplated hereby and compliance
by the Company with any of the provisions hereof or thereof.

     2.4 Capitalization; Valid Issuance of the Shares. Except for the issuances of the Preferred
Stock to the Participants, the capitalization of the Company, as of the date of this Agreement, is
as set forth in the Registration Statement and Proxy, as it was filed with the SEC on May 7, 2010.
The Shares are duly authorized, and when issued, paid for by and delivered to the Investor in
accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable.
The powers, designations, preferences and relative, participating, optional and other rights and
the qualifications, limitations and restrictions of the Series A Preferred Stock, the Series B
Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E
Preferred Stock, as set forth in the respective Certificates of Designations, are permitted by the
Delaware General Corporation Law and the Virginia Stock Corporation Act.

     2.5 SEC Reports and Financial Statements

          (a) The Company has filed with the SEC all forms, reports, schedules, registration statements
and definitive proxy statements required to be filed by it with the SEC since the IPO
(collectively, the “Company SEC Reports”). As of their respective dates, with respect to the
Company SEC Reports filed pursuant to the Exchange Act, and as of their respective effective dates,
as to the Company SEC Reports filed pursuant to the Securities Act, the Company SEC Reports (i)
complied, or with respect to those not yet filed, will comply, in all material respects with the
applicable requirements of the Exchange Act and the Securities Act, as applicable, and (ii) did
not, or with respect to those not yet filed, will not, contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the
statements made therein, in the light of the circumstances under which they were made, not
misleading.

          (b) Each of the balance sheets included in or incorporated by reference into the Company SEC
Reports (including the related notes and schedules) fairly presents, in all material respects, the
financial position of the Company as of its date, and each of the statements of income,
stockholders’ equity and cash flows of the Company included in or incorporated by reference into
the Company SEC Reports (including any related notes and schedules)

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(collectively, the “Company Financial Statements”) fairly presents, in all material respects,
the results of operations and cash flows, as the case may be, of the Company for the periods set
forth therein (subject, in the case of unaudited statements, to normal year-end audit adjustments),
in each case in accordance with U.S. GAAP, except as may be noted therein and, in the case of
unaudited quarterly financial statements, as permitted by Form 10-Q under the Exchange Act. Each
of the Company Financial Statements (including the related notes, where applicable) complies in all
material respects with applicable accounting requirements and with the published rules and
regulations of the SEC with respect thereto.

          (c) The Company has no Liabilities that would be required to be reflected on, or reserved
against in, a balance sheet of the Company or in the notes thereto, prepared in accordance with
U.S. GAAP, except for (i) Liabilities that were so reserved on, or reflected in (including the
notes to), the consolidated balance sheet of the Company as of December 31, 2009, (ii) Liabilities
arising in the ordinary course of business (including trade indebtedness) since December 31, 2009
and (iii) Liabilities which would not have a Material Adverse Effect on the Company.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

     The Investor represents and warrants to the Company as follows, on and as of the date of this
Agreement and the Investment Closing Date:

     3.1 Organization; Good Standing; Qualification. The Investor is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization and is qualified
or registered to do business in each jurisdiction in which the nature of its business or operations
requires such qualification or registration.

     3.2 Authority; Approvals; No Violation.

          (a) The Investor has full power and authority to execute and deliver this Agreement, to
perform its obligations hereunder, and to consummate the transactions contemplated hereby. This
Agreement has been duly and validly executed and delivered by the Investor and (assuming due
authorization, execution and delivery by the Company) constitutes legal, valid and binding
obligations of the Investor, enforceable against the Investor in accordance with its terms, except
as enforceability may be limited by bankruptcy laws, other similar laws affecting creditors’ rights
and general principles of equity affecting the availability of specific performance and other
equitable remedies.

          (b) Except for any filing or disclosures that may be required by the Investor in respect of
the transactions contemplated by this Agreement (i) under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) or (ii) in Spain with the CNMV pursuant to the Spanish Securities Act
24/1988, of July 28 (as amended) or any ancillary regulations thereof, neither the execution and
delivery by the Investor of this Agreement nor the consummation by the Investor of the transactions
contemplated hereby, nor compliance by the Investor with any of the terms or provisions hereof will
(i) violate any provision of the Investor’s Organizational

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Documents or (ii) (A) violate any Law or Order applicable to the Investor or any of its Assets
or (B) violate, conflict with, result in a breach of any provision of or the loss of any benefit
under, constitute a default (or an event which, with notice or lapse of time, or both, would
constitute a default) under, result in the termination of or a right of termination or cancellation
or require consent or give rise to a right of first refusal under, accelerate the performance
required by, or result in the creation of any Encumbrance upon any of the Assets of the Investor
under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which the Investor is a
party, or by which it or any of its Assets may be bound or affected, as a result of which the
Investor could reasonably be expected to be unable to consummate the transactions contemplated by
this Agreement.

     3.3 Ownership of Liberty Securities; No Voting Agreements. As of the date of this Agreement,
(i) the Investor and its affiliates beneficially own or have an interest in [•] shares of Liberty
Common Stock and no Liberty Warrants; (ii) neither the Investor nor any of its affiliates has any
short positions in the Liberty Common Stock or the Liberty Warrants; (iii) [the Investor has agreed
to purchase 150,000 shares of Series B Preferred Stock; (iv)] the Investor and its affiliates hold
for their own accounts [•] Prisa Ordinary Shares; and (v) neither the Investor nor any of its
affiliates has any short positions in the Prisa Ordinary Shares. The Investor has not entered into
any arrangement or agreement with any Person with respect to any vote of Liberty Common Stock or
Liberty Warrants at any time, except as described in this Agreement.

     3.4 No Pre-Existing Arrangements. Other than as previously disclosed to the Company, the
Investor does not have any contract, undertaking, agreement or arrangement with any Person to sell,
transfer or grant participations to such Person or to any third Person, with respect to the Prisa
Exchange Securities, any shares of Liberty Common Stock or Liberty Warrants.

     3.5 Information. The Investor acknowledges that (i) it can bear the economic risk, including
complete loss, of its investment in the Preferred Stock and Prisa Exchange Securities, and (ii) it
has such knowledge and experience in financial and business matters that it is capable of
evaluating the merits and risks of an investment in the Preferred Stock and Prisa Exchange
Securities.

     3.6 Accredited Investor. The Investor is an “Accredited Investor,” as such term is defined in
Rule 501(a) under the Securities Act (without reliance on Rule 501(a)(4) thereof). The Shares
acquired by the Investor pursuant to this Agreement are being acquired for Investor’s own account
and not with a view to, or intention of, distribution thereof in violation of the Securities Act or
any applicable state securities laws.

     3.7 No Registration; Other Acknowledgements. The Investor hereby acknowledges and agrees as
follows:

          (a) The Investor understands that the Shares are not registered under the Securities Act and
are only transferable with the consent of the Company, and as such, the Shares may not be sold,
transferred or otherwise disposed of without registration under the Securities Act or an exemption
therefrom, and that in the absence of either an effective registration statement covering such
Shares or an available exemption from registration under the

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Securities Act, the Shares must be held for so long as is required by the Securities Act and
the rules and regulations thereunder. To the extent applicable, the Investor understands and
agrees that the certificate or any other document evidencing any of the Shares shall be endorsed
with a legend to the foregoing effect.

          (b) The Shares, when issued and delivered in accordance with the terms of this Agreement, will
not, except as otherwise provided by the terms of the Certificate of Designations relating to such
Shares, be entitled to (i) redemption rights in connection with the transactions contemplated by
the Amended and Restated Business Combination Agreement (or any other Business Combination) or (ii)
participate in any liquidating distribution if the Company fails to consummate the transactions
contemplated by the Amended and Restated Business Combination Agreement.

     3.8 Investigation; Consequences of Laws. The Investor hereby acknowledges and agrees as
follows:

          (a) The Investor made its own independent investigation and appraisal of the business,
results, financial condition, prospects, creditworthiness, status and affairs of the Company and
Prisa and has made its own investment decision to acquire the Shares with the knowledge they may be
converted into Prisa Exchange Securities. The Investor is aware and understands that an investment
in the Shares and Prisa Exchange Securities involves a considerable degree of risk and no United
States federal or state or non-US agency has made any finding or determination as to the fairness
for investment or any recommendation or endorsement of any such investment.

          (b) The Investor understands that there may be certain consequences under United States and
other tax laws resulting from an investment in the Shares and receipt of, and investment in, Prisa
Exchange Securities, and it has made such investigation and consulted its own independent advisers
or otherwise with respect thereto.

ARTICLE IV

ADDITIONAL AGREEMENTS

     4.1 Investor Transfer Restrictions with Respect to Preferred Exchange Shares.

          (a) Until the date that is forty-five (45) days following the date of the closing of the Share
Exchange, the Investor shall not, except as previously disclosed, without the prior written consent
of the Company:

               (i) offer, issue, pledge, lend, sell or contract to sell, issue options in respect of or
otherwise dispose of, directly or indirectly, or announce an offering or issue of, any Prisa
Exchange Securities issued in exchange for the Shares (the “Preferred Exchange Shares”)(or any
interest therein or in respect thereof) or any other securities convertible into or exchangeable or
exercisable for such Preferred Exchange Shares; or

               (ii) enter into any swap or any other agreements or any transaction that transfers, in whole
or in part, directly or indirectly, the economic consequence of ownership of

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such Preferred Exchange Shares, whether any such swap transaction is to be settled by delivery
of Preferred Exchange Shares or other securities, in cash or otherwise, or agree to do, any of the
foregoing. For the avoidance of doubt, the limitations in this Section 4.1(a) shall not apply to
any securities of the Company or Prisa owned or acquired by the Investor, other than the Preferred
Exchange Shares.

          (b) The Investor shall not make any sale, transfer or other disposition of Prisa Exchange
Securities (or the underlying Prisa Class A Ordinary Shares or Prisa Convertible Non-Voting Shares)
in violation of the Securities Act or the Rules and Regulations promulgated thereunder. The
Investor understands and agrees that this clause 4.1(b) shall apply to all securities of Prisa that
are deemed to be beneficially owned by the Investor pursuant to applicable federal securities laws.

     4.2 Waiver of Claims Against the Trust Account. The Investor has read the Company’s
Prospectus, dated December 6, 2007 (“Prospectus”) and understands that the Company has established
the Trust Account (initially in an amount of $1,016,702,500) for the benefit of its public
stockholders and that it may disburse monies from the Trust Account only as set forth in the
Prospectus. The Investor agrees that it does not have any right, title, interest or claim of any
kind (“Claim”) in or to any monies in the Trust Fund (other than with respect to its liquidation or
redemption rights as a holder of Liberty Common Stock) and waives any Claim it may have in the
future as a result of, or arising out of, any negotiations, contracts or agreements with the
Company (including this Agreement) and will not seek recourse against the Trust Account for any
reason whatsoever (other than with respect to its liquidation or redemption rights as a holder of
Liberty Common Stock).

     4.3 Compliance with Laws; Further Assurances. Each of the parties hereby agrees that it shall
comply with all applicable Laws. Subject to the terms and conditions of this Agreement, each of the
parties hereto shall use its reasonable efforts to take, or cause to be taken, all action, and to
do, or cause to be done, all things necessary, proper or advisable under applicable laws to
consummate the transactions contemplated by this Agreement, including the delivery to the Company,
as soon as practicable, of all material information reasonably required for the completion of the
Registration Statement and Proxy and prompt notification of the Company if any such information
becomes materially untrue or inaccurate.

     4.4 Disclosure of Material Non-Public Information Provided to the Investor. To the extent
that the Company shall have provided the Investor with any material non-public information
concerning the transactions contemplated by the Amended and Restated Business Combination Agreement
on or prior to the date hereof, such information shall be disclosed in the Form F-4 at the time of
the amended filing with the SEC and in the Registration Statement and Proxy.

     4.5 Disclosure. The Form 8-K to be filed by the Company following the execution of this
Agreement and the press release announcing, among other things, the execution of this Agreement,
shall contain disclosure regarding the Investor and this Agreement substantially in the form
attached to this Agreement as Exhibit D. The Company is not aware of any material non-public
information about the Company or Prisa, which has been provided to the Investor, which will not be
included in the aforesaid Form 8-K. The Company shall use reasonable

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commercial efforts to obtain from Prisa prior to the filing thereof, and supply to the
Investor, a copy of any “hecho relevante” to be filed by Prisa following the execution of this
Agreement. Prior to making any other disclosure identifying the Investor or relating to or
describing this Agreement or the purchase by the Investor of the Shares, the Company shall provide
the Investor with a draft of such disclosure and a reasonable opportunity to comment on such
disclosure.

     4.6 Prisa Shareholders’ Resolutions. Immediately following receipt of the draft resolutions
for the Prisa’s shareholders’ general meeting regarding the issuance of Prisa Class E Convertible
Non-Voting Shares, the Company shall provide the Investor with a copy of such draft resolutions.
The Company shall include in its comments to such draft resolutions provided to Prisa all
reasonable comments the Investor may make to such draft resolutions for purposes of protecting any
rights of the holders of such securities set forth in Schedule I and Exhibit G of the Business
Combination Agreement as well as under applicable Spanish corporate law.

     4.7 [Registration Rights Arrangements. The Investor will promptly enter into good faith
negotiations with Prisa in order to reach a mutually acceptable agreement providing for Prisa to
maintain, at its own expense, and subject to agreed limitations, an effective registration
statement on Form F-4 or F-1 for a period of one year after the consummation of the Share Exchange
with respect to the resale to the public of the Prisa Exchange Securities held by the Investor, but
only for so long as Investor reasonably determines, based on advice of outside counsel, that such
registration is necessary in order for such resales to be conducted lawfully (the “Registration
Rights Arrangements”).]

     4.8 Restriction on Sale of Preferred Stock. The Company shall not take any action which would
give rise to a termination right pursuant to Section 5.2(b)(iv) of this Agreement.

ARTICLE V

GENERAL PROVISIONS

     5.1 Non-survival of Representations and Warranties. None of the representations and
warranties in this Agreement shall survive the Closing or termination of this Agreement.

     5.2 Termination. The Investor shall have the right to terminate this Agreement by giving
written notice to the Company in the following circumstances (provided, however, that the Investor
shall not have the right to terminate this Agreement if any of the following circumstances occur or
fail to occur as a result of the breach of the terms hereof by the Investor):

          (a) If the Investment Closing has not occurred on or before November 15, 2010, or if the
Closing has not occurred on or before December 6, 2010, in each case, at any time after such date,
with or without cause; or

          (b) in case any of the following circumstances occur:

               (i) termination of the Amended and Restated Business Combination Agreement;

               (ii) any (x) Order or other legal restraint or prohibition making the transactions
contemplated by this Agreement illegal or otherwise preventing the consummation

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of the transactions contemplated by this Agreement shall be in effect or Action therefor shall
have been commenced by a Governmental Entity or (y) statute, rule, regulation, Order shall have
been enacted, entered, promulgated or enforced by any Governmental Entity that prohibits, or makes
illegal consummation of the transactions contemplated by this Agreement;

               (iii) any (w) amendment is made to the Amended and Restated Business Combination Agreement
(other than Amendment No. 1 thereto as set forth in Schedule III thereof (“Amendment No. 1”)), (x)
waiver is given by the Company under the Amended and Restated Business Combination Agreement, in
either case, without the prior written consent of the Investor and which (A) directly or
indirectly, decreases the Per Share Series E Consideration, in absolute terms or relative to the
Liberty Common Stock or the Per Share Series A, B, C or D Consideration, or (B) otherwise
materially and adversely affects the Investor, (y) amendment is made to the Escrow Agreement
without the consent of the Investor or (z) amendment is made to section 2.4, 2.7 or 3.5 of the
Amended and Restated Business Combination Agreement (other than Amendment No. 1) without the
consent of the Investor, which amendment adversely affects the Investor;

               (iv) (y) any Person other than the Company, the Participants shown on Annex A or purchasers of
Series E Preferred Stock in connection with Amendment No. 1, shall have entered into an agreement
to purchase, or shall have purchased from the Company or the Sponsors, Preferred Stock or any other
security of Liberty, or (z) the terms of the purchase agreement and any related agreement pursuant
to which any other Person purchases Preferred Stock shall have been (or shall have been amended to
become) more favorable to such Person than the terms of this Agreement are to the Investor, in each
case, without the prior written consent of the Investor;

               (v) the Company shall declare or pay any dividend or distribution of any kind with a record
date prior to the second day after the Liberty Stockholder Meeting;

               (vi) the Liberty Stockholder Approval or the Liberty Warrantholder Approval is not obtained at
the Liberty Stockholder Meeting; or

               (vii) the Form F-4, at any time from and after the date the Registration Statement and Proxy
is mailed to holders of Liberty Common Stock and Liberty Warrants, shall fail to be effective for
the registration of [the resale by the Investor of] any and all Prisa Exchange Securities held by
the Investor following the Share Exchange.

     5.3 Effects of Termination.

          (a) In the event of termination of this Agreement by the Investor as provided in Section 5.2
prior to the occurrence of the Investment Closing, this Agreement (other than this Section 5.3 and
the agreements contained in Section 4.2) shall be of no further force and effect and no party shall
have any obligation to the other party hereunder.

          (b) In the event of termination of this Agreement by the Investor as provided in Section 5.2
after the occurrence of the Investment Closing:

11

 

               (i) the Company shall, promptly, but in no event more than five (5) New York business days
following the termination of this Agreement, redeem the Shares by paying the Investor (A) the
Stated Value of the Shares (as defined in the Certificates of Designations relating to the Shares)
plus (B) a pro rata amount of the monies remaining in the Escrow Account after payment of the
Stated Value on all shares of outstanding Preferred Stock, following which payment the Shares shall
be cancelled; and

               (ii) this Agreement (other than this Section 5.3 and the agreements contained in Sections 4.2)
shall be of no further force and effect and no party shall have any obligation to the other party
hereunder.

     5.4 Delay or Waivers. No waiver by any party of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any other provisions, condition or requirement hereof nor shall any delay or
omission of any party to exercise any right hereunder in any manner impair the exercise of any such
right accruing to it thereafter. No provision of this Agreement may be waived other than in a
written instrument signed by the party against whom enforcement of such waiver is sought.

     5.5 No Partnership or Joint Venture. Nothing in this Agreement is intended to, or shall be
deemed to, establish any partnership or joint venture between any of the parties or Participants,
constitute any party the agent of another party or Participant, nor authorize any party to make or
enter into any commitments for or on behalf of any other party or Participant.

     5.6 Further Assurance. At its own expense, each party shall and shall use all reasonable
endeavors to procure that any necessary third party shall promptly execute and deliver such
documents and perform such acts as may be required for the purpose of giving full effect to this
Agreement.

     5.7 Time of the Essence. Time shall be of the essence in respect of any dates, times and
periods specified in this Agreement and in respect of any dates, times and periods which may be
substituted for them in accordance with this Agreement, or by agreement in writing between the
parties. Time shall not be of the essence in respect of any other obligation in this Agreement.

     5.8 Amendment. This Agreement may not be amended except by an instrument in writing signed on
behalf of each of the parties hereto.

     5.9 Expenses. All fees and other expenses incurred hereunder shall be paid by the party
incurring such expense.

     5.10 Notices. All notices and other communications hereunder shall be in writing and shall be
deemed given (i) upon personal delivery to the party to be notified; (ii) when received when sent
by email or facsimile by the party to be notified, provided, however, that notice
given by email or facsimile shall not be effective unless either (a) a duplicate copy of such email
or fax notice is promptly given by one of the other methods described in this Section 5.10
or (b) the receiving party delivers a written confirmation of receipt for such notice either by
email or fax or any other method described in this Section 5.10; or (iii) when delivered by
an express courier

12

 

(with confirmation of delivery); in each case to the party to be notified at the following
address (or at such other address for a party as shall be specified by like notice):

          (a) if to the Company to:

Liberty Acquisition Holdings Corp.

1114 Avenue of the Americas

41st Floor

New York, NY 10036

Facsimile No.: +1 (212) 207-8784

Attention: James Hauslein, Director

Email: jim@hauslein.com

          With a copy to:

Greenberg Traurig

401 E. Las Olas Boulevard

Suite 2000

Ft. Lauderdale, FL 33301

Facsimile No.: +1 (954) 765-1477

Attention: Donn Beloff, Esq.

Email: beloffd@gtlaw.com

          (b) if to Investor, to:

[•]

[•]

[•]

Facsimile No.: [•]

Attention: [•]

Email: [•]

          With a copy to:

[•]

[•]

[•]

Facsimile No.: [•]

Attention: [•]

E-mail: [•]

     5.11 Interpretation. When a reference is made in this Agreement to Sections, such reference
shall be to a Section of this Agreement unless otherwise indicated. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. Whenever the words “include”, “includes” or

13

 

“including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”. References to “$” refer to U.S. Dollars.

     5.12 Counterparts. This Agreement may be executed in counterparts, and by facsimile or
portable document format (pdf) transmission, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each of the parties and
delivered to the other parties, it being understood that all parties need not sign the same
counterpart.

     5.13 Entire Agreement; Severability.

          (a) This Agreement constitutes the entire agreement among the parties and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject
matter hereof. Each party acknowledges that, in entering into this Agreement, it has not relied on,
and shall have no right or remedy in respect of, any statement, representation, assurance or
warranty (whether made negligently or innocently) other than as expressly set out in this
Agreement. Nothing in this clause shall limit or exclude any liability for fraud.

          (b) If any term or other provision of this Agreement is found by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest extent possible.

     5.14 Governing Law. This Agreement shall be governed by and construed in accordance with the
Laws of the State of New York.

     5.15 Jurisdiction. Each of the Investor and the Company irrevocably agree that any legal
action or proceeding with respect to this Agreement or for recognition and enforcement of any
judgment in respect hereof brought by another party hereto or its successors or assigns may be
brought and determined in any Federal court (or, if jurisdiction is unavailable in such Federal
court, a state court of competent jurisdiction) sitting in the State of New York, and each of the
Investor and the Company hereby (i) irrevocably submits with regard to any such action or
proceeding for itself and in respect to its property, generally and unconditionally, to the
exclusive personal jurisdiction of the aforesaid courts in the event any dispute arises out of this
Agreement or any transaction contemplated hereby, (ii) agrees that it will not attempt to deny or
defeat such personal jurisdiction by motion or other request for leave from any such court and
(iii) agrees that it will not bring any action relating to this Agreement or any transaction
contemplated hereby in any court other than Federal court (or, if jurisdiction is unavailable in
such Federal court, a state court of competent jurisdiction) sitting in the State of New York. Any
service of process to be made in such action or proceeding may be made by delivery of process in
accordance with the notice provisions contained in Section 5.10. Each of the Investor and the

14

 

Company hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense,
counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (i) the
defense of sovereign immunity, (ii) any claim that it is not personally subject to the jurisdiction
of the above-named courts for any reason other than the failure to serve process in accordance with
this Section 5.15, (iii) that it or its property is exempt or immune from jurisdiction of any such
court or from any legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or
otherwise), and (iv) to the fullest extent permitted by Applicable Law that (A) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (B) the venue of such suit,
action or proceeding is improper and (C) this Agreement, or the subject matter hereof, may not be
enforced in or by such courts.

     5.16 Assignment

          (a) This Agreement is personal to the parties and no party shall assign, transfer, mortgage,
charge, subcontract, declare a trust of or deal in any other manner with any of its rights and
obligations under this Agreement without the prior written consent of the other party, except for
transfers to affiliates (as defined under Rule 144 of the Securities Act of 1933, as amended) of
the Investor upon notice to the Company.

          (b) Each party confirms it is acting on its own behalf and not for the benefit of any other
Person. This Agreement will be binding upon, inure to the benefit of and be enforceable by the
parties and their respective successors and assigns.

     5.17 Third Party Rights. A person who is not a party to this Agreement shall have no right to
enforce the terms of this Agreement. Nothing in this Agreement shall restrict the rights of the
parties hereto to amend, vary or waive any of the terms of this Agreement, and accordingly, they
may do so in their sole discretion.

     5.18 Specific Performance. The parties hereto agree that irreparable damage would occur in
the event that any of the provisions of this Agreement was not performed in accordance with its
specified terms or was otherwise breached and that remedies at law may be inadequate to protect
against a breach of the obligations under this Agreement. It is accordingly agreed that the
parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and
to specific performance of the terms and provisions hereof in any court of competent jurisdiction,
this being in addition to any other remedy to which they are entitled at law or in equity.

[Signature Page to Follow]

15

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	COMPANY:

LIBERTY ACQUISITION HOLDINGS CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Preferred Stock Purchase Agreement]

 

 

	 	 	 	 	 
	 	INVESTOR:

[•]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Preferred Stock Purchase Agreement]

 

 

Annex A

Participants

	 	 	 	 	 	 	 	 	 
	Class	 	 	Investor	 	Amount
	Series A	 	Berggruen Acquisition Holdings Ltd
	 	$	25	 million
	Series A	 	Marlin Equities II, LLC
	 	$	25	 million
	Series B	 	Tyrus Capital Event Master Fund Ltd.
	 	$	150	 million
	Series B	 	HSBC Bank plc
	 	$	150	 million
	Series C	 	Tyrus Capital Event Master Fund Ltd.
	 	$	10	 
	Series D	 	Centaurus Capital
	 	$	50	 million
	Series E	 	HSBC Bank plc
	 	$	50.0	 million
	Series E	 	Banco Santander
	 	$	25.0	 million
	Series E	 	Pentwater Growth Fund Ltd.
	 	$	6.044	 million
	Series E	 	Pentwater Equity Opportunities
Master Fund Ltd.
	 	$	10.165	 million
	Series E	 	Oceana Master Fund Ltd.
	 	$	8.791	 million

 

 

Schedule of Material Differences to Exhibit 10.1

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Number of Shares of	 	 	 	 
	 	 	Series E Preferred	 	 	 	 
	 	 	Stock to be	 	Total Purchase	 	 
	Name of Investor	 	Purchased	 	Price	 	Other
	HSBC Bank plc
	 	 	50,000	 	 	$50 million	 	 	*	 
	Banco Santander
	 	 	25,000	 	 	$25 million	 	 	**	
	Pentwater Growth
Fund Ltd., Pentwater
Equity Opportunities
Master Fund Ltd. and
Oceana Master Fund
Ltd.
	 	 	25,000	 	 	$25 million	 	 	**	

 

			
	*	 	Entitled to receive additional cash in the amount of $2 million from Liberty upon consummation
of the Share Exchange.
	 
	**	 	No requirement that the Investor enter into an agreement with Prisa to maintain an effective
resale registration statement for the shares issued to it in the
Share Exchange.exv10w2

Exhibit 10.2

AMENDMENT NO. 1 TO AMENDED AND RESTATED BUSINESS COMBINATION

AGREEMENT

     This Amendment No.1 to Amended and Restated Business Combination Agreement (this “Amendment”)
is dated as of August 13, 2010 and, if the conditions set forth in Section 9.22 of said agreement
so provide, amends that certain Amended and Restated Business Combination Agreement (the “Business
Combination Agreement”), dated as of August 4, 2010, by and among Promotora de Informaciones, S.A.,
a Spanish sociedad anónima (“Prisa”), Liberty Acquisition Holdings Corp., a Delaware corporation
(“Liberty”) and Liberty Acquisition Holdings Virginia, Inc., a Virginia corporation (“Liberty
Virginia”) Capitalized terms not otherwise defined in this Amendment have the meanings given such
terms in the Business Combination Agreement.

     WHEREAS, pursuant to Section 11.3 of the Business Combination Agreement, Prisa and Liberty may
amend the Business Combination Agreement by action taken or authorized by their respective Boards
of Directors in a writing signed on behalf of each of Prisa, Liberty and Liberty Virginia.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and
intending to be legally bound hereby, the parties agree as follows:

     1. Amendments.

          (a) Plan of Merger. The Business Combination Agreement is hereby amended by replacing
Exhibit B attached thereto in its entirety with Exhibit B attached hereto.

          (b) Liberty Virginia Articles. The Business Combination Agreement is hereby amended
by replacing Exhibit C attached thereto in its entirety with Exhibit C attached hereto.

          (c) Plan of Share Exchange. The Business Combination Agreement is hereby amended by
replacing Exhibit E attached thereto in its entirety with Exhibit E attached hereto.

          (d) Definitions. The Defined Terms in Section 1.1 of the Business Combination
Agreement are amended as follows:

	 	i)	 	The definition of Aggregate Preferred Stock
Mixed Consideration Cash shall be deleted in its entirely and replaced
with the following:
	 
	 	 	 	“Aggregate Preferred Stock Mixed Consideration Cash” shall mean the
aggregate amount of cash payable (before giving effect to Section
4.2(e)) in respect of (v) clause (ii) of the definition of
Aggregate Series A Consideration, (w) clause (i)(B), clauses (ii)(A)
and (C), clause (iii)(A), or clauses (iv)(A), (C) and (E), as

 

 

	 	 	 	applicable, of the definition of Aggregate Series B Consideration,
(x) the Aggregate Series C Consideration, (y) clause (i)(B), clauses
(ii)(A) and (C), clause (iii)(A), or clauses (iv)(A) and (C), as
applicable of the definition of Aggregate Series D Consideration and
(z) clause (i)(B) or clauses (ii)(A), (C) and (D), of the definition
of Aggregate Series E Consideration.
	 
	 	ii)	 	The definition of Aggregate Pro Rata Interest
Due shall be deleted in its entirely and replaced with the following:
	 
	 	 	 	“Aggregate Pro Rata Interest Due” shall mean, with respect to the
Liberty Series A Preferred Stock, the Liberty Series B Preferred
Stock, the Liberty Series D Preferred Stock or the Liberty Series E
Preferred Stock, the product of (i) the aggregate amount of any
interest earned on the funds deposited in the Liberty Preferred Stock
Account, and (ii) a fraction, the numerator of which shall be the
total number of shares issued and outstanding of such series of
Liberty Preferred Stock and the denominator of which shall be the
total number of shares of Liberty Preferred Stock issued and
outstanding of any class other than the Liberty Series C Preferred
Stock.
	 
	 	iii)	 	The definition of Liberty Preferred Stock
Purchase Agreements shall be deleted in its entirely and replaced with
the following:
	 
	 	 	 	“Liberty Preferred Stock Purchase Agreements” shall mean (a) (i) that
certain Preferred Stock Purchase Agreement between Tyrus Capital
Event Master Fund Ltd. and Liberty, (ii) that certain Preferred Stock
Purchase Agreement between HSBC Bank plc and Liberty and (iii) that
certain Preferred Stock Purchase Agreement between Centaurus Capital
and Liberty, in each case being entered into substantially
simultaneously with this Agreement, (b) (i) that certain Preferred
Stock Purchase Agreement between HSBC Bank plc and Liberty dated
August 13, 2010, (ii) that certain Preferred Stock Purchase Agreement
between Banco Santander and Liberty dated August 13, 2010 and (iii)
that certain Preferred Stock Purchase Agreement between Pentwater
Growth Fund Ltd. and related funds and Liberty dated August 13, 2010
(with each party to such agreements in clauses (a) and (b) hereof,
other than Liberty, being an “Investor”) and (c) (i) that certain
Preferred Stock Purchase Agreement between Berggruen Acquisition
Holings Ltd and Liberty and (ii) that certain Preferred Stock
purchase Agreement between Marlin Equities II, LLC, in each case
being entered into substantially simultaneously with this Agreement.

2

 

          (e) Glossary of Other Defined Terms. The following terms shall be added to the table setting forth the location of
definitions of capitalized terms defined in the Business Combination Agreement in alphabetical
order:

	 	 	 
	Term	 	Section
	 
	 	 
	“Aggregate Series E Consideration

	 	3.5(f)”
	“Liberty Virginia Series E Preferred Stock

	 	2.4(a)”
	“Per Share Series E Consideration

	 	3.5(f)”

          (f) Conversion of Liberty Stock. Section 2.4(a) of the Business Combination Agreement
is hereby deleted in its entirety and replaced with the following:

“Subject to Section 2.5, at the Reincorporation Effective Time, by
virtue of the Reincorporation Merger and without any action on the part of
Liberty, Liberty Virginia or any holder of common stock, par value $0.0001
per share, of Liberty (“Liberty Common Stock”) or Liberty Preferred Stock,
(i) each share of Liberty Common Stock issued and outstanding immediately
prior to the Reincorporation Effective Time shall be converted into one
share of common stock, par value $0.0001 per share, of Liberty Virginia
(“Liberty Virginia Common Stock”), (ii) each share of Liberty Series A
Preferred Stock issued and outstanding immediately prior to the
Reincorporation Effective Time shall be converted into one share of Series A
Preferred Stock, par value $0.0001 per share, of Liberty Virginia (“Liberty
Virginia Series A Preferred Stock”), (iii) each share of Liberty Series B
Preferred Stock issued and outstanding immediately prior to the
Reincorporation Effective Time shall be converted into one share of Series B
Preferred Stock, par value $0.0001 per share, of Liberty Virginia (“Liberty
Virginia Series B Preferred Stock”), each share of Liberty Series C
Preferred Stock issued and outstanding immediately prior to the
Reincorporation Effective Time shall be converted into one share of Series C
Preferred Stock, par value $0.0001 per share, of Liberty Virginia (“Liberty
Virginia Series C Preferred Stock”), (v) each share of Liberty Series D
Preferred Stock issued and outstanding immediately prior to the
Reincorporation Effective Time shall be converted into one share of Series D
Preferred Stock, par value $0.0001 per share, of Liberty Virginia (“Liberty
Virginia Series D Preferred Stock”), (vi) each share of Liberty Series E
Preferred Stock issued and outstanding immediately prior to the
Reincorporation Effective Time shall be converted into one share of Series E
Preferred Stock, par value $0.0001 per share, of Liberty Virginia (“Liberty
Virginia Series E Preferred Stock and together with the Liberty Virginia
Series A Preferred Stock, the Liberty Virginia Series B Preferred Stock, the
Liberty Virginia Series C Preferred Stock and the Liberty Virginia Series D
Preferred Stock, the

3

 

“Liberty Virginia Preferred Stock,” and collectively with the Liberty
Virginia Common Stock, the “Liberty Virginia Stock”), (vii) each share of
Liberty Stock held in the treasury of Liberty immediately prior to the
Reincorporation Effective Time shall be canceled and (viii) each share of
Liberty Virginia Stock issued and outstanding or held in treasury
immediately prior to the Reincorporation Effective Time shall be cancelled.”

          (g) Exchange Effective Time; Effect of the Share Exchange. Section 3.3(c) of the
Business Combination Agreement is hereby deleted in its entirety and replaced with the following:

“At the Exchange Effective Time, by virtue of the Share Exchange and as set
forth in this Agreement, the Plan of Share Exchange and Sections 13.1-717
and 13.1-721 of the VSCA, PRISA shall automatically become the holder and
owner of 100% of the outstanding shares of the Liberty Virginia Stock, with
the former holders of such outstanding shares being entitled to receive only
either the Per Share Cash Election Consideration, the Per Share Mixed
Election Consideration, the Per Share Series A Consideration, the Per Share
Series B Consideration, the Per Share Series C Consideration, the Per Share
Series D Consideration or the Per Share Series E Consideration, as
applicable, pursuant to Section 3.5. Liberty Virginia shall deliver
to PRISA, at the Exchange Effective Time, the Liberty Virginia Exchange
Certificates representing PRISA’s ownership of all such outstanding shares
of Liberty Virginia Stock, free and clear of all Encumbrances, in exchange
for the aggregate Per Share Cash Election Consideration and the aggregate
Per Share Mixed Election Consideration, the Aggregate Series A
Consideration, the Aggregate Series B Consideration, the Aggregate Series C
Consideration, the Aggregate Series D Consideration and the Aggregate Series
E Consideration.”

          (h) Per Share Consideration. Section 3.5(f) of the Business Combination Agreement is
hereby deleted in its entirety and replaced with the following:

“Subject to Section 4.2(e), the holders of the Liberty Virginia
Series E Preferred Stock shall be entitled to receive, in the aggregate, the
following consideration (the “Aggregate Series E Consideration”):

	 	(i)	 	If the Total Required Cash-Out Amount is
$700,000,000 or less then (A) an amount in cash equal to $100,000,000
(plus the Aggregate Pro Rata Interest Due to the holders of the Liberty
Virginia Series E Preferred Stock) and (B) an amount of PRISA Shares
and cash as is equal to the Per Share Mixed Election Consideration
which would be payable with respect to 500,000 shares of Liberty
Virginia Common Stock for which a Mixed Consideration Election had been
made.

4

 

	 	(ii)	 	If the Total Required Cash-Out Amount is
greater than $700,000,000 then:

	 	(A)	 	An amount of
PRISA Shares and cash as is equal to the Per Share Mixed
Election Consideration which would be payable with
respect to a number of shares of Liberty Virginia Common
Stock equal to the E Equivalent Shares Number if a Mixed
Consideration Election had been made for such number of
shares of Liberty Virginia Common Stock, where the “E
Equivalent Shares Number” is (x) (I) the Total Required
Cash-Out Amount divided by (II) $10.00, minus (y)
70,000,000 (provided that the maximum number of shares
of Liberty Virginia Common Stock for which the Per Share
Mixed Election Consideration will be payable pursuant to
this Section 3.5(f)(ii)(A) shall be 10,000,000);
	 
	 	(B)	 	cash in the
amount of the greater of (I) $800,000,000 minus the
Total Required Cash-Out Amount and (II) 0;
	 
	 	(C)	 	if the Total
Required Cash-Out Amount is less than or equal to
$750,000,000, then PRISA shares and cash in an amount
equal to the Per Share Mixed Election Consideration
which would be payable with respect to 500,000 shares of
Liberty Virginia Common Stock for which a Mixed
Consideration Election had been made;
	 
	 	(D)	 	if the Total
Required Cash-Out Amount is greater than $750,000,000,
then PRISA shares and cash in an amount equal to the Per
Share Mixed Election Consideration which would be
payable with respect to 1,000,000 shares of Liberty
Virginia Common Stock for which a Mixed Consideration
Election had been made; and
	 
	 	(E)	 	cash equal to the
amount of the Aggregate Pro Rata Interest Due to the
holders of the Liberty Virginia Series E Preferred
Stock;

	 	 	 	The Aggregate Series E Consideration shall be divided among the
holders of the Liberty Virginia Series E Preferred Stock pro rata
based upon the number of shares of Liberty Virginia Series E
Preferred Stock held by each holder (the “Per Share Series E
Consideration”).”

5

 

          (i) Per Share Consideration. Section 3.5(g) of the Business Combination Agreement is
hereby deleted in its entirety and replaced with the following:

“The PRISA Shares delivered pursuant to paragraphs (a), (b), (c), (d), (e)
and (f) of this Section 3.5 shall then be registered and the ADRs
delivered pursuant to Section 3.4(b).”

          (j) Per Share Consideration. Section 3.5(h) of the Business Combination Agreement is
hereby amended by replacing the number “$400,000,000” with “$500,000,000”.

          (k) Per Share Consideration. Section 3.5(j) of the Business Combination Agreement is
hereby deleted in its entirety and replaced with the following:

“If, between the date of this Agreement and the Exchange Effective Time,
PRISA, Liberty or Liberty Virginia undergoes a reorganization,
recapitalization, reclassification, issues a stock dividend, or effects a
stock split or reverse stock split, or other similar change in
capitalization (other than the Reincorporation Merger), an appropriate and
proportionate adjustment shall be made to the Per Share Cash Election
Consideration, the Per Share Mixed Election Consideration, the Aggregate
Series A Consideration, the Aggregate Series B Consideration, the Aggregate
Series C Consideration, the Aggregate Series D Consideration, the Aggregate
Series E Consideration and Warrant Consideration in order to preserve the
economic benefits of the Reorganization to the parties.”

          (l) Exchange of Shares and Warrants. Section 4.2(a) of the Business Combination
Agreement is hereby deleted in its entirety and replaced with the following:

“As soon as practicable after the Exchange Effective Time, and in no event
later than five Business Days thereafter, the Exchange Agent shall mail to
each Liberty Virginia Stockholder of record (other than former holders of
the Liberty Virginia Redemption Shares and holders who submitted valid Forms
of Election pursuant to Section 3.5(f) with respect to all of their
shares held) and each registered Liberty Warrantholder (i) a letter of
transmittal, which shall specify that delivery shall be effected, and risk
of loss and title to the Liberty Virginia Common Certificates, Liberty
Virginia Preferred Certificates and Liberty Warrants shall pass, only upon
delivery of the Liberty Virginia Common Certificates, Liberty Virginia
Preferred Certificates or Liberty Warrants, as applicable, to the Exchange
Agent and (ii) instructions for effecting the surrender of the Liberty
Virginia Common Certificates and Liberty Virginia Preferred Certificates in
exchange for PRISA ADSs, Per Share Mixed Consideration Election Cash, any
cash amounts due in respect of the Per Share Series A Consideration, the Per
Share Series B Consideration, the Per Share Series C Consideration, the Per
Share Series D Consideration or the Per Share Series E Consideration and, if
any, Fractional Share Cash and the surrender of the Liberty Warrants in
exchange for the Warrant

6

 

Consideration (as defined below). Upon proper surrender to the Exchange
Agent of a Liberty Virginia Common Certificate, a Liberty Virginia Preferred
Certificate or Liberty Warrant for exchange and cancellation, together with
such properly completed letter of transmittal, duly executed, such Liberty
Virginia Stockholder or Liberty Warrantholder shall be entitled to receive
in exchange therefor an ADR representing that number of whole PRISA ADSs in
book entry form to which such securityholder shall have become entitled
pursuant to the provisions of Article III and the Warrant Amendment
Agreement, Fractional Share Cash, if any, the Per Share Mixed Consideration
Election Cash, and any cash amounts due in respect of the Per Share Series A
Consideration, the Per Share Series B Consideration, the Per Share Series C
Consideration, the Per Share Series D Consideration and the Per Share Series
E Consideration and, in the case of Liberty Warrantholders, cash pursuant to
the terms of the Warrant Amendment Agreement.”

          (m) Exchange of Shares and Warrants. Section 4.2(f) of the Business Combination
Agreement is hereby deleted in its entirety and replaced with the following:

“Any portion of the Exchange Fund that remains unclaimed by the Liberty
Virginia Stockholders or the Liberty Warrantholders for six months after the
Exchange Effective Time shall be returned to PRISA. Any former Liberty
Virginia Stockholders or Liberty Warrantholders who have not theretofore
complied with this Article IV shall thereafter look only to PRISA
for payment of the Per Share Cash Election Consideration, Per Share Mixed
Election Consideration, Per Share Series A Consideration, the Per Share
Series B Consideration, the Per Share Series C Consideration, the Per Share
Series D Consideration, the Per Share Series E Consideration the Warrant
Consideration, any Fractional Share Cash and any PRISA Distribution, in each
case, without any interest thereon. Notwithstanding the foregoing, none of
Liberty, Liberty Virginia, PRISA, the Exchange Agent, the Depositary or any
other person shall be liable to any former holder of shares of Liberty
Virginia Common Stock, Liberty Preferred Stock or Liberty Warrants for any
amount delivered in good faith to a public official pursuant to applicable
abandoned property, escheat or similar Laws.”

          (n) Exchange of Shares and Warrants. Section 4.2(g) of the Business Combination
Agreement is hereby deleted in its entirety and replaced with the following:

“In the event any Liberty Virginia Common Certificate, Liberty Virginia
Preferred Certificate or Liberty Warrant shall have been lost, stolen or
destroyed, upon the making of an affidavit of that fact by the person
claiming such Liberty Virginia Common Certificate, Liberty Virginia
Preferred Certificate or Liberty Warrant to be lost, stolen or destroyed
and, if reasonably required by PRISA, the posting by such person of a bond
in such amount as PRISA may determine is reasonably necessary as

7

 

indemnity against any claim that may be made against it with respect to such
Liberty Virginia Common Certificate, Liberty Virginia Preferred Certificate
or Liberty Warrant, the Exchange Agent will issue, in exchange for such
lost, stolen or destroyed Liberty Virginia Common Certificate, Liberty
Virginia Preferred Certificate or Liberty Warrant, the Per Share Cash
Election Consideration, Per Share Mixed Election Consideration, Per Share
Series A Consideration, the Per Share Series B Consideration, the Per Share
Series C Consideration, the Per Share Series D Consideration, the Per Share
Series E Consideration or Warrant Consideration and any Fractional Share
Cash to which the holder is entitled.”

          (o) Prisa Capitalization. Section 7.2(a) of the Business Combination Agreement is
hereby deleted in its entirety and replaced with the following:

“As of the date hereof, the issued share capital of PRISA is EUR 21,913,550,
represented by 219,135,500 ordinary shares, nominal value of EUR 0.10 each
(the “PRISA Capital Stock”). All of the issued and outstanding shares of
the PRISA Capital Stock have been, and all of the PRISA Shares to be
delivered as Per Share Mixed Election Consideration, Per Share Series A
Consideration, Per Share Series B Consideration, Per Share Series C
Consideration, Per Share Series D Consideration, Per Share Series E
Consideration and Warrant Consideration will be duly authorized, validly
issued, fully paid and nonassessable and not subject to any preemptive
rights arising out of the PRISA Organizational Documents or any contract
binding upon PRISA, with no personal liability attaching to the ownership
thereof. As of the date of this Agreement, there are no bonds, debentures,
notes or other indebtedness of PRISA or any of its Subsidiaries having the
right to vote (or convertible into, or exchangeable for, securities having
the right to vote) on any matters on which PRISA shareholders may vote
(“Voting Debt”). As of the date of this Agreement, except pursuant to this
Agreement or the Ancillary Agreements, PRISA does not have and is not bound
by any outstanding subscriptions, options, warrants, calls, rights,
commitments or agreements of any character calling for the issuance
of shares of PRISA Capital Stock, Voting Debt or any other equity securities of
PRISA or any securities representing the right to have any share of PRISA
Capital Stock issued, Voting Debt or any other equity securities of PRISA
issued.”

          (p) Securities Purchase From Sponsors. Section 9.19 of the Business Combination
Agreement is hereby amended by replacing the number “2,796,000” with “3,296,000” and by replacing
the number “2,600,000” with “3,100,000”.

          (q) Number of Prisa Shares: Section 10.2(e) of the Business Combination Agreement is
hereby deleted in its entirety and replaced with the following:

“Number of PRISA Shares. Provided that Liberty’s representations set forth
in Section 6.2 are true and correct at Closing and that the Liberty

8

 

Preferred Stock Account contains $500,000,000 of proceeds from the sale of
the Liberty Preferred Stock (in excess of any interest earned thereon) fully
available to make payments under Section 3.5, at the Exchange
Effective Time: (a) the total number of PRISA Class A Ordinary Shares to be
delivered pursuant to the Share Exchange and the Warrant Exchange, before
giving effect to any cash in lieu of fractional shares, shall be not less
than the sum of the PRISA Class A Ordinary Shares included in (i) the Per
Share Mixed Consideration for all outstanding Mixed Consideration Electing
Shares, (ii) the Per Share Series A Consideration for all outstanding shares
of Liberty Virginia Series A Preferred Stock, (iii) the Per Share Series B
Consideration for all outstanding shares of Liberty Virginia Series B
Preferred Stock, (iv) the Per Share Series C Consideration for all
outstanding shares of Liberty Virginia Series C Preferred Stock (v) the Per
Share Series D Consideration for all outstanding shares of Liberty Virginia
Series D Preferred Stock, (vi) the Per Share Series E Consideration for all
outstanding shares of Liberty Virginia Series E Preferred Stock, and (vii)
the Ordinary Share Consideration (as defined in the Warrant Amendment
Agreement) for all outstanding Liberty Warrants; and (b) the total number of
PRISA Class B Convertible Non-Voting Shares to be delivered pursuant to the
Share Exchange, before giving effect to any cash in lieu of fractional
shares, shall be not less than the sum of the PRISA Class B Convertible
Non-Voting Shares included in (i) the Per Share Mixed Consideration for all
outstanding Mixed Consideration Electing Shares, (ii) the Per Share Series
A Consideration for all outstanding shares of Liberty Virginia Series A
Preferred Stock, (iii) the Per Share Series B Consideration for all
outstanding shares of Liberty Virginia Series B Preferred Stock, (iv) the
Per Share Series C Consideration for all outstanding shares of Liberty
Virginia Series C Preferred Stock (v) the Per Share Series D Consideration
for all outstanding shares of Liberty Virginia Series D Preferred Stock and
(v) the Per Share Series E Consideration for all outstanding shares of
Liberty Virginia Series E Preferred Stock.”

          (r) Liberty Share Purchase. Section 10.3(h) of the Business Combination Agreement is
hereby amended by replacing the number “2,796,000” with “3,296,000” and by replacing the number
“2,600,000” with “3,100,000”

          (s) Maximum Cash Electing Shares and Liberty Virginia Redemption Shares. Section
10.3(i) of the Business Combination Agreement is hereby amended by replacing the number
“70,000,000” with “80,000,000”.

          (t) Termination. Section 11.1(g) of the Business Combination Agreement is hereby
amended by replacing the number “70,000,000” with “80,000,000”.

     2. No Other Amendment. Except as expressly set forth herein, this Amendment shall not
by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Business Combination

9

 

Agreement, all of which are ratified and affirmed in all respects and shall continue in full
force and effect.

     3. Miscellaneous. The provisions of Sections 12.4 (Interpretation), 12.5
(Counterparts), 12.6 (Entire Agreement; Severability), 12.7 (Governing Law) and 12.10 (Submission
to Jurisdiction; Waivers; Consent to Service of Process) of the Business Combination Agreement are
incorporated herein by reference and shall apply to the terms and provisions of this Amendment and
the parties hereto mutatis mutandis.

10

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