Document:

Exhibit 10.14

 

QUOTESMITH.COM, INC.

2004 LIFE QUOTES NON-QUALIFIED STOCK OPTION PLAN

 

Purpose

 

The purpose of the Quotesmith.com, Inc. 2004 Life
Quotes Non-Qualified Stock Option Plan (the “Plan”) is to foster and promote
the long-term financial success of 
Quotesmith.com, Inc., a Delaware corporation, and its subsidiaries
(the “Company”).  The Plan provides for
the award of stock options to certain former employees of Life Quotes who are
now employees of a subsidiary of the Company.

 

Definitions

 

For purposes of this Plan, the following terms used
herein shall have the following meanings, unless a different meaning is clearly
required by the context.

 

“Board”
means the Board of Directors of the Company.

 

“Change
in Control” means a change in control of the Company of a nature that would be
required to be reported in response to Item l(a) of the Current Report on Form 8-K,
as in effect as of the Effective Date, promulgated pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to the reporting requirements
of the Exchange Act, provided that, without limitation, such a change in
control shall be deemed to have occurred if:

 

there
shall be consummated any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the Company’s assets;

 

the
stockholders of the Company approve any plan or proposal of liquidation or
dissolution of the Company;

 

there
shall be consummated any consolidation or merger of the Company in which the
Company is not the surviving or continuing corporation, or pursuant to which
shares of the Company’s Common Stock would be converted into cash, securities
or other property, other than a merger of the Company in which the holders of
the Company’s Common Stock immediately prior to the merger have, directly or
indirectly, at least a 67% ownership interest in the outstanding Common Stock
of the surviving corporation immediately after the merger;

 

any “person”
or “group” (as such terms are used in Section 13(d) and 14(d) of
the Exchange Act) shall become, after the Effective Date, the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 51% or more of the combined voting
power of the Company’s then-outstanding voting securities ordinarily having the
right to vote for the election of directors;

 

individuals
who, as of the Effective Date, constitute the Board of Directors of the Company
(the “Board” generally, and as of the Effective Date, the “Incumbent Board”)
shall cease for any reason to constitute a majority of the Board, provided that
any person becoming a director subsequent to the date of this Agreement whose
election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least three-quarters of the directors comprising the
Incumbent Board (other than an election or nomination of an individual whose
initial assumption of office is in connection with an actual or threatened
election contest relating to the directors of the Company) shall be, for
purposes of this Plan, considered as though such person were a member of the
Incumbent Board;

 

a
proceeding is instituted in a court of competent jurisdiction seeking a decree
or order for relief in respect of the Company in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or for the appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of the Company or for any
substantial part of its property, or for the winding-up or liquidation of its
affairs, and such proceeding remains undismissed or unstayed and in effect for
a period of 60 consecutive days or such court enters a decree or court granting
the relief sought in such proceeding; or

 

the
Company commences a voluntary case under any applicable bankruptcy, insolvency
or other similar law now or hereinafter in effect, consents to the entry of an
order for relief in an involuntary case under any such law, or consents to the 

 

 

appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of or for any substantial part of its
property, or makes a general assignment for the benefit of creditors, or fails
generally to pay its debts as they become due, or take any corporate action in
furtherance of any of the foregoing.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Committee”
shall have the meaning provided in Section 3 of the Plan.

 

“Common
Stock” means the common stock, $0.003 par value per share, of the Company.

 

“Continuous
Service” means that the Participant’s service with the Company or any
Subsidiary as an employee is not interrupted or terminated.  The Participant’s Continuous Service shall
not be deemed to have terminated merely because of a change in the capacity in
which the Participant renders service to the Company or any Subsidiary as an
employee or a change in the entity for which the Participant renders such
service, provided that there is no interruption or termination of the
Participant’s Continuous Service.  For
example, a change in status from an employee of the Company to an employee of a
Subsidiary will not constitute an interruption of Continuous Service.  The Committee, in its sole discretion, may
determine whether Continuous Service shall be considered interrupted in the
case of any approved leave of absence by that party, including sick leave,
military leave or any other personal leave.

 

“Disability”
means a mental or physical condition which, in the opinion of the Committee,
renders a Participant unable or incompetent to carry out the job
responsibilities which such Participant held or the tasks to which such
Participant was assigned at the time the disability was incurred, and which is
expected to persist for an indefinite duration exceeding one year.

 

“Effective
Date” shall have the meaning provided in Section 19 of the Plan.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, as determined by the Committee, the closing price as
quoted on the Nasdaq National Market on the trading day immediately preceding
the date for which the determination is being made; or, in the event that no
such closing price exists due to no sale having taken place on such day, the
average of the reported closing bid and asked prices on such day; or, if the
Common Stock of the Company is listed on a national securities exchange, the
closing price on the principal national securities exchange on which the Common
Stock is listed or admitted to trading on the trading day immediately preceding
the date for which the determination is being made; or, if no such closing
price exists due to no sale having taken place on such day, the average of the
closing bid and asked prices on such day on the principal national securities
exchange on which the Common Stock is listed or admitted to trading; or if the
Common Stock is not quoted on such Nasdaq national Market nor listed or
admitted to trading on a national securities exchange, then the average of the
closing bid and asked prices on the day immediately preceding the date for
which the determination is being made in the over-the-counter market as
reported by Nasdaq; or, if bid and asked prices for the Common Stock on such
day shall not have been reported through Nasdaq, the average of the bid and
asked prices for such day as furnished by any New York Stock Exchange member
firm regularly making a market in the Common Stock selected for such purpose by
the Board or a committee thereof; or, if none of the foregoing is applicable,
then the fair market value of the Common Stock as determined in good faith by
the Committee in its sole discretion.

 

“Participant”
shall mean any employee of the Company or any Subsidiary to whom an award is
granted under the Plan.

 

“Sale
Event” means any (a) sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the Company’s assets, (b) sale, exchange or other transfer of all of the
Company’s outstanding capital stock to a third party or group of third parties
acting in concert or (c) consolidation or merger of the Company in which
the Company is not the surviving or continuing corporation, or pursuant to
which shares of the Company’s Common Stock would be converted into cash,
securities or other property, other than a merger of the Company in which the
holders of the Company’s Common Stock immediately prior to the merger have,
directly or indirectly, at least a 67% ownership interest in the outstanding
Common Stock of the surviving corporation immediately after the merger.

 

“Stock
Option” means any option to purchase Common Stock granted pursuant to Section 6.

 

“Subsidiary”
means a company, domestic or foreign, of which not less than 50 percent of the
voting shares are held by the Company or by a Subsidiary, whether or not such
company now exists or is hereafter organized or acquired by the Company or by a
Subsidiary.

 

“Term
of the Plan” means the period beginning on the Effective Date and ending on the
earlier to occur of (i) the date the Plan is terminated by the Board in
accordance with Section 16 and (ii) the day before the tenth
anniversary of the Effective Date.

 

 

Administration

 

The Plan shall be administered by a committee of the
Board (the “Committee”) consisting solely of two or more members of the Board,
each of whom shall qualify as a “Non-employee Director” within the meaning of Rule l6b-3
of the Exchange Act and also qualify as an “outside director” within the
meaning of Section 162(m) of the Code and regulations pursuant
thereto.  The Committee shall have the
power and authority to grant Stock Option awards to eligible persons pursuant
to the terms of the Plan.

 

The Committee shall have authority in its discretion
to interpret the provisions of the Plan and to decide all questions of fact
arising in its application.  Except as
otherwise expressly provided in the Plan, the Committee shall have authority to
select the persons to whom Stock Option awards shall be awarded under the Plan;
to determine the size of each such Stock Option award; to determine the time
when the Stock Option awards shall be granted; to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall
from time to time deem advisable; and to make all other determinations
necessary or advisable for the administration of the Plan.  Notwithstanding anything in the Plan to the
contrary, in the event that the Committee determines that it is advisable to
grant awards which shall not qualify for the exception for performance-based
compensation from the tax deductibility limitations of Section 162(m) of
the Code, the Committee may make such grants or awards, or may amend the Plan
to provide for such grants or awards, without satisfying the requirements of Section 162(m) of
the Code.

 

The Committee also shall have authority, in its
discretion, to vary the terms of the Plan to the extent necessary to comply
with federal, state or local law.

 

All decisions made by the Committee pursuant to the
provisions of the Plan shall be final and binding on all persons who
participate in the Plan.

 

All expenses and liabilities incurred by the Committee
in the administration of the Plan shall be borne by the Company.  The Committee may employ attorneys,
consultants, accountants or other persons in connection with the administration
of the Plan.  The Company, and its
officers and directors, shall be entitled to rely upon the advice, opinions or
valuations of any such persons.

 

 

Common
Stock Subject to the Plan

 

Share
Reserve.  There shall be reserved and
available for issuance under the Plan 300,000 shares of Common Stock, subject
to such adjustment as may be made pursuant to Section 14.

 

Source
of Shares/Reversion of Shares.  Such
shares may consist in whole or in part of authorized and unissued shares or
treasury shares or any combination thereof as the Committee may determine.  Except as otherwise provided herein, any
shares subject to an option which for any reason expires or is terminated
unexercised, becomes unexercisable or is forfeited or otherwise terminated, or
surrendered or canceled shall thereafter be available for further Stock Option
awards under the Plan. No Stock Option awards may be granted following the end
of the Term of the Plan.

 

Code
Section 162(m) Limitation.  The
total number of shares of Common Stock for which Stock Options that are subject
to the attainment of performance criteria to protect against the loss of
deductibility under Section 162(m) of the Code may be granted to any
Participant during any twelve-month period shall not exceed 200,000 in the
aggregate, subject to adjustment pursuant to Section 14.

 

Eligibility
to Receive Stock Option

 

Stock Option awards may be granted to any employee of
the Company or any Subsidiary.  The
Committee shall have the sole authority to select the persons to whom an award
of Stock Options is to be granted hereunder and to determine the award to be
granted to each such person.

 

Stock
Options

 

A Stock Option shall be subject to the following terms
and conditions not inconsistent with the terms of the Plan, as the Committee
shall deem desirable:

 

Option
Price.  The Stock Option exercise price
shall be fixed by the Committee and shall be equal to 100 percent of the Fair
Market Value of the shares of Common Stock subject to the Stock Option at the
time the option is granted.  No Stock Option
exercise price shall be re-priced or adjusted upward or downward other than as
provided for in Section 14.

 

Vesting
Period.  No Stock Option may be exercised
during the first year after its date of grant. 
After the first anniversary of the date of grant, Stock Options may be
exercised as to one-third of the shares of Common Stock available for purchase
under the Stock Options, after the second anniversary of the date of grant, it
may be exercised as to an additional one-third of such shares and all Stock
Options shall be fully vested and exercisable after the third anniversary of
the date of grant.

 

Exercise
Term.  Subject to Section 6.2, each
Stock Option may be exercised in whole or in part, and from time to time,
provided that no Stock Option shall be exercisable after ten years from the
date of grant thereof.

 

Payment
for Shares.  A Stock Option shall be
deemed to be exercised when notice of such exercise has been given to the
Company by the Participant entitled to exercise the Stock Option and full
payment for the shares of Common Stock with respect to which the Stock Option
is exercised has been received by the Company or its designated agent.  Payment shall be by any of the following or a
combination thereof, at the election of the Participant:

 

cash;

 

check;

 

consideration
received by the Company under a cashless exercise program implemented by the
Company in connection with the Plan; or

 

Surrender
of other shares of Common Stock which (i) in the case of shares of Common
Stock acquired upon exercise of a Stock Option, have been owned by the
Participant for more than six (6) months on the date of surrender, and (ii) have
a Fair Market Value on the date of surrender equal to the aggregate exercise
price of the exercise shares of Common Stock.

 

No shares of Common Stock
shall be issued to any Participant upon exercise of a Stock Option until the
Company or its designated agent receives full payment therefor as described
above.  Upon the receipt of notice of
exercise and full payment for the shares of Common Stock, the shares of Common
Stock shall be deemed to have been issued and the Participant shall be entitled
to receive such shares of Common Stock and shall be a stockholder with respect
to such shares, and the shares of Common Stock shall be considered fully paid
and nonassessable.  No

 

 

adjustment will be made for a dividend or
other right for which the record date is prior to the date on which the stock
is issued, except as provided in Section 14 of the Plan.  Each exercise of a Stock Option shall reduce,
by an equal number, the total number of shares of Common Stock that may
thereafter be purchased under such Stock Option.

 

Rights
upon Termination of Continuous Service. 
In the event that a Participant’s Continuous Service terminates for any
reason, other than death or Disability, the Participant (or any successor or
legal representative) shall have the right to exercise the Stock Option to the
extent that the Stock Option was exercisable at the time of termination, until
the earlier of (i)  the date 90 days after the effective date of such
termination of Continuous Service, or such other date as otherwise determined
by the Committee in its sole discretion, or (ii)  the expiration of the
term of the Stock Option.  To the extent
the Participant was not entitled to exercise the Stock Option at the time of
termination of Continuous Service, or if the Participant does not exercise the
Stock Option within the time specified herein, such Stock Option shall
terminate.

 

Notwithstanding the
foregoing, the Participant (or any successor or legal representative) shall not
have any rights under the Stock Option, and the Company shall not be obligated
to sell or deliver shares of Common Stock (or have any other obligation or
liability) under the Plan upon exercise of the Stock Option if the Committee shall
determine in its sole discretion that the Participant’s Continuous Service
shall have been terminated for cause, including, but not limited to, the
Participant having engaged or may engage in employment or activities
competitive with the Company or any Subsidiary or contrary, in the opinion of
the Committee, to the best interests of the Company or any Subsidiary.  In the event of such determination, the
Participant (or any successor or legal representative) shall have no right
under such Stock Option to purchase any shares of Common Stock regardless of
whether the Participant (or any successor or legal representative) shall have
delivered a notice of exercise prior to the making of such determination.  Any Stock Option may be terminated entirely
by the Committee at the time or at any time subsequent to a determination by
the Committee under this Section 6.5, which has the effect of eliminating
the Company’s obligation to sell or deliver shares of Common Stock under such
Stock Option.

 

In the event that a
Participant’s Continuous Service terminates because such Participant either
dies or is determined by the Committee to have a Disability prior to the
expiration of the Stock Option and without the Participant’s having fully
exercised the Stock Option, the Participant or his successor or legal
representative shall be fully vested in the Stock Option and shall have the
right to exercise the Stock Option until the earlier of (i) the date
twelve months following such event, or such other date as determined by the
Committee in its sole discretion, or (ii) the expiration of the term of
the Stock Option.  If the Participant
does not exercise the Stock Option within the time specified herein, such Stock
Option shall terminate.

 

No
Stock Option Re-Pricing

 

Neither the Board nor the Committee shall re-price or
adjust upward or downward the exercise price of any Stock Option, other than as
provided for in Section 14.

 

Rights
of a Stockholder

 

The recipient of any Stock Option award under the Plan
shall have no rights as a stockholder with respect thereto unless and until
shares of Common Stock are issued to the recipient.

 

 

No
Right to Continue Employment or Service

 

Nothing in the Plan or any Stock Option award granted
pursuant thereto shall confer upon any Participant any right to continue to
serve the Company or any Subsidiary in the capacity in effect at the time the
award was granted or shall affect the right of the Company or any Subsidiary to
terminate the employment of an employee with or without notice and with or
without cause.

 

Withholding

 

The Company’s obligation to deliver shares of Common
Stock upon the exercise of any Stock Option shall be subject to applicable
foreign, federal, state and local withholding tax requirements.  Foreign, federal, state and local withholding
tax due under the terms of the Plan shall be paid by the Participant.

 

Indemnification

 

No member of the Board or the Committee, nor any
officer or employee of the Company or a Subsidiary acting on behalf of the
Board or the Committee, shall be personally liable for any action,
determination or interpretation taken or made in good faith with respect to the
Plan, and all members of the Board or the Committee and each and any officer or
employee of the Company or any Subsidiary acting on their behalf shall, to the
extent permitted by law, be fully indemnified and protected by the Company in
respect of any such action, determination or interpretation.

 

Non-Assignability

 

No Stock Option award under the Plan shall be
assignable or transferable by the recipient thereof except by will, by the laws
of descent and distribution and by such other means as the Committee may
approve from time to time.  No right or
benefit hereunder shall in any manner be subject to the debts, contracts,
liabilities or torts of the person entitled to such right or benefit.

 

Nonuniform
Determinations

 

The Committee’s determinations under the Plan
(including without limitation determinations of the persons to receive awards,
the form, amount and timing of such awards, and the terms and provisions of
such awards) need not be uniform and may be made by it selectively among
persons who receive, or are eligible to receive, Stock Option awards under the
Plan, whether or not such persons are similarly situated.

 

Adjustments

 

In the event of any change in the outstanding shares
of Common Stock by reason of a stock dividend, stock split, reverse stock split
or distribution, recapitalization, merger, reorganization, reclassification,
consolidation, split-up, spin-off, combination of shares, exchange of shares or
other change in corporate structure affecting the Common Stock and not
involving the receipt of consideration by the Company, the Committee shall make
appropriate adjustments in (A) the aggregate number of shares of Common
Stock (i) reserved for issuance under the Plan, (ii) for which grants
may be made to any Participant, and (iii) covered by outstanding
unexercised grants denominated in shares or units of Common Stock; (B) the
exercise price applicable to outstanding Stock Option 

 

 

awards or grants; and (C) shall
make such other adjustments as may be appropriate under the circumstances;
provided that the number of shares subject to any award or grant always shall
be a whole number.

 

Provisions
Relating to Sale Events.

 

The Company, at its option, may
give each Participant at least ten business days written notice (or, if such
notice period is not practicable, such shorter notice period as the Company
determines in good faith is practicable) prior to the anticipated date of the consummation
of a Sale Event.  Upon receipt of such
notice, and for a period of five business days thereafter (or such other period
as may be specified in the Company’s notice with respect to the Sale Event),
each Participant will be permitted to exercise, in whole or in part, the
unexercised portion of each Stock Option held by such Participant in accordance
with the terms and conditions of the Plan and the award agreement relating such
Option.

 

Upon the consummation of the Sale
Event, all Options will be canceled and forfeited to the extent they have not
been exercised in accordance with the provisions of Section 15(a).

 

If the Sale Event is not
consummated, all Options exercised pursuant to the Company’s notice of the Sale
Event will be deemed not to have been exercised and will thereafter be
exercisable to the same extent and on the same terms and conditions as if
notice of the Sale Event had not been given by the Company.

 

In lieu of delivering notice of a
Sale Event pursuant to the provisions of Section 15(a), the Company, at
its option, may cause the successor or acquiring corporation in connection with
any Sale Event or, if applicable, the corporate parent of any such corporation
(the “Successor Corporation”), to assume in writing the obligations of the
Company under the Plan and the outstanding Stock Options awarded pursuant to
the Plan.  In such event, the number and
kind of shares acquirable upon the exercise of the Stock Options and the
exercise price applicable thereto will be adjusted appropriately and the Stock
Options as so adjusted will be deemed solely to represent rights to acquire
shares of the Successor Corporation in the manner provided in the agreements
between the Company and the Successor Corporation.

 

Termination
and Amendment

 

The Board may terminate or amend the Plan or any
portion thereof at any time and the Committee may amend the Plan to the extent
provided in Section 3, without approval of the stockholders of the
Company.  No amendment, termination or
modification of the Plan shall affect any Stock Option award theretofore
granted in any material adverse way without the consent of the recipient.

 

Severability

 

If any of the terms or provisions of this Plan, or
awards made under this Plan, conflict with the requirements of Section 162(m) of
the Code with respect to awards subject to, or governed by, Section 162(m) of
the Code, then such terms or provisions shall be deemed inoperative to the
extent they so conflict with the requirements of Section 162(m) of
the Code.  If this Plan does not contain
any provision required to be included herein under Section 162(m) of
the Code (as the same shall be amended from time to time), such provision shall
be deemed to be incorporated herein with the same force and effect as if such
provision had been set out herein.

 

Effect
on Other Plans

 

Participation in this Plan shall not affect a
Participant’s eligibility to participate in any other benefit or incentive plan
of the Company or any Subsidiary and any Stock Option awards made pursuant to
this Plan shall not be used in determining the benefits provided under any
other plan of the Company or any Subsidiary.

 

Effective
Date of the Plan

 

The Plan shall become effective on April 1, 2004,
but no Stock Option shall be exercised unless and until the Plan has been
approved by the stockholders of the Company at the next annual 

 

 

meeting to be held in
2004, or any adjournment thereof.  If the
Plan is not approved by the affirmative vote of the holders of a majority of
the shares of Common Stock present, or represented at the meeting and entitled
to vote thereon, the Plan shall not be, or become, effective and any Stock
Options granted under the Plan prior thereto shall terminate and shall become
null and void.

 

Governing
Law

 

This Plan and all agreements executed in connection
with the Plan shall be governed by, and construed in accordance with, the laws
of the State of Delaware, without regard to its conflicts of law doctrine.

 

Gender
and Number

 

Words denoting the masculine gender shall include the
feminine gender, and words denoting the feminine gender shall include the
masculine gender.  Words in the plural
shall include the singular, and the singular shall include the plural.

 

No
Strict Construction

 

No rule of strict construction shall be applied
against the Company, the Committee, or any other person in the interpretation
of any of the terms of the Plan, any agreement executed in connection with the
Plan, any award granted under the Plan, or any rule, regulation or procedure
established by the Committee.

 

Plan
Provisions Control

 

The terms of the Plan govern all awards granted under
the Plan, and in no event will the Committee have the power to grant any award
under the Plan which is contrary to any of the provisions of the Plan.  In the event any provision of any award
granted under the Plan shall conflict with any term in the Plan, the term in
the Plan shall control.

 

Headings

 

The headings used in the Plan are for convenience
only, do not constitute a part of the Plan, and shall not be deemed to limit, characterize,
or affect in any way any provisions of the Plan, and all provisions of the Plan
shall be construed as if no captions had been used in the Plan.QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.25    
    

			
	 
	 	 

	 	 	MENDMENT NO. 15 dated as of March 2, 2009 (this "Amendment") to the Credit, Security, Guaranty and Pledge Agreement dated as of August 31, 2001 as amended by
Amendments 1 through 14 thereto, dated as of December 14, 2001, December 31, 2001, March 29, 2002, May 14, 2002, February 5, 2003, August 4, 2003, October 28, 2004, March 1, 2005, March 21, 2006,
April 28, 2006, December 8, 2006, March 2, 2007, July 27, 2007 and March 10, 2008, among Crown Media Holdings, Inc. (the "Borrower"), the Guarantors named therein, the
Lenders referred to therein and JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as Administrative Agent and as Issuing Bank for the Lenders (the "Agent") (as the same may be further
amended, supplemented or otherwise modified, the "Credit Agreement").

 
 

INTRODUCTORY STATEMENT

        WHEREAS,
the Lenders have made available to the Borrower a credit facility pursuant to the terms of the Credit Agreement; 

        WHEREAS,
the Borrower has requested that the Maturity Date of the Credit Agreement be extended from May 31, 2009 to March 31, 2010; 

        WHEREAS,
the Borrower and each of the Lenders have agreed that the interest rate margins and unused commitment fees under the Credit Agreement be increased, and that certain other
modifications be made to the Credit Agreement as more fully set forth in this Amendment; 

        WHEREAS,
the Administrative Agent and each of the Lenders have agreed that the Hallmark L/C shall be replaced with the Hallmark Cards Facility Guarantee; and 

        WHEREAS,
the Administrative Agent and each of the Lenders have agreed to make certain modifications to the Credit Agreement in order to accommodate the items described in the preceding
recitals. 

        NOW
THEREFORE, the parties hereto hereby agree as follows: 

        Section 1.    Defined Terms.    Capitalized terms used herein and not otherwise defined herein shall have the
meaning given them in the Credit Agreement. 

        Section 2.    Amendments to Credit Agreement    Upon the Amendment Effective Date (as defined below): 

        (A)  Article 1
of the Credit Agreement is hereby amended by: 

        (1)   deleting
the definitions of "Alternate Base Rate", "Applicable Margin", "Commitment Termination Date", "LIBO Rate" and "Maturity Date" appearing therein and inserting in
lieu thereof the following replacement definitions: 

"Alternate Base Rate" shall mean for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Effective Rate in effect for such day plus 1/2 of 1% and (c) the LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1%. For purposes hereof, "Prime Rate" shall mean the rate of interest per annum publicly announced from time to
time by the Administrative Agent as its prime rate in 

effect
at its principal office in New York City. "Federal Funds Effective Rate" shall mean, for any day, the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Agent from three Federal funds brokers of
recognized standing selected by it. If for any reason the Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds
Effective Rate for any reason, including the inability or failure of the Agent to obtain sufficient quotations in accordance with the terms hereof, the Alternate Base Rate shall be determined without
regard to clause (b) of the first sentence of this definition, as appropriate, until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due
to a change in the Prime Rate, the one-month LIBO Rate or the Federal Funds Effective Rate shall be effective on the effective date of such change in the Prime Rate, the
one-month LIBO Rate or the Federal Funds Effective Rate, respectively. 

"Applicable Margin" shall mean (i) in the case of Alternative Base Rate Loans, 1.25% per annum and (ii) in the case of Eurodollar Loans,
2.25% per annum. 

"Commitment Termination Date" shall mean the earlier to occur of (i) March 30, 2010 and (ii) such earlier date on which the Total
Commitment shall terminate in accordance with Section 2.8(a) or Article 7 hereof. 

"LIBO Rate" shall mean, with respect to the Interest Period for a Eurodollar Loan (or, as applicable, for purposes of determining the Alternate Base
Rate with respect to any Alternate Base Rate Loan), an interest rate per annum equal to the quotient (rounded upwards, if necessary to the next 1/100 of 1%) of (A) (i) the rate
appearing on the Reuters BBA LIBOR Rates Page 3750 (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits
in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity
comparable to such Interest Period or (ii) if the rate described in clause (A)(i) is not available on any relevant date of determination, the rate at which dollar deposits of $5,000,000
and for a maturity comparable to such Interest Period are offered by the principal London office of the Agent in immediately available funds in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, divided by (B) one minus the applicable statutory reserve requirements of the Agent,
expressed as a decimal (including without duplication or limitation, basic, supplemental, marginal and emergency reserves), from time to time in effect under Regulation D or similar regulations
of the Board of Governors of the Federal Reserve System. It is agreed that for purposes of this definition, Eurodollar Loans made hereunder shall be deemed to constitute Eurocurrency Liabilities as
defined in Regulation D and to be subject to the reserve requirements of Regulation D. 

"Maturity Date" shall mean March 31, 2010. 

        (B)  Article 1
of the Credit Agreement is hereby further amended by inserting the following definitions in appropriate alphabetical order: 

"Amendment No. 15" shall mean that certain Amendment No. 15 dated as of March 2, 2009 to this Credit Agreement. 

"Hallmark Cards Facility Guarantee" shall mean a guarantee agreement substantially in the form of  Exhibit S hereto, as the same may be amended, supplemented,
extended or replaced from time to time, which shall provide for a guarantee by
Hallmark Cards in favor of the Agent (on behalf of itself, the Issuing Bank and the Lenders) of any and all Obligations from time to time outstanding hereunder. 

        (C)  Section 2.7
of the Credit Agreement is hereby amended by deleting the words "(the "Commitment Fees") of 0.15% per
annum," appearing therein and inserting in lieu thereof the words "(the "Commitment Fees") of 0.375% per annum,". 

        (D)  Section 3.17
of the Credit Agreement is hereby amended by deleting the words "Schedule 3.17 is a true and complete listing as of the Amendment
No. 12 Effective Date" appearing therein and inserting in lieu thereof the words "Schedule 3.17 is a true and complete listing as of the
effectiveness of Amendment No. 15". 

        (E)  Section 5.1(c)
of the Credit Agreement is hereby amended by deleting the words "Sections 6.10, 6.15, 6.23 and 6.24 hereof" appearing in clause (ii)
thereof and inserting in lieu thereof the words "Sections 6.5(iv)(a) and 6.15 hereof". 

        (F)  Section 6.5
of the Credit Agreement is hereby amended by deleting clause (iv) appearing therein and inserting in lieu thereof the following replacement
clause (iv): 

"(iv)
payments to Hallmark, Hallmark Cards or an Affiliate (a) in payment with respect to a valid outstanding obligation (but not any principal payment with respect to any Indebtedness,
including any Indebtedness which is subject to the terms of the Hallmark Cards Subordination and Support Agreement as in effect as of the date of Amendment No. 15, other than payments of
principal of such Indebtedness in an aggregate amount not to exceed $10,000,000) or (b) commercially reasonable fees to Hallmark Cards in consideration for Hallmark Cards having extended the
Hallmark Cards Facility Guarantee; provided that, in the case of both clauses (a) and (b), (1) no Default or Event of Default has occurred
and is continuing after giving effect on a pro forma basis to such payments, and (2) the Borrower is a public company;" 

        (G)  Article 7
of the Credit Agreement is hereby amended by deleting clause (t) appearing therein and inserting in lieu thereof the following replacement
clause (t): 

"(t)
the Hallmark Cards Facility Guarantee shall have expired or otherwise terminated or Hallmark Cards shall have disavowed its obligations thereunder or a default shall otherwise have occurred in
accordance with the terms thereof." 

        (H)  Section 12.1(b)
of the Credit Agreement is hereby amended by (i) deleting the "and" appearing at the end of clause (xiv) appearing therein,
replacing the period appearing at the end of clause (xv) appearing therein and inserting the following new clause (xvi) after subsection (xv) therein: 

"(xvi)
to, in connection with the effectiveness of Amendment No. 15, (A) accept the cancellation of the Hallmark L/C and (B) and accept the Hallmark Cards Facility Guarantee and
enforce its rights under the Hallmark Cards Facility Guarantee; and". 

        (I)   Section 13.3(l)
of the Credit Agreement is hereby amended by: (i) deleting the phrase "Provided the Hallmark L/C has not expired" appearing therein and
inserting in lieu thereof the phrase "Provided the Hallmark Guarantee remains in full force and effect and has not been disavowed by Hallmark Cards" and (ii) deleting the final sentence
appearing therein and inserting in lieu thereof the following replacement sentence: 

"(i)
Notwithstanding any of the preceding provisions of this Section 13.3(l), at any time prior to the payment of the Purchase Price, the Agent may make a claim under, or otherwise seek to
enforce any remedies available to it under the Hallmark Cards Facility Guarantee in accordance with the terms thereof." 

        (J)   Article 14
of the Credit Agreement is hereby amended by deleting Section 14.1 appearing therein in its entirety and replaced with the following new
Section 14.1: 

        "SECTION 14.1.    Sale and General Terms of Participation Upon A Payment Under the Hallmark Cards Facility
Guarantee.    (a)    The net proceeds received by the Agent from any payment made by Hallmark Cards under the Hallmark Cards Facility Guarantee shall not be
applied to repay Obligations but shall instead be treated as the purchase price for the sale of a subordinated participation in the Obligations from the Agent and the Lenders to Hallmark Cards. Such
subordinated participation in the Obligations shall be purchased at the face amount and shall be hereinafter referred to as the "Hallmark Subordinated Participation". If the amount of the drawing is
less than the amount of the outstanding Obligations, the purchase shall be deemed to be made in the following order: (i) claims other than principal and interest, (ii) interest, and
(iii) principal. 

        (b)   The
purchase and sale of the Hallmark Subordinated Participation shall be automatic and shall not require any action on behalf of Hallmark Cards or on behalf of the
Lenders. Such purchase and sale shall be pro rata among all of the Lenders. To the extent that such purchase and sale is of the outstanding principal amount of the Loans, the Agent shall give notice
to each of the Lenders and each Lender shall annex to its Note the notice from the Agent which memorializes the amount of the subordinated participation being purchased in that Note. 

        (c)   Such
purchase and sale shall be without any representation, warranty or recourse to the Agent or the Lenders; provided,  however, that each Lender makes a
representation and warranty that it is the legal and beneficial owner of the interest being assigned thereby and that
such interest is free and clear of any adverse claims. The assigning Lender makes no representation or warranty and assumes no responsibility with regard to any of the statements, warranties or
representations made in or in connection with any Fundamental Document or as to the execution, legality, validity, enforceability, genuineness or sufficiency or value thereof or of any instrument or
documentation furnished pursuant thereto. 

        (d)   Once
all of the Senior Obligations have been paid in full, each of the Lenders shall, if requested by Hallmark Cards and at the expense of Hallmark Cards, endorse its
Note without representation, warranty or recourse to Hallmark Cards and deliver such Note to the Agent for delivery to Hallmark Cards. At that point in time, the Credit Parties and Hallmark Cards
agree that the Agent may immediately resign notwithstanding any provisions to the contrary contained in the Credit Agreement and that the Agent and the Issuing Bank shall continue to be entitled to
all of the indemnities provided in the Credit Agreement as secured Lenders with regard to all matters relating to periods or actions taken prior to their resignation. To the extent that there are any
Letters of Credit outstanding at the time of a payment by Hallmark Cards under the Hallmark Cards Facility Guarantee, cash received by the Agent subsequent to such payment shall be used first to
provide cash collateral for such Letters of Credit. 

        (e)   Notwithstanding
any provisions to the contrary in the Credit Agreement, the Junior Creditor shall not be entitled to any right of consent or to vote under the Credit
Agreement or to receive any payments with regard to accrued interest and fees or other amounts applicable to the Hallmark Subordinated Participation until all of the Senior Obligations shall have been
paid in full. 

        (f)    The
Borrower acknowledges that the Total Commitment shall terminate upon any assertion by the Agent of any claim under the Hallmark Cards Facility Guarantee and that
subsequent thereto neither the Agent, the Issuing Bank nor the Lenders shall be obligated to provide any additional credit whatsoever to the Credit Parties." 

        (K)  The
Table of Contents of the Credit Agreement is hereby amended by inserting in the appropriate alphabetical order under "Exhibits" a reference to: 

"S
Form of Hallmark Cards Facility Guarantee" 

        (L)  The
Credit Agreement is hereby amended by inserting Exhibit S thereto in substantially the form of  Exhibit S to this Amendment. 

        (M) The
Credit Agreement is hereby amended by replacing Schedule 3.17 thereto in its entirety with  Schedule 3.17 to this Amendment. 

        Section 3.    Conditions to Effectiveness.    This Amendment will become effective no earlier than
April 1, 2009, and the effectiveness of this Amendment is further subject to the satisfaction in full of each of the conditions precedent set forth below on or prior to April 1, 2009
(the date on which all such conditions have been satisfied being herein called the "Amendment Effective Date"): 

        (A)  the
Agent shall have received counterparts of this Amendment which, when taken together, bear the signatures of the Borrower, each Guarantor and each of the Lenders; 

        (B)  the
Agent shall have received for the account of the Lenders a fee of $37,500.00 in consideration for the extensions of the Maturity Date to be implemented hereunder; 

        (C)  the
representations and warranties in Section 4 hereof shall be true on the Amendment Effective Date as if made on such date; 

        (D)  all
legal matters incident to this Amendment shall be satisfactory to Morgan, Lewis & Bockius, LLP, counsel for the Agent; 

        (E)  the
Agent shall have received an executed Hallmark Cards Facility Guarantee in form and substance satisfactory to the Agent, the form of which shall upon the Amendment
Effective Date be attached as Exhibit S hereto; and 

        (F)  the
Agent shall have received evidence satisfactory to it that Hallmark Cards shall have provided its written consent (on behalf of itself and each other Subordinated
Creditor (as defined in the Hallmark Cards Subordination and Support Agreement as in effect as of the date hereof)) to the extension of the Maturity Date and the limitations on the ability of the
Borrower to make Restricted Payments being implemented hereunder, and that Hallmark Cards shall have acknowledged in writing (on behalf of itself and each other Subordinated Creditor) that the
provisions of the Hallmark Cards Subordination and Support Agreement shall be in full force and effect both prior and subsequent to the Amendment Effective Date with respect to Hallmark Cards and each
other Subordinated Creditor. 

        Section 4.    Representations and Warranties of the Credit Parties.    Each Credit Party represents and
warrants that: 

        (A)  after
giving effect to this Amendment, the representations and warranties contained in Section 3 of the Credit Agreement and in the other Fundamental Documents
are true and correct in all material respects (except to the extent that any such representations and warranties specifically relate to an earlier date, in which case they shall be true and correct as
of such earlier date, or changed circumstances specifically contemplated by, and allowed pursuant to, this the Credit Agreement) with the same effect as if made on and as of the date hereof; and 

        (B)  after
giving effect to this Amendment, no Event of Default or Default will have occurred and be continuing on and as of the date hereof. 

        Section 5.    Further Assurances.    At any time and from time to time, upon the Agent's request and at the
sole expense of the Credit Parties, each Credit Party will promptly and duly execute and deliver any and all further instruments and documents and take such further action as the Agent shall
reasonably request. 

        Section 6.    Fundamental Documents.    This Amendment is designated a Fundamental Document by the Agent. 

        Section 7.    Full Force and Effect.    Except as expressly amended hereby, the Credit Agreement and the other
Fundamental Documents shall continue in full force and effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, the terms "Agreement", "this Agreement",
"herein", "hereafter", "hereto", "hereof", and words of similar import, shall, unless the context otherwise requires, mean the Credit Agreement as amended by this Amendment. 

        Section 8.    APPLICABLE LAW.    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. 

        Section 9.    Counterparts.    This Amendment may be executed in two or more counterparts, each of which shall
constitute an original, but all of which when taken together shall constitute but one instrument. 

        Section 10.    Expenses.    The Borrower agrees to pay all out-of-pocket expenses
incurred by the Agent in connection with the preparation, execution and delivery of this Amendment, including, but not limited to, the reasonable fees and disbursements of counsel for the Agent. 

        Section 11.    Headings.    The headings of this Amendment are for the purposes of reference only and shall not
affect the construction of or be taken into consideration in interpreting this Amendment. 

        IN
WITNESS WHEREOF, the parties hereby have caused this Amendment to be duly executed as of the date first written above. 

					
	 
	 	 
	 	 

	 	 	 BORROWER:
	

 	
 	
CROWN MEDIA HOLDINGS, INC.
	

 	
 	
By:	
 	
/s/ Charles Stanford

 
	 	 	Name:	 	Charles Stanford
	 	 	Title:	 	Executive Vice President, General Counsel

					
	 
	 	 
	 	 

	 	 	 GUARANTORS:

CM INTERMEDIARY, LLC

CROWN MEDIA UNITED STATES, LLC

CITI TEEVEE, LLC

DOONE CITY PICTURES, LLC
	

 	
 	
By:	
 	
/s/ Charles Stanford

 
	 	 	Name:	 	Charles Stanford
	 	 	Title:	 	Vice President

					
	 
	 	 
	 	 

	 	 	 LENDER:
	 	 	JPMORGAN CHASE BANK, N.A., individually

and as Agent and Issuing Bank
	

 	
 	
By	
 	
/s/ GREGORY T. MARTIN

 
	 	 	 	 	Name:  Gregory T. Martin
	 	 	 	 	Title:    Vice President

QuickLinks

Exhibit 10.25

INTRODUCTORY STATEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]