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Exhibit 10.3  

 
 

SECOND AMENDMENT TO SHAREHOLDERS
  AGREEMENT OF DISCOVERY COMMUNICATIONS, INC.    
    

        This SECOND AMENDMENT TO SHAREHOLDERS AGREEMENT (the "Amendment") is made and entered into as of September 7, 2000, by and among Discovery
Communications, Inc., a Delaware corporation (the "Company"), Cox Communications Holdings, Inc., a Delaware corporation ("Cox") (the successor to Cox Discovery, Inc.),
Advance/Newhouse Programming Partnership, a New York general partnership ("A/NPP") (the successor to Newhouse Broadcasting Corporation), LMC Discovery, Inc. (formerly known as TCI Cable
Education, Inc.), a Colorado corporation ("TCID") and John S. Hendricks ("Hendricks") (Cox, A/NPP, TCID and Hendricks and their permitted assignees and transferees are referred to herein
collectively as "Stockholders" and individually as a "Stockholder"). 

RECITALS  

        WHEREAS, the Stockholders agree that the Persons to whom Hendricks may transfer Shares hereunder shall be increased to include certain specified entities (the
"Exempt Tranferees"); 

        WHEREAS,
Hendricks and the Company concurrently herewith are executing the Amended and Restated Option Agreement dated as of the date hereof which extends to the Company certain
additional rights to repurchase Shares if owned by any of such Exempt Transferees; 

        WHEREAS,
Section 10.03 of that certain Shareholders Agreement, dated as of November 30, 1991, by and among Discovery Communications, Inc., Cox
Discovery, Inc., NewChannels TDC Investments, Inc., TCI Cable Education, Inc., John S. Hendricks and for purposes of Section 4.02 only, Discovery Programming
Investment, Inc. (the "Shareholders Agreement") provides for amendment of the Shareholders Agreement; 

        NOW,
THEREFORE, the parties, intending to be legally bound, hereby agree as follows: 

        1.     Article I
of the Shareholders Agreement shall be amended to include the following: 

        "Hendricks
Charitable Foundation" shall mean the John and Maureen Hendricks Charitable Foundation under Agreement dated April 27, 1999. 

        "Hendricks
Charitable Remainder Trust" shall mean any charitable remainder trust of which Hendricks is a grantor and to which the Company has given its advance written consent to
Hendricks' transfer or assignment of Shares. 

        "Hendricks
Family Foundation" shall mean the John S. Hendricks Family Foundation under Agreement dated September 21, 1995. 

        2.     Article VI
of the Shareholders Agreement shall be amended by inserting at the end of Section 6.01(a)(i) the following: 

and
in the case of Hendricks to any of the Hendricks Charitable Remainder Trust(s), the Hendricks Family Foundation, the Hendricks Charitable Foundation and/or to a member of Hendricks' Immediate
Family or to Hendricks' estate. 

        3.     Article VI
of the Shareholders Agreement shall be amended by inserting in Section 6.01(a)(ii) after "Shares" the following: 

or
by the Hendricks Charitable Remainder Trust(s), the Hendricks Family Foundation or the Hendricks Charitable Foundation. 

        4.     Article X
of the Shareholders Agreement shall be amended by inserting at the end of the first sentence of Section 10.02 after "estate" the following: 

and
to any of the Hendricks Charitable Remainder Trust(s), the Hendricks Family Foundation and the Hendricks Charitable Foundation to which Hendricks shall have transferred Shares.

 

        5.     Capitalized
terms used herein and not otherwise defined shall have the respective meanings assigned to such terms in the Shareholders Agreement. 

        6.     This
Second Amendment shall become effective immediately upon the execution of this Second Amendment by all parties hereto. 

        7.     Except
as expressly amended hereby, the Shareholders Agreement shall remain in full force and effect. 

        8.     This
Second Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the parties herein have executed this instrument as of the date first set forth above. 

	August 16, 2000	 	/s/ DISCOVERY COMMUNICATIONS, INC
	

August 16, 2000	
 	

/s/ COX COMMUNICATIONS HOLDINGS, INC.
	

August 16, 2000	
 	

/s/ ADVANCE/NEWHOUSE PROGRAMMING PARTNERSHIP
	

 	
 	

By: ADVANCE COMMUNICATION CORP.

A General Partner
	

August 16, 2000	
 	

/s/ TCI CABLE EDUCATION, INC.
	

August 16, 2000	
 	

/s/ JOHN S. HENDRICKS

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Exhibit 10.4  

 
 

THIRD AMENDMENT TO SHAREHOLDERS
  AGREEMENT OF DISCOVERY COMMUNICATIONS, INC.    
    

        THIRD AMENDMENT TO SHAREHOLDERS AGREEMENT, dated as of September , 2001 (the "Third Amendment"), by and among Discovery Communications, Inc., a
Delaware close corporation (the "Company"), Cox Communications Holdings, Inc., a Delaware corporation (as successor in interest to Cox Discovery, Inc., "Cox"), Advance/Newhouse
Programming Partnership, a New York general partnership (as successor in interest to Newhouse Broadcasting Corporation, "Newhouse"), LMC Discovery, Inc., a Colorado corporation (formerly known
as TCI Cable Education, Inc., "LMC"), John S. Hendricks ("Hendricks"; and together with Cox, LMC and Newhouse, the "Existing Stockholders"), and Advance Programming Holdings Corp., a New York
corporation ("Advance", and together with the Existing Stockholders, collectively the "Stockholders" and each individually as a "Stockholder"). 

RECITALS  

        A.    The
Existing Stockholders are parties to that certain Shareholders Agreement, dated as of November 30, 1991, of the Company (as the same has been and shall be
amended from time to time, the "Shareholders Agreement"). Unless otherwise defined herein, capitalized terms used herein which are defined in the Shareholders Agreement shall have the same meanings
when used herein as therein defined. 

        B.    The
Company has offered for sale that certain Class B Non-voting common stock, $0.01 par value (the "Class B Stock") to each of the Existing
Stockholders, pro rata, based on the equity held thereby in the Company. Newhouse has requested that in lieu of Newhouse, Advance be permitted to acquire the pro rata portion of the Class B
Stock that Newhouse would otherwise be entitled to acquire (the "Newhouse Portion"). In connection therewith, and as a precondition thereto, Advance shall be admitted as a party to the Shareholders
Agreement. The Existing Stockholders, which constitute the holders of all of the issued and outstanding equity of the Company, have agreed that Advance may acquire the Newhouse Portion and be admitted
as a party to the Shareholders Agreement. 

        C.    In
accordance with Section 10.03 of the Shareholders Agreement, the parties hereto desire to evidence the agreement of each of the Existing Stockholders to the
acquisition by Advance of the Newhouse Portion, to amend the Shareholders Agreement to provide for the addition of Advance as a party thereto and to otherwise reflect the issuance of the
Class B Stock. 

        NOW,
THEREFORE, the parties, intending to be legally bound, hereby agree as follows: 

        1.     By
execution and delivery of this Third Amendment thereby, each of the Existing Stockholders hereby consents to the acquisition by Advance of the Newhouse Portion. 

        2.     By
execution and delivery of this Third Amendment, Advance is hereby admitted as a party to the Shareholders Agreement and Advance agrees to be bound by and subject to
the terms and provisions thereof. 

        3.     The
definitions of "Stockholder" and "Stockholders" as set forth in the preamble of the Shareholders Agreement are hereby amended to include Advance as a "Stockholder". 

        4.     Article I
of the Shareholders Agreement is hereby amended to delete the definition of "Capital Stock" therefrom, to insert the following definition of "Capital
Stock" in lieu thereof, and include the following additional definitions therein: 

        "Advance"
shall mean Advance Programming Holdings Corp., a New York corporation. 

        "Capital
Stock" shall mean the Class A Stock and the Class B Stock.

 

        "Class A
Stock" shall mean the Class A Common Stock, par value $0.01 per share, of the Company. 

        "Class B
Stock" shall mean the Class B Non-voting Common Stock, par value $0.01 per share, of the Company." 

        5.     Article II
of the Shareholders Agreement is hereby amended by deleting Section 2.02 therefrom and inserting the following Section 2.02 in lieu
thereof: 

        "2.02 Voting Rights. 

	a.
	Each
Stockholder shall be entitled to one (1) vote (or fraction thereof) for each share of Class A Stock (or fraction thereof) owned by such Stockholder.

	b.
	Each
Stockholder shall not be entitled to any vote for any share of Class B Stock (or fraction thereof) owned by such Stockholder, except as may otherwise be required by the
laws of the State of Delaware." 

        6.     Schedule I
to the Shareholders Agreement is herby deleted from therefrom and Schedule I attached hereto is hereby inserted in lieu thereof. 

        7.     This
Third Amendment shall become effective immediately upon the execution of this Third Amendment by all parties hereto. 

        8.     Except
as expressly amended hereby, the Shareholders Agreement shall remain in full force and effect in accordance with its terms. 

        9.     This
Third Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the parties herein have executed this Third Amendment as of the date first set forth above. 

/s/
DISCOVERY COMMUNICATIONS, INC. 

/s/
COX COMMUNICATIONS HOLDINGS, INC. 

/s/
ADVANCE/NEWHOUSE PROGRAMMING PARTNERSHIP 

By:
ADVANCE PROGRAMMING HOLDINGS CORP.

A General Partner 

/s/
LMC DISCOVERY, INC. 

/s/
JOHN S. HENDRICKS 

/s/
ADVANCE PROGRAMMING HOLDINGS CORP. 

 

Schedule I  

	Stockholder
 
	 	Class A Common Stock
	 	Class B Non-voting Stock

	LMC Discovery, Inc. 	 	25,200 Shares	 	25,200 Shares
	Advance/Newhouse Programming Partnership	 	12,600 Shares	 	0 Shares
	Advance Programming Holdings Corp. 	 	0 Shares	 	12,600 Shares
	Cox Communications Holdings, Inc. 	 	12,600 Shares	 	12,600 Shares
	John S. Hendricks	 	215 Shares	 	215 Shares

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THIRD AMENDMENT TO SHAREHOLDERS AGREEMENT OF DISCOVERY COMMUNICATIONS, INC.

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