Document:

Restricted Stock Unit Agreement for Directors

 Exhibit 10.2 
 MARTHA STEWART LIVING OMNIMEDIA, INC. 
 OMNIBUS STOCK AND OPTION
COMPENSATION PLAN 
 RESTRICTED STOCK UNIT AGREEMENT FOR DIRECTORS 

This Restricted Stock Unit Agreement (the “Agreement”) is made and entered into as of
                    , 201   by and between Martha Stewart Living Omnimedia, Inc., a Delaware corporation (the
“Company”), and                      pursuant to the Martha Stewart Living Omnimedia, Inc. Omnibus Stock and Option
Compensation Plan (the “Plan”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Plan, which is attached to, and made a part of, this Agreement. In the
event of a conflict between the terms and provisions of the Plan and the terms and provisions of this Agreement, the Plan terms and provisions shall prevail. 
 In consideration of the mutual agreements herein contained and intending to be legally bound hereby, the parties agree as follows: 
 1. Restricted Stock Units. Pursuant to the Plan, the Company hereby grants to you, and you hereby accept from the Company,
                     stock units, each of which is a bookkeeping entry representing the equivalent in value of one (1) Share (the
“Restricted Stock Units”), on the terms and conditions set forth herein and in the Plan. 
 2. Vesting of
Restricted Stock Units. So long as your Service continues, the Restricted Stock Units shall vest in full on the one (1) year anniversary of the date hereof (the “Vesting Date”). Settlement of vested Restricted Stock Units, if any,
shall be made as soon as practicable after the Vesting Date, but in any event no later than the fifteenth (15th) day of the third (3rd) month following the end of the calendar year containing the Vesting Date. Notwithstanding the
foregoing, all Restricted Stock Units shall immediately vest and be settled upon a Change in Control. 
 3. Termination of
Service. In the event of the termination of your Service for any reason prior to the Vesting Date, all unvested Restricted Stock Units shall be immediately forfeited without consideration. 

4. Settlement of Restricted Stock Units. Restricted Stock Units shall be settled in Shares, provided that the Company shall have
no obligation to issue Shares pursuant to this Agreement unless you have satisfied any applicable tax obligations pursuant to Section 5 below and such issuance otherwise complies with all applicable law. Prior to the time the Restricted Stock
Units are settled, you will have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company. 

5. Withholding Taxes. You agree to make arrangements satisfactory to the Company for the satisfaction of any applicable tax
obligations that arise in connection with the Restricted Stock Units which, at the sole discretion of the Committee, may include (i) having the Company withhold Shares from the settlement of the Restricted Stock Units, or (ii) any other
arrangement approved by the Company, in either case, equal in value to the amount necessary to satisfy any 

 
such tax obligations. The Company shall not be required to issue Shares pursuant to this Agreement unless such obligations are satisfied. 

6. Tax Advice. You represent, warrant and acknowledge that the Company has made no warranties or representations to you with
respect to the income tax consequences of the transactions contemplated by this Agreement, and you are in no manner relying on the Company or the Company’s representatives for an assessment of such tax consequences. YOU UNDERSTAND THAT THE TAX
LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING ANY RESTRICTED STOCK UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.

 7. Non-Transferability of Restricted Stock Units. The Restricted Stock Units shall not be transferable other than by
will or the laws of descent and distribution. The designation of a beneficiary or entry into a will or similar arrangement does not constitute a transfer. The terms of this Agreement shall be binding upon your executors, administrators, heirs,
successors and assigns. 
 8. Restriction on Transfer. Regardless of whether the transfer or issuance of the Shares to be
issued pursuant to the Restricted Stock Units have been registered under the Securities Act or have been registered or qualified under the securities laws of any state, the Company may impose additional restrictions upon the sale, pledge, or other
transfer of the Shares (including the placement of appropriate legends on stock certificates, if any, and the issuance of stop-transfer instructions to the Company’s transfer agent) if, in the judgment of the Company and the Company’s
counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law. 
 9. Stock Certificate Restrictive Legends. Stock certificates evidencing the Shares issued pursuant to the Restricted Stock Units, if any, may bear such restrictive legends as the Company and the
Company’s counsel deem necessary under applicable law or pursuant to this Agreement. 
 10. Representations, Warranties,
Covenants, and Acknowledgments. You hereby agree that in the event the Company and the Company’s counsel deem it necessary or advisable in the exercise of their discretion, the transfer or issuance of the Shares issued pursuant to the
Restricted Stock Units may be conditioned upon you making certain representations, warranties, and acknowledgments relating to compliance with applicable securities laws. 
 11. Voting and Other Rights. Subject to the terms of this Agreement, you shall not have any voting rights or any other rights and privileges of a stockholder of the Company unless and until the
Restricted Stock Units are settled. 
 12. Authorization to Release Necessary Personal Information. You hereby authorize
and direct your employer to collect, use and transfer in electronic or other form, any personal information (the “Data”) regarding your employment, the nature and amount of your compensation and the facts and conditions of your
participation in the Plan (including, but not limited to, your name, home address, telephone number, date of birth, social security number (or 

  
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any other social or national identification number), salary, nationality, job title, number of shares held and the details of all Awards or any other entitlement to shares awarded, cancelled,
exercised, vested, unvested or outstanding) for the purpose of implementing, administering and managing your participation in the Plan. You understand that the Data may be transferred to the Company or any of its Parent, Subsidiaries, or Affiliates,
or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer to a broker or other third party assisting with the administration of this Restricted Stock Unit under the Plan or
with whom shares acquired pursuant to this Restricted Stock Unit or cash from the sale of such shares may be deposited. You acknowledge that recipients of the Data may be located in different countries, and those countries may have data privacy laws
and protections different from those in the country of your residence. Furthermore, you acknowledge and understand that the transfer of the Data to the Company or any of its Parent, Subsidiaries, or Affiliates, or to any third parties is necessary
for your participation in the Plan. You may at any time withdraw the consents herein by contacting your local human resources representative in writing. You further acknowledge that withdrawal of consent may affect your ability to realize benefits
from this Restricted Stock Unit, and your ability to participate in the Plan. 
 13. No Entitlement or Claims for
Remuneration. 
 (a) Your rights, if any, in respect of or in connection with this Restricted Stock Unit or
any other Award is derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary Award. By accepting this Restricted Stock Unit, you expressly acknowledge that there is no
obligation on the part of the Company to continue the Plan and/or grant any additional Awards to you. This Restricted Stock Unit is not intended to be remuneration of a continuing or recurring nature, or part of your normal or expected remuneration,
and in no way represents any portion of a your salary, compensation, or other remuneration for purposes of any pension benefits, severance, redundancy, resignation or any other purpose. 

(b) Neither the Plan nor this Restricted Stock Unit or any other Award granted under the Plan shall be deemed to give you
a right to become or remain an Employee, Consultant or director of the Company, a Parent, a Subsidiary, or an Affiliate. The Company and its Parents and Subsidiaries and Affiliates reserve the right to terminate your Service at any time, with or
without cause, and for any reason, subject to applicable laws, the Company’s Articles of Incorporation and Bylaws and a written employment agreement (if any), and you shall be deemed irrevocably to have waived any claim to damages or specific
performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise with respect to the Plan, this Restricted Stock Unit or any outstanding Award that is forfeited and/or is terminated by its terms or to any future
Award. 
 14. Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed
sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the mail, as certified or registered mail, with postage prepaid, and addressed to the Company at its principal corporate offices
and to you at the address maintained for you in the Company’s records. 
 15. Entire Agreement; Enforcement of
Rights. This Agreement, together with the Plan, sets forth the entire agreement and understanding of the parties relating to the subject matter 

  
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herein and therein and merges all prior discussions between the parties. Except as contemplated under the Plan, no modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

16. Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. 
 17. Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the
parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so
excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 
 18. Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under this Agreement may not be assigned without the prior written
consent of the Company. 
 19. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any
documents related to this Restricted Stock Unit under the Plan and participation in the Plan or future Awards that may be granted under the Plan by electronic means or to request your consent to participate in the Plan by electronic means. You
hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 20. Language. If you have received this Agreement or any other document related to the Plan translated into a language
other than English and if the translated version is different than the English version, the English version will control. 
 21.
Acceptance of Agreement. You must expressly accept the terms and conditions of your Restricted Stock Unit as set forth in this Agreement by signing and returning this Agreement to the Company within 90 days after the Company sends this
Agreement to you. If you do not accept your Restricted Stock Unit in the manner instructed by the Company, your Restricted Stock Unit will be subject to cancellation. 
 22. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

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  *            * 
 (Signature Page Follows)

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this
         day of                     , 201  . 

 

			
	MARTHA STEWART LIVING OMNIMEDIA, INC.
		
	By:	 	 
		 	(Signature)
	Name:	 	 
		
	Title:	 	 

			
		
	RECIPIENT:	 	 

			
		
	By:	 	 
		 	(Signature)
	Address:	 	 
	
	 

			
		
	Telephone Number:	 	 
		
	E-mail Address:	 	 

  
 5Waiver and Amendment dated as of March 11, 2011

 Exhibit 10.3 
 WAIVER AND AMENDMENT TO 
 AMENDED AND RESTATED LOAN AGREEMENT

 WAIVER AND AMENDMENT, dated as of March 11, 2011 (this “Waiver and Amendment”), relating to the
AMENDED AND RESTATED LOAN AGREEMENT, dated as of August 7, 2009 (as previously amended, supplemented or otherwise modified, the “Loan Agreement”), among MSLO EMERIL ACQUISITION SUB LLC, a Delaware limited liability company (the
“Borrower”), MARTHA STEWART LIVING OMNIMEDIA, INC., a Delaware corporation (the “Parent Guarantor”), and BANK OF AMERICA, N.A. (the “Bank”). 

WHEREAS, the Borrower and the Parent have requested the Bank to amend the financial covenant set forth in Section 8.1 (Tangible Net
Worth) of the Loan Agreement and to waive the application of the covenants set forth in Section 8.2 (Funded Debt to EBITDA Ratio) and Section 8.3 (Parent Guarantor Basic Fixed Charge Coverage Ratio) of the Loan Agreement with respect to
the last day of the fiscal quarter of Parent Guarantor ending June 30, 2011; and 
 WHEREAS, subject to the terms and
conditions set forth herein, the Bank has agreed to such request; 
 NOW THEREFORE, in consideration of the premises and the
agreements herein, each of the Borrower and the Parent Guarantor hereby agrees with the Bank as follows: 
 1.
Definitions. All terms used herein which are defined in the Loan Agreement and not otherwise defined herein are used herein as defined therein. 
 2. Amendment to Loan Agreement. Effective as of the Effective Date, Section 8.1 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

“8.1 Tangible Net Worth. Parent Guarantor shall maintain, (a) as of the last day of each fiscal quarter of Parent
Guarantor (other than the fiscal quarter ending March 31, 2011), on a consolidated basis Tangible Net Worth equal to at least $40,000,000, and (b) as of the last day of the fiscal quarter of Parent Guarantor ending March 31, 2011, on
a consolidated basis Tangible Net Worth equal to at least $35,000,000.” 

 3. Waiver to Loan Agreement. (a) The Bank hereby agrees that, effective as of
the Effective Date, the application of the covenants set forth in Section 8.2 (Funded Debt to EBITDA Ratio) and Section 8.3 (Parent Guarantor Basic Fixed Charge Coverage Ratio) of the Loan Agreement shall be waived with respect to the last
day of the fiscal quarter of Parent Guarantor ending June 30, 2011. 
 (b) The foregoing waiver shall not
constitute (i) except as expressly set forth herein, a modification or alteration of the terms, conditions or covenants of the Loan Agreement or any other Loan Document, (ii) a waiver of, or consent to, any other breach of, any other
provision of the Loan Agreement or any other Loan Document or (iii) except as expressly set forth herein, a waiver, release or limitation upon the exercise by the Bank or the Collateral Agent of any of its rights, legal or equitable, under the
Loan Agreement, the other Loan Documents and applicable law, all of which are hereby reserved. 
 4. Conditions to
Effectiveness. This Waiver and Amendment shall become effective if, and only if, all of the following conditions precedent shall have been satisfied (the date upon which satisfaction of such conditions precedent shall first occur, the
“Effective Date”): 
 (a) the Bank shall have received counterparts of this Waiver and Amendment
duly executed by the Borrower and the Parent Guarantor; 
 (b) the Borrower shall have paid all accrued and
unpaid fees and expenses of Paul, Weiss, Rifkind, Wharton & Garrison LLP that are reimbursable under the Loan Documents for which an invoice has been presented on or before the Effective Date; 

(c) the representations and warranties contained in Section 5 hereof shall be true and correct on and as of the
Effective Date (after giving effect to this Waiver and Amendment); and 
 (d) after giving effect to this Waiver
and Amendment, no event shall have occurred and be continuing which constitutes an Event of Default or Default. 
 5.
Representations and Warranties. The Borrower hereby represents and warrants to the Bank as follows: 
 (a)
After giving effect to this Waiver and Amendment, the representations and warranties made by the Borrower and the Parent Guarantor in the Loan Agreement and in each other Loan Document to which it is a party are true and correct in all material
respects on and as of the Effective Date as though made on and as of the Effective Date (except (i) to the extent such representations and warranties expressly relate to an earlier date and (ii) that the representation and warranty set
forth in Section 6.4 of the Loan Agreement is further qualified by any matter set forth in the Parent Guarantor’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q prior to the date hereof). 

  
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 (b) Each of the Borrower and the Parent Guarantor has all limited liability
company or corporate power and authority to execute and deliver this Waiver and Amendment and to perform the obligations provided for herein and in the Loan Agreement, as modified hereby. 

(c) The execution, delivery and performance by each of the Borrower and the Parent Guarantor of this Waiver and Amendment
and the performance by each of the Borrower and the Parent Guarantor of its obligations under the Loan Agreement, as modified hereby, do not contravene the certificate of formation or limited liability company agreement of the Borrower or the
certificate of incorporation or bylaws of the Parent Guarantor or any law applicable to either of them, or any judgment or order applicable to or binding on either of them, and do not constitute a default under any existing agreement, mortgage,
indenture or contract binding on either of them or affecting either of their property. 
 (d) This Waiver and
Amendment has been duly executed and delivered by each of the Borrower and the Parent Guarantor, and each of this Waiver and Amendment and the Loan Agreement, as modified hereby, constitutes the legal, valid and binding obligation of each of them,
enforceable in accordance with its terms. 
 6. Release. In consideration of the agreements of the Bank contained herein
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Borrower and the Parent Guarantor, on behalf of itself and its successors, assigns and other legal representatives, hereby
absolutely, unconditionally and irrevocably releases, remises and forever discharges the Bank and the Collateral Agent and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors,
directors, officers, attorneys, employees, agents and other representatives (the Bank, the Collateral Agent and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a
“Releasee”), of and from all demands, actions, causes of action, suits, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim”
and collectively, “Claims”) of every name and nature, known or unknown, both at law and in equity, the Borrower or the Parent Guarantor, or any of their successors, assigns or other legal representatives may now or hereafter own,
hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Waiver and Amendment for or on account
of, or in relation to, or in any way in connection with any of the Loan Agreement, any of the other Loan Documents or any transactions thereunder or related thereto. 
 7. Continued Effectiveness of the Loan Documents. Except as otherwise expressly provided herein, the Loan Agreement and the other Loan Documents to which the Borrower or the Parent Guarantor is a
party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects except that on and after the date hereof (i) all references in the Loan Agreement to “this Agreement”,
“hereto”, “hereof”, “hereunder” or words of like import referring to the Loan Agreement 

  
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shall mean the Loan Agreement as modified by this Waiver and Amendment and (ii) all references in the other Loan Documents to the “Loan Agreement”, “thereto”,
“thereof”, “thereunder” or words of like import referring to the Loan Agreement shall mean the Loan Agreement as modified by this Waiver and Amendment. 
 8. Counterparts. This Waiver and Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original,
but all of which taken together shall constitute one and the same agreement. 
 9. Headings. Section headings herein are
included for convenience of reference only and shall not constitute a part of this Waiver and Amendment for any other purpose. 

10. Governing Law. This Waiver and Amendment shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 11. Waiver and Amendment as Loan Document. Each of the Borrower and the Parent Guarantor hereby acknowledges and
agrees that this Waiver and Amendment constitutes a “Loan Document.” 
 [The remainder of this page is left
intentionally blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Amendment to be executed
and delivered as of the date first above written. 
  

									
	BANK:	 		 	BORROWER:
			
	BANK OF AMERICA, N.A.	 		 	MSLO EMERIL ACQUISITION SUB LLC
					
	By:	 	/s/ Jane Heller	 		 	By:	 	/s/ Charles Koppelman
		 	Name: Jane R. Heller	 		 		 	Name: Charles A. Koppelman
		 	Title: Managing Director	 		 		 	Title: President
			
		 		 	PARENT GUARANTOR:
			
		 		 	MARTHA STEWART LIVING OMNIMEDIA, INC.
					
		 		 		 	By:	 	/s/ Charles Koppelman
		 		 		 		 	Name: Charles Koppelman
		 		 		 		 	Title: Executive Chairman, Principal Executive Officer

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