Document:

Exhibit 10.5

 

LIBERTY TRIPADVISOR HOLDINGS, INC.

2019 OMNIBUS INCENTIVE PLAN

(As Established as of May 23, 2019)

 

TIME-BASED RESTRICTED STOCK UNITS AGREEMENT

 

THIS TIME-BASED RESTRICTED
STOCK UNITS AGREEMENT (this “Agreement”) is entered into effective as of December 15, 2019 by and between LIBERTY
TRIPADVISOR HOLDINGS, INC., a Delaware corporation (the “Company”), and Gregory B. Maffei (the “Grantee”).

 

The Grantee is employed
as of the Grant Date as the President and Chief Executive Officer of Liberty Media Corporation (“LMC”) and the Company
pursuant to the terms of an employment agreement between LMC and the Grantee dated effective as of December 13, 2019 (as amended
and/or amended and restated from time to time, the “Employment Agreement”) and a Services Agreement between LMC and
the Company dated as of August 27, 2014 (as amended and/or amended and restated from time to time, the “Services Agreement”).
The Company has adopted the Liberty TripAdvisor Holdings, Inc. 2019 Omnibus Incentive Plan (as established as of May 23, 2019)
(as may be amended prior to or after the Grant Date, the “Plan”), a copy of which as in effect on the Grant Date is
attached hereto as Exhibit A and by this reference made a part hereof, for the benefit of eligible employees and independent contractors
of the Company and its Subsidiaries. Capitalized terms used and not otherwise defined herein or in the Employment Agreement will
have the meaning given thereto in the Plan.

 

The Company and the Grantee
therefore agree as follows:

 

1.            Definitions. All capitalized terms not defined in this Agreement that are defined in the Employment Agreement will have
the meanings ascribed to them in the Employment Agreement. The following terms, when used in this Agreement, have the following
meanings:

 

“Cause” has
the meaning specified in the Employment Agreement.

 

“Change in Control”
has the meaning set forth in the Employment Agreement.

 

“Close of Business”
means, on any day, 5:00 p.m., Denver, Colorado time.

 

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

 

“Common Stock”
means the Company’s Series B Common Stock, $0.01 par value.

 

“Company”
has the meaning specified in the preamble to this Agreement.

 

“Disability”
has the meaning specified in the Employment Agreement.

 

“Dividend Equivalents”
has the meaning specified in the Plan.

 

 

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“Employment Agreement”
has the meaning specified in the recitals to this Agreement.

 

“Good Reason”
has the meaning specified in the Employment Agreement.

 

“Grant Date”
means December 15, 2019.

 

“Granted RSUs”
has the meaning specified in Section 2.

 

“Grantee”
has the meaning specified in the preamble to this Agreement.

 

“LMC” has
the meaning specified in the recitals of this Agreement.

 

“Plan” has
the meaning specified in the recitals of this Agreement.

 

“Required Withholding
Amount” has the meaning specified in Section 5.

 

“Restricted Stock
Units” has the meaning specified in the Plan.

 

“Separation”
means the date as of which the Grantee is no longer employed by or providing services to the Company or any of its Subsidiaries.

 

“Services Agreement”
has the meaning specified in the recitals to this Agreement.

 

“Unpaid Dividend
Equivalents” has the meaning specified in Section 3(c).

 

“Vested Dividend
Equivalents” has the meaning specified in Section 10.

 

“Vesting Date”
means each date on which any Restricted Stock Units cease to be subject to a risk of forfeiture, as determined in accordance with
Section 3 or 7 of this Agreement.

 

2.             Grant of Restricted Stock Units. Subject to the terms and conditions herein and in the Plan, the Company hereby awards
to the Grantee as of the Grant Date, an Award of 320,057 Restricted Stock Units (collectively, the “Granted RSUs”),
each representing the right to receive one share of Common Stock, subject to the conditions and restrictions set forth below in
this Agreement and in the Plan. Regarding the last sentence of Section 8.5 of the Plan, the Company acknowledges and agrees that
there are no restrictions, terms or conditions that will cause a forfeiture of the Granted RSUs or any Dividend Equivalents with
respect thereto that are not set forth in this Agreement.

 

3.             Conditions of Vesting. Unless otherwise determined by the Committee in its sole discretion (provided that such determination
is not adverse to the Grantee), the Restricted Stock Units will vest only in accordance with the conditions stated in this Section
3. Upon vesting, Restricted Stock Units and the related Dividend Equivalents shall not be subject to forfeiture other than as provided
in Section 7 hereof.

 

(a)           Except as otherwise provided in this Agreement or the Employment Agreement, subject to the Grantee’s continued
employment with or service to the Company or any Subsidiary on such date, all of the Granted RSUs will become vested on the fourth
anniversary of the Grant Date.

 

 

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(b)           Notwithstanding the foregoing, (i) all Granted RSUs will become vested and exercisable on the date of the Grantee’s
Separation if (A) the Grantee’s Separation occurs on or after the Grant Date by reason of Disability or (B) the Grantee dies
while providing services to the Company or a Subsidiary, and (ii) Granted RSUs that have not theretofore become vested and exercisable
will become vested and exercisable to the extent provided in Section 7 of this Agreement, on the date of the Grantee's Separation.

 

(c)           Any Dividend Equivalents with respect to the Granted RSUs that have not theretofore become Vested Dividend Equivalents
(“Unpaid Dividend Equivalents”) will become vested and payable to the extent that the Restricted Stock Units related
thereto shall have become vested in accordance with this Agreement. Notwithstanding the foregoing, but subject to Section 7, the
Grantee will not vest, pursuant to this Section 3, in Granted RSUs or related Unpaid Dividend Equivalents in which the Grantee
would otherwise vest as of a given date if the Grantee has not been continuously employed by or providing services to the Company
from the Grant Date through such date (the vesting or forfeiture of such Restricted Stock Units and related Unpaid Dividend Equivalents
to be governed instead by Section 7).

 

4.            Settlement of Restricted Stock Units. Settlement of Restricted Stock Units (and related Unpaid Dividend Equivalents)
that vest in accordance with Section 3 or 7 shall be made as soon as administratively practicable after the Vesting Date, but in
no event later than 60 days after such date. Settlement of vested Restricted Stock Units shall be made in payment of shares of
Common Stock, together with any related Dividend Equivalents, in accordance with Section 6. Any shares of Common Stock so received
shall be fully vested.

 

5.            Mandatory Withholding for Taxes. To the extent that the Company is subject to withholding tax requirements under any
national, state, local or other governmental law with respect to the award of the Restricted Stock Units to the Grantee or the
vesting or settlement thereof, or the designation of any Dividend Equivalents as payable or distributable or the payment or distribution
thereof, the Grantee must make arrangement satisfactory to the Company to make payment to the Company or its designee of the amount
required to be withheld under such tax laws, as determined by the Company (collectively, the “Required Withholding Amount”).
To the extent such withholding is required, the Company shall withhold (a) from the shares of Common Stock represented by such
vested Restricted Stock Units and otherwise deliverable to the Grantee a number of shares of Common Stock and/or (b) from any related
Dividend Equivalents otherwise deliverable to the Grantee an amount of such Dividend Equivalents, which collectively have a value
(or, in the case of securities withheld, a Fair Market Value) as of the date the obligation to withhold arises equal to the Required
Withholding Amount, unless the Grantee remits the Required Withholding Amount to the Company or its designee in cash in such form
and by such time as the Company may require or other provisions for withholding such amount satisfactory to the Company have been
made. Notwithstanding any other provisions of this Agreement, the delivery of any shares of Common Stock represented by vested
Restricted Stock Units and any related Dividend Equivalents may be postponed until any required withholding taxes have been paid
to the Company. Notwithstanding the foregoing or anything contained herein to the contrary, (i) the Grantee may, in his sole discretion,
direct the Company to deduct from the shares of Common Stock represented by vested Restricted Stock Units and otherwise deliverable
to the Grantee a number of shares of Common Stock represented by such Restricted Stock Units having a Fair Market Value on the
date the obligation to withhold arises equal to the Required Withholding Amount and (ii) the Company will not withhold any shares
of Common Stock to pay the Required Withholding Amount if the Grantee has remitted cash to the Company or a Subsidiary or designee
thereof in an amount equal to the Required Withholding Amount by such time as the Company may require.

 

 

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6.            Delivery by the Company. As soon as practicable after the vesting of Restricted Stock Units, and any related Unpaid
Dividend Equivalents, pursuant to Section 3 or 7 (but in no event later than 60 days after the Vesting Date), and subject
to the withholding referred to in Section 5, the Company will (a) register in a book entry account in the name of the Grantee,
or cause to be issued and delivered to the Grantee (in certificate or electronic form), the shares of Common Stock represented
by such vested Restricted Stock Units and any securities representing related vested Unpaid Dividend Equivalents, and (b) cause
to be delivered to the Grantee any cash payment representing related vested Unpaid Dividend Equivalents. Any delivery of securities
will be deemed effected for all purposes when a certificate representing, or statement of holdings reflecting, such securities
and, in the case of any Unpaid Dividend Equivalents, any other documents necessary to reflect ownership thereof by the Grantee,
have been delivered personally to the Grantee or, if delivery is by mail, when the Grantee has received such certificates or other
documents. Any cash payment will be deemed effected when a check from the Company, payable to the Grantee and in the amount equal
to the amount of the cash owed, has been delivered personally to the Grantee or, if delivery is by mail, upon receipt by the Grantee.

 

7.            Termination of Restricted Stock Units. The Restricted Stock Units will be forfeited and terminate at the time specified
below:

 

(a)           Any Restricted Stock Units that do not become vested in accordance with Section 3 or 7(b) of this Agreement,
and any related Unpaid Dividend Equivalents, will automatically be forfeited as of the Close of Business on the date of Separation.

 

(b)           Notwithstanding the provisions of Section 3, (i) if the Grantee’s Separation occurs on or after January 1,
2020 and prior to the fourth anniversary of the Grant Date as a result of death, Disability, termination by the Company without
Cause or termination by the Grantee with Good Reason, the Granted RSUs, to the extent not theretofore vested, and any related Unpaid
Dividend Equivalents, will be immediately vested and settled with respect to 100% of the Granted RSUs pursuant to Section 4, or
(ii) if the Grantee’s Separation occurs prior to the Close of Business on the fourth anniversary of the Grant Date by reason
of the Grantee’s voluntary termination by the Grantee without Good Reason, the Granted RSUs, to the extent not theretofore
vested, and any related Unpaid Dividend Equivalents, a pro rata portion of the Granted RSUs will vest as of the date of Separation,
such pro rata portion to be equal to the product of the number of Granted RSUs, multiplied by a fraction, the numerator of which
is the number of calendar days that have elapsed since the Grant Date, through the date of Separation, and the denominator of which
is 1460 days. Upon forfeiture of any unvested Restricted Stock Units, and any related Unpaid Dividend Equivalents, such Restricted
Stock Units and any related Unpaid Dividend Equivalents will be immediately cancelled, and the Grantee will cease to have any rights
with respect thereto.

 

 

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8.            Nontransferability of Restricted Stock Units. Restricted Stock Units and any related Unpaid Dividend Equivalents, are
not transferable (either voluntarily or involuntarily) before or after the Grantee’s death, except as follows: (a) during
the Grantee’s lifetime, pursuant to a Domestic Relations Order issued by a court of competent jurisdiction that is not contrary
to the terms and conditions of the Plan or this Agreement, and in a form acceptable to the Committee; or (b) after the Grantee’s
death, by will or pursuant to the applicable laws of descent and distribution, as may be the case. Any person to whom Restricted
Stock Units are transferred in accordance with the provisions of the preceding sentence shall take such Restricted Stock Units
subject to all of the terms and conditions of the Plan and this Agreement, including that the vesting and termination provisions
of this Agreement will continue to be applied with respect to the Grantee. Certificates representing Restricted Stock Units that
have vested may be delivered (or, in the case of book entry registration, registered) only to the Grantee (or during the Grantee’s
lifetime, to the Grantee’s court appointed legal representative) or to a person to whom the Restricted Stock Units have been
transferred in accordance with this Section.

 

9.            Forfeiture for Misconduct and Repayment of Certain Amounts. If (i) a material restatement of any financial statement
of the Company (including any consolidated financial statement of the Company and its consolidated subsidiaries) is required and
(ii) in the reasonable judgment of the Committee, (A) such restatement is due to material noncompliance with any financial reporting
requirement under applicable securities laws and (B) such noncompliance is a result of misconduct on the part of the Grantee, the
Grantee will repay to the Company Forfeitable Benefits received by the Grantee during the Misstatement Period in such amount as
the Committee may reasonably determine, taking into account, in addition to any other factors deemed relevant by the Committee,
the extent to which the market value of Common Stock during the Misstatement Period was affected by the error(s) giving rise to
the need for such restatement. “Forfeitable Benefits” means (i) any and all cash and/or shares of Common Stock received
by the Grantee (A) upon the exercise during the Misstatement Period of any SARs held by the Grantee or (B) upon the payment during
the Misstatement Period of any Cash Award or Performance Award held by the Grantee, the value of which is determined in whole or
in part with reference to the value of Common Stock, and (ii) any proceeds received by the Grantee from the sale, exchange, transfer
or other disposition during the Misstatement Period of any shares of Common Stock received by the Grantee upon the exercise, vesting
or payment during the Misstatement Period of any Award held by the Grantee. By way of clarification, “Forfeitable Benefits”
will not include any shares of Common Stock delivered in respect of the vesting of any Restricted Stock Units during the Misstatement
Period or any securities received as Dividend Equivalents in respect thereof, in each case that are not sold, exchanged, transferred
or otherwise disposed of during the Misstatement Period. “Misstatement Period” means the 12-month period beginning
on the date of the first public issuance or the filing with the Securities and Exchange Commission, whichever occurs earlier, of
the financial statement requiring restatement.

 

10.          No Stockholder Rights; Dividend Equivalents. The Grantee will not be deemed for any purpose to be, or to have any of
the rights of, a stockholder of the Company with respect to any shares of Common Stock represented by any Restricted Stock Units
unless and until such time as shares of Common Stock represented by vested Restricted Stock Units have been delivered to the Grantee
in accordance with Section 6, nor will the existence of this Agreement affect in any way the right or power of the Company or any
stockholder of the Company to accomplish any corporate act, including, without limitation, any reclassification, reorganization
or other change of or to its capital or business structure, merger, consolidation, liquidation or sale or other disposition of
all or any part of its business or assets. The Grantee will have no right to receive, or otherwise with respect to, any Dividend
Equivalents until such time, if ever, as (a) the Restricted Stock Units with respect to which such Dividend Equivalents relate
shall have become vested, or (b) such Dividend Equivalents shall have become vested in accordance with the third to last sentence
of this Section, and, if vesting does not occur, the related Dividend Equivalents will be forfeited. Dividend Equivalents shall
not bear interest or be segregated in a separate account. Notwithstanding the foregoing, the Committee may, in its sole discretion,
accelerate the vesting of any portion of the Dividend Equivalents (the “Vested Dividend Equivalents”). The settlement
of any Vested Dividend Equivalents shall be made as soon as administratively practicable after the accelerated vesting date, but
in no event later than 60 days after the Vesting Date. With respect to any Restricted Stock Units and Dividend Equivalents, the
Grantee is a general unsecured creditor of the Company.

 

 

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11.          Adjustments. If the outstanding shares of Common Stock are subdivided into a greater number of shares (by stock dividend,
stock split, reclassification or otherwise) or are combined into a smaller number of shares (by reverse stock split, reclassification
or otherwise), or if the Committee determines that any stock dividend, extraordinary cash dividend, reclassification, recapitalization,
reorganization, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase any shares of Common
Stock or other similar corporate event (including mergers or consolidations) affects shares of Common Stock such that an adjustment
is required to preserve the benefits or potential benefits intended to be made available under this Agreement, then the Restricted
Stock Units will be subject to adjustment in such manner as the Committee, in its sole discretion, deems equitable and appropriate
in connection with the occurrence of any of the events described in this Section 11 following the Grant Date.

 

12.          Restrictions Imposed by Law. Without limiting the generality of Section 10.8 of the Plan, the Company will not be obligated
to deliver any shares of Common Stock represented by vested Restricted Stock Units or securities constituting any Unpaid Dividend
Equivalents if counsel to the Company determines that the issuance or delivery thereof would violate any applicable law or any
rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities
exchange or association upon which shares of Common Stock or such other securities are listed or quoted. The Company will in no
event be obligated to take any affirmative action in order to cause the delivery of shares of Common Stock represented by vested
Restricted Stock Units or securities constituting or cash payment related to any Unpaid Dividend Equivalents to comply with any
such law, rule, regulation, or agreement.

 

 

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13.          Notice. Unless the Company notifies the Grantee in writing of a different procedure or address, any notice or other
communication to the Company with respect to this Agreement will be in writing and will be delivered personally or sent by United
States first class mail, postage prepaid and addressed as follows:

 

Liberty TripAdvisor Holdings, Inc.

12300 Liberty Boulevard

Englewood, Colorado 80112

Attn: Chief Legal Officer

 

Unless the Company elects to notify the
Grantee electronically pursuant to the online grant and administration program or via email, any notice or other communication
to the Grantee with respect to this Agreement will be in writing and will be delivered personally, or will be sent by United States
first class mail, postage prepaid, to the Grantee’s address as listed in the records of the Company on the date of this Agreement,
unless the Company has received written notification from the Grantee of a change of address.

 

14.          Amendment. Notwithstanding any other provision hereof, this Agreement may be amended from time to time as approved by
the Committee as contemplated in the Plan. Without limiting the generality of the foregoing, without the consent of the Grantee,

 

(a)           this Agreement may be amended from time to time as approved by the Committee (i) to cure any ambiguity or to correct
or supplement any provision herein which may be defective or inconsistent with any other provision herein, (ii) to add to the covenants
and agreements of the Company for the benefit of the Grantee or surrender any right or power reserved to or conferred upon the
Company in this Agreement, subject to any required approval of the Company’s stockholders, and provided, in each case, that
such changes or corrections will not adversely affect the rights of the Grantee with respect to the Award evidenced hereby, or
(iii) to make such other changes as the Company, upon advice of counsel, determines are necessary because of the adoption or promulgation
of, or change in or of the interpretation of, any law or governmental rule or regulation, including any applicable federal or state
securities laws; and

 

(b)           subject to any required action by the Board or the stockholders of the Company, the Restricted Stock Units granted
under this Agreement may be canceled by the Company and a new Award made in substitution therefor, provided, that the Award so
substituted will satisfy all of the requirements of the Plan as of the date such new Award is made and no such action will adversely
affect any Restricted Stock Units (after taking into account any related Unpaid Dividend Equivalents).

 

15.          Grantee Services. Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto,
will confer or be construed to confer on the Grantee any right to continue in the employ or service of the Company or interfere
in any way with the right of the Company to terminate the Grantee’s employment or service at any time, with or without Cause,
subject to the provisions of the Services Agreement and the Employment Agreement.

 

 

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16.          Nonalienation of Benefits. Except as provided in Section 8, (a) no right or benefit under this Agreement will be subject
to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt
to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same will be void, and (b)
no right or benefit hereunder will in any manner be liable for or subject to the debts, contracts, liabilities or torts of the
Grantee or other person entitled to such benefits.

 

17.          Governing Law. This Agreement will be governed by, and construed in accordance with, the internal laws of the State
of Colorado.

 

18.          Construction. References in this Agreement to “this Agreement” and the words “herein,” “hereof,”
“hereunder” and similar terms include all Exhibits and Schedules appended hereto, including the Plan. All references
to “Sections” in this Agreement shall be to Sections of this Agreement unless explicitly stated otherwise. The word
“include” and all variations thereof are used in an illustrative sense and not in a limiting sense. All decisions of
the Committee upon questions regarding this Agreement or the Plan will be conclusive. Unless otherwise expressly stated herein,
in the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan will control. The headings
of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof
and will in no way modify or restrict any of the terms or provisions hereof.

 

19.          Rules by Committee. The rights of the Grantee and the obligations of the Company hereunder will be subject to such reasonable
rules and regulations as the Committee may adopt from time to time.

 

20.          Entire Agreement. This Agreement is in satisfaction of and in lieu of all prior discussions and agreements, oral or
written, between the Company and the Grantee regarding the Award. The Grantee and the Company hereby declare and represent that
no promise or agreement not expressed herein has been made regarding the Award and that this Agreement contains the entire agreement
between the parties hereto with respect to the Award and replaces and makes null and void any prior agreements between the Grantee
and the Company regarding the Award. Subject to the restrictions set forth in Sections 8 and 16, this Agreement will be binding
upon and inure to the benefit of the parties and their respective heirs, successors and assigns.

 

21.          Grantee Acceptance. The Grantee will signify his acceptance of the terms and conditions of this Agreement by signing
below and returning a signed copy to the Company.

 

22.          Code Section 409A Compliance. To the extent that the provisions of Section 409A of the Code or any U.S. Department of
the Treasury regulations promulgated thereunder are applicable to any Restricted Stock Unit or Dividend Equivalent, the parties
intend that this Agreement will meet the requirements of such Code section and regulations and that the provisions hereof will
be interpreted in a manner that is consistent with such intent. If, however, the Grantee is liable for the payment of any tax,
penalty or interest pursuant to Section 409A of the Code, or any successor or like provision (the “409A Tax”), with
respect to this Agreement any payments or property transfers received or to be received under this Agreement or otherwise, the
Company will pay the Grantee an amount (the “Special Reimbursement”) which, after payment to the Grantee (or on the
Grantee’s behalf) of any federal, state and local taxes, including, without limitation, any further tax, penalty or interest
under Section 409A of the Code, with respect to or resulting from the Special Reimbursement, equals the net amount of the 409A
Tax. Any payment due to the Grantee under this Section will be made to the Grantee, or on behalf of the Grantee, as soon as practicable
after the determination of the amount of such payment, but no sooner than the date on which the Company is required to withhold
such amount or the Grantee is required to pay such amount to the Internal Revenue Service. Notwithstanding the foregoing, all payments
under this Section will be made to the Grantee, or on the Grantee’s behalf, no later than the end of the calendar year immediately
following the calendar year in which the Grantee or the Company paid the related taxes, interest or penalties. The Grantee will
cooperate with the Company in taking such actions as the Company may reasonably request to assure that this Agreement will meet
the requirements of Section 409A of the Code and any U.S. Department of the Treasury regulations promulgated thereunder and to
limit the amount of any additional payments required by this Section to be made to the Grantee. The Company represents and warrants
that the Restricted Stock Units satisfy all requirements under Section 409A of the Code and any U.S. Department of the Treasury
regulations promulgated thereunder such that the Restricted Stock Units are exempt from or compliant with Section 409A of the Code.

 

 

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23.          Replacement Awards. Any restricted stock unit, restricted stock, option or other equity or equity derivative that is
issued after the Grant Date to the Grantee by the Company or any other Person pursuant to a Fundamental Corporate Event in full
or partial replacement of, as an adjustment to, or otherwise with respect to, Restricted Stock Units granted pursuant to this Agreement
(a “Replacement Award”), will have the same term and the same vesting and exercisability terms and conditions as the
Restricted Stock Units, except that if the Company is not the issuer of a Replacement Award, the definition of Change in Control
with respect to such Replacement Award will be applied with respect to the issuer of such Replacement Award as if it were the “Company”
for purposes of such definition. By way of illustration, a Change in Control of the Company will not cause acceleration of any
Replacement Awards that are not issued by the Company and a Change in Control of the issuer of any Replacement Awards with respect
to which the Company is not the issuer will not cause acceleration of any remaining Restricted Stock Units with respect to which
the Company is the issuer.

 

24.          Confidential Information. The Grantee will not, during or after his employment or service with the Company, without
the prior express written consent of the Company, directly or indirectly use or divulge, disclose or make available or accessible
any Confidential Information (as defined below) to any person, firm, partnership, corporation, trust or any other entity or third
party (other than when required to do so in good faith to perform the Grantee’s duties and responsibilities to the Company
or when (i) required to do so by a lawful order of a court of competent jurisdiction, any governmental authority or agency, or
any recognized subpoena power, or (ii) necessary to prosecute the Grantee’s rights against the Company or its Subsidiaries
or to defend himself against any allegations). The Grantee will also proffer to the Company, no later than the effective date of
any termination of the Grantee’s engagement with the Company for any reason, and without retaining any copies, notes or excerpts
thereof, all memoranda, computer disks or other media, computer programs, diaries, notes, records, data, customer or client lists,
marketing plans and strategies, and any other documents consisting of or containing Confidential Information that are in the Grantee’s
actual or constructive possession or which are subject to the Grantee’s control at such time. For purposes of this Agreement,
“Confidential Information” will mean all information respecting the business and activities of the Company or any Subsidiary,
including, without limitation, the clients, customers, suppliers, employees, consultants, computer or other files, projects, products,
computer disks or other media, computer hardware or computer software programs, marketing plans, financial information, methodologies,
know-how, processes, practices, approaches, projections, forecasts, formats, systems, trade secrets, data gathering methods and/or
strategies of the Company or any Subsidiary. Notwithstanding the immediately preceding sentence, Confidential Information will
not include any information that is, or becomes, generally available to the public (unless such availability occurs as a result
of the Grantee’s breach of any of his obligations under this Section). If the Grantee is in breach of any of the provisions
of this Section or if any such breach is threatened by the Grantee, in addition to and without limiting or waiving any other rights
or remedies available to the Company at law or in equity, the Company shall be entitled to immediate injunctive relief in any court,
domestic or foreign, having the capacity to grant such relief, without the necessity of posting a bond, to restrain any such breach
or threatened breach and to enforce the provisions of this Section. The Grantee agrees that there is no adequate remedy at law
for any such breach or threatened breach and, if any action or proceeding is brought seeking injunctive relief, the Grantee will
not use as a defense thereto that there is an adequate remedy at law.

 

 

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25.          Arbitration. Any controversy, claim or dispute arising out of or in any way relating to this Agreement or the Grantee’s
employment with or service to, or termination of employment or service from, the Company (including whether such controversy, claim
or dispute is subject to arbitration), excepting only claims that may not, by statute, be arbitrated, will be submitted to binding
arbitration. Both the Grantee and the Company acknowledge that they are relinquishing their right to a jury trial. The Grantee
and the Company agree that arbitration will be the exclusive method for resolving disputes arising out of or related to this Agreement
or to the Grantee’s employment or service with, or termination of employment or service from, the Company.

 

The arbitration will
be administered by JAMS in accordance with the Employment Arbitration Rules & Procedures of JAMS then in effect and subject
to JAMS Policy on Employment Arbitration Minimum Standards, except as otherwise provided in this Agreement. Arbitration will be
commenced and heard in the Denver, Colorado metropolitan area. Only one arbitrator will preside over the proceedings, who will
be selected by agreement of the parties from a list of five or more qualified arbitrators provided by the arbitration tribunal,
or if the parties are unable to agree on an arbitrator within 10 Business Days following receipt of such list, the arbitration
tribunal will select the arbitrator. The arbitrator will apply the substantive law (and the law of remedies, if applicable) of
Colorado or federal law, or both, as applicable to the claim(s) asserted. In any arbitration, the burden of proof will be allocated
as provided by applicable law. The arbitrator will have the authority to award any and all legal and equitable relief authorized
by the law applicable to the claim(s) being asserted in the arbitration, as if the claim(s) were brought in a federal court of
law. Either party may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award.
Discovery, such as depositions or document requests, will be available to the Company and the Grantee as though the dispute were
pending in U.S. federal court. The arbitrator will have the ability to rule on pre-hearing motions as though the matter were in
a U.S. federal court, including the ability to rule on a motion for summary judgment.

 

 

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If permitted by applicable
law, the fees of the arbitrator and any other fees for the administration of the arbitration that would not normally be incurred
if the action were brought in a court of law (e.g., filing fees or room rental fees) will be shared equally by the parties. If
the foregoing is not permitted by applicable law, the fees of the arbitrator and any other fees for the administration of the arbitration
that would not normally be incurred if the action were brought in a court of law will be paid by the Company. Each party will pay
its own attorneys’ fees and other costs incurred in connection with the arbitration, unless the relief authorized by law
allows otherwise and the arbitrator determines that such fees and costs will be paid in a different manner. The arbitrator must
provide a written decision. If any part of this arbitration provision is deemed to be unenforceable by an arbitrator or a court
of law, that part may be severed or reformed so as to make the balance of this arbitration provision enforceable.

 

 

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LTRPB Term RSU Form

 

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		Liberty TripAdvisor Holdings, Inc. 
	 	 	 
	 	 	 
	 	By:	                                            
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Gregory B. Maffei	 	 

 

 

LTRPB Term RSU Form

 

    12Document

CHURCHILL DOWNS INCORPORATED  
RESTRICTED STOCK UNIT DEFERRAL PLAN

Effective January 1, 2020

CHURCHILL DOWNS INCORPORATED 
RESTRICTED STOCK UNIT DEFERRAL PLAN
CHURCHILL DOWNS INCORPORATED (hereinafter referred to as the “Employer”) hereby adopts this Churchill Downs Incorporated Restricted Stock Unit Deferral Plan (hereinafter referred to as the “Plan”) for the exclusive benefit of certain key executives who become participants and their beneficiaries as set forth in this document, as follows:
WITNESSETH:
WHEREAS, the Plan is a deferred compensation plan that is intended to provide supplemental retirement benefits to a select group of management or highly compensated employees of the Employer; and
WHEREAS, it is intended that the Plan shall be unfunded for the purposes of Title I of ERISA and for income tax purposes; and
WHEREAS, the Plan is not intended to be tax-qualified under Section 401(a) of the Code.
NOW, THEREFORE, effective January 1, 2020, the Plan is hereby established as follows:
ARTICLE I
DEFINITIONS
1.1“Beneficiary” means the Participant’s surviving spouse or, if there is no surviving spouse, to the Participant’s estate.
1.2 “Board” means the board of directors of the Employer.
1.3“Code” means the Internal Revenue Code of 1986, as amended or replaced from time to time.
1.4 “Effective Date” means January 1, 2020.
1.5“Employer” means Churchill Downs Incorporated and any successor thereto.
1.6“ERISA” means the Employee Retirement Income Security Act of 1974, as amended or replaced from time to time.
1.7“Participant” means an individual employee who is a management or highly compensated employee of the Employer who is selected by the Plan Administrator to participate in the Plan and who enters into a separate Plan Participation Agreement by and between the individual Participant and the Employer.
1.8“Participant's Account” means the bookkeeping ledger account established and maintained for a Participant with respect to the Participant’s total interest in the Plan.

1.9“Plan” means this instrument, including all amendments thereto.
1.10“Plan Administrator” means the Compensation Committee of the Board or such committee as may be appointed by the Compensation Committee to serve as Plan Administrator.

1.11“Plan Year” means the period commencing January 1 and ending on the following December 31.
1.12“Separation from Service” has such meaning as is given to such term under Section 409A of the Code.
1.13“Trust” means the trust that may be established pursuant to Section 4.1.
ARTICLE II
CONTRIBUTIONS AND ACCOUNTS
2.1Establishment of Account.  A ledger account shall be established and maintained in the name of each Participant which shall be credited with all Restricted Stock Units (and any dividend equivalents that may be credited to a Participant’s Account pursuant to Section 2.3 of the Plan) allocated to each Participant as set forth herein.
2.2Restricted Stock Unit Deferrals.  In accordance with rules established by the Plan Administrator, a Participant may elect to defer settlement of Restricted Stock Units (“RSUs”) granted to the Participant under the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan (the “Omnibus Plan”) that are due to be earned and that would otherwise be settled with respect to a given Plan Year pursuant to the terms of the Restricted Stock Unit Agreement by and between the Participant and the Employer.  RSUs are deferred hereunder only upon the vesting of such RSUs under the Omnibus Plan and, once deferred, the RSUs will be considered a Participant’s “RSU Deferrals.”  A Participant is required to make an affirmative election for each Plan Year in which the Participant is to be granted RSUs with respect to the Participant’s RSU Deferrals.  A Participant shall make such an election with respect to a coming twelve (12) month Plan Year during the period beginning on the November 1 and ending on the December 31 of the prior Plan Year or during such other period established by the Plan Administrator, provided that any such other period shall end no later than December 31 of the Plan Year preceding the Plan Year for which such election is to apply. 

Once made, an RSU Deferral election is irrevocable for the Plan Year to which it applies.  RSU Deferrals shall be credited to the Account of the deferring Participant.  

2.3Rights with Respect to RSUs Deferred under the Plan and Dividend Equivalents.  A Participant shall at all times be vested in RSUs deferred hereunder.  Notwithstanding such vested interest, during the applicable deferral period, any rights with respect to RSUs deferred hereunder may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered or disposed of and the Participant shall not have any rights of a stockholder, including, no right to vote the RSUs deferred, receive dividends thereon (provided, dividend equivalents shall accrue on the RSUs, shall be credited to the Account, and be paid in cash at the same time as the RSUs deferred hereunder are settled to the Participant), or purchase any securities pursuant to that certain Rights Agreement dated as of March 19, 2008, between the Employer and National City Bank, as amended, and as the same may be amended, modified or supplemented from time to time.       
ARTICLE III
BENEFITS
3.1Timing and Form of Payment.  Upon the earlier of (a) a Participant’s Separation from Service or (b) the Participant’s Designated Distribution Date, as set forth in the Participant’s Plan Participation Agreement, the Participant’s Account shall be settled to the Participant in the form and manner set forth in the Participant’s Plan Participation Agreement; provided, in the event of the Participant’s death prior to receiving payment, the Participant’s Account shall be settled to the Participant’s Beneficiary within thirty (30) days following the Participant’s death.
3.2Change of Time and/or Form of Payment.  Notwithstanding the provisions of Section 3.1, a Participant may subsequently amend the form of settlement or the intended date of settlement to a date later than the Designated Distribution Date set forth in the Participant’s Plan Participation Agreement (but in no event later than the Participant’s Separation from Service) by filing such amendment with the Plan Administrator no later than twelve (12) months prior to the current Designated Distribution Date. The Participant may file this amendment, provided that such amendment must provide for a settlement under this paragraph at a date no earlier than five (5) years after the Designated Distribution Date in force immediately prior to the filing of such request, and the amendment may not take effect for twelve (12) months after the request is made.
ARTICLE IV
NATURE OF EMPLOYER’S OBLIGATION
4.1Trust.  The Employer’s obligation under this Plan shall be an unfunded and unsecured promise to pay.  However, the Employer may fund the financial obligations under this Plan by the Employer establishing a rabbi trust to provide for the accumulation of funds to satisfy its financial liabilities with respect to this Plan.
4.2Nature of Participant's Rights and Interest.  Any assets which the Employer may choose to acquire to help cover its financial liabilities are and will remain general assets of the Employer subject to the claims of its general creditors.  The Employer does not give, and this Plan does not give, any beneficial ownership interest in any assets of the Employer to any Participant or any Participant’s Beneficiary.  All rights of ownership in any assets are and remain in the Employer, and the rights of any Participant, any Beneficiary, or any person claiming through any Participant shall be solely those of an unsecured general creditor of the Employer.
ARTICLE V
ADMINISTRATION

5.1Duties and Responsibilities.  The Board and Plan Administrator shall have only those specific powers, duties, responsibilities, and obligations as are specifically given them under this Plan.
5.2Delegation of Authority by the Employer.  Any authority delegated to the Employer or Board under this Plan, including the power to amend this Plan, may be exercised by any duly authorized officer, employee, agent, or committee to the extent so authorized, other than a Participant or a family member of a Participant.
5.3Claims Procedure.
(a)The Plan Administrator shall determine a Participant's or Beneficiary's rights to benefits under the Plan.  In the event of a dispute over benefits, a Participant or Beneficiary may file a written claim for benefits with the Plan Administrator, provided that such claim is filed within 60 days of the date the Participant or Beneficiary receives notification of the Plan Administrator’s determination.
(b)If a claim is wholly or partially denied, the Plan Administrator shall provide the claimant with a notice of denial, written in a manner calculated to be understood by the claimant and setting forth:
1.The specific reason(s) for such denial;
2.Specific references to the pertinent Plan provisions on which the denial is based;
3.A description of any additional material or information necessary for the claimant to perfect the claim with an explanation of why such material or information is necessary; and
4.Appropriate information as to the steps to be taken if the claimant wishes to substitute his claim for review.
The notice of denial shall be given within 60 days after the claim is filed, unless special circumstances require an extension of time for processing the claim.  If such extension is required, written notice shall be furnished to the claimant within 60 days of the date the claim was filed stating the special circumstances requiring an extension of time and the date by which a decision on the claim can be expected, which shall be no more than 120 days from the date the claim was filed.
(c)The claimant and/or the claimant’s representative may appeal the denied claim and may:
1.Request a review upon written application to the Board;
2.Review pertinent documents; and
3.Submit issues and comments in writing;

provided that such appeal is made within 60 days of the date the claimant receives notification of the denied claim.
(d)Upon receipt of a request for review, the Plan Administrator shall, within a reasonable time period, but not later than 60 days after receiving the request, provide written notification of the Board’s decision to the claimant stating the specific reasons and referencing specific Plan provisions on which its decision is based, unless special circumstances require an extension for processing the review.  If such an extension is required, the Plan Administrator shall notify the claimant of such special circumstances and of the date, no later than 120 days after the original date the review was requested, on which the Plan Administrator will notify the claimant of the Board’s decision.

(e)In the event of any dispute over benefits under this Plan, all remedies available to the Participant or Beneficiary under this Section 5.3 must be exhausted before arbitration is sought.
5.4Arbitration.  Any controversy, dispute, or claim arising under or in connection with this Plan that cannot be mutually resolved by the parties hereto shall be settled exclusively by binding arbitration in Louisville, Kentucky, in accordance with the Rules of the American Arbitration Association or such other rules as the parties may agree upon.
5.5Specific Powers of the Plan Administrator.  The Plan Administrator shall have such powers as may be necessary to administer the Plan, including, but not limited to, the following:
(a)To construe and interpret the Plan, decide all questions of eligibility and determine the amount, manner, and time of payment of any benefit hereunder;
(b)To prescribe procedures to be followed by a Participant or Beneficiary in filing applications for benefits;
(c)To appoint or employ individuals to assist in the administration of the Plan, including legal counsel;
(d)To adopt such rules as it deems necessary, desirable, or appropriate for the administration of the Plan.
5.6Board and Plan Administrator Procedures.  With respect to any matters related to this Plan, the Board or Plan Administrator may act at a meeting or in writing without a meeting.  The action of the majority of the Board or Plan Administrator expressed from time to time by a vote at a meeting or in writing without a meeting shall constitute the proper action of the Board or Plan Administrator. 

5.7Facility of Payment.  Whenever, in the Plan Administrator’s opinion, the person entitled to receive any payment of a benefit hereunder, or an installment thereof, is under a legal disability or is incapacitated in any way so as to be unable to manage his or her financial affairs, the Plan Administrator may apply the payment for the benefit of such person by the payment thereof to such person or persons and in such manner as the Plan Administrator deems advisable.  A payment of a benefit, or installment thereof, in accordance with the provisions of this Section 5.7 shall be a complete discharge of any liability for the making of such payment under the provisions of the Plan.
5.8Indemnification of the Plan Administrator.  With respect to any matters related to this Plan, the Plan Administrator and the individual members thereof shall be indemnified by the Employer against any liability, cost or expense, including attorney fees and amounts paid in settlement of any claim, arising out of any act or omission to act, except in the case of willful misconduct by the Plan Administrator or its individual members as the case may be.
ARTICLE VI
MISCELLANEOUS
6.1Amendments.  The Employer may from time to time amend, modify or terminate, in whole or in part, the Plan, provided that no such amendment, modification or termination shall adversely affect the existing or future rights or interests of a Participant under this Plan with respect to any claim for benefits theretofore accrued by a Participant without the Participant’s written consent.  Any such action shall be adopted by formal action of the Board and executed by an officer authorized to act on behalf of the Employer.
Notwithstanding the above to the contrary, no amendment, modification or termination of the Plan shall occur unless such amendment, modification or termination complies with the provisions of Section 409A of the Code and Treasury regulations and other IRS guidance promulgated thereunder.
6.2Binding Agreement.  This Plan shall be binding upon and inure to the benefit of the Participants, their executors, administrators, heirs, and next of kin, and upon the Employer, its successors and assigns.
6.3Merger Consolidation.  The Employer shall not consolidate into or with another corporation or entity, or transfer all or substantially all of its assets to another corporation, trust or other entity (a “Successor Entity”) unless such Successor Entity shall assume the rights, obligations, and liabilities of the Employer under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan.
6.4Waiver.  No term or condition of this Plan shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Plan, except by written instrument of the party charged with such waiver, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

6.5Withholding; Payroll Taxes.  To the extent required by law in effect at the time of any payment or accrual of benefits pursuant to the terms of this Plan, the Employer shall withhold from payments made hereunder (or other compensation payable to a Participant) the taxes required to be withheld by the federal or any state or local government.  Additionally, and notwithstanding the provisions of Article III with respect to the timing of distribution of benefits under the Plan, or Section 6.7, the Employer shall direct the trustee of the rabbi trust established to fund the Employer’s financial obligations hereunder to distribute from the Participant’s Account under the rabbi trust such amount as is sufficient to pay any Federal Insurance Contributions Act (FICA) taxes imposed pursuant to Sections 3101, 3121(a) and 3121(v)(2) of the Code, where applicable, on compensation deferred under the Plan, or to pay any Self-Employment Contributions Act (SECA) taxes imposed under Section 1401 et seq. of the Code, where applicable, on compensation deferred under the Plan, or to pay taxes imposed as a result of Section 409A of the Code and the regulations thereunder, as such amounts become due and owing. However, the total amounts distributed shall not exceed the taxes due and owing.   
6.6Severability; Reformation.  In case any one or more of the provisions or part of a provision contained in this Plan shall for any reason be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of this Plan in any other jurisdiction or any other provision or part of a provision of this Plan, but this Plan shall be reformed and construed in such jurisdiction as if such invalid or illegal or unenforceable provision or part of such a provision had never been contained herein, and such provision or part thereof shall be reformed so that it will be valid, legal and enforceable in such jurisdiction to the maximum extent possible.
6.7Payment of Expenses/Taxes.  The Employer shall pay all expenses of administering the Plan from the general assets of the Employer and not from the assets of any Trust that may be established hereunder.  Such expenses shall include any expenses incident to the administration of the Plan, including, but not limited to, fees resulting from legal, accounting, tax, investment or trust services that are incurred initially or at any time during the life of this Plan or the life of the Trust.  Any Employer-level income taxes that become due and payable on Trust earnings shall be paid by the Trust if such trust is utilized.  Any Participant-level income taxes that become due and payable under the Plan or Trust shall be paid by the Participant, except that nothing herein shall prevent distributions from the Plan from being used to pay taxes pursuant to Section 6.5.
6.8Nonalienation.  Except insofar as applicable law may otherwise require and with respect to the designation of a Beneficiary upon death, (i) no amount payable to or in respect of a Participant at any time shall be subject in any manner to alienation by the Participant or Beneficiary by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge, or encumbrance of any kind, any attempt to so alienate, sell, transfer, assign, pledge, attach, charge, or otherwise encumber any such amount, whether presently or thereafter payable, shall be void; and (ii) the Employer shall in no manner be liable for or subject to the debts, liabilities, contracts, engagements, or torts of any Participant or any Beneficiary.
6.9Employment Relationship.  Nothing contained in this Plan shall be deemed to give any Participant the right to be retained in the service of the Employer, or to interfere with the right of the Employer to discharge the Participant at any time regardless of the effect which such discharge shall have upon the Participant under this Plan.

6.10Participation in Other Employee Benefit Plans.  Nothing contained in this Plan shall in any manner modify, impair, or affect the existing or future rights or interests of a Participant (i) to receive any employee benefits to which the Participant would otherwise be entitled, (ii) to receive any severance pay benefits to which the Participant would otherwise be entitled, or (iii) to participate in any present or future “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended) of the Employer.  Any deferred compensation payable under this Plan shall not be deemed salary or other compensation to the Participant for the purpose of computing benefits to which he or she may be entitled under any “employee benefit plan” of the Employer.
6.11Confidentiality.  Each Participant agrees that the terms and conditions of this Plan shall be confidential and shall not be disclosed by the Participant to any other person (other than the Participant's immediate family members and legal, accounting, and financial planning advisors) without the prior written consent of the Board.  
6.12Construction of Plan.  This Plan shall be construed and enforced according to the laws of the Commonwealth of Kentucky and, to the extent applicable, federal law.  The headings and subheadings of this Plan have been inserted for convenience of reference and are to be ignored in any construction of the provisions hereof.  The invalidity or unenforceability of a particular provision of this Plan shall not affect the other provisions hereof, and the Plan shall be construed in all respects as if such invalid or unenforceable provisions were omitted.
6.13409A Compliance.  Notwithstanding any Plan provisions herein to the contrary, the Plan shall be interpreted, construed and administered in such a manner so as to comply with the provisions of Section 409A (including its exemptive provisions) of the Code and Treasury regulations and any other related Internal Revenue Service guidance promulgated thereunder.
IN WITNESS WHEREOF, the Employer, by its duly authorized officer, has caused this Plan to be executed this ___ day of ____________, 2019.
CHURCHILL DOWNS INCORPORATED
By:      _________________________________

Its:       _________________________________

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