Document:

exv10w3

Exhibit 10.3

AGREEMENT AND PLAN OF MERGER

AGREEMENT AND PLAN OF MERGER (“Agreement”), dated as of November 4, 2009, by and between Zapata
Corporation, a Nevada corporation (“Parent”), and Harbinger Group Inc., a Delaware corporation
(“Subsidiary”).

RECITALS:

     Parent is a corporation organized and existing under the laws of Nevada.

     Subsidiary is a corporation organized and existing under the laws of Delaware and is a
wholly-owned subsidiary of Parent.

     Parent and its board of directors deem it advisable and in the best interests of Parent and
its stockholders to merge Parent with and into Subsidiary pursuant to the provisions of Nevada
Revised Statutes (“NRS”) and the Delaware General Corporation Law (“DGCL”) upon the terms and
conditions set forth in this Agreement, subject to the approval of the Parent’s stockholders as
contemplated in Section 4.1.

     NOW THEREFORE, in consideration of the premises, the mutual covenants herein contained and other
good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree that Parent shall be merged with and into Subsidiary (the “Merger”) upon the
terms and conditions set forth below.

PRINCIPAL TERMS OF THE MERGER

     Merger. On the Effective Date (as defined in Section 4.1 below), Parent shall be
merged with and into Subsidiary and the separate existence of Parent shall cease. Subsidiary shall
be the surviving corporation (sometimes hereinafter referred to as the “Surviving Corporation”) in
the Merger and shall operate under the name “Harbinger Group Inc.” by virtue of, and shall be
governed by, the laws of Delaware. The address of the registered office of the Surviving
Corporation in Delaware will be 2711 Centerville Road, Suite 400, in the City of Wilmington, County
of New Castle, and the registered agent in charge thereof shall be Corporation Service Company.

     Certificate of Incorporation of the Surviving Corporation. The certificate of
incorporation of the Surviving Corporation shall be the certificate of incorporation of Subsidiary
as in effect on the date hereof without change unless and until amended in accordance with
applicable law.

     Bylaws of the Surviving Corporation. The bylaws of the Surviving Corporation shall be
the bylaws of Subsidiary as in effect on the date hereof without change unless and until amended or
repealed in accordance with applicable law.

     Directors and Officers. At the Effective Date of the Merger, the directors and
officers of Parent in office at the Effective Date of the Merger shall become the directors and
officers, respectively, of the Surviving Corporation, each of such directors and officers to hold
office, subject to the applicable provisions of the certificate of incorporation and bylaws of the
Surviving Corporation and the DGCL, until his or her successor is duly elected or appointed and
qualified. The Surviving Corporation will have a classified board identical to that of the Parent,
with the Surviving Corporation’s current board members remaining in their same classes, as set
forth below:

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Class I — Lap Wai Chan, Lawrence M. Clark, Jr. and Peter A. Jenson

Class II — Philip A. Falcone and Keith Hladek

Class III — Thomas Hudgins and Robert V. Leffler, Jr.

CONVERSION, CERTIFICATES AND PLANS

     Conversion of Shares. At the Effective Date of the Merger, each of the following
transactions shall be deemed to occur simultaneously:

          Common Stock. Each share of Parent’s common stock, $0.01 par value per share (“Parent
Stock”), issued and outstanding immediately before the Effective Date shall, by virtue of the
Merger and without any action on the part of the holder thereof, be converted into and become one
validly issued, fully paid and nonassessable share of the Surviving Corporation’s common stock,
$0.01 par value per share (“Surviving Corporation Stock” or “Subsidiary Stock”), provided, that
each share of Parent Stock held in Parent’s treasury shall be canceled without any consideration
being issued or paid therefor.

          Options. Each option to acquire shares of Parent Stock outstanding immediately before
the Effective Date shall, by virtue of the Merger and without any action on the part of the holder
thereof, be converted into and become an equivalent option to acquire, upon the same terms and
conditions, the number of shares of Surviving Corporation Stock that is equal to the number of
shares of Parent Stock the optionee would have received had the optionee exercised such option in
full immediately before the Effective Date (whether or not such option was then exercisable) and
the exercise price per share under each such option shall be equal to the exercise price per share
thereunder immediately before the Effective Date.

          Subsidiary Stock. Each share of Subsidiary Stock issued and outstanding immediately
before the Effective Date and held by Parent shall be canceled without any consideration being
issued or paid therefor.

     Stock Certificates. After the Effective Date, each certificate theretofore
representing issued and outstanding shares of Parent Stock will thereafter be deemed to represent
the same number of shares of the Surviving Corporation Stock. The holders of outstanding
certificates theretofore representing Parent Stock will not be required to surrender such
certificate to Parent or the Surviving Corporation.

     Reorganization. For United States federal income tax purposes, the Merger is intended
to constitute a tax-free reorganization within the meaning of section 368(a) of the Internal
Revenue Code of 1986, as amended. The parties to this Agreement hereby adopt this Agreement as a
“plan of reorganization” within the meaning of sections 1.368-2(g) and 1.368-3(a) of the United
States Treasury Regulations.

TRANSFER AND CONVEYANCE OF ASSETS

AND ASSUMPTION OF LIABILITIES

     Effects of the Merger. At the Effective Date, the Merger shall have the effects
specified in the NRS, the DGCL and this Agreement. Without limiting the generality of the
foregoing, and subject thereto, at the Effective Date the Surviving Corporation shall possess all
the rights, privileges, powers and franchises, of a public as well as a private nature, and shall
be subject to all the restrictions, disabilities and duties of each of the parties to this
Agreement; the rights, privileges, powers and franchises of Parent and Subsidiary, and all
property, real, personal and mixed, and all debts due to each of them on whatever account, shall be
vested in the Surviving Corporation; and all property, rights, privileges, powers and franchises,
and all and every other interest shall be thereafter the property of the Surviving Corporation, as
they were of the respective constituent entities, and the title to any real estate, whether by deed
or otherwise vested in Parent and Subsidiary or either of them, shall not revert or be in any way
impaired by reason of the Merger; but all rights of creditors and all liens upon any property of
the parties hereto shall be preserved unimpaired, and all debts, liabilities and duties of the
respective constituent entities shall thenceforth attach to the Surviving Corporation and may be
enforced against it to the same extent as if such debts, liabilities and duties had been incurred
or contracted by it.

     Additional Actions. If, at any time after the Effective Date of the Merger, the
Surviving Corporation shall consider or be advised that any further assignments or assurances in
law or any other acts are necessary or desirable

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(a) to vest, perfect or confirm, of record or otherwise, in the Surviving Corporation, title
to and possession of any property or right of Parent acquired or to be acquired by reason of, or as
a result of, the Merger, or (b) otherwise to carry out the purposes of this Agreement, the
Surviving Corporation may execute and deliver all such proper deeds, assignments and assurances in
law and to do all acts necessary or proper to vest, perfect or confirm title to and possession of
such property or rights in the Surviving Corporation and otherwise to carry out the purposes of
this Agreement. The Surviving Corporation is fully authorized in the name of Parent or otherwise to
take any and all such action pursuant to the irrevocable Power of Attorney granted by the Parent to
the Subsidiary, attached hereto as Exhibit A.

APPROVAL BY STOCKHOLDERS;

AMENDMENT; EFFECTIVE DATE

     Approval. This Agreement and the Merger contemplated hereby are subject to approval
by the requisite vote, or a written consent in lieu of vote, of the Parent’s stockholders in
accordance with the NRS and compliance with the requirements of law, including the securities laws
of the United States. As promptly as practicable after the later of (a) approval of this Agreement
by the Parent’s stockholders in accordance with applicable law and (b) compliance with applicable
securities laws, including, but not limited to, the filing of a Schedule 14C with the Securities
and Exchange Commission and the mailing of a definitive Schedule 14C to the Parent’s stockholders,
duly authorized officers of the respective parties shall make and execute Articles of Merger and a
Certificate of Ownership and Merger and shall cause such documents to be filed with the Secretary
of State of Nevada and the Secretary of State of Delaware, respectively, in accordance with the
laws of Nevada and Delaware and applicable U.S. federal securities laws. The effective date of the
Merger (“Effective Date”) shall be the date and time on and at which the Merger becomes effective
under the laws of Nevada or the date and time on and at which the Merger becomes effective under
the laws of Delaware, whichever occurs later. The execution and delivery hereof by the Parent
shall constitute the approval and adoption of, and consent to, the Merger Agreement and the
transactions contemplated thereby in Parent’s capacity as the sole stockholder of the Subsidiary.

     Amendments. The Board of Directors of Parent may amend this Agreement at any time
before the Effective Date, provided, however, that an amendment made subsequent to the approval of
the Merger by the stockholders of Parent shall not (a) alter or change the amount or kind of shares
to be received in exchange for or on conversion of all or any of the shares of Parent Stock, (b)
alter or change any term of the certificate of incorporation of Subsidiary, except to cure any
ambiguity, defect or inconsistency or (c) alter or change any of the terms and conditions of this
Agreement if such alteration or change would adversely affect the holders of Parent Stock.

MISCELLANEOUS

     Termination. This Agreement may be terminated and the Merger abandoned at any time
before the filing of this Agreement with the Secretary of State of Nevada and the Secretary of
State of Delaware, whether before or after stockholder approval of this Agreement, by the consent
of the Boards of Directors of Parent and Subsidiary.

     Captions and Section Headings. As used herein, captions and section headings are for
convenience only and are not a part of this Agreement and shall not be used in construing it.

     Entire Agreement. This Agreement and the other documents delivered pursuant hereto
and thereto, or incorporated by reference herein, contain the entire agreement between the parties
hereto concerning the transactions contemplated herein and supersede all prior agreements or
understandings between the parties hereto relating to the subject matter hereof.

     Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be considered to be an original instrument.

     Severability. If any one or more of the provisions of this Agreement shall be held to
be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions of this Agreement shall not be affected thereby. To the extent permitted by applicable
law, each party waives any provision of law which renders any provision of this Agreement invalid,
illegal or unenforceable in any respect.

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     Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and their respective successors and assigns.

     No Third Party Beneficiaries. This Agreement is not intended to confer upon any
person other than the parties hereto any rights or remedies hereunder.

     Governing Law. This Agreement shall be construed in accordance with the laws of
Delaware, except to the extent the laws of Nevada shall apply to the Merger where mandated by the
NRS.

IN WITNESS WHEREOF, Parent and Subsidiary have duly executed this Agreement as of the date first
written above.

	 	 	 	 	 	 	 
	 	 	Parent:

Zapata Corporation

a Nevada corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Jenson	 	 
	 

	 	 	 	 

Name: Peter Jenson
	 	 
	 

	 	 	 	Title: Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	Subsidiary:

Harbinger Group Inc.

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Jenson	 	 
	 

	 	 	 	 

Name: Peter Jenson
	 	 
	 

	 	 	 	Title: Secretary	 	 

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Exhibit A

Irrevocable Power of Attorney

      (a) CAUTION TO THE PRINCIPAL: Your Power of Attorney is an important document.
As the “principal,” you give the person whom you choose (your “agent”) authority to spend your
money and sell or dispose of your property during your lifetime without telling you. You do not
lose your authority to act even though you have given your agent similar authority. 

     When your agent exercises this authority, he or she must act according to any instructions
you have provided or, where there are no specific instructions, in your best interest. “Important
Information for the Agent” at the end of this document describes your agent’s
responsibilities.

     Your agent can act on your behalf only after signing the Power of Attorney before a notary
public.

     You can request information from your agent at any time. If you are revoking a prior Power
of Attorney by executing this Power of Attorney, you should provide written notice of the
revocation to your prior agent(s) and to the financial institutions where your accounts are
located.

     You can revoke or terminate your Power of Attorney at any time for any reason as long as
you are of sound mind. If you are no longer of sound mind, a court can remove an agent for acting
improperly.

     Your agent cannot make health care decisions for you. You may execute a “Health Care
Proxy” to do this.

     The law governing Powers of Attorney is contained in the New York General Obligations Law,
Article 5, Title 15. This law is available at a law library, or online through the New York State
Senate or Assembly websites, www.senate.state.ny.us or www.assembly.state.ny.us.

If there is anything about this document that you do not understand, you should ask a lawyer of
your own choosing to explain it to you.

(b) DESIGNATION OF AGENT(S):

I, Zapata Corporation,100 Meridian Centre, Suite 350, Rochester, NY 14618, hereby appoint:

Harbinger Group Inc., 100 Meridian Centre, Suite 350, Rochester, NY 14618, as my agent(s)

If you designate more than one agent above, they must act together unless you initial the
statement below. 

(___) My agents may act SEPARATELY.

(c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)

If every agent designated above is unable or unwilling to serve, I appoint as my successor
agent(s):

 

 

[name(s) and address(es) of successor agent(s)]

Successor agents designated above must act together unless you initial the statement below.

(___) My successor agents may act SEPARATELY.

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(d) This POWER OF ATTORNEY shall not be affected by my subsequent incapacity unless I have stated
otherwise below, under “Modifications”.

(e) This POWER OF ATTORNEY REVOKES any and all prior Powers of Attorney executed by me unless I
have stated otherwise below, under “Modifications”.

If you are NOT revoking your prior Powers of Attorney, and if you are granting the same
authority in two or more Powers of Attorney, you must also indicate under “Modifications” whether
the agents given these powers are to act together or separately.

(f) GRANT OF AUTHORITY:

To grant your agent some or all of the authority below, either (1) Initial the bracket at each
authority you grant, or (2) Write or type the letters for each authority you grant on the blank
line at (P), and initial the bracket at (P). If you initial (P), you do not need to initial the
other lines.

I grant authority to my agent(s) with respect to the following subjects as defined in sections
5-1502A through 5-1502N of the New York General Obligations Law:

	 	 	 	 	 
	(___)

	 	(A)
	 	real estate transactions;
	(___)

	 	(B)
	 	chattel and goods transactions;
	(___)

	 	(C)
	 	bond, share, and commodity transactions;
	(___)

	 	(D)
	 	banking transactions;
	(___)

	 	(E)
	 	business operating transactions;
	(___)

	 	(F)
	 	insurance transactions;
	(___)

	 	(G)
	 	estate transactions;
	(___)

	 	(H)
	 	claims and litigation;
	(___)

	 	(I)
	 	personal and family maintenance;
	(___)

	 	(J)
	 	benefits from governmental programs or civil or military service;
	(___)

	 	(K)
	 	health care billing and payment matters; records, reports, and statements;
	(___)

	 	(L)
	 	retirement benefit transactions;
	(___)

	 	(M)
	 	tax matters;
	(___)

	 	(N)
	 	all other matters;
	(___)

	 	(O)
	 	full and unqualified authority to my agent(s) to delegate any or all of the foregoing
	 

	 	 	 	powers to any person or persons whom my agent(s) select;
	(___)

	 	(P)
	 	EACH of the matters identified by the following letters

A,B,C,D,E,F,G,H,I,J,K,L,M,N,O

You need not initial the other lines if you initial line (P).

(g) MODIFICATIONS: (OPTIONAL)

          In this section, you may make additional provisions, including language to limit or
supplement authority granted to your agent. However, you cannot use this Modifications section to
grant your agent authority to make major gifts or changes to interests in your property. If you
wish to grant your agent such authority, you MUST complete the Statutory Major Gifts
Rider.

	 	1.	 	Although this document revokes all powers of attorney I have previously executed, this
document shall not revoke any powers of attorney previously executed by me for a specific
or limited purpose, unless I have specified otherwise herein. It shall not revoke any
power executed as part of a contract I signed or for the management of any bank or
securities account. In order to revoke a prior power of attorney for a specific or limited
purpose, I will execute a revocation specifically referring to the power to be revoked.

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	 	2.	 	This power of attorney shall not be revoked by any subsequent power of attorney I may
execute, unless such subsequent power specifically provides that it revokes this power by
referring to the date of my execution of this document.
	 
	 	3.	 	Whenever two or more powers of attorney are valid at the same time, the agents
appointed on each shall act separately, unless specified differently in the documents.

(h) MAJOR GIFTS AND OTHER TRANSFERS: STATUTORY MAJOR GIFTS RIDER (OPTIONAL)

In order to authorize your agent to make major gifts and other transfers of your property, you
must initial the statement below and execute a Statutory Major Gifts Rider at the same time as this
instrument. Initialing the statement below by itself does not authorize your agent to make major
gifts and other transfers. The preparation of the Statutory Major Gifts Rider should be supervised
by a lawyer.

(___) (SMGR) I grant my agent authority to make major gifts and other transfers of my property, in
accordance with the terms and conditions of the Statutory Major Gifts Rider that supplements this
Power of Attorney.

(i) DESIGNATION OF MONITOR(S): (OPTIONAL)

I wish to designate                                         ,

whose address(es) is (are)                                                             , as monitor(s).

Upon the request of the monitor(s), my agent(s) must provide the monitor(s) with a copy of the
Power of Attorney and a record of all transactions done or made on my behalf. Third parties holding
records of such transactions shall provide the records to the monitor(s) upon request.

(j) COMPENSATION OF AGENT(S): (OPTIONAL)

Your agent is entitled to be reimbursed from your assets for reasonable expenses incurred on your
behalf. If you ALSO wish your agent(s) to be compensated from your assets for services rendered on
your behalf, initial the statement below. If you wish to define “reasonable compensation”, you may
do so above, under “Modifications”.

(___) My agent(s) shall be entitled to reasonable compensation for services rendered.

(k) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify the third party for any claims that may arise
against the third party because of reliance on this Power of Attorney. I understand that any
termination of this Power of Attorney, whether the result of my revocation of the Power of Attorney
or otherwise, is not effective as to a third party until the third party has actual notice or
knowledge of the termination.

(l) TERMINATION: This Power of Attorney continues until I revoke it or it is terminated by my death
or other event described in section 5-1511 of the General Obligations Law.

Section 5-1511 of the General Obligations Law describes the manner in which you may revoke your
Power of Attorney, and the events which terminate the Power of Attorney.

(m) SIGNATURE AND ACKNOWLEDGMENT:

In Witness Whereof I have hereunto signed my name on November 4th, 2009.

PRINCIPAL signs here: ==>/s/ Peter Jenson          

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Peter Jenson, Secretary of Zapata Corporation

	 	 	 	 	 
	STATE OF NEW YORK     )

	 	 )
ss.:
	 	 
	 
	COUNTY OF           New York )

	 	 
	 	 

     On the 4th day of November , in the year 2009, before me, the undersigned, a Notary
Public in and for said state, personally appeared Peter Jenson, personally known to me or proved to
me on the basis of satisfactory evidence to be the person whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by
his/her signature on the instrument, the person or the entity upon behalf of which the person
acted, executed the instrument.

	 	 	 
	/s/ Lynn Toby Fisher
 

               Notary Public

	 	 

(n) IMPORTANT INFORMATION FOR THE AGENT:

When you accept the authority granted under this Power of Attorney, a special legal relationship is
created between you and the principal. This relationship imposes on you legal responsibilities that
continue until you resign or the Power of Attorney is terminated or revoked. You must:

	 	(1)	 	act according to any instructions from the principal, or, where there are no
instructions, in the principal’s best interest;
	 
	 	(2)	 	avoid conflicts that would impair your ability to act in the principal’s best interest;
	 
	 	(3)	 	keep the principal’s property separate and distinct from any assets you own or control,
unless otherwise permitted by law;
	 
	 	(4)	 	keep a record or all receipts, payments, and transactions conducted for the principal;
and
	 
	 	(5)	 	disclose your identity as an agent whenever you act for the principal by writing or
printing the principal’s name and signing your own name as “agent” in either of the
following manner: (Principal’s Name) by (Your Signature) as Agent, or (your signature) as
Agent for (Principal’s Name).

You may not use the principal’s assets to benefit yourself or give major gifts to yourself or
anyone else unless the principal has specifically granted you that authority in this Power of
Attorney or in a Statutory Major Gifts Rider attached to this Power of Attorney. If you have that
authority, you must act according to any instructions of the principal or, where there are no such
instructions, in the principal’s best interest. You may resign by giving written notice to the
principal and to any co-agent, successor agent, monitor if one has been named in this document, or
the principal’s guardian if one has been appointed. If there is anything about this document or
your responsibilities that you do not understand, you should seek legal advice.

Liability of agent:

The meaning of the authority given to you is defined in New York’s General Obligations Law, Article
5, Title 15. If it is found that you have violated the law or acted outside the authority granted
to you in the Power of Attorney, you may be liable under the law for your violation.

(o) AGENT’S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT: It is not required that the principal and
the agent(s) sign at the same time, nor that multiple agents sign at the same time.

I/we Harbinger Group Inc., have read the foregoing Power of Attorney. I am/we are the person(s)
identified therein as agent(s) for the principal named therein.

I/we acknowledge my/our legal responsibilities.

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     Agent(s) sign(s) here:=>/s/ Peter Jenson          

Peter Jenson, Secretary of Harbinger Group Inc.

	 	 	 	 	 
	STATE OF NEW YORK)

	 	 	 	 
	 

	 	) ss.:
	 	 
	COUNTY OF     New York)
	 	 	 	 

     On the 4th day of November , in the year 2009, before me, the undersigned, a Notary
Public in and for said state, personally appeared Peter Jenson, personally known to me or proved to
me on the basis of satisfactory evidence to be the person whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by
his/her signature on the instrument, the person or the entity upon behalf of which the person
acted, executed the instrument.

	 	 	 
	/s/ Lynn Toby Fisher
 

               Notary Public

	 	 

2008 N.Y. Laws ch. 644, § 19, 5-1513; 2009 N.Y. Laws ch. 4 (amending effective date from March 1,
2009 to September 1, 2009).

52exv10w1

Exhibit 10.1

INDEMNIFICATION AGREEMENT

          INDEMNIFICATION AGREEMENT (the “Agreement”) between each of the entities identified as the
“Company” on the signature page of this Agreement (the “Company”), and [               ], a Representative
(defined below) of the Company or an Affiliated Entity of the Company (the “Indemnitee”), dated as
of [                         ], 2009.

          More than one entity is identified as the “Company” on the signature page of this Agreement.
This document shall be deemed to be a separate and distinct agreement between Indemnitee and each
such Company. The use of a single signature page is for convenience only.

RECITALS:

          The Indemnitee has agreed to serve as a Representative of the Company.

          The Company is incorporated under the laws of Nevada, and its Affiliated Entities may include
entities formed or organized under various jurisdictions as companies, limited partnerships and
limited liability companies. To ensure a common standard of indemnification by the Company and its
Affiliated Entities, the Company and Indemnitee have elected to have the standards of
indemnification promulgated under the Nevada Revised Statutes (the “NRS”) applicable to
corporations incorporated under the laws of Nevada govern the provisions of this Agreement as set
forth herein.

          Certain capitalized terms used in this Agreement are defined in Section 15.

          In recognition of the Indemnitee’s need for substantial protection against personal liability
and to provide the Indemnitee with specific contractual assurance that indemnification, including
the protection, if any, provided by the Constating Documents, will be available to the Indemnitee
(regardless of, among other things, any amendment to the Constating Documents or merger, exchange
or reorganization of the Company resulting in changes in the Constating Documents), the Company
wishes to provide in this Agreement for the indemnification of and the advancement of expenses to
the Indemnitee to the fullest extent permitted by Nevada law and as set forth in this Agreement,
and, to the extent insurance is maintained, for the coverage of the Indemnitee under the Company’s
directors’ and officers’ liability insurance policies

          NOW, THEREFORE, in consideration of the premises and intending to be legally bound hereby, the
parties hereto agree as follows:

          Section 1. Indemnification.

          In the event that the Indemnitee was or is made a party to, or is threatened to be made a
party to, or otherwise becomes involved, as a party or otherwise (including, but not limited to, as
a witness or as the subject of a subpoena or discovery notice), or is threatened with, any
Proceeding whether arising while such Indemnitee is a Representative of the Company or any
Affiliated Entity or afterwards, relating to or arising out of the business and affairs of, or
activities undertaken in connection with, the Company, or by reason of the fact that the Indemnitee
or a person of whom the Indemnitee is the legal representative is or was, at any time, a
Representative of the Company or any Affiliated Entity or is or was serving at the request of the
Company or any Affiliated Entity for another company, partnership, joint venture, limited liability
company, trust or other enterprise, in any capacity (including service with respect to employee
benefit plans), whether the basis of such Proceeding is alleged action in an official capacity as a
Representative or in any other capacity while serving as a Representative, the Company shall
indemnify Indemnitee and hold Indemnitee harmless against all claims, demands, liabilities, costs,
expenses, damages, judgment, fines, ERISA excise taxes or penalties, and amounts paid or to be paid
in settlement, losses, suits, proceedings and actions, whether judicial, administrative,
investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated
(“Claims”), that may accrue to or be incurred by the Indemnitee, or in which the Indemnitee may
become involved, including, but not limited, to amounts paid in satisfaction of attorneys’ fees and
all other costs, charges and expenses paid or incurred in connection with investigating, defending,
settling, being a witness in or participating in (including on appeal), or preparing to defend, be
a witness in or participate in any Claim relating to a Proceeding (“Expenses”) to the fullest
extent a Nevada corporation has the power or obligation to indemnify a person in

32

 

accordance with Section 78.7502 of the NRS as the same exists or may hereafter be amended (but only
to the extent that such amendment permits a corporation to provide broader indemnification rights
than a corporation was permitted to provide prior to such amendment), except to the extent that it
shall have been determined by a final disposition that the Indemnitee breached his or her fiduciary
duties and such Claims involved intentional misconduct, fraud or a knowing violation of the law by
the Indemnitee and was material to the cause of action.

          Notwithstanding anything to the contrary in Section 78.7502 of the NRS, in connection with any
Claim or Proceeding by or in the right of the Company, the Indemnitee shall be entitled to the same
rights to indemnification as are available to the Indemnitee under this Agreement with respect to a
Claim or Proceeding by any third party. For the avoidance of doubt, no indemnification under this
Agreement in connection with any Claim or Proceeding, whether by or in the right of the Company or
otherwise, shall require any determination by the courts of Nevada or any other court.

          The indemnification provided in this Agreement specifically includes indemnification with
respect to the period from and after July 9, 2009, notwithstanding the date this Agreement is
executed and delivered by the parties.

          Section 2. Notices of Claims.

          Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the
Indemnitee shall, if a claim for indemnification in respect thereof is to be made against the
Company, give written notice to the Company of the commencement of such Proceeding; provided, that
the failure of the Indemnitee to give notice as provided herein shall not relieve the Company of
its obligations under this Agreement, except to the extent that the Company is actually prejudiced
by such failure to give notice. In the event that any such Proceeding is brought against the
Indemnitee (other than a derivative suit in right of the Company), the Company will be entitled to
participate in and to assume the defense thereof to the extent that the Company may wish, with
counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee
of the Company’s election to assume the defense thereof, the Company will not be liable for
expenses subsequently incurred by the Indemnitee in connection with the defense thereof. The
Company will not consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnitee
of a release from all liability in respect to such Claim. Any indemnification provided for in
Section 1 shall be made within 10 business days after receipt by the Company of the written notice
of Indemnitee.

          Section 3. Insurance.

          In the event that the Company maintains insurance to protect any director, officer or manager
of the Company against any expense, liability or loss from wrongful acts, or to insure the
Company’s indemnification obligations, such insurance shall cover the Indemnitee to at least the
same extent as any director, officer or manager of the Company and the Company’s insurance shall be
the primary insurance policy against any expense, liability or loss from wrongful acts, and to
insure the Company’s indemnification obligations; in each case, notwithstanding that Indemnitee was
designated as a Representative of the Company by affiliates of Harbinger Capital Partners, LLC
(together with such affiliates, “Harbinger”) or the availability of other insurance maintained or
arranged by Harbinger.

          Section 4. Advance of Expenses.

          Notwithstanding anything in the Constating Documents or this Agreement to the contrary, the
right to indemnification conferred by this Agreement shall include the obligation of the Company to
advance, if so requested by the Indemnitee (and within 10 business days of such request), Expenses
incurred relating to a Claim involving the Indemnitee in advance of its final disposition or to
recover under any directors’ and officers’ liability insurance policies maintained by the Company;
provided, however, that, solely if the NRS requires, the payment of such Expenses incurred by
Indemnitee in advance of the final disposition of any Proceeding shall be made only upon delivery
to the Company of an undertaking, by or on behalf of Indemnitee, to repay all amounts so advanced
if it shall ultimately be determined by a final disposition that Indemnitee is not entitled to be
indemnified for such expenses under this Agreement or otherwise, or to repay any amount advanced in
excess of the amount of indemnity to which Indemnitee is entitled under this Agreement or
otherwise.

33

 

          Section 5. Contribution.

          In the event that the indemnification provided for in this Agreement is unavailable to the
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall
contribute to the amount incurred by the Indemnitee, whether for judgments, fines, penalties,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any
Proceeding, in such proportion as is deemed fair and reasonable, in light of all of the
circumstances of such action, by a majority vote of the members of the then current Board of
Directors (even though less than a quorum) or similar governing body of the Company, in each case
acting in good faith, or, if the Indemnitee disagrees with the determination of such governing
body, then by the courts of the State of Nevada or other court having jurisdiction over the parties
to reflect (a) the relative benefits received by the Company and the Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such action; and/or (b) the relative fault of the
Company (and its other Representatives) and the Indemnitee in connection with such event(s) and/or
transaction(s). The Indemnitee’s right to contribution under this Section 5 shall be determined in
accordance with, pursuant to and in the same manner as, the provisions in Section 1 and 2 relating
to the Indemnitee’s right to indemnification under this Agreement.

          Section 6. Attorneys’ Fees.

          In the event that any action is instituted by the Indemnitee under this Agreement to enforce
or interpret any of the terms hereof, the Indemnitee shall be entitled to be paid all costs and
expenses, including reasonable attorneys’ fees, incurred by the Indemnitee with respect to such
action, unless as a part of such action, a court of competent jurisdiction determines that each of
the material assertions made by the Indemnitee as a basis for such action was not made in good
faith or was frivolous. In the event of an action instituted by or in the name of the Company
under this Agreement or to enforce or interpret any of the terms of this Agreement, the Indemnitee
shall be entitled to be paid all costs and expenses, including attorneys’ fees, incurred by the
Indemnitee in defense of such action (including with respect to the Indemnitee’s counterclaims and
cross-claims made in such action), unless as a part of such action the court determines that each
of the Indemnitee’s material defenses to such action was made in bad faith or was frivolous.

          Section 7. Non-Exclusivity.

          The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee
may have under the Constating Documents or under applicable law, and nothing herein shall be deemed
to diminish or otherwise restrict the Indemnitee’s right to indemnification under any such other
provision. To the extent applicable law or the Constating Documents as in effect on the date
hereof, or at any time in the future, permit greater indemnification than as provided for in this
Agreement, the parties hereto agree that the Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such law or provision of the Constating Documents, and this Agreement shall
be deemed amended without any further action by the Company or the Indemnitee to grant such greater
benefits. The Indemnitee may elect to have the Indemnitee’s rights hereunder interpreted on the
basis of applicable law in effect at the time of execution of this Agreement, at the time of the
occurrence of the event giving rise to a Claim or at the time indemnification is sought.

          Section 8. Burden of Proof; No Presumptions.

          (a) Burden of Proof. In connection with any determination by any person as to
whether Indemnitee is entitled to be indemnified hereunder, the Indemnitee shall be presumed to be
entitled to indemnification under this Agreement upon submission of a written claim (and, in an
action brought to enforce a claim for an advancement of expenses, where the required undertaking,
if any is required, has been tendered to the Company), and thereafter the burden of proof shall be
on the Company to establish that Indemnitee is not so entitled.

          In any suit brought by Indemnitee to enforce a right to indemnification or to an advancement
of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to
the terms of an undertaking, the burden of proving that Indemnitee is not entitled to be
indemnified, or to such advancement of Expenses, under this Agreement or otherwise, shall be on the
Company.

          (b) No Presumptions. For purposes of this Agreement, the termination of any
Proceeding, by judgment, order, settlement (whether with or without court approval) or conviction,
or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that
Indemnitee did not meet any particular standard of conduct or have any particular belief or that a
court has determined that indemnification is not permitted by applicable law. In addition, neither
the failure of the Company to have made a determination that indemnification of Indemnitee is
proper

34

 

in the circumstances because Indemnitee has met the applicable standard of conduct or had any
particular belief, nor an actual determination by the Company that Indemnitee has not met such
standard of conduct or did not have such belief, shall be a defense to Indemnitee’s claim for
indemnification or advancement of expenses under this Agreement or create a presumption that
Indemnitee has not met any particular standard of conduct or did not have any particular belief.
The scope of the Company’s indemnification of Indemnitee is that set forth in Section 1 of this
Agreement, and nothing in this Section 8(b) shall be deemed to expand such scope.

          Section 9. Partial Indemnity.

          If Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for a portion of the Expenses, judgments, fines, penalties, amounts paid in settlement of a
claim or any other amount but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has
been successful on the merits or otherwise in defense of any or all claims or in defense of any
issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified
against all expenses incurred in connection therewith.

          Section 10. Subrogation.

          In the event of payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers
required and shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights.

          Section 11. No Duplication of Payments.

          The Company shall not be liable under this Agreement to make any payment in connection with
any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received
payment (under any insurance policy, the Constating Documents or otherwise) of the amounts
otherwise indemnifiable hereunder.

          Section 12. Binding Effect.

          This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors, assigns, including any direct or indirect successor
(whether by purchase, merger, consolidation, reorganization, exchange or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the Company, spouses,
heirs, executors and personal and legal representatives. The Company shall require and cause any
successor (whether by purchase, merger, consolidation, reorganization, exchange or otherwise) to
all, substantially all, or a substantial part, of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place, but the absence of
any such writing shall not be a defense to any claim for indemnity made hereunder. This Agreement
shall continue in effect regardless of whether the Indemnitee continues to serve as a
Representative of the Company or of any other enterprise at the Company’s request.

          Section 13. Severability.

          The provisions of this Agreement shall be severable in the event that any of the provisions
hereof (including any provision within a single section, paragraph or sentence) is held by a court
of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the
validity and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest
extent permitted by law.

          Section 14. Amendment.

          Except as otherwise provided in Section 7 herein, this Agreement may not be changed, modified
or amended except in writing signed by the parties hereto.

35

 

          Section 15. Certain Definitions.

          As used in this Agreement:

          “Affiliated Entity” means any entity identified as the “Company” on the signature page.

          The “Constating Documents” of the Company mean its articles or certificate of incorporation,
articles or certification of association or formation, charter, by-laws, operating agreement,
partnership agreement and/or other similar document or instrument governing its internal affairs.

          “Final Disposition” means a determination by final judicial decision from which there is no
further right to appeal by a final disposition.

          “Proceeding” means any actual or threatened action, suit, proceeding, arbitration, alternate
or dispute resolution mechanism, or any inquiry or investigation, whether civil, criminal,
administrative or investigative.

          Indemnitee will be deemed to be a “Representative” of an entity for which he is serving as an
officer, a director, a manager, managing member, general partner, or in any other executive,
fiduciary or representative capacity, including as an “authorized signatory”, at the request of the
entity.

          Section 16. Counterparts.

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

          Section 17. Governing Law.

          This Agreement shall be governed by the laws of the State of Nevada without regard to the
principles of conflicts of law thereof.

[Intentionally blank; signature page follows]

36

 

IN WITNESS WHEREOF, the Company and the Indemnitee have executed this Indemnification Agreement as
of the day and year first above written.

	 	 	 	 	 
	 	INDEMNITEE:

 	 
	 	
 	 
	 	 	 
	 	 	 
	 	COMPANY:

ZAPATA CORPORATION,

a Nevada corporation

 	 
	 	By:  	*
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPANY:

ZAP.COM CORPORATION,

a Nevada corporation

 	 
	 	By:  	*
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

37

 

	 	 	 	 	 

Schedule to Exhibit 10.1 — Form of Indemnification Agreement by and

Among Zapata Corporation, Zap.Com Corporation and the Directors and

Officers of Zapata Corporation and Zap.Com Corporation

The Indemnification Agreement filed as Exhibit 10.1 is substantially identical in all material
respects to the indemnification agreements which have been entered into by Zapata Corporation and
Zap.Com Corporation and the following directors and officers with the associated effective dates:

	 	 	 
	Indemnitee	 	Effective Date
	 
	 	 
	Philip A. Falcone

	 	September 25, 2009
	Leonard DiSalvo

	 	October 7, 2009
	Lawrence M. Clark, Jr.

	 	September 25, 2009
	Corrine J. Glass

	 	September 25, 2009
	Peter A. Jenson

	 	September 25, 2009
	Keith Hladek

	 	October 7, 2009

38

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