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  Exhibit 10.1    
    

 
 

  EXECUTIVE EMPLOYMENT AGREEMENT    
    

        This Executive Employment Agreement (this "Agreement"), dated as of December 17,
2009 (the "Effective Date"), is made by and between Liberty Media Corporation, a Delaware corporation (the
"Company"), and Gregory B. Maffei (the "Executive"). 

 
 

RECITALS    
    

        WHEREAS, the Company has determined that it is in the best interests of the Company and
its stockholders to employ the Executive as its President and Chief Executive Officer; and 

        WHEREAS, the Company wishes to assure itself of the services of the Executive for the period hereinafter provided, and the Executive is
willing to be employed by the Company for said period, upon the terms and conditions provided in this Agreement; 

        NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is mutually acknowledged, the Company and the Executive agree as follows: 

1.    Definitions.    

        (a)   "Affiliate" means any Person Controlling, Controlled by or under common Control with the Company; and
"Control" (including the correlative terms "Controlling" and
"Controlled") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise. 

        (b)   "Board" means the Board of Directors of the Company. 

        (c)   "Cause" means: (i) the Executive's willful failure to follow the lawful instructions of the Board (other than due
to Disability); (ii) the commission by the Executive of any fraud, misappropriation or misconduct that causes demonstrable material injury to the Company or any Affiliate; (iii) the
Executive's conviction of, or plea of guilty or nolo contendere to, a felony; or (iv) Executive's failure to comply in any material respect with this Agreement or any other agreement between
the Executive, on the one hand, and the Company or any Affiliate, on the other, if such failure results in demonstrable material injury to the Company or any Affiliate. Notwithstanding anything
contained herein to the contrary, the Executive's employment may not be terminated for Cause pursuant to clause (i), (ii) or (iv) above unless (a) the decision is made by a
majority of the Board at a Board meeting where the Executive and his counsel had an opportunity to be heard on at least ten days' prior written notice; (b) the Company provides the Executive
with written notice of the Board's decision to terminate the Executive's employment for Cause specifying the particular act(s) or failure(s) to act serving as the basis for such decision; and
(c) if such act or failure to act is capable of being cured, the Executive fails to cure any such act or failure to act to the reasonable satisfaction of the Board within ten days after such
notice. 

For
purposes of this Agreement, no act or failure to act, on the part of the Executive, will be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith and without reasonable belief that the Executive's action or omission was legal, proper, and in the best interests of the Company. Any act, or failure to act, based
upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company will be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Company. 

        (d)   "Change in Control" means (i) any merger, consolidation or share exchange to which the Company is a party as a
result of which Persons who are common stockholders of the Company immediately prior thereto have less than a majority of the combined voting power of the outstanding capital stock of the surviving
corporation ordinarily (and apart from the rights accruing under special 

 

circumstances)
having the right to vote in the election of directors immediately following such merger, consolidation or share exchange, (ii) the adoption of any plan or proposal for the
liquidation or dissolution of the Company, (iii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets
of (1) the Company or (2) the Company's Subsidiaries, taken as a whole, (iv) at any time during any period of two consecutive years beginning on or after the Effective Date,
individuals who at the beginning of such period were members of the Board ("Original Directors") and new directors, if any, whose election or nomination
for election to the Board was recommended or approved by a majority of the Original Directors and the new directors whose nomination had previously been so approved, cease for any reason to constitute
a majority of the then incumbent members of the Board, (v) any transaction (or series of related transactions) in which any person (as such term is defined in Sections 13(d)(3) and
14(d)(2) of the Exchange Act), corporation or other entity (other than the Company, any of its Subsidiaries, any employee benefit plan sponsored by the Company or any of its Subsidiaries, any Exempt
Person (as defined in the Company's 2007 Incentive Plan, as in effect as of the date hereof) or any member of the Malone Group (as defined in Section 4(h)) shall
become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the
combined voting power of the then outstanding securities of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the election of
directors (calculated as provided in Rule 13d-3(d) under the Exchange Act in the case of rights to acquire the Company's securities) or (vi) a spin-off,
split-off, split-up or other similar event or events (each, a "Spin Transaction"), either in a single transaction or in a series of related or unrelated transactions (provided
that such related or unrelated transactions occur during a period of 24 consecutive months), pursuant to which assets of the Company or of one or more of its Subsidiaries having either a fair market
value (as determined in the good faith reasonable judgment of the Board) or book value equal to 40% or more of the total fair market value or book value of the assets of the Company and its
Subsidiaries (taken as a whole) are directly or indirectly transferred or distributed by dividend or otherwise, excluding any Spin Transaction in which (A) the Executive is appointed as the
chief executive officer of the separate publicly-traded entity that is the subject of such Spin Transaction, whether or not he elects to accept such appointment, and (B) any equity-based awards
previously granted by the Company to the Executive are adjusted in a manner that (1) preserves the intrinsic value of such option or similar right (or, in the case of the grant of a new option
or similar right, preserves the intrinsic value of the option or similar right in respect of which such new option or similar right is granted) and (2) complies with, or is exempt from,
Section 409A of the Code. For the purpose of calculating whether the 40% threshold described in clause (vi) of the preceding sentence has been reached or exceeded in a series of two or
more transactions, the following calculation will apply: 

					
	X	 	=	 	40 - P

  100 - P

where

					
	X	 	=	 	percentage of book or fair market value, as applicable, required to reach the 40% threshold as of the date of the second or any subsequent transaction; and
	
 P	
 	
=	
 	
percentage of book or fair market value, as applicable, disposed of in all prior spin-off, split-off, split-up or other similar events to which clause (vi) applies, determined as of the date of each such
transaction.

        (e)   "Code" means the Internal Revenue Code of 1986, as amended. 

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        (f)    "Common Stock" means each or any (as the context may require) series of the Company's common stock. 

        (g)   "Disabled" or "Disability" means the Executive's inability to
substantially perform his duties due to physical or mental impairment for six consecutive months and, within 30 days after a notice of termination is given to the Executive, the Executive has
not returned to work. Notwithstanding the foregoing, the Executive will not be considered Disabled unless the Executive is also "disabled," as such term is defined under Section 409A(a)(2)(C)
of the Code. 

        (h)   "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute or
statutes thereto. 

        (i)    "Good Reason" means the occurrence of any of the following events: 

          (i)  the
failure of the Company to appoint the Executive to, or to permit him to remain in, the positions set forth in Section 3, if that
failure is not cured within 10 days after written notice; 

         (ii)  the
assignment to the Executive of duties materially inconsistent with his status as the chief executive officer of a publicly-traded company or any material diminution
in the Executive's duties and/or responsibilities, reporting obligations, titles or authority, as set forth in Section 3, if that inconsistency or diminution is not
cured within 10 days after written notice; 

        (iii)  a
reduction by the Company of the Executive's Base Salary or Target Bonus (it being acknowledged that the Company will have no obligation to actually award any bonus); 

        (iv)  the
Company's failure to provide any payments or employee benefits required to be provided to the Executive and continuation of that failure for 10 days after
written notice; 

         (v)  any
purported termination of the Executive's employment for Cause which is not substantially effected pursuant to the procedures described in
Section 1(c); 

        (vi)  a
Change in Control; provided that the Executive may exercise his right to terminate his employment for Good Reason pursuant to this Section 1(i)(vi) only during
the 30-day period that commences 90 days after the occurrence of such Change in Control; 

       (vii)  any
material breach of the Agreement or any other agreement between the Executive, on the one hand, and the Company or any Affiliate, on the other, by the Company or
any Affiliate, if not cured within 10 days after written notice; and/or 

      (viii)  a
failure of the Company to have any successor to the Company assume in writing the Company's obligations under the Agreement, if not cured within 10 days
after written notice. 

Notwithstanding
the foregoing, Good Reason will not be deemed to exist unless the Executive gives the Company notice within 120 days after the occurrence of the event which the Executive
believes constitutes the basis for Good Reason, specifying the particular act or failure to act which the Executive believes constitutes the basis for Good Reason. 

        (j)    "Person" means an individual, corporation, limited liability company, partnership, trust, incorporated or unincorporated
association, joint venture or other entity of any kind. 

        (k)   "Separation" means the Executive's "separation from service" as defined in Treasury Regulation
Section 1.409A-1(h). 

        (l)    "Subsidiary" means, with respect to any Person, any other Person Controlled by that Person. 

        2.    Employment Period.    The Company will employ the Executive and the Executive accepts
such employment for the period beginning January 1, 2010 (the "Commencement Date") and, unless earlier terminated upon the Executive's
Separation, ending December 31, 2014 (the "Employment Period"). 

3

 

 
3.    Title, Position and Duties.    

        (a)    Title and Reporting.    During the Employment Period, the Executive will be employed as the Company's President
and Chief Executive Officer, and he will report solely and directly to the Board. All other employees of the Company and its Affiliates (other than the Chairman of the Board, if the Chairman of the
Board is an employee of the Company) will report to the Executive or his designees. 

        (b)    Board Position.    The Executive will continue to serve as a member of the Board following the Effective Date
and, so long as there is an Executive Committee of the Board, will be entitled to serve on such committee for so long as the Executive serves on the Board. Throughout the Employment Period, the
Company will nominate and recommend to the stockholders of the Company that the Executive be elected to the Board at each of the Company's annual meetings during the Employment Period. 

        (c)    Duties.    In his capacity as President and Chief Executive Officer, the Executive will perform such duties
during the Employment Period as are consistent with his title and position as President and Chief Executive Officer of a publicly-traded company, it being acknowledged that the duties performed by the
Executive, and the level of management authority and responsibility that the Executive had, as of the Effective Date are consistent with his title and position. No other employee of the Company will
have authority or responsibilities that are equal to or greater than those of the Executive (other than the Chairman of the Board, if the Chairman of the Board is an employee of the Company).
Notwithstanding the foregoing, the Executive will not be required to perform any duties or responsibilities which would be likely to result in non-compliance with, or a violation of, any
applicable law or regulation. 

        (d)    Time and Effort.    The Executive will devote his efforts and abilities, and substantially all his business
time, to the performance of his duties to the Company; provided that he will, to the extent the same does not substantially interfere with the performance of his duties hereunder, be permitted to:
(i) serve
on corporate and civic boards and committees; (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions; and (iii) manage personal and family investments.
It is expressly understood and agreed that the continued conduct by the Executive of such activities, as listed on Appendix A, will not be deemed to interfere with the performance of the
Executive's responsibilities hereunder. 

4.    Salary, Bonus, Benefits and Expenses.    

        (a)    Salary.    During the Employment Period, the Company will pay the Executive an initial base salary of
$1,500,000 per annum (the "Base Salary"). The Base Salary will be increased annually on each anniversary of the Commencement Date, to 105% of the Base
Salary paid to the Executive in the prior calendar year. The term "Base Salary" as used in this Agreement will refer to the Base Salary as it may be so
increased. 

        (b)    Bonus.    Each calendar year during the Employment Period, the Executive will be eligible to receive a target
bonus of 200% of the Executive's Base Salary for such year (the "Target Bonus"). The bonus, if any, payable with respect to services performed in any
calendar year will be paid prior to March 15th of the year following the year to which such service relates. The Executive acknowledges that payment of any bonus to the
Executive may be made subject to the achievement of one or more Performance Objectives (as defined in the Company's 2007 Incentive Plan, as in effect as of the date hereof) established in good faith
by the Board or a committee thereof. 

        (c)    Benefits.    During the Employment Period, the Executive, and his dependents, if applicable, will be entitled
to participate in and be covered on the same basis as other senior executives of the Company, under all employee benefit plans and programs of the Company, including without limitation vacation,
retirement, health insurance and life insurance. 

4

 

        (d)    Vacation.    During the Employment Period, the Executive will be entitled to paid vacation and/or paid time off
in accordance with the plans, policies, programs and practices of the Company provided generally to other senior executives of the Company. 

        (e)    Perquisites.    During the Employment Period, the Company will provide the Executive with those perquisites and
other personal benefits provided by the Company from time to time to its other senior executive officers during the Employment Period. In addition, during the Employment Period, the Executive will be
entitled to use of aircraft owned or leased by the Company on the terms and
conditions (except as otherwise provided in Section 5(b) and Section 5(c)) set forth in the letter agreement dated
February 22, 2008, between the Company and the Executive. 

        (f)    Business Expenses.    The Company will promptly pay or reimburse the Executive for reasonable expenses incurred
in connection with the Executive's employment in accordance with the Company's standard policies and practices as in effect from time to time. 

        (g)    Code Section 409A Timing of Reimbursements.    All reimbursements under this Agreement, including
without limitation Section 4(f), will be made as soon as practicable following submission of a reimbursement request, but no later than the end of the year
following the year during which the underlying expense was incurred (or as may be later provided in Section 9(g)). Additionally, reimbursements or
in-kind benefits made or provided to the Executive during any taxable year will not affect the expenses eligible for reimbursement or in-kind benefits provided in any other
taxable year and no such reimbursements or in-kind benefits will be subject to liquidation or exchange for another benefit. 

        (h)    Equity Grants.    On December 17, 2009, the Company granted to the Executive options to acquire:
(a) 760,000 shares of Series A Liberty Starz common stock, (b) 8,743,000 shares of Series A Liberty Interactive common stock and (c) 1,353,000 shares of
Series A Liberty Capital common stock (collectively, the "Original Options"). The exercise price of the Original Options applicable to each
series of Common Stock equaled the closing sale price of that series, as reported by NASDAQ, on the date of such grant. Except as otherwise provided in this Section or in
Section 5, subject to the Executive's continued employment with the Company or any of its Affiliates, 50% of the Original Options of each series will vest on the
fourth anniversary of the date of grant of such Original Option and the remaining 50% of the Original Options of each series will vest on the fifth anniversary of the date of grant of such Original
Option. Upon the occurrence of a Change in Control, any unvested portion of the Original Options and any other unvested restricted stock, unvested options and other unvested equity or equity
derivatives issued or granted to the Executive by (a) the Company or (b) any of the Company's Affiliates in full or partial replacement of, as an adjustment to, or otherwise with respect
to, any restricted stock, options or other equity or equity derivatives issued or granted to the Executive by the Company) (collectively with the Original Options, the "Equity
Awards") will immediately vest in full and, with respect to any Equity Award that is an option or similar equity derivative ("Option
Award") such Option Award will be exercisable throughout the remainder of the full original term of the Option Award (determined without reference to any provision in such
Option Award that reduces the exercisability of such Option Award upon the Executive's termination of employment with the Company or any of its Affiliates but otherwise in accordance with the terms
and conditions applicable to such Option Award). Notwithstanding the foregoing, any Equity Award issued or granted to the Executive after the date of this Agreement by any Affiliate of the Company
that is the subject of a Spin Transaction for which the Executive is appointed to serve as Chief Executive Officer after such Spin Transaction will not so vest and be exercisable, and any such Equity
Award will be subject to provisions governing the vesting and exercise of such Equity Award upon termination of the Executive's employment by such Affiliate or upon a change in control of such
Affiliate that are at least as favorable to the Executive in all material respects as those included in this Agreement, with such changes as may be appropriate to reflect the fact of his employment by
such Affiliate. Notwithstanding the foregoing, in the event that any such Equity Award is subject to (and otherwise 

5

 

not
exempt from) Section 409A of the Code, then such Equity Award will only vest in full if (X) such Change in Control would also be an event described in Section 409A(a)(2)(A)(v)
of the Code or (Y) such vesting would not otherwise subject the Executive to any tax, interest or penalty imposed under Section 409A of the Code (or any regulation promulgated
thereunder). For the avoidance of doubt, the parties hereto acknowledge that all Equity Awards held by the Executive as of the date hereof have been granted by the Company and not by any of its
Affiliates. 

5.    Termination of Employment.    

        (a)    Termination Due to Death.    In the event of the Executive's death, the Executive's estate or his legal
representative, as the case may be, will receive: (i) a lump sum payment equal to any Base Salary earned but unpaid as of the date of Separation; (ii) a lump sum payment of any unpaid
expense reimbursement and any amounts required by law to be paid to the Executive; (iii) a lump sum payment of any accrued but unpaid bonus for the prior year; and (iv) a lump sum
payment of $7,800,000. All such payments will be made on the date that is the 45th day after the date of the Executive's Separation, unless that day is not a day on which banking
institutions in Denver, Colorado are open for business (a
"business day"), in which case such payments will be made on the immediately succeeding business day. Upon such Separation and notwithstanding any
provision to the contrary contained herein, in any equity plan, grant agreement or any other document relating to an Equity Award, any Equity Award granted or issued to the Executive by the Company or
any of its Affiliates will vest in full and any Option Award will be exercisable throughout the remainder of the full original term of the Option Award (determined without reference to any provision
in such Option Award that reduces the exercisability of such Option Award upon the Executive's termination of employment with the Company or any of its Affiliates but otherwise in accordance with the
terms and conditions applicable to such Option Award). 

        (b)    Termination Due to the Executive's Disability.    Upon 30 days' prior written notice to the Executive,
the Company may terminate the Executive's employment due to Disability. In such event, the Executive or his legal representative, as the case may be, will receive: (i) a lump sum payment equal
to any Base Salary earned but unpaid as of the date of Separation; (ii) a lump sum payment of any unpaid expense reimbursement and other amounts required by law to be paid to the Executive;
(iii) a lump sum payment of any accrued but unpaid bonus for the prior year; and (iv) a lump sum payment of $7,800,000. All such payments will be made on the
45th day after the Separation date or, if that day is not a business day, on the next succeeding business day. In addition, for a period of 18 months following such
Separation, the Executive will be entitled to: (x) continued use of the Company's aircraft (consistent with the terms of Executive's use of such aircraft during the Employment Period),
(y) information technology support from the Company, as reasonably requested by the Executive and (z) continuation of such other perquisites as the Executive was entitled to receive
under Section 4(e) immediately prior to such Separation. Upon such Separation and notwithstanding any provision to the contrary contained herein, in any equity
plan, grant agreement or any other document relating to an Equity Award, any Equity Award granted or issued to the Executive by the Company or any of its Affiliates will vest in full and any Option
Award will be exercisable throughout the remainder of the full original term of the Option Award (determined without reference to any provision in such Option Award that reduces the exercisability of
such Option Award upon the Executive's termination of employment with the Company or any of its Affiliates but otherwise in accordance with the terms and conditions applicable to such Option Award). 

        (c)    Termination by the Company Without Cause or by the Executive for Good Reason.    Upon 30 days' prior
written notice to the Executive, the Company may terminate the Executive's employment without Cause. Upon 30 days' prior written notice to the Company, the Executive may terminate his
employment with the Company for Good Reason. In either such event the Executive will receive: (i) a lump sum payment equal to any Base Salary earned but unpaid as of the date of Separation;
(ii) a lump sum payment of any unpaid expense reimbursements and any amounts required by law to be paid 

6

 

to
the Executive; and (iii) a lump sum payment of any accrued but unpaid bonus for the prior year. All such payments will be made on the 45th day after the Separation date
or, if that day is not a business day, on the next succeeding business day. In addition, for a period of 18 months following such Separation, the Executive will be entitled to:
(x) continued use of the Company's aircraft (consistent with the terms of Executive's use of such aircraft during the Employment Period), (y) information technology support from the
Company, as reasonably requested by the Executive and (z) continuation of such other perquisites as the Executive was entitled to receive under Section 4(e)
immediately prior to such Separation. Additionally, the Executive will receive a severance payment equal to $7,800,000 (the
"Separation Amount", which will be paid as follows: (X) an amount equal to 1.5 times the Executive's then current Base Salary
("Salary Continuation Amount") will be paid in equal monthly installments over the 18 month period commencing on the first payroll period
following such termination and (Y) an amount equal to the Separation Amount less the Salary Continuation Amount will be paid to the Executive in a lump sum on the date prescribed by the fourth
sentence of this Section. Upon such Separation and notwithstanding any provision to the contrary herein or in any equity plan, grant agreement or other document relating to an Equity Award, all of the
Original Options and any other outstanding, unvested Equity Award granted or issued to the Executive by the Company or any of its Affiliates (other than any Equity Award granted or issued to the
Executive after the date of this Agreement by any such Affiliate for which the Executive continues to serve as Chief Executive Officer after termination of his employment with the Company) will vest
in a percentage equal to a fraction the numerator of which is the number of days the Executive was employed by the Company or its Affiliates during the vesting period associated with such Equity Award
to and including the date of the Executive's Separation plus 548, and the denominator of which is the entire vesting term of such Equity Award (in days). Notwithstanding the foregoing, if
(i) the members of the Malone Group (as defined below) cease to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, securities
of the Company representing at least 20% of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from rights accruing under special circumstances) having
the right to vote in the election of directors (such percentage to be calculated as provided in Rule 13d-3(d) under the Exchange Act in the case of rights to acquire the Company's
securities) and (ii) within the period beginning 90 days before and ending 210 days after the date the condition prescribed in the foregoing clause (i) is satisfied (the
"Malone Termination Period"), there shall occur a Separation by the Company without Cause or a Separation by the Executive for Good Reason, then all of
the Original Options and any other outstanding, unvested Equity Award granted or issued to the Executive by the Company or any of its Affiliates (other than any Equity Award granted or issued to the
Executive after the date of this Agreement by any such Affiliate for which the Executive continues to serve as Chief Executive Officer after termination of his employment with the Company) will vest
in full. The "Malone Group" means John C. Malone, his spouse, his children and other lineal descendents or any trust, foundation or other Person established by a member of the Malone Group for the
benefit of one or more members of the Malone Group or for a charitable purpose. Any vested Option Awards, including without limitation any Option Award that vested pursuant to the two immediately
preceding sentences or the immediately following sentence, will remain exercisable throughout the remainder of the full original term of the Option Award (determined without reference to any provision
in such Option Award that reduces the exercisability of such Option Award upon an individual's termination of employment with the Company or any of its Affiliates). Any Equity Awards granted or issued
to the Executive after the date of this Agreement by any Affiliate of the Company which do not become vested and, if applicable, exercisable, pursuant to this
Section 5(c) by reason of the Executive's appointment as Chief Executive Officer of such Affiliate shall become vested and, if applicable, exercisable upon his
termination of employment for Good Reason or without Cause from such Affiliate in a percentage equal to (i) in the case of such a termination during the Malone Termination Period, 100% or
(ii) in the case of such a termination not during the Malone Termination Period, a fraction, the numerator of which is the number of days the Executive was employed by the Company and its
Affiliates during the vesting period associated with 

7

 

such
Equity Award to and including the date of such termination plus 548, and the denominator of which is the entire vesting term of such Equity Award (in days) (provided that the "Malone Termination
Period" will be defined (for the purposes of this sentence) by substituting for "the Company" the Affiliate of the Company for which the Executive is appointed to serve as Chief Executive Officer and
"Cause" and "Good Reason" shall be interpreted and applied in a manner that reflects the Executive's employment by such Affiliate, rather than by the Company). 

        (d)    Termination For Cause.    Subject to the provisions of Section 1(c), the
Company may terminate the Executive's employment for Cause. In such event, the Executive will receive: (i) a lump sum payment equal to any Base Salary earned but unpaid as of the date of
Separation; and (ii) a lump sum payment of any unpaid expense reimbursements and any amounts required by law to be paid to the Executive. All such payments will be made on the
45th day after the Separation date or, if that day is not a business day, on the next succeeding business day. Additionally, upon such Separation all unvested Equity Awards will
be forfeited and all vested, unexercised Equity Awards that are options or similar rights will cease to be exercisable 90 days after the Separation date (but in no event after the stated term
of such option or similar right has expired). 

        (e)    Termination Without Good Reason.    Upon 30 days' prior written notice to the Company, the Executive
will have the right to terminate his employment without Good Reason or any reason at all. In such event, the Executive will receive: (i) a lump sum payment equal to any Base Salary earned but
unpaid as of the date of Separation; (ii) a lump sum payment of any accrued but unpaid bonus for the prior year; and (iii) a lump sum payment of any unpaid expense reimbursements and any
amounts required by law to be paid to the Executive. All such payments will be made on the 45th day after the Separation date or, if that day is not a business day, on the next
succeeding business day. Additionally, upon such Separation all unvested Equity Awards will be forfeited and all vested, unexercised Equity Awards that are options or similar rights will cease to be
exercisable 90 days after the Separation date (but in no event after the stated term of such option or similar right has expired). 

        (f)    Specified Employee.    Notwithstanding any other provision of this Agreement, if (i) the Executive is to
receive payments or benefits under Section 5 by reason of his separation from service (as such term is defined in Section 409A of the Code) other than as a
result of his death, (ii) the Executive is a "specified employee" within the meaning of Section 409A of the Code for the period in which the payment or benefits would otherwise commence,
and (iii) such payment or benefit would otherwise subject the Executive to any tax, interest or penalty imposed under Section 409A of the Code (or any regulation promulgated thereunder)
if the payment or benefit were to commence within six months after a termination of the Executive's employment, then such payment or benefit required under
Section 5 will instead be paid as provided in this Section 5(f). Each severance payment contemplated under this
Section 5 will be treated as a separate payment in a series of separate payments under Treasury Regulation Section 1.409A-2(b)(2)(iii). Such
payments or benefits which would have otherwise been required to be made over such six month period will be paid, without interest, to the Executive in one lump sum payment or otherwise provided to
the Executive on the first business day that is six months and one day after the termination of the Executive's employment. Thereafter, the payments and benefits will continue, if applicable, for the
relevant period set forth above. For purposes of this Agreement, all references to "Separation," "termination of employment" and other similar language will be deemed to refer to the Executive's
"separation from service" as defined in Treasury Regulation Section 1.409A-1(h), including, without limitation, the default presumptions thereof. 

        (g)    Full Settlement; No Mitigation.    The Company's obligation to make the payments provided for in this Agreement
and otherwise to perform its obligations hereunder will not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company or any Affiliate
may have against the Executive. In no event will the Executive be obligated
to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement. 

8

 

  
        (h)    Non-exclusivity of Rights.    Nothing in this Agreement will prevent or limit the Executive's
continuing or future participation in any employee benefit plan, program, policy or practice provided by the Company or an Affiliate and for which the Executive may qualify, except as specifically
provided herein. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of the Company or an Affiliate at or subsequent
to a Separation will be payable in accordance with such plan, policy, practice or program, except as explicitly modified by this Agreement. 

6.    Confidential Information.    The Executive will not, during or after the Employment Period, 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 Executive's duties and responsibilities under this Agreement 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
Executive's rights against the Company or its Affiliates' or to defend himself against any allegations). The Executive will also proffer to the Company, no later than the effective date of any
termination of the Executive'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 Executive's actual
or constructive possession or which are subject to the Executive'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 Affiliate of the Company, 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 Affiliate of the
Company. 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 Executive's breach of any of his obligations under this Section). If the Executive is in breach of any of the provisions of this
Section 6, or if any such breach is threatened by the Executive, 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 6. The Executive 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 Executive will not use as a defense thereto that there is an
adequate remedy at law. 

7.    Successors and Assigns.    This Agreement will bind and inure to the benefit of and be enforceable by
the Executive, the Company, the Executive's and the Company's respective successors and assigns and the Executive's estate, heirs and legal representatives (as applicable). The Company will require
any successor to all or substantially all of its business and/or assets, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or, by an agreement in form and substance
reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such
succession had taken place. 

9

 

8.    Notices.    Any notice provided for in this Agreement must be in writing and must be either personally
delivered, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated: 

 

 

			
	To the Company:	 	Liberty Media Corporation

12300 Liberty Boulevard

Englewood, CO 80112

Attention: Chairman of the Board
	
 With a copy to the Company's

counsel at:	
 	
Liberty Media Corporation

12300 Liberty Boulevard

Englewood, CO 80112

Attention: Legal Department
	
 To the Executive:	
 	
at the address listed in the Company's personnel records
	
 With a copy to the Executive's

counsel at:	
 	
Dechert LLP

1095 Avenue of the Americas

New York, NY 10036-6797

Attention: Stephen W. Skonieczny, Esq.

Telephone: (212) 698-3524

Facsimile: (212) 314-0024

 

 9.    General Provisions.    

        (a)    Severability.    Whenever possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but
this Agreement will (except as otherwise expressly provided herein) be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. 

        (b)    Entire Agreement.    This Agreement contains the entire agreement between the parties concerning the subject
matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto, including without
limitation any non-binding term sheets addressing potential provisions of this agreement. 

        (c)    No Strict Construction; headings.    The language used in this Agreement will be deemed to be the language
chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party. The headings of the sections contained in this Agreement are for
convenience only and will not be deemed to control or affect the meaning or construction of any provision of this Agreement. 

        (d)    Counterparts.    This Agreement may be executed and delivered in separate counterparts (including by means of
facsimile), each of which is deemed to be an original and all of which taken together constitute one and the same agreement. This Agreement will become effective only when counterparts have been
executed and delivered by all parties whose names are set forth on the signature page(s) hereof. 

10

 

        (e)    Applicable Law.    This Agreement will be governed by and construed in accordance with the laws of the State of
Colorado, applied without reference to principles of conflict of laws. 

        (f)    Legal Fees and Other Expenses.    The Company will pay or reimburse the Executive for all legal fees and
expenses incurred by the Executive in connection with the review, preparation and negotiation of this Agreement, any option agreement, restricted stock award, Equity Award and/or any other agreements
or plans referenced herein and any documents related thereto. Any such reimbursement will be made as soon as practicable following submission of a reimbursement request, but no later than the later of
(i) the end of the year following the year during which the underlying expense was incurred or (ii) the end of the year following the year in which the Executive's right to such
reimbursement arises. 

        (g)    Compliance with Section 409A.    To the extent that the provisions of Section 409A of the Code or
any Treasury regulations promulgated thereunder are applicable to any amounts payable hereunder, 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 Executive 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 any payments or property transfers received or to be received under this Agreement or otherwise, the Company will pay the Executive an amount (the
"Special Reimbursement") which, after payment to the Executive (or on the Executive'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 Executive under this Section will be made to the Executive, or on behalf of the Executive, 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 Executive is required to pay such amount to the Internal Revenue Service. Notwithstanding the foregoing, all payments under
this Section will be made to the Executive, or on the Executive's behalf, no later than the end of the year following the year in which the Executive or the Company paid the related taxes, interest or
penalties. The Executive 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 regulations promulgated thereunder and to limit the amount of any additional payments required by this Section 9(g) to be made to the Executive. 

        (h)    Amendment and Waiver.    The provisions of this Agreement may be amended only by a writing signed by the
Company and the Executive. No waiver by a party of a breach or default hereunder will be valid unless in a writing signed by the waiving party, and no such waiver will be deemed a waiver of any
subsequent breach or default. 

        (i)    Withholding.    All payments to the Executive or under this Agreement will be subject to withholding on account
of federal, state and local taxes as required by law. 

        (j)    Survival.    This Agreement will survive a Separation or the expiration of the Employment Period and will
remain in full force and effect after such Separation. 

        (k)    Arbitration.    Except as provided in Section 6, any controversy, claim or
dispute arising out of or in any way relating to this Agreement (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 Executive and the Company acknowledge that they are relinquishing their right to a jury trial. The Executive and the Company agree that
arbitration will be the exclusive method for resolving disputes arising out of or related to the Executive's employment with the Company. 

11

 

        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 Executive 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. 

        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,
provided that the Executive will be required to pay the amount of filing fees equal to that which the Executive would be required to pay to file an action in a Colorado state court. 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 that is subject to limited judicial review consistent with applicable law. 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. 

[The
remainder of this page is left intentionally blank.] 

12

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above. 

 

 

					
	 	 	LIBERTY MEDIA CORPORATION
	

 	
 	
By:	
 	

 
	 	 	Name:	 	Charles Y. Tanabe
	 	 	Title:	 	Executive Vice President
	 	 	Executed:	 	May 17, 2010
	

 	
 	
EXECUTIVE:
	

 	
 	

  Gregory B. Maffei

Executed: May 17, 2010

 

 

 

 
 

  Appendix A
  Current Permitted Activities    
    

Chairman
and stockholder, 360networks Corporation

Director, Electronic Arts

Owner, Lockerz, LLC 

14

QuickLinks

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

RECITALS

Appendix A Current Permitted ActivitiesQuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.2    
    

 
 

  LIBERTY MEDIA CORPORATION
  2010 INCENTIVE PLAN    
    

 
  ARTICLE I    
    
    PURPOSE OF PLAN; EFFECTIVE DATE

        1.1    Purpose.    The purpose of the Plan is to promote the success of the Company by providing a method whereby
(i) eligible employees of the Company and its Subsidiaries and (ii) independent contractors providing services to the Company and its Subsidiaries may be awarded additional remuneration
for services rendered and may be encouraged to invest in capital stock of the Company, thereby increasing their proprietary interest in the Company's businesses, encouraging them to remain in the
employ or service of the Company or its Subsidiaries, and increasing their personal interest in the continued
success and progress of the Company and its Subsidiaries. The Plan is also intended to aid in (i) attracting Persons of exceptional ability to become officers and employees of the Company and
its Subsidiaries and (ii) inducing independent contractors to agree to provide services to the Company and its Subsidiaries. 

        1.2    Effective Date.    The Plan shall be effective as of February 23, 2010 (the "Effective Date");  provided, however, that the Plan is subject to the receipt of the approval of the stockholders of the
Company, and any grants of Awards made prior to the date on which such requisite approval is obtained shall be subject to and contingent upon the receipt of such approval. 

 
 

ARTICLE II    
    
    DEFINITIONS

        2.1    Certain Defined Terms.    Capitalized terms not defined elsewhere in the Plan shall have the following meanings
(whether used in the singular or plural): 

        "Account"
has the meaning ascribed thereto in Section 8.2. 

        "Affiliate"
of the Company means any corporation, partnership or other business association that, directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with the Company. 

        "Agreement"
means a stock option agreement, stock appreciation rights agreement, restricted shares agreement, restricted stock units agreement, cash award agreement or an agreement
evidencing more than one type of Award, specified in Section 10.5, as any such Agreement may be supplemented or amended from time to time. 

        "Approved
Transaction" means any transaction in which the Board (or, if approval of the Board is not required as a matter of law, the stockholders of the Company) shall approve
(i) any consolidation or merger of the Company, or binding share exchange, pursuant to which shares of Common Stock of the Company would be changed or converted into or exchanged for cash,
securities, or other property, other than any such transaction in which the common stockholders of the Company immediately prior to such transaction have the same proportionate ownership of the Common
Stock of, and voting power with respect to, the surviving corporation immediately after such transaction, (ii) any merger, consolidation or binding share exchange to which the Company is a
party as a result of which the Persons who are common stockholders of the Company immediately prior thereto have less than a majority of the combined voting power of the outstanding capital stock of
the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the election of directors immediately following such merger, consolidation or
binding share exchange, (iii) the adoption of any plan or proposal for the liquidation or dissolution of the Company, or (iv) any sale, lease, exchange or other 

 

transfer
(in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company. 

        "Award"
means a grant of Options, SARs, Restricted Shares, Restricted Stock Units, Performance Awards, Cash Awards and/or cash amounts under the Plan. 

        "Board"
means the Board of Directors of the Company. 

        "Board
Change" means, during any period of two consecutive years, individuals who at the beginning of such period constituted the entire Board cease for any reason to constitute a
majority thereof unless the election, or the nomination for election, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were
directors at the beginning of the period. 

        "Cash
Award" means an Award made pursuant to Section 9.1 of the Plan to a Holder that is paid solely on account of the attainment of one or more Performance Objectives that have
been preestablished by the Committee. 

        "Code"
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute or statutes thereto. Reference to any specific Code section shall include any
successor section. 

        "Committee"
means the committee of the Board appointed pursuant to Section 3.1 to administer the Plan. 

        "Common
Stock" means each or any (as the context may require) series of the Company's common stock. 

        "Company"
means Liberty Media Corporation, a Delaware corporation. 

        "Control
Purchase" means any transaction (or series of related transactions) in which any person (as such term is defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act),
corporation or other entity (other than the Company, any Subsidiary of the Company or any employee benefit plan sponsored by the Company or any Subsidiary of the Company or any Exempt Person (as
defined below)) shall become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
20% or more of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the
election of directors (calculated as provided in Rule 13d-3(d) under the Exchange Act in the case of rights to acquire the Company's securities), other than in a transaction (or
series of related transactions) approved by the Board. For purposes of this definition, "Exempt Person" means each of (a) the Chairman of the Board, the President and each of the directors of
the Company as of the Effective Date, and (b) the respective family members, estates and heirs of each of the Persons referred to in clause (a) above and any trust or other investment
vehicle for the primary benefit of any of such Persons or their respective family members or heirs. As used with respect to any Person, the term "family member" means the spouse, siblings and lineal
descendants of such Person. 

        "Disability"
means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

        "Dividend
Equivalents" means, with respect to Restricted Stock Units, to the extent specified by the Committee only, an amount equal to all dividends and other distributions (or the
economic equivalent thereof) which are payable to stockholders of record during the Restriction Period on a like number and kind of shares of Common Stock. Notwithstanding any provision of the Plan to 

2

 

the
contrary, Dividend Equivalents with respect to a Performance Award may only be paid to the extent the Performance Award is actually paid to the Holder. 

        "Domestic
Relations Order" means a domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder. 

        "Equity
Security" shall have the meaning ascribed to such term in Section 3(a)(11) of the Exchange Act, and an equity security of an issuer shall have the meaning ascribed thereto
in Rule 16a-1 promulgated under the Exchange Act, or any successor Rule. 

        "Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute or statutes thereto. Reference to any specific Exchange Act section shall
include any successor section. 

        "Fair
Market Value" of a share of any series of Common Stock on any day means (i) for Option and SAR exercise transactions effected on any third-party incentive award
administration system provided by the Company, the current high bid price of a share of any series of Common Stock as reported on the consolidated transaction reporting system on the principal
national securities exchange on which shares of such series of Common Stock are listed on such day or if such shares are not then listed on a national securities exchange, then as quoted by Pink OTC
Markets Inc., or (ii) for all other purposes under this Plan, the last sale price (or, if no last sale price is reported, the average of the high bid and low asked prices) for a share of
such series of Common Stock on such day (or, if such day is not a trading day, on the next preceding trading day) as reported on the consolidated transaction reporting system for the principal
national securities exchange on which shares of such series of Common Stock are listed on such day or if such shares are not then listed on a national securities exchange, then as quoted by Pink OTC
Markets Inc. If for any day the Fair Market Value of a share of the applicable series of Common Stock is not determinable by any of the foregoing means, then the Fair Market Value for such day
shall be determined in good faith by the Committee on the basis of such quotations and other considerations as the Committee deems appropriate. 

        "Free
Standing SAR" has the meaning ascribed thereto in Section 7.1. 

        "Holder"
means a Person who has received an Award under the Plan. 

        "Option"
means a stock option granted under Article VI. 

        "Performance
Award" means an Award made pursuant to Article IX of the Plan to a Holder that is subject to the attainment of one or more Performance Objectives. 

        "Performance
Objective" means a standard established by the Committee to determine in whole or in part whether a Performance Award shall be earned. 

        "Person"
means an individual, corporation, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture or other entity of any kind. 

        "Plan"
means this Liberty Media Corporation 2010 Incentive Plan. 

        "Restricted
Shares" means shares of any series of Common Stock awarded pursuant to Section 8.1. 

        "Restricted
Stock Unit" means a unit evidencing the right to receive in specified circumstances one share of the specified series of Common Stock or the equivalent value in cash, which
right is subject to a Restriction Period or forfeiture provisions. 

        "Restriction
Period" means a period of time beginning on the date of each Award of Restricted Shares or Restricted Stock Units and ending on the Vesting Date with respect to such Award. 

3

 

        "Retained
Distribution" has the meaning ascribed thereto in Section 8.3. 

        "SARs"
means stock appreciation rights, awarded pursuant to Article VII, with respect to shares of any specified series of Common Stock. 

        "Subsidiary"
of a Person means any present or future subsidiary (as defined in Section 424(f) of the Code) of such Person or any business entity in which such Person owns,
directly or indirectly, 50% or more of the voting, capital or profits interests. An entity shall be deemed a subsidiary of a Person for purposes of this definition only for such periods as the
requisite ownership or control relationship is maintained. 

        "Tandem
SARs" has the meaning ascribed thereto in Section 7.1. 

        "Vesting
Date," with respect to any Restricted Shares or Restricted Stock Units awarded hereunder, means the date on which such Restricted Shares or Restricted Stock Units cease to be
subject to a risk of forfeiture, as designated in or determined in accordance with the Agreement with respect to such Award of Restricted Shares or Restricted Stock Units pursuant to
Article VIII. If more than one Vesting Date is designated for an Award of Restricted Shares or Restricted Stock Units, reference in the Plan to a Vesting Date in respect of such Award shall be
deemed to refer to each part of such Award and the Vesting Date for such part. 

 
 

ARTICLE III    
    
    ADMINISTRATION

        3.1    Committee.    The Plan shall be administered by the Compensation Committee of the Board unless a different
committee is appointed by the Board. The Committee shall be comprised of not less than two Persons. The Board may from time to time appoint members of the Committee in substitution for or in addition
to members previously appointed, may fill vacancies in the Committee and may remove members of the Committee. The Committee shall select one of its members as its chairman and shall hold its meetings
at such times and places as it shall deem advisable. A majority of its members shall constitute a quorum and all determinations shall be made by a majority of such quorum. Any determination reduced to
writing and signed by all of the members shall be as fully effective as if it had been made by a majority vote at a meeting duly called and held. 

        3.2    Powers.    The Committee shall have full power and authority to grant to eligible Persons Options under
Article VI of the Plan, SARs under Article VII of the Plan, Restricted Shares under Article VIII of the Plan, Restricted Stock Units under Article VIII of the Plan, Cash
Awards under Article IX of the Plan and/or Performance Awards under Article IX of the Plan, to determine the terms and conditions (which need not be identical) of all Awards so granted,
to interpret the provisions of the Plan and any Agreements relating to Awards granted under the Plan and to supervise the administration of the Plan. The Committee in making an Award may provide for
the granting or issuance of additional, replacement or alternative Awards upon the occurrence of specified events, including the exercise of the original Award. The Committee shall have sole authority
in the selection of Persons to whom Awards may be granted under the Plan and in the determination of the timing, pricing and amount of any such Award, subject only to the express provisions of the
Plan. In making determinations hereunder, the Committee may take into account the nature of the services rendered by the respective employees and independent contractors, their present and potential
contributions to the success of the Company and its Subsidiaries, and such other factors as the Committee in its discretion deems relevant. 

        3.3    Interpretation.    The Committee is authorized, subject to the provisions of the Plan, to establish, amend and
rescind such rules and regulations as it deems necessary or advisable for the proper administration of the Plan and to take such other action in connection with or in relation to the 

4

 

Plan
as it deems necessary or advisable. Each action and determination made or taken pursuant to the Plan by the Committee, including any interpretation or construction of the Plan, shall be final and
conclusive for all purposes and upon all Persons. No member of the Committee shall be liable for any action or determination made or taken by him or the Committee in good faith with respect to the
Plan. 

 
 

ARTICLE IV    
    
    SHARES SUBJECT TO THE PLAN

        4.1    Number of Shares.    Subject to the provisions of this Article IV, the maximum number of shares of
Common Stock with respect to which Awards may be granted during the term of the Plan shall be 50 million shares. Shares of Common Stock will be made available from the authorized but unissued
shares of the Company or from shares reacquired by the Company, including shares purchased in the open market. The shares of Common Stock subject to (i) any Award granted under the Plan that
shall expire, terminate or be cancelled or annulled for any reason without having been exercised (or considered to have been exercised as provided in Section 7.2), (ii) any Award of any
SARs granted under the Plan the terms of which provide for settlement in cash, and (iii) any Award of Restricted Shares or Restricted Stock Units that shall be forfeited prior to becoming
vested (provided that the Holder received no benefits of ownership of such Restricted Shares or Restricted Stock Units other than voting rights and the accumulation of Retained Distributions and
unpaid Dividend Equivalents that are likewise forfeited) shall again be available for purposes of the Plan. Notwithstanding the foregoing, the following shares of Common Stock may not again be made
available for issuance as Awards under the Plan: (a) shares of Common Stock not issued or delivered as a result of the net settlement of an outstanding Option or SAR, (b) shares of
Common Stock used to pay the purchase price or withholding taxes related to an outstanding Award, or (c) shares of Common Stock repurchased on the open market with the proceeds of an Option
purchase price. Except for Awards described in Section 10.1, no Person may be granted in any calendar year Awards covering more than 8 million shares of Common Stock (as such amount may
be adjusted from time to time as provided in Section 4.2). No Person shall receive payment for Cash Awards during any calendar year aggregating in excess of $10 million. 

        4.2    Adjustments.    

        (a)   If
the Company subdivides its outstanding shares of any series of Common Stock into a greater number of shares of such series of Common Stock (by stock dividend, stock
split, reclassification, or otherwise) or combines its outstanding shares of any series of Common Stock into a smaller number of shares of such series of Common Stock (by reverse stock split,
reclassification, or otherwise) or if the Committee determines that any stock dividend, extraordinary cash dividend, reclassification, recapitalization, reorganization, stock redemption,
split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase such series of Common Stock or other similar corporate event (including mergers or
consolidations other than those which constitute Approved Transactions, adjustments with respect to which shall be governed by Section 10.1(b)) affects any series of Common Stock so that an
adjustment is required to preserve the benefits or potential benefits intended to be made available under the Plan, then the Committee, in such manner as the Committee, in its sole discretion, deems
equitable and appropriate, shall make such adjustments to any or all of (i) the number and kind of shares of stock which thereafter may be awarded, optioned or otherwise made subject to the
benefits contemplated by the Plan, (ii) the number and kind of shares of stock subject to outstanding Awards, and (iii) the purchase or exercise price and the relevant appreciation base
with respect to any of the foregoing, provided, however, that the number of shares subject to any Award shall always be a whole number. The Committee
may, if deemed appropriate, provide for a cash payment to any Holder of an Award in connection with any adjustment made pursuant to this Section 4.2. 

5

 

        (b)   Notwithstanding
any provision of the Plan to the contrary, in the event of a corporate merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, the Committee shall be authorized, in its discretion, (i) to provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or
lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such
transaction, or (ii) to cancel any such Awards and to deliver to the Holders cash in an amount that the Committee shall determine in its sole discretion is equal to the fair market value of
such Awards on the date of such event, which in the case of Options or SARs shall be the excess of the Fair Market Value (as determined in sub-section (ii) of the definition of such
term) of Common Stock on such date over the purchase price of the Options or the base price of the SARs, as applicable. 

        (c)   No
adjustment or substitution pursuant to this Section 4.2 shall be made in a manner that results in noncompliance with the requirements of Section 409A of
the Code, to the extent applicable. 

 
 

ARTICLE V    
    
    ELIGIBILITY

        5.1    General.    The Persons who shall be eligible to participate in the Plan and to receive Awards under the Plan
shall, subject to Section 5.2, be such Persons who are employees (including officers and directors) of or independent contractors providing services to the Company or its Subsidiaries as the
Committee shall select. Awards may be made to employees or independent contractors who hold or have held Awards under the Plan or any similar or other awards under any other plan of the Company or any
of its Affiliates. 

        5.2    Ineligibility.    No member of the Committee, while serving as such, shall be eligible to receive an Award. 

 
 

ARTICLE VI    
    
    STOCK OPTIONS

        6.1    Grant of Options.    Subject to the limitations of the Plan, the Committee shall designate from time to time
those eligible Persons to be granted Options, the time when each Option shall be granted to such eligible Persons, the series and number of shares of Common Stock subject to such Option, and, subject
to Section 6.2, the purchase price of the shares of Common Stock subject to such Option. 

        6.2    Option Price.    The price at which shares may be purchased upon exercise of an Option shall be fixed by the
Committee and may be no less than the Fair Market Value of the shares of the applicable series of Common Stock subject to the Option as of the date the Option is granted. 

        6.3    Term of Options.    Subject to the provisions of the Plan with respect to death, retirement and termination of
employment, the term of each Option shall be for such period as the Committee shall determine as set forth in the applicable Agreement; provided that such term may not exceed ten years. 

        6.4    Exercise of Options.    An Option granted under the Plan shall become (and remain) exercisable during the term
of the Option to the extent provided in the applicable Agreement and the Plan and, unless the Agreement otherwise provides, may be exercised to the extent exercisable, in whole or in part, at any time
and from time to time during such term; provided, however, that subsequent to the grant of an Option, the Committee, at any time before complete
termination of such Option, may accelerate the time or times at which such Option may be exercised in whole or in part (without reducing the term of such Option). 

6

 

 

        6.5    Manner of Exercise.    

        (a)    Form of Payment.    An Option shall be exercised by written notice to the Company upon such terms and
conditions as the Agreement may provide and in accordance with such other procedures for the exercise of Options as the Committee may establish from time to time. The method or methods of payment of
the purchase price for the shares to be purchased upon exercise of an Option and of any amounts required by Section 10.9 shall be determined by the Committee and may consist of (i) cash,
(ii) check, (iii) promissory note (subject to applicable law), (iv) whole shares of any series of Common Stock, (v) the withholding of shares of the applicable series of
Common Stock issuable upon such exercise of the Option, (vi) the delivery, together with a properly executed exercise notice, of irrevocable instructions to a broker to deliver promptly to the
Company the amount of sale or loan proceeds required to pay the purchase price, or (vii) any combination of the foregoing methods of payment, or such other consideration and method of payment
as may be permitted for the issuance of shares under the Delaware General Corporation Law. The permitted method or methods of payment of the amounts payable upon exercise of an Option, if other than
in cash, shall be set forth in the applicable Agreement and may be subject to such conditions as the Committee deems appropriate. 

        (b)    Value of Shares.    Unless otherwise determined by the Committee and provided in the applicable Agreement,
shares of any series of Common Stock delivered in payment of all or any part of the amounts payable in connection with the exercise of an Option, and shares of any series of Common Stock withheld for
such payment, shall be valued for such purpose at their Fair Market Value as of the exercise date. 

        (c)    Issuance of Shares.    The Company shall effect the transfer of the shares of Common Stock purchased under the
Option as soon as practicable after the exercise thereof and payment in full of the purchase price therefor and of any amounts required by Section 10.9, and within a reasonable time thereafter,
such transfer shall be evidenced on the books of the Company. Unless otherwise determined by the Committee and provided in the applicable Agreement, (i) no Holder or other Person exercising an
Option shall have any of the rights of a stockholder of the Company with respect to shares of Common Stock subject to an Option granted under the Plan until due exercise and full payment has been
made,
and (ii) no adjustment shall be made for cash dividends or other rights for which the record date is prior to the date of such due exercise and full payment. 

        6.6    Nontransferability.    Unless otherwise determined by the Committee and provided in the applicable Agreement,
Options shall not be transferable other than by will or the laws of descent and distribution or pursuant to a Domestic Relations Order, and, except as otherwise required pursuant to a Domestic
Relations Order, Options may be exercised during the lifetime of the Holder thereof only by such Holder (or his or her court-appointed legal representative). 

 
 

ARTICLE VII    
    
    SARS

        7.1    Grant of SARs.    Subject to the limitations of the Plan, SARs may be granted by the Committee to such eligible
Persons in such numbers, with respect to any specified series of Common Stock, and at such times during the term of the Plan as the Committee shall determine. A SAR may be granted to a Holder of an
Option (hereinafter called a "related Option") with respect to all or a portion of the shares of Common Stock subject to the related Option (a "Tandem SAR") or may be granted separately to an eligible
employee (a "Free Standing SAR"). Subject to the limitations of the Plan, SARs shall be exercisable in whole or in part upon notice to the Company upon such terms and conditions as are provided in the
Agreement. 

7

 

        7.2    Tandem SARs.    A Tandem SAR may be granted either concurrently with the grant of the related Option or at any
time thereafter prior to the complete exercise, termination, expiration or cancellation of such related Option. Tandem SARs shall be exercisable only at the time and to the extent that the related
Option is exercisable (and may be subject to such additional limitations on exercisability as the Agreement may provide) and in no event after the complete termination or full exercise of the related
Option. Upon the exercise or termination of the related Option, the Tandem SARs with respect thereto shall be canceled automatically to the extent of the number of shares of Common Stock with respect
to which the related Option was so exercised or terminated. Subject to the limitations of the Plan, upon the exercise of a Tandem SAR and unless otherwise determined by the Committee and provided in
the
applicable Agreement, (i) the Holder thereof shall be entitled to receive from the Company, for each share of the applicable series of Common Stock with respect to which the Tandem SAR is being
exercised, consideration (in the form determined as provided in Section 7.4) equal in value to the excess of the Fair Market Value of a share of the applicable series of Common Stock with
respect to which the Tandem SAR was granted on the date of exercise over the related Option purchase price per share, and (ii) the related Option with respect thereto shall be canceled
automatically to the extent of the number of shares of Common Stock with respect to which the Tandem SAR was so exercised. 

        7.3    Free Standing SARs.    Free Standing SARs shall be exercisable at the time, to the extent and upon the terms
and conditions set forth in the applicable Agreement. The base price of a Free Standing SAR may be no less than the Fair Market Value of the applicable series of Common Stock with respect to which the
Free Standing SAR was granted as of the date the Free Standing SAR is granted. Subject to the limitations of the Plan, upon the exercise of a Free Standing SAR and unless otherwise determined by the
Committee and provided in the applicable Agreement, the Holder thereof shall be entitled to receive from the Company, for each share of the applicable series of Common Stock with respect to which the
Free Standing SAR is being exercised, consideration (in the form determined as provided in Section 7.4) equal in value to the excess of the Fair Market Value of a share of the applicable series
of Common Stock with respect to which the Free Standing SAR was granted on the date of exercise over the base price per share of such Free Standing SAR. The term of a Free Standing SAR may not exceed
ten years. 

        7.4    Consideration.    The consideration to be received upon the exercise of a SAR by the Holder shall be paid in
cash, shares of the applicable series of Common Stock with respect to which the SAR was granted (valued at Fair Market Value on the date of exercise of such SAR), a combination of cash and such shares
of the applicable series of Common Stock or such other consideration, in each case, as provided in the Agreement. No fractional shares of Common Stock shall be issuable upon exercise of a SAR, and
unless otherwise provided in the applicable Agreement, the Holder will receive cash in lieu of fractional shares. Unless the Committee shall otherwise determine, to the extent a Free Standing SAR is
exercisable, it will be exercised automatically for cash on its expiration date. 

        7.5    Limitations.    The applicable Agreement may provide for a limit on the amount payable to a Holder upon
exercise of SARs at any time or in the aggregate, for a limit on the number of SARs that may be exercised by the Holder in whole or in part for cash during any specified period, for a limit on the
time periods during which a Holder may exercise SARs, and for such other limits on the rights of the Holder and such other terms and conditions of the SAR, including a condition that the SAR may be
exercised only in accordance with rules and regulations adopted from time to time, as the Committee may determine. Unless otherwise so provided in the applicable Agreement, any such limit relating to
a Tandem SAR shall not restrict the exercisability of the related Option. Such rules and regulations may govern the right to exercise SARs granted prior to the adoption or amendment of such rules and
regulations as well as SARs granted thereafter. 

8

 

        7.6    Exercise.    For purposes of this Article VII, the date of exercise of a SAR shall mean the date on
which the Company shall have received notice from the Holder of the SAR of the exercise of such SAR (unless otherwise determined by the Committee and provided in the applicable Agreement). 

        7.7    Nontransferability.    Unless otherwise determined by the Committee and provided in the applicable Agreement,
(i) SARs shall not be transferable other than by will or the laws of descent and distribution or pursuant to a Domestic Relations Order, and (ii) except as otherwise required pursuant to
a Domestic Relations Order, SARs may be exercised during the lifetime of the Holder thereof only by such Holder (or his or her court-appointed legal representative). 

 
 

ARTICLE VIII    
    
    RESTRICTED SHARES AND RESTRICTED STOCK UNITS

        8.1    Grant of Restricted Shares.    Subject to the limitations of the Plan, the Committee shall designate those
eligible Persons to be granted Awards of Restricted Shares, shall determine the time when each such Award shall be granted, and shall designate (or set forth the basis for determining) the Vesting
Date or Vesting Dates for each Award of Restricted Shares, and may prescribe other restrictions, terms and conditions applicable to the vesting of such Restricted Shares in addition to those provided
in the Plan. The Committee shall determine the price, if any, to be paid by the Holder for the Restricted Shares; provided, however, that the issuance
of Restricted Shares shall be made for at least the minimum consideration necessary to permit such Restricted Shares to be deemed fully paid and nonassessable. All determinations made by the Committee
pursuant to this Section 8.1 shall be specified in the Agreement. 

        8.2    Issuance of Restricted Shares.    An Award of Restricted Shares shall be registered in a book entry account
(the "Account") in the name of the Holder to whom such Restricted Shares shall have been awarded. During the Restriction Period, the Account, any certificates representing the Restricted Shares that
may be issued during the Restriction Period and any securities constituting Retained Distributions shall bear a restrictive legend to the effect that ownership of the Restricted Shares (and such
Retained Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms and conditions provided in the Plan and the applicable Agreement. Any such
certificates shall remain in the custody of the Company or its designee, and the Holder shall deposit with the custodian stock powers or other instruments of assignment, each endorsed in blank, so as
to permit retransfer to the Company of all or any portion of the Restricted Shares and any securities constituting Retained Distributions that shall be forfeited or otherwise not become vested in
accordance with the Plan and the applicable Agreement. 

        8.3    Restrictions with Respect to Restricted Shares.    During the Restriction Period, Restricted Shares shall
constitute issued and outstanding shares of the applicable series of Common Stock for all corporate purposes. The Holder will have the right to vote such Restricted Shares, to receive and retain such
dividends and distributions, as the Committee may designate, paid or distributed on such Restricted Shares, and to exercise all other rights, powers and privileges of a Holder of shares of the
applicable series of Common Stock with respect to such Restricted Shares; except, that, unless otherwise determined by the Committee and provided in the
applicable Agreement, (i) the Holder will not be entitled to delivery of the stock certificate or certificates representing such Restricted Shares until the Restriction Period shall have
expired and unless all other vesting requirements with respect thereto shall have been fulfilled or waived; (ii) the Company or its designee will retain custody of the stock certificate or
certificates representing the Restricted Shares during the Restriction Period as provided in Section 8.2; (iii) other than such dividends and distributions as the Committee may
designate, the Company or its designee will retain custody of all distributions ("Retained Distributions") made or declared with respect to the Restricted Shares (and such Retained Distributions will
be subject to the same restrictions, terms and vesting, and other conditions as are applicable to the Restricted Shares) 

9

 

until
such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested, and such Retained Distributions
shall not bear interest or be segregated in a separate account; (iv) the Holder may not sell, assign, transfer, pledge, exchange, encumber or dispose of the Restricted Shares or any Retained
Distributions or his interest in any of them during the Restriction Period; and (v) a breach of any restrictions, terms or conditions provided in the Plan or established by the Committee with
respect to any Restricted Shares or Retained Distributions will cause a forfeiture of such Restricted Shares and any Retained Distributions with respect thereto. 

        8.4    Grant of Restricted Stock Units.    Subject to the limitations of the Plan, the Committee shall designate those
eligible Persons to be granted Awards of Restricted Stock Units, the value of which is based, in whole or in part, on the Fair Market Value of the shares of any specified series of Common Stock.
Subject to the provisions of the Plan, including any rules established pursuant to Section 8.5, Awards of Restricted Stock Units shall be subject to such terms, restrictions, conditions,
vesting requirements and payment rules as the Committee may determine in its discretion, which need not be identical for each Award. Such Awards may provide for the payment of cash consideration by
the Person to whom such Award is granted or provide that the Award, and any shares of Common Stock to be issued in connection therewith, if applicable, shall be delivered without the payment of cash
consideration; provided, however, that the issuance of any shares of Common Stock in connection with an Award of Restricted Stock Units shall be for at least the minimum consideration necessary to
permit such shares to be deemed fully paid and nonassessable. The determinations made by the Committee pursuant to this Section 8.4 shall be specified in the applicable Agreement. 

        8.5    Restrictions with Respect to Restricted Stock Units.    Any Award of Restricted Stock Units, including any
shares of Common Stock which are part of an Award of Restricted Stock Units, may not be assigned, sold, transferred, pledged or otherwise encumbered prior to the date on which the shares are issued
or, if later, the date provided by the Committee at the time of the Award. A breach of any restrictions, terms or conditions provided in the Plan or established by the Committee with respect to any
Award of
Restricted Stock Units will cause a forfeiture of such Restricted Stock Units and any Dividend Equivalents with respect thereto. 

        8.6    Issuance of Restricted Stock Units.    Restricted Stock Units shall be issued at the beginning of the
Restriction Period, shall not constitute issued and outstanding shares of the applicable series of Common Stock, and the Holder shall not have any of the rights of a stockholder with respect to the
shares of Common Stock covered by such an Award of Restricted Stock Units, in each case until such shares shall have been issued to the Holder at the end of the Restriction Period. If and to the
extent that shares of Common Stock are to be issued at the end of the Restriction Period, the Holder shall be entitled to receive Dividend Equivalents with respect to the shares of Common Stock
covered thereby either (i) during the Restriction Period or (ii) in accordance with the rules applicable to Retained Distributions, as the Committee may specify in the Agreement. 

        8.7    Cash Payments.    In connection with any Award of Restricted Shares or Restricted Stock Units, an Agreement may
provide for the payment of a cash amount to the Holder of such Awards at any time after such Awards shall have become vested. Such cash amounts shall be payable in accordance with such additional
restrictions, terms and conditions as shall be prescribed by the Committee in the Agreement and shall be in addition to any other salary, incentive, bonus or other compensation payments which such
Holder shall be otherwise entitled or eligible to receive from the Company. 

        8.8    Completion of Restriction Period.    On the Vesting Date with respect to each Award of Restricted Shares or
Restricted Stock Units and the satisfaction of any other applicable restrictions, terms and conditions, (i) all or the applicable portion of such Restricted Shares or Restricted Stock Units
shall become vested, (ii) any Retained Distributions with respect to such Restricted Shares and 

10

 

any
unpaid Dividend Equivalents with respect to such Restricted Stock Units shall become vested to the extent that the Award related thereto shall have become vested, and (iii) any cash amount
to be received by the Holder with respect to such Restricted Shares or Restricted Stock Units shall become payable, all in accordance with the terms of the applicable Agreement. Any such Restricted
Shares, Restricted Stock Units, Retained Distributions and any unpaid Dividend Equivalents that shall not become vested shall be forfeited to the Company, and the Holder shall not thereafter have any
rights (including dividend and voting rights) with respect to such Restricted Shares, Restricted Stock Units, Retained Distributions and any unpaid Dividend Equivalents that shall have been so
forfeited. The Committee may, in its discretion, provide that the delivery of any Restricted Shares, Restricted Stock Units, Retained Distributions and unpaid Dividend Equivalents that shall have
become vested, and payment of any related cash amounts that shall have become payable under this Article VIII, shall be deferred until such date or dates as the recipient may elect. Any
election of a recipient pursuant to the preceding sentence shall be filed in writing with the Committee in accordance with such rules and regulations, including any deadline for the making of such an
election, as the Committee may provide, and shall be made in compliance with Section 409A of the Code. 

 
 

ARTICLE IX    
    
    CASH AWARDS AND PERFORMANCE AWARDS

        9.1    Cash Awards.    In addition to granting Options, SARs, Restricted Shares and Restricted Stock Units, the
Committee shall, subject to the limitations of the Plan, have authority to grant to eligible Persons Cash Awards. Each Cash Award shall be subject to such terms and conditions, restrictions and
contingencies, if any, as the Committee shall determine. Restrictions and contingencies limiting the right to receive a cash payment pursuant to a Cash Award shall be based upon the achievement of
single or multiple Performance Objectives over a performance period established by the Committee. The determinations made by the Committee pursuant to this Section 9.1 shall be specified in the
applicable Agreement. 

        9.2    Designation as a Performance Award.    The Committee shall have the right to designate any Award of Options,
SARs, Restricted Shares or Restricted Stock Units as a Performance Award. All Cash Awards shall be designated as Performance Awards. 

        9.3    Performance Objectives.    The grant or vesting of a Performance Award shall be subject to the achievement of
Performance Objectives over a performance period established by the Committee based upon one or more of the following business criteria that apply to the Holder, one or more business units, divisions
or Subsidiaries of the Company or the applicable sector of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies: increased revenue;
net income measures (including income after capital costs and income before or after taxes); stock price measures (including growth measures and total stockholder return); price per share of Common
Stock; market share; earnings per share (actual or targeted growth); earnings before interest, taxes, depreciation and amortization (EBITDA); operating income before depreciation and amortization
(OIBDA); economic value added (or an equivalent metric); market value added; debt to equity ratio; cash flow measures (including cash flow return on capital, cash flow return on tangible capital, net
cash flow and net cash flow before financing activities); return measures (including return on equity, return on average assets, return on capital, risk-adjusted return on capital, return
on investors' capital and return on average equity); operating measures (including operating income, funds from operations, cash from operations, after-tax operating income, sales volumes,
production volumes and production efficiency); expense measures (including overhead cost and general and administrative expense); margins; stockholder value; total stockholder return; proceeds from
dispositions; total market value and corporate values measures (including ethics compliance, environmental and safety). Unless otherwise stated, such a Performance Objective need not be based 

11

 

upon
an increase or positive result under a particular business criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference
to specific business criteria). The Committee shall have the authority to determine whether the Performance Objectives and other terms and conditions of the Award are satisfied, and the Committee's
determination as to the achievement of Performance Objectives relating to a Performance Award shall be made in writing. 

        9.4    Section 162(m) of the Code.    Notwithstanding the foregoing provisions, if the Committee intends for a
Performance Award to be granted and administered in a manner designed to preserve the deductibility of the compensation resulting from such Award in accordance with Section 162(m) of the Code,
then the Performance Objectives for such particular Performance Award relative to the particular period of service to which the Performance Objectives relate shall be established by the Committee in
writing (i) no later than 90 days after the beginning of such period and (ii) prior to the completion of 25% of such period. 

        9.5    Waiver of Performance Objectives.    The Committee shall have no discretion to modify or waive the Performance
Objectives or conditions to the grant or vesting of a Performance Award unless such Award is not intended to qualify as qualified performance-based compensation under Section 162(m) of the Code
and the relevant Agreement provides for such discretion. 

 
 

ARTICLE X    
    
    GENERAL PROVISIONS

        10.1    Acceleration of Awards.    

        (a)    Death or Disability.    If a Holder's employment shall terminate by reason of death or Disability,
notwithstanding any contrary waiting period, installment period, vesting schedule or Restriction Period in any Agreement or in the Plan, unless the applicable Agreement provides otherwise:
(i) in the case of an Option or SAR, each outstanding Option or SAR granted under the Plan shall immediately become exercisable in full in respect of the aggregate number of shares covered
thereby; (ii) in the case of Restricted Shares, the Restriction Period applicable to each such Award of Restricted Shares shall be deemed to have expired and all such Restricted Shares and any
related Retained Distributions shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the Agreement; and
(iii) in the case of Restricted Stock Units, the Restriction Period applicable to each such Award of Restricted Stock Units shall be deemed to have expired and all such Restricted Stock Units
and any unpaid Dividend Equivalents shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the Agreement. 

        (b)    Approved Transactions; Board Change; Control Purchase.    In the event of any Approved Transaction, Board
Change or Control Purchase, notwithstanding any contrary waiting period, installment period, vesting schedule or Restriction Period in any Agreement or in the Plan, unless the applicable Agreement
provides otherwise: (i) in the case of an Option or SAR, each such outstanding Option or SAR granted under the Plan shall become exercisable in full in respect of the aggregate number of shares
covered thereby; (ii) in the case of Restricted Shares, the Restriction Period applicable to each such Award of Restricted Shares shall be deemed to have expired and all such Restricted Shares
and any related Retained Distributions shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the
Agreement; and (iii) in the case of Restricted Stock Units, the Restriction Period applicable to each such Award of Restricted Stock Units shall be deemed to have expired and all such
Restricted Stock Units and any unpaid Dividend Equivalents shall 

12

 

become
vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the Agreement, in each case effective upon the Board
Change or Control Purchase or immediately prior to consummation of the Approved Transaction. The effect, if any, on a Cash Award of an Approved Transaction, Board Change or Control Purchase shall be
prescribed in the applicable Agreement. Notwithstanding the foregoing, unless otherwise provided in the applicable Agreement, the Committee may, in its discretion, determine that any or all
outstanding Awards of any or all types granted pursuant to the Plan will not vest or become exercisable on an accelerated basis in connection with an Approved Transaction if effective provision has
been made for the taking of such action which, in the opinion of the Committee, is equitable and appropriate to substitute a new Award for such Award or to assume such Award and to make such new or
assumed Award, as nearly as may be practicable, equivalent to the old Award (before giving effect to any acceleration of the vesting or exercisability thereof), taking into account, to the extent
applicable, the kind and amount of securities, cash or other assets into or for which the applicable series of Common Stock may be changed, converted or exchanged in connection with the Approved
Transaction. 

        10.2    Termination of Employment.    

        (a)    General.    If a Holder's employment shall terminate prior to an Option or SAR becoming exercisable or being
exercised (or deemed exercised, as provided in Section 7.2) in full, or during the Restriction Period with respect to any Restricted Shares or any Restricted Stock Units, then such Option or
SAR shall thereafter become or be exercisable, and the Holder's rights to any unvested Restricted Shares, Retained Distributions and related cash amounts and any unvested Restricted Stock Units,
unpaid Dividend Equivalents and related cash amounts shall thereafter vest, in each case solely to the extent provided in the applicable Agreement; provided,
however, that, unless otherwise determined by the Committee and provided in the applicable Agreement, (i) no Option or SAR may be exercised after the scheduled
expiration date thereof; (ii) if the Holder's employment terminates by reason of death or Disability, the Option or SAR shall remain exercisable for a period of at least one year following such
termination (but not later than the scheduled expiration of such Option or SAR); and (iii) any termination of the Holder's employment for cause will be treated in accordance with the provisions
of Section 10.2(b). The effect on a Cash Award of the termination of a Holder's employment for any reason, other than for cause, shall be prescribed in the applicable Agreement. 

        (b)    Termination for Cause.    If a Holder's employment with the Company or a Subsidiary of the Company shall be
terminated by the Company or such Subsidiary for "cause" during the Restriction Period with respect to any Restricted Shares or Restricted Stock Units or prior to any Option or SAR becoming
exercisable or being exercised in full or prior to the payment in full of any Cash Award (for these purposes, "cause" shall have the meaning ascribed thereto in any employment agreement to which such
Holder is a party or, in the absence thereof, shall include insubordination, dishonesty, incompetence, moral turpitude, other misconduct of any kind and the refusal to perform his duties and
responsibilities for any reason other than illness or incapacity; provided, however, that if such termination occurs within 12 months after an
Approved Transaction or Control Purchase or Board Change, termination for "cause" shall mean only a felony conviction for fraud, misappropriation, or embezzlement), then, unless otherwise determined
by the Committee and provided in the applicable Agreement, (i) all Options and SARs and all unpaid Cash Awards held by such Holder shall immediately terminate, and (ii) such Holder's
rights to all Restricted Shares, Restricted Stock Units, Retained Distributions, any unpaid Dividend Equivalents and any related cash amounts shall be forfeited immediately. 

13

 

 

        (c)    Miscellaneous.    The Committee may determine whether any given leave of absence constitutes a termination of
employment; provided, however, that for purposes of the Plan, (i) a leave of absence, duly authorized in writing by the Company for military
service or sickness, or for any other purpose approved by the Company if the period of such leave does not exceed 90 days, and (ii) a leave of absence in excess of 90 days, duly
authorized in writing by the Company provided the employee's right to reemployment is guaranteed either by statute or contract, shall not be deemed a termination of employment. Unless otherwise
determined by the Committee and provided in the applicable Agreement, Awards made under the Plan shall not be affected by any change of employment so long as the Holder continues to be an employee of
the Company. 

        10.3    Right of Company to Terminate Employment.    Nothing contained in the Plan or in any Award, and no action of
the Company or the Committee with respect thereto, shall confer or be construed to confer on any Holder any right to continue in the employ of the Company or any of its Subsidiaries or interfere in
any way with the right of the Company or any Subsidiary of the Company to terminate the employment of the Holder at any time, with or without cause, subject, however, to the provisions of any
employment agreement between the Holder and the Company or any Subsidiary of the Company. 

        10.4    Nonalienation of Benefits.    Except as set forth herein, no right or benefit under the Plan shall be subject
to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, garnishment, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate,
pledge, exchange, transfer, garnish, encumber or charge the same shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities or torts
of the Person entitled to such benefits. 

        10.5    Written Agreement.    Each Award under the Plan shall be evidenced by a written agreement, in such form as the
Committee shall approve from time to time in its discretion, specifying the terms and provisions of such Award which may not be inconsistent with the provisions of the Plan;  provided, however, that if
more than one type of Award is made to the same Holder, such Awards may be evidenced by a single Agreement with such Holder.
Each grantee of an Option, SAR, Restricted Shares, Restricted Stock Units or Performance Award (including a Cash Award) shall be notified
promptly of such grant, and a written Agreement shall be promptly delivered by the Company. Any such written Agreement may contain (but shall not be required to contain) such provisions as the
Committee deems appropriate (i) to insure that the penalty provisions of Section 4999 of the Code will not apply to any stock or cash received by the Holder from the Company or
(ii) to provide cash payments to the Holder to mitigate the impact of such penalty provisions upon the Holder. Any such Agreement may be supplemented or amended from time to time as approved by
the Committee as contemplated by Section 10.7(b). 

        10.6    Designation of Beneficiaries.    Each Person who shall be granted an Award under the Plan may designate a
beneficiary or beneficiaries and may change such designation from time to time by filing a written designation of beneficiary or beneficiaries with the Committee on a form to be prescribed by it,
provided that no such designation shall be effective unless so filed prior to the death of such Person. 

        10.7    Termination and Amendment.    

        (a)    General.    Unless the Plan shall theretofore have been terminated as hereinafter provided, no Awards may be
made under the Plan on or after February 23, 2015. The Plan may be terminated at any time prior to such date and may, from time to time, be suspended or discontinued or modified or amended if
such action is deemed advisable by the Committee. 

        (b)    Modification.    No termination, modification or amendment of the Plan may, without the consent of the Person
to whom any Award shall theretofore have been granted, adversely affect 

14

 

the
rights of such Person with respect to such Award. No modification, extension, renewal or other change in any Award granted under the Plan shall be made after the grant of such Award, unless the
same is consistent with the provisions of the Plan. With the consent of the Holder and subject to the terms and conditions of the Plan (including Section 10.7(a)), the Committee may amend
outstanding Agreements with any Holder, including any amendment which would (i) accelerate the time or times at which the Award may be exercised and/or (ii) extend the scheduled
expiration date of the Award. Without limiting the generality of the foregoing, the Committee may, but solely with the Holder's consent unless otherwise provided in the Agreement, agree to cancel any
Award under the Plan and grant a new Award in substitution therefor, provided that the Award so substituted shall satisfy all of the requirements of the Plan as of the date such new Award is made.
Nothing contained in the foregoing provisions of this Section 10.7(b) shall be construed to prevent the Committee from providing in any Agreement that the rights of the Holder with respect to
the Award evidenced thereby shall be subject to such rules and regulations as the Committee may, subject to the express provisions of the Plan, adopt from time to time or impair the enforceability of
any such provision. 

        10.8    Government and Other Regulations.    The obligation of the Company with respect to Awards shall be subject to
all applicable laws, rules and regulations and such approvals by any governmental agencies as
may be required, including the effectiveness of any registration statement required under the Securities Act of 1933, and the rules and regulations of any securities exchange or association on which
the Common Stock may be listed or quoted. For so long as any series of Common Stock are registered under the Exchange Act, the Company shall use its reasonable efforts to comply with any legal
requirements (i) to maintain a registration statement in effect under the Securities Act of 1933 with respect to all shares of the applicable series of Common Stock that may be issuable, from
time to time, to Holders under the Plan and (ii) to file in a timely manner all reports required to be filed by it under the Exchange Act. 

        10.9    Withholding.    The Company's obligation to deliver shares of Common Stock or pay cash in respect of any Award
under the Plan shall be subject to applicable federal, state and local tax withholding requirements. Federal, state and local withholding tax due at the time of an Award, upon the exercise of any
Option or SAR or upon the vesting of, or expiration of restrictions with respect to, Restricted Shares or Restricted Stock Units or the satisfaction of the Performance Objectives applicable to a
Performance Award, as appropriate, may, in the discretion of the Committee, be paid in shares of Common Stock already owned by the Holder or through the withholding of shares otherwise issuable to
such Holder, upon such terms and conditions (including the conditions referenced in Section 6.5) as the Committee shall determine. If the Holder shall fail to pay, or make arrangements
satisfactory to the Committee for the payment to the Company of, all such federal, state and local taxes required to be withheld by the Company, then the Company shall, to the extent permitted by law,
have the right to deduct from any payment of any kind otherwise due to such Holder an amount equal to any federal, state or local taxes of any kind required to be withheld by the Company with respect
to such Award. 

        10.10    Nonexclusivity of the Plan.    The adoption of the Plan by the Board shall not be construed as creating any
limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including the granting of stock options and the awarding of stock and cash otherwise than
under the Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

        10.11    Exclusion from Pension and Profit-Sharing Computation.    By acceptance of an Award, unless otherwise
provided in the applicable Agreement, each Holder shall be deemed to have agreed that such Award is special incentive compensation that will not be taken into account, in any manner, as salary,
compensation or bonus in determining the amount of any payment under any pension, retirement or other employee benefit plan, program or policy of the Company or any Subsidiary of the Company. In
addition, each beneficiary of a deceased Holder shall be deemed to have agreed that such Award will 

15

 

not
affect the amount of any life insurance coverage, if any, provided by the Company on the life of the Holder which is payable to such beneficiary under any life insurance plan covering employees of
the Company or any Subsidiary of the Company. 

        10.12    Unfunded Plan.    Neither the Company nor any Subsidiary of the Company shall be required to segregate any
cash or any shares of Common Stock which may at any time be represented by Awards, and the Plan shall constitute an "unfunded" plan of the Company. Except as provided in Article VIII with
respect to Awards of Restricted Shares and except as expressly set forth in an Agreement, no employee shall have voting or other rights with respect to the shares of Common Stock covered by an Award
prior to the delivery of such shares. Neither the Company nor any Subsidiary of the Company shall, by any provisions of the Plan, be deemed to be a trustee of any shares of Common Stock or any other
property, and the liabilities of the Company and any Subsidiary of the Company to any employee pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by
or pursuant to the Plan, and the rights of any employee, former employee or beneficiary under the Plan shall be limited to those of a general creditor of the Company or the applicable Subsidiary of
the Company, as the case may be. In its sole discretion, the Board may authorize the creation of trusts or other arrangements to meet the obligations of the Company under the Plan,  provided, however,
that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 

        10.13    Governing Law.    The Plan shall be governed by, and construed in accordance with, the laws of the State of
Delaware. 

        10.14    Accounts.    The delivery of any shares of Common Stock and the payment of any amount in respect of an Award
shall be for the account of the Company or the applicable Subsidiary of the Company, as the case may be, and any such delivery or payment shall not be made until the recipient shall have paid or made
satisfactory arrangements for the payment of any applicable withholding taxes as provided in Section 10.9. 

        10.15    Legends.    Any certificate evidencing shares of Common Stock subject to an Award shall bear such legends as
the Committee deems necessary or appropriate to reflect or refer to any terms, conditions or restrictions of the Award applicable to such shares, including any to the effect that the shares
represented thereby may not be disposed of unless the Company has received an opinion of counsel, acceptable to the Company, that such disposition will not violate any federal or state securities
laws. 

        10.16    Company's Rights.    The grant of Awards pursuant to the Plan shall not affect in any way the right or power
of the Company to make reclassifications, reorganizations or other changes of or to its capital or business structure or to merge, consolidate, liquidate, sell or otherwise dispose of all or any part
of its business or assets. 

        10.17    Section 409A.    It is the intent of the Company that Awards under the plan comply with the
requirements of, or be exempt from the application of, Section 409A of the Code and related regulations and United States Department of the Treasury pronouncements ("Section 409A").
Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under the Plan would result in the imposition of an additional tax under Section 409A, that Plan provision
or Award will be construed or reformed to avoid imposition of the applicable tax and no action taken to comply with Section 409A shall be deemed to adversely affect the Holder's rights to an
Award. 

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QuickLinks

Exhibit 10.2

LIBERTY MEDIA CORPORATION 2010 INCENTIVE PLAN

ARTICLE I PURPOSE OF PLAN; EFFECTIVE DATE

ARTICLE II DEFINITIONS

ARTICLE III ADMINISTRATION

ARTICLE IV SHARES SUBJECT TO THE PLAN

ARTICLE V ELIGIBILITY

ARTICLE VI STOCK OPTIONS

ARTICLE VII SARS

ARTICLE VIII RESTRICTED SHARES AND RESTRICTED STOCK UNITS

ARTICLE IX CASH AWARDS AND PERFORMANCE AWARDS

ARTICLE X GENERAL PROVISIONS

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