Document:

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                                                                     EXHIBIT 4.3

THIS DOCUMENT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. PORTIONS OF
THIS DOCUMENT FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED HAVE BEEN
REDACTED AND ARE MARKED HEREIN BY "***". SUCH REDACTED INFORMATION HAS BEEN
FILED SEPARATELY WITH THE COMMISSION PURSUANT TO THE CONFIDENTIAL TREATMENT
REQUEST.

                                  AMENDMENT TO
                            STOCK PURCHASE AGREEMENT

     This Amendment to Stock Purchase Agreement, dated as of August 27, 2002
(this "Amendment"), is entered into by and among Liberty Media Corporation, a
Delaware corporation ("Liberty"), LDIG OTV, Inc., a Delaware corporation and an
indirect wholly owned subsidiary of Liberty ("LDIG OTV" and, together with
Liberty, the "Purchasers"), MIH Limited, a corporation incorporated in the
British Virgin Islands ("MIHL"), and OTV Holdings Limited, a corporation
incorporated in the British Virgin Islands and a wholly owned subsidiary of MIHL
(the "Seller" and, together with MIHL, the "Seller Parties").  The term
"Parties" shall, for all purposes of this Amendment, be deemed to refer to the
parties to this Amendment.  Capitalized terms not otherwise defined in this
Amendment shall have the respective meanings set forth in the Stock Purchase
Agreement (as defined below).

                                    RECITALS

     WHEREAS, the Seller Parties and the Purchasers entered into that certain
Stock Purchase Agreement, dated as of May 8, 2002 (the "Stock Purchase
Agreement");

     WHEREAS, pursuant to the terms of the Investors' Rights Agreement, the
Seller has notified each Investor (as defined in the Investors' Rights
Agreement) eligible to participate in the proposed sale of the Subject Shares
pursuant to the Stock Purchase Agreement of their right to participate in such
transaction by selling to LDIG OTV up to its Maximum Tag-Along Shares (as
defined in the Investors' Rights Agreement) on the same terms and conditions as
the Seller Parties are selling the Subject Shares pursuant to the Stock Purchase
Agreement;

     WHEREAS, each of TWI-OTV Holdings, Inc. (the "TWI Tag-Along Seller"), and
America Online, Inc. (the "AOL Tag-Along Seller," and together with the TWI
Tag-Along Seller, the "Tag-Along Sellers"), notified the Seller Parties of its
intention to participate in the Tag-Along Sale and to sell to LDIG OTV its
Maximum Tag-Along Shares in accordance with the terms of the Investors' Rights
Agreement;

     WHEREAS, in connection with the performance of their obligations under
Section 5.5 of the Stock Purchase Agreement, the Purchasers and the Seller
Parties have delivered to the TWI Tag-Along Seller and the AOL Tag-Along Seller
the Proposed Joinder Agreement (as defined below) pursuant to which the TWI
Tag-Along Seller and the AOL Tag-Along Seller were offered the opportunity to
participate in the Tag-Along Sale (as defined in the Investors' Rights
Agreement);

     WHEREAS, the TWI Tag-Along Seller and the AOL Tag-Along Seller have not
entered into the Proposed Joinder Agreement;

     WHEREAS, the Seller Parties and the Purchasers believe that the Tag-Along
Sellers have failed to exercise their rights to sell their Tag-Along Shares
under the Investors
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Rights Agreement, but desire to amend certain terms of the Stock Purchase
Agreement to, among other things, provide for the rights of the Parties in the
event that the Purchasers later agree to buy the Tag-Along Shares, or if the
Tag-Along Sellers are otherwise determined to have a right to sell their
Tag-Along Shares in the future;

     WHEREAS, as a result of certain matters arising with respect to the
delivery of the supplement to the Seller Disclosure Schedule contemplated by
Section 6.4 of the Stock Purchase Agreement, the Seller Parties and certain of
their Affiliates and the Purchasers have entered into a separate indemnification
agreement dated the date of this Amendment (the "Special Indemnity Agreement"),
which indemnification agreement shall not affect the indemnification rights of
the Parties set forth in the Stock Purchase Agreement except as specifically
provided herein;

     WHEREAS, in addition to the foregoing, the Parties desire to enter into
this Amendment in order to amend certain provisions of the Stock Purchase
Agreement as provided herein; and

     WHEREAS, the Parent Parties have executed and delivered a letter agreement
consenting to the amendments to the Stock Purchase Agreement provided herein and
confirming their agreements and obligations set forth in the applicable
Undertakings Letters.

     NOW, THEREFORE, in consideration of the foregoing recitals and of the
representations, warranties, covenants and agreements contained herein, the
Parties hereby agree as follows:

                                   ARTICLE I

                     AMENDMENTS TO STOCK PURCHASE AGREEMENT

     1.1 Amendments to Sections 1.2 and 1.3.

     (a) Section 1.2 of the Stock Purchase Agreement is hereby amended to read
in its entirety as follows:

         "1.2  Purchase of Shares.  Upon the terms and subject to the conditions
         of this Agreement, and subject to Section 5.5, (a) LDIG OTV hereby
         agrees to purchase at the Closing all, but not less than all, of the
         Purchased A Shares for a per share purchase price of US $6.05
         (appropriately adjusted to reflect the effect of any stock splits,
         stock dividends or similar events affecting the OpenTV A Ordinary
         Shares or OpenTV B Ordinary Shares, the "Per Share Price") and (b)
         Liberty hereby agrees to purchase at the Closing all, but not less than
         all, of the Purchased B Shares for a per share purchase price equal to
         the Per Share Price.  The aggregate amount payable to the Seller in
         respect of the Subject Shares shall be U.S. $184,958,264.70

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         (the "Purchase Price").  In accordance with Section 1.3(b), the
         Purchase Price will be paid on the Closing Date in a combination of
         cash and Liberty Stock consisting of 25% in cash (which amount is equal
         to U.S. $46,239,566.175) and 75% in shares of Liberty Stock.  In the
         event that the foregoing allocation would result in the issuance of
         fractional shares of Liberty Stock, the Seller shall receive, in lieu
         of such fractional shares, an amount in cash equal to such fraction
         multiplied by the Liberty Stock Price (as defined below), which cash
         amount will be added to and become part of the cash portion of the
         Purchase Price.  For purposes of this Agreement, each share of Liberty
         Stock has an Average Market Price of $9.016 (the "Liberty Stock
         Price")."

     (b) Section 1.3(b) of the Stock Purchase Agreement is hereby amended to
read in its entirety as follows:

         "(b)  At the Closing, (i) the Seller shall deliver to LDIG OTV stock
         certificates representing the Purchased A Shares, duly endorsed in
         blank or with separate medallion guaranteed notarized stock transfer
         powers attached thereto and signed in blank, together with all other
         instruments of transfer necessary or appropriate to effect the transfer
         of the Purchased A Shares to LDIG OTV, (ii) the Seller shall deliver to
         Liberty stock certificates representing the Purchased B Shares, duly
         endorsed in blank or with separate medallion guaranteed notarized stock
         transfer powers attached thereto and signed in blank, together with all
         other instruments of transfer necessary or appropriate to effect the
         transfer of the Purchased B Shares to Liberty, (iii) in exchange
         therefor, the Purchasers shall deliver or cause to be delivered to the
         Seller (A) a payment (including cash in lieu of fractional shares) of
         U.S. $46,239,567.32 (the "Cash Amount"), payable by wire transfer of
         immediately available funds to an account or accounts at a bank
         identified by the Seller Parties by written notice to the Purchasers at
         least two Business Days prior to the Closing Date and (B) one or more
         certificates representing an aggregate of 15,385,836 shares of Liberty
         Stock (the "Liberty Consideration Shares"), registered in the name of
         the Seller, and (iv) the OpenTV share register shall be updated to
         reflect the transfers described in the foregoing clauses (i) and (ii)."

     1.2  Amendment to Article V.  (a)  Section 5.7 of the Stock Purchase
Agreement is hereby amended to read in its entirety as follows:

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         "5.7  Waiver.  The Seller Parties, on behalf of themselves and their
         Controlled Affiliates, hereby acknowledge and agree that, from and
         after the Closing, neither the Seller Parties nor any of their
         Controlled Affiliates shall exercise or seek to exercise any rights
         under the Investors' Rights Agreement, the Sun Shareholders' Agreement
         or the Amended and Restated Stockholders Agreement, dated October 23,
         1999, among OpenTV, the Seller, Sun Microsystems, Inc., SSI and OpenTV
         Sub; provided, however, that the foregoing waiver shall not constitute
         a waiver of any defenses the applicable Seller Party may be entitled to
         assert with respect to any party to such agreements pursuant to the
         terms and provisions of such agreements."

     (b) Article V of the Agreement is hereby amended by adding the following at
the end thereof:

         "5.20  Form 20-F Cooperation.  Each of the Purchasers hereby agrees
         that, from and after the Closing until the first anniversary of the
         Closing Date, upon the written request of MIHL or any of its
         Controlling Affiliates, it shall use its commercially reasonable best
         efforts to cause OpenTV and its Subsidiaries to provide to MIHL or such
         Controlling Affiliates information necessary for the preparation of
         MIHL's or such Controlling Affiliate's annual reports on Form 20-F and
         other periodic financial reports, as so requested by MIHL or its
         Controlling Affiliates, including providing to MIHL or such Controlling
         Affiliate reasonable access during normal business hours to such
         financial information, properties, books, Contracts, commitments and
         records of OpenTV and its Subsidiaries as MIHL or such Controlling
         Affiliate may reasonably request (but subject to the terms of any
         non-disclosure agreements relating to the requested information);
         provided, that (a) the Purchasers' obligations hereunder shall be
         subject to MIHL or such Controlling Affiliate (i) entering into
         appropriate non-disclosure agreements with OpenTV and the Purchasers
         and (ii) agreeing to reimburse OpenTV and its Subsidiaries and the
         Purchasers and their Controlled Affiliates for all fees, costs and
         expenses (including an allocation of overhead) incurred or paid by such
         Person in connection with the performance of its obligations hereunder
         (including the fees, costs and expenses of any special audits or other
         special reports requested by MIHL or its Controlling Affiliates),
         provided, that, with respect to the provision to MIHL or its
         Controlling Affiliates of information or reports which such Person
         prepares in the ordinary course of its business, MIHL and its
         Controlling Affiliates shall only be obligated to reimburse OpenTV and
         its Subsidiaries and the Purchasers and their Controlled Affiliates for
         the incremental fees, costs and expenses incurred by such Persons in
         connection with providing

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         such information and reports to MIHL and its Controlling Affiliates,
         and (b) MIHL, on behalf of itself and its Controlling Affiliates,
         agrees to reasonably cooperate with OpenTV and the Purchasers to
         minimize, to the extent practicable, the disruption in the day-to-day
         activities of OpenTV and its Subsidiaries as a result of a request or
         provision of information pursuant to this provision."

     1.3 Amendment to Section 8.1.  (a) Section 8.1(a)(i) is hereby amended to
read in its entirety as follows:

         "(i) all losses, damages, liabilities, deficiencies, obligations, costs
         and expenses ("Losses") directly or indirectly resulting from or
         arising out of (A) any representation or warranty of the Seller Parties
         contained in this Agreement that survives the Closing pursuant to
         Section 9.1 or of the Parent Parties contained in the Undertaking
         Letters not being true and correct when made or deemed made, (B)(1) any
         claims or allegations from one or more Persons other than the
         Purchasers that the making, using, selling, importing or offering for
         sale of the current, past or, to the Seller Parties' knowledge,
         proposed future (as reflected in the 2002 Budget), products, services
         or processes of OpenTV and its Subsidiaries, are covered by, infringe
         upon or otherwise violate, directly or indirectly, any patents or
         patent applications referred to in Schedule 8.1(a), and (2) any
         obligation or any claim for satisfying any obligation of OpenTV or its
         Subsidiaries to indemnify or hold harmless any Person from any losses,
         damages, liabilities, deficiencies, obligations, costs or expenses
         relating to such patents or patent applications referred to in Schedule
         8.1(a) (collectively, the "Schedule 8.1(a) Claims"), and (C) any
         nonperformance or breach of any covenant or agreement of the Seller
         Parties contained in this Agreement (including the covenants and
         agreements set forth in Article I) or of the Parent Parties contained
         in the Undertaking Letters; and"

     (b) Section 8.1(c) of the Stock Purchase Agreement is hereby amended to
read in its entirety as follows:

         "(c)  (1) Seller Group Basket Amount-  Other than with respect to
         Losses directly or indirectly resulting from a breach of any Excluded
         Basket Representation (as defined below) and Purchaser Special
         Indemnification Claims (as defined below), no indemnification by the
         Seller Parties under this Section 8.1 in respect of any Schedule 8.1(a)
         Claim, an inaccuracy in or breach of any representation or warranty in
         this Agreement or in any certificate delivered pursuant hereto or any
         breach of the covenants and agreements of the Seller Parties to be
         performed at or prior to the Closing in Articles II and IV, shall be
         due and payable unless

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         the aggregate amount of all Losses for which the Purchasers are
         entitled to indemnification pursuant to this Agreement or pursuant to
         the Joinder Agreement in the aggregate (such aggregate amount of
         Losses, together with the fees, costs and expenses described in Section
         8.1(a)(ii) of this Agreement or Section 7.1(a)(ii) of the Proposed
         Joinder Agreement, the "Purchaser Aggregate Losses"), exceeds US
         $4,000,000 (the "Seller Group Basket Amount"), whereupon the Seller
         Parties will be obligated (as provided herein) to pay the Purchaser
         Aggregate Losses included in the Seller Group Basket Amount, but only
         to the extent that such Purchaser Aggregate Losses exceed the
         Deductible Amount (as defined below), as well as the amount of any
         Purchaser Aggregate Losses in excess of the Seller Group Basket Amount.

         (2) Purchaser Special Indemnification Claims- Notwithstanding the
         foregoing, indemnification by the Seller Parties with respect to the
         Purchaser Special Indemnification Claims (as defined below) shall,
         subject to the Deductible Amount, be due and payable on and after such
         time as the Purchaser Aggregate Losses exceed US $2,250,000.

         (3) Indemnity Cap Amount- No Seller Party shall be obligated to
         indemnify the Purchasers for Schedule 8.1(a) Claims, inaccuracies in or
         breaches of the representations and warranties in this Agreement or in
         any certificate delivered pursuant to this Agreement or breaches of the
         covenants and agreements set forth in Articles II and IV of this
         Agreement to be performed on or before the Closing Date, in an amount
         in excess of US $35,000,000 (the "Indemnity Cap Amount").

         (4) Excluded Basket Representations- The limitations set forth in
         subsection (1) - (3) above shall not be applicable to any breach by any
         Seller Party of any Excluded Basket Representation.

         (5) Limitation on Section 8.1(a) Claims- No Seller Party will be
         obligated to indemnify the Purchasers with respect to any Schedule
         8.1(a) Claim which arises out of clause (B)(2) of Section 8.1(a)(i) to
         the extent that such Schedule 8.1(a) Claim results from or arises out
         of an obligation of OpenTV or any of its Subsidiaries to indemnify or
         hold harmless any Person pursuant to any Contract entered into after
         the Closing Date (other than renewals of Contracts after the Closing
         Date where OpenTV or its Subsidiaries are obligated to renew such
         Contracts on substantially the same terms as those in existence prior
         to the renewal) where the terms of such indemnity are not of a type
         ordinarily entered into by OpenTV or its Subsidiaries and such
         indemnity arrangements are

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         entered into in bad faith or with an intention to maximize the damages
         payable by the Seller Parties hereunder.

         (6) Pursuit of Indemnification Claims Against Transferring Parties-
         The Parties acknowledge and agree that the Purchasers shall have the
         right to proceed against any of the TWI Tag-Along Seller, the AOL
         Tag-Along Seller or any Seller Party (the TWI Tag-Along Seller, the AOL
         Tag-Along Seller and the Seller Parties are hereinafter referred to
         collectively as the "Transferring Parties"), as the Purchasers may
         determine in their sole discretion, with respect to any claims for
         indemnification under this Agreement or any Joinder Agreement related
         to an OpenTV-Related Representation (as defined below) not being true
         and correct when made or deemed made or any nonperformance or breach of
         any OpenTV-Related Pre-Closing Covenant (as defined below), subject
         only to the limitations on liability set forth in this Section 8.1.

         (7) Definition of Purchaser Special Indemnification Claims-  The term
         "Purchaser Special Indemnification Claims" shall mean claims for
         indemnification by the Purchasers in respect of Losses directly or
         indirectly resulting from or arising out of:  (i) any inaccuracy in or
         breach of any representation or warranty or breach of any covenant or
         agreement contained in Article II or IV of this Agreement (including
         Section 2.18 of this Agreement) or Article II of the Joinder Agreement
         (including Section 2.8 of the Proposed Joinder Agreement (or any
         corresponding provision in any Joinder Agreement)), in any case
         relating to Intellectual Property; (ii) claims, investigations,
         actions, suits or proceedings brought against OpenTV or any of its
         Subsidiaries, or any of their respective directors or officers, by or
         on behalf of any stockholder or group of stockholders of OpenTV or any
         of its Subsidiaries, relating to or based upon, in whole or in part,
         any inaccuracy in or breach of any OpenTV-Related Representation or any
         breach of any OpenTV-Related Pre-Closing Covenant; (iii) any inaccuracy
         in or breach of (w) a Seller Individual Representation (as defined
         below), other than any inaccuracy in or breach of Sections 2.1, 2.2,
         2.3 and 2.20 of this Agreement, (x) a TWI Individual Representation (as
         defined in the Proposed Joinder Agreement), (y) an AOL Individual
         Representation (as defined in the Proposed Joinder Agreement) or (z) a
         Tag Along Seller Joint Representation (as defined in the Proposed
         Joinder Agreement); (iv) any inaccuracy in or breach of an
         OpenTV-Related Representation if the inaccuracy or breach results from
         or arises out of any matter which provided or provides a benefit to a
         member of the MIH Group or any of their respective Affiliates or a
         member of a Tag-Along Seller's Tag-Along Seller Group (as defined in
         the Proposed Joinder Agreement) or any

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         Affiliate thereof (other than OpenTV or any of its Subsidiaries); (v)
         any breach of any OpenTV-Related Pre-Closing Covenant if the other
         party to the Contract, arrangement or transaction, or the beneficiary
         of the action, related to the breach of the OpenTV-Related Pre-Closing
         Covenant is a member of the MIH Group, a member of a Tag-Along Seller's
         Tag-Along Seller Group, or any of their respective Affiliates (other
         than OpenTV or any of its Subsidiaries); or (v) any Schedule 8.1(a)
         Claims.

         (8) Deductible Amount Defined- The term "Deductible Amount" shall mean
         U.S. $200,000.

         (9) Seller Individual Representations Defined-  The term "Seller
         Individual Representations" shall mean any representation or warranty
         made (A) by the Seller Parties or either of them set forth in Sections
         2.1, 2.2, 2.3, 2.7(a), 2.7(c) (with respect to any consent, approval,
         order or authorization of, or registration, declaration or filing with
         any Governmental Entity required by or with respect to any member of
         the MIH Group), 2.7(d) (with respect to any Contract Notice to any
         party to any Contract applicable to any member of the MIH Group or any
         of its properties or assets), 2.8(c) (with respect to clause (i)
         thereof), 2.10 (with respect to Legal Proceedings pending or threatened
         against and judgments, decrees and orders outstanding against, any
         member of the MIH Group or their respective Subsidiaries (other than
         OpenTV or its Subsidiaries) or any of their respective properties,
         assets, directors, officers or Affiliates (other than OpenTV or its
         Subsidiaries)), 2.17 (except as it relates to transactions, Contracts
         and arrangements between OpenTV or any of its Subsidiaries on the one
         hand, and any executive officer of OpenTV or any of its Subsidiaries,
         on the other hand), 2.18(b), 2.18(d)(iv) (except as it relates to
         OpenTV and its Subsidiaries), 2.18(g)(except as it relates to
         violations of the Intellectual Property rights of Persons other than
         the Seller Parties), 2.20 and 2.21 of this Agreement, or (B) by the
         Parent Parties or either of them in the Parent Undertaking Letters.

         (10) OpenTV-Related Pre-Closing Covenants Defined-  The term
         "OpenTV-Related Pre-Closing Covenants" shall mean any covenant or
         agreement contained in this Agreement requiring the Seller Parties and
         their Subsidiaries (other than OpenTV and its Subsidiaries) to cause
         OpenTV and its Subsidiaries to take any action or refrain from taking
         any action, in each case prior to the Closing Date.

         (11) Excluded Basket Representations Defined - The Term "Excluded
         Basket Representations" shall mean (i) with respect to the Seller
         Parties, Sections 2.1, 2.2, 2.3, 2.20 and 4.4 of this

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         Agreement and Section 8.15(b) of the Joinder Agreement, (ii) with
         respect to TWI Tag-Along Seller, Sections 2.1, 2.2, 2.3, 2.4, 2.9 and
         2.11 of the Joinder Agreement, and (iii) with respect to the AOL
         Tag-Along Seller, Sections 2.1, 2.2, 2.3, 2.4, 2.9 and 2.11 of the
         Joinder Agreement.

         (12) OpenTV-Related Representation Defined- The term "OpenTV-Related
         Representation" shall mean all representations and warranties made by
         the Seller Parties (or either of them) in this Agreement, other than
         the Seller Individual Representations."

     1.4 Amendments to Exhibit B.

     (a) The Seller Parties and the Purchasers agree that (i) references to
"Liberty Consideration Shares" in Exhibit B to the Stock Purchase Agreement
shall be deemed to include the Liberty Tag Consideration Shares (as defined in
the Proposed Joinder Agreement (as defined below)) and (ii) references to "MIHL"
in Section 1.3(b) of Exhibit B to the Stock Purchase Agreement shall be deemed
to be references to the Seller Parties and the Tag-Along Sellers, if any.

     (b) Section 3.1(b)(ii) of Exhibit B to the Stock Purchase Agreement is
hereby amended by deleting the definition of "IRR Equity Gain" set forth therein
and substituting in its place the following:

         " 'IRR Equity Gain' means the product of (x) the aggregate number of
         Registered Shares owned by such Seller Party or Tag-Along Seller on the
         Last Lockup Day and (y) the difference between (I) the Average Market
         Price as of the Lockup Last Day and (II) the Average Market Price as of
         the 30th Day, plus interest on such Average Market Price as of the 30th
         Day at the LIBOR Rate for the period commencing on the 30th Day and
         ending on the day immediately preceding the Lockup Last Day."

     (c) Section 1.3(a) of Exhibit B to the Stock Purchase Agreement is hereby
amended to add the following at the end thereof:

         "; provided, that with respect to certificates representing Liberty
Consideration Shares issued to the Tag-Along Sellers, if any, the second
paragraph of the foregoing legend shall be deleted and the following substituted
in place thereof:

         THE SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR OTHER
         DISPOSITION IN ANY MANNER WHATSOEVER (INCLUDING, WITHOUT LIMITATION, IN
         ANY TRANSACTION (INCLUDING HEDGING AND OTHER TRANSACTIONS) IN WHICH THE
         HOLDER OR CERTAIN OF ITS AFFILIATES ASSIGNS OR

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         TRANSFERS THE ECONOMIC BENEFIT ASSOCIATED WITH THE SECURITIES
         REPRESENTED BY THIS CERTIFICATE) OF THE SECURITIES REPRESENTED BY THIS
         CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE
         STOCK PURCHASE AGREEMENT, DATED AS OF MAY 8, 2002, AS AMENDED,  AMONG
         LIBERTY MEDIA CORPORATION, LDIG OTV, INC., MIH LIMITED AND OTV HOLDINGS
         LIMITED AND THE JOINDER AGREEMENT, DATED AS OF [__________], 2002,
         AMONG LIBERTY MEDIA CORPORATION, LDIG OTV, INC., MIH LIMITED, OTV
         HOLDINGS LIMITED AND THE TAG-ALONG SELLERS.  COPIES OF SUCH AGREEMENTS
         MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE ISSUER."

     (d) In the event that the Tag-Along Sellers enter into and consummate the
transactions contemplated by the Joinder Agreement on a date subsequent to the
Closing Date, then Exhibit B to the Stock Purchase Agreement shall be amended
automatically and without any further action by any Person as provided in this
subsection (d):

     (i) (A) "Closing," for purposes of Exhibit B shall mean (x) as to the
Seller Parties, the Closing pursuant to the Stock Purchase Agreement and (y) as
to any Tag-Along Seller, the date of the Closing under the Joinder Agreement to
which it is a party.  The term "Same Closing Date Seller" shall mean the Seller
Parties and any Tag-Along Seller whose Closing under the applicable Joinder
Agreement occurs on the same date as the Closing of the transactions
contemplated by the Stock Purchase Agreement.  The term "Different Closing Date
Seller" means each Tag-Along Seller whose closing under the applicable Joinder
Agreement occurs on a date following the Closing under the Stock Purchase
Agreement.

         (B) "Closing Date" shall mean (i) as to the Same Closing Date Sellers,
August 27, 2002 and (ii) as to each Different Closing Date Seller, the date of
the closing under the applicable Joinder Agreement.

         (C) "Liberty Registration Statement" shall mean a registration
statement on an appropriate form registering (i) in the case of the Same Closing
Date Sellers, the resale by them of their Liberty Consideration Shares and (ii)
in the case of each Different Closing Date Seller, the resale by such Different
Closing Date Seller of its Liberty Consideration Shares.

     (ii) Liberty's obligations to the Same Closing Date Sellers and each
Different Closing Date Seller shall be several, and not joint, and the rights
and obligations of the Same Closing Date Sellers under Exhibit B shall be
separate and independent from the rights and obligations of each Different
Closing Date Seller under Exhibit B, and vice versa.  As to Liberty's rights and
obligations in respect of any Liberty Consideration Shares, Registered Shares,
or Liberty Registration Statement, such rights shall be against and obligations
shall be owed solely to the Same Closing Date Sellers or Different Closing Date
Sellers whose Liberty Consideration Shares, Registered Shares or Liberty
Registration Statement registering such

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shares are at issue, and all references to "the Seller Parties and the Tag Along
Sellers, if any" or "the Seller Parties or the Tag Along Sellers, if any", or
words to similar effect, shall be deemed to refer to (x) in the case of the Same
Closing Date Sellers, solely to them and (y) each Different Closing Date Seller,
solely to them.

Notwithstanding the forgoing, the provisions of Section 2.6 of Exhibit B shall
not be deemed amended hereby, and no Tag Along Seller shall have the benefit of
the provisions of Section 2.1(vi) of Exhibit B except through joint
participation in an underwritten offering with the Seller Parties.

     (iii) For the avoidance of doubt, the Parties agree that in the event a
Tag-Along Seller enters into a Joinder Agreement following the Closing all time
periods referred to in Exhibit B that reference or commence upon the Closing or
Closing Date shall be deemed to have commenced upon the closing under such
Joinder Agreement and all such periods shall run independent of those with
respect to the Seller Parties.

     1.5 Satisfaction of Obligations; Certain Tag-Along Seller Matters.  (a) The
Purchasers and the Seller Parties hereby acknowledge their respective beliefs
that (i) the draft Joinder Agreement dated August 23, 2002 (including the Tag
Parent Undertaking Letter (as defined therein) and the other Exhibits and
Schedules thereto) (the "Proposed Joinder Agreement," but substituting this
Amendment to the Stock Purchase Agreement for the earlier draft thereof that was
attached as Exhibit A thereto), delivered to the TWI Tag-Along Seller and the
AOL Tag-Along Seller prior to the date hereof constituted a supplement or
amendment to the Stock Purchase Agreement complying with Section 22 of the
Investors' Rights Agreement ("Section 22"), (ii) pursuant to the Proposed
Joinder Agreement, each of the TWI Tag-Along Seller and the AOL Tag-Along Seller
has been offered the opportunity to sell its Maximum Tag-Along Shares in the
Tag-Along Sale in accordance with Section 22 on the same economic terms as set
forth herein (at a Per Share Price of U.S. $6.05, payable 25% in cash and 75% by
the delivery of Liberty Stock valued at the Liberty Stock Price); (iii) the
delivery of the Proposed Joinder Agreement and the actions taken prior to the
date hereof by the Purchasers and the Seller Parties in connection with the
exercise of Tag-Along Rights by the TWI Tag-Along Seller and the AOL Tag-Along
Seller constitute full and complete satisfaction of the obligations of the
Purchasers and the Seller Parties under Section 5.5 of the Stock Purchase
Agreement.

     (b) ***

                                       11
<PAGE>

     (c)***

     (d)***

     (e)***

     (f) Notwithstanding anything herein to the contrary, the Parties agree that
the Purchasers' sole obligation or liability in respect of the exercise of
Tag-Along Rights by the Investors and/or with respect to  ***  will be  ***.
Subject to the other provisions of this Section 1.5, the Seller Parties hereby
agree, jointly and severally, to indemnify,

                                       12
<PAGE>
defend and hold harmless the Purchasers from and against all Losses directly or
indirectly resulting from or arising out of any claims, actions, investigations,
suits or proceedings (including any judgements, assessments, fines, interests,
penalties, costs and expenses (including settlement costs and reasonable legal,
accounting experts' and other fees, costs and expenses) incurred in connection
therewith) based on the grounds that the actions taken by the Purchasers as set
forth in Section 1.5(a) failed or allegedly failed to comply with Section 22 of
the Investors' Rights Agreement and/or Section 5.5 of the Stock Purchase
Agreement. ***

     1.6 Supplement to Seller Disclosure Schedules.  In accordance with Section
6.4 of the Stock Purchase Agreement, the Seller Parties have delivered to the
Purchasers an amended and restated Seller Disclosure Schedule, dated August 27,
2002, and have provided such additional information related thereto as the
Purchasers have requested.  A true and complete copy of such amended and
restated Seller Disclosure Schedule which has been marked to accurately denote
all changes from the Seller Disclosure Schedule dated May 8, 2002 and attached
to the Stock Purchase Agreement (as originally executed), is attached hereto as
Schedule 1.6.  Upon the Closing, the amended and restated Seller Disclosure
Schedule shall be deemed the Seller Disclosure Schedule for purposes of the
Stock Purchase Agreement.

     1.7 Definitions.  Exhibit A to the Stock Purchase Agreement is hereby
amended to include therein all capitalized terms defined herein which are not
also defined in the Stock Purchase Agreement. References herein to a section of
the Proposed Joinder Agreement shall be deemed to be references to the
corresponding provision (to the extent applicable) in any Joinder Agreement
entered into by the Purchasers, the Seller Parties and one or both of the
Tag-Along Sellers.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

     The Seller Parties, jointly and severally, hereby represent and warrant to
the Purchasers, and the Purchasers, jointly and severally, hereby represent and
warrant to the Seller Parties, as follows:

     2.1 Corporate and Other Power; Authorization and Validity of Amendment.
Such Party has all requisite corporate and other entity power and authority to
enter into this Amendment, to perform its obligations hereunder and to amend the
provisions of, and take the other actions referred to herein with respect to,
the Stock Purchase Agreement as provided herein.  The execution, delivery and
performance by such Party of this Amendment, the amendments to and other actions
taken with respect to the Stock Purchase Agreement, and the other actions
contemplated hereby, have been duly authorized by all necessary corporate and

                                       13
<PAGE>

other entity action on the part of such Party.  This Amendment has been duly
executed and delivered by such Party and is a valid and binding obligation of
such Party, enforceable in accordance with its terms (except insofar as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors' rights generally
or by principles governing the availability of equitable remedies).

     2.2 No Conflicts; Notices.

     (a) The execution and delivery of this Amendment do not, and the amendments
to the Stock Purchase Agreement and the other actions and transactions
contemplated hereby will not, (i) violate or conflict with any provisions of the
Memorandum of Association, Articles of Association, Certificate of
Incorporation, Articles of Incorporation, Bylaws or other organizational
documents (including partnership agreements and limited liability company
operating agreements) of such Party or any Controlling Affiliate of such Party,
(ii) violate or conflict with any Law applicable to such Party, any Controlling
Affiliate of such Party or any of their respective Subsidiaries (such Party, the
Controlling Affiliates of such Party and their respective Subsidiaries,
collectively, "such Party's Group"), or any of the properties or assets of any
of the foregoing, or (iii) result in any breach or violation of, or constitute a
default (with or without notice or lapse of time, or both) under, or give rise
to a right of termination, cancellation or acceleration of, or result in the
creation of any Lien on any of the properties or assets of any member of such
Party's Group pursuant to, or require any Contract Consent of any party to, any
Contract applicable to any member of such Party's Group or any of the properties
or assets of any of the foregoing, other than, in the case of clauses (ii) and
(iii) above, any such items that, individually or in the aggregate, have not had
and are not reasonably likely to have a material adverse effect on the ability
of such Party to perform its obligations under, and consummate the transactions
contemplated by, this Amendment (a "Party Material Adverse Effect").

     (b) No consent, approval, order or authorization of, or registration,
declaration or filing with, any Governmental Entity is required by or with
respect to any member of such Party's Group in connection with the execution and
delivery of this Amendment by such Party or the amendments to the Stock Purchase
Agreement and other actions and transactions contemplated hereby, except for
such consents, approvals, orders, authorizations, registrations, declarations or
filings the failure of which to be made or obtained, individually or in the
aggregate, is not reasonably likely to cause a Party Material Adverse Effect.

     (c) None of the members of such Party's Group is or will be required to
give any Contract Notice to any party to any Contract applicable to such member
or any of its properties or assets in connection with the execution and delivery
of this Amendment or the amendments to the Stock Purchase Agreement and other
actions and transactions contemplated hereby, except for such notices the
failure of which to be made, individually or in the aggregate, is not reasonably
likely to cause a Party Material Adverse Effect.

                                       14
<PAGE>

                                  ARTICLE III

                               GENERAL PROVISIONS

     3.1 Amendment.  The Purchasers and the Seller Parties hereby agree that the
Stock Purchase Agreement is hereby amended as provided herein with the same
force and effect as if the provisions of this Amendment were set forth in full
in the Stock Purchase Agreement.  Except as amended hereby, the terms and
provisions of the Stock Purchase Agreement are ratified, confirmed and adopted,
shall remain unaffected by the provisions of this Amendment, and shall continue
in full force and effect. Unless specified to the contrary, after the date
hereof any reference to the Stock Purchase Agreement in this Amendment or in the
Stock Purchase Agreement shall mean the Stock Purchase Agreement (including the
Exhibits and Schedules thereto) as amended hereby.  The Purchasers and the
Seller Parties agree that the provisions of Section 9.13 of the Stock Purchase
Agreement are hereby incorporated by reference and made a part hereof as if
restated herein in its entirety.

     3.2 Survival.  The representations and warranties of the Purchasers and the
Seller Parties contained herein shall survive the Closing and continue in full
force and effect until the expiration of the applicable statute of limitations
applicable to claims that may be asserted in respect of the matters covered
thereby or related thereto.  The covenants and agreements made by each Party in
this Amendment will survive the Closing without limitation unless otherwise
contemplated by their terms.  Any representation, warranty, covenant or
agreement herein that is the subject of a claim or dispute asserted in writing
prior to the expiration of the applicable survival period provided therefor
herein shall survive with respect to such claim or dispute until the final
resolution thereof.

     3.3 Counterparts.  This Amendment may be executed in one or more
counterparts, all of which shall be considered one and the same instrument and
shall become effective when one or more counterparts have been signed by each of
the Parties hereto and delivered to the other Parties hereto, it being
understood that all Parties hereto need not sign the same counterpart.

     3.4 No Waiver. No failure or delay on the part of any Party hereto in the
exercise of any right hereunder shall impair such right or be construed to be a
waiver of, or acquiescence in, any breach of any representation, warranty,
covenant or agreement herein, nor shall any single or partial exercise of any
such right preclude other or further exercise thereof or of any other right.

     3.5 Governing Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York (without regard to the
principles of conflicts of law thereof).

     3.6 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY WAIVES ITS RIGHTS TO A
JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AMENDMENT.

                                       15
<PAGE>
     IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be
executed and delivered by their respective officers thereunto duly authorized,
all as of the date first written above.

                                                LIBERTY MEDIA CORPORATION

                                                By: /s/  Elizabeth M. Markowski
                                                   ----------------------------
                                                   Name:  Elizabeth M. Markowski
                                                   Title:  Senior Vice President

                                               LDIG OTV, INC.

                                               By: /s/  Elizabeth M. Markowski
                                                   ---------------------------
                                                   Name:  Elizabeth M. Markowski
                                                   Title:  Senior Vice President

                                                MIH LIMITED

                                                By: /s/  Allan Rosenzweig
                                                    ---------------------
                                                    Name:  Allan Rosenzweig
                                                    Title:  Director

                                                OTV HOLDINGS LIMITED

                                                By: /s/  Allan Rosenzweig
                                                    ---------------------
                                                    Name:  Allan Rosenzweig
                                                    Title:  Director<PAGE>
                                                                   EXHIBIT 10.1*

                      FIRST AMENDMENT TO LICENSE AGREEMENT
                           DATED JUNE 3, 1999 BETWEEN
                       TOMMY HILFIGER LICENSING, INC. AND
                               MOVADO GROUP, INC.

         AGREEMENT entered into as of the 16th day of January, 2002 by and
between TOMMY HILFIGER LICENSING, INC., a Delaware corporation, having an
address at University Plaza - Bellevue Building, 262 Chapman Road, Suite 103A,
Newark, Delaware 19702 (hereinafter referred to as "Hilfiger") and MOVADO GROUP,
INC., a New York corporation, having its offices at 650 From Road, Paramus, New
Jersey 07652 ("MGI") and MOVADO WATCH COMPANY, S.A., successor by merger with
N.A. TRADING, S.A., a Swiss corporation, having its offices at Bettlachstrasse
8, 2540 Grenchen, Switzerland ("MWC") (MGI and MWC are hereinafter jointly
referred to as "Licensee").

                              W I T N E S S E T H:

         WHEREAS, Hilfiger and Licensee entered into a license agreement dated
June 3, 1999 (the "License"); and

         WHEREAS, the parties have agreed to the amendments to the License
contained herein.

         NOW, THEREFORE, the parties hereto, in consideration of the mutual
agreements contained and promises herein expressed, and for other good
consideration acknowledged by each of them to be satisfactory and adequate, do
hereby agree as follows:

         1. All capitalized terms used herein shall have the meanings ascribed
to them in the License.

         2. Paragraph 7.7 of the License is hereby amended by deleting the same
in its entirety and replacing it with the following:

         "7.7 APPROVED CUSTOMERS. Licensee may sell Licensed Products only to
         those specialty shops, department stores and retail outlets (including
         those who sell directly to the consumer) that carry high quality and
         prestige merchandise and

         (*CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED FROM EXHIBIT
         "P" THERETO AND FROM ADDENDUM "A" TO EXHIBIT "Q" THERETO AND FILED
         SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") PURSUANT
         TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 ("1934 ACT")).
<PAGE>
         whose operations are consistent with Hilfiger's reputation and sales
         policies. In addition, Licensee may sell Licensed Products to corporate
         accounts, which have been approved in writing by Hilfiger, for the use
         of the employees of such corporate accounts ("Approved Corporate
         Accounts"). Approved Corporate Accounts shall in no event include
         corporate accounts selling alcohol, tobacco, gaming and firearms
         products. A list of Approved Corporate Accounts is annexed hereto as
         Exhibit P. Upon execution of this Agreement, and prior to the opening
         of each selling season (and whenever Licensee wishes to sell Licensed
         Products to customers not previously approved by Hilfiger), Licensee
         must submit a list of its proposed customers (not including previously
         approved customers) for Hilfiger's written approval. Hilfiger has the
         right to withdraw any such approval on written notice to Licensee,
         provided, however, that Hilfiger will not withdraw approval of a
         customer which is then carrying any products of Hilfiger's men's
         sportswear licensee unless Hilfiger is reasonably dissatisfied with the
         display, delivery or inventory model of Licensed Products of such
         customer. After such notice, Licensee may not accept additional orders
         for Licensed Products from such customer, but may fill any existing
         order. Anything herein to the contrary notwithstanding, Licensee may
         sell Licensed Products to advertising specialty companies for resale
         only to Approved Corporate Accounts, for the use of their employees,
         and not for resale, provided that such advertising specialty companies
         shall, prior to receiving any Licensed Products from Licensee, execute
         an agreement substantially in the form annexed hereto as Exhibit Q and
         provide an original executed copy of such agreement to Hilfiger."

         3. Paragraph 8.2a of the License is hereby amended by changing the
dates in the second sentence thereof from "January 15, April 15, July 15 and
October 15" to "January 30, April 30, July 30 and October 30."

         4. Except as modified hereby, all other paragraphs contained therein
shall remain in full force and effect and nothing contained herein shall alter
them in any way and are hereby in all respects ratified and confirmed.

         IN WITNESS WHEREOF, Hilfiger and Licensee have respectively signed this
Amendment as of the date first written above.

TOMMY HILFIGER LICENSING, INC.              MOVADO GROUP, INC.
By: /s/ Virginia M. Cleary                  /s/ Timothy F. Michno
Title: Assistant Secretary                  By: Timothy F. Michno
                                            Title: General Counsel

                                            MOVADO WATCH COMPANY, S.A.
                                            /s/ Kurt Burki
                                            By: Kurt Burki
                                            Title: President
<PAGE>
                                   EXHIBIT P

                           APPROVED CORPORATE ACCOUNTS

                                        *

* (CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE
SEC PURSUANT TO RULE 24b-2 OF THE 1934 ACT.)
<PAGE>
                                    EXHIBIT Q

                                                       Movado Group, Inc.
                                                       650 From Road
                                                       Paramus, New Jersey 07652

(Distributor)

------------------

------------------

Dear (Distributor):

         Please sign this letter where indicated below to confirm your agreement
to all of the following:

1.       Parties. For the purposes hereof, Movado Group, Inc. shall be "Movado"
         and you shall be "Distributor".

2.       The Products. For the purposes hereof, the "Products" shall mean
         watches bearing Tommy Hilfiger trademarks.

3.       The Trademark. Distributor acknowledges the great value of the good
         will associated with the Tommy Hilfiger trademarks (the "Trademark")
         and acknowledges that the Trademark and all the rights therein, and
         good will attached thereto, belong exclusively to Tommy Hilfiger
         Licensing, Inc. ("Hilfiger").

4.       Distinctiveness and Quality of the Trademark. Distributor agrees to
         maintain the distinctiveness of the Trademark and the image and high
         quality of the goods and merchandise bearing the mark presently
         manufactured and sold by Hilfiger and its licensees, and the
         prestigious marketing of same as hitherto and presently maintained by
         Hilfiger and its licensees.

5.       Customers. The Products sold to Distributor may be sold by Distributor
         only to corporate accounts which have been approved in writing by
         Movado for the use of the employees of such accounts and not for resale
         ("Approved Corporate Accounts"). Distributor shall submit a written
         list of the proposed new, previously unapproved, customers for approval
         by Movado, which approval may be given or withheld at Movado's sole
         discretion. Distributor acknowledges that Movado must obtain the
         approval of Hilfiger prior to granting Movado's approval of such
         customers. A pre-approved list of Approved Corporate Accounts is
         annexed hereto as Addendum A. Distributor is expressly prohibited from
         selling the Products to any customer who Distributor knows or has
         reason to know intends to resell the Products.
<PAGE>
6.       Use of Trademark, Logo, Creative Materials. Distributor agrees not to
         make any use of the Trademark, logos and/or other creative materials
         bearing the Trademark without the express prior approval of Movado and
         Hilfiger. Distributor acknowledges that Hilfiger owns all copyrights in
         any such creative materials and shall only use such materials in the
         form and colors provided by Movado. Distributor shall not use the
         Trademark, logos or creative materials in any advertising, display or
         merchandising materials, catalogs, flyers, mailers, nor shall it make
         any other use without the express, prior approval of Movado and
         Hilfiger.

                                                     Very truly yours,

                                                     MOVADO GROUP, INC.

                                                     By:
                                                        ------------------------
ACCEPTED AND AGREED TO:
(Distributor)

By:
   ------------------------
<PAGE>
                                   ADDENDUM A

                           APPROVED CORPORATE ACCOUNTS

                                        *

*(CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC
PURSUANT TO RULE 24b-2 OF THE 1934 ACT).

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