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Exhibit 10.5  

 
 

COMCAST CORPORATION
  2005 DEFERRED COMPENSATION PLAN
  
    ARTICLE 1—BACKGROUND AND COVERAGE OF PLAN    
    

        1.1.    Background and Adoption of Plan.    In recognition of the services provided by certain key employees and in
order to make additional retirement benefits and increased financial security available on a tax-favored basis to those individuals, the Board of Directors of Comcast Corporation, a
Pennsylvania corporation (the "Board"), hereby amends and restates the Comcast Corporation 2005 Deferred Compensation Plan (the "Plan"), effective January 1, 2005 (the
"Effective Date"). 

        Prior
to the Effective Date, the Comcast Corporation 2002 Deferred Compensation Plan (the "2002 Plan") was in effect. In order to preserve the favorable tax treatment available to
deferrals under the 2002 Plan in light of the American Jobs Creation Act of 2004 and the regulations issued by the Department of the Treasury thereunder (the
"AJCA"), the Board has prohibited future deferrals under the 2002 Plan of amounts earned and vested on and after the Effective Date. Amounts earned and
vested prior to the Effective Date are and will remain subject to the terms of the 2002 Plan. Amounts earned and vested on and after the Effective Date will be available to be deferred pursuant to the
Plan, subject to its terms and conditions. 

        1.2.    Reservation of Right to Amend to Comply with AJCA.    The Board reserves the right to amend the Plan, either
retroactively or prospectively, in whatever respect is required to achieve and maintain compliance with the requirements of the AJCA. 

        1.3.    Plan Unfunded and Limited to Outside Directors and Select Group of Management or Highly Compensated
Employees.    The Plan is unfunded and is maintained primarily for the purpose of providing outside directors and a select group of management or highly compensated
employees the opportunity to defer the receipt of compensation otherwise payable to such outside directors and eligible employees in accordance with the terms of the Plan. 

 
 

ARTICLE 2—DEFINITIONS    
    

        2.1.    "Account"    means the bookkeeping accounts established pursuant to Section 5.1 and maintained by the
Administrator in the names of the respective Participants, to which all amounts deferred and earnings allocated under the Plan shall be credited, and from which all amounts distributed pursuant to the
Plan shall be debited. 

        2.2.    "Active Participant"    means: 

        (a)   Each
Participant who is in active service as an Outside Director; and 

        (b)   Each
Participant who is actively employed by a Participating Company as an Eligible Employee. 

        2.3.    "Administrator"    means the Committee. 

        2.4.    "Affiliate"    means, with respect to any Person, any other Person that, directly or indirectly, is in control
of, is controlled by, or is under common control with, such Person. For purposes of this definition, the term "control," including its correlative terms  "controlled
by" and "under common control with," mean, with respect to any Person, the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

        2.5.    "Annual Rate of Pay"    means, as of any date, an employee's annualized base pay rate. An employee's Annual
Rate of Pay shall not include sales commissions or other similar payments or awards. 

        2.6.    "Applicable Interest Rate"    means: 

        (a)   Except
as otherwise provided in Sections 2.7(b), the Applicable Interest Rate means the interest rate that, when compounded daily pursuant to rules established by the
Administrator from time to time, is mathematically equivalent to 12% per annum, compounded annually. 

 

        (b)   Except
to the extent otherwise required by Section 10.2, effective for the period beginning as soon as administratively practicable following a Participant's
employment termination date to the date the Participant's Account is distributed in full, the Administrator, in its sole discretion, may designate the term "Applicable Interest
Rate" for such Participant's Account to mean the lesser of (i) the rate in effect under Section 2.6(a) or (ii) the Prime Rate plus one percent.
Notwithstanding the foregoing, the Administrator may delegate its authority to determine the Applicable Interest Rate under this Section 2.6(b) to an officer of the Company or committee of two
or more officers of the Company. 

        2.7.    "Beneficiary"    means such person or persons or legal entity or entities, including, but not limited to, an
organization exempt from federal income tax under section 501(c)(3) of the Code, designated by a Participant or Beneficiary to receive benefits pursuant to the terms of the Plan after such
Participant's or Beneficiary's death. If no Beneficiary is designated by the Participant or Beneficiary, or if no Beneficiary survives the Participant or Beneficiary (as the case may be), the
Participant's Beneficiary shall be the Participant's Surviving Spouse if the Participant has a Surviving Spouse and otherwise the Participant's estate, and the Beneficiary of a Beneficiary shall be
the Beneficiary's Surviving Spouse if the Beneficiary has a Surviving Spouse and otherwise the Beneficiary's estate. 

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

        2.9.    "Change of Control"    means any transaction or series of transactions that constitutes: 

        (a)   a
change in the ownership of the Company, within the meaning of Q&A 12 of IRS Notice 2005-1; 

        (b)   a
change in effective control of the Company, within the meaning of Q&A 13 of IRS Notice 2005-1; or 

        (c)   a
change in the ownership of a substantial portion of the assets of the Company, within the meaning of Q&A 14 of IRS Notice
2005-1. 

        2.10.    "Code"    means the Internal Revenue Code of 1986, as amended. 

        2.11.    "Committee"    means the Compensation Committee of the Board of Directors of the Company. 

        2.12.    "Company"    means Comcast Corporation, a Pennsylvania corporation, including any successor thereto by
merger, consolidation, acquisition of all or substantially all the assets thereof, or otherwise. 

        2.13.    "Company Stock"    means with respect to amounts credited to the Company Stock Fund pursuant to deferral
elections by Outside Directors made pursuant to Section 3.1(a), Comcast Corporation Class A Common Stock, par value $0.01, including a fractional share, and such other securities issued
by Comcast Corporation as may be subject to adjustment in the event that shares of either class of Company Stock are changed into, or exchanged for, a different number or kind of shares of stock or
other securities of the Company, whether through merger, consolidation, reorganization, recapitalization, stock dividend, stock split-up or other substitution of securities of the Company.
In such event, the Committee shall make appropriate equitable anti-dilution adjustments to the number and class of hypothetical shares of Company Stock credited to Participants' Accounts
under the Company Stock Fund. Any reference to the term "Company Stock" in the Plan shall be a reference to the appropriate number and class of shares
of stock as adjusted pursuant to this Section 2.13. The Committee's adjustment shall be effective and binding for all purposes of the Plan. 

        2.14.    "Company Stock Fund"    means a hypothetical investment fund pursuant to which income, gains and losses are
credited to a Participant's Account as if the Account, to the extent deemed invested in the Company Stock Fund, were invested in hypothetical shares of Company Stock, and all dividends and other
distributions paid with respect to Company Stock were held uninvested in cash, and reinvested in additional hypothetical shares of Company Stock as of the next succeeding December 31, based on
the Fair Market Value of the Company Stock for such December 31. 

        2.15.    "Compensation"    means: 

        (a)   In
the case of an Outside Director, the total remuneration payable in cash or payable in Company Stock (as elected by the Outside Director pursuant to the Comcast
Corporation 2003 Director 

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Compensation
Plan) for services as a member of the Board and as a member of any Committee of the Board; and 

        (b)   In
the case of an Eligible Employee, the total cash remuneration for services payable by a Participating Company, excluding (i) Severance Pay and
(ii) sales commissions or other similar payments or awards. 

        2.16.    "Death Tax Clearance Date"    means the date upon which a Deceased Participant's or a deceased Beneficiary's
Personal Representative certifies to the Administrator that (i) such Deceased Participant's or deceased Beneficiary's Death Taxes have been finally determined, (ii) all of such Deceased
Participant's or deceased Beneficiary's Death Taxes apportioned against the Deceased Participant's or deceased Beneficiary's Account have been paid in full and (iii) all potential liability for
Death Taxes with respect to the Deceased Participant's or deceased Beneficiary's Account has been satisfied. 

        2.17.    "Death Taxes"    means any and all estate, inheritance, generation-skipping transfer, and other death taxes
as well as any interest and penalties thereon imposed by any governmental entity (a "taxing authority") as a result of the death of the Participant or
the Participant's Beneficiary. 

        2.18.    "Deceased Participant"    means a Participant whose employment, or, in the case of a Participant who was an
Outside Director, a Participant whose service as an Outside Director, is terminated by death. 

        2.19.    "Disability"    means: 

        (a)   an
individual's 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 can be expected to last for a continuous period of not less than 12 months; or 

        (b)   circumstances
under which, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months, an individual is receiving income replacement benefits for a period of not less than three months under an accident or health plan covering
employees of the individual's employer. 

        2.20.    "Disabled Participant"    means: 

        (a)   A
Participant whose employment or, in the case of a Participant who is an Outside Director, a Participant whose service as an Outside Director, is terminated by reason
of Disability; 

        (b)   The
duly-appointed legal guardian of an individual described in Section 2.20(a) acting on behalf of such individual. 

        2.21.    "Eligible Employee"    means: 

        (a)   Each
Grandfathered Employee. 

        (b)   Each
employee of a Participating Company whose Annual Rate of Pay is $200,000 or more as of both (i) the date on which an Initial Election is filed with the
Administrator and (ii) the first day of the calendar year in which such Initial Election is filed. 

        (c)   Each
New Key Employee. 

        (d)   Each
other employee of a Participating Company who is designated by the Committee, in its discretion, as an Eligible Employee. 

        2.22.    "Fair Market Value"    

        (a)   If
shares of Company Stock are listed on a stock exchange, Fair Market Value shall be determined based on the last reported sale price of a share on the principal
exchange on which shares are listed on the date of determination, or if such date is not a trading day, the next trading date. 

        (b)   If
shares of Company Stock are not so listed, but trades of shares are reported on the Nasdaq National Market, Fair Market Value shall be determined based on the last
quoted sale price of a share on the Nasdaq National Market on the date of determination, or if such date is not a trading day, the next trading date. 

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        (c)   If
shares of Company Stock are not so listed nor trades of shares so reported, Fair Market Value shall be determined by the Committee in good faith. 

        2.23.    "Grandfathered Employee"    means: 

        (a)   Each
employee of a Participating Company who, as of December 31, 1989, was eligible to participate in the Prior Plan and who has been in continuous service to the
Company or an Affiliate since December 31, 1989. 

        (b)   Each
employee of a Participating Company who was, at any time before January 1, 1995, eligible to participate in the Comcast Corporation Deferred Compensation
Plan and whose Annual Rate of Pay is $90,000 or more as of both (i) the date on which an Initial Election is filed with the Administrator and (ii) the first day of each calendar year
beginning after December 31, 1994. 

        (c)   Each
individual who was an employee of an entity that was a Participating Company in the Prior Plan as of June 30, 2002 and who has an Annual Rate of Pay of
$125,000 as of each of (i) June 30, 2002; (ii) the date on which an Initial Election is filed with the Administrator and (iii) the first day of each calendar year beginning
after December 31, 2002. 

        (d)   Each
employee of a Participating Company who (i) as of December 31, 2002, was an "Eligible Employee" within
the meaning of Section 2.34 of the AT&T Broadband Deferred Compensation Plan (as amended and restated, effective November 18, 2002) with respect to whom an account was maintained, and
(ii) for the period beginning on December 31, 2002 and extending through any date of determination, has been actively and continuously in service to the Company or an Affiliate. 

        2.24.    "Hardship"    means a Participant's severe financial hardship due to an unforeseeable emergency resulting
from a sudden and unexpected illness or accident of the Participant, or, a sudden and unexpected illness or accident of a dependent (as defined by section 152(a) of the Code) of the
Participant, or loss of the Participant's property due to casualty, or other similar and extraordinary unforeseeable circumstances arising as a result of events beyond the control of the Participant.
A need to send the Participant's child to college or a desire to purchase a home is not an unforeseeable emergency. No Hardship shall be deemed to exist to the extent that the financial hardship is or
may be relieved (a) through reimbursement or compensation by insurance or otherwise, (b) by borrowing from commercial sources on reasonable commercial terms to the extent that this
borrowing would not itself cause a severe financial hardship, (c) by cessation of deferrals under the Plan, or (d) by liquidation of the Participant's other assets (including assets of
the Participant's spouse and minor children that are reasonably available to the Participant) to the extent that this liquidation would not itself cause severe financial hardship. For the purposes of
the preceding sentence, the Participant's resources shall be deemed to include those assets of his spouse and minor children that are reasonably available to the Participant; however, property held
for the Participant's child under an irrevocable trust or under a Uniform Gifts to Minors Act custodianship or Uniform Transfers
to Minors Act custodianship shall not be treated as a resource of the Participant. The Board shall determine whether the circumstances of the Participant constitute an
unforeseeable emergency and thus a Hardship within the meaning of this Section. Following a uniform procedure, the Board's determination shall consider any facts or conditions deemed necessary or
advisable by the Board, and the Participant shall be required to submit any evidence of the Participant's circumstances that the Board requires. The determination as to whether the Participant's
circumstances are a case of Hardship shall be based on the facts of each case; provided however, that all determinations as to Hardship shall be uniformly and consistently made according to the
provisions of this Section for all Participants in similar circumstances. 

        2.25.    "Inactive Participant"    means each Participant (other than a Retired Participant, Deceased Participant or
Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company. 

        2.26.    "Income Fund"    means a hypothetical investment fund pursuant to which income, gains and losses are credited
to a Participant's Account as if the Account, to the extent deemed invested in the Income Fund, were credited with interest at the Applicable Interest Rate. 

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        2.27.    "Initial Election"    means a written election on a form provided by the Administrator, filed with the
Administrator in accordance with Article 3, pursuant to which an Outside Director or an Eligible Employee may: 

        (a)   Elect
to defer all or any portion of the Compensation payable for the performance of services as an Outside Director or as an Eligible Employee following the time that
such election is filed; and 

        (b)   Designate
the time of payment of the amount of deferred Compensation to which the Initial Election relates. 

        2.28.    "New Key Employee"    means each employee of a Participating Company: 

        (a)   who
becomes an employee of a Participating Company and has an Annual Rate of Pay of $200,000 or more as of his employment commencement date, or 

        (b)   who
has an Annual Rate of Pay that is increased to $200,000 or more and who, immediately preceding such increase, was not an Eligible Employee. 

        2.29.    "Normal Retirement"    means: 

        (a)   For
a Participant who is an employee of a Participating Company immediately preceding his termination of employment, a termination of employment that is treated by the
Participating Company as a retirement under its employment policies and practices as in effect from time to time; and 

        (b)   For
a Participant who is an Outside Director immediately preceding his termination of service, his normal retirement from the Board. 

        2.30.    "Outside Director"    means a member of the Board, who is not an employee of a Participating Company. 

        2.31.    "Participant"    means each individual who has made an Initial Election, or for whom an Account is
established pursuant to Section 5.1, and who has an undistributed amount credited to an Account under the Plan, including an Active Participant, a Deceased Participant and an Inactive
Participant. 

        2.32.    "Participating Company"    means: 

        (a)   The
Company; 

        (b)   Comcast
Holdings Corporation; 

        (c)   Comcast
Cable Communications, LLC, and its subsidiaries; 

        (d)   Comcast
International Holdings, Inc.; 

        (e)   Comcast
Online Communications, Inc.; 

        (f)    Comcast
Business Communications, Inc.; 

        (g)   Comcast
Cable Communications Holdings, Inc. and its subsidiaries; 

        (h)   Comcast
Shared Services Corporation ("CSSC"), to the extent individual employees of CSSC or groups of CSSC employees, categorized by their secondment, are designated as
eligible to participate by the Committee or its delegate; 

        (i)    Comcast
Sports Management Services, LLC; 

        (j)    Home
Team Sports Limited Partnership; and 

        (k)   Any
other entities that are subsidiaries of the Company as designated by the Committee in its sole discretion. 

        2.33.    "Performance-Based Compensation"    means "performance-based compensation" within the meaning of Q&A 22 of  IRS Notice 2005-1, or such other guidance as may be issued by the Department of the Treasury under section 409A of the Code. 

        2.34.    "Performance Period"    means a period of at least 12 months during which a Participant may earn
Performance-Based Compensation. 

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        2.35. "Person" means an individual, a corporation, a partnership, an association, a trust or any other entity or
organization. 

        2.36. "Plan" means the Comcast Corporation 2005 Deferred Compensation Plan, as set forth herein, and as amended from time to
time. 

        2.37. "Prime Rate" means, for any calendar year, the interest rate that, when compounded daily pursuant to rules established
by the Administrator from time to time, is mathematically equivalent to the prime rate of interest (compounded annually) as published in the Eastern Edition of The Wall Street
Journal on the last business day preceding the first day of such calendar year, and as adjusted as of the last business day preceding the first day of each calendar year
beginning thereafter. 

        2.38. "Prior Plan" means the Comcast Corporation 2002 Deferred Compensation Plan. 

        2.39. "Retired Participant" means a Participant who has terminated service pursuant to a Normal Retirement. 

        2.40. "Severance Pay" means any amount that is payable in cash and is identified by a Participating Company as severance pay,
or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company. 

        2.41. "Subsequent Election" means a written election on a form provided by the Administrator, filed with the Administrator in
accordance with Article 3, pursuant to which a Participant or Beneficiary may elect to defer the time of payment of amounts previously deferred in accordance with the terms of a previously made
Initial Election or Subsequent Election. 

        2.42. "Surviving Spouse" means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary
(as applicable). 

        2.43. "Third Party" means any Person, together with such Person's Affiliates, provided that the term  "Third Party" shall not include the Company or an Affiliate of the
Company. 

 
 

ARTICLE 3—INITIAL AND SUBSEQUENT ELECTIONS    
    

        3.1.  Elections.

        (a)   Initial Elections.    Each Outside Director and Eligible Employee shall have the right to defer all or any
portion of the Compensation that he would otherwise be entitled to receive in a calendar year (net of applicable withholdings) by filing an Initial Election at the time and in the manner described in
this Article 3. The Compensation of such Outside Director or Eligible Employee for a calendar year shall be reduced in an amount equal to the portion of the Compensation deferred by such
Outside Director or Eligible Employee for such calendar year pursuant to such Outside Director's or Eligible Employee's Initial Election. Such reduction shall be effected on a pro rata basis from each
periodic installment payment of such Outside Director's or Eligible Employee's Compensation for the calendar year (in accordance with the general pay practices of the Participating Company), and
credited, as a bookkeeping entry, to such Outside Director's or Eligible Employee's Account in accordance with Section 5.1. Amounts credited to the Accounts of Outside Directors in the form of
Company Stock shall be credited to the Company Stock Fund and credited with income, gains and losses in accordance with Section 5.2(c). 

        (b)   Subsequent Elections.    Each Participant or Beneficiary shall have the right to elect to defer the time of
payment or to change the manner of payment of amounts previously deferred in accordance with the terms of a previously made Initial Election pursuant to the terms of the Plan by filing a Subsequent
Election at the time, to the extent, and in the manner described in this Article 3. 

        (c)   Special Transition Rule.    Pursuant to Q-A 20 of IRS Notice
2005-1, to the extent provided by the Committee or its delegate, a Participant may, on or before December 31, 2005, terminate the deferral of Compensation
pursuant to an Initial Election or cancel an Initial Election with regard to 

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amounts
deferred under the Plan, provided that if a Participant terminates the deferral of Compensation pursuant to an Initial Election under this Section 3.1(c), the Company shall pay the
Participant the Compensation that would have been deferred if the deferral of Compensation had not been terminated, and provided further that if a Participant cancels an Initial Election with regard
to amounts deferred under the Plan, the Company shall pay the Participant the amount deferred pursuant to such Initial Election through the cancellation date, without adjustment for income, gains and
losses credited under Section 5.2. 

        3.2.  Filing of Initial Election: General.    An Initial Election shall be made on the form provided by the
Administrator for this purpose. Except as provided in Section 3.3, no such Initial Election shall be effective with respect to Compensation other than Performance-Based Compensation unless it
is filed with the Administrator on or before December 31 of the calendar year preceding the calendar year to which the Initial Election applies, provided that pursuant to Q-A 21 of  IRS Notice 2005-1, to the extent provided by the Committee or its delegate, a Participant may, on or before March 15, 2005, make an
Initial Election with respect to Compensation that relates in full or in part to services provided on or before December 31, 2005, provided further that the amounts to which the Initial
Election relates have not been paid or become payable at the time the Initial Election is filed. No such Initial Election shall be effective with respect to Performance-Based Compensation unless it is
filed with the Administrator at least six months before the end of the Performance Period during which such Performance-Based Compensation may be earned. 

        3.3.  Filing of Initial Election by New Key Employees and New Outside Directors.  

        (a)   New Key Employees.    Notwithstanding Section 3.1 and Section 3.2, a New Key Employee may elect to defer all
or any
portion of his Compensation that he would otherwise be entitled to receive in the calendar year in which the New Key Employee was employed, beginning with the payroll period next following the filing
of an Initial Election with the Administrator and before the close of such calendar year by making and filing the Initial Election with the Administrator within 30 days of such New Key
Employee's date of hire or within 30 days of the date such New Key Employee first becomes eligible to participate in the Plan. Any Initial Election by such New Key Employee for succeeding
calendar years shall be made in accordance with Section 3.1 and Section 3.2. 

        (b)   New Outside Directors.    Notwithstanding Section 3.1 and Section 3.2, an Outside Director may
elect to defer all or any portion of his Compensation that he would otherwise be entitled to receive in the calendar year in which an Outside Director's election as a member of the Board becomes
effective (provided that such Outside Director is not a member of the Board immediately preceding such effective date), beginning with Compensation payable following the filing of an Initial Election
with the Administrator and before the close of such calendar year by making and filing the Initial Election with the Administrator within 30 days of the effective date of such Outside
Director's election. Any Initial Election by such Outside Director for succeeding calendar years shall be made in accordance with Section 3.1 and Section 3.2 

        3.4.  Calendar Years to which Initial Election May Apply.    A separate Initial Election may be made for each
calendar year as to which an Outside Director or Eligible Employee desires to defer all or any portion of such Outside Director's or Eligible Employee's Compensation. The failure of an Outside
Director or Eligible Employee to make an Initial Election for any calendar year shall not affect such Outside Director's or Eligible Employee's right to make an Initial Election for any other calendar
year. 

        (a)   Initial Election of Distribution Date.    Each Outside Director or Eligible Employee shall, contemporaneously
with an Initial Election, also elect the time of payment of the amount of the deferred Compensation to which such Initial Election relates; provided, however, that, subject to acceleration (to the
extent permitted under the AJCA) pursuant to Section 3.5(e), Section 3.7, Section 7.1, Section 7.2, or Article 8, no distribution may commence earlier than
January 2nd of the second calendar year beginning after the date the compensation subject to the Initial Election would be paid but for the Initial Election, nor later than January 2nd
of the tenth calendar year beginning after the date the date the compensation subject to the Initial Election would be paid but for the Initial 

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Election.
Further, each Outside Director or Eligible Employee may select with each Initial Election the manner of distribution in accordance with Article 4. 

        3.5.  Subsequent Elections and Elections to Accelerate Payment on Death or Disability.    No Subsequent Election
shall be effective until 12 months after the date on which such Subsequent Election is made. 

        (a)   Active Participants.    Each Active Participant, who has made an Initial Election, or who has made a Subsequent
Election, may elect to defer the time of payment of any part or all of such Participant's Account for a minimum of five and a maximum of ten additional years from the previously-elected payment date,
by filing a Subsequent Election with the Administrator The number of Subsequent Elections under this Section 3.5(a) shall not be limited. 

        (b)   Inactive Participants.    The Committee may, in its sole and absolute discretion, permit an Inactive
Participant to make a Subsequent Election defer the time of payment of any part or all of such Inactive Participant's Account for a minimum of five years and a maximum of ten additional years from the
previously-elected payment date, by filing a Subsequent Election with the Administrator on or before the close of business on June 30 of the calendar year preceding the calendar year in which
the lump-sum distribution or initial installment payment would otherwise be made. The number of Subsequent Elections under this Section 3.5(b) shall be determined by the Committee
in its sole and absolute discretion. 

        (c)   Surviving Spouses.

        (i)    Acceleration Election.    To the extent permitted under the AJCA (except to the extent that
Section 3.7(b) applies), a Surviving Spouse who is a Deceased Participant's Beneficiary may elect to accelerate the time of payment of the Deceased Participant's Account from the date payment
would otherwise be made to a time that is as soon as reasonably practicable following the Deceased Participant's date of death. 

        (ii)   Subsequent Election.    A Surviving Spouse who is a Deceased Participant's Beneficiary may elect to defer the
time of payment of any part or all of such Deceased Participant's Account the payment of which would be made more than 12 months after the date of such election. Such election shall be made by
filing a Subsequent Election with the Administrator in which the Surviving Spouse shall specify the change in the time of payment, which shall be no less than five (5) years nor more than ten
(10) years from the previously-
elected payment date, or such Surviving Spouse may elect to defer payment until such Surviving Spouse's death. A Surviving Spouse may make a total of two (2) Subsequent Elections under this
Section 3.5(c)(ii), with respect to all or any part of the Deceased Participant's Account. Subsequent Elections pursuant to this Section 3.5(c)(ii) may specify different changes
with respect to different parts of the Deceased Participant's Account. 

        (d)   Beneficiary of a Deceased Participant Other Than a Surviving Spouse.

        (i)    Acceleration Election.    To the extent permitted under the AJCA (except to the extent that
Section 3.7(b) applies), a Beneficiary of a Deceased Participant other than a Surviving Spouse may elect to accelerate the time of payment of the Deceased Participant's Account from the date
payment would otherwise be made to a time that is as soon as reasonably practicable following the Deceased Participant's date of death. 

        (ii)   Subsequent Election.    A Beneficiary of a Deceased Participant other than a Surviving Spouse may elect to
defer the time of payment, of any part or all of such Deceased Participant's Account the payment of which would be made more than 12 months after the date of such election. Such election shall
be made by filing a Subsequent Election with the Administrator in which the Beneficiary shall specify the deferral of the time of payment, which shall be no less than five (5) years nor more
than ten (10) years from the previously-elected payment date. A Beneficiary may make one (1) Subsequent Election under this Section 3.5(d)(i), with respect to all or any part 

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of
the Deceased Participant's Account. Subsequent Elections pursuant to this Section 3.5(d)(i) may specify different changes with respect to different parts of the Deceased Participant's
Account. 

        (e)   Disabled Participant.    To the extent permitted under the AJCA, a Disabled Participant may elect to accelerate
the time of payment of the Disabled Participant's Account from the date payment would otherwise be made to a time that is as soon as reasonably practicable following the time the Disability occurred. 

        (f)    Retired Participants and Disabled Participants.    The Committee may, in its sole and absolute discretion,
permit a Retired Participant or a Disabled Participant to make a Subsequent Election to defer the time of payment of any part or all of such Retired or Disabled Participant's Account that would not
otherwise become payable within twelve (12) months of such Subsequent Election for a minimum of five (5) years and a maximum of ten (10) additional years from the
previously-elected payment date, by filing a Subsequent Election with the Administrator on or before the close of business on the date that is at least twelve (12) months before the date on
which the lump-sum distribution or initial installment payment would otherwise be made. The number of Subsequent Elections under this Section 3.5(f) shall be determined by the
Committee in its sole and absolute discretion. 

        (g)   Most Recently Filed Initial Election or Subsequent Election Controlling.    Subject to acceleration pursuant to
Section 3.5(e), Section 3.7 or Section 7.1 (to the extent permitted under the AJCA), no distribution of the
amounts deferred by a Participant for any calendar year shall be made before the payment date designated by the Participant or Beneficiary on the most recently filed Initial Election or Subsequent
Election with respect to each deferred amount. 

        3.6.  Discretion to Provide for Distribution in Full Upon or Following a Change of Control.    To the extent
permitted by IRS Notice 2005-1, in connection with a Change of Control, and for the 12-month period following a Change of
Control, the Committee may exercise its discretion to terminate the Plan and, notwithstanding any other provision of the Plan or the terms of any Initial Election or Subsequent Election, distribute
the Account balance of each Participant in full and thereby effect the revocation of any outstanding Initial Elections or Subsequent Elections. 

        3.7.  Withholding and Payment of Death Taxes.

        (a)   Notwithstanding
any other provisions of this Plan to the contrary, including but not limited to the provisions of Article 3 and Article 7, or any Initial
or Subsequent Election filed by a Deceased Participant or a Deceased Participant's Beneficiary (for purposes of this Section, the "Decedent"), and to
the extent permitted by IRS Notice 2005-1, the Administrator shall apply the terms of Section 3.7(b) to the Decedent's Account unless
the Decedent affirmatively has elected, in writing, filed with the Administrator, to waive the application of Section 3.7(b). 

        (b)   Unless
the Decedent affirmatively has elected, pursuant to Section 3.7(a), that the terms of this Section 3.7(b) not apply, but only to the extent
permitted under the AJCA: 

        (i)    The
Administrator shall prohibit the Decedent's Beneficiary from taking any action under any of the provisions of the Plan with regard to the Decedent's Account other
than the Beneficiary's making of a Subsequent Election pursuant to Section 3.5; 

9

  

         (ii)  The
Administrator shall defer payment of the Decedent's Account until the later of the Death Tax Clearance Date and the payment date designated in the Decedent's
Initial Election or Subsequent Election; 

        (iii)  The
Administrator shall withdraw from the Decedent's Account such amount or amounts as the Decedent's Personal Representative shall certify to the Administrator as
being necessary to pay the Death Taxes apportioned against the Decedent's Account; the Administrator shall remit the amounts so withdrawn to the Personal Representative, who shall apply the same to
the payment of the Decedent's Death Taxes, or the Administrator may pay such amounts directly to any taxing authority as payment on account of Decedent's Death Taxes, as the Administrator elects; 

        (iv)  If
the Administrator makes a withdrawal from the Decedent's Account to pay the Decedent's Death Taxes and such withdrawal causes the recognition of income to the
Beneficiary, the Administrator shall pay to the Beneficiary from the Decedent's Account, within thirty (30) days of the Beneficiary's request, the amount necessary to enable the Beneficiary to
pay the Beneficiary's income tax liability resulting from such recognition of income; additionally, the Administrator shall pay to the Beneficiary from the Decedent's Account, within thirty
(30) days of the Beneficiary's request, such additional amounts as are required to enable the Beneficiary to pay the Beneficiary's income tax liability attributable to the Beneficiary's
recognition of income resulting from a distribution from the Decedent's Account pursuant to this Section 3.7(b)(iv); 

         (v)  Amounts
withdrawn from the Decedent's Account by the Administrator pursuant to Sections 3.7(b)(iii) and 3.7(b)(iv) shall be withdrawn from the portions of
Decedent's Account having the earliest distribution dates as specified in Decedent's Initial Election or Subsequent Election; and 

        (vi)  Within
a reasonable time after the later to occur of the Death Tax Clearance Date and the payment date designated in the Decedent's Initial Election or Subsequent
Election, the Administrator shall pay the Decedent's Account to the Beneficiary. 

ARTICLE 4—MANNER OF DISTRIBUTION  

        4.1.    Manner of Distribution.    

        (a)   Amounts
credited to an Account shall be distributed, pursuant to an Initial Election or Subsequent Election in either (i) a lump sum payment or
(ii) substantially equal monthly or annual installments over a five (5), ten (10) or fifteen (15) year period. Installment distributions payable in the form of shares of Company
Stock shall be rounded to the nearest whole share. 

        (b)   To
the extent permitted by Q-A 15(e) of IRS Notice 2005-1, notwithstanding any Initial Election,
Subsequent Election or any other provision of the Plan to the contrary: 

          (i)  distributions
pursuant to Initial Elections or Subsequent Elections shall be made in one lump sum payment unless the portion of a Participant's Account subject to
distribution, as of both the date of the Initial Election or Subsequent Election and the benefit commencement date, has a value of more than $10,000; 

         (ii)  following
a Participant's termination of employment for any reason, if the amount credited to the Participant's Account has a value of $10,000 or less, the
Administrator may, in its sole discretion, direct that such amount be distributed to the Participant (or Beneficiary, as applicable) in one lump sum payment, provided that the payment is made on or
before the later of (i) December 31 of the calendar year in which the Participant terminates employment or (ii) the date two and one-half months after the Participant
terminates employment. 

        4.2.    Determination of Account Balances for Purposes of Distribution.    The amount of any distribution made
pursuant to Section 4.1 shall be based on the balances in the Participant's Account on the date of distribution. For this purpose, the balance in a Participant's Account shall be calculated by
crediting income, 

10

 

gains
and losses under the Company Stock Fund and Income Fund, as applicable, through the date immediately preceding the date of distribution. 

        4.3.    Plan-to-Plan Transfers.    The Administrator may delegate its authority to arrange for
plan-to-plan transfers as described in this Section 4.3 to an officer of the Company or committee of two or more officers of the Company. 

        (a)   The
Administrator may, with a Participant's consent, make such arrangements as it may deem appropriate to transfer the Company's obligation to pay benefits with respect
to such Participant which have not become payable under this Plan, to another employer, whether through a deferred compensation plan, program or arrangement sponsored by such other employer or
otherwise, or to another deferred compensation plan, program or arrangement sponsored by the Company or an Affiliate. Following the completion of such transfer, with respect to the benefit
transferred, the Participant shall have no further right to payment under this Plan. 

        (b)   The
Administrator may, with a Participant's consent, make such arrangements as it may deem appropriate to assume another employer's obligation to pay benefits with
respect to such Participant which have not become payable under the deferred compensation plan, program or arrangement under which such future right to payment arose, to the Plan, or to assume a
future payment obligation of the Company or an Affiliate under another plan, program or arrangement sponsored by the Company or an Affiliate. Upon the completion of the Plan's assumption of such
payment obligation, the Administrator shall establish an Account for such Participant, and the Account shall be subject to the rules of this Plan, as in effect from time to time. 

        (c)   Pursuant
to Q-A 19(c) of IRS Notice 2005-1, to the extent provided by the Committee or its
delegate, a Participant may, on or before December 31, 2005, with respect to all or any portion of his or her account under the 2002 Plan, make new payment elections as to the form and timing
of payment of such amounts as may be permitted under this Plan, provided that following the completion of such new payment election, such amounts shall not be treated as grandfathered benefits under
the 2002 Plan, but instead shall be treated as non-grandfathered benefits, subject to the rules of this Plan. 

ARTICLE 5—BOOK ACCOUNTS  

        5.1.    Deferred Compensation Account.    A deferred Compensation Account shall be established for each Outside
Director and Eligible Employee when such Outside Director or Eligible Employee becomes a Participant. Compensation deferred pursuant to the Plan shall be credited to the Account on the date such
Compensation would otherwise have been payable to the Participant. 

        5.2.    Crediting of Income, Gains and Losses on Accounts.    

        (a)    In General.    Except as otherwise provided in this Section 5.2, the Administrator shall credit income,
gains and losses with respect to each Participant's Account as if it were invested in the Income Fund. 

        (b)    Investment Fund Elections.    Except for amounts credited to the Accounts of Participants who are Outside
Directors who have elected to defer the receipt of Compensation payable in the form of Company Stock, all
amounts credited to Participants' Accounts shall be credited with income, gains and losses as if it were invested in the Income Fund. 

        (c)    Outside Director Stock Fund Credits.    Amounts credited to the Accounts of Outside Directors in the form of
Company Stock shall be credited with income, gains and losses as if they were invested in the Company Stock Fund. No portion of such Participant's Account may be deemed transferred to the Income Fund.
Distributions of amounts credited to the Company Stock Fund with respect to Outside Directors' Accounts shall be distributable in the form of Company Stock, rounded to the nearest whole share. 

        (d)    Timing of Credits.    Compensation deferred pursuant to the Plan shall be deemed invested in the Income Fund on
the date such Compensation would otherwise have been payable to the Participant. 

11

 

Accumulated
Account balances subject to an investment fund election under Section 5.2(b) shall be deemed invested in the applicable investment fund as of the effective date of such election.
The value of amounts deemed invested in the Company Stock Fund shall be based on hypothetical purchases and sales of Company Stock at Fair Market Value as of the effective date of an investment
election 

        5.3.    Status of Deferred Amounts.    Regardless of whether or not the Company is a Participant's employer, all
Compensation deferred under this Plan shall continue for all purposes to be a part of the general funds of the Company. 

        5.4.    Participants' Status as General Creditors.    Regardless of whether or not the Company is a Participant's
employer, an Account shall at all times represent a general obligation of the Company. The Participant shall be a general creditor of the Company with respect to this obligation, and shall not have a
secured or preferred position with respect to the Participant's Accounts. Nothing contained herein shall be deemed to create an escrow, trust, custodial account or fiduciary relationship of any kind.
Nothing contained herein shall be construed to eliminate any priority or preferred position of a Participant in a bankruptcy matter with respect to claims for wages. 

ARTICLE 6—NO ALIENATION OF BENEFITS; PAYEE DESIGNATION  

        Except as otherwise required by applicable law, the right of any Participant or Beneficiary to any benefit or interest under any of the provisions of this Plan
shall not be subject to encumbrance, attachment, execution, garnishment, assignment, pledge, alienation, sale, transfer, or anticipation, either by the voluntary or involuntary act of any Participant
or any Participant's Beneficiary or by operation of law, nor shall such payment, right, or interest be subject to any other legal or equitable process. However, subject to the terms and conditions of
the Plan, a Participant or Beneficiary may direct that any amount payable pursuant to an Initial Election or a Subsequent Election on any date designated for payment be paid to any person or persons
or legal entity or entities, including, but not limited to, an organization exempt from federal income tax under section 501(c)(3) of the Code, instead of to the Participant or Beneficiary.
Such a payee designation shall be provided to the Administrator by the Participant or Beneficiary in writing on a form provided by the
Administrator, and shall not be effective unless it is provided immediately preceding the time of payment. The Company's payment pursuant to such a payee designation shall relieve the Company and its
Affiliates of all liability for such payment. 

ARTICLE 7—DEATH OF PARTICIPANT  

        7.1.    Death of Participant.    A Deceased Participant's Account shall be distributed in accordance with the last
Initial Election or Subsequent Election made by the Deceased Participant before the Deceased Participant's death, unless the Deceased Participant's Surviving Spouse or other Beneficiary timely elects
to accelerate or defer the time of payment pursuant to Section 3.5. 

        7.2.    Designation of Beneficiaries.    Each Participant and Beneficiary shall have the right to designate one or
more Beneficiaries to receive distributions in the event of the Participant's or Beneficiary's death by filing with the Administrator a Beneficiary designation on the form provided by the
Administrator for such purpose. The designation of a Beneficiary or Beneficiaries may be changed by a Participant or Beneficiary at any time prior to such Participant's or Beneficiary's death by the
delivery to the Administrator of a new Beneficiary designation form. 

ARTICLE 8—HARDSHIP AND OTHER ACCELERATION EVENTS  

        8.1.    Hardship.    Notwithstanding the terms of an Initial Election or Subsequent Election, if, at the Participant's
request, the Board determines that the Participant has incurred a Hardship, the Board may, in its discretion, authorize the immediate distribution of all or any portion of the Participant's Account. 

12

 

        8.2.    Other Acceleration Events.    To the extent permitted by Q-A 15 of IRS
Notice 2005-1, notwithstanding the terms of an Initial Election or Subsequent Election, distribution of all or part of a Participant's Account may be made: 

        (a)   To
the extent necessary to fulfill a domestic relations order (as defined in section 414(p)(1)(B) of the Code). 

        (b)   To
the extent necessary to comply with a certificate of divestiture (as defined in section 1043(b)(2) of the Code). 

        (c)   To
pay the Federal Insurance Contribution Act ("FICA") tax imposed under sections 3101 and 3121(v)(2) of the Code on
compensation deferred under the Plan (the "FICA Amount") plus the income tax at source on wages imposed under section 3401 of the Code with
respect to the FICA Amount, and to pay the additional income tax at source on wages attributable to the pyramiding section 3401 wages and taxes, provided that the total amount distributable
under this Section 8.2(c) shall not exceed the sum of the FICA Amount and the income tax withholding related to such FICA Amount. 

ARTICLE 9—INTERPRETATION  

        9.1.    Authority of Committee.    The Committee shall have full and exclusive authority to construe, interpret and
administer this Plan and the Committee's construction and interpretation thereof shall be binding and conclusive on all persons for all purposes. 

        9.2.    Claims Procedure.    If an individual (hereinafter referred to as the  "Applicant," which reference shall include the legal
representative, if any, of the individual) does not receive timely payment of benefits to which the
Applicant believes he is entitled under the Plan, the Applicant may make a claim for benefits in the manner hereinafter provided. 

        An
Applicant may file a claim for benefits with the Administrator on a form supplied by the Administrator. If the Administrator wholly or partially denies a claim, the
Administrator shall provide the Applicant with a written notice stating: 

        (a)   The
specific reason or reasons for the denial; 

        (b)   Specific
reference to pertinent Plan provisions on which the denial is based; 

        (c)   A
description of any additional material or information necessary for the Applicant to perfect the claim and an explanation of why such material or information is
necessary; and 

        (d)   Appropriate
information as to the steps to be taken in order to submit a claim for review. 

Written
notice of a denial of a claim shall be provided within 90 days of the receipt of the claim, provided that if special circumstances require an extension of time for processing the claim,
the Administrator may notify the Applicant in writing that an additional period of up to 90 days will be required to process the claim. 

        If
the Applicant's claim is denied, the Applicant shall have 60 days from the date of receipt of written notice of the denial of the claim to request a review of the denial of the
claim by the Administrator. Request for review of the denial of a claim must be submitted in writing. The Applicant shall have the right to review pertinent documents and submit issues and comments to
the Administrator in writing. The Administrator shall provide a written decision within 60 days of its receipt of the Applicant's request for review, provided that if special circumstances
require an extension of time for processing the review of the Applicant's claim, the Administrator may notify the Applicant in writing that an additional period of up to 60 days shall be
required to process the Applicant's request for review. 

        It
is intended that the claims procedures of this Plan be administered in accordance with the claims procedure regulations of the Department of Labor set forth in 29 CFR §
2560.503-1. 

        Claims
for benefits under the Plan must be filed with the Administrator at the following address: 

13

 

                    Comcast
Corporation

                    1500 Market Street

                    Philadelphia, PA 19102

                    Attention: General Counsel 

ARTICLE 10—AMENDMENT OR TERMINATION  

        10.1.    Amendment or Termination.    Except as otherwise provided by Section 10.2, the Company, by action of
the Board or by action of the Committee, shall have the right at any time, or from time to time, to amend or modify this Plan. The Company, by action of the Board, shall have the right to terminate
this Plan at any time. 

        10.2.    Amendment of Rate of Credited Earnings.    No amendment shall change the Applicable Interest Rate with
respect to the portion of a Participant's Account that is attributable to an Initial Election or Subsequent Election made with respect to Compensation earned in a calendar year and filed with the
Administrator before the date of adoption of such amendment by the Board. For purposes of this Section 10.2, a Subsequent Election to defer the payment of part or all of an Account for an
additional period after a previously-elected payment date (as described in Section 3.5) shall be treated as a separate Subsequent Election from any previous Initial Election or Subsequent
Election with respect to such Account. 

ARTICLE 11—WITHHOLDING OF TAXES  

        Whenever the Participating Company is required to credit deferred Compensation to the Account of a Participant, the Participating Company shall have the right to
require the Participant to remit to the Participating Company an amount sufficient to satisfy any federal, state and local withholding tax requirements prior to the date on which the deferred
Compensation shall be deemed credited to the Account of the Participant, or take any action whatever that it deems necessary to protect its interests with respect to tax liabilities. The Participating
Company's obligation to credit deferred Compensation to an Account shall be conditioned on the Participant's compliance, to the Participating Company's satisfaction, with any withholding requirement.
To the maximum extent possible, the Participating Company shall satisfy all applicable withholding tax requirements by withholding tax from other Compensation payable by the Participating Company to
the Participant, or by the Participant's delivery of cash to the Participating Company in an amount equal to the applicable withholding tax. 

ARTICLE 12—MISCELLANEOUS PROVISIONS  

        12.1.    No Right to Continued Employment.    Nothing contained herein shall be construed as conferring upon any
Participant the right to remain in service as an Outside Director or in the employment of a Participating Company as an executive or in any other capacity. 

        12.2.    Expenses of Plan.    All expenses of the Plan shall be paid by the Participating Companies. 

        12.3.    Gender and Number.    Whenever any words are used herein in any specific gender, they shall be construed as
though they were also used in any other applicable gender. The singular form, whenever used herein, shall mean or include the plural form, and vice
versa, as the context may require. 

        12.4.    Law Governing Construction.    The construction and administration of the Plan and all questions pertaining
thereto, shall be governed by the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), and other applicable federal law and, to the extent not governed by federal law, by the laws of the Commonwealth of Pennsylvania. 

        12.5.    Headings Not a Part Hereof.    Any headings preceding the text of the several Articles, Sections,
subsections, or paragraphs hereof are inserted solely for convenience of reference and shall not constitute a part of the Plan, nor shall they affect its meaning, construction, or effect. 

14

 

        12.6.    Severability of Provisions.    If any provision of this Plan is determined to be void by any court of
competent jurisdiction, the Plan shall continue to operate and, for the purposes of the jurisdiction of that court only, shall be deemed not to include the provision determined to be void. 

ARTICLE 13—EFFECTIVE DATE  

        The effective date of this amendment and restatement of the Plan shall be January 1, 2005. The original effective date of the Plan is January 1,
2005. 

        IN
WITNESS WHEREOF, COMCAST CORPORATION has caused this Plan to be executed by its officers thereunto duly authorized, and its corporate seal to be affixed hereto, as of the
1st day of January, 2005. 

	 	 	COMCAST CORPORATION
	

 	
 	

BY:	
 	

 
	 	 	 	 	

	

 	
 	

ATTEST:
	

 	
 	

15

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COMCAST CORPORATION 2005 DEFERRED COMPENSATION PLAN ARTICLE 1—BACKGROUND AND COVERAGE OF PLAN

ARTICLE 2—DEFINITIONS

ARTICLE 3—INITIAL AND SUBSEQUENT ELECTIONSQuickLinks
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Exhibit 10.6  

 
 

COMCAST CORPORATION
  2002 DEFERRED STOCK OPTION PLAN    
    

 
 

ARTICLE 1—CONTINUATION AND COVERAGE OF PLAN    
    

        1.1.  Freeze of Plan. 

        (a)   COMCAST
CORPORATION, a Pennsylvania corporation, hereby amends, restates and freezes the Comcast Corporation 2002 Deferred Stock Option Plan (the
"Plan"), effective January 30, 2004. The Plan was initially adopted effective September 16, 1997 and was amended and restated effective
June 21, 1999, December 19, 2000, November 29, 2001, April 29, 2002, November 18, 2002, February 26, 2003, July 30, 2003 and January 30, 2004. 

        (b)   In
order to preserve the favorable tax treatment available to deferrals that were made under the Plan before January 1, 2005 in light of the American Jobs
Creation Act of 2004, IRS Notice 2005-1, and the regulations issued by the Department of the Treasury thereunder (the
"AJCA"), deferrals under the Plan of amounts that were not earned and vested as of December 31, 2004 shall not be permitted. Accordingly,
notwithstanding anything in the Plan to the contrary, on or after January 1, 2005, no Participant may make an Initial Election. Initial Elections made by Participants before January 1,
2005 shall be honored only to the extent that under Q-A 16(b) of IRS Notice 2005-1, the date of deferral is treated as having
occurred before January 1, 2005. 

        (c)   Amounts
earned and vested prior to January 1, 2005 are and will remain subject to the terms and conditions of the Plan. 

        1.2.  Plan Unfunded and Limited to Outside Directors and Select Group of Management or Highly Compensated Employees. The Plan
is unfunded and is maintained primarily for the purpose of providing outside directors and a select group of management or highly compensated employees the opportunity to defer compensation otherwise
payable to such outside directors and management or highly compensated employees. The Plan provides an opportunity for outside directors and management or highly compensated employees to defer the
receipt of Shares upon the exercise of Options and to convert the right to receive Shares to the right to receive the cash value thereof as of the date of such conversion, plus interest thereon from
the date of such conversion, in accordance with the terms of the Plan. 

 
 

ARTICLE 2—DEFINITIONS    
    

        2.1.  "Account" means unfunded bookkeeping accounts established pursuant to Section 5.1 and maintained by the
Administrator in the names of the respective Participants (a) to which Deferred Stock Units, dividend equivalents and earnings on dividend equivalents shall be credited with respect to the
portion of the Account allocated to the Company Stock Fund and (b) to which an amount equal to the Fair Market Value of Deferred Stock Units with respect to which a Diversification Election has
been made and interest thereon from the date of such election shall be credited with respect to the portion of the Account allocated to the Income Fund, and from which all amounts distributed pursuant
to the Plan shall be debited. 

        2.2.  "Active Participant" means: 

        (a)   Each
Participant who is in active service as an Outside Director; 

        (b)   Each
Participant who is actively employed by a Participating Company as an Eligible Employee; and 

        (c)   A
Permitted Transferee of an individual described in Section 2.2(a) or Section 2.2(b), if applicable. 

        2.3.  "Administrator" means the Committee. 

        2.4.  "Affiliate" means, with respect to any Person, any other Person that, directly or indirectly, is in control of, is
controlled by, or is under common control with, such Person. For purposes of this definition, the term "control," including its correlative terms "controlled by" and "under common control with," mean, 

 

with
respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise. 

        2.5.  "Annual Rate of Pay" means, as of any date, an employee's annualized base pay rate. An employee's Annual Rate of Pay
shall not include sales commissions or other similar payments or awards. 

        2.6.  "Applicable Interest Rate" means: 

        (a)   Except
as otherwise provided in Section 2.6(b), the Applicable Interest Rate means 8% per annum, compounded annually as of the last day of the calendar year, or
such other interest rate established by the Administrator from time to time. The effective date of any reduction in the Applicable Interest Rate shall not precede the latest of
(i) November 29, 2003, (ii) the 30thday following the date of the Administrator's action to establish a reduced rate or (ii) the lapse of 24 full calendar
months from the date of the most recent adjustment of the Applicable Interest Rate by the Administrator. 

        (b)   Effective
for the period extending from a Participant's employment termination date to the date the Participant's Account is distributed in full, the Administrator, in
its sole and absolute discretion, may designate the term "Applicable Interest Rate" for such Participant's Account to mean the lesser of (i) the rate in effect under Section 2.6(a) or
(ii) the Prime Rate plus one percent, compounded annually as of the last day of the calendar year. Notwithstanding the foregoing, the Administrator may delegate its authority to determine the
Applicable Interest Rate under this Section 2.6(b) to an officer of the Company or committee of two or more officers of the Company. 

        2.7.  "AT&T Broadband Transaction" means the acquisition of AT&T Broadband Corp. (now known as Comcast Cable Communications
Holdings, Inc.) by the Company. 

        2.8.  "Beneficiary" means such person or persons or legal entity or entities, including, but not limited to, an organization
exempt from federal income tax under section 501(c)(3) of the Code, designated by a Participant or Beneficiary to receive benefits pursuant to the terms of the Plan after such Participant's or
Beneficiary's death. If no Beneficiary is designated by the Participant or Beneficiary or if no Beneficiary survives the Participant or Beneficiary (as the case may be), the Participant's Beneficiary
shall be the Participant's Surviving Spouse if the Participant has a Surviving Spouse and otherwise the Participant's estate and the Beneficiary of a Beneficiary shall be the Beneficiary's Surviving
Spouse if the Beneficiary has a Surviving Spouse and otherwise the Beneficiary's estate. 

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

        2.10. "Change of Control" means any transaction or series of transactions as a result of which any Person who was a Third
Party immediately before such transaction or series of transactions owns then-outstanding securities of the Company such that such Person has the ability to direct the management of the
Company, as determined by the Board in its discretion. The Board may also determine that a Change of Control shall occur upon the completion of one or more proposed transactions. The Board's
determination shall be final and binding. 

        2.11. "Code" means the Internal Revenue Code of 1986, as amended. 

        2.12. "Comcast Option Plan or Plans" means the Comcast Corporation 1987 Stock Option Plan, or the Comcast Corporation 2002
Stock Option Plan, the AT&T Broadband Corp. Adjustment Plan, or any other incentive or non-qualified stock option plan subsequently adopted by the Company or a Related Corporation. 

        2.13. "Comcast Plan" means any restricted stock, stock bonus, stock option or other compensation plan, program or arrangement
established or maintained by the Company or an Affiliate, including, but not limited to this Plan, the Comcast Corporation 2002 Restricted Stock Plan and the Comcast Option Plans. 

        2.14. "Committee" means the Compensation Committee of the Board of Directors of the Company. 

2

 

        2.15. "Common Stock" means Company's Class A Common Stock, par value $.01 per share, including a fractional share. 

        2.16. "Company" means Comcast Corporation, a Pennsylvania corporation, as successor to Comcast Corporation, including any
successor thereto by merger, consolidation, acquisition of all or substantially all the assets thereof, or otherwise. 

        2.17. "Company Stock" means Common Stock or such other securities as may be issued by the Company pursuant to adjustments as
provided in Article 11. 

        2.18. "Company Stock Fund" means a hypothetical investment fund pursuant to which Deferred Stock Units are credited with
respect to an Option subject to an Initial Election, and thereafter until the date of distribution or the effective date of a Diversification Election, to the extent a Diversification Election applies
to such Deferred Stock Units, as applicable. The portion of a Participant's Account deemed invested in the Company Stock Fund shall be treated as if such portion of the Account were invested in
hypothetical shares of Common Stock or Special Common Stock otherwise deliverable as Option Shares on the exercise of an Option, and all dividends and other distributions paid with respect to Common
Stock or Special Common Stock were held uninvested in cash and credited with interest at the Applicable Interest Rate as of the next succeeding December 31 (to the extent the Account continues
to be deemed credited in the form of Deferred Stock Units through such December 31). 

        2.19. "Date of Grant" means the date as of which an Option is granted. 

        2.20. "Death Tax Clearance Date" means the date upon which a Deceased Participant's or a deceased Beneficiary's Personal
Representative certifies to the Administrator that (a) such Deceased Participant's or deceased Beneficiary's Death Taxes have been finally determined, (b) all of such Deceased
Participant's or deceased Beneficiary's Death Taxes apportioned against the Deceased Participant's or deceased Beneficiary's Account have been paid in full and (c) all potential liability for
Death Taxes with respect to the Deceased Participant's or deceased Beneficiary's Account has been satisfied. 

        2.21. "Death Taxes" means any and all estate, inheritance, generation-skipping transfer, and other death taxes as well as any
interest and penalties thereon imposed by any governmental entity (a "taxing authority") as a result of the death of the Participant or the
Participant's Beneficiary. 

        2.22. "Deceased Participant" means: 

        (a)   A
Participant whose employment, or, in the case of a Participant who was an Outside Director, a Participant whose service as an Outside Director, is terminated by death; 

        (b)   A
Participant who dies following termination of active employment or active service; or 

        (c)   A
Permitted Transferee of an individual described in Section 2.22(a) or 2.22(b), if applicable. 

        2.23. "Deferred Stock Units" mean the number of hypothetical Shares determined as the excess of (a) the number of
Option Shares over (b) the number of Other Available Shares having a Fair Market Value as of the date of exercise of an Option equal to the exercise price for such Option Shares (hereinafter
referred to in this Section 2.23 as the "Payment Shares"), as to which an Outside Director, Former Outside Director, Eligible Employee, Former
Eligible Employee or Successor-in-Interest provides to the Company evidence of ownership of sufficient Payment Shares to pay the exercise price for such Option Shares;  provided, however, that if the
Option is for Common Stock, the Deferred Stock Units shall be credited to the Participant's Account as Deferred Common
Stock Units, and if the Option is for Special Common Stock, the Deferred Stock Units shall be credited to the Participant's Account as Deferred Special Common Stock Units. Provision of a notarized
statement under oath to the Company by the Outside Director, Former Outside Director, Eligible Employee, Former Eligible Employee or Successor-in-Interest attesting to the
number of Payment Shares owned by the Outside Director, Former Outside Director, Eligible Employee, Former Eligible Employee or Successor-in-Interest and held by a securities
broker for the Outside Director, Former Outside Director, Eligible Employee, Former Eligible Employee or Successor-in-Interest in "street name" or provision of the certificate
numbers to the Company by the Outside Director, Former Outside Director, 

3

 

Eligible
Employee, Former Eligible Employee or Successor-in-Interest of the Payment Share stock certificates actually held by the Outside Director, Former Outside Director,
Eligible Employee, Former Eligible Employee or Successor-in-Interest shall constitute acceptable evidence of ownership. 

        2.24. "Disabled Participant" means 

        (a)   A
Participant whose employment or, in the case of a Participant who is an Outside Director, a Participant whose service as an Outside Director, is terminated by reason
of disability; 

        (b)   A
Participant who becomes disabled (as determined by the Committee) following termination of active service; 

        (c)   The
duly-appointed legal guardian of an individual described in Section 2.24(a) or 2.24(b) acting on behalf of such individual; or 

        (d)   A
Permitted Transferee of an individual described in Section 2.24(a) or 2.24(b), if applicable. 

        2.25. "Diversification Election" means a Participant's election to have a portion of the Participant's Account credited in
the form of Deferred Stock Units under the Company Stock Fund deemed liquidated and credited thereafter under the Income Fund, as provided in Section 5.2(b). 

        2.26. "Eligible Employee" means: 

        (a)   Each
employee of a Participating Company whose Annual Rate of Pay is $200,000 or more as of both (i) the date on which an Initial Election is filed with the
Administrator and (ii) the first day of the calendar year in which such Initial Election is filed 

        (b)   Each
employee of a Participating Company who has an Annual Rate of Pay of $125,000 as of each of (i) June 30, 2002; (ii) the date on which an
Initial Election is filed with the Administrator and (iii) the first day of each calendar year beginning after December 31, 2002. 

        (c)   Each
New Key Employee. 

        (d)   Each
other employee of a Participating Company who is designated by the Committee, in its sole and absolute discretion, as an Eligible Employee. 

        2.27. "Fair Market Value" shall mean: 

        (a)   If
Shares are listed on a stock exchange, Fair Market Value shall be determined based on the last reported sale price of a Share on the principal exchange on which
Shares are listed on the date of determination, or if such date is not a trading day, the next trading date. 

        (b)   If
Shares are not so listed, but trades of Shares are reported on the Nasdaq National Market, Fair Market Value shall be determined based on the last quoted sale price
of a Share on the Nasdaq National Market on the date of determination, or if such date is not a trading day, the next trading date. 

        (c)   If
Shares are not so listed nor trades of Shares so reported, Fair Market Value shall be determined by the Committee in good faith. 

        2.28. "Former Eligible Employee" means an individual who has ceased to be actively employed by a Participating Company for
any reason but who, immediately preceding his termination of employment, was an Eligible Employee. 

        2.29. "Former Outside Director" means an individual who has ceased to be a member of the Board, but who, immediately
preceding his cessation of service as a member of the Board was an Outside Director. 

        2.30. "Immediate Family" means an Outside Director's, Former Outside Director's, Eligible Employee's or Former Eligible
Employee's spouse and lineal descendants, any trust all beneficiaries of which are any of such persons and any other entity all members or owners of which are any of such persons. 

4

 

        2.31. "Income Fund" means a hypothetical investment fund pursuant to which an amount equal to the Fair Market Value of
Deferred Stock Units subject to a Diversification Election is credited as of the effective date of such Diversification Election and as to which interest is credited thereafter until the date of
distribution at the Applicable Interest Rate. 

        2.32. "Initial Election" means a written election on a form provided by the Administrator, filed with the Administrator in
accordance with Article 3, pursuant to which an Outside Director, Former Outside Director, Eligible Employee, Former Eligible Employee, Successor-in-Interest or
Permitted Transferee who: 

        (a)   Elects,
within the time or times specified in Article 3, to defer the receipt of Shares pursuant to the exercise of all or part of an Option; and 

        (b)   Designates
the time that such Shares and any dividend equivalents shall be distributed. 

        2.33. "New Key Employee" 

        (a)   means
each employee of a Participating Company: 

        (b)   Who
becomes an employee of a Participating Company and has an Annual Rate of Pay of $200,000 or more as of his employment commencement date; and 

        (c)   Who
has an Annual Rate of Pay that is increased to $200,000 or more and who, immediately preceding such increase, was not an Eligible Employee. 

        2.34. "Normal Retirement" means: 

        (a)   For
a Participant who is an employee of a Participating Company immediately preceding his termination of employment, a termination of employment that is treated by the
Participating Company as a retirement under its employment policies and practices as in effect from time to time; and 

        (b)   For
a Participant who is an Outside Director immediately preceding his termination of service, his normal retirement from the Board. 

        2.35. "Option" means a non-qualified stock option to purchase Shares granted pursuant to an Comcast Option Plan;
provided that each Option with a different Date of Grant shall be considered a separate Option. 

        2.36. "Option Shares" mean the Shares that are subject to the portion of an Option as to which an Initial Election or
Subsequent Election is in effect as adjusted to reflect a Share Withholding Election. 

        2.37. "Other Available Shares" means, as of any date, the sum of: 

        (a)   the
total number of Shares owned by a Participant that were not acquired by such Participant pursuant to a Comcast Plan or otherwise in connection with the performance
of services to the Company or an Affiliate; plus 

        (b)   the
excess, if any, of: 

        (i)    the
total number of Shares owned by a Participant other than the Shares described in Section 2.37(a); over 

        (ii)   the
excess, if any of: 

        (A)  The
sum of: 

        (1)   The
number of such Shares owned by such Participant for less than six months; plus 

        (2)   The
number of such Shares owned by such Participant that has, within the preceding six months, been the subject of a withholding certification under any Comcast Plan;
plus 

5

  

        (3)   The
number of such Shares owned by such Participant that has, within the preceding six months, been received in exchange for Shares surrendered as payment, in full or in
part, or as to which ownership was attested to as payment, in full or in part, of the exercise price for an option to purchase any securities of the Company or an Affiliate of the Company, under any
Comcast Plan, but only to the extent of the number of Shares surrendered or attested to; plus 

        (4)   The
number of such Shares owned by such Participant as to which evidence of ownership has, within the preceding six months, been provided to the Company in connection
with the crediting of Deferred Stock Units to such Participant's Account. 

        For
purposes of this Section 2.37, a Share that is subject to a deferral election pursuant to this Plan or another Comcast Plan shall not be treated as owned by a Person until all
conditions to the delivery of such Share have lapsed. The number of Other Available Shares shall be determined separately for Common Stock and Special Common Stock. For purposes of determining the
number of Other Available Shares, the term "Shares" shall also include the securities held by a Participant immediately before the consummation of the
AT&T Broadband Transaction that became Common Stock and Special Common Stock as a result of the AT&T Broadband Transaction. 

        2.38. "Outside Director" means a member of the Board, who is not an employee of a Participating Company. 

        2.39. "Participant" means each Outside Director, Former Outside Director, Eligible Employee, Former Eligible Employee,
Successor-in-Interest or Permitted Transferee who is the grantee or transferee of an Option that has made an Initial Election or Subsequent Election and that has an
undistributed amount credited to an Account under the Plan. 

        2.40. "Participating Company" means Comcast Corporation and each Related Corporation with respect to Comcast Corporation.
Effective January 1, 2003, "Participating Company" means the Company and each Related Corporation. 

        2.41. "Permitted Transferee" means a member of the Immediate Family of an Outside Director, Former Outside Director, Eligible
Employee or Former Eligible Employee to whom the right to exercise an Option has been transferred pursuant to an Comcast Option Plan. 

        2.42. "Person" means an individual, a corporation, a partnership, an association, a trust or any other entity or
organization. 

        2.43. "Personal Representative" means the executor, the administrator, or the personal representative of a deceased
individual's estate. 

        2.44. "Plan" means the Comcast Corporation 2002 Deferred Stock Option Plan, as set forth herein, and as amended from time to
time. 

        2.45. "Prime Rate" means the annual rate of interest identified by PNC Bank as its prime rate as of the first day of each
calendar year. 

        2.46. "Related Corporation" means a subsidiary of Comcast Corporation or, effective January 1, 2003, a subsidiary of
the Company, as defined in section 424(f) of the Code. 

        2.47. "Retired Participant" means a Participant who has terminated employment pursuant to a Normal Retirement. 

        2.48. "Share" or "Shares."

        (a)   Except
as provided in this Section 2.48, a share or shares Common Stock or Special Common Stock. 

        (b)   The
term "Share" or "Shares" also means such other securities issued by
the Sponsor as may be the subject of an adjustment under Section 11, or for purposes of Section 2.37 and Section 10, as 

6

 

may
have been the subject of a similar adjustment under similar provisions of a Comcast Plan as now in effect or as may have been in effect before the AT&T Broadband Transaction. 

        2.49. "Share Withholding Election" means a written election on a form provided by the Administrator, filed with the
Administrator in accordance with the rules applicable to the filing of Initial Elections under Article 3, pursuant to which an Eligible Employee, Former Eligible Employee,
Successor-in-Interest or Permitted Transferee elects to have the number of Shares deferred pursuant to the exercise of all or part of an Option and credited under the Plan as
Deferred Stock Units adjusted so that Deferred Stock Units that would, but for a Share Withholding Election, be credited to an Account under the Plan, shall be deemed distributed pursuant to the Plan
to satisfy applicable withholding tax liabilities, as described in Section 10.2. 

        2.50. "Special Common Stock" means the Company's Class A Special Common Stock, par value $.01 per share, including a
fractional share. 

        2.51. "Special Diversification Election" means a Diversification Election by a Participant other than an Outside Director to
have more than 40 percent of the Deferred Stock Units credited to such Participant's Account in the Company Stock Fund that are attributable to any Option deemed liquidated and credited
thereafter under the Income Fund, as provided in Section 5.2(b), if (and to the extent that) it is approved by the Administrator in accordance with Section 5.2(b). An Outside Director
may not make a Special Diversification Election. 

        2.52 "Subsequent Election" means a written election on a form provided by the Administrator, filed with the Administrator in
accordance with Article 3, pursuant to which a Participant or Beneficiary may elect to defer (or, in limited cases, accelerate) the time of receipt of amounts credited to an Account previously
deferred in accordance with the terms of a previously made Initial Election or Subsequent Election. 

        2.53 "Successor-in-Interest" means the Beneficiary of a deceased Former Outside Director, a deceased
Former Eligible Employee or another deceased Participant, to whom the right to exercise an Option or the right to payment under the Plan shall have passed, as applicable. 

        2.54 "Surviving Spouse" means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary
(as applicable). 

        2.55 "Terminating Event" means either of the following events: 

        (a)   the
liquidation of the Company; or 

        (b)   a
Change of Control. 

        2.56 "Third Party" means any Person, together with such Person's Affiliates, provided that the term  "Third Party" shall not include the Company or an Affiliate of the
Company. 

 
 

ARTICLE 3—INITIAL AND SUBSEQUENT ELECTIONS    
    

        3.1.  Elections.

        (a)   Initial Elections.    Each Outside Director, Former Outside Director, Eligible Employee, Former Eligible
Employee, Successor-in-Interest or Permitted Transferee who is the grantee or transferee of an Option, shall have the right to make an Initial Election to defer the receipt of
Shares upon exercise of all or part of such Option by filing an Initial Election at the time and in the manner described in this Article 3. Unless otherwise specifically provided in the Initial
Election, following a Diversification Election, an Initial Election shall apply to the portion of a Participant's Account credited to the Income Fund on the same basis as the portion of such
Participant's Account credited to the Company Stock Fund. 

        (b)   Subsequent Elections.    Each Participant and Beneficiary shall have the right to elect to defer (or, in
limited cases, accelerate) the time of receipt of amounts previously deferred in accordance with the terms of a previously made Initial Election by filing a Subsequent Election at the time, to the
extent, and in the manner described in this Article 3. Unless otherwise specifically provided in the Subsequent 

7

 

Election,
a Subsequent Election shall apply to the portion of a Participant's Account credited to the Income Fund on the same basis as the portion of such Participant's Account credited to the Company
Stock Fund. 

        3.2.  Filing of Initial Election: General.    An Initial Election shall be made on the form provided by the
Administrator for this purpose. No such Initial Election shall be effective unless it is filed with the Administrator on or before a date that is both (i) more than six (6) months prior
to the exercise of such Option and (ii) in the calendar year preceding the calendar year in which such Option is exercised, provided that an Initial Election filed with the Administrator on or
before December 31, 1997, shall be effective with respect to the exercise of any Option after December 31, 1997. 

        3.3.  Options to which Initial Elections May Apply.    A separate Initial Election may be made for each Option, or a
portion of such Option, with respect to which an Outside Director, Former Outside Director, Eligible Employee, Former Eligible Employee, Successor-in-Interest or Permitted
Transferee desires to defer receipt of Shares upon exercise of all or a portion of such Option. The failure of such a Person to make an Initial Election with respect to an Option shall not affect such
Person's right to make an Initial Election for any other Option. 

        3.4.  Initial Election of Distribution Date.    Each Participant who elects to defer the receipt of Shares shall, on
the Initial Election, also elect the distribution date for such Shares or any corresponding amounts which may be credited to the Income Fund following a Diversification Election; provided, however,
that subject to acceleration pursuant to Section 3.5(d), Section 3.5(e), Section 3.6, Section 3.7, Section 3.8 or Section 7.1, no distribution may be made
earlier than January 2nd of the third calendar year beginning after the date of the Initial Election nor later than January 2nd of the eleventh calendar year beginning after the date of
the Initial Election. The designation of the distribution date may vary with each separate Initial Election. 

        3.5.  Subsequent Elections.

        (a)   Active Participants.    Each Active Participant who has made an Initial Election, or who has made a Subsequent
Election pursuant to this Section 3.5(a), may elect to defer the time of payment of part or all of such Active Participant's Account for a minimum of two and a maximum of ten additional years
from the previously-elected payment date, by filing a Subsequent Election with the Administrator on or before the close of business on June 30 of the calendar year preceding the calendar year
in which the distribution would otherwise be made. The number of Subsequent Elections under this Section 3.5(a) shall not be limited. 

        (b)   Surviving Spouses.

        (i)    General Rule.    A Surviving Spouse who is a Deceased Participant's Beneficiary may elect to defer the time of
payment of any part or all of such Deceased Participant's Account the payment of which would be made neither within six (6) months after, nor within the calendar year of, the date of such
election. Such election shall be made by filing a Subsequent Election with the Administrator in which the Surviving Spouse shall specify the change in the time of payment, which shall be no less than
two nor more than ten years from the previously-elected payment date, or such Surviving Spouse may elect to defer payment until such Surviving Spouse's death. A Surviving Spouse may make a total of
two (2) Subsequent Elections under this Section 3.5(b)(i) with respect to all or any part of the Deceased Participant's Account. Subsequent Elections pursuant to this
Section 3.5(b)(i) may specify different changes with respect to different parts of the Deceased Participant's Account. 

        (ii)   Exception.    Notwithstanding the above Section 3.5(b)(i), a Subsequent Election may be made by a
Surviving Spouse within sixty (60) days of the Deceased Participant's death; provided, however, such election may only be made with respect to amounts which would not be paid under the Deceased
Participant's election as in effect on the date of the Deceased Participant's death until a date which is at least six (6) months from the Deceased Participant's date of death. Such election
shall be made by filing a Subsequent Election with the Administrator in which the Surviving Spouse 

8

 

shall
specify the change in the time of payment, which shall be no less than two (2) nor more than ten (10) years from the previously-elected payment date, or such Surviving Spouse may
elect to defer payment until such Surviving Spouse's death. A Surviving Spouse may only make one (1) Subsequent Election under this Section 3.5(b)(ii) with respect to all or any
part of the Deceased Participant's Account. Such Surviving Spouse may, however, make one additional Subsequent Election under Section 3.5(b)(i) in accordance with the terms of
Section 3.5(b)(i). The one (1) Subsequent Election permitted under this Section 3.5(b)(ii) may specify different changes for different parts of the Deceased Participant's
Account. 

        (c)   Beneficiary of a Deceased Participant Other Than a Surviving Spouse.

        (i)    General Rule.    A Beneficiary of a Deceased Participant (other than a Surviving Spouse) may elect to defer the
time of payment, of any part or all of such Deceased Participant's Account the payment of which would be made neither within six (6) months after, nor within the calendar year of, the date of
such election. Such election shall be made by filing a Subsequent Election with the Administrator in which the Beneficiary shall specify the change in the time of payment, which shall be no less than
two (2) nor more than ten (10) years from the previously-elected payment date. A Beneficiary may make one (1) Subsequent Election under this Section 3.5(c)(i), with respect
to all or any part of the Deceased Participant's Account. Subsequent Elections pursuant to this Section 3.5(c)(i) may specify different changes for different parts of the Deceased
Participant's Account. 

        (ii)   Exception.    Notwithstanding the above Section 3.5(c)(i), a Subsequent Election may be made by a
Beneficiary within sixty (60) days of the Deceased Participant's death; provided, however, such election may only be made with respect to amounts which would not be paid under the Deceased
Participant's election as in effect on the date of the Deceased Participant's death until a date which is at least six (6) months from the Deceased Participant's date of death. Such election
shall be made by filing a Subsequent Election with the Administrator in which the Beneficiary shall specify the change in the time of payment, which shall be no less than two (2) nor more than
ten (10) years from the previously-elected payment date. A Beneficiary may make one (1) Subsequent Election under this Section 3.5(c)(ii) with respect to all or any part of
the Deceased Participant's Account. Subsequent Elections pursuant to this Section 3.5(c)(ii) may specify different changes for different parts of the Deceased Participant's Account. 

        (d)   Other Deferral and Acceleration by a Beneficiary.    Any Beneficiary (other than a Surviving Spouse who has
made a Subsequent Election under Section 3.5(b) or a Beneficiary who has made a Subsequent Election under Section 3.5(c)) may elect to: 

        (i)    Defer
the time of payment of any part or all of the Deceased Participant's Account or deceased Beneficiary's Account for one additional year from the date payment would
otherwise be made (provided that if a Subsequent Election is made pursuant to this Section 3.5(d)(i), the Deceased Participant's Account or deceased Beneficiary's Account shall be in all events
distributed in full on or before the fifth anniversary of the Deceased Participant's or deceased Beneficiary's death); or 

        (ii)   Accelerate
the time of payment of a Deceased Participant's Account or deceased Beneficiary's Account from the date or dates that payment would otherwise be made to the
date that is the later of (A) six (6) months after the date of the Deceased Participant's or deceased Beneficiary's death and (B) January 2nd of the calendar year beginning
after the Deceased Participant's or deceased Beneficiary's death, provided that if a Subsequent Election is made pursuant to this Section 3.5(d)(ii), the Deceased Participant's Account or
deceased Beneficiary's Account shall be distributed in full on such accelerated payment date. 

A
Subsequent Election pursuant to this Section 3.5(d) must be filed with the Administrator within one hundred twenty (120) days following the Deceased Participant's or deceased
Beneficiary's death. One and only one Subsequent Election shall be permitted pursuant to this Section 3.5(d) with respect to a 

9

 

Deceased
Participant's Account or deceased Beneficiary's Account, although if such Subsequent Election is filed pursuant to Section 3.5(d)(i), it may specify different changes for different
parts of the Account. 

        (e)   Acceleration by Disabled Participant or Permitted Transferee of Disabled Participant.    A Disabled
Participant, or the Permitted Transferee of a Disabled Participant if applicable, may elect to accelerate the time of payment of the Disabled Participant's Account from the date payment would
otherwise be made to January 2nd of the calendar year beginning after the Participant became disabled. A Subsequent Election pursuant to this Section 3.5(e) must be filed with the
Administrator on or before the close of business on the later of (i) the June 30 following the date the Participant becomes a Disabled Participant if the Participant becomes a Disabled
Participant on or before May 1 of a calendar year, (ii) the 60th day following the date the Participant becomes a Disabled Participant if the Participant becomes a Disabled Participant
after May 1 and before November 2 of a calendar year or (iii) the December 31 following the date the Participant becomes a Disabled Participant if the Participant becomes a
Disabled Participant after November 1 of a calendar year. 

        (f)    Retired Participants and Disabled Participants.    The Committee may, in its sole and absolute discretion,
permit a Retired Participant or a Disabled Participant to make a Subsequent Election to defer the time of payment of any part or all of such Retired or Disabled Participant's Account for a minimum of
two years and a maximum of ten additional years from the previously-elected payment date, by filing a Subsequent Election with the Administrator on or before the close of business on June 30 of
the calendar year preceding the calendar year in which the lump-sum distribution or initial installment payment would otherwise be made. The number of Subsequent Elections under this
Section 3.5(f) shall be determined by the Committee in its sole and absolute discretion. 

        (g)   Retired Participant or Permitted Transferee of Retired Participant.    A Retired Participant (who has not been
permitted to make a Subsequent Election under Section 3.5(f)) or a Permitted Transferee of a Retired Participant may elect to defer the time of payment of the Retired Participant's Account for
a minimum of
two additional years from the date payment would otherwise be made (provided that if a Subsequent Election is made pursuant to this Section 3.5(g), the Retired Participant's Account shall be
distributed in full on or before the fifth anniversary of the Retired Participant's Normal Retirement). A Subsequent Election pursuant to this Section 3.5(g) must be filed with the
Administrator on or before the close of business on the later of (i) the June 30 following the Participant's Normal Retirement on or before May 1 of a calendar year,
(ii) the 60th day following the Participant's Normal Retirement after May 1 and before November 2 of a calendar year or (iii) the December 31 following the
Participant's Normal Retirement after November 1 of a calendar year. 

        (h)   Disabled Participant or Permitted Transferee of Disabled Participant.    A Disabled Participant (who has not
been permitted to make a Subsequent Election under 3.5(f)) or a Permitted Transferee of a Disabled Participant may elect to defer the time of payment of the Disabled Participant's Account for a
minimum of two additional years from the date payment would otherwise be made (provided that if a Subsequent Election is made pursuant to this Section 3.5(h), the Disabled Participant's Account
shall be distributed in full on or before the fifth anniversary of the date the Participant became a Disabled Participant). A Subsequent Election pursuant to this Section 3.5(h) must be filed
with the Administrator on or before the close of business on the later of (i) the June 30 following the date the Participant becomes a Disabled Participant if the Participant becomes a
Disabled Participant on or before May 1 of a calendar year, (ii) the 60th day following the date the Participant becomes a Disabled Participant if the Participant becomes a Disabled
Participant after May 1 and before November 2 of a calendar year or (iii) the December 31 following the date the Participant becomes a Disabled Participant if the
Participant becomes a Disabled Participant after November 1 of a calendar year. 

        (i)    Most Recently Filed Initial Election or Subsequent Election Controlling.    Subject to acceleration pursuant to
Section 3.5(d), or 3.5(e), Section 3.6 or 7.1, no distribution of the amounts deferred pursuant to this Article 3 for any calendar year shall be made before the distribution date
designated by the Participant or Beneficiary, Permitted Transferee or Successor-in-Interest, as applicable, on the most recently filed Initial Election or Subsequent Election
with respect to each deferred amount. 

10

 

        3.6.  Distribution in Full upon Terminating Event.    The Company shall give Participants at least thirty
(30) days notice (or, if not practicable, such shorter notice as may be reasonably practicable) prior to the anticipated date of the consummation of a Terminating Event. The Company may, in its
sole and absolute discretion, provide in such notice that notwithstanding any other provision of the Plan or the terms of any Initial or Subsequent Election, upon the consummation of a Terminating
Event, the Account balance of each Participant shall be distributed in full and any outstanding Initial Elections or Subsequent Elections shall be revoked. 

        3.7.  Withholding and Payment of Death Taxes.

        (a)   Notwithstanding
any other provisions of this Plan to the contrary, including but not limited to the provisions of Article 3 and Article 7, or any Initial
or Subsequent Election filed by a Deceased Participant or a Deceased Participant's Beneficiary (for purposes of this Section, the "Decedent"), the
Administrator shall apply the terms of Section 3.7(b) to the Decedent's Account unless the Decedent affirmatively has elected, in writing, filed with the Administrator, to waive the application
of Section 3.7(b). 

        (b)   Unless
the Decedent affirmatively has elected, pursuant to Section 3.7(a), that the terms of this Section 3.7(b) not apply: 

        (i)    The
Administrator shall prohibit the Decedent's Beneficiary from taking any action under any of the provisions of the Plan with regard to the Decedent's Account other
than the Beneficiary's making of a Subsequent Election pursuant to Section 3.5; 

        (ii)   The
Administrator shall defer payment of the Decedent's Account until the later of the Death Tax Clearance Date and the payment date designated in the Decedent's
Initial Election or Subsequent Election; 

        (iii)  The
Administrator shall withdraw from the Decedent's Account such amount or amounts as the Decedent's Personal Representative shall certify to the Administrator as
being necessary to pay the Death Taxes apportioned against the Decedent's Account; the Administrator shall remit the amounts so withdrawn to the Personal Representative, who shall apply the same to
the payment of the Decedent's Death Taxes, or the Administrator may pay such amounts directly to any taxing authority as payment on account of Decedent's Death Taxes, as the Administrator elects; 

11

  

        (iv)  If
the Administrator makes a withdrawal from the Decedent's Account to pay the Decedent's Death Taxes and such withdrawal causes the recognition of income to the
Beneficiary, the Administrator shall pay to the Beneficiary from the Decedent's Account, within thirty (30) days of the Beneficiary's request, the amount necessary to enable the Beneficiary to
pay the Beneficiary's income tax liability resulting from such recognition of income; additionally, the Administrator shall pay to the Beneficiary from the Decedent's Account, within thirty
(30) days of the Beneficiary's request, such additional amounts as are required to enable the Beneficiary to pay the Beneficiary's income tax liability attributable to the Beneficiary's
recognition of income resulting from a distribution from the Decedent's Account pursuant to this Section 3.7(b)(iv); 

        (v)   Amounts
withdrawn from the Decedent's Account by the Administrator pursuant to Sections 3.7(b)(iii) and 3.7(b)(iv) shall be withdrawn from the portions of
Decedent's Account having the earliest distribution dates as specified in Decedent's Initial Election or Subsequent Election; and 

        (vi)  Within
a reasonable time after the later to occur of the Death Tax Clearance Date and the payment date designated in the Decedent's Initial Election or Subsequent
Election, the Administrator shall pay the Decedent's Account to the Beneficiary. 

        3.8.    Effect of Distribution within Five Years of Effective Date of Diversification Election.    If, pursuant to
Section 3.1 through 3.7, Shares distributable with respect to Deferred Stock Units credited to the Company Stock Fund that are attributable to the Option as to which a Diversification Election
was made are distributed on or before the fifth anniversary of the effective date of such Diversification Election (and, in the case of a Participant who is a
Successor-in-Interest or a Permitted Transferee, whether or not such Diversification Election was made by a Participant's predecessor-in-interest),
then, except as may otherwise be provided by the Committee in its sole and absolute discretion, the following percentage of the Participant's Account credited to the Income Fund and attributable to
such Diversification Election shall be distributed simultaneously with such Shares, without regard to any election to the contrary: 

	Time that Shares are Distributable
	 	Distributable Percentage

of Corresponding

Income Fund Amount

	On or before the third anniversary of a Diversification Election	 	60%
	

After the third anniversary of a Diversification Election and on or before the fourth anniversary of a Diversification Election	
 	

40%
	

After the fourth anniversary of a Diversification Election and on or before the fifth anniversary of a Diversification Election	
 	

20%
	

After the fifth anniversary of a Diversification Election	
 	

0%

 
 

ARTICLE 4—MANNER OF DISTRIBUTION    
    

        4.1.    Manner of Distribution.    

        (a)   Deferred
Stock Units credited to an Account shall be distributed in a lump sum in shares of Common Stock and/or Special Common Stock, as applicable. Dividend equivalents
shall be distributed in a lump sum in cash. Amounts credited to the Income Fund pursuant to a Diversification Election shall be distributed in a lump sum in cash. 

        (b)   Notwithstanding
any Initial Election or Subsequent Election or any other provision of the Plan to the contrary, following a Participant's termination of employment for
any reason, if the amount credited to the Participant's Account has a value of $25,000 or less, the Administrator may, in its sole discretion, direct that such amount be distributed to the Participant
(or Beneficiary, as applicable) in one lump sum payment; provided, however, that this Section 4.1(b) shall not apply to any amount credited to a Participant's Account until the expiration of
the deferral period applicable under any Initial Election or Subsequent Election in effect as of April 29, 2002. 

12

 
 
 

ARTICLE 5—BOOK ACCOUNTS    
    

        5.1.    Account.    An Account shall be established for each Outside Director, Former Outside Director, Eligible
Employee, Former Eligible Employee, Successor-in-Interest or Permitted Transferee when such Person becomes a Participant. Deferred Stock Units shall be credited to the Account
as of the date of exercise of an Option as to which an Initial or Subsequent Election is in effect. Each Deferred Stock Unit that represented a hypothetical share of Comcast Corporation Class A
Common Stock, par value $1.00 immediately before the consummation of the AT&T Broadband Transaction shall be treated as a hypothetical share of Common Stock. Each Deferred Stock Unit that represented
a hypothetical share of Comcast Corporation Class A Special Common Stock, par value $1.00 shall be treated as a hypothetical share of Special Common Stock. To the extent an Account is deemed
invested in the Income Fund, the Administrator shall credit earnings with respect to such Account at the Applicable Interest Rate, as further provided in Section 5.2. 

        5.2.    Crediting of Income, Gains and Losses on Accounts.    

        (a)    In General.    Except as otherwise provided in this Section 5.2, the value of a Participant's Account as
of any date shall be determined as if it were invested in the Company Stock Fund. 

        (b)    Diversification Elections.    

        (i)    In General.    A Diversification Election shall be available (A) at any time that a Registration
Statement filed under the Securities Act of 1933, as amended (a "Registration Statement"), is effective with respect to the Plan and (B) with respect to a Special Diversification Election, if
and to the extent that the opportunity to make such a Special Diversification Election has been approved by the Administrator. No approval is required for a Diversification Election other than a
Special Diversification Election. 

        (ii)    Administrator Approval of Special Diversification Elections.    The opportunity to make a Special
Diversification Election and the extent to which a Special Diversification Election applies to Deferred Stock Units credited to the Company Stock Fund may be approved or rejected by the Administrator
in its sole discretion. A Special Diversification Election shall only be effective if (and to the extent) approved by the Administrator. 

        (iii)    Conversion of Deferred Stock Units to Cash Equivalents.    Each Participant who is an Outside Director,
Former Outside Director, Eligible Employee, Former Eligible Employee, Successor-in-Interest or Permitted Transferee may make a Diversification Election to convert up to
40 percent (or in the case of a Special Diversification Election, up to the approved percentage) of Deferred Stock Units credited to the Company Stock Fund that are attributable to any Option
to the Income Fund. No deemed transfers shall be permitted from the Income Fund to the Company
Stock Fund. Diversification Elections under this Section 5.2(b) shall be prospectively effective on the later of (A) the date designated by the Participant on a Diversification Election
filed with the Administrator or (B) the business day next following the lapse of six months from the date Deferred Stock Units subject to the Diversification Election are credited to the
Participant's Account. 

        (c)    Timing of Credits.    Account balances subject to a Diversification Election under Section 5.2(b) shall
be deemed transferred from the Company Stock Fund to the Income Fund as of the effective date of such Diversification Election. The value of amounts deemed invested in the Income Fund immediately
following the effective date of a Diversification Election shall be based on hypothetical sales of Company Stock underlying liquidated Deferred Stock Units at Fair Market Value as of the effective
date of a Diversification Election. 

        5.3.    Status of Deferred Amounts.    Regardless of whether or not the Company is a Participant's employer, all
amounts deferred under this Plan shall continue for all purposes to be a part of the general funds of the Company. 

        5.4.    Participants' Status as General Creditors.    Regardless of whether or not the Company is a Participant's
employer, an Account shall at all times represent a general obligation of the Company. The 

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Participant
shall be a general creditor of the Company with respect to this obligation, and shall not have a secured or preferred position with respect to the Participant's Accounts. Nothing contained
herein shall be deemed to create an escrow, trust, custodial account or fiduciary relationship of any kind. Nothing contained herein shall be construed to eliminate any priority or preferred position
of a Participant in a bankruptcy matter with respect to claims for wages. 

 
 

ARTICLE 6—NONALIENATION OF BENEFITS    
    

        6.1.    Alienation Prohibited.    Except as otherwise required by applicable law, the right of any Participant or
Beneficiary to any benefit or interest under any of the provisions of this Plan shall not be subject to encumbrance, attachment, execution, garnishment, assignment, pledge, alienation, sale, transfer,
or anticipation, either by the voluntary or involuntary act of any Participant or any Participant's Beneficiary or by operation of law, nor shall such payment, right, or interest be subject to any
other legal or equitable process. 

 
 

ARTICLE 7—DEATH OF PARTICIPANT    
    

        7.1.    Death of Participant.    Except as provided in Section 3.7, a Deceased Participant's Account shall be
distributed in accordance with the last Initial Election or Subsequent Election made by the Deceased Participant before the Deceased Participant's death, unless the Deceased Participant's Surviving
Spouse, Permitted Transferee, Successor-in-Interest or Beneficiary timely elects to accelerate or defer the time of payment pursuant to Section 3.5(b),
Section 3.5(c), Section 3.5(d), Section 3.5(e), or Section 3.5(f). 

        7.2.    Designation of Beneficiaries.    Each Participant and Beneficiary shall have the right to designate one or
more Beneficiaries to receive distributions in the event of the Participant's or Beneficiary's death by filing with the Administrator a Beneficiary designation on the form provided by the
Administrator for such purpose. The designation of a Beneficiary or Beneficiaries may be changed by a Participant or Beneficiary at any time prior to such Participant's or Beneficiary's death by the
delivery to the Administrator of a new Beneficiary designation form. 

 
 

ARTICLE 8—INTERPRETATION    
    

        8.1.    Authority of Committee.    The Committee shall have full and exclusive authority to construe, interpret and
administer this Plan and the Committee's construction and interpretation thereof shall be binding and conclusive on all persons for all purposes. 

        8.2.    Claims Procedure.    If an individual (hereinafter referred to as the "Applicant," which reference shall
include the legal representative, if any, of the individual) does not receive timely payment of benefits to which the Applicant believes he is entitled under the Plan, the Applicant may make a claim
for benefits in the manner hereinafter provided. 

        An
Applicant may file a claim for benefits with the Administrator on a form supplied by the Administrator. If the Administrator wholly or partially denies a claim, the
Administrator shall provide the Applicant with a written notice stating: 

        (a)   The
specific reason or reasons for the denial; 

        (b)   Specific
reference to pertinent Plan provisions on which the denial is based; 

        (c)   A
description of any additional material or information necessary for Applicant to perfect the claim and an explanation of why such material or information is necessary;
and 

        (d)   Appropriate
information as to the steps to be taken in order to submit a claim for review. 

Written
notice of a denial of a claim shall be provided within 90 days of the receipt of the claim, provided that if special circumstances require an extension of time for processing the claim,
the Administrator may notify the Applicant in writing that an additional period of up to 90 days will be required to process the claim. 

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        If
the Applicant's claim is denied, the Applicant shall have 60 days from the date of receipt of written notice of the denial of the claim to request a review of the denial of the
claim by the Administrator. Request for review of the denial of a claim must be submitted in writing. The Applicant shall have the right to review pertinent documents and submit issues and comments to
the Administrator in writing. The Administrator shall provide a written decision within 60 days of its receipt of the Applicant's request for review, provided that if special circumstances
require an extension of time for processing the review of the Applicant's claim, the Administrator may notify the Applicant in writing that an additional period of up to 60 days shall be
required to process the Applicant's request for review. 

        It
is intended that the claims procedures of this Plan be administered in accordance with the claims procedure regulations of the Department of Labor set forth in 29 CFR §
2560.503-1. 

        Claims
for benefits under the Plan must be filed with the Administrator at the following address: 

Comcast
Corporation

1500 Market Street

Philadelphia, PA 19102

Attention: General Counsel 

 
 

ARTICLE 9—AMENDMENT OR TERMINATION    
    

        9.1.    Amendment or Termination.    The Company, by action of the Board or by action of the Committee, shall have the
right at any time, or from time to time, to amend or modify this Plan. The Company, by action of the Board, shall have the right to terminate this Plan at any time. 

 
 

ARTICLE 10—WITHHOLDING OF TAXES ON EXERCISE OF OPTION    
    

        10.1.    In General.    Whenever the Company proposes or is required to credit Deferred Stock Units to an Account in
connection with the exercise of an Option, the Company shall have the right to require the Participant to remit to the Company an amount sufficient to satisfy any federal, state and local withholding
tax requirements prior to the date on which Deferred Stock Units shall be deemed credited to the Account, or take any action whatever that it deems necessary to protect its interests with respect to
tax liabilities. The Company's obligation to credit Deferred Stock Units to an Account on the exercise of an Option subject to an Initial or Subsequent Election shall be conditioned on the
Participant's compliance, to the Company's satisfaction, with any withholding requirement. Except as otherwise provided in Section 10.2, the Company shall satisfy all applicable withholding tax
requirements by withholding tax from other compensation payable by the Company to the Participant, or by the Participant's delivery of cash or other property acceptable to the Company having a value
equal to the applicable withholding tax. 

        10.2.    Share Withholding Election.    With respect to any Option subject to an Initial Election, an Eligible
Employee, Former Eligible Employee, Successor-in-Interest or Permitted Transferee may elect to have the number of Option Shares determined such that Shares subject to such
Option are withheld by the Company to the extent necessary to satisfy any withholding tax liabilities incurred in connection with the exercise of such Option. The number of Shares subject to an Option
to be withheld pursuant to such a Share Withholding Election shall have a Fair Market Value approximately equal to the sum of: 

        (a)   The
minimum amount of withholding taxes required to be withheld by the Company under applicable law, plus 

        (b)   Either
(i) the minimum amount of withholding taxes arising because of the recognition of income (and consequent non-deferral of income) with respect
to such withheld Shares, or (ii) the amount of withholding taxes arising because of the recognition of income (and consequent non-deferral
of income) with respect to such withheld Shares, calculated at the highest applicable marginal tax rates, as indicated on the Share Withholding Election. 

15

 

Notwithstanding
any other provision of the Plan or the terms of any Initial or Subsequent Election, the number of Deferred Stock Units credited to Participants' Accounts shall be adjusted
appropriately to reflect the withholding of Shares pursuant to such Share Withholding Elections. 

 
 

ARTICLE 11—CAPITAL ADJUSTMENTS    
    

        11.1.    Capital Adjustments.    In the event that the Common Stock or Special Common Stock is changed into, or
exchanged for, a different number or kind of shares of stock or other securities of the Company, whether through merger, consolidation, reorganization, recapitalization, stock dividends, stock
split-ups or other substitution of securities of the Company, the Committee shall make appropriate equitable anti-dilution adjustments to the number of Deferred Stock Units
credited to Participants' Accounts. The Committee's adjustment shall be effective and binding for all purposes of the Plan. 

 
 

ARTICLE 12—MISCELLANEOUS PROVISIONS    
    

        12.1.    No Right to Continued Employment.    Nothing contained herein shall be construed as conferring upon any
Participant the right to remain in service as an Outside Director or in the employment of a Participating Company as an executive or in any other capacity. 

        12.2.    Expenses of Plan.    All expenses of the Plan shall be paid by the Participating Companies. 

        12.3.    Gender and Number.    Whenever any words are used herein in any specific gender, they shall be construed as
though they were also used in any other applicable gender. The singular form, whenever used herein, shall mean or include the plural form, and vice
versa, as the context may require. 

        12.4.    Law Governing Construction.    The construction and administration of the Plan and all questions pertaining
thereto, shall be governed by the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable federal law and, to the extent not governed by federal law, by the laws of
the Commonwealth of Pennsylvania. 

        12.5.    Headings Not a Part Hereof.    Any headings preceding the text of the several Articles, Sections,
subsections, or paragraphs hereof are inserted solely for convenience of reference and shall not constitute a part of the Plan, nor shall they affect its meaning, construction, or effect. 

        12.6.    Severability of Provisions.    If any provision of this Plan is determined to be void by any court of
competent jurisdiction, the Plan shall continue to operate and, for the purposes of the jurisdiction of that court only, shall be deemed not to include the provision determined to be void. 

        12.7.    Expiration of Options.    Notwithstanding any provision of the Plan or an Initial or Subsequent Election, no
Initial or Subsequent Election shall be effective with respect to an Option that has expired. In addition, no provision of the Plan or an Initial or Subsequent Election shall be construed to extend
the expiration date of any Option. 

 
 

ARTICLE 13—EFFECTIVE DATE    
    

        13.1.    Effective Date.    The effective date of this amendment and restatement of the Plan shall be
February 16, 2005. 

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        IN
WITNESS WHEREOF, COMCAST CORPORATION has caused this Plan to be executed by its officers thereunto duly authorized, and its corporate seal to be affixed hereto, as of the
16th day of February, 2005. 

	 	 	COMCAST CORPORATION
	

 	
 	
BY:	

	

 	
 	

ATTEST:	

17

QuickLinks

COMCAST CORPORATION 2002 DEFERRED STOCK OPTION PLAN

ARTICLE 1—CONTINUATION AND COVERAGE OF PLAN

ARTICLE 2—DEFINITIONS

ARTICLE 3—INITIAL AND SUBSEQUENT ELECTIONS

ARTICLE 4—MANNER OF DISTRIBUTION

ARTICLE 5—BOOK ACCOUNTS

ARTICLE 6—NONALIENATION OF BENEFITS

ARTICLE 7—DEATH OF PARTICIPANT

ARTICLE 8—INTERPRETATION

ARTICLE 9—AMENDMENT OR TERMINATION

ARTICLE 10—WITHHOLDING OF TAXES ON EXERCISE OF OPTION

ARTICLE 11—CAPITAL ADJUSTMENTS

ARTICLE 12—MISCELLANEOUS PROVISIONS

ARTICLE 13—EFFECTIVE DATE

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