Document:

Internet Capital Group, Inc

Exhibit 10.3

Internet Capital Group, Inc.

Non-Management Director Compensation Plan

The Board of Directors ("Board") of Internet Capital Group, Inc. (the "Company") hereby establishes this Outside Director Compensation Plan (this "Plan") effective as of January 1, 2005.  The purpose of the Plan is to advance the interests of the Company's stockholders by providing non-management directors with financial and equity remuneration that allows the Company to attract and retain qualified personnel to serve on the Company's Board and to align their interests with those of the stockholders.  

The Compensation Committee ("Committee") of the Board shall administer the Plan. The Committee may delegate such administration, as it deems appropriate.

1.Annual Retainer

Each non-management director shall receive $30,000 per year, payable $7,500 per quarter, or portion thereof, during which such non-management director serves as a member of the Board.  Quarterly retainer fees shall be payable, in arrears, on the first business day of each calendar quarter.  Payments for service for a portion of a calendar quarter shall be pro rated. 

2.Committee Chairman Annual Retainer

Each non-management director who serves as a Chairman of any standing committee of the Board shall also receive $10,000 per year, payable $2,500 per quarter, or portion thereof, during which such non-management director serves as a Chairman of a standing committee.  Quarterly retainer fees shall be payable, in arrears, on the first business day of each calendar quarter.  Payments for service for a portion of a calendar quarter shall be pro rated.

3.Meeting Fees

Each non-management director shall receive $1,000 for each Board or committee meeting that he or she attends in person or telephonically.  Meeting fees shall be payable, in arrears, on the first business day of each calendar quarter.  

4.Initial Equity Grant

Each non-management director shall be granted options to purchase 15,000 shares of Company common stock at the first regularly scheduled Board meeting held where such non-management director serves as a member of the Board.  The options will have a strike price equal to the fair market value of the Company common stock on the date of grant, will vest 25% on each anniversary of the date of grant, provided the non-management director is still a member of the Board, and will have a term of 8 years. 

5.Annual Service Equity Grants

At the first regularly scheduled meeting of the Board each calendar year or upon appointment to a standing committee, each non-management director shall be granted the following for such non-management director's service for the forthcoming calendar year:

	2,500 Deferred Stock Units for service on the Board
	750 Deferred Stock Units for each standing committee chaired by such non-management director, and
	250 Deferred Stock Units for each standing committee of which the non-management director is a member, but not chairman.

Annual Service Equity Grants will vest on the anniversary of the date of grant.  

6.Deferred Stock Unit Program

Each non-management director shall be eligible to participate in the Deferred Stock Unit Program administered by the Committee.  Participation entitles the non-management director to receive, in exchange for deferring receipt of all or a portion of such non-management director's cash fees, a stock award, the receipt of which is deferred until the non-management director terminates service.  The stock award will provide each non-management director with the deferred right to receive a number of shares of common stock of the Company that is equal to his or her deferred fees divided by 75% of the fair market value of a share of the Company's common stock as of the date on which his or her fees otherwise would have been paid. 

7.Equity Grants

Notwithstanding anything to the contrary in this Plan, all equity grants contemplated by this Plan shall be made on the later of the date specified above or promptly after the date that the Company has sufficient shares available for grant pursuant to an equity compensation plan approved by stockholders. Additionally, the number of options and deferred stock units set forth above shall be subject to proportionate adjustment in the event of a stock split, reverse stock split, combination, reclassification, stock dividend or other similar event.

8.Expenses

The Company shall reimburse non-management directors for reasonable, documented out-of-pocket expenses incurred by them related to their attendance at Company meetings and otherwise incurred by them in service to the Company.Amendment No. 1 to Credit Agreement dated December 10, 2004

 Exhibit 4.9 (a) 
  
 FIRST AMENDMENT TO CREDIT AGREEMENT 
  

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of the 10th day of December, 2004, by and among CABOT OIL & GAS
CORPORATION (“Borrower”), FLEET NATIONAL BANK, as Administrative Agent, and the Banks party hereto. 
  
 W I T N E S S E T H: 
  
 WHEREAS, Borrower, Administrative Agent and Banks named therein entered into that certain Credit Agreement dated as of October 28, 2002 (the “Original Agreement”) for the purposes and consideration therein
expressed; and 
  
 WHEREAS, Borrower, Administrative Agent and
Banks desire to amend the Original Agreement for the purposes described herein; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto do hereby agree as follows: 
  
 ARTICLE I. — Definitions and References 
  
 § 1.1. Terms Defined in the Original Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have the same meanings
whenever used in this Amendment. 
  
 § 1.2. Other Defined
Terms. Unless the context otherwise requires, the following terms when used in this Amendment shall have the meanings assigned to them in this § 1.2. 
  

“Amendment” means this First Amendment to Credit Agreement. 
  
 “Credit Agreement” means the Original Agreement as amended hereby. 
  
 ARTICLE II. — Amendments 
  
 § 2.1. Definitions. The definitions of “Commitment”,
“Required Banks” and “Termination Date” set forth in Section 1.01 of the Original Agreement are hereby amended in their entirety to read as follows: 
  
 “Commitment” means, with respect to each Bank, the amount set forth opposite the name of
such Bank on the Commitment Schedule as its Commitment, as such amount may be increased or reduced from time to time pursuant to Section 2.07 or increased or reduced by reason of an assignment pursuant to Section 9.06, or the obligation of such Bank
to make Loans pursuant to Section 2.01 not to exceed such amount, as the context may require, and “Commitments” means the aggregate Commitments of all of the Banks. 
  

 1 

 “Required Banks” means at any time Banks more than 50% of the aggregate
amount of the Commitments then in effect, or, if the Commitments shall have been terminated, holding Notes evidencing more than 50% of the aggregate principal amount of the Loans and LC Obligations then outstanding. 
  
 “Termination Date” means December 10, 2009,
or if such date is not a Euro-Dollar Business Day, the next preceding Euro-Dollar Business Day. 
  
 Section 1.01 of the Original Agreement is further amended by adding a new definition of “Commitment Schedule”, immediately following the
definition of “Commitment”, to read as follows: 
  
 “Commitment Schedule” means the schedule annexed hereto denominated as such. 
  
 § 2.2. Increase in Aggregate Commitments. Section 2.07 of the Original Agreement is hereby amended in its entirety to read as follows:

  
 SECTION 2.07. Increase, Termination or
Reduction of Commitments. 
  
 (a) Optional Increase.
Borrower shall have the right, without the consent of the Banks but with the prior approval of the Administrative Agent, not to be unreasonably withheld, to cause from time to time an increase in the aggregate Commitments by adding to this
Agreement one or more additional Banks or by allowing one or more Banks to increase their respective Commitments; provided however (i) no Default shall have occurred hereunder which is continuing, (ii) no such increase shall result in the aggregate
Commitments to exceed $350,000,000, and (iii) no Bank’s Commitment shall be increased without such Bank’s consent. Upon any increase in the aggregate Commitments pursuant to the immediately preceding sentence, the Banks hereby authorize
the Administrative Agent and the Borrower to make non-ratable borrowings and prepayments of the Loans, and if any such prepayment requires the payment of Euro-Dollar Loans, Borrower shall pay any required amounts pursuant to Section 2.11 other than
on the last day of the applicable Interest Period, in order to ensure that the Loans of the Banks shall be outstanding on a ratable basis in accordance with their respective Commitments after taking into account such increase, and no such borrowing
or prepayment shall violate any provisions of this Agreement. 
  
 (b) Mandatory Termination. The Commitments shall terminate on the Termination Date. 
  
 (c) Optional Termination or Reduction. The Borrower may, upon at least three Domestic Business Days’ notice to the Administrative Agent, (i)
terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 or any larger multiple thereof, the aggregate amount of the Commitments in excess of the
aggregate outstanding principal amount of the Loans. 
  

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 § 2.3. Mandatory Prepayments. The second sentence of Section 2.09(b) of the Original
Agreement is hereby amended in its entirety to read as follows: 
  
 Borrower shall, contemporaneously with any asset sale, transfer or disposition permitted under Section 5.12, apply the net cash proceeds of such sale, transfer or disposition to reduce any Debt Limit Excession resulting from any concurrent
reduction in the Debt Limit pursuant to Section 5.10(b)(iii). 
  
 Section 2.09(b)(ii) of the Original Agreement is hereby amended in its entirety to read as follows: 
  
 (ii) prepay the principal of the Loans in up to six monthly installments in an aggregate amount at least equal to such Debt Limit
Excession, with each such installment equal to or in excess of one-sixth of such Debt Limit Excession, and with the first such installment to be paid one month after the giving of such notice and the subsequent installments to be due and payable at
one month intervals thereafter until such Debt Limit Excession has been eliminated, or 
  
 § 2.4. Debt Limit. Clause (B) of the first sentence of Section 5.10(b)(ii) of the Original Agreement is hereby amended in its entirety to read as follows: 
  
 (B) at any one time during any 12-month period, if the Required Banks so
elect by notice to the Borrower and the Administrative Agent, and, in either such case, notify such proposed Debt Limit to each of the other Banks. 
  
 § 2.5. Deletion of Asset Coverage Ratio. Section 5.13(b) of the Original Agreement is hereby deleted in its entirety. 
  
 § 2.6. Commodity Hedges. Section 5.19 of the Original Agreement
is hereby amended in its entirety to read as follows: 
  
 SECTION 5.19. Commodity Hedges and Interest Rate Protection Agreements. The Borrower will not, and will not permit any Subsidiary to, be a party to or be bound by any Commodity Hedge or interest rate protection
agreement, other than (a) to hedge or mitigate risks to which the Borrower or such Subsidiary has actual or projected exposure, (b) as to interest rate protection agreements, to effectively cap, collar or exchange interest rates (from fixed to
floating rates, from one floating rate to another floating rate or otherwise) or any other agreements or arrangements designed to protect such Person against fluctuations in interest rates with respect to any interest-bearing liability or investment
of the Borrower or such Subsidiary and (c) as permitted under the risk management policies approved by the Borrower’s Board of Directors from time to time and not subjecting the Borrower or any Subsidiary to material speculative risks.

  
 § 2.7. Pricing Schedule. The Pricing Schedule
attached to the Original Agreement is hereby amended in its entirety to read as set forth on the Pricing Schedule attached hereto. 
  

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 § 2.8. Commitment Schedule. The Original Agreement is hereby amended by adding a Commitment
Schedule immediately following the Pricing Schedule, to read as set forth on the Commitment Schedule attached hereto. 
  
 § 2.9. New Debt Limit. Borrower has requested that the Banks redetermine the Debt Limit. Accordingly, pursuant to Section 5.10(b)(ii)(B) of
the Credit Agreement, the Banks hereby approve, and the Administrative Agent hereby designates, a new Debt Limit of $530,000,000, effective as of the date hereof and continuing until but not including the next date as of which the Debt Limit is
redetermined. 
  
 § 2.10. New Bank. Upon its execution
and as of the effectiveness hereof, Bank of Scotland shall be a party to the Credit Agreement and shall have the rights and obligations of a Bank thereunder. In connection therewith, upon the effectiveness hereof, Borrower, Administrative Agent and
Banks shall (i) make adjustments to the outstanding principal amount of all Loans (but not any interest accrued thereon prior to the date hereof or any accrued commitment fees under the Credit Agreement prior to the date hereof), including the
borrowing of additional Loans and the repayment of Loans plus all applicable accrued interest, fees and expenses as shall be necessary to provide for Loans by each Bank in the amount of its new share of all Loans as of the date hereof and (ii) make
adjustments to the Commitments as shall be necessary to provide that the Commitment of each Bank is as set forth on the Commitment Schedule. Any adjustment of any Euro-Dollar Loans shall (i) constitute a payment or prepayment of all or a portion of
such Euro-Dollar Loans and (ii) entitle Banks to any reimbursements under Section 2.11 of the Credit Agreement as a result thereof. Each Bank shall be deemed to have made an assignment of its outstanding Loans and Commitment under the Credit
Agreement, and assumed outstanding Loans and Commitment of other Banks under the Credit Agreement as may be necessary to effect the foregoing. For purposes of the foregoing, the Banks that are lenders under the Original Agreement hereby waive any
requirements for notice of prepayment, minimum amounts of prepayments of Loans, ratable reductions of the commitments of the Banks under the Original Agreement and ratable payments on account of the principal or interest of any Loan under the
Original Agreement to the extent such prepayment, reductions or payments are required under the Original Agreement. 
  
 ARTICLE III. — Conditions of Effectiveness 
  
 § 3.1. Effective Date. This Amendment shall become effective as of the date first written above, when and only when 
  
 (a) Administrative Agent shall have received, at Administrative Agent’s
office a counterpart of this Amendment executed and delivered by Borrower and Banks, a Note executed and delivered by Borrower for the account of Bank of Scotland, and the executed and delivered consent of each Subsidiary Guarantor; 
  
 (b) Administrative Agent shall have received, for the account of
Administrative Agent and Banks, all arrangement and upfront fees payable to Administrative Agent or any Bank; 
  
 (c) Administrative Agent shall have additionally received all of the following documents, each document (unless otherwise indicated) being dated the date
of receipt thereof by 
  

 4 

 Administrative Agent, duly authorized, executed and delivered, and in form and substance satisfactory to Administrative
Agent: 
  
 (i) Legal Opinions. Opinions of
Baker Botts, LLP, special counsel for the Borrower and the Subsidiary Guarantors, and Lisa A. Machesney, Vice President, Managing Counsel and Corporate Secretary of the Borrower and the Subsidiary Guarantors, with respect to the Original Agreement,
as amended hereby, in form and substance similar to those opinions delivered in connection with the Original Agreement; 
  
 (ii) Closing Certificate. A certificate signed by the chief financial officer, chief accounting officer or treasurer of the
Borrower, to the effect set forth in clauses (b), (c) and (d) of Section 3.02 of the Credit Agreement; 
  
 (iii) Corporate Documents. Documents relating to the existence of the Borrower and each Subsidiary Guarantor, the corporate
authority for and the validity of the Financing Documents, and any other matters relevant hereto; 
  
 (iv) Supporting Documents. Such supporting documents as Administrative Agent may reasonably request. 
  
 ARTICLE IV. — Representations and Warranties 
  
 § 4.1. Representations and Warranties of Borrower. In order to
induce Administrative Agent and Banks to enter into this Amendment, Borrower represents and warrants to Administrative Agent and each Bank that: 
  
 (a) the representations and warranties of the Borrower contained in the Credit Agreement (except the representations and warranties covering historical
information in Sections 4.04(a) and (b) and the first sentence of Section 4.05, and except to the extent the representations and warranties would cover price and other economic assumptions furnished by the Required Banks under Section 5.09(d)) are
be true and correct on and as of the date hereof; 
  
 (b) no
Default has occurred and is continuing; 
  
 (c) the execution,
delivery and performance by the Borrower of this Amendment and each other Financing Document to which it is a party, and by each Subsidiary Guarantor of the Financing Documents to which it is a party, are within the Borrower’s and each
Subsidiary Guarantor’s corporate powers, have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a
default under, any provision of applicable law or regulation or of the certificate of incorporation or by-laws of the Borrower or any Subsidiary Guarantor or of any agreement or instrument evidencing or governing Debt of the Borrower or any
Subsidiary or any other agreement, instrument, judgment, injunction, order or decree binding upon the Borrower or any Subsidiary or result in the creation or imposition of any Lien on any asset of the Borrower or any Subsidiary Guarantor pursuant to
any such agreement, instrument, judgment, injunction, order or decree; 
  

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 (d) this Amendment constitutes a valid and binding agreement of the Borrower and each of the other
Financing Documents, when executed and delivered in accordance with the Credit Agreement, constitute valid and binding obligations of the Borrower and each Subsidiary Guarantor, to the extent a party thereto, in each case enforceable in accordance
with its terms, except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by general principles of equity. 
  
 ARTICLE V. — Miscellaneous 
  
 § 5.1. Ratification of Agreements. The Original Agreement, as hereby amended, is hereby ratified and confirmed
in all respects. The Financing Documents, as they may be amended or affected by this Amendment, are hereby ratified and confirmed in all respects by Borrower. Any reference to the Credit Agreement in any Financing Document shall be deemed to refer
to this Amendment also. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Administrative Agent or any Bank under the Credit Agreement or
any other Financing Document nor constitute a waiver of any provision of the Credit Agreement or any other Financing Document. 
  
 § 5.2. Survival of Agreements. All representations, warranties, covenants and agreements of Borrower shall survive the execution and delivery
of this Amendment and the performance hereof, including without limitation the making or granting of each Loan, and shall further survive until all of the Indebtedness is paid in full. All statements and agreements of Borrower or any Subsidiary
Guarantor contained in any certificate or instrument delivered by Borrower or any Subsidiary Guarantor hereunder or under the Credit Agreement to Administrative Agent or any Bank shall be deemed to constitute representations and warranties by, or
agreements and covenants of, Borrower under this Amendment and under the Credit Agreement. 
  
 § 5.3. Financing Document. This Amendment is a Financing Document, and all provisions in the Credit Agreement pertaining to Financing Documents apply hereto. 
  
 § 5.4. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA IN ALL RESPECTS, INCLUDING CONSTRUCTION, VALIDITY AND PERFORMANCE. 
  
 § 5.5. Counterparts. This Amendment may be separately executed in
counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment. Delivery of an executed signature page by facsimile transmission shall be effective
as delivery of a manual executed counterpart. 
  

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 IN WITNESS WHEREOF, this Amendment is executed as of the date first above written. 
  

			
	BORROWER:
	
	 CABOT OIL & GAS CORPORATION

		
	 By:
	 	 /s/ Scott C. Schroeder

	 	 	 Scott C. Schroeder

	 	 	 Vice President and Chief Financial Officer

  

 7 

			
	BANKS:
	
	 FLEET NATIONAL BANK,

	 Administrative Agent and a Bank

		
	 By:
	 	 /s/ Michael J. Brochetti

	 Name:
	 	 Michael J. Brochetti

	 Title:
	 	 Director

	
	 HARRIS NESBITT FINANCING, INC.

	 (f/k/a BMO Nesbitt Burns Financing, Inc.),

	 Documentation Agent and a Bank

		
	 By:
	 	 /s/ James V. Ducote

	 Name:
	 	 James V. Ducote

	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, N.A.

	 (successor-in-interest to Bank One, NA),

	 Syndication Agent and a Bank

		
	 By:
	 	 /s/ Elizabeth Pavlas

	 Name:
	 	 Elizabeth Pavlas

	 Title:
	 	 Associate

	
	 THE BANK OF NEW YORK

		
	 By:
	 	 /s/ Craig J. Anderson

	 Name:
	 	 Craig J. Anderson

	 Title:
	 	 Vice President

	
	 BNP PARIBAS

		
	 By:
	 	 /s/ David Dodd

	 Name:
	 	 David Dodd

	 Title:
	 	 Director

		
	 By:
	 	 /s/ Larry Robinson

	 Name:
	 	 Larry Robinson

	 Title:
	 	 Director

  

 8 

			
	 THE FROST NATIONAL BANK

		
	 By:
	 	 /s/ Thomas H. Dungan

	 Name:
	 	 Thomas H. Dungan

	 Title:
	 	 Senior Vice President

	
	 UFJ BANK LIMITED

		
	 By:
	 	 /s/ Clyde L. Redford

	 Name:
	 	 Clyde L. Redford

	 Title:
	 	 Senior Vice President

	
	 COMERICA BANK

	 (f/k/a Comerica Bank-Texas)

		
	 By:
	 	 /s/ Charles E. Hall

	 Name:
	 	 Charles E. Hall

	 Title:
	 	 Senior Vice President

	
	 BANK OF SCOTLAND

		
	 By:
	 	 /s/ Amena Nabi

	 Name:
	 	 Amena Nabi

	 Title:
	 	 Assistant Vice President

  

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 CONSENT OF GUARANTOR 
  
 The undersigned hereby consents to the provisions of this Amendment and the transactions contemplated herein and hereby (i)
ratifies and confirms its guaranty made by it for the benefit of Administrative Agent and Banks pursuant to that certain Subsidiary Guaranty dated October 28, 2002, and (iii) expressly acknowledges and agrees that the undersigned guarantees all
Indebtedness, including all indebtedness, liabilities and obligations arising under or in connection with any and all Notes, pursuant to the terms of such guaranty, and agrees that its obligations and covenants thereunder are unimpaired hereby and
shall remain in full force and effect. 
  

			
	 CODY TEXAS, L.P.

		
	 By:
	 	 Cody Oil & Gas, Inc.

	 	 	 its general partner

		
	 By:
	 	 /s/ Scott C. Schroeder

	 	 	 Scott C. Schroeder

	 	 	 Vice President, CFO and Treasurer

  

 10 

 PRICING SCHEDULE 
  
 Each of “Euro-Dollar Margin”, “LC Fee Rate”, “Base Rate Margin” and “Commitment Fee
Rate” means, for any date, the rate set forth below in the row opposite such term and in the column corresponding to the Debt Percentage that exists on such date: 
  

													
	 	  	Debt Percentage

	 
	 	  	Lower than 50%

	 	 	50% or higher,
but not
exceeding 75%

	 	 	Higher than
75%, but not
exceeding 90%

	 	 	Higher than 90%

	 
	 Euro-Dollar Margin and LC Fee Rate
	  	1.000	%	 	1.250	%	 	1.500	%	 	1.750	%
	 Base Rate Margin
	  	0.000	%	 	0.000	%	 	0.250	%	 	0.500	%
	 Commitment Fee Rate
	  	0.250	%	 	0.250	%	 	0.250	%	 	0.250	%

  

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 COMMITMENT SCHEDULE 
  

				
	 Bank

	  	Commitment

	 Fleet National Bank
	  	$	40,000,000
	 Harris Nesbitt Financing, Inc.
	  	$	35,000,000
	 JPMorgan Chase Bank
	  	$	35,000,000
	 The Bank Of New York
	  	$	30,000,000
	 BNP Paribas
	  	$	30,000,000
	 The Frost National Bank
	  	$	20,000,000
	 UFJ Bank Limited
	  	$	20,000,000
	 Comerica Bank
	  	$	20,000,000
	 Bank of Scotland
	  	$	20,000,000
	 	  	
	

	 TOTAL
	  	$	250,000,000

  

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