Document:

Form of Aircraft Time Sharing Agreement

 Exhibit 10.3 
  
 AIRCRAFT TIME SHARING AGREEMENT 
  
 This Aircraft Time Sharing Agreement (“Agreement”) is entered into effective as of December     , 2004
(the “Effective Date”) by and between LIMITED SERVICE CORPORATION, a Delaware corporation (“Operator”), and each of the individuals whose name and signature appears on Schedule
1 hereto, as the same may be amended from time to time (each, a “Time Share Lessee”). 
  
 Recitals: This Agreement is made under the following circumstances. 
  

	A.	Operator controls and operates in the legal capacity of lessee each of the Aircraft (as defined and described below). 

  

	B.	Operator employs (or contracts for the services of) a fully qualified flight crew to operate each Aircraft. 

  

	C.	Each Time Share Lessee desires from time to time to sublease the Aircraft, with a flight crew, on a non-exclusive basis, from Operator on a time sharing basis as defined in
Section 91.501(c)(1) of the FAR. 

  

	D.	Operator is willing to sublease the Aircraft, with flight crew, on a non-exclusive basis, to Time Share Lessees on a time sharing basis. 

  

	E.	During the Term of this Agreement, the Aircraft will be subject to use by Operator and/or other one or more subleases to third-parties. 

  
 NOW, THEREFORE, each Time Share Lessee and Operator, in consideration of the promises of the
other set forth herein, intending to be legally bound, hereby agree as follows. 
  
 Section 1. Definitions. 
  

	1.1.	Specific Terms. The following defined terms shall have the following meanings when used in this Agreement. The meanings assigned by this Agreement shall apply to the plural,
singular, possessive or any other form of the term. Words of the masculine, feminine or neuter gender include all other genders. 

  
 “Agreement” is defined in the preamble. 
  
 “Aircraft” means each of the Airframes, the Engines, and the Aircraft Documents. Such Engines shall be deemed part of the
“Aircraft” whether or not from time to time attached to the Airframe or removed from the Aircraft. 
  
 “Aircraft Documents” means, as to any Aircraft, all flight records, maintenance records, historical records, modification records,
overhaul records, manuals, logbooks, authorizations, drawings and data relating to the Airframe, any Engine, or any Part, that are required by Applicable Law to be created or maintained with respect to the maintenance and/or operation of the
Aircraft. 
  
 “Airframe” means each of the
Airframes listed in Schedule 2 attached hereto and made a part hereof, as the same may be amended from time to time as set forth below, together with any and all Parts (including, but not limited to, landing gear and auxiliary power units but
excluding Engines or engines) so long as such Parts shall be either incorporated or installed in or attached to the Airframe. 
  
 “Applicable Law” means, without limitation, all applicable laws, treaties, international agreements, decisions and orders of any court,
arbitration or governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any governmental body, instrumentality, agency or authority, including, without limitation, the FAR and 49 U.S.C. § 41101, et
seq ., as amended. 
  
 “Business Day” means
Monday through Friday, exclusive of legal holidays under the laws of the United 
 States, or the State of Ohio. 

 AIRCRAFT TIME SHARING AGREEMENT

  
 “Effective Date” means the date so
specified in the preamble of this Agreement. 
  
 “Engines” means, as to each Airframe, the engines identified in Schedule 2 (or any replacement or loaner engines), as the same may be amended from time to time as set forth below, together with any and all Parts so long as
the same shall be either incorporated or installed in or attached to such Engine. 
  
 “FAA” means the Federal Aviation Administration or any successor agency. 
  
 “FAR” means collectively the Aeronautics Regulations of the Federal Aviation Administration and the Department of Transportation, as
codified at Title 14, Parts 1 to 399 of the United States Code of Federal Regulations. 
  
 “Flight Charges” means the amount calculated under Section 4.1 below. 
  
 “Flight Hour” means each flight hour, calculated in tenths of an hour, of use of the Aircraft by a Time Share Lessee, as recorded on the
Aircraft hour meter. 
  
 “Headlease” means, as
to any Aircraft, the Aircraft Lease Agreement between the Owner and Operator, as the same may be amended from time to time, the terms and conditions of which are incorporated into this Agreement by reference. 
  
 “Operating Base” means Port Columbus Airport, Columbus,
Ohio. 
  
 “Operational Control” has the same
meaning given the term in Section 1.1 of the FAR.  
  
 “Operator” is defined in the preamble. 
  
 “Owner” means, as to each Aircraft, the registered owner of the Aircraft as shown by the records of the FAA. 
  
 “Parts” means, as to any Aircraft, all appliances, components, parts, instruments, appurtenances, accessories, furnishings or other
equipment of whatever nature (other than complete Engines or engines) which may from time to time be incorporated or installed in or attached to the Airframe or any Engine and includes replacement parts. 
  
 “Pilot in Command” has the same meaning given the term in
Section 1.1 of the FAR. 
  
 “Taxes” means all
sales taxes, use taxes, retailer taxes, duties, fees, excise taxes (including, without limitation, federal transportation excise taxes), or other taxes of any kind which may be assessed or levied by any Taxing Jurisdiction as a result of the
sublease of the Aircraft to a Time Share Lessee, or the use of the Aircraft by a Time Share Lessee, or the provision of a taxable transportation service to a Time Share Lessee using the Aircraft. 
  
 “Taxing Jurisdictions” means any federal, state, county,
local, airport, district, foreign, or other governmental authority that imposes Taxes. 
  
 “Term” means the term of this Agreement set forth in Section 3. 
  
 “Time Share Lessee” is defined in the preamble. Upon execution of any supplements to Schedule 1, each person named in and signing the
supplement shall become an additional Time Sharing Lessee, effective as of the date shown therein as to that person. 
  

	1.2.	Other Terms. Unless otherwise specified, the following terms, whether or not capitalized, will have the following meanings as used in this Agreement. “Hereof”,
“herein”, “hereunder” and similar terms refer to this 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 Agreement as a whole, and are not limited to the section
or subdivision of this Agreement in which the term appears. “Includes, “including” and similar terms mean without limitation. “Person” includes any natural person, corporation, general or limited partnership, limited
liability company, other incorporated or unincorporated association, trust, governmental body or other entity. 
  
 Section 2. Agreement to Sublease. 
  

	2.1.	Agreement to Sublease. Operator agrees to sublease the Aircraft to Time Share Lessees on an “as needed and as available” basis, and to provide a fully qualified
flight crew for all flights of each Time Share Lessee, in accordance with the terms and conditions of this Agreement. 

  

	2.2.	Independent Agreements. The Time Share Lessees are listed in a single document for the sole purpose of convenience of the Operator. This Agreement shall be deemed a separate
Time Sharing Agreement as between Operator and each Time Share Lessee. Without limiting the preceding sentence: 

  

	 	2.2.1.	Operator may from time to time agree to add additional persons as a Time Share Lessee, without notice to the existing Time Share Lessees. Each such agreement will be evidenced by a
supplement to Schedule 1, signed by Operator and the new Time Share Lessee(s), setting forth the new Time Share Lessee’s notice address, the date as to which this Agreement becomes effective as to the new Time Share Lessee, and his or her
commitment to be bound by this Agreement. 

  

	 	2.2.2.	The rights and obligations of each Time Share Lessee are independent of one another. Under no circumstances will any Time Share Lessee be deemed liable for any monetary or
non-monetary obligations of any other Time Share Lessee hereunder, whether jointly, severally, or by way of suretyship or guaranty. 

  

	 	2.2.3.	Termination of this Agreement as to any one or more of the Time Share Lessees shall not be deemed to be a termination as to any other Time Share Lessee. 

  

	2.3.	Intent and Interpretation. The parties hereto intend that this Agreement shall constitute, and this Agreement shall be interpreted as, a Time Sharing Agreement as
defined in Section 91.501(c)(1) of the FAR. 

  

	2.4.	Non-Exclusivity. Each Time Share Lessee acknowledges that the Aircraft is subleased to Time Share Lessees hereunder on a non-exclusive basis, and that the Aircraft will also
be subject use by Operator and Operator’s parent, subsidiaries, and affiliates, and may also be subject to non-exclusive sublease to others during the Term. 

  
 Section 3. Term. As to each Time Share Lessee, the term of this Agreement begins on the Effective Date, and ends on the December 31
next following; provided, however, that as to any person added as a Time Share Lessee after the Effective Date pursuant to Section 2.2.1 above, the Term shall begin on the date specified in the supplement to Schedule 1 adding the person as a Time
Share Lessee. At the end of the initial Term or any subsequent Term, this Agreement shall automatically be renewed for an additional one (1) year Term. The foregoing notwithstanding: 
  

	A)	This Agreement shall end as to any Time Share Lessee at such time as that Time Share Lessee is neither an officer, director or employee of Operator nor of any parent
corporation, subsidiary or affiliate of Operator. 

  

	B)	Each Time Share Lessee shall have the right to terminate this Agreement with or without cause on thirty (30) days written notice to the Operator, and the Operator shall have
right to terminate this Agreement as to any one or more Time Share Lessees with or without cause on thirty (30) days written notice to the Time Share Lessee or Lessees in question, without need in either case to notify any Time Share Lessee as to
whom the Agreement is not being terminated. 

  
 Section 4.
Payments. 
  

	4.1.	Flight Charges. Each Time Share Lessee shall pay Operator for each flight conducted for that Time Share Lessee under this Agreement an amount equal to that Time Share
Lessee’s pro rata share of the lesser of: 

  

	 	4.1.1.	An amount equal to the product of the number of Flight Hours of the duration of the flight, rounded to the nearest 1/10th of a Flight Hour, multiplied by the Total Direct
Costs Per Flight Hour for the make and model of Aircraft as published by Conklin & de Decker Aviation Information , as updated from time to time; and 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  

	 	4.1.2.	An amount equal to the maximum amount of expense reimbursement permitted in accordance with Section 91.501(d) of the FAR, which expenses include and are limited to:

  

	 	a)	fuel, oil, lubricants, and other additives; 

  

	 	b)	travel expenses of the crew, including food, lodging and ground transportation; 

  

	 	c)	hangar and tie down costs away from the Aircraft’s base of operation; 

  

	 	d)	insurance obtained for the specific flight; 

  

	 	e)	landing fees, airport taxes and similar assessments; 

  

	 	f)	customs, foreign permit, and similar fees directly related to the flight; 

  

	 	g)	in-flight food and beverages; 

  

	 	h)	passenger ground transportation; 

  

	 	i)	flight planning and weather contract services; and 

  

	 	j)	an additional charge equal to 100% of the expenses listed in Section 4.1.2(a). 

  

	4.2.	Pro Rata Share. If two or more Time Share Lessees lease the Aircraft for the same flight segment, the Flight Charges for that segment shall be allocated between or among them
on a pro rata basis. 

  
 Section 5. Invoices and
Payment. Operator will initially pay all expenses related to the operation of the Aircraft when and as such expenses are incurred, provided that within thirty (30) days after the last day of any fiscal quarter (according to Operator’s
fiscal year) during which any flight for the account of a Time Share Lessee has been conducted, Operator shall provide an invoice to that Time Share Lessee for an amount determined in accordance with Section 4 above. Time Share Lessee shall remit
the full amount of any such invoice, together with any applicable Taxes under Section 6, to Operator promptly within thirty (30) days of the invoice date. 
  
 Section 6. Taxes. None of the payments to be made by any Time Share Lessee under Sections 4 and 5 of this Agreement includes, and each Time Share Lessee shall be
responsible for, shall indemnify and hold harmless Operator and Owner against, any Taxes which may be assessed or levied by any Taxing Jurisdiction as a result of the sublease of the Aircraft to that Time Share Lessee, or the use of the Aircraft by
that Time Share Lessee, or the provision of a taxable transportation service to that Time Share Lessee using the Aircraft. Without limiting the generality of the foregoing, Time Share Lessees and Operator specifically acknowledge that all Time Share
Lessees’ flights will be subject to commercial air transportation excise taxes pursuant to Section 4261 of the Internal Revenue Code, regardless of whether any such flight is considered “noncommercial” under the FAR. Time Share Lessee
shall remit to Operator all such Taxes together with each payment made pursuant to Section 5. 
  
 Section 7. Scheduling Flights. 
  

	7.1.	Submitting Flight Requests. Each Time Share Lessee shall submit requests for flights and proposed flight schedules to Operator as far in advance of any given flight as
possible, and in any case, at least 24 hours in advance of Time Share Lessee’s planned departure. Time Share Lessee shall provide Operator at least the following information for each proposed flight at least 24 hours prior to scheduled
departure: departure airport; 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 destination airport; date and time of departure; the
number of anticipated passengers; the nature and extent of luggage and/or cargo to be carried; the date and time of return flight, if any; and any other information concerning the proposed flight that may be pertinent or required by Operator or
Operator’s flight crew. 
  

	7.2.	Approval of Flight Requests. Each use of an Aircraft by a Time Share Lessee shall be subject to Operator’s prior approval. Operator may approve or deny any flight
scheduling request in Operator’s sole discretion. Scheduling requests not approved in writing by 5:00 p.m. Columbus local time on the 2nd Business Day after the request is received by Operator shall be deemed denied. Operator shall be under no
obligation to approve any flight request submitted by a Time Share Lessee, and shall have final authority over the scheduling of the Aircraft; provided, however, that Operator will use reasonable efforts to accommodate Time Share Lessee’s needs
and avoid conflicts in scheduling. If two or more Time Share Lessees make conflicting requests for use of the Aircraft, Operator shall have sole discretion to determine which, if any, of such requests to accommodate. Operator shall have sole
discretion to determine which of the Aircraft, if any, to make available in response to the Time Share Lessee’s request. 

  

	7.3.	Subordinated Use of Aircraft. Each Time Share Lessee’s rights to schedule use of the Aircraft during the Term of this Agreement shall at all times be subordinate to the
Aircraft use requirements of Operator, and any parent corporation, subsidiary or affiliate of Operator (each an “Operator Related Entity”), and Operator and each Operator Related Entity shall at all times be entitled to preempt any
scheduled, unscheduled, and anticipated use of the Aircraft by a Time Share Lessee, notwithstanding any prior approval by Operator of a request by such Time Share Lessee to schedule a flight. 

  

	7.4.	Priority Use of Aircraft. Time Share Lessees’ rights to schedule use of the Aircraft during the Term of this Agreement shall, subject to Section 7.2, at all times be
superior to the Aircraft use requirements of any person to whom Operator has subleased or hereafter subleases the Aircraft other than another Time Share Lessee or an Operator Related Entity (any such person an “Unrelated Sublessee”), and a
Time Share Lessee shall at all times be entitled to preempt any scheduled, unscheduled, and anticipated use of the Aircraft by any Unrelated Sublessee. 

  
 Section 8. Title and Operation. 
  

	8.1.	Title and Registration; Subordination. Owners have exclusive legal and equitable title to the Aircraft, and Operator has priority leasehold possessory rights to the Aircraft
pursuant to the Headlease. Each Time Share Lessee acknowledges that title to the Aircraft shall remain vested in Owner, and each Time Share Lessee undertakes, to the extent permitted by Applicable Law, to do all such further acts, deeds, assurances
or things as may, (i) in the reasonable opinion of the Owner, be necessary or desirable in order to protect or preserve Operator’s title to the Aircraft, and (ii) in the reasonable opinion of the Operator, be necessary or desirable in order to
protect or preserve Operator’s rights under the Headlease. Notwithstanding anything in this Agreement to the contrary, any rights Time Share Lessee may have in or to the Aircraft by virtue of this Agreement, including Time Share Lessee’s
rights to use of the Aircraft, are in all respects subordinate, junior, and subject to Owner’s rights and interests under the Headlease, including, without limitation, the right of Owner to take possession of the Aircraft and Engines upon
Operator’s default under the Headlease. To the extent requested by Owner, its successors or assigns, each Time Share Lessee shall take all action necessary to continue all right, title and interest of Owner, its successors or assigns in the
Aircraft under Applicable Law against any claims of any Time Share Lessee and any persons claiming by, through or under such Time Share Lessee. 

  

	8.2.	Aircraft Maintenance and Flight Crew. Operator shall be solely responsible for maintenance, preventive maintenance and required or otherwise necessary inspections of the
Aircraft, and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventative maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance
or inspection can be safely conducted at a later time in compliance with all Applicable Law, and with the sound discretion of the pilot in command. 

  

	8.3.	Flight Crews. Operator shall provide to Time Share Lessee a qualified flight crew for each flight conducted 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 in accordance with this Agreement. Operator may, if it so
chooses, elect not to hire its own pilots for any given flight hereunder, but to contract instead for pilot services from a third party vendor. Whether or not the flight crew is supplied by a third party vendor, the flight crew is under the
exclusive command and control of Operator in all phases of all flights conducted hereunder. 
  

	8.4.	OPERATIONAL CONTROL. THE PARTIES EXPRESSLY AGREE THAT OPERATOR SHALL HAVE AND MAINTAIN OPERATIONAL CONTROL OF THE AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT, AND
THAT THE INTENT OF THE PARTIES IS THAT THIS AGREEMENT CONSTITUTE A “TIME SHARING AGREEMENT” AS SUCH TERM IS DEFINED IN SECTION 91.501(C)(1) OF THE FAR. OPERATOR SHALL EXERCISE EXCLUSIVE AUTHORITY OVER INITIATING, CONDUCTING, OR TERMINATING
ANY FLIGHT CONDUCTED ON BEHALF OF A TIME SHARE LESSEE PURSUANT TO THIS AGREEMENT. 

  

	8.6.	Authority of Pilot In Command. Notwithstanding that Operator shall have Operational Control of the Aircraft during any flight conducted pursuant to this Agreement, Operator
and the Time Share Lessees expressly agree that the Pilot in Command, in his or her sole discretion, may terminate any flight, refuse to commence any flight, or take any other flight-related action which in the judgment of the Pilot in Command is
necessitated by considerations of safety. The Pilot in Command shall have final and complete authority to postpone or cancel any flight for any reason or condition which in his or her judgment would compromise the safety of the flight. No such
action of the Pilot in Command shall create or support any liability of Operator to a Time Share Lessee for loss, injury, damage or delay. 

  

	8.7.	Force Majeure. Operator shall not be liable for delay or failure to furnish the Aircraft and flight crew pursuant to this Agreement when such failure is caused by government
regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other unforeseen or unanticipated circumstances. 

  
 Section 9. Headleases; Addition or Deletion of Aircraft. The Time Share Lessees shall
be furnished with a copy of any Headlease upon written request. Any such copy shall be deemed proprietary information belonging solely to Operator, and shall be treated as confidential by the Time Share Lessee. Operator and the Owner from time to
time, in their sole discretion, may amend, modify or terminate any Headlease, or enter into one more new Headleases. Upon notice to the Time Share Lessees, Operator may in its sole discretion modify this Agreement by adding Aircraft to or deleting
Aircraft from Schedule 2. The notice shall be accompanied by a copy of the revised Schedule 2, showing the effective date of the revised Schedule 2. Upon the sending of such notice, the revised Schedule 2 shall for all purposes supersede all
previous editions of Schedule 2, the Term shall end as to any Aircraft that have been deleted from Schedule 2, and shall begin as to any Aircraft that have been added to Schedule 2. 
  
 Section 10. Insurance. Operator shall maintain, or cause to be maintained insurance in such amounts and against such perils and
liability as is required by time to time by the Headleases, including bodily injury and property damage, liability insurance and all risks aircraft hull insurance, naming such loss payees as the Headleases may require. Further, Operator will cause
each Time Share Lessee to be named as an Additional Insured on all such policies of insurance, and Operator will provide any Time Share Lessee with a Certificate of Insurance upon request. 
  
 Section 11. Representations and Warranties. Each Time Share Lessee represents and
warrants, for him or herself only, that Time Share Lessee shall: 
  

	A)	Use the Aircraft solely for and on account of his or her own personal or business use, and will not use the Aircraft for the purpose of providing transportation of passengers
or cargo for compensation or hire; 

  

	B)	Refrain from incurring any mechanic’s or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether permissible
or impermissible under this Agreement; 

  

	C)	Not attempt to convey, mortgage, assign, lease, sublease, or any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do
anything or take any action that might mature into such a lien; and 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  

	D)	Abide by and conform, during the Term, to all Applicable Laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any
way to the operation and use of the Aircraft by a time sharing Time Share Lessee. 

  
 12. Miscellaneous. 
  

	12.1.	Notices. All notices hereunder shall be delivered by hand, sent by reputable guaranteed overnight delivery service, or sent by first-class United States mail, certified,
postage prepaid, return receipt requested. Notice shall be deemed given when delivered or sent in the manner provided herein. 

  

			
	If to Operator:	  	If to a Time Share Lessee:
	 Limited Brands Flight Department
 4387 International
Gateway
 Columbus, OH 43219
 Attention: Mr. Timothy P.
Stehle
	  	 At the address set forth for the Time
 Share Lessee in
Schedule 1

  
 At any time, Operator
may change its address for purposes of notices under this Agreement by giving notice to the Time Share Lessees as set forth in this Section 12.1, and any Time Share Lessee may change its address for purposes of notices under this Agreement by giving
notice to Operator as set forth in this Section 12.1. 
  

	12.2.	No Waiver. No purported waiver by either party of any default by the other party of any term or provision contained herein shall be deemed to be a waiver of such term or
provision unless the waiver is in writing and signed by the waiting party. No such waiver shall in any event be deemed a waiver of any subsequent default under the same or any other term or provision contained herein. 

  

	12.3.	Entire Agreement. This Agreement sets forth the entire understanding between the parties concerning the subject matter this Agreement and incorporates all prior negotiations
and understandings. There are no covenants, promises, agreements, conditions or understandings, either oral or written, between them relating to the subject matter of this Agreement other than those set forth herein. No representation or warranty
has been made by or on behalf of any party (or any officer, director, employee or agent thereof) to induce any other party to enter into this Agreement or to abide by or consummate any transaction contemplated by any terms of this Agreement, except
representations and warranties, if any, expressly set forth herein. No alteration, amendment, change or addition to this Agreement shall be binding upon either party unless in writing and signed by the party to be charged. Whenever in this Agreement
any printed portion has been stricken out, whether or not any relative provision has been added, this Agreement shall be construed as if the material so stricken was never included herein and no inference shall be drawn from the material so stricken
out which would be inconsistent in any way with the construction or interpretation which would be appropriate if such material were never contained herein. 

  

	12.4.	No Agency or Partnership. Nothing contained in this Agreement shall be deemed or construed by the parties hereto or by any third person to create the relationship of
principal and agent or of partnership or of joint venture. 

  

	12.5.	Successors and Assigns. Each and all of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and except as otherwise
specifically provided in this Agreement, their respective successors and assigns, provided, however, that neither this Agreement, nor any rights herein granted may be assigned, transferred or encumbered by any party, and any purported or attempted
transfer or assignment by either party without the written consent of the other shall be void and of no effect; provided, however, that the rights and obligations of the Operator may be assigned without the consent of the Time Share Lessees to any
assignee of Operator’s rights and obligations under the Headlease. 

  

	12.6.	Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person other than the parties hereto and their successors or
assigns, any rights or remedies under or by reason of this Agreement. 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  

	12.7.	Joint Preparation. This Agreement is to be deemed to have been prepared jointly by the parties hereto, and any uncertainty or ambiguity existing herein, if any, shall not be
interpreted against any party, but shall be interpreted according to the application of rules of interpretation for arm’s-length agreements. 

  

	12.8.	Captions; Recitals. The captions and section numbers appearing this Agreement are inserted only as a matter of convenience. They do not define, limit, construe or describe
the scope or intent of the provisions of this Agreement. The Recitals at the beginning of this Agreement are intended to give an understanding of the factual background that led the parties to enter into this Agreement. The Recitals are not intended
to be warranties, representations, covenants, or otherwise contractually binding. 

  

	12.9.	Prohibited or Unenforceable Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction. To the extent permitted by applicable law, each of Operator
and Time Share Lessee hereby waives any provision of applicable law which renders any provision hereof prohibited or unenforceable in any respect. 

  

	12.10.	Governing Law. This Agreement shall be governed and construed by the provisions hereof and in accordance with the laws of the State of Ohio applicable to agreements to be
performed in the State of Ohio, without giving effect to its conflict of laws provisions. 

  

	12.11.	Counterparts. This Agreement may be executed in several counterparts, and/or by execution of counterpart signature pages which may be attached to one or more counterparts,
and all counterparts so executed shall constitute one agreement binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or to the same counterpart. In addition, any counterpart signature page may
be executed by any party wherever that party is located, and may be delivered by telephone facsimile transmission, and any such facsimile transmitted signature page may be attached to one or more counterparts of this Agreement, and such faxed
signature(s) shall have the same force and effect, and be as binding, as original signatures executed and delivered in person. 

  

	12.12.	Manual Signatures Required. Any acceptance, signature, execution or validation of this Agreement or any communication or notice required hereunder, shall be manually signed
and delivered by hard copy or by fax. No purported offer, acceptance, agreement, or binding agreement in connection with this transaction shall be made by automated agent, electronic agent, electronic mail, electronic signature, telephonic voice
mail, sound recording, or other electronic means of any kind (other than fax), all as such terms are defined in the Uniform Electronic Transactions Act (“UETA”, Ohio Revised Code Chapter 1306), the Electronic Signatures in Global and
National Commerce Act (“ESIGN”, U.S. Code Sections 7001 et seq.), or any similar state or federal legislation. This Section is intended as an express disclaimer of intent, and an express refusal, under UETA and ESIGN to conduct this
transaction by electronic means. This Section cannot be waived except by manually signed, written consent of both parties. 

  
 Section 13. Amendments, Addenda and Supplements. Each Time Share Lessee (including every person who later becomes a Time Share Lessee) authorizes Operator at any
time, and from time to time, to do any or all of the following in the name of, and on behalf of, the Time Share Lessee, which authorization and power is coupled with an interest and shall be irrevocable: 
  
 A) Execute and deliver any document (including amendments, addenda or supplements to
this Agreement) evidencing: 
  

	 	(i)	The addition of any person or persons as Time Share Lessee; 

  

	 	(ii)	The cessation of the term of this Agreement as to any person or persons as Time Share Lessee; or 

  

	 	(iii)	The addition, withdrawal or substitution of any of the Aircraft. 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 B) Filing any such document with the FAA and/or such other
governmental agencies or offices as Operator shall judge to be necessary or desirable. 
  
 Section 14. DISCLAIMER. THE AIRCRAFT IS BEING SUBLEASED BY THE OPERATOR TO THE TIME SHARE LESSEES HEREUNDER ON A COMPLETELY “AS IS, WHERE IS,” BASIS, WHICH IS ACKNOWLEDGED AND AGREED TO BY THE TIME SHARE LESSEES. THE
WARRANTIES AND REPRESENTATIONS SET FORTH IN THIS AGREEMENT ARE EXCLUSIVE AND IN LIEU OF ALL OTHER REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AND OPERATOR HAS NOT MADE AND SHALL NOT BE CONSIDERED OR DEEMED TO HAVE MADE (WHETHER BY
VIRTUE OF HAVING SUBLEASED THE AIRCRAFT UNDER THIS AGREEMENT, OR HAVING ACQUIRED THE AIRCRAFT, OR HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE) ANY OTHER
REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR TO ANY PART THEREOF, AND SPECIFICALLY, WITHOUT LIMITATION, IN THIS RESPECT DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES CONCERNING THE TITLE, AIRWORTHINESS,
VALUE, CONDITION, DESIGN, MERCHANTABILITY, COMPLIANCE WITH SPECIFICATIONS, CONSTRUCTION AND CONDITION OF THE AIRCRAFT, OR FITNESS FOR A PARTICULAR USE OF THE AIRCRAFT AND AS TO THE ABSENCE OF LATENT AND OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE,
AND AS TO THE ABSENCE OF ANY INFRINGEMENT OR THE LIKE, HEREUNDER OF ANY PATENT, TRADEMARK OR COPYRIGHT, AND AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF THE AIRCRAFT OR
ANY PART THEREOF OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OF TRADE), WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF. EACH TIME
SHARE LESSEE HEREBY WAIVES, RELEASES, DISCLAIMS AND RENOUNCES ALL EXPECTATION OF OR RELIANCE UPON ANY SUCH AND OTHER WARRANTIES, OBLIGATIONS AND LIABILITIES OF OPERATOR AND RIGHTS, CLAIMS AND REMEDIES OF TIME SHARE LESSEE AGAINST OPERATOR, EXPRESS
OR IMPLIED, ARISING BY LAW OR OTHERWISE, INCLUDING BUT NOT LIMITED TO (I) ANY IMPLIED WARRANTY OF MERCHANTABILITY OF FITNESS FOR ANY PARTICULAR USE, (II) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE,
(III) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF OPERATOR, ACTUAL OR IMPUTED, AND (IV) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR DAMAGE TO THE AIRCRAFT, FOR LOSS OF
USE, REVENUE OR PROFIT WITH RESPECT TO THE AIRCRAFT, OR FOR ANY OTHER DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES. 
  
 [REST OF PAGE INTENTIONALLY LEFT BLANK] 
  

 9 

 AIRCRAFT TIME SHARING AGREEMENT

  
 Section 15. Truth In Leasing Disclosures. WITHIN THE TWELVE (12)
MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, EXCEPT TO THE EXTENT AN AIRCRAFT IS LESS THAN TWELVE (12) MONTHS OLD, THE AIRCRAFT HAVE BEEN INSPECTED AND MAINTAINED IN ACCORDANCE WITH THE FOLLOWING PROVISIONS OF TITLE 14 OF THE CODE OF FEDERAL
REGULATIONS (SAID TITLE 14 HEREINAFTER REFERRED TO AS THE “FEDERAL AVIATION REGULATIONS” OR THE “FAR”): 91.409 (f) (3): A current inspection program recommended by the manufacturer. 
  
 THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR ALL OPERATIONS
CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409 (f) (3). 
  
 OPERATOR SHALL HAVE AND RETAIN OPERATIONAL CONTROL OF THE AIRCRAFT DURING ALL OPERATIONS CONDUCTED PURSUANT TO THIS LEASE. EACH PARTY HERETO CERTIFIES THAT IT UNDERSTANDS
THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
  
 AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION ADMINISTRATION
FLIGHT STANDARDS DISTRICT OFFICE. 
  
 THE PARTIES HERETO CERTIFY THAT A TRUE
COPY OF THIS AGREEMENT SHALL BE CARRIED ON THE AIRCRAFT AT ALL TIMES, AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON REQUEST BY AN APPROPRIATELY CONSTITUTED AND IDENTIFIED REPRESENTATIVE OF THE ADMINISTRATOR OF THE FAA. 
  
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the
date first above written. 
  

					
	 (Signatures of each Time Share Lessee
 appear on Schedule 1 attached hereto.)
	 	LIMITED SERVICE CORPORATION
			
	 	 	By:	 	 /s/

	 	 	Print name:	 	 
	 	 	Print title:	 	 

  

 10Comcast Corporation 2005 Deferred Compensation Plan

  
 Exhibit 4.1 

 
 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 adopts 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 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. 
  
 2.10. “Code” means the Internal
Revenue Code of 1986, as amended. 
  

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 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 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. 
  

 -3- 

 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 

  

 -4- 

 
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. 
  
 (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 

  

 -5- 

 
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. 
  
 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 
  

 -6- 

 (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; and 
  
 (i) 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 the AJCA. 
  
 2.34. “Performance Period” means a period of at least 12 months during which a Participant may earn Performance-Based Compensation.

  
 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 

  

 -7- 

 
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, as in effect as of December 31, 2003. 
  
 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. “Terminating Event” means
either of the following events: 
  
 (a) the
liquidation of the Company; or 
  
 (b) a Change
of Control. 
  
 2.44. “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. 

  

 -8- 

 
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. 
  
 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. 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 

  

 -9- 

 
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 third calendar year beginning after
the date the Initial Election is filed with the Administrator, nor later than January 2nd of the eleventh calendar year beginning after the date the Initial Election is filed with the Administrator. 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 

  

 -10- 

 
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 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. 
  

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 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. To the extent permitted under the AJCA, the Committee may, in its
discretion, provide in such notice that notwithstanding any other provision of the Plan or the terms of any Initial Election 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”), and to the extent permitted under the AJCA, 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; 
  
 (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 

  

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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) Notwithstanding any Initial Election or,
to the extent permitted by the AJCA, any 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 $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. 
  
 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, gains and losses under the Company Stock Fund and Income Fund, as applicable, through the date immediately preceding the date of distribution. 
  
 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 

  

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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. 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, 

  

 -14- 

 
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 DISTRIBUTIONS 
  
 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. 
  
 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. 
  

 -15- 

 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: 
  
 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 

  

 -16- 

 
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 

  

 -17- 

 
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. 
  
 ARTICLE 13 - EFFECTIVE DATE 
  
 The effective date of this Plan shall be 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 8th day of
December, 2004. 
  

			
	 COMCAST CORPORATION

		
	BY:	 	/s/    DAVID L. COHEN
	
	 ATTEST: 

	
	      /s/    ARTHUR R. BLOCK

  

 -18-

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