Document:

Viacom Inc. 2006 Long-Term Management Incentive Plan

 Exhibit 10.12 
 VIACOM INC. 
 2006 LONG-TERM MANAGEMENT INCENTIVE PLAN 
 (Amended and Restated on April 12, 2007, and as further 
 Amended and Restated on December 2, 2008) 
 ARTICLE I 
 GENERAL 
 Section 1.1        Purpose. 
       The purpose of the Viacom Inc. 2006 Long-Term Management Incentive Plan (the “Plan”) is to benefit and advance the interests of Viacom Inc., a Delaware corporation (the “Company”), and
its Subsidiaries (as defined below) by rewarding certain employees of the Company and its Subsidiaries for their contributions to the financial success of the Company and its Subsidiaries and thereby motivate them to continue to make such
contributions in the future. 
 Section 1.2        Definitions. 
       As used in the Plan, the following terms shall have the following meanings: 
  (a)        “Administrator” shall mean the individual or
individuals to whom the Committee delegates authority under the Plan in accordance with Section 1.3(c). 
  (b)        “Agreement” shall mean the written agreement or certificate or other documentation governing an Award under the Plan, which shall contain terms and conditions not
inconsistent with the Plan and which shall incorporate the Plan by reference. 
  (c)        “Appreciation Value” shall mean the excess, if any, of the Value of a Phantom Share on the applicable Valuation Date or date of termination of employment or of the
Participant’s death, Retirement or Permanent Disability (as described in Section 5.5(a) hereof), as the case may be, over the Initial Value of such Phantom Share. 
  (d)        “Awards” shall mean any Stock Options, Stock
Appreciation Rights, Restricted Shares, Restricted Share Units, unrestricted shares of Class B Common Stock, Phantom Shares, Dividend Equivalents, Performance Awards or Other Awards or a combination of any of the above. 
  (e)        “Board” shall mean the Board of Directors of the
Company. 
  (f)        “Cause” shall (i) have
the meaning provided in a Company or a Subsidiary employment agreement that is in effect and applicable to the Participant, or (ii) mean, if there is no such employment agreement or if such employment agreement contains no such term, unless the
Committee determines otherwise, (A) conduct constituting embezzlement, misappropriation or fraud, whether or not related to the Participant’s employment with the Company or a Subsidiary; (B) conduct constituting a felony, whether or
not related to the Participant’s employment with the Company or a Subsidiary; (C) conduct constituting a financial crime, material act of dishonesty or material unethical business conduct, involving the Company or a Subsidiary;
(D) willful unauthorized disclosure or use of Company or Subsidiary confidential information; (E) the failure to obey a material lawful directive that is appropriate to the Participant’s position from a superior in his or her
reporting line or the Board; (F) the failure or refusal to substantially perform the Participant’s material employment obligations (other than any such failure or refusal resulting from the Participant’s disability); (G) the
willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, whether or not related to employment with the Company or a Subsidiary, after being instructed by the Company or a
Subsidiary to cooperate; (H) the 

 
willful destruction of or failure to preserve documents or other material known to be relevant to any investigation referred to in subparagraph
(G) above; or (I) the willful inducement of others to engage in the conduct described in subparagraphs (A) – (H). 
 (g)        “Class B Common Stock” shall mean shares of Class B Common Stock, par value $0.001 per share, of the Company. 
 (h)        “Code” shall mean the Internal Revenue Code of 1986, as
amended, including any successor law thereto, and the rules, regulations and guidance promulgated thereunder. 
 (i)         “Committee” shall mean the Compensation Committee of the Board (or such other Committee(s) as may be appointed or designated by the Board) to administer the Plan in
accordance with Section 1.3 of the Plan. 
 (j)         “Date of Grant” shall mean the effective date of the grant of an Award as set forth in the applicable Agreement. 
 (k)        “Dividend Equivalent” shall mean a right to receive a
payment based upon the value of the regular cash dividend paid on a specified number of shares of Class B Common Stock as set forth in Section 8.1 hereof. Payments in respect of Dividend Equivalents may be in cash, or, in the discretion of
the Committee, in shares of Class B Common Stock or other securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities. 
 (l)         “Earnings Per Share” shall have the meaning provided
by GAAP. 
 (m)       “Effective Date” shall have the meaning
set forth in Article XIII. 
 (n)        “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, including any successor law thereto. 
 (o)        “Fair Market Value” of a share of Class B Common Stock on a given date shall be, unless otherwise determined by the Committee, the 4:00 p.m. (New York time) closing
price on such date on the New York Stock Exchange or other principal stock exchange on which the Class B Common Stock is then listed. 
 (p)        “Free Cash Flow” shall mean the Company’s Operating Income before depreciation and amortization, less cash interest, taxes paid, working capital
requirements and capital expenditures. 
 (q)        “GAAP”
shall mean generally accepted accounting principles in the United States. 
 (r)        “Initial Value” shall mean the value of a Phantom Share as specified by the Committee as of the Date of Grant or the Value of a Phantom Share calculated as of the Date of Grant or
such earlier date as the Committee may determine. 
 (s)        “Net Earnings” shall have the meaning provided in GAAP. 
 (t)        “Net Earnings from Continuing Operations” shall have the meaning provided in GAAP. 
 (u)       “Net Revenue” shall have the meaning provided by GAAP. 

(v)       “OIBDA” shall mean the Company’s Operating Income before
depreciation and amortization. 
 (w)      “OIBDA Without Inter-Company
Eliminations” shall mean the Company’s Operating Income before depreciation, amortization and inter-company eliminations. 
  

 2 

 (x)        “Operating
Income” shall have the meaning provided by GAAP. 
 (y)        “Operating Revenue” shall have the meaning provided by GAAP. 
 (z)        “Other Awards” shall mean any form of award authorized under Section 7.2 of the Plan, other than a Stock Option, Stock Appreciation Right, Restricted
Share, Restricted Share Unit, unrestricted share of Class B Common Stock, Phantom Share, Performance Award or Dividend Equivalent. 
 (aa)       “Outstanding Phantom Share” shall mean a Phantom Share granted to a Participant for which the Valuation Date has not yet occurred. 
 (bb)       “Outstanding Stock Option” shall mean a Stock Option granted to a
Participant which has not yet been exercised and which has not yet expired or been terminated in accordance with its terms. 
 (cc)       “Participant” shall mean any employee who has met the eligibility requirements set forth in Section 1.4 and to whom an Award has been made under the Plan.

 (dd)       “Performance Award” shall mean any award of
Performance Shares or Performance Share Units pursuant to Article VI hereof. 
 (ee)       “Performance Goals” shall have the meaning set forth in Section 6.2 hereof. 
 (ff)        “Performance Period” shall mean a period of time over which performance is measured as determined by the Committee in its sole
discretion. 
 (gg)       “Performance Share” shall mean an
award granted pursuant to Article VI hereof of a share of Class B Common Stock subject to the terms and conditions set forth in the applicable Agreement. 
 (hh)       “Performance Share Units” shall mean an award granted pursuant to Article VI hereof, payable, unless otherwise determined by the Committee,
in shares of Class B Common Stock, subject to the terms and conditions set forth in the Plan and in the applicable Agreement. 
 (ii)         “Permanent Disability” shall have the same meaning as such term or a similar term has in the long-term disability policy maintained by the Company or
a Subsidiary thereof for the Participant and that is in effect on the date of the onset of the Participant’s Permanent Disability, unless the Committee determines otherwise, in its discretion; provided, however, with respect to
grants of Incentive Stock Options, permanent disability shall have the meaning given it under the rules governing Incentive Stock Options under the Code. 
 (jj)         “Phantom Share” shall mean a contractual right granted to a Participant pursuant to Article V to receive an amount equal to the
Appreciation Value at such time, subject to the terms and conditions set forth in the Plan and the applicable Agreement. 
 (kk)       “Restricted Share” shall mean a share of Class B Common Stock granted to a Participant pursuant to Article III, which is subject to the restrictions set
forth in Section 3.3 hereof and to such other terms, conditions and restrictions as are set forth in the Plan and the applicable Agreement. 
 (ll)         “Restricted Share Unit” shall mean a contractual right granted to a Participant pursuant to Article IV to receive, in the
discretion of the Committee, shares of Class B Common Stock, a cash payment equal to the Fair Market Value of Class B Common Stock, or other securities of the Company designated by the Committee or a combination of cash, shares of
Class B Common Stock or such other securities, subject to the terms and conditions set forth in the Plan and in the applicable Agreement. 
 (mm)     “Retirement” shall mean the resignation or termination of employment after attainment of an age and years of service required for payment of an
immediate pension pursuant to the terms of any 

  

 3 

 
qualified defined benefit retirement plan maintained by the Company or a Subsidiary in which the Participant participates; provided, however, that no
resignation or termination prior to a Participant’s 60th birthday shall be deemed a retirement unless the Committee so determines in its sole discretion; and provided further that the resignation or termination of employment other than a
termination of employment for Cause after attainment of age 60 shall be deemed a retirement if the Participant does not participate in a qualified defined benefit retirement plan maintained by the Company or any of its Subsidiaries. 
 (nn)        “Revenue” shall have the meaning provided by GAAP.

 (oo)        “Section 162(m)” shall mean
Section 162(m) of the Code. 
 (pp)        “Section 162(m) Exception” shall mean the exception under Section 162(m) for “qualified performance-based compensation.” 
 (qq)        “Section 162(m) Performance Goals” shall have the
meaning set forth in Section 6.2 hereof. 
 (rr)         “Section 409A” shall mean Section 409A of the Code. 
 (ss)        “Separation” shall mean the series of transactions by which the Company was separated from the former Viacom Inc. (renamed CBS Corporation), which prior to
such transactions had been the parent corporation of the Company. 
 (tt)         “Separation Date” shall mean the closing date of the transactions by which the Separation was effected. 
 (uu)        “Stock Appreciation Right” shall mean a contractual right
granted to a Participant pursuant to Article II to receive an amount determined in accordance with Section 2.6 of the Plan, subject to such other terms and conditions as are set forth in the Plan and the applicable Agreement. 

(vv)        “Stock Option” shall mean a contractual right granted to
a Participant pursuant to Article II to purchase shares of Class B Common Stock at such time and price, and subject to such other terms and conditions as are set forth in the Plan and the applicable Agreement. Stock Options may be
“Incentive Stock Options” within the meaning of Section 422 of the Code or “Non-Qualified Stock Options” which do not meet the requirements of such Code section. 
 (ww)     “Subsidiary” shall mean a corporation (or a partnership or other enterprise)
in which the Company owns or controls, directly or indirectly, 50% or more of the outstanding shares of stock normally entitled to vote for the election of directors (or comparable equity participation and voting power). 
 (xx)      “Substitute Awards” shall mean Awards granted upon assumption of, or in
substitution for, outstanding awards previously granted by a company or other entity all or a portion of the assets or equity of which is acquired by the Company, with which the Company merges or otherwise combines or from which the Company is
spun-off or otherwise separated. 
 (yy)      “Valuation Date” shall
mean the date on which the Appreciation Value of a Phantom Share shall be measured and fixed in accordance with Section 5.2(a) hereof. 
 (zz)      The “Value” of a Phantom Share shall be determined by reference to the “average Fair Market Value” of a share of Class B Common
Stock. The “average Fair Market Value” on a given date of a share of Class B Common Stock shall be determined over the 30-day period ending on such date or such other period as the Committee may decide shall be applicable to a grant
of Phantom Shares, determined by dividing (i) by (ii), where (i) shall equal the sum of the Fair Market Values on each day that the Class B Common Stock was traded and a closing price was reported during such period, and
(ii) shall equal the number of days, as determined by the Committee for the purposes of determining the average Fair Market 

  

 4 

 
Value for such Phantom Shares, on which the Class B Common Stock was traded and a closing price was reported during such period. 
 Section 1.3        Administration of the Plan. 
       (a)       Board or Committee to Administer. The Plan shall
be administered by the Committee, which shall consist of at least two members of the Board. If any member of the Committee does not meet the qualification requirements of the Section 162(m) Exception, then, with respect to any Award that is
intended to satisfy the requirements of the Section 162(m) Exception, the Committee shall act through a subcommittee consisting of at least such number of directors as is required from time to time to satisfy the Section 162(m) Exception,
and each such subcommittee member shall satisfy the qualification requirements of such exception. If any member of the Committee (or subcommittee, as applicable) is found not to have met the qualification requirements of the Section 162(m)
Exception, any actions taken or Awards granted by the Committee (or subcommittee, as applicable) shall not be invalidated by such failure to so qualify. 
       (b)       Powers of the Committee. 
 (i)        The Committee shall adopt such rules as it may deem appropriate in order to carry out the purpose of the Plan. All questions of interpretation,
administration and application of the Plan shall be determined by the Committee. The determination of the Committee shall be final and binding as to all matters relating to the Plan. 
 (ii)        The Committee shall have authority to select Participants from among
the class of eligible persons specified in Section 1.4 below, to determine the type of Award to be granted, to determine the number of shares of Class B Common Stock subject to an Award or the cash amount payable in connection with an
Award, and to determine the terms and conditions of each Award in accordance with the terms of the Plan. Except as provided in Section 6.4, the Committee shall also have the authority to amend the terms of any outstanding Award or waive any
conditions or restrictions applicable to any Award; provided, however, that no amendment shall materially impair the rights of the holder thereof without the holder’s consent except that the Committee shall have the right at any
time, without a holder’s consent and whether or not the rights of the holder in an Award are materially adversely affected thereby, to amend or modify the Plan or any Award under the Plan in any manner that the Committee considers necessary or
advisable to comply with any law, regulation, ruling, judicial decision, accounting standards, regulatory guidance or other legal requirement. With respect to any restrictions in the Plan or in any Agreement that are based on the requirements of
Section 409A or Section 422 of the Code, the Section 162(m) Exception, the rules of any exchange upon which the Company’s securities are listed, or any other applicable law, rule or restriction to the extent that any such
restrictions are no longer required, the Committee shall have the sole discretion and authority to grant Awards that are not subject to such restrictions and/or to waive any such restrictions with respect to outstanding Awards. 
       (c)       Delegation by the Committee. The Committee may,
but need not, from time to time delegate some or all of its authority under the Plan to an Administrator consisting of one or more members of the Committee or of one or more officers of the Company; provided, however, that the Committee may not
delegate its authority (i) to make Awards to employees (A) who are subject on the date of the Award to the reporting rules under Section 16(a) of the Exchange Act, (B) whose compensation for such fiscal year may be subject to the
limit on deductible compensation pursuant to Section 162(m) or (C) who are officers of the Company who are delegated authority by the Committee hereunder, or (ii) under Article XI of the Plan. Any delegation hereunder shall be subject
to the restrictions and limits that the Committee specifies at the time of such delegation or thereafter. Nothing in the Plan shall be construed as obligating the Committee to delegate authority to an Administrator, and the Committee may at any time
rescind the authority delegated to an Administrator appointed hereunder or appoint a new Administrator. At all times, the Administrator appointed under this Section 1.3(c) shall serve in such capacity at the pleasure of the Committee. Any
action undertaken by the Administrator in accordance with the Committee’s delegation of authority shall have the same force and effect as if undertaken directly by the Committee, and any reference in the Plan to the Committee shall, to the
extent consistent with the terms and limitations of such delegation, be deemed to include a reference to the Administrator. 
  

 5 

       (d)       Non-Uniform Determinations. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who
receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among other things, to make non-uniform and selective
determinations, and to enter into non-uniform and selective Agreements, as to the persons receiving Awards under the Plan, and the terms and provisions of Awards under the Plan. 
       (e)       No Liability. Subject to applicable law:
(i) no member of the Committee nor any Administrator shall be liable to any Participant or any other person for anything whatsoever in connection with the administration of the Plan except such person’s own willful misconduct;
(ii) under no circumstances shall any member of the Committee or any Administrator be liable for any act or omission of any other member of the Committee or any other Administrator; and (iii) in the performance of its functions with
respect to the Plan, the Committee and any Administrator shall be entitled to rely upon information and advice furnished by the Company’s officers, the Company’s accountants, the Company’s counsel and any other party the Committee or
such Administrator deems necessary, and no member of the Committee or such Administrator shall be liable for any action taken or not taken in good faith reliance upon any such advice. 
 Section 1.4        Eligible Persons. 
       Awards may be granted to any employee of the Company or any of its Subsidiaries. An individual’s status as an Administrator will not affect his or her eligibility to receive Awards under the Plan.

 Section 1.5        Class B Common Stock Subject to the Plan. 
       (a)       Plan Limit. The shares of Class B Common
Stock subject to Awards under the Plan shall be made available from authorized but unissued Class B Common Stock, from Class B Common Stock issued and held in the treasury of the Company or, subject to such conditions as the Committee may
determine, from shares beneficially owned by one or more stockholders of the Company. Subject to adjustment under Article IX hereof, the total number of shares of Class B Common Stock that may be delivered under the Plan (the
“Section 1.5 Limit”) shall not exceed 50 million. 
       (b)       Plan Sub-Limits. Subject to adjustment under Article IX hereof, the maximum aggregate number of shares of Class B Common Stock that may be
delivered in conjunction with awards of Restricted Shares, Restricted Share Units, unrestricted shares of Class B Common Stock, Performance Shares, Dividend Equivalents, Performance Share Units and Other Awards is 25 million, provided
that, subject to adjustment under Article IX hereof, no more than 50,000 shares may be issued as unrestricted Class B Common Stock. Subject to adjustment under Article IX hereof, the maximum aggregate number of shares of Class B Common
Stock that may be delivered in conjunction with awards of Incentive Stock Options is 5 million. 
       (c)       Rules Applicable to Determining Shares Available for Issuance. For purposes of determining the number of shares of Class B Common Stock that remain
available for delivery under the Plan, the following rules apply: 
 (i)        In connection with the granting of an Award (other than an Award denominated in dollars), the number of shares of Class B Common Stock in respect of which the Award is granted or
denominated shall be counted against the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)). 
 (ii)        To the extent permitted by law or the rules and regulations of any stock exchange on which the Class B Common Stock is listed, the number of shares of
Class B Common Stock that shall be added back to the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)) and shall again be available for Awards, shall be the corresponding number of shares of Class B
Common Stock that are (A) tendered in payment of the exercise price of an Award or to satisfy a Participant’s tax or other withholding obligations with respect to an Award; (B) subject to an Award or any portion of an Award which for
any reason expires or is cancelled, forfeited, or terminated without having been exercised or paid; 

  

 6 

 
(C) withheld from any Award to satisfy a Participant’s tax or other withholding obligations or to pay the exercise price of an Award; and
(D) subject to an Award or any portion of an Award that is settled in consideration other than shares of Class B Common Stock (including cash). Anything to the contrary in this Section 1.5(c) notwithstanding, if an Award is settled in
whole or in part by delivery of fewer than the full number of shares of Class B Common Stock that was counted against the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)) pursuant to clause (i) (as such
number may have been adjusted from time to time), the excess, if any, of the number of shares of Class B Common Stock so counted over the number of shares of Class B Common Stock delivered to the Participant upon exercise or settlement
shall no longer be counted against the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)) and shall again be available for Awards. 
 (iii)        Any shares of Class B Common Stock underlying Substitute Awards
shall not be counted against the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)). 
 Section 1.6        Section 162(m) Limits on Awards to Participants. 
       (a)       Limits on Certain Stock Options, Stock Appreciation Rights and Phantom Shares. The maximum aggregate number of shares of
Class B Common Stock that may be granted to any Participant during the five-year period starting on the Effective Date of the Plan with respect to Stock Options, Stock Appreciation Rights or Phantom Shares is 7.5 million (regardless of
whether Stock Appreciation Rights and Phantom Shares are settled in cash, Class B Common Stock, other Company securities or a combination thereof), subject to adjustment pursuant to Article IX hereof. 
       (b)       Limits on other Awards. The maximum amount of
Awards (other than those Awards set forth in Section 1.6(a)) intended to qualify for the Section 162(m) Exception that may be awarded to any Participant in respect of any Performance Period is $50 million (with respect to Awards
denominated in cash) and 1,000,000 shares of Class B Common Stock (with respect to Awards denominated in shares of Class B Common Stock), subject to adjustment pursuant to Article IX hereof. Notwithstanding the preceding sentence, if in
respect of any Performance Period, the Committee grants to a Participant Awards having an aggregate dollar value and/or number of shares less than the maximum dollar value and/or number of shares that could be paid or awarded to such Participant
based on the degree to which the relevant Performance Goals were attained, the excess of such maximum dollar value and/or number of shares over the aggregate dollar value and/or number of shares actually subject to Awards granted to such Participant
shall be carried forward and shall increase the maximum dollar value and/or number of shares that may be awarded to such Participant in respect of the next Performance Period in respect of which the Committee grants to such Participant an Award
intended to qualify for the Section 162(m) Exception, subject to adjustment pursuant to Article IX hereof. 
 Section 1.7        Agreements. 
       The Committee shall determine and set forth in an Agreement the terms and conditions of each Award (other than an Award of unrestricted Class B Common Stock). Each Agreement (i) shall state the
Date of Grant and the name of the Participant, (ii) shall specify such other terms of the Award as appropriate for inclusion in the Agreement, (iii) shall incorporate the Plan by reference and (iv) shall be delivered or otherwise made
available to the Participant. The Agreement shall contain such other terms not inconsistent with the Plan as the Committee may deem advisable. The Committee shall have the authority to adjust the terms of the Agreements relating to an Award in a
jurisdiction outside of the United States (i) to comply with the laws of such jurisdiction or (ii) to obtain more favorable tax treatment for the Company and/or any Subsidiary, as applicable, and/or for the Participants in such
jurisdiction. Such authority shall be notwithstanding the fact that the requirements of the local jurisdiction may be more restrictive than the terms set forth in the Plan. 
  

 7 

 ARTICLE II 
 PROVISIONS APPLICABLE TO STOCK OPTIONS 
 Section 2.1        Grants of
Stock Options. 
       The Committee may from time to time grant to eligible employees
Stock Options on the terms and conditions set forth in the Plan and on such other terms and conditions as are not inconsistent with the purposes and provisions of the Plan, as the Committee, in its discretion, may from time to time determine. Each
Agreement covering a grant of Stock Options shall specify the number of Stock Options granted, the Date of Grant, the exercise price of such Stock Options, whether such Stock Options are Incentive Stock Options or Non-Qualified Stock Options, the
period during which such Stock Options may be exercised, any vesting schedule, any Performance Goals and any other terms that the Committee deems appropriate. 
 Section 2.2        Exercise Price. 
       The Committee shall establish the per share exercise price of a Stock Option on the Date of Grant in such amount as the Committee shall determine; provided that such exercise
price shall not be less than 100% of the Fair Market Value of a share of Class B Common Stock on the Date of Grant. Notwithstanding the foregoing, the per share exercise price of a Stock Option that is a Substitute Award may be less than 100%
of the Fair Market Value of a share of Class B Common Stock on the Date of Grant, provided that the excess of the aggregate intrinsic value of the Substitute Award, determined immediately after the transaction giving rise
to the substitution or assumption of the predecessor award, does not exceed the aggregate intrinsic value of such predecessor award, determined immediately before such transaction, and such substitution complies with applicable laws and regulations,
including the listing requirements of the New York Stock Exchange or other principal stock exchange on which the Class B Common Stock is then listed and Section 409A or Section 424 of the Code, as applicable.  
 The exercise price of any Stock Option will be subject to adjustment in accordance with the provisions of Article IX of the Plan. Any adjustments made
pursuant to this Section 2.2 shall be made in a manner consistent with the requirements of Section 409A. 
 Section 2.3        Exercise of Stock Options. 
       (a)       Exercisability. Stock Options shall be exercisable only to the extent the Participant is vested therein, subject to any restrictions that the Committee
shall determine. The Committee shall establish the vesting schedule applicable to Stock Options, which vesting schedule shall specify the period of time, the increments in which a Participant shall vest in the Stock Options and/or any applicable
Performance Goal requirements, subject to any restrictions that the Committee shall determine and specify in the applicable Agreement (or any employment agreement applicable to the Participant). The Committee may, in its sole discretion, accelerate
the time at which a Participant vests in his Stock Options. 
       (b)       Option Period. For each Stock Option granted, the Committee shall specify the period during which the Stock Option may be exercised. 
       (c)       Registration Restrictions. A Stock Option shall
not be exercisable, no transfer of shares of Class B Common Stock shall be made to any Participant, and any attempt to exercise a Stock Option or to transfer any such shares shall be void and of no effect, unless and until (i) a
registration statement under the Securities Act of 1933, as amended, has been duly filed and declared effective pertaining to the shares of Class B Common Stock subject to such Stock Option, and the shares of Class B Common Stock subject
to such Stock Option have been duly qualified under applicable federal or state securities or blue sky laws or (ii) the Committee, in its sole discretion, determines, or the Participant, upon the request of the Committee, provides an opinion of
counsel satisfactory to the Committee, that such registration or qualification is not required as a result of the availability of an exemption from registration or qualification under such laws. Without limiting the foregoing, if at any time the
Committee shall determine, in its sole discretion, that the listing, registration or qualification of the shares of Class B Common Stock subject to such Stock Option is required under any federal or state law or on any securities exchange or
the consent 

  

 8 

 
or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, delivery or purchase of such shares
pursuant to the exercise of a Stock Option, such Stock Option shall not be exercised in whole or in part unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to the Committee. 
       (d)       Exercise
in the Event of Termination of Employment, Retirement, Death or Permanent Disability. 
 (i)        Termination other than for Cause, or due to Retirement, Death or Permanent Disability. Except as otherwise provided in this Section 2.3 or as otherwise determined by the
Committee, in the event that (A) the Participant ceases to be an employee of the Company or any of its Subsidiaries by reason of the voluntary termination by the Participant or the termination by the Company or any of its Subsidiaries other
than for Cause, his Outstanding Stock Options may be exercised to the extent then exercisable until the earlier of six months after the date of such termination or the Expiration Date, (B) the Participant ceases to be an employee of the Company
or any of its Subsidiaries by reason of the Participant’s Retirement, the Participant may exercise his outstanding Stock Options to the extent exercisable on the date of Retirement until the earlier of the third anniversary of such date or the
Expiration Date; (C) the Permanent Disability of the Participant occurs, his Outstanding Stock Options may be exercised to the extent exercisable upon the date of the onset of such Permanent Disability until the earlier of the third anniversary
of such date or the Expiration Date; and (D) a Participant dies during a period during which his Stock Options could have been exercised by him, his Outstanding Stock Options may be exercised to the extent exercisable at the date of death by
the person who acquired the right to exercise such Stock Options by will or the laws of descent and distribution, permitted transfer or beneficiary designation until the earlier of the second anniversary of the date of death or the Expiration Date.
Except as otherwise provided in this Section 2.3 or as otherwise determined by the Committee, upon the occurrence of an event described in clauses (A), (B), (C) or (D) of this Section 2.3(d)(i), all rights with respect to Stock
Options that are not vested as of such event will be relinquished. 
 (ii)        Termination for Cause. If a Participant’s employment with the Company or any of its Subsidiaries ends due to a termination of employment for Cause then, unless the Committee in
its discretion determines otherwise, all Outstanding Stock Options, whether or not then vested, shall terminate effective as of the date of such termination. 
 (iii)        Maximum Exercise Period. Anything in this Section 2.3(d) to the contrary notwithstanding and unless the Committee determines
otherwise, no Stock Option shall be exercisable after the earlier to occur of (A) the expiration of the option period set forth in the applicable Agreement or (B) the tenth anniversary of the Date of Grant thereof. If the date determined
in accordance with the preceding sentence is not a business day, the Stock Options may be exercised up to and including the last business day before such date. 
 Section 2.4        Payment of Purchase Price Upon Exercise. 
       Every share purchased through the exercise of a Stock Option shall be paid for in full on or before the settlement date for the shares of Class B Common Stock issued pursuant to the exercise of the
Stock Options in cash or, in the discretion of the Committee, in shares of Class B Common Stock or other securities of the Company designated by the Committee, in a combination of cash, shares or such other securities or in any other form of
valid consideration that is acceptable to the Committee in its sole discretion. If the Agreement so provides, such exercise price may also be paid in whole or in part using a net share settlement procedure or through the withholding of shares
subject to the Stock Option with a value equal to the exercise price. In accordance with the rules and procedures established by the Company for this purpose, a Stock Option may also be exercised through a “cashless exercise” procedure
approved by the Company from time to time, involving a broker or dealer, that affords Participants the opportunity to sell immediately some or all of the shares underlying the exercised portion of the Stock Option in order to generate sufficient
cash to pay the exercise price of the Option. 
  

 9 

 Section 2.5        Repricing of Stock Options. 
       The Committee may not “reprice” any Stock Option. “Reprice” means any of the
following or any other action that has the same effect: (i) amending a Stock Option to reduce its exercise price, (ii) canceling a Stock Option at a time when its exercise price exceeds the Fair Market Value of a share of Class B
Common Stock in exchange for a Stock Option, Restricted Share or other equity award unless the cancellation and exchange occurs in connection with a merger, acquisition, spin-off or other similar corporate transaction, or (iii) taking any other
action that is treated as a repricing under GAAP, provided that nothing in this Section 2.5 shall prevent the Committee from making adjustments pursuant to Article IX. 
 Section 2.6        Stock Appreciation Rights. 
       (a)       Generally. The Committee may grant Stock Appreciation Rights alone or in tandem with other Awards. 
       (b)       Stock Appreciation Rights Granted In Tandem with
Stock Options. Any Stock Appreciation Right granted in tandem with a Stock Option shall be granted at the time of the grant of the Stock Option. The Stock Appreciation Right shall be subject to the same terms and conditions as the related Stock
Option and shall be exercisable only at such times and to such extent as the related Stock Option is exercisable. A Stock Appreciation Right shall entitle the holder to surrender to the Company the related Stock Option (in whole or in part)
unexercised and receive from the Company in exchange therefor an amount equal to the excess of the Fair Market Value of the shares of Class B Common Stock subject to the surrendered portion of such Stock Option, determined as of the day
preceding the surrender of such Stock Option, over the aggregate exercise price of the portion of the Stock Option so surrendered. Such amount shall be paid in cash, or in the discretion of the Committee, in shares of Class B Common Stock or
other securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities. 
       (c)       Stock Appreciation Rights Granted Alone or In Tandem with Awards Other Than Stock Options. Subject to the next sentence, Stock
Appreciation Rights granted alone or in tandem with Awards other than Stock Options shall be subject to such terms and conditions as the Committee shall establish at or after the time of grant and set forth in the applicable Agreement. The Committee
shall establish the per share exercise price of a Stock Appreciation Right granted alone on the Date of Grant in such amount as the Committee shall determine; provided that such exercise price shall not be less than 100% of the Fair Market Value of
a share of Class B Common Stock on the Date of Grant. In addition, notwithstanding the foregoing, the per share exercise price of a Stock Appreciation Right that is a Substitute Award may be less than 100% of the Fair Market Value of a share of
Class B Common Stock on the Date of Grant; provided that the excess of the aggregate intrinsic value of the Substitute Award, determined immediately after the transaction giving rise to the substitution or assumption of the predecessor award,
does not exceed the aggregate intrinsic value of such predecessor award, determined immediately before such transaction, and such substitution complies with applicable laws and regulations, including the listing requirements of the New York Stock
Exchange or other principal stock exchange on which the Class B Common Stock is then listed and Section 409A or Section 424 of the Code, as applicable. The exercise price of any Stock Appreciation Right will be subject to adjustment in
accordance with the provisions of Article VIII of the Plan. Any adjustments made pursuant to this Section 2.6(c) shall be made in a manner consistent with the requirements of Section 409A. 
 ARTICLE III 
 PROVISIONS APPLICABLE
TO RESTRICTED SHARES 
 Section 3.1        Grants of Restricted Shares. 
       The Committee may from time to time grant to eligible employees Restricted Shares on the terms and
conditions set forth in the Plan and on such other terms and conditions as are not inconsistent with the purposes and provisions of the Plan, as the Committee, in its discretion, may from time to time determine. Each Agreement covering a grant of
Restricted Shares shall specify the number of Restricted Shares granted, the Date of Grant, the price, if any, to be paid by the Participant for such Restricted Shares, the vesting schedule (as provided for in Section 

  

 10 

 
3.2 hereof) and any Performance Goals for such Restricted Shares and any other terms that the Committee deems appropriate. 
 Section 3.2        Vesting. 
       The Committee shall establish the vesting schedule applicable to Restricted Shares granted hereunder, which vesting schedule shall specify the period of time,
the increments in which a Participant shall vest in the Restricted Shares and/or any applicable Performance Goal requirements, subject to any restrictions that the Committee shall determine and specify in the applicable Agreement, provided
that, unless otherwise determined by the Committee, Restricted Shares that vest contingent solely on the requirement of continued employment shall not fully vest in less than three years from the Date of Grant. 
 Section 3.3        Rights and Restrictions Governing Restricted Shares. 
       The Participant shall have all rights of a holder as to such shares of Class B Common Stock
(including, to the extent applicable, the right to receive dividends (as described in Section 3.8) and to vote), subject to the following restrictions: (a) the Participant shall not be entitled to be registered on the books and records of
the Company as a stockholder until such shares have vested; (b) none of the Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of until such shares have vested; and (c) except as otherwise
provided in Section 3.6 below, all unvested Restricted Shares shall be immediately forfeited upon a Participant’s termination of employment with the Company or any Subsidiary for any reason or the Participant’s death, Retirement or
Permanent Disability. 
 Section 3.4        Adjustment with Respect to Restricted Shares. 
       Any other provision of the Plan to the contrary notwithstanding, the Committee may, in its
discretion, at any time accelerate the date or dates on which Restricted Shares vest. The Committee may, in its sole discretion, remove any and all restrictions on such Restricted Shares whenever it may determine that, by reason of changes in
applicable law, the rules of any stock exchange on which the Class B Common Stock is listed or other changes in circumstances arising after the Date of Grant, such action is appropriate. 
 Section 3.5        Delivery of Restricted Shares. 
       On the date on which Restricted Shares vest, all restrictions contained in the Agreement covering
such Restricted Shares and in the Plan shall lapse as to such Restricted Shares. Restricted Share Awards issued hereunder may be evidenced in such manner as the Committee in its discretion shall deem appropriate, including, without limitation,
book-entry registration or issuance of one or more stock certificates. If stock certificates are issued, such certificates shall be delivered to the Participant or such certificates shall be credited to a brokerage account if the Participant so
directs; provided, however, that such certificates shall bear such legends as the Committee, in its sole discretion, may determine to be necessary or advisable in order to comply with applicable federal or state securities laws.

 Section 3.6        Termination of Employment, Retirement. 
       Unless otherwise provided in a Participant’s employment agreement with the Company or a
Subsidiary, in the event that the Participant’s employment with the Company or any of its Subsidiaries terminates prior to the date or dates on which Restricted Shares vest, the Participant shall forfeit all unvested Restricted Shares as of the
date of such event, unless the Committee determines otherwise and provides that some or all of such Participant’s unvested Restricted Shares shall vest as of the date of such event or some other date or dates. 
 Section 3.7        Grants of Unrestricted Shares. 
       Subject to the limit set forth in the proviso in Section 1.5(b) (as such limit may be adjusted
under Article IX hereof), the Committee may, in its sole discretion, make awards of unrestricted Class B Common Stock to eligible employees in recognition of outstanding achievements and performance. 
  

 11 

 Section 3.8        Delivery of Dividend Payments. 
       Subject to the provisions of this Plan and any Agreement, the recipient of an Award of Restricted
Shares may, if so determined by the Committee, be entitled to receive dividends with respect to the number of shares of Class B Common Stock covered by the Award, as determined by the Committee, in its sole discretion. The Committee shall determine
the payment schedule for such amounts (if any) and may provide that such amounts (if any) shall accrue and be paid at the time that the related Award vests and is payable. The terms of any deferral or accrual of such amounts (if any) shall comply
with all applicable laws, rules and regulations, including, without limitation, Section 409A. 
 ARTICLE IV 
 PROVISIONS APPLICABLE TO RESTRICTED SHARE UNITS 
 Section 4.1        Grants of Restricted Share Units. 
       The Committee may from time to time grant Restricted Share Units on the terms and conditions set forth in the Plan and on such other terms and conditions as are not inconsistent with the purposes and
provisions of the Plan as the Committee, in its discretion, may from time to time determine. Each Restricted Share Unit awarded to a Participant shall correspond to one share of Class B Common Stock. Each Agreement covering a grant of
Restricted Share Units shall specify the number of Restricted Share Units granted, the vesting schedule (as provided for in Section 4.2 hereof) for such Restricted Share Units and any Performance Goals and any other terms that the Committee
deems appropriate. 
 Section 4.2        Vesting. 
       The Committee shall establish the vesting schedule applicable to Restricted Share Units granted
hereunder, which vesting schedule shall specify the period of time, the increments in which a Participant shall vest in the Restricted Share Units and/or any applicable Performance Goal requirements, subject to any restrictions that the Committee
shall determine and specify in the applicable Agreement, provided that, unless otherwise determined by the Committee, Restricted Share Units that vest contingent solely on the requirement of continued employment shall not fully vest in less
than three years from the Date of Grant. 
 Section 4.3        Adjustment with Respect to Restricted Share
Units. 
       Any other provision of the Plan to the contrary notwithstanding, the
Committee may, in its discretion, at any time accelerate the date or dates on which Restricted Share Units vest. 
 Section 4.4        Settlement of Restricted Share Units. 
       Unless otherwise determined by the Committee, on the date on which Restricted Share Units vest, all restrictions contained in the Agreement covering such Restricted Share Units and in the Plan shall lapse
as to such Restricted Share Units and the Restricted Share Units will be payable, at the discretion of the Committee, in cash equal to the Fair Market Value of the shares subject to such Restricted Share Units, in shares of Class B Common Stock
or in other securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities. Restricted Share Units paid in Class B Common Stock may be evidenced in such manner as
the Committee in its discretion shall deem appropriate, including, without limitation, book-entry registration or issuance of one or more stock certificates. If stock certificates are issued, such certificates shall be delivered to the Participant
or such certificates shall be credited to a brokerage account if the Participant so directs; provided, however, that such certificates shall bear such legends as the Company may determine to be necessary or advisable in order to comply
with applicable federal or state securities laws. Unless the Committee determines otherwise, in no event shall payment pursuant to this Section 4.4 occur later than March 15th of the year following the year in which the Restricted Share
Units are no longer subject to a substantial risk of forfeiture for purposes of Section 409A. 
  

 12 

 Section 4.5        Termination of Employment. 
       Unless otherwise provided in a Participant’s employment agreement with the Company or a
Subsidiary, in the event that the Participant’s employment with the Company or any of its Subsidiaries terminates prior to the date or dates on which Restricted Share Units vest, the Participant shall forfeit all unvested Restricted Share Units
as of the date of such event, unless the Committee determines otherwise and provides that some or all of such Participant’s unvested Restricted Share Units shall vest as of the date of such event or some other date or dates. In the case of the
Participant’s death, payment in respect of the Participant’s Restricted Share Units shall be made in the manner provided in Section 4.4 to the person or persons who acquired the right to receive such payment by will or the laws of
descent and distribution or by permitted transfer or beneficiary designation. 
 ARTICLE V 
 PROVISIONS APPLICABLE TO PHANTOM SHARES 
 Section 5.1        Grants of Phantom Shares. 
       The Committee may from time to time grant to eligible employees Phantom Shares, the value of which is determined by reference to a share of Class B Common Stock, on the terms and conditions set forth
in the Plan and on such other terms and conditions as are not inconsistent with the purposes and provisions of the Plan as the Committee, in its discretion, may from time to time determine. Each Agreement covering a grant of Phantom Shares shall
specify the number of Phantom Shares granted, the Initial Value of such Phantom Shares, the Valuation Dates, the number of Phantom Shares whose Appreciation Value shall be determined on each such Valuation Date, any applicable vesting schedule (as
provided for in Section 5.3 hereof) and Performance Goals for such Phantom Shares, and any applicable limitation on payment (as provided for in Section 5.4 hereof) for such Phantom Shares and any other terms that the Committee deems
appropriate. 
 Section 5.2        Appreciation Value. 
       (a)       Valuation Dates; Measurement of Appreciation
Value. The Committee shall provide in the Agreement for one or more Valuation Dates on which the Appreciation Value of the Phantom Shares granted pursuant to the Agreement shall be measured and fixed, and shall designate in the Agreement the
number of such Phantom Shares whose Appreciation Value is to be calculated on each such Valuation Date. Unless otherwise determined by the Committee, each Valuation Date shall be December 15 and no Valuation Date shall occur later than the year
in which the eighth (8th) anniversary of the Date of Grant occurs. 
       (b)       Payment of Appreciation Value. Except as otherwise provided in Section 5.5 hereof, and subject to the limitation contained in Section 5.4
hereof, the Appreciation Value of a Phantom Share shall be paid to a Participant in cash, or in the discretion of the Committee, in shares of Class B Common Stock or other securities of the Company designated by the Committee or in a
combination of cash, shares of Class B Common Stock or such other securities, as soon as practicable following the Valuation Date applicable to such Phantom Share. In no event shall a payment occur pursuant to the previous sentence later than
the 60th day following the Valuation Date applicable to such Phantom Share. 
 Section 5.3        Vesting.

       The Committee may establish a vesting schedule applicable to Phantom Shares
granted hereunder, which vesting schedule shall specify the period of time, the increments in which a Participant shall vest in the Phantom Shares and/or any applicable Performance Goal requirements, subject to any restrictions that the Committee
shall determine and specify in the applicable Agreement. 
 Section 5.4        Limitation on Payment. 

       The Committee may, in its discretion, establish and set forth in the Agreement a
maximum dollar amount payable under the Plan for each Phantom Share granted pursuant to such Agreement. 
  

 13 

 Section 5.5        Termination of Employment, Retirement, Death or
Permanent Disability. 
       (a)       Termination
Other Than for Cause, or due to Retirement, Death or Permanent Disability. Except as otherwise provided in this Section 5.5, if, before the occurrence of one or more Valuation Dates applicable to the Participant’s Outstanding Phantom
Shares, (i) the Participant’s employment with the Company or any of its Subsidiaries ends by reason of the voluntary termination by the Participant, the termination by the Company or any of its Subsidiaries other than for Cause or the
Participant’s Retirement or (ii) the Participant’s death or Permanent Disability occurs, then, unless the Committee, in its discretion, determines otherwise, the Appreciation Value of each Outstanding Phantom Share as to which the
Participant’s rights are vested as of the date of such event shall be the lesser of (x) the Appreciation Value of such Phantom Share calculated as of the date of such event or (y) the Appreciation Value of such Phantom Share
calculated as of the originally scheduled Valuation Date applicable thereto. Unless the Committee, in its discretion, determines otherwise and so specifies in the applicable Award Agreement or otherwise in compliance with Section 409A, the
Appreciation Value so determined for each such vested Outstanding Phantom Share shall then be payable to the Participant following the originally scheduled Valuation Date applicable thereto in accordance with Section 5.2(b) hereof. Upon the
occurrence of an event described in this Section 5.5(a), unless the Committee determines otherwise, all rights with respect to Phantom Shares that are not vested as of such date will be relinquished. 
       (b)       Termination for Cause. If a Participant’s
employment with the Company or any of its Subsidiaries ends due to a termination of employment for Cause, then, unless the Committee, in its discretion, determines otherwise, all Outstanding Phantom Shares, whether or not vested, and any and all
rights to the payment of Appreciation Value with respect to such Outstanding Phantom Shares shall be forfeited effective as of the date of such termination. 
 ARTICLE VI 
 PERFORMANCE AWARDS 
 Section 6.1        Grants of Performance Awards. 
       The Committee may from time to time grant to eligible employees Performance Awards consisting of Performance Shares or Performance Share Units on the terms and conditions set forth
in the Plan and on such other terms and conditions as are not inconsistent with the purposes and provisions of the Plan, as the Committee, in its discretion, may from time to time determine. Performance Awards may be granted either alone or in
addition to other Awards made under the Plan.  
 Section 6.2        Performance Goals.

       Unless otherwise determined by the Committee, the grant, vesting and/or
exercisability of Performance Awards shall be conditioned, in whole or in part, on the attainment of performance targets, in whole or in part, related to one or more performance goals over a Performance Period. For any such Performance Awards that
are intended to qualify for the Section 162(m) Exception, the performance targets on which the grant, vesting and/or exercisability are conditioned shall be selected by the Committee from among the following goals (the “Section 162(m)
Performance Goals”): OIBDA, OIBDA Without Intercompany Eliminations, Operating Income, Free Cash Flow, Net Earnings, Net Earnings from Continuing Operations, Earnings Per Share, Revenue, Net Revenue, Operating Revenue, total shareholder return,
share price, return on equity, return in excess of cost of capital, profit in excess of cost of capital, return on assets, return on invested capital, net operating profit after tax, operating margin, profit margin or any combination thereof. In
addition, for any Awards not intended to qualify for the Section 162(m) Exception, the Committee may establish performance targets based on other performance goals as it deems appropriate (together with the Section 162(m) Performance
Goals, the “Performance Goals”). The Performance Goals may be described in terms of objectives that are related to the individual Participant or objectives that are Company-wide or related to a Subsidiary, division, department, region,
function or business unit and may be measured on an absolute or cumulative basis or on the basis of percentage of improvement over time, and may be measured in terms of Company performance (or performance of the applicable Subsidiary, division,
department, region, function or business unit) or measured relative to selected peer companies or a market index. 
  

 14 

 Section 6.3        Performance Goals on Awards other than Performance
Awards. 
       The Committee, in its sole discretion, may also require that the grant,
vesting and/or exercisability of Awards other than Performance Awards be conditioned, in whole or in part, on the attainment of performance targets, in whole or in part, related to Performance Goals over a Performance Period, as described in
Section 6.2. 
 Section 6.4        Discretion to Reduce Awards. 
       The Committee retains the right to reduce any Award below the maximum amount that could be paid based
on the degree to which the Performance Goals related to such Award were attained. The Committee may not increase any Award intended to qualify for the Section 162(m) Exception in any manner that would adversely affect the treatment of the Award
under the Section 162(m) Exception. 
 Section 6.5        Adjustment of Calculation of Performance
Goals. 
       In the event that, during any Performance Period, any recapitalization,
reorganization, merger, acquisition, divestiture, consolidation, spin-off, combination, liquidation, dissolution, sale of assets or other similar corporate transaction or event, or any other extraordinary event or circumstance occurs which has the
effect, as determined by the Committee of distorting the applicable performance criteria involving the Company, including, without limitation, changes in accounting standards, the Committee shall adjust or modify the calculation of the Performance
Goals, to the extent necessary to prevent reduction or enlargement of the Participants’ Awards under the Plan for such Performance Period attributable to such transaction, circumstance or event. All determinations that the Committee makes
pursuant to this Section 6.5 shall be conclusive and binding on all persons for all purposes. 
 ARTICLE VII 
 SUBSTITUTE AWARDS 
       Notwithstanding any terms or conditions of the Plan to the contrary, the Committee may provide for Substitute Awards under the Plan upon assumption of, or in substitution for, outstanding awards
previously granted by a company or other entity all or a portion of the assets or equity of which is acquired by the Company, with which the Company merges or otherwise combines or from which the Company is spun-off or otherwise separated. Without
limiting the generality of the preceding sentence, Substitute Awards include Awards granted in connection with the Separation in substitution for stock options, restricted share units and other awards of the former Viacom Inc. (renamed CBS
Corporation) granted prior to the Separation Date. Notwithstanding any terms or conditions of the Plan to the contrary, Substitute Awards may have substantially the same terms and conditions, including without limitation provisions relating to
vesting, exercise periods, expiration, payment, forfeiture, and the consequences of termination of employment and changes in control, as the awards that they replace. 
 ARTICLE VIII 
 DIVIDEND EQUIVALENTS AND OTHER AWARDS 
 Section 8.1        Dividend Equivalents. 
       Subject to the provisions of this Plan and any Agreement, the recipient of an Award (including, without limitation, any Award deferred pursuant to
Section 10.9) may, if so determined by the Committee, be entitled to receive interest or dividends or Dividend Equivalents, with respect to the number of shares of Class B Common Stock covered by the Award, as determined by the Committee, in
its sole discretion. The Committee shall determine the payment schedule for such amounts (if any) and may provide that such amounts (if any) shall accrue and be paid at the time that the related Award vests and is payable. The terms of any deferral
or accrual of such amounts (if any) shall comply with all applicable laws, rules and regulations, including, without limitation, Section 409A. 
  

 15 

 Section 8.2        Other Awards. 
       The Committee shall have the authority to specify the terms and provisions of other forms of
equity-based or equity-related awards not described above that the Committee determines to be consistent with the purpose of the Plan and the interests of the Company. Other Awards may also include cash payments under the Plan which may be based on
one or more criteria determined by the Committee that are unrelated to the value of Class B Common Stock and that may be granted in tandem with, or independent of, Awards granted under the Plan. 
 ARTICLE IX 
 EFFECT OF CERTAIN
CORPORATE CHANGES 
       In the event of a merger, consolidation, stock-split, reverse
stock-split, dividend, distribution, combination, reclassification, reorganization, split-up, spin-off or recapitalization that changes the character or amount of the Class B Common Stock or any other changes in the corporate structure, equity
securities or capital structure of the Company, the Committee shall make such adjustments, if any, to (i) the number and kind of securities subject to any outstanding Award, (ii) the exercise price or purchase price, if any, of any
outstanding Award or the Initial Value of any Outstanding Phantom Shares, and (iii) the maximum number and kind of securities referred to in Section 1.5(a) and (b) and Section 1.6(a) and Section 1.6(b) of the Plan, in each
case, as it deems appropriate. The Committee may, in its sole discretion, also make such other adjustments as it deems appropriate in order to preserve the benefits or potential benefits intended to be made available hereunder. All determinations
that the Committee makes pursuant to this Article IX shall be conclusive and binding on all persons for all purposes. Any adjustments made pursuant to this Article IX shall be made in a manner consistent with the requirements of
Section 409A. 
 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1      No Rights to Awards or Continued Employment.

       Nothing in the Plan or in any Agreement, nor the grant of any Award under the
Plan, shall confer upon any individual any right to be employed by or to continue in the employment of the Company or any Subsidiary thereof, nor to be entitled to any remuneration or benefits not set forth in the Plan or such Agreement, including
the right to receive any future Awards under the Plan or any other plan of the Company or any Subsidiary thereof or interfere with or limit the right of the Company or any Subsidiary thereof to modify the terms of or terminate such individual’s
employment at any time for any reason. All grants of Awards and deliveries of shares of Class B Common Stock, cash or other property under the Plan shall constitute a special discretionary incentive payment to the Participant and shall not be
required to be taken into account in computing the amount of salary or compensation of the Participant for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance,
severance or other benefit plan of the Company, or payments based on the Fair Labor Standards Act of 1938, or under any agreement with the Participant, unless the Company specifically provides otherwise. 
 Section 10.2      Restriction on Transfer. 
       The rights of a Participant with respect to any Award shall not be transferable, except by will, the laws of descent and distribution or beneficiary
designation; provided that the Committee may permit other transferability, subject to any conditions and limitations that it may, in its sole discretion, impose. During a Participant’s lifetime, the Participant’s rights with respect
to any Award may be exercised only by the Participant or by any transferee to whom the Award has been transferred in accordance with the preceding sentence. 
 Section 10.3      Taxes. 
       The
Company or a Subsidiary thereof, as appropriate, shall have the right to deduct from all payments made under the Plan to a Participant, a Participant’s estate or a Participant’s permitted transferee or beneficiary any 

  

 16 

 
federal, state, local or other taxes required by law to be withheld with respect to such payments. The Committee, in its discretion, may require, as a
condition to the exercise or settlement of any Award or delivery of any certificate(s) for shares of Class B Common Stock, that an additional amount be paid in cash equal to the amount of any federal, state, local or other taxes required to be
withheld as a result of such exercise or settlement. In addition, the Committee may establish procedures to allow Participants to satisfy such withholding obligations through a net share settlement procedure or the withholding of shares subject to
the applicable Award, or through a “cashless exercise” procedure as described in Section 2.4. Any Participant who makes an election under Section 83(b) of the Code to have his Award taxed in accordance with such election must
give notice to the Company of such election immediately upon making a valid election in accordance with the rules and regulations of the Code. Any such election must be made in accordance with the rules and regulations of the Code. 
 Section 10.4       Stockholder Rights. 
       No Award under the Plan shall entitle a Participant or a Participant’s estate or permitted transferee or beneficiary to any rights of a holder of shares
of Class B Common Stock of the Company, except as provided in Article III with respect to Restricted Shares, until the Participant, the Participant’s estate or the permitted transferee or beneficiary is registered on the books and records
of the Company as a stockholder with respect to the exercise or settlement of such Award, and no adjustments shall be made for dividends or distributions on, or other events relating to, shares of Class B Common Stock subject to an Award for which
the record date is prior to the date such registration. 
 Section 10.5      No Restriction on Right of Company to
Effect Corporate Changes. 
       The Plan shall not affect in any way the right or power
of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue
of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stock whose rights are superior to or affect the Class B Common Stock or the rights thereof or which are convertible into or
exchangeable for Class B Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or
otherwise. 
 Section 10.6       Source of Payments. 
       The general funds of the Company shall be the sole source of cash settlements of Awards under the
Plan and payments of Appreciation Value and the Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. Nothing contained in this Plan, and no action taken
pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company and a Participant or any other person. To the extent a person acquires any rights to receive payments hereunder
from the Company, such rights shall be no greater than those of an unsecured creditor. 
 Section 10.7      Exercise
Periods Following Termination of Employment. 
       For the purposes of determining the
dates on which Awards may be exercised following a termination of employment or following the Retirement, death or Permanent Disability of a Participant, the day following the date of such event shall be the first day of the exercise period and the
Award may be exercised up to and including the last business day falling within the exercise period. Thus, if the last day of the exercise period is not a business day, then the last date an Award may be exercised is the last business day preceding
the end of the exercise period. 
 Section 10.8      Repayments. 
       The Committee may include in any Agreement a provision requiring the Participant to return gains (as
defined by the Committee) realized on Awards made under the Plan in the event the Committee determines that a material breach of specified obligations under one or more written agreements between a Participant and the Company has occurred during the
one year period after termination of the Participant’s employment with the 

  

 17 

 
Company or a Subsidiary. In addition, the Committee may require a Participant to return gains (as defined by the Committee) on any Performance Award if the
Performance Goals used to determine the grant, vesting and/or exercisability of such Performance Award are subsequently restated or otherwise adjusted in a manner that would reduce the size of the Performance Award or any payment thereunder.

 Section 10.9      Deferral of Awards. 
       The Committee may establish procedures pursuant to which the payment of any Award may be deferred. Any such deferral shall be made in a manner that conforms to
the requirements of Section 409A applicable to initial and subsequent deferrals, and the Committee shall set forth in writing (which may be in electronic form), on or before the date the applicable deferral election is required to be
irrevocable in order to meet the requirements of Section 409A, the conditions under which such election may be made. 
 Section 10.10    Employment of Participant by Subsidiary. 
       Unless the Committee determines otherwise, the employment of a Participant who works for a Subsidiary shall terminate, for Plan purposes, on the date on which the Participant’s employing company
ceases to be a Subsidiary. 
 Section 10.11    Section 409A. 
       If any provision of the Plan or an Agreement contravenes any regulations or Treasury guidance
promulgated under Section 409A or could cause a Participant to be required to recognize income for United States federal income tax purposes prior to the time of payment, settlement or exercise of an Award or to be subject to any tax or
interest under Section 409A, such provision of the Plan or any Agreement may be modified to maintain, to the maximum extent practicable, the original intent of the applicable provision without the imposition of any tax or interest under
Section 409A. Moreover, any discretionary authority that the Board or the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A to the extent such discretionary authority will
contravene Section 409A. 
 ARTICLE XI 
 AMENDMENT AND TERMINATION 
       The Plan may be
terminated and may be altered, amended, suspended or terminated at any time, in whole or in part, by the Board; provided, however, that no alteration or amendment will be effective without stockholder approval if such approval is required by
law or under the rules of the New York Stock Exchange or other principal stock exchange on which the Class B Common Stock is listed. No termination or amendment of the Plan may, without the consent of the Participant to whom an Award has been
made, materially adversely affect the rights of such Participant in such Award. Notwithstanding any provision herein to the contrary, the Committee shall have broad authority to amend the Plan or any outstanding Award under the Plan without approval
of the Participant to the extent necessary or desirable (i) to comply with, or take into account changes in, applicable tax laws, securities laws, accounting rules and other applicable laws, rules and regulations or (ii) to ensure that a
Participant is not required to recognize income for United States federal income tax purposes prior to the time of payment, settlement or exercise of an Award or subject to interest and additional tax under Section 409A with respect to any
Award. Unless previously terminated pursuant to this Article XI, the Plan shall terminate on the fifth anniversary of the Effective Date, and no further Awards may be granted hereunder after such date. 
  

 18 

 ARTICLE XII 
 INTERPRETATION 
 Section 12.1      Governmental Regulations. 
       The Plan, and all Awards hereunder, shall be subject to all applicable rules and regulations of
governmental or other authorities. 
 Section 12.2      Headings. 
       The headings of articles and sections herein are included solely for convenience of reference and
shall not affect the meaning of any of the provisions of the Plan. 
 Section 12.3      Governing Law. 

      The Plan and all rights hereunder shall be construed in accordance with and governed by the laws
of the State of Delaware. 
 ARTICLE XIII 
 EFFECTIVE DATE AND STOCKHOLDER APPROVAL 
       The
Plan became effective as of January 1, 2006 and amended and restated on April 12, 2007. The Plan obtained the approval of the Company’s stockholders at the 2007 annual meeting of stockholders. The Committee approved additional
amendments to the Plan on December 2, 2008. 
  

 19Viacom Excess Pension Plan

 Exhibit 10.13 
 VIACOM EXCESS PENSION PLAN 
 EFFECTIVE JANUARY 1, 2006 
 As Amended and Restated January 1, 2009 

 

	1.	 Establishment and Effective Date 

  

	 	(a)	 Effective January 1, 1989, Viacom Inc. established and maintained an unfunded plan of deferred compensation. This plan was originally named the Excess
Pension Plan for Certain Employees of Viacom International Inc., was renamed the Viacom Excess Pension Plan, and was maintained by Viacom Inc. (EIN 04-2949533) on December 31, 2005. The discussion below refers to Viacom Inc. prior to 2006 as
“Old Viacom” and to the Viacom Excess Pension Plan prior to 2006 as the “Old Viacom Excess Pension Plan.” 

  

	 	(b)	 On December 31, 2005, Old Viacom was restructured and separated into two publicly traded companies – Old Viacom, which was renamed CBS Corporation, and
a new company outside the controlled group of Old Viacom, which was named Viacom Inc. (EIN 20-3515052). New Viacom Inc. consists principally of the following businesses: MTV Networks, BET, Paramount Pictures, Paramount Home Entertainment, and Famous
Music. This new plan – the new Viacom Excess Pension Plan – was created, effective January 1, 2006, to benefit the employees of the new Viacom Inc. (the “Company” or “Viacom Inc.”) and its participating
subsidiaries. Old Viacom approved the spinoff of benefit liabilities associated with (a) Old Viacom Excess Pension Plan participants who were employees of Old Viacom and its subsidiaries on December 31, 2005 and became employees of a
business which is part of the new Viacom Inc. controlled group on January 1, 2006, (b) Old Viacom Excess Pension Plan participants who terminated employment with Old Viacom and its subsidiaries prior to December 31, 2005 and whose
last employment with Old Viacom and its subsidiaries prior to January 1, 2006 was with a business which is part of the new Viacom Inc. controlled group on January 1, 2006 (including last employment with the Paramount Pictures corporate
office, but not with the Old Viacom corporate office), and (c) Old Viacom Excess Pension Plan participants who terminated employment with Old Viacom and its subsidiaries prior to January 1, 2006 and whose last employment with Old Viacom
and its subsidiaries prior to January 1, 2006 was with Blockbuster Inc and its subsidiaries. The new 

	 	 
Viacom Inc. adopted this new Plan, which was first effective on January 1, 2006. The amount of any spun-off liabilities was determined under the terms
of the Old Viacom Excess Pension Plan as in effect on December 31, 2005. Capitalized terms that are not otherwise defined have the meaning ascribed to them in the Viacom Pension Plan. 

  

	 	(c)	 This amendment and restatement of the Plan is effective January 1, 2009. 

  

	2.	 Purpose 

 The
purpose of this Plan is to provide benefits to employees who are participants in the Viacom Pension Plan (the “Qualified Plan”) and whose benefits under the Qualified Plan are subject to limitations imposed by Section 401(a)(17) and
Section 415 of the Internal Revenue Code of 1986, as amended (the “Code”). Before January 1, 2006, the Qualified Plan was maintained by Old Viacom. Effective January 1, 2006, certain Qualified Plan assets and liabilities
were spun off from the old Qualified Plan to a new Qualified Plan, maintained by new Viacom Inc. In addition, certain assets and liabilities from the CBS Combined Pension Plan (the “CCPP”) were spun off from the CCPP to the new Qualified
Plan. References below to the Qualified Plan mean the old Qualified Plan for periods prior to January 1, 2006 and the new Qualified Plan for periods on and after January 1, 2006. This Plan is intended to comply with Section 409A of
the Code and the rules, regulations and guidance thereunder (“Section 409A”). Notwithstanding any other provision of the Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions. The Plan
has been administered in good faith compliance with Section 409A through December 31, 2008. 
  

	3.	 Administration 

 This Plan shall be administered by the Retirement Committee whose members were initially appointed by the Board of Directors of the Company and can be subsequently removed or replaced by the President and Chief Executive Officer of the
Company (hereinafter called the “Committee”), which shall administer it in a manner consistent with the administration of the Qualified Plan, except that this Plan shall be administered as an unfunded plan that is not intended to meet the
qualification requirements of Section 401(a) of the Code. The Committee’s decisions in all matters involving the interpretation and application of this Plan shall be final. The Committee may act on its own behalf or through the actions of
its duly authorized representative. 
  

 2 

 The Committee shall be the final review committee under the Plan, with the authority to determine
conclusively for all parties any and all questions arising from the administration of the Plan, and shall have sole and complete discretionary authority and control to manage the operation and administration of the Plan, including, but not limited
to, the determination of all questions relating to eligibility for participation and benefits, interpretation of all Plan provisions, determination of the amount and kind of benefits payable to any participant, spouse or beneficiary, and
construction of disputed or doubtful terms. Such decisions shall be conclusive and binding on all parties and not subject to further review. 
  

	4.	 Eligibility 

 Employees eligible to participate in the Plan are those Employees who are (i) Participants in the Qualified Plan and whose rate of annual base salary plus actual commissions received for the prior year (excluding any commissions and
Commission Overages paid on or after January 1, 2008 to an MTV Networks employee) is equal to or in excess of the annual compensation limit in effect under Section 401(a)(17) of the Code, and (ii) designated by the Committee as
Employees eligible to participate in the Plan. If an Employee becomes an eligible Employee in any Plan Year, such Employee shall remain an eligible Employee for all future Plan Years. 
 For purposes of this Plan, “Compensation” means the total compensation taken into account under the Qualified Plan (without regard to the limitations of Section 401(a)(17) of the
Code and the regulations thereunder) plus any deferrals under any non-qualified deferred compensation plan maintained by the Company, including bonus deferrals under any such plan. 
 In general, an eligible Employee’s Compensation under this Plan and the Viacom Pension Plan shall be subject to a maximum annual Compensation limit of $750,000. However, special limits on
annual Compensation are set out in Appendix A. 
 In no event shall an Employee who is not eligible to participate in the Qualified Plan be
eligible to participate in this Plan. 
  

	5.	 Amount of Benefit 

 The benefits
payable to an eligible Employee or his beneficiary(ies) under this Plan shall equal the excess, if any, of: 
  

 3 

	 	(a)	 the benefits which would have been paid to such Employee, or on his behalf to his beneficiary(ies), under the Qualified Plan, if the provisions of such Plan were
administered without regard to the limitations required by Code Sections 401(a)(17) and 415 and by including all Compensation (as defined in Section 4 above) earned by such Employee, over 

  

	 	(b)	 the benefits which are payable to such Employee or on his behalf to his beneficiary(ies) under the Qualified Plan. 

 In determining the benefits of any eligible Employee who prior to January 1, 1996 was a participant in the Paramount Communications Inc. Retirement
Plan, such eligible Employee shall not be credited with any Benefit Service prior to January 1, 1996. In determining the Ongoing Benefit of an Employee who is disabled and receiving benefits under the Company’s long term disability plan,
such Employee shall continue to earn Benefit Service until he has a Separation from Service pursuant to Section 6(c). 
  

	6.	 Payment of Benefits 

  

	 	(a)	 Ongoing Benefit.    An eligible Employee’s Ongoing Benefit means the portion of his benefit accrued, earned, or vested after
December 31, 2004. Subject to the last paragraph of this Section 6(a), an eligible Employee’s Ongoing Benefit shall be paid in an annuity form beginning as of the later of the following dates: 

  

	 	(i)	 The first of the month following or coincident with the six-month anniversary of the Employee’s Separation from Service. 

  

	 	(ii)	 The first of the month following or coincident with the date an eligible Employee attains age 55 or, in the case of an Employee’s death, on the date the
Employee would have attained age 55. 

 In all cases, the benefit will be determined based on the
Employee’s age at the time of the commencement of the benefit. 
 In general, an eligible Employee’s Ongoing
Benefit shall be paid in a single life annuity form if the Employee does not have a spouse or a Same Sex Domestic Partner (as defined in the Qualified Plan), and shall be paid in a 50% joint and survivor annuity form if the eligible Employee has a
spouse or a Same Sex Domestic Partner. However, 

  

 4 

 
an eligible Employee may elect, during the 90-to-30 day period preceding the eligible Employee’s annuity commencement date, any life annuity
distribution form that is available under the Qualified Plan provided the annuity distribution forms commence on the first scheduled date of the original annuity payment and are actuarially equivalent applying reasonable actuarial methods and
assumptions. If the eligible Employee has a spouse or a Same Sex Domestic Partner at the annuity commencement date, the spouse or Same Sex Domestic Partner must consent to the alternative distribution form, and such consent must be witnessed by a
notary public. 
 Notwithstanding the provisions of this Section 6(a), (i) Ongoing Benefits that commence prior to
January 1, 2009 shall be subject to the Grandfathered Benefit payment rules set out in Section 6(b) below rather than the provisions of this Section 6(a) and (ii) Ongoing Benefits of an Employee who Separates from Service on or
after January 1, 2005 and prior to January 1, 2009 that have not commenced prior to January 1, 2009 will be subject to the Ongoing Benefit payment rules set out in this Section 6(a), unless the Employee made a one-time
irrevocable election prior to January 1, 2009 to specify the date that the Ongoing Benefit will commence. as provided in the following sentence. The benefit commencement date that can be elected is the first day of any month from the later of
(A) the Employee’s attainment of age 55 and (B) the Employee’s Normal Retirement Date under the Qualified Plan; provided, however, that in no event can payment begin earlier than the first of the month following the six-month
anniversary of the Employee’s Separation from Service. 
  

	 	(b)	 Grandfathered Benefit.    Payment of Grandfathered Benefits under this Plan shall be coincident with and in the same form and manner
as the payment of the limited benefit payments made to the Employee or on his behalf to his beneficiaries under the Qualified Plan. An eligible Employee’s Grandfathered Benefit means the portion of his benefit accrued, earned, and vested before
January 1, 2005 under the Old Viacom Excess Pension Plan. 

  

	 	(c)	 Separation from Service.    For purposes of this Plan, “Separation from Service” and “Separates from Service”
means an employee’s termination of employment due to death, retirement or other termination of employment as provided for under Section 409A. In the case of an Employee who is disabled and receiving disability benefits under the
Company’s long term disability plan, a Separation 

  

 5 

	 	 
from Service will be deemed to occur at the earlier of (A) the first of the month following or coincident with the date the Employee ceases to receive
disability benefits under the Company’s long term disability plan or (B) the first of the month following or coincident with the date that is 23 months after the Employee begins receiving disability benefits under the Company’s long
term disability plan (i.e., 29 months after the leave commences). 

  

	 	(d)	 Reemployment.    Any payments of Ongoing Benefits that commenced due to the Employee’s Separation from Service will not cease or
be suspended if the Employee subsequently becomes reemployed by the Company or any other entity that is required to be aggregated with the Company pursuant to Code Sections 414(b), (c), (m) or (o). 

  

	 	(e)	 Small Benefits.    The Committee in its discretion may require that, notwithstanding any elections by a Employee, if the present value
of the Employee’s Ongoing Benefit is less than the applicable dollar amount under Section 402(g)(1)(B) of the Code at the time the Employee Separates from Service, the present value of the Employee’s Ongoing Benefit shall be
distributed in a lump sum payment on the date determined above. In order for the Committee to exercise its discretion to require this lump sum distribution for future payments of Ongoing Benefits, the Committee’s exercise in discretion must be
evidenced in writing no later than the date of the first such payment. Notwithstanding the foregoing, no distribution under this subsection shall be provided to employees who terminated prior to January 1, 2009. 

  

	 	(f)	 Designation of Separate Payments.    For purposes of this Plan, entitlement to a series of benefit payments under the Plan shall be
treated as an entitlement to a series of separate payments, with each benefit payment being considered, and hereby designated as, a separate payment for purposes of Section 409A. 

  

	7.	 Benefits Payable from Company Assets 

 Benefits under this Plan shall be payable from the general assets of the Company. 
  

 6 

	8.	 Amendment and Discontinuance 

 The Company expects to continue this Plan indefinitely. However, the Board of Directors of the Company shall have the right to amend, suspend or terminate the Plan at any time, if, in its sole judgment, such a change
is deemed necessary or desirable. The Committee shall have the right to amend the Plan at any time, unless provided otherwise in the Company’s governing documents. 
 However, if the Board of Directors of the Company or the Committee should amend the Plan, or if the Board of Directors of the Company should suspend or terminate the Plan, the Company shall be liable for any benefits
that would have been accrued by an Employee under the Plan if the Employee had terminated employment on the date of such amendment, suspension or plan termination. Notwithstanding such liability of the Company, payments of the benefits accrued by an
Employee under the Plan shall not be made upon such suspension or termination but instead shall be made under the regular payment provisions in the Plan. 
  

	9.	 Claims Procedure 

 The Committee shall have the exclusive right to interpret the Plan and to decide any and all matters arising thereunder. 
  

	 	(a)	 Claim for Benefit.    Claims as to the amount of any distribution or method of payment under the Plan must be submitted in writing to
the Committee. The Committee shall notify the Participant of its decision by written or electronic notice, in a manner calculated to be understood by the Participant. The notice shall set forth: 

  

	 	(i)	 the specific reasons for the denial of the claim; 

  

	 	(ii)	 a reference to specific provisions of the Plan on which the denial is based; 

  

	 	(iii)	 a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and

  

	 	(iv)	 an explanation of the Plan’s claims review procedure for the denied or partially denied claim and any applicable time limits, and a statement that the
Participant has a right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended 

  

 7 

	 	 
(“ERISA”) following an adverse benefit determination on review. 

 Such notification shall be given within 90 days after the claim is received by the Committee (or within 180 days, if special
circumstances require an extension of time for processing the claim, and provided written notice of such extension and circumstances and the date a decision is expected is given the Participant within the initial 90-day period). The time period
begins when the claim is filed, regardless of whether the Plan has all of the information necessary to decide the claim at the time of filing. A claim is considered approved only if its approval is communicated in writing to the Participant.

  

	 	(b)	 Review or Denial of Claim.    Upon denial of a claim in whole or in part, a Participant shall have the right to submit a written
request to the Committee for a full and fair review of the denied claim. A request for review of a claim must be submitted within 60 days of receipt by the Participant of written notice of the denial of the claim. If the Participant fails to file a
request for review within 60 days of the denial notification, the claim will be deemed abandoned and the Participant precluded from reasserting it. Also, if the Participant is not provided a notice of denial, the Participant may submit a written
request for review to the Committee. 

 The Participant shall have, upon request and free of charge,
reasonable access to, and copies of, all documents, records, and other information relevant to the Participant’s claim for benefits. The Participant may submit written comments, documents, records, and other information relating to the claim
for benefits. The review shall take into account all comments, documents, records, and other information submitted by the Participant relating to the claim, without regard to whether such information was submitted or considered in the initial
benefit determination. Failure to raise issues or present evidence on review will preclude those issues or evidence from being presented in any subsequent proceeding or judicial review of the claim. 
  

	 	(c)	 Decision by the Committee.    The Committee will advise the Participant of the results of the review within 60 days after receipt of
the written request for review (or within 120 days if special circumstances require an extension of time for processing the 

  

 8 

	 	 
request, and if notice of such extension and circumstances is given to such Participant within the initial 60 day period). 

 The decision on review shall be in written or electronic form, in a manner calculated to be understood by the Participant. The notice
shall set forth: 
  

	 	(i)	 the specific reasons for the denial of the appeal of the claim; 

  

	 	(ii)	 the specific reference to pertinent provisions of the Plan on which the denial is based; 

  

	 	(iii)	 a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Participant’s claim for benefits; 

  

	 	(iv)	 a statement describing any voluntary appeal procedures offered by the Plan (if any) and the Participant’s right to obtain the information about such
procedures and a statement of the Participant’s right to bring an action under Section 502(a) of ERISA. 

 To the extent of its responsibility to review the denial of benefit claims, the Committee shall have full authority to interpret and apply in its discretion the provisions of the Plan. The Committee may request a meeting to clarify any
matters deemed appropriate. 
 A Participant, beneficiary, or other individual alleging a violation of or seeking any remedy under any
provision of ERISA shall also be subject to the claims procedure described in this Section 9. Any such claim shall be filed within one year of the time the claim arises or it shall be deemed waived and abandoned. Also, any suit or legal action
will be subject to a one-year limitation period, measured from the date a claim arises and tolled during the period that any claim is pending under the claims procedures of this Section 9. 
  

 9 

 Appendix A – Special Limits on Annual Compensation 
 Notwithstanding the provisions of Section 4 of the Plan, the following special limits on annual Compensation shall apply to Employees who became
Participants in the Plan on January 1, 2006: 
  

	 	•	 	 For a Participant who was eligible as of December 31, 1995 under the Old Viacom Excess Pension Plan and whose base salary as of December 31, 1995
exceeded $750,000, the maximum annual Compensation under this Plan for the 1996 Plan Year and each subsequent Plan Year shall be the Employee’s base salary as of December 31, 1995. 

  

	 	•	 	 For a Participant who is also a full-time employee of CBS Corporation or a member of its controlled group and a participant in the Old Viacom Pension Plan and
the Old Viacom Excess Pension Plan on and after January 1, 2006, the maximum annual Compensation for the 2006 Plan Year and each subsequent Plan Year shall be $375,000. 

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]