Document:

Exhibit 10.1

                        SHARE PURCHASE AND SALE AGREEMENT

         This Agreement is made as of the 24 day of May, 2004 in Almaty,
Kazakhstan between Tolmakov Toleush Kalmukanovitch, a citizen of the Republic of
Kazakhstan, (hereinafter referred to as "Seller"), and BMB Munai, Inc.
Representative office in Republic of Kazakhstan (Registration Cert.
(1)2845-1910-I-i (EO) dated 02.03.2004) presented by Mr. Cherdabayev, Director,
acting on the basis of General Power of Attorney and Regulations, in the name
and interest of the BMB Munai, Inc., a Delaware Corporation, (hereinafter
referred to as "Purchaser")

                                Recitals of Fact

         A) On June 5, 2003 the Parties entered an agreement pursuant to which
the Seller sold to the Purchaser a 70% (seventy percent) share and interest in
the Company Emir Oil, LLP (hereinafter - Emir).

         B) As of the date of this Agreement, Seller owns 30% (thirty percent)
of the Charter capital of Emir. Seller and Purchaser are the only Participants
in Emir;

         C) Emir holds the rights under the Oil Contract for hydrocarbons
exploration at Aksaz-Dolinnoe-Emir oil and gas field in Tyubkaragan region of
Mangistau oblast with the Government of the Republic of Kazakhstan;

         D) Seller desires to sell to Purchaser the Seller's remaining interest
and share in the Charter capital of Emir in amount of 30% (thirty percent) of
the total share and interest of Emir;

         E) Purchaser desires to purchase the interest and share of Seller in
Emir and thereby own 100% (one hundred percent) of the Charter capital of Emir
pursuant to the terms of this Agreement.

                            Recitals of Consideration

         In consideration of the mutual covenants contained herein, the Seller
and Purchaser agree as follows:

1.0  Definitions

         For purposes of this Agreement, the following definitions shall be
applicable:

         1.1 "1933 Act" shall mean the Securities Act of 1933 in effect in the
United States of America.

<PAGE>

         1.2 "1934 Act" shall mean the Securities Exchange Act of 1934 in effect
in the United States of America.

         1.3 "Agreement" shall mean this Share Purchase and Sale Agreement,
entered into as of May 24, 2004 in the Republic of Kazakhstan, Almaty, between
Mr. T.K. Tolmakov and BMB Munai, Inc., Representative office in the name of BMB
Munai, Inc.

         1.4  "Agreement Effective Date" shall mean May 24 2004.

         1.5 "BMB Munai" shall mean BMB Munai, Inc., a Delaware Corporation,
which has registered its $.001 par value, common shares, under section 12(g) of
the 1934 Act, Commission file number 000-28638, and trades its common shares on
the OTCBB under the trading symbol BMBM.

         1.6 "BMB Common Shares" shall mean BMB Munai, $.001 par value, common
shares.

         1.7 "Commission" shall mean the United States Securities and Exchange
Commission.

         1.8 "Corporate Laws of Kazakhstan" shall mean the Law of the Republic
of Kazakhstan No.220-1 Concerning Limited and Additional Liability Partnerships
(of April 22, 1998), the Decree of the President of the Republic of Kazakhstan
No.2198, valid of Law, Concerning the State Registration of Legal Entities (of
April 17, 1995), the Order No.66 of the Registration Service Committee of the
Justice Ministry of the Republic of Kazakhstan Concerning Approval of the Rules
for the State Registration of Legal Entities (of April 23, 1999).

         1.9 "Corporate Law of Delaware" shall mean the General Corporation Law
of the State of Delaware, as amended.

         1.10 "Emir Share" shall mean shares/parts of owners participation in
the Charter capital of Emir, which constitute the subject of sale in the
Agreement and which amount to a total of 30% (thirty percent) of the Charter
capital and equity of Emir, and which by the Registration shall be transferred
to Purchaser.

         1.11 "Laws on Subsurface Use" shall mean the Decree of the President of
the Republic of Kazakhstan, valid of Law, On Oil dated June 28, 1995, the Decree
of the President of the Republic of Kazakhstan On Subsurface and Subsurface Use
dated January 27, 1996, the Resolution of the Government of the Republic of
Kazakhstan On Approval of Regulations for the Procedure of Concluding Contracts
for Execution of Subsurface Operations in the Republic of Kazakhstan and On the
Procedure for Issuing Permits for Pawning the Subsurface Use Right dated May 27,
1998, the Resolution of the Government of the Republic of Kazakhstan On Approval
of the Regulations on the Procedure of Subsurface Use Licensing in the Republic
of Kazakhstan" dated August 16, 1996, the Resolution of the Government of the
Republic of Kazakhstan On the Approval of the Rules for Granting the Subsurface

                                       2
<PAGE>

Use Right in the Republic of Kazakhstan with amendments made as the date of the
Oil Contract's state registration or as of the date of the License issuance or
as of the date of the state registration of Annex No.1 applied to the Oil
Contract, the License or Annex No.1 accordingly. The terms "Oil Contract" and
"Annex No.1" are herein viewed as having the same meaning (interpreted jointly),
excluding provisions of this clause.

         1.12 "Legislation" shall mean the current legislation of the Republic
of Kazakhstan, including the Corporate Laws and the Laws on Subsurface Use.

         1.13 "License" shall mean the License of Series AI No. 1552 dated April
30, 1999 for the right to Subsurface use in the Republic of Kazakhstan issued to
Zhanaozensky Repair and Engineering Plant Limited Liability Partnership by the
Government of the Republic of Kazakhstan.

         1.14 "Oil Contract" shall mean Contract No.482 on Raw Hydrocarbons
Exploration at Aksaz-Dolinnaya-Emyr site in Tybkargansky region of the Mangystau
Oblast signed between Zhanaozensky Repair and Engineering Plant LLP and the
Government of the Republic of Kazakhstan, including Annex No.1 dated September
23, 2002 to the mentioned Contract (hereafter - "Annex No.1").

         1.15 "Participant" shall mean a legal entity or individual possessing
the property right of a Share in Emir (regardless of amount), as reflected in
the foundation documents of Emir, including subsequent participants of Emir.

         1.16  "Parties" shall mean Seller and Purchaser collectively.

         1.17 "Partnership" or "Emir" shall mean Emir-Oil Limited Liability
Company (Comradeship) registered with Almaty Justice Department on March 20,
2002, the State Re-Registration Certificate No.46678-1910-LLP issued by Almaty
Justice Department on March 20, 2002.

         1.18 "Purchase Price" shall mean the BMB Common Shares issued to Seller
as full payment for the Emir Share purchased by the Purchaser from the Seller as
set forth in section 2.0 of the Agreement.

         1.19 "Purchaser" shall mean BMB Munai, Inc., a Delaware Corporation,
with its principal office at 500 Fifth Avenue, Suite 4810, New York, New York
10110.

         1.20 "Registration" or "re-registration" shall mean registration of the
change in the percentage ratio of the Participants' shares in accordance with
the Corporate Laws of Kazakhstan and amendments thereto in form of a
re-registration of the Companies and amendments and additions to the Companies'
foundation documents.

         1.21 "Seller" shall mean Emir's Participant, the citizen of the
Republic of Kazakhstan Tolmakov Toleush Kalmukanovitch, identity card
No.007440588 issued by MIA

                                       3
<PAGE>

RK dated March 18,1998, residing at: 7, 55, micro-region 1, Zhanaozen, Mangistau
oblast.

         1.22 "Share Transfer" shall mean transfer of the Emir Share from Seller
to Purchaser, which is executed in accordance with the Agreement and includes
the corresponding Registration with all the required state bodies.

2.0  Agreement of Purchase and Sale

         2.1. Seller hereby agrees to sell and transfer to the Purchaser the
Emir Share, which represents a 30% of the total interest in Emir.

         2.2. Purchaser hereby agrees to purchase the Seller' interest and Emir
Share in Emir and pay Seller the Purchase Price in accordance with Section 4.0
of the Agreement.

         2.3. The Purchase Price of the Emir Share will be 3,500,000 (Three
Million Five Hundred Thousand) restricted common shares of BMB Munai. Seller
will bear at his sole expense and responsibility any cost incurred by him as a
result of the sale and transfer including all taxes, obligatory payments or
other financial liabilities of the Seller.

3.0  Rights and Obligations of the Parties

         3.1. Seller shall be entitled:

         a.) to receive certificate(s) for 3,500,000 (Three Million Five Hundred
Thousand) BMB Common Shares on or before the date of the extraordinary General
Meeting of Participants to approve the re-registration of the amended Charter
and Foundation Agreement of Emir, which will occur within 20 days after the date
of the Agreement unless extended by written agreement of the Parties;

         b.) to have all the rights of a shareholder of BMB Munai upon delivery
of the certificates for the BMB Common Shares as provided by the Corporate Laws
of Delaware and BMB Munai Articles of Incorporation and By-laws.

         3.2. Seller shall be obliged:

         a.) to sell and transfer the Emir Share to Purchaser in accordance with
Section 2.0 hereof;

         b.) to sign all required documents related to the transfer of the Emir
Share necessary to make Purchaser the sole Participant in Emir.

         3.3. Purchaser shall be entitled:

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<PAGE>

         a.) to receive the Emir Share in Emir which shall be sold and
transferred by Seller in accordance with this Agreement;

         b.) to conduct Emir's activity and business administration in
accordance with the Legislation and Emir's foundation documents as set forth in
the Registration and as amended by the re-registration contemplated by this
Agreement;

         c.) to introduce its nominee to the General Meeting of Participants for
Emir's Director position;

         d.) to receive profit from Emir's activity in accordance with the
Legislation, Emir's foundation documents, as amended, and decisions of the
General Meeting of Participants; and

         e.) to sell, pledge or in any other way assign its interest in Emir or
to sell, pledge or in any way encumber or assign Emir's property, as provided by
the Legislation.

         3.4. Purchaser shall be obliged:

         a.) to pay the Seller for the sale and transfer of the Emir Share under
the terms and the procedure established by the Agreement;

         b.) to observe the requirements of Emir's foundation documents as
amended from time to time.

         3.5 Immediately upon delivery of the Purchase Price by the Purchaser to
the Seller, the Parties shall undertake to perform all actions required for
registration of the Purchaser's right to the Share, as follows:

         a.) Not later than 10 days after the date of this Agreement the Parties
shall cause the Director to call the extraordinary General Meeting of
Participants to:

         i) Approve the re-registration of Emir to reflect the change in Emir
participants;

         ii) Approve and execute an amended Charter and the Foundation Agreement
of Emir;

         iii) Appointment of the Director of Emir.

         b.) The Parties agree to promptly obtain notarization of the amended
Charter of Emir, as approved by the General Meeting of Participants.

         c.) The Parties will cooperate to complete the re-registration
(including registration with the tax and statistical bodies) within 20 days
after the date of the Agreement.

                                       5
<PAGE>

         3.6 Rights and obligations of the Parties indicated in this Section 3.0
are not exhaustive. Other rights and obligations of the Parties are stipulated
in the corresponding Sections hereof. Parties, moreover, shall have rights and
bear obligations, provided by the Legislation.

4.0  Representations and Warranties of the Parties

         4.1. In addition to the guarantees, assurances and undertakings
indicated in other sections hereof, Seller represents and warrants, as of the
date of the Agreement and as of the conclusion of the Agreement, the following:

         a.) Legal form. Emir is a legal entity, duly established, and
registered as a limited liability partnership, actually existing and operating
in proper financial condition in accordance with the Legislation. Emir has
carried out and carries out economic activity in strict compliance with the
Legislation.

         b.) Documentation. At conclusion of this Agreement Seller shall
transfer to Purchaser the original Foundation Agreement and the Charter, as well
as the Contract on Subsidiary Status Assignment dated March 20, 2002,
registration documents of Emir as of the date of this Agreement and all other
Partnership documents in his possession.

         c.) Charter capital. Charter capital of Partnership amounts to 82,300
(eighty-two thousand three hundred) Tenge. There are no claims, rights,
contracts, liabilities, understandings, restrictions or agreements regarding
sale or transfer of any Share in the Charter capital of Emir. Charter capital of
Emir is fully paid without the right to claim additional payment or any other
burden. Seller is not tied down to any liability, agreement or understanding
(oral or written) to sell or in other way dispose of Shares in the Charter
capital in favor of the third persons, except for Purchaser. Purchaser acquires
legal and actual property right to 30% (thirty percent) in the Charter capital
of Emir without any restriction or burden.

         d.) Authority. Seller owns 30% (thirty percent) of the Charter fund in
Emir. Seller has all necessary authority to possess Share and conclude this
Agreement. The Share being sold to Purchaser is free from any rights or claims
of the third persons. This Agreement constitutes a valid and binding agreement
between Seller and Purchaser on sale of the Share, equal to 30% of Emir's
Charter capital. Following the consummation of the Agreement Purchaser will own
100% of the interest, capital and share of Emir.

         e.) Oil Contract. The Oil Contract has been concluded with observance
of all requirements of the Laws on Subsurface Use. Emir is the Contractor under
the Oil Contract and has full right to execution of subsurface use operations
under the Oil Contract and the Legislation. The right to subsurface use under
the Oil Contract has been assigned to Emir in compliance with the Laws on
Subsurface Use. Written permission of the Competent bodies for assigning the
right to Subsurface use to Emir under the Oil Contract, as provided by the Laws

                                       6
<PAGE>

on Subsurface Use, is available. Validity of this clause does not apply to
contradictions between the License and the Oil Contract.

         f.) Violations. There are no claims and/or pretensions and /or legal
action of any kind in court and out of court procedure to property of Emir
and/or its right (including under the Oil Contract) on behalf of any legal
entities and/or individuals, the state and the state bodies, including foreign.
Property of Emir and/or its rights (including under the Oil Contract) are not
pledged to guarantee any obligations of any third parties. Conclusion and
execution of this Agreement by the Seller:

                  i.) neither violates, nor contradicts any provision of the
                  Foundation Agreement or the Charter of Emir;

                  ii.) neither violates, nor contradicts any regulations of the
                  Legislation;

                  iii.) does not violate any orders, court bans, court rulings,
                  resolutions or instructions of any court or state bodies
                  applicable to Emir;

                  iv.) does not violate and does not entail cancellation,
                  alteration, recall or cease of any certificate, permit or
                  another document, issued to Emir by the state authorities,
                  including the Oil Contract.

         g.) Accounting balance and tax reports. Accounting balance submitted by
Seller to Purchaser is prepared in accordance with the appropriate accounting
standards. Accounting balance reflects objectively and authentically in all
aspects the financial condition and results of Emir's activity as of the date of
such balance making. Except for information given in the Accounting balance,
Emir has no material liability or other financial liabilities. Tax reports have
been executed in strict compliance with the legislation since the date of Emir's
state registration till this Agreement's conclusion. Seller guarantees absence
and excludes possibility of imposition of any claims, bans, arrests and other
sanctions by tax and other fiscal bodies, related to Emir's execution of tax and
financial liabilities.

         h.) Securities Law Exemption. To induce BMB Munai to issue the
certificates representing the Purchase Price, Seller affirms:

                  i.) Seller is not a U.S. Person;

                  ii.) At the time the Seller executed the Agreement, Seller was
                  outside the United States;

                  iii.) No offer to sell or purchase the Shares was made in the
                  United States;

                  iv.) Seller has not engaged in nor will engage in any
                  "Directed Selling Efforts," i.e., any activity undertaken for
                  the purpose of, or that could reasonably be expected to have
                  the effect of, conditioning the market in the United States
                  for any of the Shares being purchased by the Seller.

                  v.) Seller is purchasing the Shares for its own account and
                  for investment purposes and not with the view towards
                  distribution or for the account of a U.S. Person;

                  vi.) All subsequent offers and sales of the shares shall be
                  made in compliance with Regulation S and/or pursuant to
                  registration of the Shares under the 1933 Act or pursuant to

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<PAGE>

                  an exemption from registration under the 1933 Act, including
                  but not limited to, compliance with the applicable provisions
                  under the Act. In any case, the Shares will not be resold to
                  U.S. Persons or within the United States until after the end
                  of a one year restricted period commencing on the date of
                  Closing of the purchase of the Shares and otherwise in
                  compliance with Rule 904 of Regulation S;

                  vii.) The undersigned has received and carefully reviewed this
                  Agreement, and except for the Agreement, the undersigned has
                  not been furnished with, by Purchaser or BMB Munai or any
                  agent, employee or affiliate of the BMB Munai or other person
                  or firm, any other materials literature, promises, or
                  representations or warranties relating to BMB Munai or BMB
                  Common Shares, or the offer and sale of the BMB Common Shares;

                  viii.) The undersigned has had a reasonable opportunity to ask
                  questions of and receive answers form the representatives of
                  BMB Munai concerning it and the shares to which this documents
                  relates, and all such questions, if any, have been answered to
                  the full satisfaction of the undersigned;

                  ix.) The undersigned has such knowledge and expertise in
                  financial and business matters such that the undersigned is
                  capable of evaluating the merits and risks involved in an
                  investment in the BMB Munai Common Shares, and that the
                  undersigned has read and has access to all public filings of
                  BMB Munai, as available at the Commission;

                  x.) The undersigned understands that the Company has
                  determined that the exemption from the registration provisions
                  of the 1933 Act, which is based upon non-public offerings and
                  other exemptions, such as the off shore offering and sale of
                  these Securities, and possible other exemptions, may and or
                  are applicable in part or whole to the offer and sale of the
                  Securities, based, in part, upon the representations of the
                  Seller, and the undersigned understands the Securities have
                  not been registered under the 1933 Act and BMB Munai is under
                  no obligation to register the BMB Common Shares under the Act
                  or any state securities laws, or to take action to make any

                                       8
<PAGE>

                  exemption from any such registration provisions available (the
                  Securities are "restricted securities" under the meaning of
                  Rule 144 of the Commission and shall be legended as such);

         4.2. In addition to the guarantees, assurances and undertakings
indicated in other sections hereof, Purchaser represents and warrants, as of the
date of the Agreement and as of the conclusion of the Agreement, the following:

         a.) Legal form. Purchaser is a corporation, duly established, existing
and operating in compliance with the laws of State of Delaware and BMB Munai,
Inc. is a corporation, duly established, existing and operating in compliance
with the laws of the State of Delaware.

         b.) Legality. The BMB Common Shares when issued against completion of
the transfer of the Emir Share to the Purchaser will be validly issued, fully
paid and non-assessable common shares of BMB Munai.

         c.) This Agreement constitutes a valid and binding obligation of the
Purchaser to purchase the Emir Share from the Seller.

         4.3. The representations and warranties of the Parties shall remain in
force and effect for a period of one year after the term of the Agreement.

5.0 Dispute Resolution

         5.1 The Parties shall attempt to resolve all disputes and disagreements
arising under this Agreement through negotiations. In the event that a dispute
remains unsolved through negotiations after 30 days, then the Parties shall
transfer the disputable issue for its resolution before one or more arbitrators,
as designated by the regulations of the International Arbitration Court of the
Republic of Kazakhstan, 2-nd floor, 43, Dostyk Business center, Dostyk avenue,
Almaty, 480021, Kazakhstan.

6.0 Term and Termination of the Agreement

         6.1. The term of this Agreement shall be begin the Agreement Effective
Date and shall end on the date the BMB Common Shares are delivered to the Seller
or the date the re-registration of Emir is completed, whichever is later.

         6.2. This Agreement may be terminated in the event of any of the
following events:

         a.) upon the mutual written consent of the Parties to the Agreement.

         b.) upon the material breach of this Agreement by the other party.

                                       9
<PAGE>

         6.3 In addition to any other remedy available to the non-defaulting
party, the non-defaulting party shall have to right to obtain specific
performance of this Agreement and be reimbursed expenditures incurred to have
the Agreement enforced or obtain damages, including lost profit.

         6.4 Except for the payment or contribution of money, issuance of
securities or voting as specified herein, neither Party will be liable to the
other for any failure or delay of performance or other consequence that is due
to any act of God, act of government, war civil disturbance or other cause
beyond such party's reasonable control and power to remedy.

7.0  Final and Transitional Provisions

         7.1 This Agreement contains the entire agreement of the Parties in
relation to its subject matter and supercedes all prior oral and written
communications between the Parties concerning, and constitutes their sole and
exclusive understanding with respect to, the subject matter hereof. This
Agreement will be executed in Russian and English. In the event of discrepancies
between the Russian and the English versions of the Agreement, the English
version of the Agreement shall prevail. This Agreement may be executed in one or
more counterparts and each shall have the force and effect of an original.

         7.2 The waiver, express or implied, by either Party of the exercise of
any right hereunder will not constitute a waiver of the subsequent exercise of
such right or a waiver of any other right. This Agreement may be amended only by
an instrument in writing signed by the duly authorized representative of the
Party to be bound.

         7.3 Neither Party may assign its rights or delegate its obligations
hereunder without the written consent of the other Party, which consent may be
withheld at the sole discretion of such other Party. Any purported assignment or
delegation, in the absence of such consent, is void and without effect.

         7.4 If any of the provision of this Agreement that shall be finally
determined to be prohibited or unenforceable in any jurisdiction will, as to
such provision and jurisdiction only, be deemed limited or severed to the
minimum extent of such prohibition and unenforceability and subject to such
limitation or severance, this Agreement will continue in effect in accordance
with its terms and conditions. The Parties shall nevertheless negotiate in good
faith in order to agree to the terms of a mutually satisfactory provision,
achieving as nearly as possible the same commercial effect, to be substituted
for the provision so found to be void or unenforceable.

         7.5 Each of the Parties shall pay its own costs, charges and expenses,
including taxation, incurred in connection with the negotiation, preparation and
implementation or performance of this Agreement and the transactions

                                       10
<PAGE>

contemplated by it. Headings and captions are for convenience only and are not
to be used in the interpretation of this Agreement. Each Party has been
represented by legal counsel in the negotiation and preparation of this
Agreement and therefore as a matter of contract interpretation this Agreement
shall not be construed in favor or against either Party.

         IN WITNESS WHEREOF the Parties have caused this Agreement to be
executed on the date and in the place indicated above.

"Seller"

/s/ Tolmakov Toleush Kalmukanovitch
-----------------------------------
Tolmakov Toleush Kalmukanovitch

citizen of the Republic of Kazakhstan Tolmakov Toleush Kalmukanovitch, identity
card No.007440588 issued by MIA RK dated March 18,1998, residing at: 7, 55,
micro-region 1, Zhanaozen, Mangistau oblast.

"Purchaser"

/s/ B. T. Cherdabayev
-----------------------
Cherdabayev B. T.

BMB Munai, Inc.
office at 500 Fifth Avenue, Suite 4810, New York, New York 10110

BMB Munai, Inc.
Representative office in Kazakhstan, Almaty, Kazybek bi, 20 A, 309

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Exhibit 10.1  

 
 

LIBERTY MEDIA INTERNATIONAL, INC.
  2004 INCENTIVE PLAN    
    

ARTICLE I 

PURPOSE
OF PLAN 

        1.1    Purpose.    The purpose of the Plan is to promote the success of the Company by providing a method whereby
(i) eligible employees of the Company and its Subsidiaries and (ii) independent contractors providing services to the Company and its Subsidiaries may be awarded additional remuneration
for services rendered and encouraged to invest in capital stock of the Company, thereby increasing their proprietary interest in the Company's businesses, encouraging them to remain in the employ of
the Company or its Subsidiaries, and increasing their personal interest in the continued success and progress of the Company and its Subsidiaries. The Plan is also intended to aid in
(i) attracting Persons of exceptional ability to become officers and employees of the Company and its Subsidiaries and (ii) inducing independent contractors to agree to provide services
to the Company and its Subsidiaries. 

ARTICLE II 

DEFINITIONS 

        2.1    Certain Defined Terms.    Capitalized terms not defined elsewhere in the Plan shall have the following meanings
(whether used in the singular or plural): 

        "Affiliate" of the Company means any corporation, partnership or other business
association that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Company. 

        "Agreement" means a stock option agreement, stock appreciation rights agreement,
restricted shares agreement, stock units agreement, cash award agreement or an agreement evidencing more than one type of Award, specified in Section 11.5, as any such Agreement may be
supplemented or amended from time to time. 

        "Approved Transaction" means any transaction in which the Board (or, if approval of the
Board is not required as a matter of law, the stockholders of the Company) shall approve (i) any consolidation or merger of the Company, or binding share exchange, pursuant to which shares of
Common Stock of the Company would be changed or converted into or exchanged for cash, securities, or other property, other than any such transaction in which the common stockholders of the Company
immediately prior to such transaction have the same proportionate ownership of the Common Stock of, and voting power with respect to, the surviving corporation immediately after such transaction,
(ii) any merger, consolidation or binding share exchange to which the Company is a party as a result of which the Persons who are common stockholders of the Company immediately prior thereto
have less than a majority of the combined voting power of the outstanding capital stock of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to
vote in the election of directors immediately following such merger, consolidation or binding share exchange, (iii) the adoption of any plan or proposal for the liquidation or dissolution of
the Company, or (iv) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company. 

        "Award" means a grant of Options, SARs, Restricted Shares, Stock Units, Performance
Awards, Cash Awards and/or cash amounts under the Plan. 

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

 

        "Board Change" means, during any period of two consecutive years, individuals who at the
beginning of such period constituted the entire Board cease for any reason to constitute a majority thereof unless the election, or the nomination for election, of each new director was approved by a
vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. 

        "Cash Award" means an Award made pursuant to Section 10.1 of the Plan to a Holder
that is paid solely on account of the attainment of one or more Performance Objectives that have been preestablished by the Committee. 

        "Code" means the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute or statutes thereto. Reference to any specific Code section shall include any successor section. 

        "Committee" means the committee of the Board appointed pursuant to Section 3.1 to
administer the Plan. 

        "Common Stock" means each or any (as the context may require) series of the
Company's common stock. 

        "Company" means Liberty Media International, Inc., a Delaware corporation. 

        "Control Purchase" means any transaction (or series of related transactions) in which
(i) any person (as such term is defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), corporation or other entity (other than the Company, any Subsidiary of the Company or any
employee benefit plan sponsored by the Company or any Subsidiary of the Company) shall purchase any Common Stock of the Company (or securities convertible into Common Stock of the Company) for cash,
securities or any other consideration pursuant to a tender offer or exchange offer, without the prior consent of the Board, or (ii) any person (as such term is so defined), corporation or other
entity (other than the Company, any Subsidiary of the Company, any employee benefit plan sponsored by the Company or any Subsidiary of the Company or any Exempt Person (as defined below)) shall become
the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from the rights
accruing under special circumstances) having the right to vote in the election of directors (calculated as provided in Rule 13d-3(d) under the Exchange Act in the case of rights to
acquire the Company's securities), other than in a transaction (or series of related transactions) approved by the Board. For purposes of this definition,  "Exempt Person" means each of (a) the Chairman of the Board, the President and each of the
directors of the Company as of the Distribution Date, and (b) the respective family members, estates and heirs of each of the Persons referred to in clause (a) above and any trust or
other investment vehicle for the primary benefit of any of such Persons or their respective family
members or heirs. As used with respect to any Person, the term "family member" means the spouse,
siblings and lineal descendants of such Person. 

        "Disability" means the inability to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than
12 months. 

        "Distribution Date" means the date on which the Company ceases to be a wholly owned
subsidiary of Liberty Media Corporation, a Delaware corporation. 

        "Dividend Equivalents" means, with respect to Restricted Shares to be issued at the end of
the Restriction Period, to the extent specified by the Committee only, an amount equal to all dividends and other distributions (or the economic equivalent thereof) which are payable to

 
stockholders of record during the Restriction Period on a like number and kind of shares of Common Stock. 

        "Domestic Relations Order" means a domestic relations order as defined by the Code or
Title I of the Employee Retirement Income Security Act, or the rules thereunder. 

        "Effective Date" means May 11, 2004. 

        "Equity Security" shall have the meaning ascribed to such term in Section 3(a)(11)
of the Exchange Act, and an equity security of an issuer shall have the meaning ascribed thereto in Rule 16a-1 promulgated under the Exchange Act, or any successor Rule. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, or
any successor statute or statutes thereto. Reference to any specific Exchange Act section shall include any successor section. 

        "Fair Market Value" of a share of any series of Common Stock on any day means the last
sale price (or, if no last sale price is reported, the average of the high bid and low asked prices) for a share of such series of Common Stock on such day (or, if such day is not a trading day, on
the next preceding trading day) as reported on the consolidated transaction reporting system for the principal national
securities exchange on which shares of such series of Common Stock are listed on such day or if such shares are not then listed on a national securities exchange, then as reported on Nasdaq. If for
any day the Fair Market Value of a share of the applicable series of Common Stock is not determinable by any of the foregoing means, then the Fair Market Value for such day shall be determined in good
faith by the Committee on the basis of such quotations and other considerations as the Committee deems appropriate. 

        "Free Standing SAR" has the meaning ascribed thereto in Section 7.1. 

        "Holder" means a Person who has received an Award under the Plan. 

        "Nasdaq" means The Nasdaq Stock Market. 

        "Nonqualified Stock Option" means a stock option granted under Article VI. 

        "Option" means a Nonqualified Stock Option. 

        "Performance Award" means an Award made pursuant to Article X of the Plan to a
Holder that is subject to the attainment of one or more Performance Objectives. 

        "Performance Objective" means a standard established by the Committee to determine in
whole or in part whether a Performance Award shall be earned. 

        "Person" means an individual, corporation, limited liability company, partnership, trust,
incorporated or unincorporated association, joint venture or other entity of any kind. 

        "Plan" means this Liberty Media International, Inc. 2004 Incentive Plan. 

        "Restricted Shares" means shares of any series of Common Stock or the right to receive
shares of any specified series of Common Stock, as the case may be, awarded pursuant to Article VIII. 

        "Restriction Period" means a period of time beginning on the date of each Award of
Restricted Shares and ending on the Vesting Date with respect to such Award. 

        "Retained Distribution" has the meaning ascribed thereto in Section 8.3. 

        "SARs" means stock appreciation rights, awarded pursuant to Article VII, with
respect to shares of any specified series of Common Stock.

 

        "Stock Unit Awards" has the meaning ascribed thereto in Section 9.1. 

        "Subsidiary" of a Person means any present or future subsidiary (as defined in
Section 424(f) of the Code) of such Person or any business entity in which such Person owns, directly or indirectly, 50% or more of the voting, capital or profits interests. An entity shall be
deemed a subsidiary of a Person for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. 

        "Tandem SARs" has the meaning ascribed thereto in Section 7.1. 

        "Vesting Date," with respect to any Restricted Shares awarded hereunder, means the date on
which such Restricted Shares cease to be subject to a risk of forfeiture, as designated in or determined in accordance with the Agreement with respect to such Award of Restricted Shares pursuant to
Article VIII. If more than one Vesting Date is designated for an Award of Restricted Shares, reference in the Plan to a Vesting Date in respect of such Award shall be deemed to refer to each
part of such Award and the Vesting Date for such part. 

ARTICLE III 

ADMINISTRATION 

        3.1    Committee.    The Plan shall be administered by the Compensation Committee of the Board unless a different
committee is subsequently appointed by the Board. The Committee shall be comprised of not less than two Persons. The Board may from time to time appoint members of the Committee in substitution for or
in addition to members previously appointed, may fill vacancies in the Committee and may remove members of the Committee. The Committee shall select one of its members as its chairman and shall hold
its meetings at such times and places as it shall deem advisable. A majority of its members shall constitute a quorum and all determinations shall be made by a majority of such quorum. Any
determination reduced to writing and signed by all of the members shall be as fully effective as if it had been made by a majority vote at a meeting duly called and held. 

        3.2    Powers.    The Committee shall have full power and authority to grant to eligible Persons Options under
Article VI of the Plan, SARs under Article VII of the Plan, Restricted Shares under Article VIII of the Plan, Stock Units under Article IX of the Plan, Cash Awards under
Article X of the Plan and/or Performance Awards under Article X of the Plan, to determine the terms and conditions (which need not be identical) of all Awards so granted, to interpret
the provisions of the Plan and any Agreements relating to Awards granted under the Plan and to supervise the administration of the Plan. The Committee in making an Award may provide for the granting
or issuance of additional, replacement or alternative Awards upon the occurrence of specified events, including the exercise of the original Award. The Committee shall have sole authority in the
selection of Persons to whom Awards may be granted under the Plan and in the determination of the timing, pricing and amount of any such Award, subject only to the express provisions of the Plan. In
making determinations hereunder, the Committee may take into account the nature of the services rendered by the respective employees and independent contractors, their present and potential
contributions to the success of the Company and its Subsidiaries, and such other factors as the Committee in its discretion deems relevant. 

        3.3    Interpretation.    The Committee is authorized, subject to the provisions of the Plan, to establish, amend and
rescind such rules and regulations as it deems necessary or advisable for the proper administration of the Plan and to take such other action in connection with or in relation to the Plan as it deems
necessary or advisable. Each action and determination made or taken pursuant to the Plan by the Committee, including any interpretation or construction of the Plan, shall be final and conclusive for
all purposes and upon all Persons. No member of the Committee shall be liable for any action or determination made or taken by him or the Committee in good faith with respect to the Plan.

 

ARTICLE IV 

SHARES
SUBJECT TO THE PLAN 

        4.1    Number of Shares; Award Limits.    Subject to the provisions of this Article IV, the maximum number of
shares of Common Stock with respect to which Awards may be granted during the term of the Plan shall be 20 million shares. Shares of Common Stock will be made available from the authorized but
unissued shares of the Company or from shares reacquired by the Company, including shares purchased in the open market. The shares of Common Stock subject to (i) any Award granted under the
Plan that shall expire, terminate or be annulled for any reason without having been exercised (or considered to have been exercised as provided in Section 7.2), (ii) any Award of any
SARs granted under the Plan that shall be exercised for cash, and (iii) any Award of Restricted Shares or Stock Units that shall be forfeited prior to becoming vested (provided that the Holder
received no benefits of ownership of such Restricted Shares or Stock Units other than voting rights and the accumulation of Retained Distributions and unpaid Dividend Equivalents that are likewise
forfeited) shall again be available for purposes of the Plan. Except for Awards described in Section 11.1, no Person may be granted in any calendar year Awards covering more than
2 million shares of Common Stock (as such amount may be adjusted from time to time as provided in Section 4.2). No Person shall receive payment for Cash Awards during any calendar year
aggregating in excess of $10,000,000. 

        4.2    Adjustments.    If the Company subdivides its outstanding shares of any series of Common Stock into a greater
number of shares of such series of Common Stock (by stock dividend, stock split, reclassification, or otherwise) or combines its outstanding shares of any series of Common Stock into a smaller number
of shares of such series of Common Stock (by reverse stock split, reclassification, or otherwise) or if the Committee determines that any stock dividend, extraordinary cash dividend, reclassification,
recapitalization, reorganization, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase such series of Common Stock or other similar
corporate event (including mergers or consolidations other than those which constitute Approved Transactions, adjustments with respect to which shall be governed by Section 11.1(b)) affects any
series of Common Stock so that an adjustment is required to preserve the benefits or potential benefits intended to be made available under the Plan, then the Committee, in its sole discretion and in
such manner as the Committee may deem equitable and appropriate, may make such adjustments to any or all of (i) the number and kind of shares of stock which thereafter may be awarded, optioned
or otherwise made subject to the benefits contemplated by the Plan, (ii) the number and kind of shares of stock subject to outstanding Awards, and (iii) the purchase or exercise price
and the relevant appreciation base with respect to any of the foregoing, provided, however, that the number of shares subject to any Award shall always
be a whole number. Notwithstanding the foregoing, if all shares of any series of Common Stock are redeemed, then each outstanding Award shall be adjusted to substitute for the shares of such series of
Common Stock subject thereto the kind and amount of cash, securities or other assets issued or paid in the redemption of the equivalent number of shares of such series of Common Stock and otherwise
the terms of such Award, including, in the case of Options or similar rights, the aggregate exercise price, and, in the case of Free Standing SARs, the aggregate base price, shall remain constant
before and after the substitution (unless otherwise determined by the Committee and provided in the applicable Agreement). The Committee may, if deemed appropriate, provide for a cash payment to any
Holder of an Award in connection with any adjustment made pursuant to this Section 4.2. 

ARTICLE V 

ELIGIBILITY

        5.1    General.    The Persons who shall be eligible to participate in the Plan and to receive Awards under the Plan
shall, subject to Section 5.2, be such Persons who are employees (including officers and directors) of or independent contractors providing services to the Company or its Subsidiaries as the

 
Committee shall select. Awards may be made to employees or independent contractors who hold or have held Awards under the Plan or any similar or other awards under any other plan of the Company or any
of its Affiliates. 

        5.2    Ineligibility.    No member of the Committee, while serving as such, shall be eligible to receive an Award. 

ARTICLE VI 

STOCK
OPTIONS 

        6.1    Grant of Options.    Subject to the limitations of the Plan, the Committee shall designate from time to time
those eligible Persons to be granted Options, the time when each Option shall be granted to such eligible Persons, the series and number of shares of Common Stock subject to such Option, and, subject
to Section 6.2, the purchase price of the shares of Common Stock subject to such Option. 

        6.2    Option Price.    The price at which shares may be purchased upon exercise of an Option shall be fixed by the
Committee and may be more than, less than or equal to the Fair Market Value of the shares of the applicable series of Common Stock subject to the Option as of the date the Option is granted. 

        6.3    Term of Options.    Subject to the provisions of the Plan with respect to death, retirement and termination of
employment, the term of each Option shall be for such period as the Committee shall determine as set forth in the applicable Agreement. 

        6.4    Exercise of Options.    An Option granted under the Plan shall become (and remain) exercisable during the term
of the Option to the extent provided in the applicable Agreement and the Plan and, unless the Agreement otherwise provides, may be exercised to the extent exercisable, in whole or in part, at any time
and from time to time during such term; provided, however, that subsequent to the grant of an Option, the Committee, at any time before complete
termination of such Option, may accelerate the time or times at which such Option may be exercised in whole or in part (without reducing the term of such Option). 

        6.5    Manner of Exercise.    

        (a)    Form of Payment.    An Option shall be exercised by written notice to the Company upon such terms and
conditions as the Agreement may provide and in accordance with such other procedures for the exercise of Options as the Committee may establish from time to time. The method or methods of payment of
the purchase price for the shares to be purchased upon exercise of an Option and of any amounts required by Section 11.9 shall be determined by the Committee and may consist of (i) cash,
(ii) check, (iii) promissory note (subject to applicable law), (iv) whole shares of any series of Common Stock, (v) the withholding of shares of the applicable series of
Common Stock issuable upon such exercise of the Option, (vi) the delivery, together with a properly executed exercise notice, of irrevocable instructions to a broker to deliver promptly to the
Company the amount of sale or loan proceeds required to pay the purchase price, or (vii) any combination of the foregoing methods of payment, or such other consideration and method of payment
as may be permitted for the issuance of shares under the Delaware General Corporation Law. The permitted method or methods of payment of the amounts payable upon exercise of an Option, if other than
in cash, shall be set forth in the applicable Agreement and may be subject to such conditions as the Committee deems appropriate. 

        (b)    Value of Shares.    Unless otherwise determined by the Committee and provided in the applicable Agreement,
shares of any series of Common Stock delivered in payment of all or any part of the amounts payable in connection with the exercise of an Option, and shares of any series

 
of Common Stock withheld for such payment, shall be valued for such purpose at their Fair Market Value as of the exercise date. 

        (c)    Issuance of Shares.    The Company shall effect the transfer of the shares of Common Stock purchased under the
Option as soon as practicable after the exercise thereof and payment in full of the purchase price therefor and of any amounts required by Section 11.9, and within a reasonable time thereafter,
such transfer shall be evidenced on the books of the Company. Unless otherwise determined by the
Committee and provided in the applicable Agreement, (i) no Holder or other Person exercising an Option shall have any of the rights of a stockholder of the Company with respect to shares of
Common Stock subject to an Option granted under the Plan until due exercise and full payment has been made, and (ii) no adjustment shall be made for cash dividends or other rights for which the
record date is prior to the date of such due exercise and full payment. 

        6.6    Nontransferability.    Unless otherwise determined by the Committee and provided in the applicable Agreement,
Options shall not be transferable other than by will or the laws of descent and distribution or pursuant to a Domestic Relations Order, and, except as otherwise required pursuant to a Domestic
Relations Order, Options may be exercised during the lifetime of the Holder thereof only by such Holder (or his or her court-appointed legal representative). 

ARTICLE VII 

SARS 

        7.1    Grant of SARs.    Subject to the limitations of the Plan, SARs may be granted by the Committee to such eligible
Persons in such numbers, with respect to any specified series of Common Stock, and at such times during the term of the Plan as the Committee shall determine. A SAR may be granted to a Holder of an
Option (hereinafter called a "related Option") with respect to all or a portion of the shares of Common
Stock subject to the related Option (a "Tandem SAR") or may be granted separately to an eligible
employee (a "Free Standing SAR"). Subject to the limitations of the Plan, SARs shall be exercisable in
whole or in part upon notice to the Company upon such terms and conditions as are provided in the Agreement. 

        7.2    Tandem SARs.    A Tandem SAR may be granted either concurrently with the grant of the related Option or at any
time thereafter prior to the complete exercise, termination, expiration or cancellation of such related Option. Tandem SARs shall be exercisable only at the time and to the extent that the related
Option is exercisable (and may be subject to such additional limitations on exercisability as the Agreement may provide) and in no event after the complete termination or full exercise of the related
Option. Upon the exercise or termination of the related Option, the Tandem SARs with respect thereto shall be canceled automatically to the extent of the number of shares of Common Stock with respect
to which the related Option was so exercised or terminated. Subject to the limitations of the Plan, upon the exercise of a Tandem SAR and unless otherwise determined by the Committee and provided in
the applicable Agreement, (i) the Holder thereof shall be entitled to receive from the Company, for each share of the applicable series of Common Stock with respect to which the Tandem SAR is
being exercised, consideration (in the form determined as provided in Section 7.4) equal in value to the excess of the Fair Market Value of a share of the applicable series of Common Stock with
respect to which the Tandem SAR was granted on the date of exercise over the related Option purchase price per share, and (ii) the related Option with respect thereto shall be canceled
automatically to the extent of the number of shares of Common Stock with respect to which the Tandem SAR was so exercised. 

        7.3    Free Standing SARs.    Free Standing SARs shall be exercisable at the time, to the extent and upon the terms
and conditions set forth in the applicable Agreement. The base price of a Free Standing SAR may be more than, less than or equal to the Fair Market Value of the applicable series

 
of Common Stock with respect to which the Free Standing SAR was granted as of the date the Free Standing SAR is granted. Subject to the limitations of the Plan, upon the exercise of a Free Standing
SAR and unless otherwise determined by the Committee and provided in the applicable Agreement, the Holder thereof shall be entitled to receive from the Company, for each share of the applicable series
of Common Stock with respect to which the Free Standing SAR is being exercised, consideration (in the form determined as provided in Section 7.4) equal in value to the excess of the Fair Market
Value of a share of the applicable series of Common Stock with respect to which the Free Standing SAR was granted on the date of exercise over the base price per share of such Free Standing SAR. 

        7.4    Consideration.    The consideration to be received upon the exercise of a SAR by the Holder shall be paid in
cash, shares of the applicable series of Common Stock with respect to which the SAR was granted (valued at Fair Market Value on the date of exercise of such SAR), a combination of cash and such shares
of the applicable series of Common Stock or such other consideration, in each case, as provided in the Agreement. No fractional shares of Common Stock shall be issuable upon exercise of a SAR, and
unless otherwise provided in the applicable Agreement, the Holder will receive cash in lieu of fractional shares. Unless the Committee shall otherwise determine, to the extent a Free Standing SAR is
exercisable, it will be exercised automatically for cash on its expiration date. 

        7.5    Limitations.    The applicable Agreement may provide for a limit on the amount payable to a Holder upon
exercise of SARs at any time or in the aggregate, for a limit on the number of SARs that may be exercised by the Holder in whole or in part for cash during any specified period, for a limit on the
time periods during which a Holder may exercise SARs, and for such other limits on the rights of the Holder and such other terms and conditions of the SAR, including a condition that the SAR may be
exercised only in accordance with rules and regulations adopted from time to time, as the Committee may determine. Unless otherwise so provided in the applicable Agreement, any such limit relating to
a Tandem SAR shall not restrict the exercisability of the related Option. Such rules and regulations may govern the right to exercise SARs granted prior to the adoption or amendment of such rules and
regulations as well as SARs granted thereafter. 

        7.6    Exercise.    For purposes of this Article VII, the date of exercise of a SAR shall mean the date on
which the Company shall have received notice from the Holder of the SAR of the exercise of such SAR (unless otherwise determined by the Committee and provided in the applicable Agreement). 

        7.7    Nontransferability.    Unless otherwise determined by the Committee and provided in the applicable Agreement,
(i) SARs shall not be transferable other than by will or the laws of descent and distribution or pursuant to a Domestic Relations Order, and (ii) except as otherwise required pursuant to
a Domestic Relations Order, SARs may be exercised during the lifetime of the Holder thereof only by such Holder (or his or her court-appointed legal representative).

   ARTICLE VIII 

RESTRICTED
SHARES 

        8.1    Grant.    Subject to the limitations of the Plan, the Committee shall designate those eligible Persons to be
granted Awards of Restricted Shares, shall determine the time when each such Award shall be granted, shall determine whether shares of Common Stock covered by Awards of Restricted Shares will be
issued at the beginning or the end of the Restriction Period and whether Dividend Equivalents will be paid during the Restriction Period in the event shares of the applicable series of Common Stock
are to be issued at the end of the Restriction Period, and shall designate (or set forth the basis for determining) the Vesting Date or Vesting Dates for each Award of Restricted Shares, and may
prescribe other restrictions, terms and conditions applicable to the vesting of such Restricted Shares in addition to those provided in the Plan. The Committee shall determine the price, if any, to be
paid by the Holder for the Restricted Shares; provided, however, that the issuance of Restricted Shares shall be made for at least the minimum
consideration necessary to permit such Restricted Shares to be deemed fully paid and nonassessable. All determinations made by the Committee pursuant to this Section 8.1 shall be specified in
the Agreement. 

        8.2    Issuance of Restricted Shares at Beginning of the Restriction Period.    If shares of the applicable series of
Common Stock are issued at the beginning of the Restriction Period, the stock certificate or certificates representing such Restricted Shares shall be registered in the name of the Holder to whom such
Restricted Shares shall have been awarded. During the Restriction Period, certificates representing the Restricted Shares and any securities constituting Retained Distributions shall bear a
restrictive legend to the effect that ownership of the Restricted Shares (and such Retained Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms
and conditions provided in the Plan and the applicable Agreement. Such certificates shall remain in the custody of the Company or its designee, and the Holder shall deposit with the custodian stock
powers or other instruments of assignment, each endorsed in blank, so as to permit retransfer to the Company of all or any portion of the Restricted Shares and any securities constituting Retained
Distributions that shall be forfeited or otherwise not become vested in accordance with the Plan and the applicable Agreement. 

        8.3    Restrictions.    Restricted Shares issued at the beginning of the Restriction Period shall constitute issued
and outstanding shares of the applicable series of Common Stock for all corporate purposes. The Holder will have the right to vote such Restricted Shares, to receive and retain such dividends and
distributions, as the Committee may designate, paid or distributed on such Restricted Shares, and to exercise all other rights, powers and privileges of a Holder of shares of the applicable series of
Common Stock with respect to such Restricted Shares; except, that, unless otherwise determined by the Committee and provided in the applicable
Agreement, (i) the Holder will not be entitled to delivery of the stock certificate or certificates representing such Restricted Shares until the Restriction Period shall have expired and
unless all other vesting requirements with respect thereto shall have been fulfilled or waived; (ii) the Company or its designee will retain custody of the stock certificate or certificates
representing the Restricted Shares during the Restriction Period as provided in Section 8.2; (iii) other than such dividends and distributions as the Committee may designate, the Company
or its designee will retain custody of all distributions ("Retained Distributions") made or declared
with respect to the Restricted Shares (and such Retained Distributions will be subject to the same restrictions, terms and vesting, and other conditions as are applicable to the Restricted Shares)
until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested, and such Retained Distributions
shall not bear interest or be segregated in a separate account; (iv) the Holder may not sell, assign, transfer, pledge, exchange, encumber or dispose of the Restricted Shares or any Retained
Distributions or his interest in any of them during the Restriction Period; and (v) a breach of any restrictions, terms or conditions provided in the Plan or established by the Committee with
respect to any Restricted Shares

 
or Retained Distributions will cause a forfeiture of such Restricted Shares and any Retained Distributions with respect thereto. 

        8.4    Issuance of Stock at End of the Restriction Period.    Restricted Shares issued at the end of the Restriction
Period shall not constitute issued and outstanding shares of the applicable series of Common Stock, and the Holder shall not have any of the rights of a stockholder with respect to the shares of
Common Stock covered by such an Award of Restricted Shares, in each case until such shares shall have been transferred to the Holder at the end of the Restriction Period. If and to the extent that
shares of Common Stock are to be issued at the end of the Restriction Period, the Holder shall be entitled to receive Dividend Equivalents with respect to the shares of Common Stock covered thereby
either (i) during the Restriction Period or (ii) in accordance with the rules applicable to Retained Distributions, as the Committee may specify in the Agreement. 

        8.5    Cash Payments.    In connection with any Award of Restricted Shares, an Agreement may provide for the payment
of a cash amount to the Holder of such Restricted Shares at any time after such Restricted Shares shall have become vested. Such cash amounts shall be payable in accordance with such additional
restrictions, terms and conditions as shall be prescribed by the Committee in the Agreement and shall be in addition to any other salary, incentive, bonus or other compensation payments which such
Holder shall be otherwise entitled or eligible to receive from the Company. 

        8.6    Completion of Restriction Period.    On the Vesting Date with respect to each Award of Restricted Shares and
the satisfaction of any other applicable restrictions, terms and conditions, (i) all or the
applicable portion of such Restricted Shares shall become vested, (ii) any Retained Distributions and any unpaid Dividend Equivalents with respect to such Restricted Shares shall become vested
to the extent that the Restricted Shares related thereto shall have become vested, and (iii) any cash amount to be received by the Holder with respect to such Restricted Shares shall become
payable, all in accordance with the terms of the applicable Agreement. Any such Restricted Shares, Retained Distributions and any unpaid Dividend Equivalents that shall not become vested shall be
forfeited to the Company, and the Holder shall not thereafter have any rights (including dividend and voting rights) with respect to such Restricted Shares, Retained Distributions and any unpaid
Dividend Equivalents that shall have been so forfeited. The Committee may, in its discretion, provide that the delivery of any Restricted Shares, Retained Distributions and unpaid Dividend Equivalents
that shall have become vested, and payment of any related cash amounts that shall have become payable under this Article VIII, shall be deferred until such date or dates as the recipient may
elect. Any election of a recipient pursuant to the preceding sentence shall be filed in writing with the Committee in accordance with such rules and regulations, including any deadline for the making
of such an election, as the Committee may provide. 

ARTICLE IX 

STOCK
UNITS 

        9.1    Grant.    In addition to granting Awards of Options, SARs and Restricted Shares, the Committee shall, subject
to the limitations of the Plan, have authority to grant to eligible Persons Awards of Stock Units which may be in the form of shares of any specified series of Common Stock or units, the value of
which is based, in whole or in part, on the Fair Market Value of the shares of any specified series of Common Stock. Subject to the provisions of the Plan, including any rules established pursuant to
Section 9.2, Awards of Stock Units shall be subject to such terms, restrictions, conditions, vesting requirements and payment rules as the Committee may determine in its discretion, which need
not be identical for each Award. The determinations made by the Committee pursuant to this Section 9.1 shall be specified in the applicable Agreement.

 

        9.2    Rules.    The Committee may, in its discretion, establish any or all of the following rules for application to
an Award of Stock Units: 

        (a)   Any
shares of Common Stock which are part of an Award of Stock Units may not be assigned, sold, transferred, pledged or otherwise encumbered prior to the date on which
the shares are issued or, if later, the date provided by the Committee at the time of the Award. 

        (b)   Such
Awards may provide for the payment of cash consideration by the Person to whom such Award is granted or provide that the Award, and any shares of Common Stock to be
issued in connection therewith, if applicable, shall be delivered without the payment of cash consideration; provided, however, that the issuance of any
shares of Common Stock in connection with an Award of Stock Units shall be for at least the minimum consideration necessary to permit such shares to be deemed fully paid and nonassessable. 

        (c)   Awards
of Stock Units may provide for deferred payment schedules, vesting over a specified period of employment, the payment (on a current or deferred basis) of dividend
equivalent amounts with respect to the number of shares of Common Stock covered by the Award, and elections by the employee to defer payment of the Award or the lifting of restrictions on the Award,
if any. 

        (d)   In
such circumstances as the Committee may deem advisable, the Committee may waive or otherwise remove, in whole or in part, any restrictions or limitations to which a
Stock Unit Award was made subject at the time of grant. 

ARTICLE X 

CASH
AWARDS AND PERFORMANCE AWARDS 

        10.1    Cash Awards.    In addition to granting Options, SARs, Restricted Shares and Stock Units, the Committee shall,
subject to the limitations of the Plan, have authority to grant to eligible Persons Cash Awards. Each Cash Award shall be subject to such terms and conditions, restrictions and contingencies as the
Committee shall determine. Restrictions and contingencies limiting the right to receive a cash payment pursuant to a Cash Award shall be based upon the achievement of single or multiple Performance
Objectives over a performance period established by the Committee. The determinations made by the Committee pursuant to this Section 10.1 shall be specified in the applicable Agreement. 

        10.2    Designation as a Performance Award.    The Committee shall have the right to designate any Award of Options,
SARs, Restricted Shares or Stock Units as a Performance Award. All Cash Awards shall be designated as Performance Awards. 

        10.3    Performance Objectives.    The grant or vesting of a Performance Award shall be subject to the achievement of
Performance Objectives over a performance period established by the Committee based upon one or more of the following business criteria that apply to the Holder, one or more business units, divisions
or Subsidiaries of the Company or the applicable sector of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies: increased revenue;
net income measures (including income after capital costs and income before or after taxes); stock price measures (including growth measures and total stockholder return); price per share of Common
Stock; market share; earnings per share (actual or targeted growth); earnings before interest, taxes, depreciation, and amortization (EBITDA); economic value added (or an equivalent metric); market
value added; debt to equity ratio; cash flow measures (including cash flow return on capital, cash flow return on tangible capital, net cash flow and net cash flow before financing activities); return
measures (including return on equity, return on average assets, return on capital, risk-adjusted return on capital, return on investors' capital and return on average equity); operating
measures (including operating income, funds from operations, cash from operations, after-tax operating

 
income; sales volumes, production volumes and production efficiency); expense measures (including overhead cost and general and administrative expense); margins; stockholder value; total stockholder
return; proceeds from dispositions; total market value and corporate values measures (including ethics compliance, environmental and safety). Unless otherwise stated, such a Performance Objective need
not be based upon an increase or positive result under a particular business criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case,
by reference to specific business criteria). The Committee shall have the authority to determine whether the Performance Objectives and other terms and conditions of the Award are satisfied, and the
Committee's determination as to the achievement of Performance Objectives relating to a Performance Award shall be made in writing. 

        10.4    Section 162(m) of the Code.    Notwithstanding the foregoing provisions, if the Committee intends for a
Performance Award to be granted and administered in a manner designed to preserve the deductibility of the compensation resulting from such Award in accordance with Section 162(m) of the Code,
then the Performance Objectives for such particular Performance Award relative to the particular period of service to which the Performance Objectives relate shall be established by the Committee in
writing (i) no later than 90 days after the beginning of such period and (ii) prior to the completion of 25% of such period. 

        10.5    Waiver of Performance Objectives.    The Committee shall have no discretion to modify or waive the Performance
Objectives or conditions to the grant or vesting of a Performance Award unless such Award is not intended to qualify as qualified performance-based compensation under Section 162(m) of the Code
and the relevant Agreement provides for such discretion. 

ARTICLE XI 

GENERAL
PROVISIONS 

        11.1    Acceleration of Awards.    

        (a)    Death or Disability.    If a Holder's employment shall terminate by reason of death or Disability,
notwithstanding any contrary waiting period, installment period, vesting schedule or Restriction Period in any Agreement or in the Plan, unless the applicable Agreement provides otherwise:
(i) in the case of an Option or SAR, each outstanding Option or SAR granted under the Plan shall immediately become exercisable in full in respect of the aggregate number of shares covered
thereby; (ii) in the case of Restricted Shares, the Restriction Period applicable to each such Award of Restricted Shares shall be deemed to have expired and all such Restricted Shares, any
related Retained Distributions and any unpaid Dividend Equivalents shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may
be provided in the Agreement; and (iii) in the case of Stock Units, each such Award of Stock Units shall become vested in full. 

        (b)    Approved Transactions; Board Change; Control Purchase.    In the event of any Approved Transaction, Board
Change or Control Purchase, notwithstanding any contrary waiting period, installment period, vesting schedule or Restriction Period in any Agreement or in the Plan, unless the applicable Agreement
provides otherwise: (i) in the case of an Option or SAR, each such outstanding Option or SAR granted under the Plan shall become exercisable in full in respect of the aggregate number of shares
covered thereby; (ii) in the case of Restricted Shares, the Restriction Period applicable to each such Award of Restricted Shares shall be deemed to have expired and all such Restricted Shares,
any related Retained Distributions and any unpaid Dividend Equivalents shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as
may be provided in the Agreement; and (iii) in the case of Stock Units, each such Award of Stock Units shall become vested in full, in each case effective upon the Board Change or Control
Purchase or immediately prior to

 
consummation of the Approved Transaction. The effect, if any, on a Cash Award of an Approved Transaction, Board Change or Control Purchase shall be prescribed in the applicable Agreement.
Notwithstanding the foregoing, unless otherwise provided in the applicable Agreement, the Committee may, in its discretion, determine that any or all outstanding Awards of any or all types granted
pursuant to the Plan will not vest or become exercisable on an accelerated basis in connection with an Approved Transaction if effective provision has been made for the taking of such action which, in
the opinion of the Committee, is equitable and appropriate to substitute a new Award for such Award or to assume such Award and to make such new or assumed Award, as nearly as may be practicable,
equivalent to the old Award (before giving effect to any acceleration of the vesting or exercisability thereof), taking into account, to the extent applicable, the kind and amount of securities, cash
or other assets into or for which the applicable series of Common Stock may be changed, converted or exchanged in connection with the Approved Transaction. 

        11.2    Termination of Employment.    

        (a)    General.    If a Holder's employment shall terminate prior to an Option or SAR becoming exercisable or being
exercised (or deemed exercised, as provided in Section 7.2) in full, or during the Restriction Period with respect to any Restricted Shares or prior to the vesting or complete exercise of any
Stock Units, then such Option or SAR shall thereafter become or be exercisable, such Stock Units to the extent vested shall thereafter be exercisable, and the Holder's rights to any unvested
Restricted Shares, Retained Distributions, unpaid Dividend Equivalents and related cash amounts and any such unvested Stock Units shall thereafter vest, in each case solely to the extent provided in
the applicable Agreement; provided, however, that, unless otherwise determined by the Committee and provided in the applicable Agreement, (i) no
Option or SAR may be exercised after the scheduled expiration date thereof; (ii) if the Holder's employment terminates by reason of death or Disability, the Option or SAR shall remain
exercisable for a period of at least one year following such termination (but not later than the scheduled expiration of such Option or SAR); and (iii) any termination of the
Holder's employment for cause will be treated in accordance with the provisions of Section 11.2(b). The effect on a Cash Award of the termination
of a Holder's employment for any reason, other than for cause, shall be prescribed in the applicable Agreement. 

        (b)    Termination for Cause.    If a Holder's employment with the Company or a Subsidiary of the Company shall be
terminated by the Company or such Subsidiary for "cause" during the Restriction Period with respect to any Restricted Shares or prior to any Option or SAR becoming exercisable or being exercised in
full or prior to the vesting or complete exercise of any Stock Unit or the payment in full of any Cash Award (for these purposes, "cause" shall have the meaning ascribed thereto in any employment
agreement to which such Holder is a party or, in the absence thereof, shall include insubordination, dishonesty, incompetence, moral turpitude, other misconduct of any kind and the refusal to perform
his duties and responsibilities for any reason other than illness or incapacity; provided, however, that if such termination occurs within
12 months after an Approved Transaction or Control Purchase or Board Change, termination for "cause" shall mean only a felony conviction for fraud, misappropriation, or embezzlement), then,
unless otherwise determined by the Committee and provided in the applicable Agreement, (i) all Options and SARs and all unvested or unexercised Stock Units and all unpaid Cash Awards held by
such Holder shall immediately terminate, and (ii) such Holder's rights to all Restricted Shares, Retained Distributions, any unpaid Dividend Equivalents and any related cash amounts shall be
forfeited immediately. 

        (c)    Miscellaneous.    The Committee may determine whether any given leave of absence constitutes a termination of
employment; provided, however, that for purposes of the Plan, (i) a leave of absence, duly authorized in writing by the Company for military
service or sickness, or for any other purpose approved by the Company if the period of such leave does not exceed 90 days, and (ii) a leave of absence in excess of 90 days, duly
authorized in writing by the Company

 
provided the employee's right to reemployment is guaranteed either by statute or contract, shall not be deemed a termination of employment. Unless otherwise determined by the Committee and provided in
the applicable Agreement, Awards made under the Plan shall not be affected by any change of employment so long as the Holder continues to be an employee of the Company. 

        11.3    Right of Company to Terminate Employment.    Nothing contained in the Plan or in any Award, and no action of
the Company or the Committee with respect thereto, shall confer or be construed to confer on any Holder any right to continue in the employ of the Company or any of its Subsidiaries or interfere in
any way with the right of the Company or any Subsidiary of the Company to terminate the employment of the Holder at any time, with or without cause, subject, however, to the provisions of any
employment agreement between the Holder and the Company or any Subsidiary of the Company. 

        11.4    Nonalienation of Benefits.    Except as set forth herein, no right or benefit under the Plan shall be subject
to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange,
transfer, encumber or charge the same shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the Person entitled to
such benefits. 

        11.5    Written Agreement.    Each Award of Options shall be evidenced by a stock option agreement; each Award of SARs
shall be evidenced by a stock appreciation rights agreement; each Award of Restricted Shares shall be evidenced by a restricted shares agreement; each Award of Stock Units shall be evidenced by a
stock units agreement; and each Performance Award shall be evidenced by a performance award agreement (including a cash award agreement evidencing a Cash Award), each in such form and containing such
terms and provisions not inconsistent with the provisions of the Plan as the Committee from time to time shall approve; provided, however, that if more
than one type of Award is made to the same Holder, such Awards may be evidenced by a single Agreement with such Holder. Each grantee of an Option, SAR, Restricted Shares, Stock Units or Performance
Award (including a Cash Award) shall be notified promptly of such grant, and a written Agreement shall be promptly executed and delivered by the Company. Any such written Agreement may contain (but
shall not be required to contain) such provisions as the Committee deems appropriate (i) to insure that the penalty provisions of Section 4999 of the Code will not apply to any stock or
cash received by the Holder from the Company or (ii) to provide cash payments to the Holder to mitigate the impact of such penalty provisions upon the Holder. Any such Agreement may be
supplemented or amended from time to time as approved by the Committee as contemplated by Section 11.7(b). 

        11.6    Designation of Beneficiaries.    Each Person who shall be granted an Award under the Plan may designate a
beneficiary or beneficiaries and may change such designation from time to time by filing a written designation of beneficiary or beneficiaries with the Committee on a form to be prescribed by it,
provided that no such designation shall be effective unless so filed prior to the death of such Person. 

        11.7    Termination and Amendment.    

        (a)    General.    Unless the Plan shall theretofore have been terminated as hereinafter provided, no Awards may be
made under the Plan on or after the tenth anniversary of the Effective Date. The Plan may be terminated at any time prior to the tenth anniversary of the Effective Date and may, from time to time, be
suspended or discontinued or modified or amended if such action is deemed advisable by the Committee. 

        (b)    Modification.    No termination, modification or amendment of the Plan may, without the consent of the Person
to whom any Award shall theretofore have been granted, adversely affect the rights of such Person with respect to such Award. No modification, extension, renewal or other

 
change in any Award granted under the Plan shall be made after the grant of such Award, unless the same is consistent with the provisions of the Plan. With the consent of the Holder and subject to the
terms and conditions of the Plan (including Section 11.7(a)), the Committee may amend outstanding Agreements with any Holder, including any amendment which would (i) accelerate the time
or times at which the Award may be exercised and/or (ii) extend the scheduled expiration date of the Award. Without limiting the generality of the foregoing, the Committee may, but solely with
the Holder's consent unless otherwise provided in the Agreement, agree to cancel any Award under the Plan and grant a new Award in substitution therefor, provided that the Award so substituted shall
satisfy all of the requirements of the Plan as of the date such new Award is made. Nothing contained in the foregoing provisions of this Section 11.7(b) shall be construed to prevent the
Committee from providing in any Agreement that the rights of the Holder with respect to the Award evidenced thereby shall be subject to such rules and regulations as the Committee may, subject to the
express provisions of the Plan, adopt from time to time or impair the enforceability of any such provision. 

        11.8    Government and Other Regulations.    The obligation of the Company with respect to Awards shall be subject to
all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required, including the effectiveness of any registration statement required under the Securities
Act of 1933, and the rules and regulations of any securities exchange or association on which the Common Stock may be listed or quoted. For so long as any series of Common Stock are registered under
the Exchange Act, the Company shall use its reasonable efforts to comply with any legal requirements (i) to maintain a registration statement in effect under the Securities Act of 1933 with
respect to all shares of the applicable series of Common Stock that may be issued to Holders under the Plan and (ii) to file in a timely manner all reports required to be filed by it under the
Exchange Act. 

        11.9    Withholding.    The Company's obligation to deliver shares of Common Stock or pay cash in respect of any Award
under the Plan shall be subject to applicable federal, state and local tax withholding requirements. Federal, state and local withholding tax due at the time of an Award, upon the exercise of any
Option or SAR or upon the vesting of, or expiration of restrictions with respect to, Restricted Shares or Stock Units or the satisfaction of the Performance Objectives applicable to a Performance
Award, as appropriate, may, in the discretion of the Committee, be paid in shares of the applicable series of Common Stock already owned by the Holder or through the withholding of shares otherwise
issuable to such Holder, upon such terms and conditions (including the conditions referenced in Section 6.5) as the Committee shall determine. If the Holder shall fail to pay, or make
arrangements satisfactory to the Committee for the payment to the Company of, all such federal, state and local taxes required to be withheld by the Company, then the Company shall, to the extent
permitted by law, have the right to deduct from any payment of any kind otherwise due to such Holder an amount equal to any federal, state or local taxes of any kind required to be withheld by the
Company with respect to such Award. 

        11.10    Nonexclusivity of the Plan.    The adoption of the Plan by the Board shall not be construed as creating any
limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including the granting of stock options and the awarding of stock and cash otherwise than
under the Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

        11.11    Exclusion from Pension and Profit-Sharing Computation.    By acceptance of an Award, unless otherwise
provided in the applicable Agreement, each Holder shall be deemed to have agreed that such Award is special incentive compensation that will not be taken into account, in any manner, as salary,
compensation or bonus in determining the amount of any payment under any pension, retirement or other employee benefit plan, program or policy of the Company or any Subsidiary of the Company. In
addition, each beneficiary of a deceased Holder shall be deemed to have agreed that such Award will

 
not affect the amount of any life insurance coverage, if any, provided by the Company on the life of the Holder which is payable to such beneficiary under any life insurance plan covering employees of
the Company or any Subsidiary of the Company. 

        11.12    Unfunded Plan.    Neither the Company nor any Subsidiary of the Company shall be required to segregate any
cash or any shares of Common Stock which may at any time be represented by Awards, and the Plan shall constitute an  "unfunded" plan of the Company. Except
as provided in Article VIII with respect to Awards of
Restricted Shares and except as expressly set forth in an Agreement, no employee shall have voting or other rights with respect to the shares of Common Stock covered by an Award prior to the delivery
of such shares. Neither the Company nor any Subsidiary of the Company shall, by any provisions of the Plan, be deemed to be a trustee of any shares of Common Stock or any other property, and the
liabilities of the Company and any Subsidiary of the Company to any employee pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by or pursuant to the
Plan, and the rights of any employee, former employee or beneficiary under the Plan shall be limited to those of a general creditor of the Company or the applicable Subsidiary of the Company, as the
case may be. In its sole discretion, the Board may authorize the creation of trusts or other arrangements to meet the obligations of the Company under the Plan, provided,
however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 

        11.13    Governing Law.    The Plan shall be governed by, and construed in accordance with, the laws of the State of
Delaware. 

        11.14    Accounts.    The delivery of any shares of Common Stock and the payment of any amount in respect of an Award
shall be for the account of the Company or the applicable Subsidiary of the Company, as the case may be, and any such delivery or payment shall not be made until the recipient shall have paid or made
satisfactory arrangements for the payment of any applicable withholding taxes as provided in Section 11.9. 

        11.15    Legends.    Each certificate evidencing shares of Common Stock subject to an Award shall bear such legends as
the Committee deems necessary or appropriate to reflect or refer to any terms, conditions or restrictions of the Award applicable to such shares, including any to the effect that the shares
represented thereby may not be disposed of unless the Company has received an opinion of counsel, acceptable to the Company, that such disposition will not violate any federal or state securities
laws. 

        11.16    Company's Rights.    The grant of Awards pursuant to the Plan shall not affect in any way the right or power
of the Company to make reclassifications, reorganizations or other changes of or to its capital or business structure or to merge, consolidate, liquidate, sell or otherwise dispose of all or any part
of its business or assets. 

        11.17    Interpretation.    The words "include," "includes," "included" and "including" to the extent used in the Plan
shall be deemed in each case to be followed by the words "without limitation."

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LIBERTY MEDIA INTERNATIONAL, INC. 2004 INCENTIVE PLAN

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