Document:

Form of Retention Agreement

 Exhibit 10.2 
 RETENTION AGREEMENT 
 This RETENTION AGREEMENT (this
“Agreement”) is made and entered into as of February     , 2011, by and between TECHNOLOGY RESEARCH CORPORATION, a Florida corporation (the “Company”), and
                     (the “Executive”), and provides as follows: 

RECITALS 
 WHEREAS, Executive must be free to make decisions in the best interest of the Company’s shareholders without being concerned about the immediate impact to Executive’s job security or
compensation; 
 WHEREAS, the Company desires to offer Executive assurances that Executive will be paid severance compensation
upon the occurrence of certain events in connection with a Change of Control as defined herein. 
 TERMS OF AGREEMENT

 NOW, THEREFORE, for and in consideration of the premises and of the mutual promises and undertakings of the parties
as hereinafter set forth, the parties covenant and agree as follows: 
 1. Definitions. As used in this Agreement,
the following terms shall be defined as set forth below: 
 “Base Salary” means the annualized, base salary
payable to Executive by the Company as of any particular date, and excludes all other cash and non-cash compensation paid or payable to Executive. 
 “Board” means the Board of Directors of the Company. 

“Cause” means a termination of Executive’s employment that is the result of (i) the Executive being charged
with a felony, (ii) Executive’s disclosure of Confidential Information or breach of any restrictive covenants set forth in this Agreement or any Employment Agreement, (iii) Executive’s action that constitutes misconduct,
insubordination, violation of Company policies, or compromised ethical behavior, or (iv) Executive’s action that constitutes willful neglect or willful failure to perform a duty to the Company that continues after notice from the Company.

 “Change of Control” means the occurrence of any one of the following events after the date of this
Agreement: 
 (i) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) becomes a “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the 

 
Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of stock of the Company), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the
Company’s then outstanding securities; or 
 (ii) the shareholders of the Company approve a merger or
consolidation of the Company with any other corporation or other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately
after such merger or consolidation; or 
 (iii) the sale or disposition by the Company of all or substantially
all of the Company’s assets; or 
 (iv) the individuals who are members of the Incumbent Board cease for any
reason to constitute at least fifty percent (50%) of the Board. 
 “Company’s customers” means
all persons, firms, corporations and other entities that (i) use any of the Company’s products or (ii) within the six (6) months prior to the Triggering Event: (A) have leased or purchased goods or services from the Company,
(B) have received proposals from the Company for the lease or purchase of the Company’s goods or services or (C) have been contacted by Executive for a possible sale or lease of the Company’s goods or services. 

 “Confidential Information” means confidential and trade secret information which the Company
maintains and which is important to the operation and competitiveness of its business. This information includes, but is not limited to, information about the Company’s customers and customer lists, files containing accounting data, engineering
data, inventions, processes, formulas, drawings, blueprints, costs, research, marketing information, production information, sales, sales plans and methods, supply sources, pricing, quotations, employee compensation and other confidential
information, data banks and files, and computer aided design and drafting programs.  
 “Employment
Agreement” means any employment agreement by and between the Executive and the Company that may be made and entered into after the date of this Agreement, including any amendments thereto (as Executive currently does not have an employment
agreement with the Company). 
 “Incumbent Board” means the individuals who, as of the date of this Agreement,
are members of the Board. If the election or nomination for election by the Company’s shareholders of any new director is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new director shall be considered as a
member of the Incumbent Board. 

  
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 “Triggering Event” means the occurrence of any one of the following events:

 (i) the Company terminates Executive’s employment with the Company without “Cause” as such term
is defined herein; or 
 (ii) Executive terminates his employment because the Company has materially reduced
Executive’s Base Salary or the amount of bonus for which Executive is eligible from the levels in place at the time of the Change of Control; or 
 (iii) Executive terminates his employment because the Company has reduced Executive’s duties or authority so as to materially reduce Executive’s overall job responsibilities from the levels in
place at the time of the Change of Control; 
 provided that, none of the events described in clauses (ii) and
(iii) above shall constitute a Triggering Event unless and until the Executive first notifies the Company in writing describing the event(s) which constitute(s) the Triggering Event(s) within 90 days after the occurrence of such event(s) and
the Company fails to cure such event(s) within 30 days after the Company’s receipt of such written notice. 
 2.
Severance Compensation. 
 (a) If a Triggering Event occurs within twelve (12) months
following a Change of Control, the Company shall pay to Executive each of the following as “Severance Compensation”: 
 (i) An amount equal to 100% of Executive’s Base Salary in place at the time of the Triggering Event, without regard to applicable notice and cure periods (or Change of Control, in the case of a
Triggering Event resulting from a material reduction in Executive’s Base Salary), payable as specified below; and 
 (ii) An amount equal to 100% of the target annual bonus that Executive would have been eligible to earn under the Company’s annual bonus plan for the bonus measurement period during which the
Triggering Event (or Change of Control occurs, in the case of a Triggering Event resulting from a material reduction in the amount of bonus for which Executive is eligible) occurs, calculated on the basis of Executive’s target bonus for that
year on the assumption that all performance targets will be achieved, payable as specified below. 
 (iii) An
amount equal to (A) the monthly premium the Executive would be required to pay for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for the Executive and his
eligible dependents who were covered under the Company’s health plans as of the Triggering Event (calculated by reference to the premium as of the Triggering Event), multiplied by (A) 12. 

(b) Payment of the Severance Compensation is contingent upon: (i) Executive’s executing and delivering to the
Company a release in favor of the Company in the form of Exhibit A to this Agreement (the “General Release”) and the General Release 

  
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becoming effective without timely revocation; and (ii) Executive’s satisfactorily performing his obligations under this Agreement, including, without limitation, the restrictive
covenants pertaining to confidentiality, non-disclosure, non-solicitation, and non-competition, whether contained in this Agreement or any other agreement with the Company (the “Restrictive Covenants”). Specifically, if Executive
has not satisfactorily performed all of his obligations under this Agreement or the foregoing Restrictive Covenants, then Executive will not be entitled to any Severance Compensation and the Company shall not pay the Severance Compensation; or, if
such Severance Compensation has already been paid, Executive shall be required to reimburse the Company in the full amounts paid. Further, if the Executive has not executed and delivered the General Release by the date that is sixty (60) days
after the Triggering Event (the “Required Release Date”), the Executive shall forfeit all rights to receive the Severance Compensation. Notwithstanding the foregoing, if Executive unintentionally and in good faith takes action which
in the Company’s view constitutes a violation of the Restrictive Covenants (other than the Restrictive Covenants pertaining to confidentiality and non-disclosure) and promptly discontinues such action upon notice from the Company, then such
action shall not entitle the Company to discontinue the Severance Compensation or require Executive to forfeit any previously paid Severance Compensation. 
 (c) Subject to Section 20, the Severance Compensation described in Sections 2(a)(i), 2(a)(ii) and 2(a)(iii) shall be paid in a lump sum within thirty (30) days following the Triggering Event
(or, if later, ten (10) days after the Company’s receipt of the General Release and expiration of all revocation periods in the General Release (the “Release Effective Date”)). 

(d) All Severance Compensation payments are subject to the usual taxes, payroll deductions and withholdings and shall be
mailed to Executive’s last known residential address. It is Executive’s obligation to keep the Company informed as to any changes to such address. 
 (e) Executive shall not be entitled to any other salary, bonuses, employee benefits or other compensation after termination of his employment for reason other than a Triggering Event, except as otherwise
specifically provided for under an Employment Agreement, the Company’s employee benefit plans or as otherwise expressly required by applicable law. Executive acknowledges and confirms that as of the date of this Agreement he is not a party to
an employment agreement with the Company. 
 3. Restrictive Covenants. Executive acknowledges that in the course
of his employment by the Company he will obtain knowledge of confidential information regarding the Company’s business and affairs, the Company has invested and will continue to invest substantial time and resources in the development, training
and support of Executive, and he will develop relationships with its employees, customers, and suppliers. Accordingly, Executive covenants and agrees that: 
 (a) Non-Competition: Executive shall not compete with the Company at any time during employment with the Company and for twelve (12) months after Executive’s

  
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termination of employment or resignation. To “compete” means (i) to directly or indirectly establish or aid in establishing, or have effective control over any business competitive
with the Company’s business; or (ii) to become associated with or render services as an employee, independent contractor, consultant or otherwise, to any person, firm, corporation or other entity engaged in any business competitive with
the Company’s business. Mere ownership of less than one percent (1%) of the outstanding common stock of a corporation competitive with the Company’s business whose stock is traded on any major United States stock exchange or on the
over-the-counter market shall not be considered as a violation of this Agreement. For purpose of this Section 3(a), “any business competitive with the Company’s business” shall mean a business that provides power distribution or
power management solutions for military or commercial customers. 
 (b) Non-Solicitation: At all times
during Executive’s employment and after Executive’s termination of employment or resignation, Executive shall keep all information about the Company’s customers confidential and secret and shall not disclose or use that information in
any manner, either directly or indirectly, orally or in writing or otherwise, to any person, firm, corporation, or other entity. Furthermore, at all times during Executive’s employment and for twenty-four (24) months after the termination
of Executive’s employment or Executive’s resignation, Executive shall not solicit the business of any of the persons, firms, corporations or other entities who are the Company’s customers, for or on behalf of Executive (if Executive
is competing with the Company) or any person, firm, corporation or other entity that is in competition for the Company’s business. For purpose of this Section 3(b), “any business competitive with the Company’s business”
shall mean a business that provides power distribution or power management solutions for military or commercial customers. 
 (c) Non-Inducement: At all times during Executive’s employment and for twenty-four (24) months after the termination of Executive’s employment or Executive’s resignation, the
Executive shall not, directly or indirectly, induce or attempt to induce any present or former employee of the Company to gain or seek employment with any person or business. 

(d) Non-Disclosure: At all times during Executive’s employment and after the termination of Executive’s
employment or Executive’s resignation, Executive shall protect and guard the Company’s Confidential Information. Executive shall not at any time, directly or indirectly, disclose to any person, firm, corporation or other entity, or use for
Executive’s own purposes any Confidential Information, regardless of how it is acquired, except as Executive’s use of the Confidential Information may be authorized by the Company; provided, however, that if Executive is required to
disclose any Confidential Information by legal process, including a subpoena to testify or produce documents, Executive shall satisfy his obligations under this Section 3(d) by promptly giving notice to the Company of the demand for disclosure
and cooperating with the Company to contest the disclosure (if the Company so elects) and obtain confidential treatment for any Confidential Information which is disclosed. 

  
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 (e) Return Materials to Company: Upon termination of employment,
Executive shall promptly deliver to the Company, without retaining any copies, all memoranda, diaries, notes, records, sketches, plans, specifications, or other documents or things containing Confidential Information developed or obtained by
Executive. 
 (f) Inventions and Discoveries: Any and all inventions and discoveries, whether or not
patentable, which Executive may conceive or make, either alone or in conjunction with others, during Executive’s employment and relating to the Company’s business shall be the exclusive property of the Company. Furthermore, Executive
shall, upon the request of the Company and without further compensation or consideration, but at the expense of the Company, promptly execute and assign any and all applications, assignments and other instruments which the Company shall deem
necessary in order to apply for and obtain letters patent of the United States and foreign countries for those inventions and discoveries, and in order to assign and convey to the Company or its nominee the sole and exclusive right, title and
interest in and to those inventions, discoveries or any applications or patents upon them. 
 (g) Mutual
Non-Disparagement: Executive agrees not to make any disparaging statements about the Company or its officers, agents or employees during Executive’s employment and after the termination of Executive’s employment or Executive’s
resignation. The Company agrees not to permit any executive officer of the Company to make any disparaging statements about Executive after the termination of Executive’s employment or Executive’s resignation; provided, however, that it
shall not be considered a breach of this section for (i) any executive officer of the Company to make disparaging statements to another executive officer about Executive and/or his performance in their capacity in operating the business, or
(ii) the Company to make a factual statement regarding the circumstances of Executive’s departure if required by law or for a business purpose. 
 (h) Executive makes the preceding covenants in consideration for, and as a necessary condition of, Executive’s continued employment by the Company and the severance arrangements described in this
Agreement. The preceding covenants are independent of any obligation of the Company to Executive, including any obligations of the Company to Executive under this Agreement or arising from any aspect of the employment relationship, and are not
subject to any set-off, defense, deduction, or counterclaim based on any claim Executive might have against the Company. Executive stipulates that the duration and geographic scope of these restrictions are reasonable limitations necessary to
protect the Company’s business interests, that the restrictions do not unduly oppress Executive’s occupational future or opportunities, and that Executive has been adequately compensated for these restrictions. The duration of the
Executive’s obligations set forth in this Section 3 will be extended by any period of time during which Executive is in breach of the obligation. 
 (i) Each provision of the preceding covenants should be construed and interpreted so that it is valid and enforceable under applicable law. However, if a court of competent jurisdiction determines that
the duration, geographical area, or proscribed 

  
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activities of the restrictions under this Agreement would cause strict application of those restrictions to be invalid or unenforceable in a particular jurisdiction, the restrictions
automatically will be reformed to shorten their duration, diminish their geographical area, or confine their proscribed activities to the extent necessary (but only to that extent) to make the restrictions valid and enforceable. The invalidity or
unenforceability of any provision or clause of this Agreement shall not affect the continued validity or enforceability of any other provision or clause in this Agreement, and this Agreement shall be construed in all respects as if any invalid or
unenforceable provision or clause was omitted. 
 (j) The provisions in this Section 3 and Section 4
shall survive the termination of this Agreement and the termination or cessation of Executive’s employment for any reason. 

4. Remedy at Law Insufficient. Executive acknowledges that damages at law will be an insufficient remedy if Executive
violates the terms of Section 3, and that the Company would suffer a decrease in value and irreparable damage as a result of such violation. Accordingly, on a violation of any of those covenants, the Company, without excluding or limiting any
other available remedy, shall be entitled to the following remedies: 
 (a) Upon posting a bond of up to $10,000
and filing with a court of competent jurisdiction an appropriate pleading and affidavit specifying each obligation breached by Executive, automatic entry by a court having jurisdiction of an order granting an injunction or specific performance
compelling Executive to comply with that obligation, without proof of monetary damage or an inadequate remedy at law; and 
 (b) The recovery from Executive of all profit, remuneration, or other consideration that Executive gains from breaching the covenant and all damages that the Company suffers as a result of the breach; and

 The foregoing remedies are cumulative to all other remedies afforded by law or in equity, and the Company may exercise any such remedy
concurrently, independently, or successively. 
 5. Employment Status. This Agreement does not constitute an
employment agreement between the Company and Executive, but rather provides for the payment of severance compensation to Executive on the termination of his employment with the Company under the conditions described in this Agreement. This Agreement
does not guarantee the continued employment of Executive by the Company or the payment of any other amount of compensation. 

6. No Mitigation. Executive does not have any duty to seek or obtain other employment after the termination of
Executive’s employment with the Company, whether voluntary or involuntary. Subject to the terms of this Agreement, the Company shall pay to Executive the Severance Compensation without reduction for any compensation that Executive earns or
could earn from other employment. 
 7. Governing Law. This Agreement shall be subject to and construed in
accordance with the laws of the State of Florida, without giving effect to its principles of conflict of laws. 

  
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 8. Venue. Executive and the Company (a) consent to the personal
jurisdiction of the state and federal courts having jurisdiction over Hillsborough County, Florida, (b) stipulate that the proper, exclusive, and convenient venue for any legal proceeding arising out of this Agreement is Hillsborough County,
Florida, and (c) waive any defense, whether asserted by a motion or pleading, that Hillsborough County, Florida, is an improper or inconvenient venue. 
 9. Assignability. This Agreement shall be binding upon and inure to the benefit of the Company, and may be assigned by the Company to any person or firm who may succeed to the majority of
the assets of the Company. This Agreement shall not be assignable by Executive. 
 10. Notices. Any and all
notices, designations, consents, offers, acceptance or any other communications provided for herein shall be given in writing and shall be deemed properly delivered if delivered in person or by registered or certified mail, return receipt requested,
addressed in the case of the Company to its registered agent or in the case of Executive to his last known address. 
 11.
Entire Agreement. 
 (a) This Agreement constitutes the entire agreement among the parties with
respect to the payment of severance compensation upon the occurrence of certain events in connection with a Change of Control as defined herein and supersedes any and all other agreements, either oral or in writing, among the parties hereto with
respect to the subject matter hereof. 
 (b) This Agreement is not intended to supersede, terminate, alter, or
modify any of Executive’s rights or obligations under any stock option, restricted stock or other equity program in which he participates; and Executive’s rights and obligations under any such programs shall continue to be governed only by
the terms of those options, grants or programs. 
 (c) This Agreement is not intended to supersede, terminate,
alter, or modify any provision in Executive’s Employment Agreement; provided however that this Agreement is intended to be mutually exclusive of the severance payment provisions found in any such Employment Agreement such that if Executive is
entitled to severance compensation under such Employment Agreement, he shall not be entitled to receive severance payments under both this Agreement and such Employment Agreement. Rather, it is the parties’ intention that Executive shall be
entitled to receive the greater of (i) the severance payments provided for under any such Employment Agreement, and (ii) the Severance Compensation under this Agreement. 

(d) This Agreement may be executed in one or more counterparts, each of which shall be considered and original copy of
this Agreement, but all of which together shall evidence only one agreement. 
 12. Amendment and Waiver. This
Agreement may not be amended except by an instrument in writing signed by or on behalf of each of the parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the person or party to be charged.

  
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 13. Case and Gender. Wherever required by the context of this Agreement, the
singular or plural case and the masculine, feminine and neuter genders shall be interchangeable. 
 14. Captions.
The captions used in this Agreement are intended for descriptive and reference purposes only and are not intended to affect the meaning of any Section hereunder. 
 15. Arbitration. If any dispute arises between Executive and the Company with respect to this Agreement, either party may elect (but is not obligated) to submit the dispute to
arbitration before a panel of arbitrators in accordance with the Florida Arbitration Code by giving the other party a notice of arbitration in accordance with Section 10 of this Agreement. If a party elects to arbitrate a dispute, arbitration
will be the sole and exclusive method of resolving the dispute, the other party must arbitrate the dispute, and each party will be barred from filing a lawsuit concerning the subject matter of the arbitration, except to obtain an equitable remedy.

 The arbitration panel will consist of one arbitrator, who will be a neutral arbitrator selected by the agreement of one
arbitrator selected by the Company and a second selected by Executive, and the third neutral arbitrator selected by agreement of the first two arbitrators. Each party shall select an arbitrator and notify the other party of the selection within 15
days after the effective date of the notice of arbitration and the two arbitrators selected by the parties shall select the third arbitrator within 30 days after the effective date of the notice of arbitration. A party who fails to select an
arbitrator within the prescribed 15-day period waives the right to have the two selected arbitrators select an arbitrator to arbitrate the dispute, and the arbitrator chosen by the other party will constitute the “arbitration panel” for
purposes of this Agreement. 
 Every arbitrator must be independent (not a relative of Executive or an officer, director,
employee, or shareholder of the Company, the Company or any subsidiary) without any economic or financial interest of any kind in the outcome of the arbitration. Each arbitrator’s conduct will be governed by the Code of Ethics for Arbitrators
in Commercial Disputes (1986) that has been approved and recommended by the American Bar Association and the American Arbitration Association. 
 Within 120 days after the effective date of the notice of arbitration, the arbitrator who will arbitrate the dispute shall convene a hearing for the dispute to be held on such date and at such time and
place in Tampa, Florida, as the arbitrator designates upon 60 days’ advance notice to Executive and the Company. The arbitrator shall render his or her decision within 30 days after the conclusion of the hearing. The decision of the arbitrator
will be binding and conclusive as to Executive and the Company and, upon the pleading of either party, any court having jurisdiction may enter a judgment of any award rendered in the arbitration, which may include an award of damages. The arbitrator
shall hear and decide the dispute based on the evidence produced, notwithstanding the failure or refusal to appear by a party who has been duly notified of the date, time, and place of the hearing. 

16. No Jury Trial. EACH OF THE EXECUTIVE AND THE COMPANY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES THE RIGHT TO A
JURY TRIAL IN ANY LAWSUIT BETWEEN EXECUTIVE AND THE COMPANY WITH RESPECT TO THIS AGREEMENT. 

  
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 17. Prevailing Party’s Costs and Expenses. In any arbitration or legal
proceeding arising out of this Agreement, the losing party shall reimburse the prevailing party, on demand, for all costs incurred by the prevailing party in enforcing, defending, or prosecuting any claim arising out of this Agreement, including all
fees, costs, and expenses of agents, experts, attorneys, witnesses, arbitrators, and supersedes bonds, whether incurred before or after demand or commencement of legal or arbitration proceedings, and whether incurred pursuant to trial, appellate,
mediation, arbitration, bankruptcy, administrative, or judgment-execution proceedings. 
 18. COBRA. If permitted
by law, following a Triggering Event, the Executive will be entitled to elect COBRA continuation coverage for the Executive and his eligible dependents who were covered under the Company’s health plans as of the Triggering Event 

19. Section 409A. This Agreement is intended to comply with the applicable requirements of Section 409A of the
Code and shall be construed and interpreted in accordance therewith. Notwithstanding the preceding, the Company shall not be liable to Executive or any other person if the Internal Revenue Service or any court or other authority having jurisdiction
over such matter determines for any reason that any payments under this Agreement are subject to taxes, penalties or interest as a result of failing to comply with Section 409A of the Code. 

20. Delay of Payment. Notwithstanding any other provision of this Agreement, if Executive is a “specified
employee” within the meaning of Section 409A of the Code, to the extent necessary to comply with Section 409A of the Code, no payments (which are not otherwise exempt) may be made hereunder before the date which is six months after
Executive’s separation from service or, if earlier, his death. Any amounts which would have otherwise been required to be paid during such six months or, if earlier, until Executive’s death, shall be paid to Executive in one lump sum cash
payment on the first payroll date after the date which is six months after Executive’s separation from service or, if earlier, after Executive’s death. Any other payments scheduled to be made under this Agreement shall be made and provided
at the times otherwise designated in this Agreement disregarding the delay of payment for the payments described in this Section 20. Additionally, notwithstanding any other provision of this Agreement, Executive will only be entitled to receive
payment on termination of his employment when the termination of employment qualifies as a “separation from service” within the meaning of Section 409A of the Code. 

21. Severability. In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, subject to
Section 3(i), such provision shall be severed from the rest of this Agreement and the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. 

(signature page follows) 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly
authorized officer and Executive has hereunto set his hand and seal on the day and year first above written. 
  

					
	TECHNOLOGY RESEARCH CORPORATION
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	EXECUTIVE
	
	  

	Name:

  
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 Exhibit A 
 GENERAL RELEASE 
 FOR VALUE RECEIVED, the undersigned
(“Executive”), for himself and his heirs, successors, and assigns, and anyone claiming by or through them (collectively, the “Releasing Parties”), irrevocably and unconditionally releases, waives, and
forever discharges TECHNOLOGY RESEARCH CORPORATION, its parent, subsidiaries and affiliates, and each of their respective directors, agents, attorneys, present and former employees, partners, investors, shareholders, insurers, predecessors,
successors, assigns, and representatives (the “Released Parties”), from any and all actual or potential claims, complaints, liabilities, obligations, promises, actions, causes of action, liabilities, agreements, damages,
costs, debts, and expenses of any kind, whether known or unknown, that the Releasing Parties have ever had or now have from the beginning of time through the date Executive executes this release (collectively, the “Released
Claims”). Without limitation, the Released Claims include all claims arising out of, related to or connected with Executive’s employment, the termination of his employment, or the payment of wages, salary, or any other benefit
Executive received or claims he should have received in connection with his employment; all claims under Title VII of the Civil Rights Act of 1964, as amended; (42 U.S. C. § 2000e, et seq.); the Civil Rights Acts of 1866, 1871 and 1991, all as
amended; 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, as amended (29 U.S.C. § 2601, et seq.); the Americans With Disabilities Act, as amended (42 U.S.C. § 12101, et seq.); the Rehabilitation Act of 1973, as amended (29
U.S.C. § 793-94); the Fair Labor Standards Act, as amended (29 U.S.C. § 201, et. seq.); the Equal Pay Act of 1963, as amended (29 U.S.C. § 206); the Employee Retirement Income Security Act, as amended (29 U.S.C. § 1001, et seq.);
the Consolidated Omnibus Budget Reconciliation Act of 1985 (29 U.S.C. § 1161, et seq.); the Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.); the Older Workers Benefit Protection Act of 1990 (29 U.S.C. § 623); the
National Labor Relations Act (NLRA); the Occupational Safety and Health Act (OSHA); and any other federal or state whistle-blower statute or regulation; Chapter 760 of the Florida Civil Rights Act of 1992, as amended; any provision of Chapters 250,
440, 443, 447, 448, and 760 of Florida Statutes; the Florida General Labor Regulations, as amended; any other state law, rule or regulation of any other state; any local ordinance; workers’ compensation statutes; unemployment compensation laws;
and any other federal, state or local statute, rule, regulation or ordinance; or any other actual or quasi-contract, including but not limited to, salary payments, bonus payments, benefits, stock, or stock options; common law claims, including but
not limited to claims of intentional or negligent infliction of emotional distress, negligent hiring, retention, training or supervision, defamation, invasion of privacy, breach of a covenant of good faith and fair dealing, breach of fiduciary duty,
breach of express or implied contract, promissory estoppel, negligence or wrongful termination of employment; any claims for or to past or future unpaid salary, commissions, bonuses, incentive payments, expense reimbursements, health care benefits,
life insurance, disability insurance and any other income or benefits the Releasing Parties received or claim they should receive; and all other claims of any kind, including but not limited to any claims for attorneys’ fees. 

  
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 The Executive covenants not to sue any Released Party for any Released Claim. The Executive
warrants that none of the Releasing Parties has filed any complaint, claim or charge against a Released Party with any local, state or federal agency or court. The Executive agrees that, if any such agency or court assumes the prosecution or
jurisdiction of any complaint or charge against a Released Party, the Releasing Parties will immediately dismiss the complaint or charge and/or will immediately request such agency or court to dismiss and withdraw from the matter, and the Releasing
Parties will not support the effort of anyone else or any entity that might file an action against a Released Party. In the event the Releasing Parties fail or refuse to undertake these obligations, the Releasing Parties agree that this release
shall operate to effectuate his/their dismissal or withdrawal of such complaint, charge or claim and that the Releasing Parties will forward to the Released Party any monies the Releasing Parties receive from such complaint, charge or claim.

 The Executive represents and warrants to the Released Parties that the Releasing Parties have not assigned or otherwise
transferred any interest in any Released Claim. The Executive covenants that the Releasing Parties shall not commence, join in, or in any manner seek relief through any suit arising out of, based upon, or relating to any Released Claim. 

If any provision of this release is held invalid, unenforceable or void to any extent by a court of competent jurisdiction, the provision
shall be modified, if possible, by reducing its duration and scope to allow enforcement of the maximum permissible duration and scope. 
 The Executive hereby agrees to indemnify, defend and hold the Released Parties harmless against and with respect to and shall reimburse any Released Party on demand for any and all losses, liabilities,
damages, claims and expenses, including, without limitation, reasonable attorneys’ fees, arising from any claim described in this release, which was initiated by the Executive, or which the Executive refused to dismiss after receiving written
demand to do so. 
  

							
	Date:
                                        
    , 20    	 		  	  
	  	
		 		  	Print Name:
                                        

  

			
	Witnessess:	 	
	
	  

	Print Name:	 	  

	
	  

	Print Name:	 	  

  
 13Exhibit 10.17

 EXHIBIT 10.17 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is
made this 9th day of December, 2009 by and between Discovery Communications, LLC (“Company”) and Peter Liguori (“Executive”). 
 As a condition to and in consideration of the mutual promises and covenants set forth in this Agreement, Company hereby offers Executive and Executive hereby accepts employment upon the terms and
conditions set forth herein. 
  

	I.	DUTIES, ACCEPTANCE, LOCATION 

  

	 	A.	Company hereby employs Executive to render exclusive and full-time services as Chief Operating Officer, upon the terms and conditions set forth herein.
Executive’s duties shall be consistent with his title and as otherwise directed by Company. 

  

	 	B.	Company reserves the right to change the individual and/or position to whom/which Executive reports and, if Company deems it necessary, subject to Section
IV(D)(1)(b) hereof, the location where Executive works, except that in no event shall Executive report to a level lower than the Chief Executive Officer of the Company. 

 

	 	C.	Executive hereby accepts such employment and agrees to render the services described above. Throughout his employment with Company, Executive agrees to serve
Company faithfully and to the best of his ability, and to devote his full business time and energy to perform the duties arising under this Agreement in a professional manner that does not discredit, but furthers the interests of Company. Executive
agrees that he shall spend the majority of his business time at the Company’s Silver Spring headquarters, exclusive of required business travel and measured on a monthly basis. The Company shall provide Executive with appropriate office space
and administrative support in the Company’s Silver Spring and Los Angeles offices. 

  

	II.	TERM OF EMPLOYMENT AND RENEWAL 

  

	 	A.	Subject to Section IV, Executive’s term of employment shall be three (3) years beginning on January 19, 2010 and ending on January 18, 2013.
This period is referred to as the “Initial Term.” The Initial Term, with any renewal period, is referred to as the “Term of Employment.” 

 

	 	B.	 The parties may mutually agree to renew this Agreement by an additional one year term. If Company wishes to negotiate a renewal to this
Agreement, it will give Executive written notice of its intent to negotiate within one hundred eighty (180) days prior to the end of the Term of Employment. If the parties

	 	 
do not mutually agree upon renewal of this Agreement, the Agreement shall expire and the Term of Employment shall end on January 18, 2013; provided, however, that if the Company offers to
renew this Agreement for at least one year on terms no less favorable than the terms of this Agreement and Executive rejects the renewal, Executive shall repay to the Company an amount equivalent to any relocation benefits provided by the Company
under Section I of Exhibit A and incurred by Executive within twelve (12) months prior to the end of the Term of Employment. Executive authorizes the Company to deduct any amounts owed from any payments due to Executive, including any
payments under the Incentive Compensation Plan, base salary, or other compensation, and agrees to pay the balance of any amounts due within 120 days after Executive’s last day of employment. If the Company elects not to negotiate to renew this
Agreement, Executive shall be eligible for a severance payment pursuant to Section IV(D)(2) herein. 

  

	III.	COMPENSATION 

  

	 	A.	Base Salary. Company agrees to provide Executive with an annual base salary of ONE MILLION DOLLARS ($1,000,000). Beginning January 19, 2010, this sum
will be paid over the course of twelve months, in increments paid on regular Company paydays, less such sums as the law requires Company to deduct or withhold. Executive’s future salary increases will be reviewed and decided in accordance with
Company’s standard practices and procedures for similarly-situated employees, but in no event may Executive’s salary be reduced. 

  

	 	B.	Bonus/Incentive Payment. In addition to the base salary paid to Executive pursuant to Section III(A), Executive shall be eligible for an annual incentive
payment target of 100% of his base salary. The portion of the incentive payment to be received by Executive will be determined in accordance with Company’s applicable incentive or bonus plan in effect at that time (e.g., subject to reduction
for Company under-performance and increase for Company over-performance) and will be paid in accordance with the applicable incentive or bonus plan. 

  

	 	C.	 Benefits. Executive shall be entitled to participate in and to receive any and all benefits generally available to executives at
Executive’s level in the company in accordance with the terms and conditions of the applicable plan or arrangement. The Company shall pay expenses or otherwise reimburse Executive for business expenses in accordance with the Company’s
Travel and Entertainment policy, as the same applies to senior executives of the Company. Executive shall be eligible for insurance coverage under the Company’s director and officer liability insurance and employment practices liability
insurance policies in accordance with those policies and in amounts similar to coverage afforded other senior executives of the Company for activities on behalf of Company and its subsidiaries, and otherwise shall be eligible for indemnification in
accordance with the Company’s corporate 

  
 2 

	 	 
governance requirements. Executive shall be eligible for four (4) weeks of paid vacation each calendar year, in accordance with the Company’s vacation policy.

  

	 	D.	Equity Program. Executive will be recommended for awards of nonqualified stock options and Performance Restricted Stock Units (“PRSUs”)
under the Discovery Communications, Inc. 2005 Incentive Plan (the “Stock Plan”), during the first 90 days of 2010, at the same time awards are made to other senior executives of the Company. The award shall be subject to approval by the
Equity Compensation Subcommittee of the Compensation Committee and made in two tranches: an award of nonqualified stock options with a target value of ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($1,250,000), and an award of PRSUs with a target
value of ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($1,250,000). The number of units for the PRSUs will be calculated by dividing the target value by the closing price of Discovery Series A common stock on the date of grant, and the number of
stock options using the Black-Scholes value as of the date of grant. The terms of the grant are subject to the terms of the Stock Plan and implementing award agreements. In the event that Executive separates at the end of the Term of Employment and
the Company has not offered to renew this Agreement for at least one year on terms no less favorable than the terms of this Agreement, Executive’s separation shall be considered a termination without Cause under the Stock Plan. The
classification of separation with respect to other plans or arrangements shall not be required to be consistent with this classification. Executive shall be considered for annual equity grants in 2011, 2012, and, if applicable, future years, in
accordance with the Company’s normal executive compensation processes and practices for similarly-situated employees. 

  

	 	E.	Relocation. Executive shall be eligible for relocation benefits in accordance with the attached Exhibit A. 

 

	 	F.	Signing Bonus. In addition to the payments set forth above, Executive will receive a one-time only signing bonus of TWO HUNDRED THOUSAND DOLLARS
($200,000), subject to customary withholdings and deductions. The signing bonus will be paid to Executive within twenty (20) days of his first day of employment. In the event that Executive should terminate his employment other than for Good
Reason (as defined below) within one year of his hire date, Executive will be required to repay the signing bonus to Company in full. 

  

	IV.	TERMINATION OF EMPLOYMENT AND AGREEMENT 

  

	 	A.	 Death. If Executive should die during the Term of Employment, this Agreement will terminate. No further amounts or benefits shall be
payable except earned but unpaid base salary, accrued but unused vacation, unreimbursed expenses, and those benefits that may vest in accordance with 

  
 3 

	 	 
the controlling documents for other relevant Company benefits programs, which shall be paid in accordance with the terms of such other Company benefit programs, including the terms governing the
time and manner of payment. 

  

	 	B.	Inability To Perform Duties. If, during the Term of Employment, Executive should become physically or mentally disabled, such that he is unable to perform
his duties under Sections I (A) and (C) hereof for (i) a period of six (6) consecutive months or (ii) for shorter periods that add up to six (6) months in any eight (8)-month period, by written notice to the Executive,
Company may terminate this Agreement. Notwithstanding the foregoing, Executive’s employment shall terminate upon Executive incurring a “separation from service” under the medical leave rules of Section 409A. In that case, no
further amounts or benefits shall be payable to Executive, except that until (i) he is no longer disabled or (ii) he becomes 65 years old — whichever happens first — Executive may be entitled to receive continued coverage under
the relevant medical or disability plans to the extent permitted by such plans and to the extent such benefits continue to be provided to the Company executives at Executive’s level in the Company generally, provided that in the case of any
continued coverage under one or more of Company’s medical plans, if Company determines in good faith that the provision of continued medical coverage at Company’s sole or partial expense may result in Federal taxation of the benefit
provided thereunder to Executive or his dependents because such benefits are provided by a self-insured basis by Company, then Executive shall be obligated to pay the full monthly COBRA or similar premium for such coverage. In such event, the
Company shall pay Executive, in a lump sum, an amount equivalent to the monthly premium for COBRA coverage for the remaining balance of the Term of Employment. 

 

	 	C.	Termination For Cause. 

  

	 	1.	Company may terminate Executive’s employment and this Agreement for Cause by written notice. Cause shall mean under this paragraph: i) the conviction of, or nolo
contendere or guilty plea, to a felony (whether any right to appeal has been or may be exercised); ii) conduct constituting embezzlement, material misappropriation or fraud, whether or not related to Executive’s employment with the Company;
iii) conduct constituting a financial crime, material act of dishonesty or conduct in violation of Company’s Code of Business Conduct and Ethics; (iv) improper conduct substantially prejudicial to the Company’s business; v) willful
unauthorized disclosure or use of Company confidential information; (vi) material improper destruction of Company property; or (vii) willful misconduct in connection with the performance of Executive’s duties.

  
 4 

	 	2.	In the event that Executive materially neglects his duties under Sections I(A) or (C) hereof or engages in other conduct that constitutes a material breach by
Executive of this Agreement (collectively “Breach”), Company shall so notify Executive in writing. Executive will be afforded a one-time-only opportunity to cure the noted Breach within ten (10) days from receipt of this notice. If no
cure is achieved within this time, or if Executive engages in the same Breach a second time after once having been given the opportunity to cure, Company may terminate this Agreement by written notice to Executive. 

 

	 	3.	Any termination of employment pursuant to Sections IV(C)(1) or Section IV(C)(2) hereof shall be considered a termination of Executive’s employment “For
Cause” (or for “Cause”) and upon such termination, Executive shall only be entitled to receive earned but unpaid base salary, accrued but unused vacation, unreimbursed expenses, and any amounts or benefits hereunder that have been
earned or vested at the time of such termination in accordance with the terms of the applicable governing Company plan(s), (including the provisions of such plan(s) governing the time and manner of payment), and/or as may be required by law.
“Cause” as used in any such Company plan shall be deemed to mean solely the commission of the acts described in Sections IV(C)(1) or Section IV(C)(2) hereof (after giving effect to the cure opportunity described therein).

  

	 	D.	Termination Of Agreement By Executive for Good Reason/Termination of Agreement by Company Not For Cause. 

 

	 	1.	 Company may terminate Executive’s employment and this Agreement not for Cause (as “Cause” is defined above), and Executive may terminate
his employment and this Agreement for “good reason” as defined herein. “Good Reason” for purposes of this Agreement shall only mean the occurrence of any of the following events without Executive’s consent: (a) a
material reduction in Executive’s duties or responsibilities; (b) Company’s material change in the location of the Company office where Executive works (e.g., relocation to a location outside the Washington DC metropolitan area),
(c) the change of Executive’s reporting relationship to a level below the level of the Company’s CEO, or (d) a material breach of this Agreement through the Company’s failure to comply with Section III(D); provided however,
that Executive must provide the Company with written notice of the existence of the change constituting Good Reason within sixty (60) days of any such event having occurred, and allow the Company thirty (30) days to cure the same. If
Company so cures the change, Executive shall not have a basis for terminating his/her employment for Good Reason with respect to such cured change. In addition, in the event a change occurs that triggers Executive’s right to terminate this
Agreement for Good Reason, Executive must exercise 

  
 5 

	 	 
his right in writing to terminate this Agreement for Good Reason within sixty (60) days of the effective date of the applicable change or upon the change becoming known to him or such right
shall be deemed waived. 

  

	 	2.	If Company terminates Executive’s employment and this Agreement not for Cause, or if Executive terminates his employment and this Agreement for Good Reason then
the following payments (“Severance Payment”) will be made: 

 (a) Consistent with the Company’s
normal payroll practices, within thirty (30) days following the last day of the Release Deadline (as defined below), Company will commence to pay Executive Executive’s annual base salary for the longer of (i) the balance of the Term
of Employment, (ii) twenty-six (26) weeks (the “Base Salary Continuation”), or the amount payable under IV(D)(4). In the event the period of Base Salary Continuation is calculated under Section 2(a)(ii) of this paragraph and
the Company relieves the Executive of all of Executive’s work responsibilities for some period of time prior to the effective date of Executive’s termination of employment, this period of “garden leave” shall be offset against
the number of weeks of Base Salary Continuation. 
 The Base Salary Continuation shall be paid in substantially equal increments
on regular Company paydays, less required deductions and withholdings, until the balance is paid in full. 
 (b) Executive will
be paid the prorated portion of his bonus under the Company’s incentive or bonus plan for the year in which the termination occurs. The bonus/incentive payment portion of the Severance Payment will be paid in the year following the calendar
year in which the termination occurs on the date that Company pays bonuses/incentive payments to its other executives at Executive’s level in the Company and will be paid at the target amount set forth in Section III(B), subject to satisfying
the performance conditions of the bonus/incentive plan and the terms and conditions of the actual bonus/incentive plan in effect at the time (e.g., Executive’s bonus/incentive payment will be subject to reductions for Company under-performance
or increases for Company over-performance if Company under-performance or over-performance is a factor in determining bonus awards, or for any change to the applicable bonus/incentive payment plan, that may result in Executive’s receiving an
amount that is less than the target amount set forth in Section III(B)). 
 (c) The Company shall reimburse Executive for up to
18 months of continued health coverage (medical, dental, and vision) under the 

  
 6 

 
applicable Company medical plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), should Executive be eligible for and elect COBRA. These reimbursements shall be
subject to required withholdings. In the event the balance of Term of Employment is greater than 18 months, the Company shall pay Executive at the end of the 18-month period an amount equivalent to the then-current COBRA premium for the number
additional months remaining in the Term of Employment. If Company determines in good faith that reimbursement of the cost of continued medical coverage at Company’s sole or partial expense may result in Federal taxation of the benefit provided
thereunder to Executive or his dependents because such benefits are provided by a self-insured basis by Company, then Executive shall be obligated to pay the full monthly COBRA or similar premium for such coverage. In such event, the Company shall
pay Executive, in a lump sum, an amount equivalent to the monthly premium for COBRA coverage for the remaining balance of the Term of Employment. 
  

	 	3.	No Severance Payment will be made if Executive fails to sign a release in the form substantially similar to that attached hereto as Exhibit B. Such release must
be executed and become effective within the sixty (60) calendar day period following the date of Executive’s “separation from service” within the meaning of Section 409A (the last day of such period being the “Release
Deadline”). No Severance Payment will be made if Executive violates the provisions of Section VI hereof, in which case all Severance Payment shall cease, and those already made shall be forfeited. 

 

	 	4.	Company agrees that if, at the time Executive is Terminated not For Cause, or Executive terminates his employment for Good Reason, Company has a standard severance
policy in effect that would be applicable in the absence of this Agreement (i.e., applicable to the circumstances surrounding the termination) and that would result in Executive’s receiving a sum greater than this Severance Payment, Executive
will receive whichever is the greater of these two payments; provided, that if (i) the standard severance policy would provide for a sum greater than the Severance Payment, and (ii) the payment schedule under the Severance Policy is
different from the payment schedules for the Severance Payment and would result in an impermissible acceleration or delay in payment in violation of the time and manner of payment requirements of Section 409A, then the payment schedule provided
in the Company’s standard severance policy shall only apply to the portion of the amount payable under the standard severance policy that exceeds the Severance Payment. 

 

	 	5.	 If Executive terminates this Agreement before the Term of Employment has expired for a reason other than those stated in Section

  
 7 

	 	 
IV(D)(1) hereof, it will be deemed a material breach of this Agreement. Executive agrees that, in that event, in addition to any other rights and remedies which Company may have as a result of
such breach, he will forfeit all right and obligations to be compensated for any base salary continuation, Severance Payment, bonus/incentive payment that may otherwise be due under this Agreement, pursuant to other Company plans or policies, or
otherwise, except as may be required by law. 

  

	 	E.	Right To Offset. In the event that Executive secures employment or any consulting or contractor or business arrangement for services he performs during
the period that any payment from Company is continuing or due under Section IV(D) hereof, Executive shall have the obligation to timely notify Company of the source and amount of payment (“Offset Income”). Company shall have the right to
reduce the amounts it would otherwise have to pay Executive by the Offset Income. Executive acknowledges and agrees that any deferred compensation for his services from another source that are performed while receiving Severance Payment from
Company, will be treated as Offset Income (regardless of when Executive chooses to receive such compensation). Executive agrees that timely failure to provide such notice or to respond to inquiries from Company regarding any such Offset Income shall
be deemed a material breach of this Agreement. Executive also agrees that Company shall have the right to inquire of third party individuals and entities regarding potential Offset Income and to inform such parties of Company’s right of offset
under this Agreement with Executive. Accordingly, Executive agrees that no further Severance Payment from Company will be made until or unless this breach is cured and that all payments from Company already made to Executive, during the time he
failed to disclose his Offset Income, shall be forfeited and must be returned to Company upon its demand. Any offsets made by the Company pursuant to this Section shall be made at the same time and in the same amount as a Severance Payment amount is
otherwise payable (applying the Offset Income to the Company’s payments in the order each are paid) so as not to accelerate or delay the payment of any Severance Payment installment. 

 

	 	F.	 Mitigation. In the event of termination of employment pursuant to Section IV(D) herein, and during the period that any payment from
Company is continuing or due under Section IV(D), Executive shall be under a continuing obligation to seek other employment, including taking all reasonable steps to identify and apply for any comparable, available jobs for which Executive is
qualified. At the Company’s request, Executive may be required to furnish to the Company proof that Executive has engaged in efforts consistent with this paragraph, and Executive agrees to comply with any such request. Executive
further agrees that the Company may follow-up with reasonable inquiries to third parties to confirm Executive’s mitigation efforts. Should the Company determine in good faith that Executive failed to take reasonable steps to secure

  
 8 

	 	 
alternative employment consistent with this paragraph, the Company shall be entitled to cease any payments due to Executive pursuant to Section IV(D)(2). 

 

	V.	CONFIDENTIAL INFORMATION 

  

	 	A.	Executive acknowledges his fiduciary duty to Company. As a condition of employment, Executive agrees to protect and hold in a fiduciary capacity for the benefit
of Company (except as required by law or as may be required within the scope of his duties hereunder) all confidential information, knowledge or data, including the terms of this Agreement and, without limitation, all trade secrets relating to
Company or any of its subsidiaries, and their respective businesses, (i) obtained by the Executive during his employment by Company or otherwise and (ii) that is not otherwise publicly known (other than by reason of an unauthorized act by
the Executive). Executive may disclose the terms of this Agreement to his immediate family members, representatives, and prospective employers. After termination of the Executive’s employment with Company, Executive shall not communicate or
divulge any such information, knowledge or data to anyone other than Company and those designated by it, without the prior written consent of Company, except as herein provided or as required by law. 

 

	 	B.	In the event that Executive is compelled, pursuant to a subpoena or other order of a court or other body having jurisdiction over such matter, to produce any
information relevant to Company, whether confidential or not, Executive agrees to provide Company with written notice of this subpoena or order so that Company may timely move to quash if appropriate. 

 

	 	C.	Executive also agrees to cooperate with Company in any legal action for which his participation is needed. Company agrees to try to schedule all such meetings so
that they do not unduly interfere with Executive’s pursuits after he is no longer in Company’s employ and will reimburse Executive for reasonable travel expenses incurred in connection with such cooperation. 

 

	VI.	RESTRICTIVE COVENANTS 

  

	 	A.	 Executive covenants that if he is Terminated For Cause pursuant to Section IV(C) hereof or terminates his employment for other than Good Reason
as set forth in Section IV(D)(1) hereof, for a period of twelve (12) months after the conclusion of Executive’s employment with Company, he will not perform any work on, related to, or respecting non-fiction television programming or
engage in any activities on behalf of any company or any entity related to nonfiction television programming services for distribution to cable, satellite and/or other multi-channel distribution platforms (any such company or entity, a
“Competitor”). The Company agrees that the Executive performing work for an entity that engages in non-fiction programming, but in a role that is for the most part engaged in fictional or scripted programming, shall not be considered a
violation of this Agreement, nor shall activities unrelated to non-

  
 9 

	 	 
fiction programming, even if for an entity that engages in non-fiction programming. Executive agrees that this Section VI(A) is a material part of this Agreement, breach of which will cause
Company irreparable harm and damages, the loss of which cannot be adequately compensated at law. In the event that the provisions of this paragraph should ever be deemed to exceed the limitations permitted by applicable laws, Executive and Company
agree that such provisions shall be reformed to the maximum limitations permitted by the applicable laws. 

  

	 	B.	If Executive is Terminated not For Cause, or terminates his employment for Good Reason, pursuant to Section IV(D)(1) hereof, before expiration of the Term of
Employment, Executive will be released from this covenant not to compete. 

  

	 	C.	If Executive works for Company through and until the end of the Term of Employment, Company agrees that Executive will be released from the covenant not to
compete in Section VI(A) hereof. 

  

	 	D.	During his employment and upon termination of Executive’s employment with Company, regardless of the reason for the termination, Executive covenants that
for a period of twelve (12) months, he will not directly solicit any employees of Company or its subsidiary and affiliated companies (other than Executive’s personal assistant) to leave their employment nor indirectly aid in the
solicitation of such employees. 

  

	 	E.	During the period Executive is employed by Company, Executive covenants and agrees not to engage in any other business activities whatsoever, or to directly or
indirectly render services of a business, commercial or professional nature to any other business entity or organization, regardless of whether Executive is compensated for these services. The only exception to this provision is if Executive obtains
the prior written consent of Company’s President and Chief Executive Officer. The activities reflected on Exhibit C have been approved. 

  

	 	F.	 Throughout the period that Executive is an employee of Company, Executive agrees to disclose to Company any direct investments (i.e., an
investment in which Executive has made the decision to invest in a particular company) he has in a company that is Company’s Competitor or that Company is doing business with during the Term of Employment (“Company”), if such direct
investments result in Executive or Executive’s immediate family members, and/or a trust established by Executive or Executive’s immediate family members, owning five percent or more of such a Competitor or Company. This Section VI(F) shall
not prohibit Executive, however, from making passive investments (i.e., where Executive does not make the decision to invest in a particular company, even if those mutual funds, in turn, invest in such a Competitor or Company). Regardless of the
nature of Executive’s investments, Executive herein agrees that his investments may not materially 

  
 10 

	 	 
interfere with Executive’s obligations and ability to provide services under this Agreement. 

 

	 	G.	In the event that Executive violates any provision of this Section VI, in addition to any injunctive relief and damages to which Executive acknowledges Company
would be entitled, all Severance Payment to Executive, if any, shall cease, and those already made will be forfeited. 

  

	VII.	ARBITRATION 

  

	 	A.	Submission To Arbitration. Company and Executive agree to submit to arbitration all claims, disputes, issues or controversies between Company and
Executive or between Executive and other employees of Company or its subsidiaries or affiliates (collectively “Claims”) directly or indirectly relating to or arising out of Executive’s employment with Company or the termination of
such employment including, but not limited to Claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans With Disabilities Act of 1990,
Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Employee Retirement Income Security Act, any Claim arising out of this Agreement, and any similar federal, state or local law, statute, regulation or
common law doctrine. 

  

	 	B.	Use Of AAA. Choice of Law. All Claims for arbitration shall be presented to the American Arbitration Association (“AAA”) in accordance with its
applicable rules. The arbitrator(s) shall be directed to apply the substantive law of federal and state courts sitting in Maryland, without regard to conflict of law principles. Any arbitration, pursuant to this Agreement, shall be deemed an
arbitration proceeding subject to the Federal Arbitration Act. 

  

	 	C.	Binding Effect. Arbitration will be binding and will afford parties the same options for damage awards as would be available in court. Executive and
Company agree that discovery will be allowed and all discovery disputes will be decided exclusively by arbitration. 

  

	 	D.	Damages and Costs. Each party shall pay its own costs and attorneys’ fees; however, the arbitrator may award costs and reasonable outside
attorneys’ fees to the prevailing party to the extent permitted by law. If the claim concerns an alleged violation of a public policy or a statutory or constitutional provision, the Company will pay all costs unique to the arbitration to the
extent such costs would not otherwise be incurred in a court proceeding – for instance, the Company will, if required, pay the arbitrator’s fees to the extent they exceed court filing fees. If the claim does not concern an alleged
violation of a public policy or a statutory or constitutional provision, the parties shall share equally the arbitrator’s fees and costs. Any damages shall be awarded only in accord with applicable law. Reinstatement shall only be awarded if
monetary damages are insufficient. 

  
 11 

	VIII.	CONTROLLING LAW AND ADDITIONAL COVENANTS 

  

	 	A.	The validity and construction of this Agreement or any of its provisions shall be determined under the laws of Maryland. The invalidity or unenforceability of
any provision of this Agreement shall not affect or limit the validity and enforceability of the other provisions. 

  

	 	B.	If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless
continue in full force without being impaired or invalidated. 

  

	 	C.	Executive expressly acknowledges that Company has advised Executive to consult with independent legal counsel of his choosing to review and explain to Executive
the legal effect of the terms and conditions of this Agreement prior to Executive’s signing this Agreement. 

  

	 	D.	This Agreement supersedes any and all other agreements, either oral or in writing, between the parties with respect to the employment of Executive by Company,
and contains all of the covenants and agreements between the parties with respect to such employment in any manner whatsoever. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, orally or
otherwise, have been made by any party, or anyone acting on behalf of any party, that are not stated in this Agreement, and that no other agreement, statement or promise not contained in this Agreement shall be valid or binding.

  

	 	E.	Any modifications to this Agreement will be effective only if in writing and signed by the party to be charged. 

 

	 	F.	Any payments to be made by Company hereunder shall be made subject to applicable law, including required deductions and withholdings. 

 

	 	G.	Section 409A of the Code. 

  

	 	1.	It is intended that the provisions of this Agreement comply with Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively,
“Code Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Notwithstanding the foregoing, the Company shall
have no liability with regard to any failure to comply with Code Section 409A so long as it has acted in good faith with regard to compliance therewith. 

 

	 	2.	If under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment shall be treated as a separate
payment. 

  
 12 

	 	3.	A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon
or following a termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a
“resignation,” “termination,” “termination of employment” or like terms shall mean Separation from Service. 

  

	 	4.	If Executive is deemed on the date of termination of his employment to be a “specified employee”, within the meaning of that term under
Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then: 

 

	 	a.	With regard to any payment, the providing of any benefit or any distribution of equity upon separation from service that constitutes “deferred compensation”
subject to Code Section 409A, such payment, benefit or distribution shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of the Executive’s Separation from Service or
(ii) the date of the Executive’s death; and 

  

	 	b.	On the first day of the seventh month following the date of Executive’s Separation from Service or, if earlier, on the date of his death, (x) all payments
delayed pursuant to this Section VIII(G)(4) (whether they would otherwise have been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, with simple interest at the Wall
Street Journal Prime Rate in effect on the date of termination of employment, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal dates specified from them herein and (y) all
distributions of equity delayed pursuant to this Section VIII(G)(4) shall be made to Executive. 

  

	 	5.	 With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code
Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits, provided during any
taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed under any
arrangement 

  
 13 

	 	 
covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or
before the last day of the Executive’s taxable year following the taxable year in which the expense occurred. 

  

	 	6.	Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days
following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

  

	 	H.	This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of the Executive) and assigns.
The rights or obligations under this Agreement may be not be assigned or transferred by either party, except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the
continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or
transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. 

  

	 	I.	This Agreement may be executed with electronic signatures, in any number of counterparts, as shall subsequently be executed with actual signatures. The
electronically signed Agreement shall constitute one original agreement. Duplicates and electronically signed copies of this Agreement shall be effective and fully enforceable as of the date signed and sent. 

 

	 	J.	All notices and other communications to be made or otherwise given hereunder shall be in writing and shall be deemed to have been given when the same are
(i) addressed to the other party at the mailing address, facsimile number or email address indicated below, and (ii) either: (a) personally delivered or mailed, registered or certified mail, first class postage-prepaid return receipt
requested, (b) delivered by a reputable private overnight courier service utilizing a written receipt or other written proof of delivery, to the applicable party, (c) faxed to such party, or (d) sent by electronic email. Any notice
sent in the manner set forth above by United States Mail shall be deemed to have been given and received three (3) days after it has been so deposited in the United States Mail, and any notice sent in any other manner provided above shall be
deemed to be given when received. The substance of any such notice shall be deemed to have been fully acknowledged in the event of refusal of acceptance by the party to whom the notice is addressed. Until further notice given in according with the
foregoing, the respective addresses, fax numbers and email addresses for the parties are as follows: 

  
 14 

 If to Company: 

Discovery Communications, LLC 
 One Discovery Place 
 Silver Spring, MD 20910-3354 

Attention: Carrie Storer, Esq. 
 Fax: (240) 662-8656 
 Email: Carrie_Storer@discovery.com 

 

					
	If to Executive:	  	With a copy to:	  	 
	Peter Liguori	  	Del, Shaw, Moonves, Tanaka,	  	
	at the home address then on file	  	Finkelstein & Lezcano	  	
	with the Company	  	2120 Colorado Avenue, Suite 200	  	
		  	Santa Monica, California 90404	  	
		  	Attention: Ernest Del, Esq.	  	

 In witness whereof, the parties have caused this Agreement to be duly executed as of the date set
forth above. 
  

	
	       /s/ Peter Liguori

	Executive
	
	       /s/ David Zaslav

	Discovery Communications, LLC

  
 15 

 EXHIBIT A 
 Relocation and Transition Benefits 
 I. Relocation Benefits: Executive shall receive
and be subject to Company’s relocation policy for executives at Executive’s job level during the Initial Term, as the same may be modified from time to time, and receive all benefits afforded under Company’s relocation policy
associated with the sale of his California residence and purchase of a home in the Washington, DC, metropolitan area. These benefits shall be available for a relocation in 2011 or 2012. 
 Executive shall pay out of pocket for any relocation expenses incurred in 2011 and the Company shall reimburse for any expenses incurred in 2011 in 2012. With respect to relocation expenses incurred in
2012, the Company shall pay directly in 2012 for any expenses that are subject to direct payment under the relocation policy and reimburse Executive in 2012 for any expenses that are treated as reimbursements under the policy. The miscellaneous
expense allowance and any other allowances that are paid in lieu of reimbursement or direct payment will be paid in 2012. 
 The Company shall
make reimbursements due under the policy within 30 days of receipt of documentation in a form reasonably satisfactory to the Company and in no event later than the end of the calendar year following the year in which the expense is incurred. These
benefits are available only during the timeframe specified and are forfeited if not otherwise used. 
 II. Additional Transition
Benefits: In addition to the benefits provided by the relocation policy, the Company shall provide a miscellaneous expense payment to Executive in the amount of $100,000, less required withholdings, within the first 30 days of employment. This
payment is designed to defray, in part, costs such as transitional housing, furniture rental and purchase of needed household items. 
 The
Company also shall: 
  

	 	•	 	 Reimburse Executive for personal transportation expenses for travel between the Washington, DC, metropolitan area and Executive’s residence in
California, as follows: 

  

	 	•	 	 Up to $40,000 for travel expenses incurred in 2010; 

  

	 	•	 	 Up to $40,000 for travel expenses incurred in 2011; 

  

	 	•	 	 Up to $20,000 for travel expenses incurred in 2012. 

 These reimbursements shall cease in the event Executive has moved his primary residence from California to the Washington, DC, metropolitan area. The Company will gross up these reimbursements for any
associated income taxes actually finally borne by Executive with respect to such reimbursements, such gross up to be paid upon satisfactory documentation of net taxes (after deductions) to be incurred on the payments and with the payment to be made
no later than the end of the respective tax year in which Executive pays such tax; 

  
 16 

	 	•	 	 Reimburse Executive for the transport of one vehicle from his home in California to his temporary residence in the Washington, DC, metropolitan area,
provided that the transport occurs within the first six months of the Term of Employment; 

  

	 	•	 	 Provide Executive with a suitable corporate apartment in the Washington, DC, metropolitan area for the first six months of the Initial Term (monthly
cost of up to $5,000); and 

  

	 	•	 	 Make these reimbursements within 30 days of receipt of documentation in a form reasonably satisfactory to the Company and in no event later than the
end of the calendar year following the year in which the expense is incurred. These reimbursements are available only during the timeframes specified and are forfeited if not otherwise used. 

  
 17 

 EXHIBIT B 
 AGREEMENT AND GENERAL RELEASE 
 This Agreement and General Release
(“Release”) is entered into by and between Discovery Communications, LLC (“Company”) and
                                        
(“Executive”) to resolve any and all disputes concerning his employment with Company and his separation from employment on
                                        .
Accordingly, in exchange for the consideration and mutual promises set forth herein, the parties do hereby agree as follows: 

1. Effective close of business
                                        ,
Executive’s employment with Company will terminate, and all salary continuation and benefits will cease other than those to which Executive is entitled in consideration for this Release as set forth in Executive’s Employment Agreement with
Company (“Agreement”), which is incorporated by reference, and as a matter of law (e.g., COBRA benefits). 
 2. In
consideration for Executive’s executing this Release of any and all legal claims he might have against the Discovery Parties (as defined below), and the undertakings described herein, and to facilitate his transition to other employment,
Company agrees to provide Executive with the consideration detailed in Section IV(D)(“Severance Payment”) of the Agreement of the Agreement. 
 3. Neither Company nor Executive admits any wrongdoing of any kind, and both agree that neither they nor anyone acting on their behalf will disclose this Release, or its terms and conditions.
Notwithstanding the foregoing, Executive is not barred from disclosing this Release to his legal, financial and personal advisors, immediate family or to those persons essential for Executive to (a) implement or enforce his rights under this
Release and the Agreement in which the Release is incorporated; (b) defend himself in a lawsuit, investigation or administrative proceeding; (c) file tax returns; (d) advise a prospective employer, business partner or insurer of the
contractual restrictions on his post-Company employment, or (e) make other disclosures required by law. 
 4. In exchange
for the undertakings by Company described in the above paragraphs: 
 a. Executive, for himself, his heirs, executors,
administrators and assigns, does hereby release, acquit and forever discharge Company, its subsidiaries, affiliates and related entities, as well as all of their respective officers, shareholders, shareholder representatives, directors, members,
partners, trustees, employees, attorneys, representatives and agents (collectively, the “Discovery Parties”), from any and all claims, demands, actions, causes of action, liabilities, obligations, covenants, contracts, promises,
agreements, controversies, costs, expenses, debts, dues, or attorneys’ fees of every name and nature, whether known or unknown, without limitation, at law, in equity or administrative, against the Discovery Parties that he may have had, now has
or may have against the Discovery Parties by reason of any matter or thing arising from the beginning of the world to the day and date of this Release, including any claim 

  
 18 

 
relating to the termination of his employment with any Discovery Party. Those claims, demands, liabilities and obligations from which Executive releases the Discovery Parties include, but are not
limited to, any claim, demand or action, known or unknown, arising out of any transaction, act or omission related to Executive’s employment by any Discovery Party and Executive’s separation from such employment, sounding in tort or
contract, including any claims of retaliation under statute, regulation, or common law, and/or any cause of action arising under federal, state or local statute or ordinance or common law, including, but not limited to, the federal Age
Discrimination In Employment Act of 1967, Title VII of the Civil Rights Act of 1964, as amended, the Americans With Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the
Fair Labor Standards Act, the Maryland Human Rights Act, as well as any similar state or local statute(s), in each case as any such law may be amended from time to time. The foregoing shall, in accordance with applicable law, not prohibit or prevent
Executive from filing a Charge with the United States Equal Employment Opportunity Commission (“EEOC”) and/or any state or local agency equivalent, and/or prohibit or prevent Executive from participating in any investigation of any Charge
filed by others, albeit that he understands and agrees that he shall not be entitled to seek monetary compensation for herself from the filing and/or participation in any such Charge. 

b. Executive expressly acknowledges that his attorney has advised his regarding, and he is familiar with the fact that certain state
statutes provide that general releases do not extend to claims that the releasor does not know or suspect to exist in his favor at the time he executes such a release, which if known to his may have materially affected his execution of the release.
Being aware of such statutes, Executive hereby expressly waives and relinquishes any rights or benefits he may have under such statutes, as well as any other state or federal statutes or common law principles of similar effect, and hereby
acknowledges that no claim or cause of action against any Discovery Party shall be deemed to be outside the scope of this Release whether mentioned herein or not. Executive also specifically knowingly waives the provisions of Section 1542 of
the Civil Code of the State of California, which reads: A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by his must have materially
affected his settlement with the debtor. Notwithstanding the provisions of Civil Code Section 1542 stated above and for the purpose of implementing a full and complete release and discharge of the Discovery Parties, Executive expressly
acknowledges that this Agreement is specifically intended to include in its effect all claims that he does not know or suspect to exist in his favor at the time he signs this Agreement. 

c. Executive hereby acknowledges that he is executing this Release pursuant to the Agreement, and that the consideration to be
provided to Executive pursuant to Section IV(D) of the Agreement is in addition to what he would have been entitled to receive in the absence of this Release. Executive hereby acknowledges that he is executing this Release voluntarily and with full
knowledge of all relevant information and any and all rights he may have. Executive hereby acknowledges that he has been advised to consult with an independent attorney of his own choosing in connection with this Release to explain to his the legal
effect of the terms and conditions of this Release and that Executive has consulted such an attorney for such purpose. Executive acknowledges that he has read this Release in its entirety. Executive further states that he fully understands

  
 19 

 
the terms of this Release and that the only promises made to his in return for signing this Release are stated herein and in the Agreement in which this Release is incorporated. Executive hereby
acknowledges that he is voluntarily and knowingly agreeing to the terms and conditions of this Release without any threats, coercion or duress, whether economic or otherwise, and that Executive agrees to be bound by the terms of this Release.
Executive acknowledges that he has been given twenty-one (21) days to consider this Release, and that if Executive is age forty (40) or over, Executive understands that he has seven (7) days following his execution of this Release in
which to revoke his agreement to comply with this Release by providing written notice of revocation to the General Counsel of Company no later than three business days following such period. 

d. Executive further hereby covenants and agrees that this General Release shall be binding in all respects upon himself, his heirs,
executors, administrators, assigns and transferees and all persons claiming under them, and shall inure to the benefit of all of the officers, directors, agents, employees, stockholders, members and partners and successors in interest of Company, as
well as all parents, subsidiaries, affiliates, related entities and representatives of any of the foregoing persons and entities. 
 e. Executive agrees that he will not disparage any Discovery Party or make or publish any communication that reflects adversely upon any of them, including communications concerning Company itself and its
current or former directors, officers, employees or agents. Similarly, Discovery Communications, LLC hereby agrees that its directors, officers, and executives shall not take any actions or make any statements, written or oral, which disparage or
defame the goodwill or reputation of Executive, or make, issue, or publish any communication of a derogatory nature about him. This paragraph shall not prohibit the publication of truthful, verifiable statements by any Party regarding the other
Party, when such statements are required to be made under oath to or in front of any court, arbitrator, administrative or legislative body. The Parties shall mutually agree upon any press release regarding Executive’s departure from the
Company. 
 f. The Company irrevocably and unconditionally releases Executive from any and all claims, demands, actions, causes
of action, liabilities, obligations, covenants, contracts, promises, agreements, controversies, costs, expenses, debts, dues, or attorneys’ fees of every name and nature, without limitation, at law, in equity or administrative, that are known
to the Company as of the date the Company executes this Release, except that nothing herein shall release the Executive from any claims or damages based on (i) any right the Company may have to enforce this Agreement, or (ii) any right or
claim that arises after this Release becomes effective. 
 5. a. If any provision of this Release is found to be invalid,
unenforceable or void for any reason, such provision shall be severed from the Release and shall not affect the validity or enforceability of the remaining provisions. 
 b. Company and Executive agree that this Release, consisting of three (3) pages, and the Agreement in which this Release is incorporated, constitutes the entire agreement between them. The parties
further warrant that they enter into this Release freely. 

  
 20 

 c. This Release shall be interpreted, enforced and governed by the laws of the State of
Maryland without regard to the choice of law principles thereof. 

  
 21 

 IN WITNESS WHEREOF, the parties have signed this Agreement and General Release this
     day of 

                    ,
20    . 
  

			
	 EXECUTIVE

		
	 By:
	 	  

			
		
	 Print Name:
	 	  

 Subscribed and sworn to before me this      day of
                    , 200    . 

 

					
		 	  
 Notary
Public

	 	 	My Commission Expires	 	  

 

			
	DISCOVERY COMMUNICATIONS, LLC
		
	By:	 	  

			
		
	Title:	 	  

			
		
	Print Name:	 	  

			
		
	Date:	 	  

  
 22 

 EXHIBIT C 
 Approved Outside Activities 
 Hollywood Radio and Television Society, Board of
Directors 
 Topps Company, Inc., Board of Directors 

  
 23

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