Document:

exv10w46

Exhibit 10.46

AMENDMENT NO. 1 TO CREDIT AGREEMENT

THIS
AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment No. 1 to Credit Agreement”) is
made as of the 3rd day of March, 2011 (the “Amendment Closing Date”), by and among CHICO’S FAS,
INC., a Florida corporation (“Parent”), WHITE HOUSE | BLACK MARKET, INC., a Florida corporation
(“WHBM”), CHICO’S RETAIL SERVICES, INC., a Florida corporation (“Chico’s Retail”), CHICO’S
DISTRIBUTION SERVICES, LLC, a Georgia limited liability company (“Chico’s Distribution”), SOMA
INTIMATES, LLC, a Florida limited liability company (“Soma”; Parent, WHBM, Chico’s Retail, Chico’s
Distribution and Soma are referred to herein each individually as a “Borrower” and, collectively,
as the “Borrowers”), Chico’s Brand Investments, Inc., a Florida corporation, Chico’s Creative
Designs, Inc., a Florida corporation, and Chico’s Production Services, Inc., a Florida corporation
(each, individually, a “Guarantor” and, collectively, the “Guarantors”), the Lenders, SUNTRUST
BANK, as the Issuing Bank, and SUNTRUST BANK, as the Administrative Agent,.

RECITALS

          A. The Borrowers, Guarantors, Lenders, Administrative Agent, and Issuing Bank have entered
into a Credit Agreement, dated as of November 24, 2008 (as amended or modified to date, the “Credit
Agreement”). Capitalized terms used but not defined in this Amendment No. 1 to Credit Agreement
shall have the meanings that are set forth in the Credit Agreement.

          B. The parties now desire to amend the Credit Agreement as set forth below.

AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this
Amendment No. 1 to Credit Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

          SECTION 1. Amendment. Upon satisfaction of the conditions set forth in Section
3 below, the Credit Agreement is amended by deleting the definition of Fixed Charge Coverage
Ratio from Section 1.1 and substituting the following revised definition of Fixed Charge Coverage
Ratio:

“Fixed Charge Coverage Ratio” shall mean, with respect to the Borrowers
and their Subsidiaries on a consolidated basis for any period, calculated on a Pro
Forma Basis during such period, the ratio of (a) the greater of (i) (x) EBITDAR for
such period minus (y) the sum of (A) Capital Expenditures made during such period
and not financed with the proceeds of Funded Debt (other than the proceeds of a
Loan) and (B) tax payments paid in cash during such period, or (ii) zero, to (b) the
sum of without duplication (i) scheduled payments of principal made with respect to
Funded Debt during such period (which, for purposes of

 

 

clarification, exclude (i) principal payments (other than scheduled amortization
payments, if any) made on any outstanding Funded Debt prior to its maturity and
(ii) prepayments under the Revolving Loans), (ii) Interest Expense during such
period, (iii) Restricted Purchases and Restricted Payments paid during such period
(other than (A) Dividends paid in kind and (B) so long as Borrowers and their
Subsidiaries have Liquidity (defined below) in an amount at least equal to
$150,000,000 and no Default or Event of Default has occurred and is continuing,
Restricted Payments and Restricted Purchases in an aggregate amount, during the
term of this Agreement, not in excess of $250,000,000 under Parent’s stock
repurchase plan adopted at a meeting of Parent’s board of directors in August 2010
and continuing in effect through January 2013) and (iv) Lease Expense during such
period. For purposes hereof, Liquidity shall mean, at any time, for Borrower and
its Subsidiaries on a consolidated basis, the sum of (i) Availability and (ii)
unrestricted cash and Cash Equivalents (which amount shall be reported in each
Compliance Certificate delivered by Borrowers pursuant to Section 7.3).

          SECTION 2. Representations and Warranties. Each Borrower Party hereby represents and
warrants to the Administrative Agent, to each Lender and to the Issuing Bank that:

     (a) this Amendment No. 1 to Credit Agreement is duly authorized, executed and delivered
by such Borrower Party and constitutes its legal, valid and binding obligation, enforceable
against such Borrower Party in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally and by general principles of equity;

     (b) each representation and warranty made by such Borrower Party in the Credit
Agreement and the other Loan Documents is true and correct in all material respects as
of the date hereof (or on the date to which it relates, in the case of any
representation or warranty that specifically relates to an earlier date); and

     (c) on the date hereof and immediately after giving effect to this Amendment No. 1 to
Credit Agreement, no Default has occurred and is continuing.

          SECTION 3. Conditions to Effectiveness. This Amendment No. 1 to Credit Agreement
shall not become effective until Administrative Agent receives executed counterparts to this
Amendment No. 1 to Credit Agreement, executed by a duly authorized officer of each party
hereto.

          SECTION 4. Applicable Law. This Amendment No. 1 to Credit Agreement shall be governed
by, and construed and interpreted in accordance with, the law of the State of Georgia without
regard to conflict of laws principles thereof.

          SECTION 5. Counterparts. This Amendment No. 1 to Credit Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties and
delivered to the other party, it being understood that all parties need not sign

2

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Credit Agreement to
be duly executed by their respective authorized officers as of the day and year first written
above.

	 	 	 

	BORROWERS :

	 	CHICO’S FAS, INC.

	 	 	 	 	 
	 	By:  	/s/ Kent Kleeberger
 	 
	 	 	Name:     Kent Kleeberger 	 
	 	 	Title:  	EVP - COO 	 
	 
	 	WHITE HOUSE | BLACK MARKET, INC.

 	 
	 	By:  	/s/ Kent Kleeberger
 	 
	 	 	Name:     Kent Kleeberger 	 
	 	 	Title:  	EVP - COO 	 
	 
	 	CHICO’S RETAIL SERVICES, INC. 

 	 
	 	By:  	/s/ Kent Kleeberger
 	 
	 	 	Name:     Kent Kleeberger 	 
	 	 	Title:  	EVP - COO 	 
	 
	 	CHICO’S DISTRIBUTION SERVICES, LLC

 	 
	 	By:  	/s/ Kent Kleeberger
 	 
	 	 	Name:     Kent Kleeberger 	 
	 	 	Title:  	EVP - COO 	 
	 
	 	SOMA INTIMATES, LLC 

 	 
	 	By:  	/s/ Kent Kleeberger
 	 
	 	 	Name:     Kent Kleeberger 	 
	 	 	Title:  	EVP - COO 	 
	 

 

 

	 	 	 

	GUARANTORS:

	 	CHICO’S BRANDS INVESTMENTS, INC.

	 	 	 	 	 
	 	By:  	                                           /s/ Sandy Rhodes
 	 
	 	 	Name:  	Sandy Rhodes 	 
	 	 	Title:  	EVP 	 
	 
	 	CHICO’S CREATIVE DESIGNS, INC. 

 	 
	 	By:  	/s/ Sandy Rhodes
 	 
	 	 	Name:  	Sandy Rhodes 	 
	 	 	Title:  	EVP 	 
	 
	 	CHICO’S PRODUCTION SERVICES, INC. 

 	 
	 	By:  	/s/ Sandy Rhodes
 	 
	 	 	Name:  	Sandy Rhodes 	 
	 	 	Title:  	EVP 	 
	 

 

 

	 	 	 

	ADMINISTRATIVE
AGENT,
 ISSUING BANK AND
LENDER:

	 	 

SUNTRUST BANK, as the Administrative Agent, the
 Issuing Bank,
a Lender and the Swing Bank

	 	 	 	 	 
	 	By:  	                                           /s/ Virginia Sullivan
 	 
	 	 	Name:  	Virginia Sullivan   	 
	 	 	Title:  	VPexv10w25

Exhibit 10.25

TRADEMARK LICENSE AGREEMENT

(Conformed Copy — Includes all amendments through November 17, 2010)

          This Trademark License Agreement (“Agreement”) is entered into as of November 16, 2000,
between NBC Universal, Inc. (f/k/a National Broadcasting Company, Inc.), a Delaware corporation
(“NBC”), and ValueVision Media, Inc. (f/k/a/ ValueVision International, Inc.), a Minnesota
corporation (“VV”).

          WHEREAS, NBC owns rights in and to certain trademarks, service marks and domain names,
including without limitation “NBC” and the “NBC Peacock” logo;

          WHEREAS, VV currently operates a 24 hour/7 day per week cable television program service,
consisting primarily of home shopping and transactional television and an Internet web site which
offers for sale products substantially similar to those advertised on such cable television program
service;

          WHEREAS, NBC desires to grant, and VV desires to obtain, a license to use certain NBC
trademarks, service marks and domain names to rebrand its businesses and corporate name, subject to
the terms and conditions set forth herein; and

          WHEREAS, VV agrees that this Agreement is not intended to adversely impact NBC’s core
businesses, including without limitation broadcast and Multichannel Television (as defined herein)
and the online distribution of content, even if the economic model for such businesses evolves over
time from customary advertising to a more direct response or product placement model;

          NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

          Section 1 —  DEFINITIONS

          For purposes of this Agreement, in addition to the capitalized terms defined elsewhere herein,
the following terms shall have the following respective meanings:

     1.1 Advertising. (a) Communications, content and materials in any current or future
medium, manner or form that intend to raise consumer or trade awareness and are disseminated by any
means of advertising, marketing, publicity, promotion, or identification, whether on a paid basis
or free of charge, including, but not limited to, magazines, newspapers, point of purchase, outdoor
and transit billboards and signage, speaker podiums, building and other signage, packaging, direct
mail materials, commercials, publicity and print materials, public relations materials, press kits,
television (including infomercials), radio and other audio and video outlets (including home
video), computer, online and interactive services and networks (including click-throughs, banner
ads and direct response advertising), theatre, on-air graphics (including channel identification or
interstitial elements), classified advertisements; and (b) any other medium or vehicle used for
advertisement, publicity or promotion now known or hereafter created that is reasonably acceptable
to NBC and consistent with the terms and conditions herein. Advertise shall mean to disseminate,
display, distribute or publish Advertising.

 

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     1.2 Advertising Materials. Shall have the meaning set forth in Section 6.1.

     1.3 Affiliate. With respect to any Person, any Person, directly or indirectly,
Controlling, Controlled by or under common Control with such first Person.

     1.4 Cable Shopping Service. A nationally-distributed, full-time Multichannel
Television service that has as its exclusive or predominant purpose the retail sale to consumers of
a broad range of products and shopping-related services across numerous categories from a variety
of sources/producers (i.e., at least as many categories and sources/producers as offered via the
current VV Cable Shopping Service), including any converged Online Shopping Service.

     1.5 Change of Control. The occurrence of any of the following with respect to VV:

          (a) Any Person or group (within the meaning of Rule 13d-1 under the Securities Exchange Act of
1934) becomes the beneficial owner of securities representing more than 40% of the aggregate voting
power of VV’s then outstanding voting securities, as a result of a tender offer or exchange offer,
open market purchases, privately negotiated purchases or otherwise;

          (b) Any NBC Competitor becomes the beneficial owner of VV securities representing greater
aggregate voting power than the VV securities beneficially owned by NBC at such time, whether as a
result of a tender offer or exchange offer, open market purchases, privately negotiated purchases
or otherwise; provided, however, that if, during the period from the effective date hereof to the
date of calculation, NBC (or any Affiliate of NBC to whom NBC has transferred shares of VV capital
stock (“NBC Transferred Shares”)) disposes of more VV shares (or in the case of an NBC Affiliate,
only NBC Transferred Shares) than it acquires, the difference between the shares disposed and the
shares acquired shall be added back to NBC’s holdings for purposes of determining beneficial
ownership pursuant to this clause (b);

          (c) Any merger, consolidation or other transaction immediately following which the holder of
common equity securities of such Person immediately prior to such transaction does not own
securities representing more than 50% of the aggregate voting power of the outstanding voting
securities of the resulting or surviving entity; or

          (d) A majority of VV’s Board of Directors consists at any time of individuals other than (x)
the current directors and (y) Persons recommended to become a director by a majority of the current
directors or by directors so recommended; or

          (e) The sale, exchange or other disposition of all or substantially all of VV’s assets.

     1.6 Control. With respect to a Person: (A) having the power to elect or appoint,
through ownership, membership or otherwise, either directly or indirectly, a majority of such
Person’s governing body, (B) owning or controlling the right to vote a majority number of the
shares of such Person’s voting stock or other voting interest, or (C) having the right to direct
the general management of the affairs of such Person by contract or otherwise.

     1.7 Excluded Affiliates. (i) the CNBC cable networks worldwide, CNBC.com, MSNBC
Cable, MSNBC.com; provided, however, that any such entity shall be an Excluded Affiliate only for
so long as such entity does not engage in the retail sale of products and

 

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shopping-related services to consumers as the exclusive or predominant portion of its business
(excluding financial, business, insurance and related services); (ii) NBC’s owned and operated
television stations; provided, however, that each such station shall be an Excluded Affiliate only
for so long as each station’s website or other online activities of each station are directed
predominantly at such station’s local market; (iii) NBC Sports; (iv) the online site for NBC’s
bricks and mortar retail business; and (v) NBC Internet, Inc. (“NBCi”).

     1.8 Exhibition. Shall have the meaning set forth in Section 2.1.

     1.9 Interactive Delivery. The delivery of content for use by an end user to a monitor
or viewing screen, whereby such delivery occurs by means of telephone lines, cable television
systems, optical fiber connections, cellular phones, satellites, electronic media, wireless
broadcast or other means of transmission now known or hereafter devised, provided that the end user
has the ability to effect substantive content changes during its use via voluntary, selective
manipulation. By way of example, “Interactive Delivery” includes the Internet, because a user can
selectively manipulate which Internet pages to view within a site, but excludes network television,
in the case where a user cannot affect the substantive content being broadcast by a station at a
particular time.

     1.10 Law. Any foreign, international, multinational, federal, state or local law,
rule, regulation, directive, injunction, standard, code, limitation, restriction, condition,
prohibition, notice, demand or other requirement, determination, decision, order or ruling of a
court, other governmental authority.

     1.11 Licensed Advertising. Shall have the meaning set forth in Section 6.2.

     1.12 Licensed Services. Cable Shopping Services and the Online Shopping Services.

     1.13 Multichannel Television. Any transmission of video and audio to individual or
multiple television receivers by cable, wire or fiber, cable television, master antenna, satellite
master antenna, multi-channel multi-point distribution services or microwave system, or
direct-to-home or direct broadcast satellite services; provided, however, that Multichannel
Television shall not include transmission by Interactive Delivery.

     1.14 NBC Competitor. Any Person, division or operation (and all Affiliates thereof)
in which NBC does not have direct or indirect ownership of 5% or more, a principal business of
which is the distribution of (i) broad-based audio and/or visual content and or (ii) video content,
in each case through a monitor or viewing device (whether the distribution is through broadcast or
cable, optical fiber connections, satellite, wireless broadcast or any other means of transmission
now known or hereafter devised), and whether on one or more channels, across several different
types of content (such as news, business news/finance, sports, comedies, talk shows, movies, dramas
or children’s programming) on a scale and in a territory such that the business could reasonably be
considered to compete with NBC and its Affiliates. The parties agree that, as of the date hereof,
the NBC Competitors include (a) Time Warner, CBS/Viacom, News Corp., Disney, and USA Networks, and
(b) America Online, Microsoft, Lycos and Yahoo; provided, however, if NBC’s ownership of NBCi or
any successor, falls below 15% on a fully diluted basis, America Online, Lycos, Yahoo and/or any
other Person, division or operation whose principal business is the online distribution of original
content shall no longer be deemed

 

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“NBC Competitors” unless at that time they fall within definition (ii) referenced in sentence
one of this paragraph.

     1.15 NBC Marks. The trademarks and service marks “NBC” in block letters, the NBC
Peacock logo and the NBC Chimes.

     1.16 New Marks. The trademarks, service marks, logos, corporate names, trade names
and/or domain names specifically set forth on Schedule A and as otherwise mutually and reasonably
agreed by NBC and VV from time to time after the date hereof for use in connection with the VV
Permitted Businesses.

     1.17 Online Shopping Service. A nationally-targeted, full-service (i.e. consumer
interface, inventory and fulfillment), online destination that has as its exclusive or predominant
purpose the retail sale to consumers of a broad range of products and shopping-related services
across numerous categories from a variety of sources/producers (i.e., at least as many categories
and sources/producers as offered via the current VV Online Shopping Services and competing online
home shopping services), including any converged Cable Shopping Service.

     1.18 Permitted Businesses. Cable Shopping Services, Online Shopping Services and any
other permitted lines of businesses set forth on Schedule B hereto.

     1.19 Person. Any individual, corporation, limited liability company, general or
limited partnership, joint venture, association, joint stock company, trust, unincorporated
business or organization, government or agency or political subdivision thereof, or other entity,
whether acting in an individual, fiduciary or other capacity.

     1.20 Standards and Practices. NBC’s Broadcast Standards and Practices as in effect
from time to time and as determined by NBC in its sole discretion, in each case as NBC would apply
to any material or content that is broadcast on NBC Television Network or delivered over the
Internet, as the case may be.

     1.21 Term. Shall have the meaning set forth in Section 9.1.

     1.22 Territory. The world, subject to Section 3.

     1.23 VV Cable Shopping Service. The Cable Shopping Service that is presently known as
“ValueVision Television” and is to be rebranded with the New Mark hereunder, and including (i)
part-time carriages of ValueVision Television and (ii) programs produced by ValueVision Television,
and any segments or extensions of ValueVision Television.

     1.24 VV Online Shopping Service. The Online Shopping Service that is currently known
as VVTV.com and currently located on the World Wide Web of the Internet at vvtv.com.

     1.25 VV Permitted Businesses. The VV Cable Shopping Service, the VV Online Shopping
Service and VV’s operation of the permitted lines of businesses set forth on Schedule B.

 

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     Section 2 — GRANT OF LICENSE

     2.1 Grant. Subject to the terms and conditions contained herein, NBC hereby grants
to VV, and VV hereby accepts from NBC an exclusive, non-transferable (except as provided in Section
12.1) license in the Territory (the “License”) to use the New Marks: (a) in connection with the
dissemination, display, distribution, exhibition, transmission and other publication, Licensed
Advertising, marketing and promotion (“Exhibition”) of the VV Permitted Businesses; (b) in
connection with the sale of goods and services as part of VV’s conduct of the Permitted Businesses;
(c) as VV’s new corporate and trade name; and (d) as part of new domain name (s) and URL(s). After
the date hereof, the parties shall mutually agree on the selection of the New Marks, and VV shall
not use any trademarks, service marks, domain names, logos or other source indicators owned or
controlled by NBC or its Affiliates in connection with the VV Permitted Businesses before such
mutual agreement. Notwithstanding anything to the contrary set forth herein, VV agrees that this
Agreement is not intended to have any restrictive effect on or to limit in any way NBCi or its
business operations.

     2.2 Sublicenses. (a) Subject to the terms and conditions contained herein and the
prior written consent of NBC (which shall not be unreasonably withheld or delayed), during the
Term, VV may sublicense the License only as follows: (i) as required to create Licensed
Advertising; (ii) to use the New Marks in connection with VV’s conduct of VV Permitted Businesses,
without any changes thereto, and (iii) in any program guide or other channel listing containing the
VV Cable Shopping Service.

     (b) Any purported sublicense granted without NBC’s prior approval shall be null and void ab
initio and of no force and effect. To fulfill its obligations regarding NBC’s approval, VV and NBC
shall cooperate in good faith to create a form of sublicense agreement to be used with authorized
sublicensees. If NBC approves such form, VV need not resubmit the form for approval when it is
executed with new sublicensees; provided that no non-trivial changes are made to such form and
provided further that VV provides NBC with all executed sublicenses promptly thereafter.

     2.3 Restrictions. (a) VV shall not use (i) the New Marks other than as expressly
authorized hereunder, and (ii) any marks owned or controlled by NBC, including the NBC Mark, other
than the New Marks as expressly authorized hereunder. Without limiting the generality of the
foregoing, without the prior written consent of NBC, which may be withheld in its sole discretion,
VV shall not use the New Marks (i) in connection with sponsoring or hosting, either directly or
indirectly, any goods, services or programs other than the VV Permitted Businesses, (ii) on or in
connection with any specific goods or merchandise; (iii) for any other branding, merchandising or
related activities and/or (iv) in connection with any online auction, market, bazaar or any other
forum in which consumers, not established retail businesses, are the source of sold merchandise.

          (b) VV further agrees that it will not enter into any Co-Branding Agreement using the New
Marks without NBC’s written consent, which may be withheld in its sole discretion. For purposes of
this Section 2.3(b) alone, a “Co-Branding Agreement” shall mean an arrangement pursuant to which
one party authorizes another party to use the brands or trademarks of the first party in connection
with the other party’s property, products or services.
Notwithstanding the foregoing, the parties understand and agree that the distribution
(including,

 

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without limitation, video streaming) and promotion of solely the content of the
Licensed Services on the Internet, or any successor technology, through a third party distributor
does not constitute a Co-Branding Agreement, so long as VV does not grant to any such third party
distributor any use of the NBC Marks other than for the limited purpose of distributing and
promoting through customary promotional technologies and techniques now or hereafter developed the
content of the Licensed Services and the properties on which they appear, but only to the extent
such promotion relates directly to the availability of the Licensed Services on such properties.

          (c) VV agrees to use the New Marks exactly as such words, terms or logos appear on Schedule
A, and not to modify, stylize, translate or combine them with other trademarks, service marks,
domain names, logos or source indicators without NBC’s prior written consent, which may be withheld
in its sole discretion.

     2.4 Retention of Rights. All rights not expressly granted to VV herein are expressly
reserved to NBC. Without limiting the generality of the foregoing and except as provided in
Section 3:

          (a) NBC and its Affiliates retain the right to engage in any business anywhere in the world;
provided, however, that NBC and its Affiliates (other than the Excluded Affiliates) shall not use
the New Marks in connection with the Permitted Businesses during the Term. This right shall
include, without limitation the right to use the NBC Mark (but not the New Marks) anywhere in the
world for any and all purposes other than branding Licensed Services, including: (i) Advertising
products and services, (ii) creating, producing, licensing or Exhibiting television, online or
interactive programming, including interactive and enhanced television, and (iii) engaging in other
electronic commerce, other Online Shopping Services and “brick and mortar” retail services. For
the avoidance of doubt, VV acknowledges that NBC and its Affiliates (excluding the Excluded
Affiliates) may use the NBC Mark (but not the New Mark) to sell, offer to sell, or Advertise
proprietary or third-party merchandise on television (including enhanced or interactive television)
or online, and that such activities shall not violate the exclusivity of the License provided that
such activities are not actually Licensed Services.

          (b) For the avoidance of doubt, without limiting the generality of the foregoing, the
Excluded Affiliates may use the NBC Mark (but not the New Marks) for any legitimate business
purpose, including in connection with Licensed Services, anywhere in the world.

     Section 3 — TERRITORY

     3.1 Territory. The territory of this License shall be worldwide.

     3.2 Territory Outside the United States. (a) During the Term, in any Territory
which falls outside the United States where VV conducts a Licensed Service, VV and NBC agree that
VV must meet certain minimum performance targets, which shall be mutually agreed on by the parties
for any given country or jurisdiction as further described below. If (i) VV is not engaged in a
Licensed Service or is engaged in a Licensed Service which does not meet the applicable performance
targets in a jurisdiction (other than a jurisdiction in the United States) within 12
months of the date of the parties’ mutual agreement on such performance target for such
country or jurisdiction, and (ii) NBC has a proposed bona fide use for the NBC Marks branding a

 

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Licensed Service in such jurisdiction or has received a bona fide offer from a third party to use
the NBC Marks branding a Licensed Service in such jurisdiction, and (iii) NBC desires to use the
NBC Marks for such use in such jurisdiction or license the NBC Marks to such third party in such
jurisdiction, then NBC may provide written notice to VV describing in reasonable detail such
proposed use or such proposed license of the NBC Marks. VV shall have 30 days to notify NBC that
VV has a proposed bona fide use and can demonstrate in reasonable detail a business plan for use of
the New Marks in such jurisdiction within four months from the date of such notice. Upon such
notice, the parties shall mutually agree on minimum performance targets and dates for VV’s
operation there and execute an agreement with respect thereto (the “Performance Targets’). If VV
does not timely notify NBC in this regard, if the two parties cannot negotiate such agreement in
good faith in a reasonable time, or as otherwise pursuant to such negotiated agreement, such
country or jurisdiction shall be removed from the definition of “Territory” hereunder and NBC shall
have the right (but not the obligation) to use or allow others to use the NBC Marks to engage in
any Licensed Service in such new country or jurisdiction. The provisions of this Section 3 shall
not be construed so as to limit or qualify in any manner the retention of rights set forth in
Section 2.4 herein with respect to the Excluded Affiliates. If VV does not respond to NBC within
30 days of receiving NBC’s written notice of proposed use, or the proposed license of the NBC Marks
within the jurisdiction, then NBC shall be entitled to use the NBC Marks, or license the NBC Marks,
within such jurisdiction as proposed in the notice to VV.

          (b) In the event that a country or jurisdiction has been removed from the definition of
“Territory” hereunder pursuant to operation of Section 3.2(a) (a “Removed Territory”), and VV
subsequently has a proposed bona fide use of the New Marks for Licensed Services in such Removed
Territory and can demonstrate in reasonable detail a reasonable business plan for such use within
the next twelve (12) months, then VV may provide written notice to NBC of such proposed use. NBC
shall then be required to demonstrate to VV that the users of the NBC Marks engaging in Licensed
Services in such Removed Territory, no later than 12 months following the date of receipt of
written notice from VV, are meeting the applicable minimum performance targets for such Removed
Territory as were mutually agreed between VV and NBC prior to such Removed Territory being removed
from the definition of Territory; or, if no minimum performance targets were mutually agreed
between NBC and VV prior to such removal, then the applicable performance target for purposes of
this subsection 3.2(b) shall be the last performance target that had been proposed by NBC prior to
the determination to remove the Removed Territory from the definition of Territory. If NBC is
unable to demonstrate that either NBC or the applicable users of the NBC Marks in the Removed
Territory are meeting the applicable minimum performance targets at the end of the 12-month period,
then the Removed Territory shall be again included in the definition of Territory, and VV shall
have the rights with respect to such formerly Removed Territory as otherwise set forth in this
Agreement, including without limitation, Section 3.2(a).

     Section 4 — CONSIDERATION

     As consideration for the License, NBC (i) shall receive, inter alia, a warrant to purchase six
million (6,000,000) shares of common stock, par value $0.01 per share (“Common Stock”),
of VV at a price of $17.375 per share, and (ii) NBC and VV shall enter into the Warrant
Purchase Agreement in the form attached hereto as Exhibit A, Amended and Restated Registration
Rights Agreement in the form attached hereto as Exhibit B, and Amendment No. 1

 

8

to the Shareholder
Agreement dated as of April 15, 1999 among VV, NBC and GE Capital Equity Investments, Inc.
(“GECEI”) in the form attached hereto as Exhibit C. No additional royalties shall be due to NBC
hereunder.

     As consideration for entering into Amendment No. 2 to the Agreement, VV shall issue to NBC, on
May 15, 2011, shares of Common Stock of VV in an amount equal to the quotient obtained by dividing
$4 million by the per share price of Common Stock equal to the average closing price of the Common
Stock as quoted on the Nasdaq Stock Market during the six (6) months immediately preceding the date
of issuance of such shares. As promptly as practicable after the date of Amendment No. 2 to the
Agreement, VV will take such actions as are necessary and appropriate to provide NBC with one
additional “demand” registration right pursuant to an amendment of that certain Amended and
Restated Registration Rights Agreement, dated February 25, 2009 among VV, NBC and GECEI to register
the shares of Common Stock issued in connection with Amendment No. 2 to the Agreement.

     Section 5 — VV’s OBLIGATIONS

     5.1 Licensed Services. VV and NBC agree that (i) the VV Cable Shopping Service shall
consist of at least one full-time, 7 day per week Multichannel Television programming service, (ii)
the VV Online Shopping Service shall consist of a continuously broadcast Online Shopping Service
that complies with the service level standards set forth on Schedule D, and (iii) from and after
the date on which VV commences commercial use of the New Marks, VV shall use only the New Marks for
branding any Licensed Services, and shall have the right, but not the obligation to use the New
Marks in connection with other VV Permitted Businesses. For so long as the VV corporate name
includes the New Marks, without the prior written consent of NBC, which may be withheld at its sole
discretion, VV shall not, either directly or indirectly, own, operate, acquire or expand its
business to include any businesses other than the VV Permitted Businesses.

     5.2 Compliance. VV shall, at its sole expense, ensure that the operation of the VV
Permitted Businesses (including the Advertising and Exhibition of all proprietary and third-party
content therein) complies at all times with (a) all Laws materially affecting the Licensed Services
or the VV Permitted Businesses that VV is conducting at the time; and (b) sound industry practice,
including those respecting (i) intellectual property rights (including copyrights, patents and
trademarks, moral rights, publicity and privacy rights); (ii) obscenity, pornography, profane and
indecent material; (iii) illegal, abusive, threatening or harassing speech or content; (iv)
advertising, sweepstakes, lotteries and gambling; (v) defamation, libel, slander and disparagement;
and (vi) consumer protection, fraud, trade practices, direct marketing and solicitation in any
media (including facsimile, telephone and mail) and consumer data, disclosure and privacy; and (c)
the GE Integrity Policy, NBC’s Privacy Policies and Standards and Practices (each of which are set
forth on Schedule E) and (d) following reasonable prior notice to VV, any other related NBC
guidelines or policies issued from time to time in its reasonable discretion that are generally
applicable to NBC and its Affiliates.

     5.3 Quality of Services. VV shall (i) operate first-class VV Permitted Businesses
(including the sale of products and services, Advertising and Exhibition of content) at a level of
quality, performance, customer satisfaction and utility consistent with the current reputation of
NBC; (ii) Exhibit and sell only the highest quality products from reputable manufacturers and

 

9

create only the highest quality Advertising Materials; (iii) not Exhibit or sell products or create
Advertising Materials which, taken as a whole, are of lesser quality than those products currently
sold on, or the Advertising Materials currently affiliated with, the VV Cable Shopping
Service and VV Online Shopping Service; (iv) maintain the highest standards of customer support and
fulfillment (including any set forth in a separate agreement between the parties or on Schedule C);
and (v) ensure all Advertising Materials, advertisers, co-sponsors, affiliates and other third
parties publicly affiliated with the VV Permitted Businesses shall be consistent with NBC’s
reputation as a first-class media and entertainment company. NBC acknowledges that the current
operation of the VV Cable Shopping Service and the VV Online Shopping Service as of the date hereof
satisfies all of VV’s obligations under this Section 5.3.

     5.4 Prohibited Services. Without limiting the generality of Section 5.3, VV shall not
Advertise, Exhibit or sell any: (i) products or services that are prohibited by, do not comply or
are inconsistent with the Standards and Practices (which are included in Schedule E) or any other
NBC guidelines or policies as described in Section 5.2(d); (ii) weapons or ammunition of any kind,
including handguns; (iii) pornography, obscenity, sexually explicit or sexually themed materials;
(iv) materials offensive to reasonable persons due to concerns based upon race, creed, gender,
sexual orientation, ethnicity, religion or national origin; (v) hard liquor; (vi) cigarettes and
other tobacco products and paraphernalia associated with the use of illegal drugs; (vii) goods or
services associated with gambling or lotteries; provided, however, that VV may Exhibit or sell
vacations to legal gaming sites, such as Las Vegas, and engage in similar promotional activities,
including, but not limited to, promotional sweepstakes consistent with VV’s past business
practices, consistent with the policies and guidelines set forth in Section 5.2 and Schedule D;
and/or (viii) other goods or services which would not be accepted for advertising on the NBC
Television Network according to the then-current guidelines and policies.

     5.5 Trademark Standards. VV agrees to use the New Marks in good faith and in a manner
that (i) complies with the Standards and Practices and any other NBC guidelines or policies as
described in Section 5.2(d) issued from time to time in its reasonable discretion; (ii) is
consistent with NBC’s reputation as a first-class media and entertainment company; (iii) is
consistent with good trademark practice in the applicable country or jurisdiction.

     5.6 Notice. VV agrees to include on all Exhibitions of the New Marks all notices and
legends required by applicable Laws to preserve their validity and NBC’s rights therein, including
those notices and legends requested by NBC.

     5.7 Internet Business. From the date hereof until the earlier of (a) the expiration
of this Agreement, or (b) the termination or expiration of all restrictions on NBC and its
subsidiaries existing as of the date hereof with respect to the operation of any Internet Business,
VV shall not, either directly or indirectly, own, operate, acquire or expand its business such that
its Primary Business is to operate an Internet Business. For purposes of this Section 5.7, (i) the
“Primary Business” of a Person means a business that (a) generates at least one third of
that Person’s revenues and more revenues than any subsidiary, other business, division or operation
of such Person or (b) accounts for at least one third of that Person’s value and more value
than any other subsidiary, business, division or operation of such Person; and (ii) “Internet
Business” means (a) an information, navigation and content aggregation service distributed, all
or substantially all, through the Internet that provides, across more than six topics of general
interest that do not relate to each other or to a common topic, a combination of all or

 

10

substantially all of the following: Internet searching, content aggregation, topical interest
categories and web directories, (b) a broad-based community service distributed, all or
substantially all, through the Internet that offers its members homepages, e-mail and chat rooms
and may offer, in some cases, message boards, clip art, software libraries and/or online greeting
cards; or (c) a service of direct marketing a broad range of third party products and services
through Internet e-mail to registered members of such service.

     Section 6 — ADVERTISING

     6.1 Right to Review. VV shall notify NBC in advance of the proposed Exhibition of any
new (i) series or groups of Advertisements to consumers or the trade; (ii) media or press kits; or
(iii) sales presentations or templates therefor, in any form or media and shall have prepared to
submit to NBC fair and reasonable representative samples of all materials and content in any form
or media to be used in connection with any such Advertising (e.g., trade gifts, Internet site
content, scripts, story boards, promotional items, sales sheets, binders and press kits)
(“Advertising Materials”). NBC has the right, but not the obligation, to review in advance
any proposed Advertising relating to the VV Permitted Businesses.

     6.2. Approval. NBC shall notify VV within ten (10) days of its receipt of written
notice from VV in accordance with Section 6.1 if NBC wishes to review any such Advertising
Materials. NBC shall be deemed to approve automatically any of the foregoing that it declines to
review hereunder. NBC shall approve or disapprove any submitted Advertising Materials, or notify
VV that it needs additional time to consider the request, within ten (10) days of its receipt
thereof, or such submissions shall be deemed approved automatically; provided, however, that such
Advertising Materials comply with all terms and conditions hereof, including those in Section 5
herein. Notwithstanding the foregoing, if VV requests expedited review of such submitted
Advertising Materials due to extraordinary circumstances, NBC shall use all commercially reasonable
efforts to approve or disapprove of any such submitted Advertising Materials within the next 24
hours of the standard business week (i.e., Monday-Friday, 9 a.m.-5 p.m. local time). Advertising
Materials approved (or deemed to be approved) by NBC pursuant to this Section 6.1 shall be deemed
“Licensed Advertising” hereunder and need not be resubmitted for approval, unless they are
materially changed and/or NBC later revokes such approval for any reason. Any such revocation
shall not be retroactive and shall be effective upon ten (10) days written notice to VV. VV shall
not exhibit any Advertising Materials with respect to the VV Permitted Businesses that are not
Licensed Advertising. It is agreed and understood that NBC’s approval of Advertising Materials, so
long as the Advertising Materials are in full compliance with the standards and provisions set
forth in Section 5 hereof and the use of the New Mark(s) in such Advertising Materials is in full
compliance with Section 2.3(b) hereof, shall not be unreasonably withheld (and in particular shall
not be unreasonably withheld on the basis of creative differences between NBC and VV).

     6.3 Samples. Upon NBC’s reasonable request, VV, at its sole cost and expense, shall
deliver to NBC within five (5) business days (or sooner, if justified under the circumstances)
reasonable samples of applicable Licensed Advertising as Exhibited to the public.

     6.4 NBC’s Obligations. NBC shall use commercially reasonable efforts to support VV’s
overall advertising and marketing plans, in terms of providing general advice to VV from time to
time. VV shall reimburse NBC’s reasonable out-of-pocket expenses in this regard. NBC

 

11

and VV shall
explore in good faith other opportunities to integrate and cross-promote their respective
programming. To the extent VV requests further advertising assistance from NBC beyond the above
general advice, the parties shall use commercially reasonable efforts to negotiate a separate
agreement, pursuant to which NBC shall provide such assistance to VV for additional consideration.
If such negotiations fail to result in an executed agreement, NBC shall have no further obligations
to VV with respect to advertising assistance for the VV Permitted Businesses, except as provided
herein.

     Section 7 — OWNERSHIP

     7.1 Ownership. VV agrees that NBC is the sole and exclusive owner of all right,
title and interest in the NBC Mark and the New Marks. VV agrees not to directly or indirectly
question, attack, contest or in any other manner impugn the validity of the NBC Mark or New Marks
or NBC’s rights therein, including without limitation thereto, in any action in which enforcement
of a provision hereof is sought, nor shall VV willingly become a party adverse to NBC in any claim,
action, suit, arbitration, litigation or other proceeding (“Action”) in which a third party
contests the validity of the NBC Mark or the New Marks or NBC’s rights therein.

     7.2 No Adoption. VV shall at no time adopt, use, reserve, register or attempt to
register (or allow others to do same) any NBC Mark or New Mark or any trademark, service mark,
domain name, logo or other indicator of origin confusingly similar thereto, except as expressly
authorized herein with respect to the New Marks. VV agrees to abandon promptly its federal
trademark application for “SnapTV” and “SnapShopTV,” and upon the request of NBC, abandon or
transfer to NBC any future applications or domain name reservations that violate the preceding
sentence. If VV requests to coin or create a new trademark, service mark, domain name, logo or
other indicator of origin that is the same or confusingly similar to a New Mark, NBC Mark or any
other trademark or service mark owned by NBC, VV shall provide written notice to NBC thereof. NBC
may withhold consent to VV’s request at its sole discretion. If NBC consents to such request, such
new trademark, service mark, domain name, logo or other indicator of origin shall be owned by NBC
and included in definition of New Marks hereunder.

     7.3 Goodwill. VV and NBC intend that any and all goodwill arising from VV’s use of
the New Marks hereunder shall inure solely to the benefit of NBC as rightful owner, and neither
during nor after the expiration or termination hereof shall VV assert any claim to the New Marks or
the related goodwill. VV shall not take any action that could be detrimental to the value,
validity, or NBC’s rights in the NBC Mark or New Marks or related goodwill.

     Section 8 — TRADEMARK PROTECTION

     8.1 Maintenance. NBC shall have the sole right, but not the obligation, to apply to
register, prosecute, maintain and renew any New Mark (whether as a trademark registration, domain
name, or otherwise) anywhere in the Territory. At NBC’s request, VV shall cooperate fully with NBC
to assist NBC in such activities, including signing documents and maintaining evidence of its use
of the New Marks. VV may notify NBC of any request that NBC apply for a new registration for a New
Mark (whether a trademark, domain name, or otherwise) anywhere in the Territory. Within 20 days of
receipt of such notice, subject to Section 8.2, NBC shall decide either to apply for such
registration or to designate VV to file and prosecute such application, to be approved in final
form before submission by NBC, in NBC’s name at VV’s expense. In the

 

12

latter case, NBC shall
cooperate as required by applicable Law to allow VV to file and prosecute such application. All
registrations (whether a trademark, domain name, or otherwise) shall be owned by NBC and licensed
to VV as New Marks hereunder.

     8.2 Refusals. Notwithstanding Section 8.1, NBC may refuse to apply to register,
prosecute, maintain and renew any New Mark (whether as a trademark registration, domain name, or
otherwise) in any country or jurisdiction, if NBC reasonably believes that (i) the registration
cannot be obtained there; (ii) a third party may claim that VV’s proposed registration infringes or
violates its rights; and/or (iii) such registration may conflict with any prior agreement to which
NBC or an Affiliate is a party.

     8.3 Infringement. VV agrees to notify NBC immediately after it becomes aware of any
actual or threatened infringement, dilution or other violation or impairment of the New Marks. NBC
shall decide whether to assert or file an Action against such activities at its sole discretion.
If such activities have occurred in the Territory, at NBC’s sole option, NBC may prosecute the
Action or may notify VV that VV may prosecute the Action in its own name. If VV then chooses to
prosecute the Action, VV shall pay all expenses and fees (including attorneys’ fees and expenses
and costs of investigation and litigation) incurred in connection therewith, and shall retain any
judgments, proceeds, damages or settlements resulting therefrom. VV may not compromise or settle
any such Action without NBC’s consent, which may be withheld in its sole discretion. Each of NBC
and VV agrees to cooperate with each other as necessary, in any such Action, at the expense of the
party prosecuting such Action.

     Section 9 — TERM

     9.1 Term. The term of this Agreement (the “Term”) commences on the date hereof and
continues until May 15, 2012; unless termination occurs earlier pursuant to Section 9.2 or 9.3.
The Term may further be extended for an additional 12 months on terms to be agreed by the parties
and upon the mutual written agreement of VV and NBC. No later than eighteen (18) months prior to
the expiration hereof, the parties shall begin commercially reasonable, good faith efforts to
negotiate a renewal hereof, such renewal to provide additional consideration to NBC. If such
negotiations fail to result in an executed agreement, the parties shall have no further obligations
to each other with respect to renewing the Term; provided, however, that NBC shall not use or
license the New Marks in use by VV at such time in connection with any of the Licensed Services for
a period of nine (9) months after expiration of the Term.

     9.2 Prompt Termination. (a) NBC has the right to terminate this Agreement, effective
immediately upon written notice to VV, at any time after the occurrence of any of the following:

     (i) VV commits a material breach of or default under its obligations herein, including
without limitation any breach of or default under Sections 5 or 6.2, and fails to cure such breach
or default within thirty (30) days after receiving written notice of such breach or default from
NBC; provided, however, that VV shall not be entitled to a cure period if such breach is not
reasonably subject to cure.

     (ii) Control of VV is acquired by a Person that is or becomes an NBC Competitor (including,
without limitation, pursuant to Section 1.5 (b)).

 

13

     (iii) (A) VV makes an assignment for the benefit of creditors; (B) VV admits in writing its
inability to pay debts as they mature; (C) a trustee or receiver (or local equivalent) is appointed
for a substantial part of VV’s assets; (D) to the extent termination is enforceable under
applicable bankruptcy (or local equivalent) laws, a proceeding in bankruptcy (or local equivalent)
is instituted against VV which is acquiesced in, is not dismissed within 120 days, or results in an
adjudication of bankruptcy (or local equivalent); (E) any material assets, rights or shares of VV
are nationalized, impounded, seized or sequestered; provided, however, that the termination right
pursuant to this clause (E) shall apply only to such jurisdiction(s) in which material assets,
rights or shares of VV are nationalized, impounded, seized or sequestered, and shall not affect the
License in any other jurisdiction.

     (iv) NBC reasonably determines that a VV Permitted Business is operating in material
violation, or in a manner that is reasonably likely to constitute a material violation, of (A) a
Law and/or (B) third-party rights in one or more countries or jurisdictions; provided, however,
that the termination right pursuant to this clause (iv) shall apply only to the relevant
jurisdiction(s) and, with respect to any third-party rights, those specific New Marks in the
relevant jurisdiction(s); and shall not affect the License in any other jurisdiction.

     (v) VV engages in any illegal conduct that materially affects any VV Permitted Business then
being conducted and/or VV violates the Standards and Practices, and VV fails to cure such conduct
or such violation within thirty (30) days after receiving written notice from NBC; provided that
NBC may terminate this Agreement immediately upon written notice if any such conduct or violation
reasonably justifies termination under the circumstances.

     (vi) The parties using all good-faith efforts have not agreed on the New Marks within ninety
(90) days after the date hereof.

     (b) VV has the right to terminate this Agreement, effective immediately upon written notice to
NBC, at any time after the occurrence of any of the following:

     (i) NBC commits a material breach of or default under its obligations herein, such that VV
could reasonably claim that rescission of the License had occurred, and fails to cure such breach
or default within thirty (30) days after receiving written notice of such breach or default from
VV; provided, however, that NBC shall not be entitled to a cure period if such breach is not
reasonably subject to cure.

     (ii) (A) NBC makes an assignment for the benefit of creditors; (B) NBC admits in writing its
inability to pay debts as they mature; (C) a trustee or receiver (or local equivalent) is appointed
for a substantial part of NBC’s assets; (D) to the extent termination is enforceable under
applicable bankruptcy (or local equivalent) laws, a proceeding in bankruptcy is instituted against
NBC which is acquiesced in, is not dismissed within 120 days, or results in an adjudication of
bankruptcy; (E) any material assets, rights or shares of NBC are nationalized, impounded, seized or
sequestered;

     (iii) The parties using all good-faith efforts have not agreed on the New Marks within ninety
(90) days after the date hereof.

 

14

     (iv) The expiration of the thirty (30) day period after written notice by VV to NBC that VV
has determined to relinquish voluntarily all of its rights under this Agreement.

     9.3 Six Months’ Termination. NBC has the right to terminate this Agreement,
effective upon one hundred eighty (180) days written notice to VV, at any time after the occurrence
of any of the following events and VV fails to cure such event within 30 days after receiving
written notice of the occurrence of such event from NBC:

     (a) Control of VV is acquired by, or VV or its Affiliates or senior officers make a prominent
public affiliation or sponsorship with, a (i) Person who engages in a transaction that is not
approved by VV’s board of directors; (ii) by a Person materially engaged in a business which is (a)
weapons or ammunition, (b) pornography, obscenity, sexually explicit or sexually themed materials,
(c) offensive to a reasonable person based on issues of race, creed, gender, sexual orientation,
ethnicity, religion or national origin, (d) hard liquor, (e) cigarettes and other tobacco products,
(f) paraphernalia associated with the use of illegal drugs, and (g) goods or services associated
with gambling, or (iii) a Person who has a criminal or similarly unsavory background, provided that
NBC may announce such future termination immediately after such decision is reached.

     (b) NBC or GECEI ceases to have a representative on VV’s board of directors for any reason
other than (i) NBC’s failure to own beneficially sufficient common shares as set forth in the
Shareholder Agreement, dated as of April 15, 1999 between the Company, NBC and GECEI, or (ii) by
NBC’s together with its Affiliates’, decision to relinquish such board seat(s) either voluntarily
or as otherwise required by law; provided, however. that NBC shall not have the right to terminate
this Agreement under this Section 9.3 if NBC or GECEI cease to have a representative on VV’s board
of directors as a result of a Change of Control of VV under 1.5(a), (c), (d) or (e) where the
Person(s) acquiring Control are financial acquiring Persons, i.e., private equity funds, investment
banking firms, hedge funds, entities engaged primarily in the business of investing or holding
securities, financial institutions, or similar entities (any such entity, a “Financial Buyer”)
provided that any such Financial Buyer is adequately capitalized and agrees to execute an
assumption instrument agreeing to be bound by all of the Company’s obligations under this
Agreement.

     (c) NBC fails to own, directly or indirectly, fifteen percent (15%), on a fully-diluted basis
of the outstanding shares of VV’s capital stock; provided, however, that if, prior to the date of
such calculation, NBC (or any Affiliate of NBC to whom NBC has transferred VV
Transferred Shares) actively disposes of more share of VV’s capital stock, together with any
other securities convertible into shares of VV’s capital stock (or in the case of an NBC Affiliate,
only NBC Transferred Shares) than it subsequently acquires, such threshold shall be reduced pro
rata to reflect such net disposition in the same proportion that the number of shares of VV capital
stock so transferred, together with any securities convertible into shares of VV’s capital stock
(or in the case of an NBC Affiliate, only NBC Transferred Shares) so transferred bears to the
total number of shares of VV capital stock owned by NBC directly or indirectly on a fully-diluted
basis immediately prior to such transfer; provided, however, that NBC shall not have the right to
terminate this Agreement under this Section 9.3 if NBC fails to own, directly or indirectly,
fifteen percent (15%), on a fully diluted basis, of the outstanding shares of VV’s capital stock as
a result of a Change of Control of VV under Section 1.5(a), (c), (d) or (e) where the Person(s)
acquiring Control is a Financial Buyer provided that any such Financial Buyer is adequately

 

15

capitalized and agrees to execute an assumption instrument agreeing to be bound by all of the
Company’s obligations under this Agreement.

     9.4 Post-Termination. Upon expiration or termination hereof, (i) VV and NBC shall
cooperate so as best to preserve the value of the NBC Marks; and (ii) VV shall immediately
discontinue all use of the NBC Marks, and at NBC’s request, destroy or return all physical
materials (including Advertising Materials) bearing same and delete all intangible (e.g.,
electronic) copies of same. Upon the decision to terminate this Agreement, NBC shall have the
immediate right to announce the termination of this Agreement.

     9.5 Transition. NBC and VV hereby agree to enter into a transition agreement, on the
terms and subject to the conditions to be mutually agreed between NBC and VV, relating to the
twelve (12) month period following the expiration of the Term.

     Section 10 — REPRESENTATIONS/WARRANTIES 

     10.1 By Each Party. Each party represents and warrants to the other party that (i) it
has taken all corporate actions necessary to authorize its execution and delivery of this Agreement
and performance of the transactions or obligations contemplated hereby; (ii) this Agreement has
been duly executed and delivered by each party and constitutes the legal, valid and binding
obligation of such, enforceable against such in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally or
by general principles of equity; and (iii) it has entered and will enter into no agreements with
third parties that conflict with its obligations hereunder.

     10.2 By NBC. NBC represents and warrants to VV that (x) NBC is the owner of all
right, title and interest in and to the New Marks in the United States, and (y) the New Marks do
not infringe any trademark, service mark, trade name or other similar intellectual property right
of any other Person in the United States.

     10.3 By VV. VV represents and warrants to NBC that:

          (a) as of the date of this Agreement VV has no understanding, arrangement or agreement with
Yahoo regarding the distribution, promotion and streaming of the Licensed Services other than the
commercial relationship and arrangement between Yahoo and VV to be
announced on November 20, 2000 (the “VV-Yahoo Distribution Deal”) regarding the
inclusion of the Licensed Services within Yahoo and affiliated-branded properties (the “Yahoo
Shopping Site”); and

          (b) the VV-Yahoo Distribution Deal: (i) provides Yahoo with the right to distribute and
promote solely the content of the Licensed Services (which may contain the NBC Marks after the
completion of the integration of the NBC brands is complete) only on the Yahoo Shopping Site, and
(ii) does not grant to Yahoo any use of the NBC Marks, other than in connection with the
distribution, promotion (excluding co-branding) and streaming of the content of the Licensed
Services as set forth in the preceding (i); provided, however, that solely as and to the extent
represented herein, NBC hereby approves of the use by VV of the New Marks in connection with the
VV-Yahoo Distribution Deal; provided, further, that VV shall

 

16

obtain NBC’s prior written consent to
renew the VV-Yahoo Distribution Deal, in whole or in part, and NBC shall not unreasonably withhold
such consent.

     Section 11 —  INDEMNITY

     11.1 By NBC. NBC hereby indemnifies, defends, and holds harmless VV and its
Affiliates, successors and assigns and their respective directors, officers, employees,
representatives and agents of each (“Related Parties”) from and against any claims,
actions, suits, assessments, losses, damages, awards, settlements, interest, penalties, judgments,
liabilities, costs, expenses (including reasonable attorneys’ fees and costs of litigation)
(collectively, “Losses”) asserted against, resulting to, imposed upon, or incurred by any
of them, solely to the extent such Losses arise out of: (i) the operation of NBC’s
business; (ii) any breach by NBC of a representation, warranty, covenant or agreement herein; and
(iii) VV’s use of the New Marks in the United States as expressly authorized hereunder.

     11.2 By VV. VV hereby indemnifies, defends, and holds harmless NBC and its Related
Parties from and against any Losses asserted against, resulting to, imposed upon, or incurred by
any of them, solely to the extent such Losses arise out of: (i) the operation of VV’s business and
the sale of any products by or via VV (including any personal injury or other claims relating to
such products); (ii) any breach by VV of a representation, warranty, covenant or agreement herein;
and (iii) VV’s use of the New Marks and the NBC Marks other than as expressly authorized hereunder.

     11.3 Notice of Claim. The party seeking indemnification hereunder (the
“Claimant”) shall promptly deliver to the other party (the “Obligor”) notice in
writing of any potential indemnified claim (“Claim”); provided, however, that the failure
to provide such notice shall not limit Claimant’s right to indemnification hereunder except to the
extent that Obligor is materially prejudiced thereby. Obligor shall promptly notify Claimant of
its acknowledgment of its obligation of indemnity and its assumption of the defense of such Claim
and any litigation resulting therefrom (and any prosecution by way of counterclaim or third party
complaint arising out of or relating to such Claim) or of any dispute regarding such obligation.
Obligor and Claimant shall cooperate fully in the defense of any Claim.

     11.4 Defense. (a) After Obligor notifies Claimant of its assumption of defense of a
Claim, Obligor shall not be liable for any costs or expenses subsequently incurred by Claimant in
connection with the Claim without Obligor’s prior written consent; provided, however, that
Obligor shall be responsible for all such reasonable costs and expenses prior to such notification.

     (b) Obligor may defend a Claim with reasonable counsel of its own choosing; provided, that
Claimant may participate in its own defense, with reasonable counsel of its own choosing, at its
own expense; and provided further, that Claimant may participate in its own defense, with
reasonable counsel of its own choosing, at Obligor’s expense if Claimant can reasonably establish
that Obligor’s defense is reasonably likely to prejudice Claimant due to the nature of any claims
or counterclaims presented or conflict of interest issues.

     (c) If Obligor, after receiving due notice of a Claim, fails to assume its defense within a
reasonable time so as reasonably to avoid prejudicing the rights of Claimant, then until Obligor
makes such assumption, Claimant may participate in its own defense, with reasonable counsel of

 

17

its
own choosing, without Obligor’s consent. Such defense shall be at Obligor’s cost if Obligor
subsequently assumes such defense, or if it is subsequently determined that Obligor was obligated
to do so.

     (d) Obligor or Claimant may compromise or settle any Claim in its reasonable discretion,
except that neither party may compromise or settle any Claim that compromises the other party’s
rights or imposes additional obligations upon such party without such party’s prior written
consent. Obligor’s consent is not required hereunder in cases where Obligor has not acknowledged
its obligation of indemnity for such Claim.

     Section 12 — MISCELLANEOUS

     12.1 Assignment. Neither party may assign or otherwise transfer this Agreement
without the prior written consent of the other party, except that (i) NBC may transfer this
Agreement to an Affiliate of NBC without consent, and (ii) VV may assign this Agreement to any
party that is a successor to VV by merger or by way of an acquisition of substantially all of VV’s
assets or capital stock, subject to NBC’s rights under Section 9. Any purported assignment made in
contravention of this Section 12.1 shall be null and void ab initio and of no force or effect. In
the event of a permitted assignment, this Agreement shall be binding upon, shall inure to the
benefit of and shall be enforceable by the respective successors and assigns of the parties hereto.

     12.2 Amendment. Only a written instrument duly executed by both parties hereto may
amend this Agreement.

     12.3 Waiver. Any failure of a party to comply with any obligation, covenant,
agreement or condition herein may be waived by the party entitled to the benefits thereof by a
written instrument signed by waiving party. Such waiver shall not operate as a waiver of, or
estoppel with respect to, any subsequent or other failure.

     12.4 Notices. All notices and other communications provided for hereunder shall be in
writing and delivered by hand or sent by first class mail or overnight carrier or sent by facsimile
(with such facsimile to be confirmed promptly in writing sent by first class mail or overnight
carrier) as follows:

If to NBC, addressed to:

National Broadcasting Company, Inc.

30 Rockefeller Plaza

New York, New York 10112

Attention: Trademark Counsel

Fax: (212) 957-3213

With a copy to:

Simpson Thacher & Bartlett

425 Lexington Avenue

New York, NY 10017-3954

Attention: Casey Cogut

Fax: (212) 455-2502

 

18

If to VV, addressed to:

ValueVision International, Inc.

6740 Shady Oak Road

Eden Prairie, Minnesota 55344-3433

Attention: General Counsel

Fax: (612) 947-0188

With a copy to:

Latham & Watkins

633 West Fifth Street, Suite 4000

Los Angeles, California 90071

Attention: James P. Beaubien

Fax: (213) 891-8763

and

Faegre & Benson LLP

2200 Norwest Center

90 South Seventh Street

Minneapolis, MN 55402

Attention: Andrew Humphrey

Fax: (612) 336-3026

or to such other address or addresses or facsimile number or numbers as any of the parties hereto
may most recently have designated in writing to the other parties hereto by such notice. All such
communications shall be deemed to have been given or made when so delivered by hand or sent by
facsimile or one business day after being sent by an overnight carrier or three business days after
being sent by first class mail.

     12.5 Entire Agreement. This Agreement (including the Schedules referred to herein)
contains the entire agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral and written agreements and understandings between the parties
hereto with regard to such subject matter.

     12.6 Confidentiality. (a) In connection with the activities contemplated by this
Agreement, each party may have access to non-public, confidential or proprietary information of the
other party, including (i) proposals, ideas or research related to possible new products or
services; (ii) financial, business and technical statements and other information; (iii) any
information marked as confidential; and (vi) the material terms of this Agreement and the
relationship between the parties (collectively, “Confidential Information”).

     (b) Each party will take reasonable precautions to protect the confidentiality of the other
party’s Confidential Information at least equivalent to those taken by such party to protect its
own Confidential Information. Except as required by law or as necessary to perform under this
Agreement, neither party will disclose the Confidential Information of the other party or use

 

19

such
Confidential Information for its any unauthorized purpose.

     (c) “Confidential Information” shall not include any information that the receiving party
(“Recipient”) can document (i) was in the public domain before or at the time it was
communicated to the Recipient by the disclosing party (“Discloser”) through no fault of
Recipient; (ii) was rightfully in Recipient’s possession free of any obligation of confidence
before or at the time it was communicated to Recipient by Discloser; (iii) is or was developed or
acquired by Recipient independently of and without reference to any Confidential Information
disclosed by Discloser; (iv) was communicated by Discloser to an unaffiliated third party free of
any obligation of confidence; or (v) was in response to a valid order by a court or other
governmental body, was otherwise required by Law (including regulations of the Securities and
Exchange Commission) or was necessary to establish the rights of either party under this Agreement;
provided that the Recipient informs Discloser of its need to disclose under this subsection
(v) as promptly as possible and either cooperates with all efforts by Discloser to obtain a
protective order or confidential treatment, as the case may be, or at the sole option of the
Discloser, uses its own best efforts to obtain a protective order, or confidential treatment, as
the case may be.

     12.7 Cumulative Remedies. The rights and remedies provided by this Agreement are
cumulative, and the use of any one right or remedy by any party shall not preclude or waive its
right to seek any or all other remedies. Said rights and remedies are given in addition to any
other rights the parties may have by Law.

     12.8 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, applicable to contracts executed and to be performed
entirely in such state.

          (b) Each party irrevocably and unconditionally submits, to the exclusive jurisdiction of any
state or federal court sitting in the County of New York, New York, in any Action arising out of or
relating to this Agreement and for recognition or enforcement of any judgment relating thereto.
Each party irrevocably and unconditionally (i) waives any objection which it may now or hereafter
have to the laying of venue in such jurisdiction of any such Action and (ii) accepts, with regard
to any such Action, the personal jurisdiction of such New York courts and waives any defense or
objection that it might otherwise have to such courts’ exercise of personal jurisdiction with
respect to it. Any and all service of process shall be effective
against any party if given by registered or certified mail, return receipt requested, or by
any other means of mail which requires a signed receipt, postage prepaid.

          (c) The parties hereto agree that NBC shall suffer irreparable harm in the event of a breach
or default by VV relating to the NBC Marks, and that notwithstanding Section 12.9(b), NBC has the
right, in addition to all other remedies at law or in equity, to seek an injunction to enjoin any
such breach in any court of competent jurisdiction.

     12.9 Service of Process; Dispute Resolution. (a) Each of the parties hereto
irrevocably consents to the service of process, pleading, notices or other papers by the mailing of
copies thereof by registered, certified or first class mail, postage prepaid, to such party at such
party’s address set forth herein, or by any other method provided or permitted under New York law.

     (b) Any and all disputes, controversies or differences arising from or in connection with
this Agreement shall be settled by mutual consultation between the parties hereto in good faith as

 

20

promptly as possible, but failing an amicable settlement shall be resolved by arbitration before a
panel of three arbitrators (unless a single arbitrator can be agreed upon by the parties) in the
County of New York, New York, in accordance with the Commercial Dispute Resolution Procedures (as
amended and effective on January 1, 1999) of the American Arbitration Association (“AAA”). The
parties expressly adopt AAA’s Optional Rules for Emergency Measures Protection. The panel shall
render a final opinion and award in writing stating the reasons therefore, and the award shall be
final and binding upon the parties hereto. In the event such final opinion and award was issued in
connection with a material breach of or default as provided for in Section 9.2(a)(i) or (b)(i), the
party held to have been in material breach or default shall be able to cure such breach or default
within thirty (30) days after receipt of such final opinion and award prior to entry of judgment
thereon. Thereafter judgment upon the award may be entered in any court of applicable
jurisdiction. Any proceeding to obtain a judgment upon the award shall be brought in the federal
courts of the United States of America in the City and County of New York, New York or in any court
of general jurisdiction in the County of New York. Each party irrevocably consents to the
jurisdiction and venue of any such court in any such suit, action or proceeding, and waives any
objection which such party may have to the laying of venue of any such suit, action or proceeding
in any such court.

          (c) The parties hereto agree that NBC shall suffer irreparable harm in the event of a breach
or default by VV relating to the New Marks, and that notwithstanding Section 12.9(b), NBC has the
right, in addition to all other remedies at law or in equity, to seek an injunction to enjoin any
such breach in any court of competent jurisdiction.

     12.10 Severability. In the event that any of the provisions of this Agreement are
held to be unenforceable or invalid by any court of competent jurisdiction, the validity and
enforceability of the remaining provisions will not be affected thereby.

     12.11 Construction. The Section and paragraph headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. This Agreement shall be construed as if it was drafted jointly by the parties.
Unless otherwise expressly provided herein or unless the context shall otherwise require, any
provision hereof using an undefined term relating to television programming shall have the meaning
customarily ascribed thereto in the television industry in the applicable territory. The words
“include(s)” and “including” shall be deemed to be followed by “without limitation.” All
references to “party(ies)” shall be deemed references to the parties hereto unless the context
shall otherwise require.

     12.12 Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

 

21

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written.

	 	 	 	 	 
	 	VALUEVISION MEDIA, INC.

 	 
	 	By:  	                                      /s/ Nathan E. Fagre
 	 
	 	 	Nathan E. Fagre 	 
	 	 	Senior Vice President & General Counsel 	 
	 
	 	NBC Universal, Inc.

 	 
	 	By:  	                                      /s/ Jay Bockhaus
 	 
	 	 	Jay Bockhaus 	 
	 	 	Senior Vice President, Business Development

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