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Exhibit 10.22    
    

 
 

SUBSCRIPTION AGREEMENT    
    

        THIS SUBSCRIPTION AGREEMENT (the "Agreement"), dated as of November 3, 2003, is made and entered into by
and among Raymond D. Booth, William P. Brick, Billy W. Daniel, Tommy L. Dann, Graham D. Davis, Joseph A. Geloso, Nancy G. Green, John M. Hayes Jr., Kenneth B. Himes, Robert L. Hobson, Steven J.
Janusek, Ben D. Key, Marie R. Metzger, William A. Newberry, Mark A. Steffek, William A. Tolany, Jimmy C. Weaver, Trimaran Fund II, L.L.C., Trimaran Parallel Fund II, L.P., Trimaran Capital, L.L.C.,
CIBC Employee Private Equity Partners (Trimaran), CIBC MB Inc., Bear Stearns Merchant Banking Partners II, L.P., Bear Stearns Merchant Banking Investors II, L.P., Bear Stearns
MB-PSERS II, L.P., The BSC Employee Fund III, L.P., The BSC Employee Fund IV, L.P. (each a "Purchaser" and together the
"Purchasers") and Reddy Ice Holdings, Inc., a Delaware corporation ("Parent") and Reddy Ice
Corporation, a Nevada corporation (the "Company") (with respect to Sections 6 and  14 hereof only).

        WHEREAS,
on or about November 3, 2003, the Company is expected to enter into a Stock Purchase Agreement (the "Purchase Agreement")
pursuant to which all of the outstanding stock of Triangle Ice Co., Inc., a North Carolina corporation (the "Target"), will be acquired by the
Company, with the Target becoming a wholly owned subsidiary of the Company (the "Acquisition"); and 

        WHEREAS,
the Purchasers desire to subscribe for and purchase from the Parent, and the Parent desires to sell to each of the Purchasers, Equity Securities (the
"Purchased Equity Securities") of the Parent for the purposes of providing a portion of the proceeds necessary to consummate the Acquisition. 

        IN
CONSIDERATION of the foregoing and of their mutual covenants set forth in this Agreement, the parties hereby agree as follows: 

        1.    Definitions.    As used in this Agreement, the following terms shall have the meanings set forth below: 

        "Equity Securities" shall mean the common and Series A 12% cumulative redeemable preferred stock of the Parent. 

        "Rule 144" shall mean Rule 144 promulgated under the Securities Act. 

        "SEC" shall mean the Securities and Exchange Commission. 

        "Securities Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations in effect from time to time thereunder. 

        "Sponsor Purchasers" shall mean, collectively, Trimaran Fund II, L.L.C., Trimaran Parallel Fund II, L.P., Trimaran Capital, L.L.C., CIBC
Employee Private Equity Fund (Trimaran) Partners, CIBC MB Inc., Bear Stearns Merchant Banking Partners II, L.P., Bear Stearns Merchant Banking Investors II, L.P., Bear Stearns
MB-PSERS II, L.P., The BSC Employee Fund III, L.P. and The BSC Employee Fund IV, L.P. 

        2.    Subscription for and Acquisition of Purchased Equity Securities.    Each Purchaser and the Parent agree as
follows: 

        (a)   Subscription for Purchased Equity Shares; Purchase Price. Upon the terms and subject to the conditions hereinafter set
forth, each Purchaser acting severally and not jointly hereby subscribes for and shall purchase, and the Parent shall issue and sell to each Purchaser, shares of Equity Securities of the Parent for
aggregate cash consideration (the "Purchase Price"), in each case, as set forth next to the name of such Purchaser on  Schedule I annexed hereto.

        (b)   Closing. The closing (the "Closing") of the purchase and sale of the
Purchased Equity Securities shall take place on the same date and at the same location as the closing of the Acquisition, or at such other place as the Parent shall determine. At the Closing, each
Purchaser shall deliver or 

 

cause
to be delivered to the Parent the Purchase Price in immediately available funds against delivery of one or more certificates representing the Purchased Equity Securities purchased by such
Purchaser. 

        (c)   Blue Sky Compliance. The Parent shall comply with all state securities or "blue sky" laws which might be applicable to
the sale to each of the Purchasers of its Purchased Equity Securities hereunder, and each of the Purchasers agrees to provide the Parent with such information and cooperate with such filings as may be
required in connection with such compliance. 

        3.    Representations and Warranties of the Purchasers.    

        (a)   Representations and Warranties. Each Purchaser acting severally and not jointly, represents and warrants to, and agrees
with, the Parent that: 

        (i)    Each
Purchaser is acquiring the Purchased Equity Securities to be purchased by it for its own account for investment purposes and not with a view to or for sale or
distribution in violation of the Securities Act or other applicable law. 

        (ii)   Each
Purchaser has been advised by the Parent that: (A) neither the offer nor sale of any Purchased Equity Securities has been registered under the Securities
Act or any state or foreign securities or "blue sky" laws, (B) the Purchased Equity Securities are characterized as "restricted securities" under the Securities Act inasmuch as they are being
acquired from the Parent in a transaction not involving a public offering and that each Purchaser must continue to bear the economic risk of the investment in its Purchased Equity Securities unless
the offer and sale of its Purchased Equity Securities is subsequently registered under the Securities Act and all applicable state or foreign securities or "blue sky" laws or an exemption from such
registration is available, (C) it is not anticipated that there will be any public market for the Purchased Equity Securities in the foreseeable future, (D) when and if the Purchased
Equity Securities may be disposed of without registration under the Securities Act in reliance on Rule 144, such disposition can be made only in limited amounts in accordance with the terms and
conditions of such Rule, (E) if the Rule 144 exemption is not available, public offer or sale of any Purchased Equity Securities without registration shall require the availability of
another exemption under the Securities Act, (F) a restrictive legend in the form satisfactory to the Parent shall be placed on the certificates representing the Purchased Equity Securities,
(G) a notation shall be made in the appropriate records of the Parent indicating that the Purchased Equity Securities are subject to restrictions on transfer and, if the Parent should at some
time in the future engage the services of a stock transfer agent, appropriate stop transfer restrictions shall be issued to such stock transfer agent and (H) the Purchased Equity Securities
shall be subject to additional transfer restrictions pursuant to the Shareholders Agreement. 

        (iii)  Each
Purchaser has such knowledge, skill and experience in business, financial and investment matters, as well as knowledge of Parent and the Company specifically, so
that such Purchaser is capable
of evaluating the merits, risks and consequences of an investment in the Purchased Equity Securities to be purchased by it and is able to bear the economic risk of loss of its investment. 

        (iv)  Each
Purchaser has all the requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 

        (v)   This
Agreement has been duly and validly executed and delivered by each Purchaser. 

        (vi)  This
Agreement constitutes the valid, binding and enforceable agreement of each Purchaser except as enforceability may be limited by (A) applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting creditors' rights generally and (B) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 

2

 

        (vii) The
execution, delivery and performance by each Purchaser of this Agreement does not and shall not (A) constitute or result in a breach of or a default (or an
event which, with notice or lapse of time, or both, has the potential of constituting a default) under any agreement to which any Purchaser is a party, (B) violate any law binding upon any
Purchaser or to which any of its assets are subject or (C) require the consent of any third party or governmental body or agency. 

        4.    Representations and Warranties of the Parent.    

        (a)   Representations and Warranties. The Parent represents and warrants to each Purchaser that: 

        (i)    The
Parent is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 

        (ii)   On
the date hereof, the authorized capital stock of the Parent consists of 300,000 shares of common stock, par value $.01 per share, of which 94,050 shares are
outstanding and 200,000 shares of preferred stock, $.01 par value per share, of which 100,000 shares have been designated as 12% Cumulative Redeemable Preferred Stock, Series A, and of which
94,050 shares are outstanding. 

        (iii)  The
Parent has the requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 

        (iv)  This
Agreement has been duly and validly authorized, executed and delivered by the Parent. 

        (v)   This
Agreement constitutes the valid, binding and enforceable agreement of the Parent, except as such enforceability may be limited by (A) applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting creditors' rights generally and (B) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 

        (vi)  The
execution, delivery and performance by the Parent of this Agreement does not and shall not (A) violate any provision of the Parent's certificate of
incorporation or by-laws, (B) constitute or result in a breach of or a default (or an event which, with notice or lapse of time, or both, has the potential of constituting a
default) under any agreement to which the Parent is a party, (C) violate any law binding upon the Parent or to which any of its assets are subject or (D) require the consent of any third
party or governmental body or agency. 

        (vii) The
Purchased Equity Securities, upon issuance by the Parent following receipt of the Purchase Price therefore, will be duly authorized, validly issued, fully paid and
non-assessable. 

        (viii) Assuming
the accuracy of the representations set forth in Section 3 hereof, the offer and sale of the Purchased
Equity Securities is exempt from the registration requirements of the Securities Act. 

        5.    Conditions to Performance.    

        (a)   Conditions to the Parent's Obligations. The Parent's obligations to issue to each Purchaser the Purchased Equity
Securities to be purchased by each Purchaser hereunder are subject to the performance by each Purchaser at or prior to the Closing of all of the agreements of each Purchaser contemplated to be
performed hereunder at or prior to the Closing and to the satisfaction at or prior to the Closing of the further condition that the representations and warranties of each Purchaser contained in  Section 3 hereof shall be true and correct in all material respects as of the Closing and no statute, rule, regulation or order of any court or
administrative agency shall be in effect which prohibits the Parent, the Company or any of the Purchasers from consummating the transactions contemplated hereby. 

3

 

        (b)   Conditions to each Purchaser's Obligations. The obligation of each Purchaser to deliver the Purchase Price for the
Purchased Equity Securities purchased by it is subject to the performance by the Parent at or prior to the Closing of all of the agreements of the Parent contemplated to be performed hereunder at or
prior to the Closing and to the satisfaction at or prior to the Closing of the further conditions that (i) the representations and warranties of the Parent contained in  Section 4 hereof shall
be true and correct as of the Closing and (ii) all conditions to the occurrence of the Acquisition shall have been
satisfied in accordance with the terms of the Purchase Agreement without waiver unless consented to by the Company in its sole discretion. 

        6.    Tax.    Notwithstanding anything herein to the contrary, each of the Purchasers, the Parent and the Company (and
each affiliate and person acting on behalf of any such party) agree that each party (and each employee, representative and other agent of such party) may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Acquisition and this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to such
party or such person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws. This authorization is not intended
to permit disclosure of any other information including (without limitation) (i) any portion of any materials to the extent not related to the tax treatment or tax structure of the Acquisition
and this Agreement, (ii) the existence or status of any negotiations, (iii) any pricing or financial information (except to the extent such pricing or financial information is related to
the tax treatment or tax structure of the Acquisition and this Agreement) or (iv) any other term or detail not relevant to the tax treatment or the tax structure of the Acquisition and this
Agreement. 

        7.    Survival.    The representations and warranties of the parties set forth in this Agreement shall survive the
Closing. 

        8.    Binding Effect.    The provisions of this Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and the heirs, successors and assigns of the parties hereto. 

        9.    Fees and Expenses.    Each Purchaser shall bear its own costs and expenses in connection with the negotiation,
execution and delivery of this Agreement. 

        10.    Assignment.    No Purchaser shall assign any rights under this Agreement without the prior written consent of
the Parent (which consent may be withheld in the Parent's sole and absolute discretion). Any purported assignment of rights hereunder by any Purchaser which has not been consented to by the Parent
shall be void. 

        11.    Applicable Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

        12.    Invalidity of Provisions.    The invalidity or unenforceability of any provision of this Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in
any other jurisdiction. 

        13.    Headings; Execution in Counterparts.    The headings and captions contained herein are for convenience of
reference only and shall not control or affect the meaning or construction of any provision hereof. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and
all of which together shall constitute but one and the same instrument. 

        14.    Notices.    All notices and other communications provided for herein shall be dated and in writing and shall be
deemed to have been duly given when delivered, if delivered personally or sent by 

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registered
or certified mail, return receipt requested, postage prepaid and when received if delivered otherwise, to the party to whom it is directed: 

	(a)
	If
to the Parent, to it at the following address: 

Reddy
Ice Holdings, Inc.

3535 Travis Street, Suite 170

Dallas, Texas 75204 

	(b)
	If
to any Purchaser or to the Company: 

c/o
such Purchaser (if any)

Reddy Ice Corporation

3535 Travis Street, Suite 170

Dallas, Texas 75204 

or
at such other address as such party shall have specified by notice in writing to the other parties in accordance with this Section 14. 

        15.    Amendment.    This Agreement may not be amended, modified or supplemented and no waivers of or consents to
departures from the provisions hereof may be given unless consented to in writing by the party sought to be charged therewith. Unless otherwise specified in such waiver or consent, a waiver or consent
given hereunder shall be effective only in the specific instance and for the specific purpose for which given. 

        16.    Integration.    The parties agree that this Agreement contains the entire understanding among the parties
hereto relating to the specific matter hereof. 

        17.    Third Party Beneficiaries.    Nothing expressed or implied in this Agreement is intended or shall be construed
to confer upon or give to any third party any rights or remedies against any party hereto. 

        [Remainder
of this page is intentionally left blank.] 

5

 

        IN
WITNESS WHEREOF, the Parent, each Purchaser and the Company have executed this Agreement as of the date first above written. 

	 	 	REDDY ICE HOLDINGS, INC.
	

 	
 	

By:	
 	

/s/  JIMMY C. WEAVER      

	 	 	 	 	Name:	Jimmy C. Weaver
	 	 	 	 	Title:	President and Chief Operating Officer
	

 	
 	

By:	
 	

/s/  STEVEN J. JANUSEK      

	 	 	 	 	Name:	Steven J. Janusek
	 	 	 	 	Title:	Vice President and Secretary

6

 

	

 	

/s/  RAYMOND D. BOOTH      
 Raymond D. Booth
	

 	

/s/  WILLIAM P. BRICK      
 William P. Brick
	

 	

/s/  BILLY W. DANIEL      
 Billy W. Daniel
	

 	

/s/  TOMMY L. DANN      
 Tommy L. Dann
	

 	

/s/  GRAHAM D. DAVIS      
 Graham D. Davis
	

 	

/s/  JOSEPH A. GELOSO      
 Joseph A. Geloso
	

 	

/s/  NANCY G. GREEN      
 Nancy G. Green
	

 	

/s/  JOHN M. HAYES JR.      
 John M. Hayes Jr.
	

 	

/s/  KENNETH B. HIMES      
 Kenneth B. Himes
	

 	

/s/  ROBERT L. HOBSON      
 Robert L. Hobson
	

 	

/s/  STEVEN J. JANUSEK      
 Steven J. Janusek
	

 	

/s/  BEN D. KEY      
 Ben D. Key
	 	 

7

 

	

 	

/s/  MARIE R. METZGER      
 Marie R. Metzger
	

 	

/s/  WILLIAM A. NEWBERRY      
 William A. Newberry
	

 	

/s/  MARK A. STEFFEK      
 Mark A. Steffek
	

 	

/s/  WILLIAM A. TOLANY      
 William A. Tolany
	

 	

/s/  JIMMY C. WEAVER      
 Jimmy C. Weaver

8

 

	

 	
 	

TRIMARAN FUND II, L.L.C.
	 	 	By:	 	Trimaran Fund Management, L.L.C., its investment manager
	

 	
 	

By:	
 	

/s/  STEVEN A. FLYER      

	 	 	 	 	Name:	Steven A. Flyer
	 	 	 	 	Title:	Managing Director
	

 	
 	

TRIMARAN PARALLEL FUND II, L.P.
	 	 	By:	 	Trimaran Fund Management, L.L.C., its investment manager
	

 	
 	

By:	
 	

/s/  STEVEN A. FLYER      

	 	 	 	 	Name:	Steven A. Flyer
	 	 	 	 	Title:	Managing Director
	

 	
 	

TRIMARAN CAPITAL, L.L.C.
	 	 	By:	 	Trimaran Fund Management, L.L.C., its investment manager
	

 	
 	

By:	
 	

/s/  STEVEN A. FLYER      

	 	 	 	 	Name:	Steven A. Flyer
	 	 	 	 	Title:	Managing Director

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	 	 	CIBC EMPLOYEE PRIVATE EQUITY FUND

(TRIMARAN) PARTNERS
	 	 	By:	 	Trimaran Fund Management, L.L.C., its investment manager
	

 	
 	

By:	
 	

/s/  STEVEN A. FLYER      

	 	 	 	 	Name:	Steven A. Flyer
	 	 	 	 	Title:	Managing Director
	

 	
 	

CIBC MB INC.
	 	 	By:	 	Trimaran Fund Management, L.L.C., its investment manager
	

 	
 	

By:	
 	

/s/  STEVEN A. FLYER      

	 	 	 	 	Name:	Steven A. Flyer
	 	 	 	 	Title:	Managing Director
	

 	
 	

BEAR STEARNS MERCHANT BANKING PARTNERS II, L.P.
	

 	
 	

By:	
 	

Bear Stearns Merchant Capital II, L.P., its general partner
	

 	
 	

By:	
 	

JDH Management, L.L.C., its special limited partner
	

 	
 	

By:	
 	

/s/  DAVID E. KING      

	 	 	 	 	Name:	David E. King
	 	 	 	 	Title:	Senior Managing Director
	

 	
 	

BEAR STEARNS MERCHANT BANKING INVESTORS II, L.P.
	

 	
 	

By:	
 	

Bear Stearns Merchant Capital II, L.P., its general partner
	

 	
 	

By:	
 	

JDH Management, L.L.C., its special limited partner
	

 	
 	

By:	
 	

/s/  DAVID E. KING      

	 	 	 	 	Name:	David E. King
	 	 	 	 	Title:	Senior Managing Director

10

 

	 	 	BEAR STEARNS MB-PSERS II, L.P.
	

 	
 	

By:	
 	

Bear Stearns Merchant Capital II, L.P., its general partner
	

 	
 	

By:	
 	

JDH Management, L.L.C., its special limited partner
	

 	
 	

By:	
 	

/s/  DAVID E. KING      

	 	 	 	 	Name:	David E. King
	 	 	 	 	Title:	Senior Managing Director
	

 	
 	

THE BSC EMPLOYEE FUND III, L.P.
	

 	
 	

By:	
 	

Bear Stearns Merchant Capital II, L.P., its general partner
	

 	
 	

By:	
 	

JDH Management, L.L.C., its special limited partner
	

 	
 	

By:	
 	

/s/  DAVID E. KING      

	 	 	 	 	Name:	David E. King
	 	 	 	 	Title:	Senior Managing Director
	

 	
 	

THE BSC EMPLOYEE FUND IV, L.P.
	

 	
 	

By:	
 	

Bear Stearns Merchant Capital II, L.P., its general partner
	

 	
 	

By:	
 	

JDH Management, L.L.C., its special limited partner
	

 	
 	

By:	
 	

/s/  DAVID E. KING      

	 	 	 	 	Name:	David E. King
	 	 	 	 	Title:	Senior Managing Director

11

 

	 	 	With respect to Sections 6 and 14 only:
	

 	
 	

REDDY ICE CORPORATION
	

 	
 	

By:	
 	

/s/  JIMMY C. WEAVER      

	 	 	 	 	Name:	Jimmy C. Weaver
	 	 	 	 	Title:	President and Chief Operating Officer

12

 
 

Schedule I

	Purchaser
 
	 	Total Number of

Common Shares
	 	Total Number of

Preferred Shares
	 	Purchase Price

	Raymond D. Booth	 	7.75300	 	7.75300	 	$	15,506.00
	William P. Brick	 	16.28120	 	16.28120	 	$	32,562.40
	Billy W. Daniel	 	3.87650	 	3.87650	 	$	7,753.00
	Tommy L. Dann	 	3.87650	 	3.87650	 	$	7,753.00
	Graham D. Davis	 	7.75300	 	7.75300	 	$	15,506.00
	Joseph A. Geloso	 	3.87650	 	3.87650	 	$	7,753.00
	Nancy G. Green	 	1.93810	 	1.93810	 	$	3,876.20
	John M. Hayes Jr.	 	1.93810	 	1.93810	 	$	3,876.20
	Kenneth B. Himes	 	1.93800	 	1.93800	 	$	3,876.00
	Robert L. Hobson	 	1.93800	 	1.93800	 	$	3,876.00
	Steven J. Janusek	 	8.52850	 	8.52850	 	$	17,057.00
	Ben D. Key	 	5.03950	 	5.03950	 	$	10,079.00
	Marie R. Metzger	 	1.16310	 	1.16310	 	$	2,326.20
	William A. Newberry	 	3.87650	 	3.87650	 	$	7,753.00
	Mark A. Steffek	 	1.93800	 	1.93800	 	$	3,876.00
	William A. Tolany	 	1.93800	 	1.93800	 	$	3,876.00
	Jimmy C. Weaver	 	19.38250	 	19.38250	 	$	38,765.00
	Trimaran Fund II, L.L.C.	 	875.20138	 	875.20138	 	$	1,750,402.76
	Trimaran Parallel Fund II, L.P.	 	359.74923	 	359.74923	 	$	719,498.46
	Trimaran Capital, L.L.C.	 	55.17146	 	55.17146	 	$	110,342.92
	CIBC Employee Private Equity Partners (Trimaran)	 	556.37377	 	556.37377	 	$	1,112,747.54
	CIBC MB Inc.	 	606.98666	 	606.98666	 	$	1,213,973.32
	Bear Stearns Merchant Banking Partners II, L.P.	 	967.20377	 	967.20377	 	$	1,934,407.54
	Bear Stearns Merchant Banking Investors II, L.P.	 	191.93324	 	191.93324	 	$	383,866.48
	Bear Stearns MB-PSERS II, L.P.	 	531.43658	 	531.43658	 	$	1,062,873.16
	The BSC Employee Fund III, L.P.	 	274.72625	 	274.72625	 	$	549,452.50
	The BSC Employee Fund IV, L.P.	 	488.18266	 	488.18266	 	$	976,365.32

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Exhibit 10.22

SUBSCRIPTION AGREEMENT

Schedule IQuickLinks
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EXHIBIT 10.1    
    

Execution Version  

 
 

LIBERTY MEDIA CORPORATION
  12300 Liberty Boulevard
  Englewood, Colorado 80112    
    

November 12,
2003 

UnitedGlobalCom, Inc.

4643 South Ulster Street

Suite 1300

Denver, Colorado 80237 

Ladies
and Gentlemen: 

        On
October 6, 2003, UnitedGlobalCom, Inc., a Delaware corporation ("UGC"), published notice that it and one of its
wholly-owned subsidiaries had commenced an offer to acquire all the outstanding shares of Common Stock, par value $0.01 per share ("UGCE Common Stock"),
of UGC Europe, Inc., a
Delaware corporation ("UGCE"), not already owned by UGC or its subsidiaries in exchange for shares of the Class A Common Stock, par value $0.01
per share ("UGC Class A Stock"), of UGC, on the specified terms and conditions. On November 12, 2003, the board of directors of UGC
resolved to amend such offer for the outstanding UGCE Common Stock to raise the exchange ratio in such offer to 10.3:1 and to make it a nonwaivable condition that UGC receive tenders of a sufficient
number of shares of UGCE Common Stock so that, after consummation of the offer, UGC and its subsidiaries shall own at least 90% of the total number of shares of UGCE Common Stock, on a fully-diluted
basis (as so amended, the "Exchange Offer"). Following the Exchange Offer, if it is successful, a subsidiary of UGC and UGCE will effect a
short-form merger (the "Merger") pursuant to which any and all remaining stockholders of UGCE will receive the same number of shares of UGC
Class A Stock received by holders of shares UGCE Common Stock tendering such shares in the Exchange Offer. 

        Pursuant
to Section 7B of the Standstill Agreement, dated January 30, 2002 (the "Standstill Agreement"), among UGC, Liberty
Media Corporation, a Delaware corporation ("Liberty Media"), Liberty Global, Inc., a Delaware corporation ("Liberty
Global"), and Liberty UCOMA, LLC, a Delaware limited liability company ("Liberty UCOMA"), Liberty Media, Liberty Global, Liberty
UCOMA and BCI International Investments, LLC, a Delaware limited liability company controlled by Liberty (collectively, the "Liberty Parties"), are
entitled to certain preemptive rights with respect to the issuance of UGC Class A Stock in the Exchange Offer and Merger. The purpose of this letter is to set forth certain agreements among the
parties hereto relating to such preemptive rights. It is a condition to the board of directors' authorization of the Exchange Offer that UGC obtain the agreement of the Liberty Parties to the
amendments to and partial waivers of the terms of the Standstill Agreement contained herein. Capitalized terms used, but not defined, herein shall have the respective meanings ascribed thereto in the
Standstill Agreement, as amended hereby. 

        1.     Partial Waiver of Preemptive Rights; Exercise of Rights; Purchase Price. Conditioned upon compliance with the terms of
this letter and conditioned upon the Exchange Offer being consummated on the terms described in the first paragraph hereof and otherwise as set forth in the public filings of UGC related to such
Exchange Offer on the date hereof, the parties hereby agree as follows: 

        (a)   The
Liberty Parties hereby waive the delivery of an Issuance Notice prior to the issuance of shares of UGC Class A Stock upon consummation of the Exchange Offer
and Merger. In lieu 

1

 

of
such Issuance Notice, UGC shall deliver the Modified Issuance Notice (as defined below) as specified in this letter. 

        (b)   In
connection with the Exchange Offer and Merger, the Liberty Parties may, but will not be required to, exercise their preemptive rights set forth in Section 7B
of the Standstill Agreement to purchase at the per share Purchase Price (as defined below) up to an aggregate number of shares of UGC Class A Stock (the "Preemption
Shares") equal to the greater of (i) such number of shares of UGC Class A Stock sufficient to permit the Liberty Parties to hold a number of Liberty Party Equity
Securities equal to 55% of the total number of shares of outstanding Common Stock immediately
following such issuance of shares of UGC Class A Stock upon consummation of the Exchange Offer and Merger, assuming for purposes of calculating such percentage that the transactions
contemplated by the Share Exchange Agreement, dated August 18, 2003, among Liberty Media and certain stockholders of UGC have been consummated and that all Rights, if any, constituting
Class A Securities held by the Liberty Parties or to be issued, granted or sold in the Exchange Offer or Merger have been duly converted, exchanged or exercised in full (whether or not then
convertible, exchangeable or exercisable) and (ii) the lesser of (x) such number of shares of UGC Class A Stock equal to the quotient of (1) the sum of the aggregate
principal amount of the LBTW Loans (as defined below) plus all accrued but unpaid interest thereon to and including the date of the consummation of the preemptive purchase  divided by (2) the per
share Purchase Price of the UGC Class A Stock and (y) such number of shares of UGC Class A Stock
sufficient to permit the Liberty Parties to hold a number of Liberty Party Equity Securities equal to 60% of the total number of shares of outstanding Common Stock immediately following such issuance
of shares of UGC Class A Stock upon consummation of the Exchange Offer and Merger, assuming for purposes of calculating such percentage that the transactions contemplated by the Share Exchange
Agreement, dated August 18, 2003, among Liberty Media and certain stockholders of UGC have been consummated and that all Rights, if any, constituting Class A Securities held by the
Liberty Parties or to be issued, granted or sold in the Exchange Offer or Merger have been duly converted, exchanged or exercised in full (whether or not then convertible, exchangeable or
exercisable). The Liberty Parties hereby waive their preemptive right to acquire any shares of UGC Class A Stock in connection with the Exchange Offer and Merger in excess of the number of
Preemption Shares determined in accordance with the preceding sentence. For purposes of this letter, "LBTW Loans" means the following promissory notes
executed by UGCH Finance, Inc., a Delaware corporation, as borrower, in favor of LBTW I, Inc., a Colorado corporation, as lender: (1) Note dated January 30, 2002, in the
principal amount of $17,270,536.90, (2) Note dated January 31, 2002, in the principal amount of $2,082,000, (3) Note dated February 1, 2002, in the principal amount of
$6,696,000, (4) Note dated February 4, 2002, in the principal amount of $34,759,200, (5) Note dated February 5, 2002, in the principal amount of $36,417,600, and
(6) Note dated February 28, 2002, in the principal amount of $5,502,519.61. 

        (c)   For
purposes hereof, the term "Purchase Price" means the quotient of (i) the arithmetic average of the volume
weighted average prices for a share of UGCE Common Stock on the principal United States securities exchange or The Nasdaq Stock Market on which UGCE Common Stock trades, as reported by Bloomberg,
L.P., for each of the three consecutive full Trading Days ending on and including the last full Trading Day immediately prior to publication of notice of the acceptance of shares of UGCE Common Stock
for exchange in the Exchange Offer divided by (ii) 10.3, subject to appropriate and equitable adjustment for any stock splits, reverse splits,
stock dividends or similar events after the date of this letter affecting the UGC Class A Stock or the UGCE Common Stock. For purposes of this letter, "Trading
Day" means, with respect to any security, a day on which the principal United States securities exchange on which such security is listed or admitted to trading, or The Nasdaq
Stock Market if such security is not listed or admitted to trading on any such securities exchange, as applicable, is open for the transaction of business (unless such trading shall have been
suspended for the entire day). The aggregate 

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Purchase
Price for the Preemption Shares will be paid (x) first, by the surrender of all or the applicable portion of the LBTW Loans and (y) second, to the extent that the surrender of
all of such LBTW Loans is insufficient to pay the aggregate Purchase Price for the full exercise of the Liberty Parties' preemptive rights, as modified hereby, cash. The value of the LBTW Loans so
surrendered shall be equal to the sum of the aggregate principal amount of the LBTW Loans, or portion thereof, surrendered plus all accrued but unpaid interest thereon as of the date of the
consummation of the preemptive purchase. 

        (d)   Notwithstanding
any of the notice provisions set forth in Section 7B of the Standstill Agreement, within two Trading Days following the publication of notice of
the acceptance of shares of UGCE Common Stock for exchange in the Exchange Offer, UGC shall give notice to the Liberty Parties notifying them of such fact and specifying the number of shares of UGC
Class A Stock to be issued in the Exchange Offer and Merger, the Purchase Price and a calculation of the number of shares of UGC Class A Stock Liberty is entitled to purchase pursuant to
its preemptive rights under the Standstill Agreement as modified by this Paragraph 1 and of the Purchase Price (the "Modified Issuance Notice").
Any Liberty Party may exercise its rights to purchase all or any of the Preemption Shares by giving written notice (a "Modified Preemption Notice") to
that effect to United within ten Trading Days following such date that the Liberty Parties receive the Modified Issuance Notice. Failure to deliver a Preemption Notice within such period will
constitute a waiver of the preemption rights granted by Section 7B of the Standstill Agreement, as partially waived and modified by this letter, as to the issuance of Class A Securities
in the Exchange Offer. The closing of the purchase by the Liberty Parties of the Preemption Shares will be held at Liberty's executive offices at, unless the Liberty Parties specify an earlier time in
a notice given to United, 10:00 a.m. local time on the later of the date of the closing of the Merger or ten Trading Days following the date of the Modified Preemption Notice. 

        2.     Amendment of Preemptive Rights. In consideration of the Liberty Parties' agreement to waive in part and amend their
preemptive rights under Section 7B of the Standstill Agreement with respect to the Exchange Offer and Merger, UGC hereby agrees that, notwithstanding anything set forth in the Standstill
Agreement, the Liberty Parties' preemptive rights under Section 7B of the Standstill Agreement (and the related definitions in Section 1 of the Standstill Agreement) shall survive the
termination of the Standstill Agreement, provided that from and after the date the Standstill Agreement otherwise terminates, Sections 1 and 7B of the Standstill Agreement will be amended as follows: 

        (a)   The
following definition shall be added to Section 1 thereof: 

"Trading Day. With respect to any security, means a day on which the principal United States securities exchange on which such security is listed or
admitted to trading, or The Nasdaq Stock Market if such security is not listed or admitted to trading on any such securities exchange, as applicable, is open for the transaction of business (unless
such trading shall have been suspended for the entire day)." 

        (b)   Clause (a)
of Section 7B shall be amended to read in its entirety as follows: 

        "(i)
If United at any time issues, grants or sells any Class A Securities, the Liberty Parties shall have the right, subject to applicable legal requirements (which United will
use its best commercially reasonable efforts to cause to be satisfied or waived), but not the obligation, to acquire from United a portion of such Class A Securities up to an amount sufficient
to permit the Liberty Parties to hold a number of Liberty Party Equity Securities equal to the lesser of (x) 55% of the total outstanding Common Stock and (y) the percentage of the total
outstanding Common Stock represented by the Liberty Parties' Equity Securities immediately prior to the issuance of such Class A Securities, assuming for purposes of calculating such
percentages that all Rights, if any, constituting Class A Securities held by the Liberty Parties 

3

 

or
to be issued, granted or sold in such transaction have been duly converted, exchanged or exercised in full (whether or not then convertible, exchangeable or exercisable). 

        (ii)   If
United issues, grants or sells any Class A Securities, or desires to issue, grant or sell any Class A Securities, it will give written notice (an
"Issuance Notice") thereof to the Liberty Parties within the time periods noted below stating the number of Class A Securities issued, granted or
sold, or proposed to be issued, granted or sold, as applicable; the date such Class A Securities were or are proposed to be issued, granted or sold; the total per share consideration received
or proposed to be received by United upon issue, grant or sale of such Class A Securities; any other material terms of the transaction; and, if applicable, the arithmetic average of the volume
weighted average prices for a share of Class A Stock on the principal United States securities exchange or The Nasdaq Stock Market (an
"Exchange") on which Class A Stock trades, as reported by Bloomberg, L.P., for each of the five consecutive full Trading
Days immediately prior to the date of the first public announcement of the transaction, including the terms thereof, in which such Class A Securities are proposed to be issued, granted or sold
and each of the five consecutive full Trading Days beginning on and including the date of such announcement (if such date is a Trading Day, otherwise beginning on and including the next following full
Trading Day) (the "Applicable VWAP"). 

        (iii)  The
Issuance Notice shall be given by United (x) if the Class A Securities are issued, granted or sold in whole or in part for consideration other than
cash at a time when the Class A Stock is listed or admitted for trading on an Exchange ("Publicly Traded"), two Business Days following such
issue, grant or sale, (y) if the Class A Securities are issued, granted or sold for consideration consisting wholly of cash at a time when the Class A Stock is Publicly Traded,
not less than five Trading Days prior to the date that such issuance, grant or sale is consummated and (z) if the Class A Securities are issued, granted or sold at a time when the
Class A Stock is not Publicly Traded, no more than 60 days nor less than 20 days prior to the date such issuance, grant or sale is consummated. 

        (iv)  Any
Liberty Party may exercise its rights under this Section 7B by giving written notice (a "Preemption Notice")
to that effect to United within the time periods noted below, which notice shall specify the maximum number of Class A Securities that such Liberty Party elects to purchase. To be effective,
the Preemption Notice shall be given by a Liberty Party (x) if the Class A Securities are issued, granted or sold in whole or in part for consideration other than cash at a time when the
Class A Stock is Publicly Traded, within five Business Days following such date that the Liberty Parties receive the applicable Issuance Notice, (y) if the Class A Securities are
issued, granted or sold for consideration consisting wholly of cash at a time when the Class A Stock is Publicly Traded, at any time prior to the date that such issuance, grant or sale is
consummated, provided that if the applicable Issuance Notice was received by the Liberty Parties less than five Trading Days prior to such issuance, grant or sale, then within five Trading Days
following the date the Liberty Parties receive the applicable Issuance Notice, and (z) if the Class A Securities are issued, granted or sold at a time when the Class A Stock is
not Publicly Traded, at any time prior to the date that such issuance, grant or sale is consummated, provided that if the applicable Issuance Notice was received by the Liberty Parties less than
20 days prior to such issuance, then within 20 days following such date that the Liberty Parties receive the applicable Issuance Notice. Failure to deliver a Preemption Notice within the
applicable period noted above will constitute a waiver of the rights granted by this Section 7B as to the particular issuance of Class A Securities specified in the Issuance Notice." 

        (c)   Clause (b)
of Section 7B shall be amended (i) to replace clause (ii) thereof in its entirety and (ii) to add a new
clause (iii), each as follows: 

        "(ii) in
the case of a proposed issuance, grant or sale of Class A Securities consisting of Class A Stock in whole or in part for consideration other than
cash, if the Class A Stock is Publicly Traded, the consideration per share will be the Applicable VWAP, and (iii) in all other cases, the consideration per share will be the amount of
cash and the fair market value of the other consideration per share to be received by United." 

        3.     Intended Beneficiaries. Each of the Liberty Parties is an intended beneficiary of this letter. 

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	 	 	LIBERTY MEDIA CORPORATION

(on behalf of each of the Liberty Parties)
	

 	
 	
By:	

/s/ ELIZABETH M. MARKOWSKI

	 	 	Name:    Elizabeth M. Markowski

Title:    Senior Vice President

	Accepted and agreed:	 
	

UNITEDGLOBALCOM, INC.	

 
	
By:	

/s/ MICHAEL T. FRIES
	

 
	Name:    Michael T. Fries

Title:    President	 
	

cc:	

UnitedGlobalCom, Inc., General Counsel

Holme Roberts & Owen LLP, W. Dean Salter

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QuickLinks

EXHIBIT 10.1

LIBERTY MEDIA CORPORATION 12300 Liberty Boulevard Englewood, Colorado 80112

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