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EXHIBIT 10.1

EMPLOYMENT AGREEMENT

    This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of January, 2021, among COMCAST CORPORATION, a Pennsylvania corporation, SKY LIMITED, a company which has its registered office at Grant Way, Isleworth, Middlesex TW7 5QD, United Kingdom (the “Company”), and DANA STRONG (“Employee”).  

BACKGROUND

    Employee desires to have Employee’s employment relationship with the Company be governed by the terms and conditions of this Agreement, which include material benefits favorable to Employee and to be provided by Comcast Corporation and the Company.  In return for such material benefits, Employee is agreeing to the terms and conditions contained in this Agreement, which include material obligations on Employee for the benefit of Comcast Corporation and the Company.    

AGREEMENT

    Intending to be legally bound, the Company, Comcast Corporation and Employee agree as follows:

    1.    Position and Duties.

        (a)    Employee shall serve and the Company shall employ Employee in the position set forth on Schedule 1. Employee shall report directly to the Chief Executive Officer of Comcast Corporation (currently Brian L. Roberts) provided that the duties of Employee from time to time hereunder assigned by the Company will be commensurate with Employee’s education, skills and experience.  The nature of the Employee's job is such that the Employee's working time is not measured or predetermined.  The agreed hours of work of the Employee shall be the Company's normal business hours and such other hours as may be required for the proper performance of the Employee's duties under this Agreement.  The Employee shall perform the duties principally at the head office of the Company or at such place or places in the United Kingdom or elsewhere as the Company may from time to time determine. 

        (b)    Employee shall work full-time and devote Employee’s reasonable best efforts to the business of the Company in a manner that will further the interests of the Company.  Without the prior written consent of the Company, Employee shall not work in self-employment nor, directly or indirectly, work for or otherwise provide services to or on behalf of any person or entity, other than the Company.  Notwithstanding the foregoing, Employee may engage in non-compensatory civic and charitable activities with the consent of the Company, which consent shall not be unreasonably withheld or delayed.  

        (c)     The parties shall comply with all policies of the Company and Comcast Corporation applicable to them, including those contained in the Employee Handbook and the Code of Conduct. 

    2.    Term.  The term of this Agreement (the “Term”) shall be from the date first above written (the “Commencement Date”) through the first to occur of: (a) the date Employee’s employment is terminated in accordance with Paragraph 6; or (b) December 31, 2025 (the date specified in subparagraph (b) is referred to as the “Regular End Date”).  Notwithstanding the end of the Term, the Company’s obligations to make any payments expressly set forth herein to be made after the Term, and the parties’ rights and obligations contained in Paragraphs 8, 9 and 10, shall be enforceable after the end of the Term.  The Employee’s employment with the Company under this Agreement started on January 10, 2021 and the Employee’s period of continuous employment started on March 29, 2018.

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    3.    Compensation.

        (a)    Base Salary.  Employee’s base salary (“Base Salary”) from the Commencement Date through January 5, 2022 shall be at the annual rate set forth on Schedule 1.  Employee shall thereafter be entitled to participate in any salary increase program offered during the Term, on a basis consistent with that applicable to other employees at Employee’s level, taking into account Employee’s position, duties and performance.  Base Salary shall not be reduced other than as part of a salary reduction program effected on a basis consistent with that applicable to other employees at Employee’s level.  Base Salary, less normal deductions, shall be paid to Employee in accordance with the Company’s payroll practices in effect from time to time.  It is agreed that, prior to December 31, 2020, Employee made an earned compensation election irrevocably to defer 10% of Employee’s 2021 Base Salary.

        (b)    Restricted Stock and Stock Option Grants.  

                   Commencing in 2021and in each subsequent calendar year in the Term, Employee shall be entitled to participate in any annual broad-based grant programs under Comcast Corporation’s Restricted Stock Plan and/or Stock Option Plan (or any successor equity-based compensation plan or plans) on a basis consistent with that applicable to other employees at Employee’s level, taking into account Employee’s position, duties and performance provided that it is the Company’s intention to recommend that Comcast Corporation make a grant in March 2021 in an aggregate amount of $5,250,000.  

        (c)    Cash Bonuses.  

               (i)    Employee shall be entitled to participate in Comcast Corporation’s Cash Bonus Plan as set forth on Schedule 1 for 2021.  Employee’s participation in such Plan will be pursuant to the terms and conditions thereof.  The performance goals applicable to such participation will be consistent with those applicable to other employees at Employee’s level, taking into account Employee’s position and duties.  It is agreed that, prior to December 31, 2020, Employee made an earned compensation election irrevocably to defer 35% of Employee’s 2021 bonus (payable in 2022) under Comcast Corporation’s Cash Bonus Plan.

               (ii)    With respect to each subsequent calendar year in the Term, Employee shall be entitled to continue to participate in Comcast Corporation’s Cash Bonus Plan (or any successor performance-based cash incentive compensation plan) pursuant to the terms and conditions thereof and on a basis consistent with that applicable to other employees at Employee’s level, taking into account Employee’s position, duties and performance, provided that in no event will the percentage of eligible earnings target bonus potential thereunder be less than that set forth on Schedule 1.
     
    4.    Benefit Plans and Programs and Relocation Allowance.  Employee shall be entitled to:  (a) participate in Comcast Corporation’s global expatriate and the Company’s domestic health and welfare and other employee benefit plans and programs (including group insurance programs and vacation benefits), on terms (including cost) as are consistent with those made available to other employees at Employee’s level, taking into account Employee’s position and duties, in accordance with the terms of such plans and programs; and (b) applicable directors and officers liability insurance and indemnification and advancement of expenses provisions relating to claims made by third parties against Employee in Employee’s role as a director, officer or employee) (the items listed in subparagraphs (a) and (b) collectively “Benefit Plans”).  Nothing in this Agreement shall limit Comcast Corporation’s or the Company’s right to modify or discontinue any Benefit Plans at any time, provided no such action may adversely affect any vested rights of Employee thereunder.  The provisions of this Paragraph 4 shall not apply to compensation and benefit plans and programs specifically addressed in this Agreement, including the relocation allowance set forth on Schedule 1, in which case the applicable other terms of this Agreement shall control.  Except as otherwise 
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provided by this Agreement, there are no terms or conditions of employment relating to hours of work or to normal working hours or to entitlement to holidays (including public holidays) or holiday pay or to incapacity for work due to sickness or injury or to pensions or pension schemes or requiring the Executive to work outside the United Kingdom for a period of more than one month.

    5.    Pension Plan.  The Company confirms that it has exercised and will continue to exercise its discretion not to automatically enroll the Employee into a qualifying pension arrangement. 

    6.    Holidays. 

6.1    The holiday year runs from 1 July to 30 June.  The Employee is entitled to 25 days’ paid holiday in each holiday year, plus recognized English bank and public holidays (both of which shall be pro-rated to reflect any part-time working and/or employment commenced mid-year).
6.2    After 5 years of service, the Employee is also entitled to receive an additional day’s paid holiday for each completed holiday year of service, up to a maximum of 5 additional days per annum. This will be reduced pro rata if the Employee works less than 5 days per week. Holiday entitlement is calculated on a pro rata basis during the first and final year of employment.
6.3    Holiday which is not taken within the holiday year cannot be carried over and taken in a subsequent holiday year, unless the Employee has been unavoidably prevented from taking holiday during the holiday year due to a period of sickness absence and/or statutory maternity, paternity, shared parental or adoption leave. The Company will not make a payment for holiday not taken except for any holiday owed to the Employee when the Employee leaves the Company.  If when the Employee leaves the Company the Employee has taken holiday exceeding the Employee’s entitlement, the Company will deduct the appropriate payment calculated on a pro rata basis from any payment owing to the Employee.
6.4    The Employee may be required to take any accrued but unused holiday during any notice period. Any accrued but unused holiday will be deemed to be taken during any period of garden leave. 
6.5    The Company may withhold payment of accrued holiday pay if, at the end of the Employee’s employment, the Employee does not work the Employee’s full notice period.
6.6    Holidays are to be taken at such times as the business of the Company reasonably permits (and Regulations 15(1) to 15(4) of the Working Time Regulations 1998 concerning the arrangements for taking holiday are hereby excluded).  A maximum of 3 weeks may be taken consecutively if approved by the Company.

    7.    Sickness and Injury.  

7.1    If the Employee is absent from work because of sickness or injury, the Employee must take all reasonable steps to inform the Company.  The Employee must inform the Company of the reason for the Employee’s absence and the period for which the Employee is likely to be absent.
7.2    If the Employee is absent from work (whatever the length of absence) due to sickness or injury the Employee must complete a self-certificate and give this to the Company on the Employee’s return to work.  
7.3    If the Employee is absent from work due to sickness or injury the Employee will be eligible to receive company sick pay as follows: 

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Service                                    Sick Pay
Less than 3 months                        2 weeks
3 months but less than 1 year        5 weeks
1 year but less than 2 years            6 weeks 
2 years but less than 3 years            9 weeks
3 years but less than 5 years            12 weeks
over 5 years                                    16 weeks

Company sick pay is discretionary and will not be paid if the Employee fails to meet the notification requirements.

7.4    Payment of any company sick pay will be calculated on a 12 month rolling period.  Therefore, any paid absence for sickness or injury in the 12 months immediately preceding the beginning of a new period of absence will be deducted from the sickness payment shown above.  If the Employee is absent from work as a result of sickness or injury in any financial year of the Company, the amount of the bonus which the Employee may otherwise be eligible for may, in the discretion of the Company, be reduced by the proportion which the period of absence bears to the financial year as a whole.  
7.5    Any sums paid to the Employee will include any statutory sick pay (“SSP”) to which the Employee may be entitled.  The qualifying period for SSP is 4 or more consecutive days.
7.6    If the Employee has been absent from work due to sickness or injury, the Employee may be required to undergo a medical examination whether the Employee is still absent from work or not.  The Employee agrees that a copy of any report prepared by the Company doctor, and/or details of the diagnosis or prognosis, may be sent to the Company and may be made available to the Company’s occupational health department, the HR department and professional advisers. The Employee further agrees that the Employee shall authorize the doctor to discuss with the Company any matters arising from such report, diagnosis or prognosis.
7.7    The Company may give notice to end the Employee’s employment as a result of an extended period of sickness/absence regardless of whether this could affect any entitlement to sick pay and/or disability benefit under the Company’s (or any other) disability benefits plan.
    8.    Business Expenses.  The Company shall pay or reimburse Employee for reasonable travel, lodging, meal, entertainment and other expenses incurred by Employee in connection with the performance of Employee’s duties hereunder, upon presentation of receipts therefor submitted to the Company on a timely basis and in accordance with the Company’s policies and practices in effect from time to time.  

    9.    Termination.  During the Term, Employee’s employment, and the Company's and Comcast Corporation’s obligations under this Agreement (excluding any obligations the Company may have under Paragraph 7, any other obligations expressly set forth herein as surviving termination of employment, and any obligations with respect to any vested rights of Employee under any compensation or benefit plans or programs), shall or may be terminated, in the circumstances set forth below.

          (a)    Death.  Employee's employment shall terminate automatically in the event of Employee’s death.

          (b)    Disability.  The Company may terminate Employee’s employment in accordance with the provisions of applicable law, in the event Employee becomes substantially unable to perform the essential functions of his/her position, with or without reasonable accommodation, due to partial or total disability or incapacity resulting from a mental or physical illness, injury or other health-related cause (“Disability”).  If such termination occurs during a period where there has been at 
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least twelve (12) consecutive months of incapacity (or during a cumulative period where there has been at least fifty-two (52) weeks of incapacity in any two (2) calendar year period), then such termination will be considered a “Termination Due to Disability” under the terms of this Agreement.

        (c)    Termination With Cause by the Company or Resignation Without Good Reason by Employee.  

               (i)    The Company may terminate Employee’s employment (a “Termination With Cause”) upon written notice following its determination that Employee has committed any of the following acts:  (A) conviction of or guilty/no contest plea to a felony or a crime involving moral turpitude, the nature and circumstances of which are determined in the Company’s discretion to disqualify Employee from continued employment with Company; (B) fraud; (C) embezzlement or other misappropriation of funds; (D) material misrepresentation with respect to the Company; (E) substantial and/or repeated failure to perform duties; (F) gross negligence or willful misconduct in the performance of duties; (G) commission of any act or material involvement in any situation, or occurrence, whether before or during the Term, which brings the Company into widespread public disrepute, contempt, scandal or ridicule, or which justifiably shocks, insults or offends a significant portion of the community, or Employee’s or the Company’s being subject to publicity for any such act or involvement; (H) material violation of the Employee Handbook, the Code of Conduct or any other written Company policy, including, without limitation, a material violation of the Company’s anti-harassment and anti-discrimination policies; or (I) material breach of this Agreement (which, as to the last two items, if capable of being cured (as reasonably determined by the Company), shall remain uncured following ten (10) business days after written notice thereof) .

               (ii)    Employee may terminate Employee’s employment (a “Resignation Without Good Reason”) at any time for any reason (or for no reason) upon twenty (20) business days prior written notice without Good Reason (as such term is defined in subparagraph (d)(ii) below).  

        (d)    Termination Without Cause by the Company or Resignation With Good Reason by Employee.  

               (i)    The Company may terminate Employee’s employment (a “Termination Without Cause”) at any time for any reason (or for no reason) upon twenty (20) business days prior written notice (or, if greater, any applicable statutory minimum notice, including under the Employment Rights Act 1996).  

               (ii)    Employee may terminate Employee’s employment (a “Resignation With Good Reason”) as a result of any of the following acts of the Company upon ten (10) business days prior written notice, provided Employee has provided the Company such written notice within sixty (60) days of the occurrence thereof:  a demotion in Employee’s position; or material breach of this Agreement (which, as to either such item, if capable of being cured (as reasonably determined by the Company), shall remain uncured following ten (10) business days after written notice thereof) (“Good Reason”).

    10.    Payments and Other Entitlements As a Result of Termination.  If, during the Term, the Employee is terminated under Paragraph 6, Employee shall be entitled to the payments and provisions set forth below (which payments and provisions shall be the Employee’s sole entitlements as the result of such termination): 

        (a)    Death or Disability.  Following termination due to death or Termination Due to Disability during the Term, Employee’s estate (or Employee, if Termination Due to Disability) shall be entitled to payment of any salary earned by the Employee prior to the termination, as well as payment of Employee’s then-current Base Salary for a period of three (3) months following the date of termination (payable in accordance with the Company’s regular payroll practices), amounts accrued or payable under any Benefit Plans (payable at such times as provided therein), any accrued but unused 
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vacation time, any amounts payable for any unreimbursed business expenses, any amount that otherwise would have been payable in the current year on account of a prior year’s Cash Bonus Plan grant, an amount on account of the current year’s Cash Bonus Plan grant (pro-rated through the date of termination, and calculated using actual achievement of Company-based performance goals and assuming full achievement of Employee’s personal performance goals) (in the case of each of the last two amounts, payable at such time as otherwise applicable absent such death or Termination Due to Disability), and any vested rights or benefits under any applicable provisions of any other compensation or benefit program or plan or grants thereunder.  Except as otherwise provided herein, any amounts payable to Employee’s estate (or Employee, as applicable) pursuant to this subparagraph (a) shall be paid no later than the 45th day following the date of termination.  

        (b)    Termination With Cause by the Company or Resignation Without Good Reason by Employee.  If Employee’s employment terminates as a result of a Termination With Cause or Resignation Without Good Reason during the Term, Employee shall be entitled to payment of Employee’s then-current Base Salary through the date of termination (payable in accordance with the Company’s regular payroll practices), amounts accrued or payable under any Benefit Plans (payable at such times as provided therein), any accrued but unused vacation time, any amounts payable for any unreimbursed business expenses, and any amount that otherwise would have been payable in the current year on account of a prior year’s Cash Bonus Plan grant (payable at such time as otherwise applicable absent such termination).  Except as otherwise provided herein, any amounts payable to Employee pursuant to this subparagraph (b) shall be paid no later than the 45th day following the date of termination.

        (c)    Termination Without Cause by the Company or Resignation With Good Reason by Employee.  If Employee’s employment is terminated as a result of a Termination Without Cause or Resignation With Good Reason during the Term, and subject to Paragraph 13 and to Employee’s entering into an agreement containing a release by Employee of the Company with respect to all matters relating to Employee’s employment and the termination thereof (other than rights under this Agreement which by their express terms continue following termination of employment and any vested rights under any compensation or benefit plan or program or grants thereunder) within thirty (30) days following the date of termination, in a form and containing terms as the Company customarily requires of terminated employees receiving salary continuation payments:

               (i)    Provided Employee is alive at the time of payment thereof, Employee shall be entitled to continue to: (A) receive Employee’s then-current Base Salary in accordance with the Company’s regular payroll practices; and (B) participate in the Company’s and Comcast Corporation’s medical, prescription, dental and vision plans, with the Company or Comcast Corporation continuing to cover the employer portion of the premium cost for such benefits (if and to the extent Employee was participating in such plans at the time of termination); in each case for the period of time set forth on Schedule 1 following the date of termination.  Employee’s rights under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”) shall run concurrently with Employee’s participation during such period of time.  The payments and benefits described in this subparagraph (i) will begin to be paid or provided as soon as administratively practicable after the release described in subparagraph (c) above becomes irrevocable, provided that if the 30-day period described in such subparagraph begins in one taxable year and ends in the following taxable year, such payments or benefits shall not commence until the following taxable year.

               (ii)    Employee shall also receive payment of Employee’s then-current Base Salary through the date of termination (payable in accordance with the Company’s regular payroll practices); amounts accrued or payable under any Benefit Plans (payable at such times as provided therein); any accrued but unused vacation time; any amounts payable for any unreimbursed business expenses; any amount that otherwise would have been payable in the current year on account of a prior year’s Cash Bonus Plan grant (payable in accordance with the Company’s regular payroll practice for paying such year’s bonus); and an amount on account of the current year’s Cash Bonus Plan grant (pro-rated through the month containing the date of termination, and calculated using actual 
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achievement of Company-based performance goals and assuming full achievement of Employee’s personal performance goals) (payable in accordance with the Company’s regular payroll practice for paying such year’s bonus).  Except as otherwise provided herein, any amounts payable to Employee pursuant to this subparagraph (ii) shall be paid no later than the 45th day following the date of termination.  

               (iii)     Salary continuation payments under subparagraph (i) above shall be subject to reduction in the amount of any salary, bonus, vested equity or other compensation earned or received by Employee for services through employment or self-employment during or on account of the period of time of salary continuation.  Employee shall provide the Company with prompt written notice of any such employment and amounts.  The Company’s and Comcast Corporation’s obligation to continue medical, prescription, dental and/or vision benefits shall cease upon Employee’s eligibility for such benefits from any subsequent employer.  

               (iv)    Provided Employee is alive at the time of payment, Employee shall be entitled to receive payment on account of:  (A) the current year’s Cash Bonus Plan grant, pro-rated beginning from the month following the date of termination through December 31st of the year of termination; and (B) the following year’s Cash Bonus Plan grant, pro-rated based on the number of months of employment in the year of termination (including the month of termination); in each case calculated using actual achievement of Company-based performance goals and assuming full achievement of Employee’s personal performance goals (payable at such times as otherwise applicable absent such termination).

               (v)    Provided Employee is alive at the time of vesting, Employee shall have the right to continued vesting of Stock Option Plan and Restricted Stock Plan grants through the period of time set forth on Schedule 1, as if there had been no termination of employment.  Provided Employee is alive at the time of exercise, Employee shall have the right to exercise any vested Stock Option Plan grants through the period of time set forth on Schedule 1.

      11.    Non-Solicitation; Non-Competition; Confidentiality.  Employee acknowledges and agrees that: Employee’s skills, experience, knowledge and reputation are of special, unique and extraordinary value to the Company and Comcast Corporation; Employee is and will continue to be privy to confidential and proprietary information, processes and know-how of the Company and Comcast Corporation, the confidentiality of which has significant value to the Company and Comcast Corporation and their future success; and the restrictions on Employee’s activities as set forth below are necessary to protect the value of the goodwill and other tangible and intangible assets of the Company and Comcast Corporation.  Based upon the foregoing, Employee agrees as follows:

        (a)    While employed by the Company (whether during the Term or thereafter), and for a period of one year after termination of Employee’s employment for any reason (whether during the Term or thereafter), Employee shall not, directly or indirectly: (i) hire any employee of the Company or Comcast Corporation (other than as a result of a general solicitation); (ii) solicit, induce, encourage or attempt to influence any employee, customer, consultant, independent contractor, service provider or supplier of the Company or Comcast Corporation to cease to do business or terminate the employment or other relationship with the Company or Comcast Corporation; or (iii) assist any other person or entity in doing or performing any of the acts that Employee is prohibited from doing under subparagraphs (i) or (ii) above. 

        (b)    (i)  WHILE EMPLOYED BY THE COMPANY (WHETHER DURING THE TERM OR THEREAFTER); AND FOR A PERIOD OF ONE YEAR AFTER A RESIGNATION WITHOUT GOOD REASON OR A TERMINATION WITH CAUSE, IN EITHER CASE OCCURRING PRIOR TO THE REGULAR END DATE; EMPLOYEE SHALL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY ACTIVITIES ON BEHALF OF, OR BE FINANCIALLY INTERESTED IN, A COMPETITIVE BUSINESS (AS AN AGENT, CONSULTANT, DIRECTOR, EMPLOYEE, INDEPENDENT CONTRACTOR, OFFICER, OWNER, PARTNER, MEMBER, 
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PRINCIPAL, SERVICE PROVIDER OR OTHERWISE).  A COMPETITIVE BUSINESS MEANS A BUSINESS (WHETHER CONDUCTED BY AN INDIVIDUAL OR ENTITY, INCLUDING EMPLOYEE IN SELF-EMPLOYMENT) THAT IS ENGAGED IN COMPETITION, DIRECTLY OR INDIRECTLY THROUGH ANY ENTITY CONTROLLING, CONTROLLED BY OR UNDER COMMON CONTROL WITH SUCH BUSINESS, WITH ANY OF THE BUSINESS ACTIVITIES (A) CARRIED ON BY THE COMPANY OR (B) BEING PLANNED BY THE COMPANY OR COMCAST CORPORATION WITH EMPLOYEE’S PARTICIPATION.  

                 (ii)    THIS RESTRICTION SHALL APPLY IN ANY GEOGRAPHIC AREA IN THE WORLD IN WHICH THE COMPANY OR COMCAST CORPORATION CARRIES OUT BUSINESS ACTIVITIES.  EMPLOYEE AGREES THAT NOT SPECIFYING A MORE LIMITED GEOGRAPHIC AREA IS REASONABLE IN LIGHT OF THE BROAD GEOGRAPHIC SCOPE OF THE ACTIVITIES CARRIED OUT BY THE COMPANY AND COMCAST CORPORATION IN THE WORLD.  

              (iii)    For purposes of clarification of their intent, the parties agree that subparagraph (i) above restricts Employee from working on the account, or otherwise for the benefit, of a Competitive Business as a result of Employee’s working as an employee, consultant or in any other capacity for an entity that provides consulting, advisory, lobbying or similar services to other businesses.  

              (iv)    Nothing herein shall prevent Employee from owning for investment up to one percent (1%) of any class of equity security of an entity whose securities are traded on a national securities exchange or market.  Further, nothing herein shall prevent Employee from engaging in the practice of law. 
        
        (c)    Nothing contained in this Agreement (including, without limitation, subparagraph 8(d) and Paragraph 9) or otherwise limits Employee’s ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege, to the Securities and Exchange Commission (the “SEC”), the Occupational Safety and Health Administration (“OSHA”) or any other federal, state or local governmental agency or commission regarding possible legal violations, without disclosure to the Company.  The Company and Comcast Corporation may not retaliate against Employee for any of these activities, and nothing in this Agreement requires Employee to waive any monetary award or other payment that Employee might become entitled to from the SEC or OSHA.

        (d)    Except as provided in subparagraph 8(c), during the Term and at all times thereafter, Employee shall not, directly or indirectly, use for Employee’s personal benefit, or disclose to or use for the direct or indirect benefit of anyone other than the Company or Comcast Corporation (except as may be required within the scope of Employee’s duties hereunder), any secret or confidential information, knowledge or data of the Company or Comcast Corporation or any of their employees, officers, directors or agents (“Confidential Information”).  Confidential Information includes, but is not limited to: the terms and conditions of this Agreement; sales, marketing and other business methods; policies, plans, procedures, strategies and techniques; research and development projects and results; software and firmware; trade secrets, know-how, processes and other intellectual property; information on or relating to past, present or prospective employees or suppliers; and information on or relating to past, present or prospective customers, including customer lists.  Notwithstanding the foregoing, Confidential Information does not include information that: (i) is generally available to the public; or (ii) is available to Employee on a nonconfidential basis from a source other than the Company and Comcast Corporation, provided such source is not bound by a confidentiality agreement with the Company or Comcast Corporation or otherwise prohibited from transmitting such information to Employee by a contractual, legal or fiduciary obligation.  Employee agrees that Confidential Information is the exclusive property of the Company or Comcast Corporation, and agrees that, immediately upon Employee’s termination of employment for any reason (including after the Term), Employee shall deliver to the Company or Comcast Corporation all 
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correspondence, documents, books, records, lists and other materials containing Confidential Information that are within Employee’s possession or control, regardless of the medium in which such materials are maintained, and Employee shall retain no copies thereof in any medium.  Except as provided in subparagraph 8(c), without limiting the generality of the foregoing, Employee agrees neither to prepare, participate in or assist in the preparation of any article, book, speech or other writing or communication relating to the past, present or future business, operations, personnel or prospects of the Company or Comcast Corporation, nor to encourage or assist others to do any of the foregoing, without the prior written consent of the Company or Comcast Corporation (which may be withheld in the Company’s or Comcast Corporation’s sole discretion).  Nothing herein shall prevent Employee from:  (A) complying with a valid subpoena or other legal requirement for disclosure of Confidential Information, provided that, except as provided in subparagraph 8(c), Employee shall use good faith efforts to notify the Company and Comcast Corporation promptly and in advance of disclosure if Employee believes Employee is under a legal requirement to disclose Confidential Information otherwise protected from disclosure under this subparagraph; or (B) disclosing the terms and conditions of this Agreement to Employee’s spouse or tax, accounting, financial or legal advisors, or as necessary to enforce this Agreement.  Notwithstanding the foregoing, pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (x) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition and without limiting the preceding sentence, if Employee files a lawsuit for retaliation by the Company or Comcast Corporation for reporting a suspected violation of law, Employee may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if Employee (i) files any document containing the trade secret under seal, and (ii) does not disclose the trade secret, except pursuant to court order.

        (e)    Employee acknowledges that the restrictions contained in this Paragraph 8, in light of the nature of the businesses in which the Company and Comcast Corporation are engaged and Employee’s position with the Company, are reasonable and necessary to protect the legitimate interests of the Company and Comcast Corporation, and that any violation of these restrictions would result in irreparable injury to the Company and Comcast Corporation.  Employee therefore agrees that:  (i) in the event of Employee’s violation of any of these restrictions, the Company shall have the right to suspend or terminate any unaccrued payment obligations to Employee hereunder and/or Employee’s unaccrued rights under any compensation or benefit plans or programs hereunder or thereunder (including in each case any arising following termination of employment); and (ii) in the event of Employee’s violation or threatened violation of any of these restrictions, the Company and Comcast Corporation shall be entitled to seek from any court of competent jurisdiction: (A) preliminary and permanent injunctive relief against Employee; (B) damages from Employee (including the Company’s and Comcast Corporation’s reasonable legal fees and other costs and expenses); and (C) an equitable accounting of all compensation, commissions, earnings, profits and other benefits to Employee arising from such violation; all of which rights shall be cumulative and in addition to any other rights and remedies to which the Company and Comcast Corporation may be entitled as set forth herein or as a matter of law.

        (f)    Employee agrees that if any part of the restrictions contained in this Paragraph 8, or the application thereof, is construed to be invalid or unenforceable, the remainder of such restrictions or the application thereof shall not be affected and the remaining restrictions shall have full force and effect without regard to the invalid or unenforceable portions.  If any restriction is held to be unenforceable because of the area covered, the duration thereof or the scope thereof, Employee agrees that the court making such determination shall have the power to reduce the area and/or the duration, and/or limit the scope thereof, and the restriction shall then be enforceable in its reduced form.  

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        (g)    If Employee violates any such restrictions, the period of such violation (from the commencement of any such violation until such time as such violation shall be cured by Employee) shall not count toward or be included in any applicable restrictive period.

          (h)    Employee agrees that prior to accepting employment with any other person or entity at any time during the one-year period following termination of employment referred to in subparagraph (b)(i) above, Employee will provide the prospective employer with written notice of the provisions of this Paragraph 8, with a copy of such notice provided simultaneously to the Company and Comcast Corporation.  

      12.    Non-Disparaging Statements.  Except as provided in subparagraph 8(c), during the period of Employee’s employment (whether during the Term or thereafter), and for a period of three (3) years thereafter, no party shall disparage (directly or indirectly; orally, in writing or otherwise), any other party or, in the case of the Company and Comcast Corporation, any of its respective employees, officers or directors, in any communication with or to any person or entity, including:  (a) any actual or potential employer of Employee; (b) any actual or potential employee, customer, consultant, independent contractor, investor, lender, service provider or supplier of the Company or Comcast Corporation; or (c) any media outlet.  The foregoing shall not be deemed to restrict either party’s obligation to testify truthfully in any proceeding or cooperate in any governmental investigation.

    13.    Company Property.  

          (a)    To the extent any Company Intellectual Property (as defined in subparagraph (f) below) is not already owned by the Company or Comcast Corporation as a matter of law or by prior written assignment by Employee to the Company, Employee hereby assigns to the Company and Comcast Corporation, and agrees to assign to the Company and Comcast Corporation or its designated subsidiary(ies) in the future (to the extent required), all right, title and interest that Employee now has or acquires in the future in and to any and all Company Intellectual Property.  Employee shall further cooperate with the Company and Comcast Corporation in obtaining, protecting and enforcing their interests in Company Intellectual Property.  Such cooperation shall be at the Company’s expense, and shall include, at the Company’s election, without limitation, signing all documents reasonably requested by the Company for patent, copyright and other Intellectual Property (as defined in subparagraph (f) below) applications and registrations, and individual assignments thereof, and providing other reasonably requested assistance.  Employee’s obligation to assist the Company and Comcast Corporation in obtaining, protecting and enforcing Company Intellectual Property rights shall continue following Employee’s employment with the Company, but the Company shall be obliged to compensate Employee at a then prevailing reasonable consulting rate for any time spent and any out-of-pocket expenses incurred at the Company’s request for providing such assistance.  Such compensation shall be paid irrespective of, and is not contingent upon, the substance of any testimony Employee may give or provide while assisting the Company or the outcome of any proceeding where such testimony is given or provided.

          (b)    Employee shall use reasonable efforts to promptly disclose to the Company, or any person(s) designated by the Company, all Intellectual Property that is created, fixed, conceived or reduced to practice by Employee, either alone or jointly with others, during the term of Employee’s employment with the Company, whether or not patentable or copyrightable or believed by Employee to be patentable or copyrightable, including without limitation any Intellectual Property (to be held in confidence by the Company) that qualifies fully as a nonassignable invention under Section 2870 of the California Labor Code (“Nonassignable IP”).  If Employee contends that any such Intellectual Property qualifies as Nonassignable IP, Employee will promptly so notify the Company, and Employee agrees to cooperate fully with a review and verification process by the Company.  In addition, Employee will promptly disclose to the Company (to be held in confidence) all patent applications filed by Employee or on Employee’s behalf within six (6) months after termination of employment, and to cooperate fully with a review and determination by the Company as to whether 
     10

such patent applications constitute or include Company Intellectual Property.  Employee has reviewed the notification on Schedule 2 and agrees that Employee’s execution hereof acknowledges receipt of such notification.

          (c)    In the event that the Company is unable for any reason whatsoever to secure Employee’s signature on any lawful and necessary document to apply for, execute or otherwise further prosecute or register any patent or copyright application or any other Company Intellectual Property application or registration, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee’s agents and attorneys-in-fact to act for and on Employee’s behalf and instead of Employee to execute and file such lawful and necessary documents and to do all other lawfully permitted acts to further prosecute, issue and/or register patents, copyrights and any other Company Intellectual Property rights with the same legal force and effect as if executed by Employee.

          (d)    To the extent any materials, including written, graphic or computer programmed materials, authored, prepared, contributed to or written by Employee, in whole or in part, during the term of employment by the Company and relating in whole or in part to the business, products, services, research or development of the Company qualify as “work made for hire,” as such term is defined and used in the copyright laws of the United States, then such materials shall be done by Employee as “work made for hire” under such law.

          (e)    If Employee owns or controls or has the power to grant licenses under any patents or other Intellectual Property rights that are, during the term of Employee’s employment, incorporated in or utilized in the development, manufacture or delivery of any of the Company’s or Comcast Corporation’s products or services by Employee or with Employee’s knowledge, assistance, or encouragement, Employee agrees to grant and hereby does grant to the Company and Comcast Corporation a non-exclusive, royalty-free, paid-up, perpetual, irrevocable, freely transferable and sublicensable, unrestricted worldwide license under such patents or other Intellectual Property to make, have made, use, reproduce, display, perform, sell, offer to sell, import, export, distribute, and otherwise transfer or dispose of, all of the Company’s and Comcast Corporation’s products and services.  The foregoing license shall extend throughout the Company’s and Comcast Corporation’s supply and distribution chains, and shall extend to partners of the Company and Comcast Corporation (in relation to the Company’s and Comcast Corporation’s products and services) as well.

          (f)    “Intellectual Property” means any and all ideas, inventions, formulae, knowhow, trade secrets, devices, designs, models, methods, techniques, processes, specifications, tooling, computer programs, software code, works of authorship, copyrighted and copyrightable works, mask works, trademarks and service marks, Internet domain names, technical and product information, patents and patent applications, and any other intellectual property rights or applications, throughout the world.  “Company Intellectual Property” means any Intellectual Property created, fixed, conceived or reduced to practice, in whole or in part, by Employee, during Employee’s employment by the Company, either alone or jointly with others, whether or not such Intellectual Property is patentable or copyrightable, that either: (i) relates to the Company’s or Comcast Corporation’s current or planned businesses; or (ii) is created, fixed, conceived or reduced to practice (A) in the performance of the Employee’s duties or (B) using the Company’s or Comcast Corporation’s information, facilities, equipment or other assets.  “Company Intellectual Property” does not include Nonassignable IP.

    14.    Representations.

          (a)    Employee represents that:

              (i)    Employee has had the opportunity to retain and consult with legal counsel and tax advisors of Employee’s choice regarding the terms of this Agreement.  

     11

              (ii)    Subject to bankruptcy and insolvency laws and general equitable principles, this Agreement is enforceable against Employee in accordance with its terms.  

              (iii)     This Agreement, and the performance of Employee’s obligations hereunder, do not conflict with, violate or give rise to any rights of other persons or entities under, any agreement, benefit plan or program, order, decree or judgment to which Employee is a party or by which Employee is bound.  

          (b)    The Company and Comcast Corporation each represents that:  

              (i)     Subject to bankruptcy and insolvency laws and general equitable principles, this Agreement is enforceable against the Company and Comcast Corporation in accordance with its terms.  

              (ii)    This Agreement, and the performance of the Company’s and Comcast Corporation’s obligations hereunder, do not conflict with, violate or give rise to any rights to other persons or entities under, any agreement, order, decree or judgment to which the Company or Comcast Corporation is a party or by which it is bound. 

    15.    Withholding; Deductions.  All compensation under this Agreement is subject to applicable tax withholding requirements and other deductions required by law, the Company’s policies and Employee’s applicable Benefit Plan elections.  Employee agrees that the Company is entitled to deduct from monies payable and reimbursable to Employee hereunder all sums that Employee owes the Company at any time, to the extent permitted by applicable law.

      16.    Section 409A.

          (a)    Notwithstanding any other provision of this Agreement to the contrary or otherwise, to the extent any expense, reimbursement or in-kind benefit provided to Employee constitutes a “deferral of compensation” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and its implementing regulations and guidance (collectively, “Section 409A”):  (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Employee during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Employee in any other calendar year; (ii) the reimbursements for expenses for which Employee is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.  

          (b)    For purposes of Section 409A, each payment in a series of payments provided to Employee pursuant to this Agreement will be deemed a separate payment. 

          (c)    Notwithstanding any other provision of this Agreement to the contrary or otherwise, any payment or benefit described in Paragraph 7 that represents a “deferral of compensation” within the meaning of Section 409A shall only be paid or provided to Employee upon Employee’s “separation from service” within the meaning of Treas.Reg.§1.409A-1(h) (or any successor regulation).  To the extent compliance with the requirements of Treas.Reg.§1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section 409A to payments due to Employee upon or following Employee’s “separation from service,” then notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six (6) months following Employee’s “separation from service” will be deferred (without interest) and paid to Employee in a lump sum immediately following that six (6) month period.  In the event Employee dies during that six (6) month period, the amounts deferred on account of Treas.Reg.§1.409A-3(i)(2) (or any successor provision) shall be paid to the personal representatives of Employee’s estate within sixty (60) days 
     12

following Employee’s death.  This provision shall not be construed as preventing payments to Employee pursuant to Paragraph 7 in the first six (6) months following Employee’s “separation from service” equal to an amount up to two (2) times the lesser of:  (i) Employee’s annualized compensation for the year prior to the “separation from service;” and (ii) the maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) of the Code.

          (d)    Notwithstanding any other provision of this Agreement to the contrary or otherwise, all benefits or payments provided by the Company to Employee that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with Section 409A.  Notwithstanding any other provision in this Agreement to the contrary or otherwise, distributions may only be made under this Agreement upon an event and in a manner permitted by Section 409A or an applicable exemption.  
                         
      17.    Successors.  

          (a)    If Comcast Corporation or the Company merges into, or transfers all or substantially all of its assets to, or as part of a reorganization, restructuring or other transaction becomes a subsidiary of, another entity, such other entity shall be deemed to be the successor to Comcast Corporation or the Company hereunder, and the term Comcast Corporation or “Company” as used herein shall mean such other entity (together with its subsidiaries) as is appropriate, and this Agreement shall continue in full force and effect.   

          (b)    If Comcast Corporation transfers part of its assets to another entity owned directly or indirectly by the shareholders of Comcast Corporation (or any substantial portion of them), or transfers stock or other interests in a subsidiary of Comcast Corporation directly or indirectly to the shareholders of Comcast Corporation (or any substantial portion of them), and Employee works for the portion or subsidiary so transferred, then the successor or continuing employer entity shall be deemed the successor to the Company hereunder, the term “Company” as used herein shall mean such entity (together with its subsidiaries) as is appropriate, and this Agreement shall continue in full force and effect.   

18.    ARBITRATION/WAIVER OF OR RIGHT TO TRIAL BY JUDGE OR JURY/CLASS ACTION WAIVER.  

(a)    In consideration of the mutual obligations set forth in this Agreement, the parties agree that they will comply with and be bound by the terms of the Company’s Comcast Solutions Early Dispute Resolution Program (“Comcast Solutions Program”) with respect to any and all Covered Claims within the meaning of the Comcast Solutions Program to the fullest extent permitted by applicable law.  The following documents that provide detailed information about the Comcast Solutions Program have been provided to you as Schedule 3 to this Agreement:  (i) the Program Guide to Comcast Solutions; and (ii) Frequently Asked Questions.  In addition, page eight of the Program Guide to Comcast Solutions and Frequently Asked Question No. 5 provide website addresses where you can access information about the applicable dispute resolution organization (American Arbitration Association or Judicial Arbitration and Mediation Services), which administers the arbitration proceedings under its employment claim rules/procedures.  These documents are incorporated herein by reference.
(b)    AS PART OF THIS AGREEMENT, AND AS SET FORTH IN THE COMCAST SOLUTIONS PROGRAM, THE COMPANY AND EMPLOYEE HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER THEY, OR THEIR HEIRS, EXECUTORS, ADMINISTRATORS, PERSONAL REPRESENTATIVES, SUCCESSORS OR ASSIGNS MAY HAVE, TO A TRIAL BY JURY OR IN A COURT OF LAW OR EQUITY IN ANY LITIGATION OF COVERED CLAIMS BASED ON, ARISING FROM OR RELATING TO THIS AGREEMENT AND/OR EMPLOYEE’S EMPLOYMENT WITH COMPANY.  EMPLOYEE FURTHER WAIVES 
     13

EMPLOYEE’S RIGHT TO:  (a) FILE, BRING OR MAINTAIN ANY COVERED CLAIM(S) RELATING TO THIS AGREEMENT OR OTHERWISE COVERED UNDER THE COMCAST SOLUTIONS PROGRAM AGAINST THE COMPANY ON A CLASS ACTION BASIS, COLLECTIVE ACTION BASIS, OR REPRESENTATIVE BASIS (WHETHER OPT-IN, OPT-OUT OR REPRESENTATIVE); (b) SERVE OR PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS, COLLECTIVE OR REPRESENTATIVE ACTION; OR (c) RECOVER ANY RELIEF FROM ANY CLASS, COLLECTIVE OR REPRESENTATIVE ACTION.  EMPLOYEE AGREES THAT EMPLOYEE MUST PURSUE ANY CLAIM(S) SOLELY ON AN INDIVIDUAL BASIS THROUGH ARBITRATION UNDER THE COMCAST SOLUTIONS PROGRAM, AND THE PARTIES FURTHER AGREE THAT NO CLASS, COLLECTIVE OR REPRESENTATIVE ACTIONS ARE ALLOWED TO BE ARBITRATED.  The parties’ mutual obligations and agreements under this Paragraph and the Comcast Solutions Program shall survive the termination or expiration of this Agreement, as well as the termination of Employee’s employment with the Company for any reason.
(c)    An action seeking preliminary injunctive relief in aid of arbitration and/or for the maintenance of the status quo pending arbitration, as permitted by the Comcast Solutions Program, shall be brought only in a state or federal court in the Eastern District of Pennsylvania.  Employee consents to such jurisdiction, regardless of the location of Employee’s residence or place of business.  Employee irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which Employee may now or hereafter have, to the bringing of any such action in such jurisdiction.  Employee and the Company acknowledge and agree that any service of legal process by mail constitutes proper legal service of process under applicable law in any such action.
      19.    Governing Law.  This Agreement shall be interpreted and enforced in accordance with the substantive law of the Commonwealth of Pennsylvania, without regard to any choice-of-law doctrines.
    
      20.    Notices.  All notices required or permitted to be given under this Agreement shall be in writing and shall be given:  (a) by electronic mail or (b) by registered or certified first class mail (postage prepaid, return receipt requested) to the respective parties at the following addresses:

    if to the Company:

    Sky LTD
    Grant Way, Isleworth, 
    Middlesex, United Kingdom

    if to Comcast Corporation

                Comcast Corporation
    One Comcast Center
    Philadelphia, PA  19103
    Attention:  General Counsel
    Email:  corporate_legal@comcast.com

    if to Employee:  

    Employee’s residence address or e-mail address as most recently indicated in the Company’s records. 
          
      21.    Entire Agreement.  This Agreement (including Schedules 1 and 2 hereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes and 
     14

replaces in its entirety the Employment Agreement dated as of November 20, 2017 between Employee and Comcast Corporation provided that any accrued rights and obligations of the parties thereunder as of the date thereof shall be unaffected by the execution of this Agreement. In the event of any conflict between the terms of this Agreement and the terms of any plans or policies of the Company (including the Employee Handbook), the terms of this Agreement shall control.  Employee acknowledges and agrees that if Employee and the Company (or one of its affiliates) have entered into an Employee Assignment of Inventions and Intellectual Property Rights Agreement or similar agreement (the “IP Agreement”) with respect to intellectual property, the provisions of the IP Agreement shall govern and control with respect to the subject matter thereof.  There are no collective agreements which directly affect the terms or conditions of the Employee’s employment.

      22.    Invalidity or Unenforceability.  If any term or provision of this Agreement is held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other term or provision hereof and this Agreement shall continue in full force and effect as if such invalid or unenforceable term or provision (to the extent of the invalidity or unenforceability) had not been contained herein.  

      23.    Amendments and Waivers.  No amendment or waiver of this Agreement or any provision hereof shall be binding upon the party against whom enforcement of such amendment or waiver is sought unless it is made in writing and signed by or on behalf of such party.  The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver or a continuing waiver by that party of the same or any subsequent breach of any provision of this Agreement by the other party. 

      24.    Binding Effect; No Assignment.  This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns, except that (other than to effect the provisions of Paragraph 14) it may not be assigned by either party without the other party’s written consent.  

        IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first-above written.

            COMCAST CORPORATION

            By: __/s/ Thomas J. Reid___
            Date: __April 3, 2021______

            SKY LIMITED

            By: _/s/ Thomas J. Reid ____
            Date: _ April 3, 2021_______

            EMPLOYEE:

            By: /s/ Dana Strong_______
            Date: ___April 3, 2021____

     15

SCHEDULE 1 TO EMPLOYMENT AGREEMENT WITH DANA STRONG

1.    Position: Chief Executive Officer and President, Sky Limited

2.    Base Salary: £1,502,600

3.    Cash Bonus.  Target bonus potential under the Cash Bonus Plan:  300% of eligible earnings (i.e., the amount of Base Salary actually paid and/or deferred in the applicable period).

4.    Base Salary and Medical, Prescription, Dental & Vision Benefits Continuation Period following Termination Without Cause or Resignation With Good Reason: twenty-four (24) months for Base Salary and eighteen (18) months for Medical, Prescription, Dental & Vision Benefits.

5.    Restricted Stock and Stock Option Plan Grants Continued Vesting Period following Termination Without Cause or Resignation With Good Reason. Twelve (12) months, Stock Option Plan Grants Continued Exercisability Period following Termination Without Cause or Resignation With Good Reason: the lesser of fifteen (15) months or the end of the stock option's term.

6.    Employee shall be entitled to receive reimbursement from Comcast Corporation for the cost of moving Employee's household goods to the United Kingdom in an amount not to excess $150,000.
     16

                                                                   SCHEDULE 2

LIMITED EXCLUSION NOTIFICATION
THIS IS TO NOTIFY Employee in accordance with Section 2872 of the California Labor Code that this Agreement does not require Employee to assign or offer to assign to the Company any invention that Employee developed entirely on Employee’s own time without using the Company’s equipment, supplies, facilities or trade secret information except for those inventions that either:

1.    Relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual demonstrably anticipated research or development of the Company; or

2.    Result from any work performed by you for the Company.

To the extent a provision in this Agreement purports to require Employee to assign an invention otherwise excluded by the preceding paragraph, the provision is against the public policy of the State of California and is unenforceable therein.

This limited exclusion does not apply to any patent or invention covered by a contract between the Company and the United States or any of its agencies requiring full title to such patent or invention to be in the United States. 

     17Document

Exhibit 10.03(a)

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND WOULD LIKLEY CAUSE COMPETITIVE HARM TO EQT CORPORATION IF PUBLICLY DISLCOSED. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***].
April 29, 2022
EQT Production Company
625 Liberty Avenue, Suite 1700
Pittsburgh, Pa  15222-3111
Attn: J.E.B. Bolen
RE:    Tesla North Well Pad 
Dear Mr. Bolen: 
Reference is made to that certain Gas Gathering and Compression Agreement dated as of February 26, 2020 by and among EQT Corporation, EQT Production Company, Rice Drilling B LLC, and EQT Energy, LLC (collectively, “Producer”), and EQM Gathering Opco, LLC (“Gatherer”), as the same was amended by that certain First Amendment to Gas Gathering and Compression Agreement dated August 26, 2020, that Second Amendment to Gas Gathering and Compression Agreement dated December 6, 2021 and that Third Amendment to Gas Gathering Compression Agreement dated December 21, 2021 between Producer and Gatherer (as amended, the “Gathering Agreement”).  All capitalized terms used but not otherwise defined in this letter agreement (“Letter Agreement”) shall have the meanings (if any) ascribed to them in the Gathering Agreement.
WHEREAS, the Well Pad of Producer anticipated to be located in Wetzel County, WV within the Greyhound System AMI as depicted on Exhibit A attached hereto and known as the Tesla North Well Pad (“Tesla Well Pad”) has an Anticipated Production Date of [***];
WHEREAS, the Connection Notice Information for the Additional Receipt Point at the Tesla Well Pad contemplates that such Additional Receipt Point meets the Additional Connection Criteria and, pursuant and subject to the terms of the Gathering Agreement, Gatherer is obligated to connect such Additional Receipt Point to the Gathering System; and

WHEREAS, Producer is willing to construct and install a [***] inch diameter gathering pipeline segment of approximately [***] feet in length extending from the location of the Receipt Point on the Tesla Well Pad to the end of the well pad access road near the proposed launcher area as depicted on Exhibit A attached hereto (the “Tesla Line”), subject to the terms and conditions hereof. 
NOW, THEREFORE, Gatherer and Producer (collectively, “Parties” and each a “Party”), by execution of this Letter Agreement and in consideration of the mutual covenants contained herein, do hereby agree as follows:
1.Tesla Line; Installation Work; Materials. 
(a)Subject to the terms and conditions of this Letter Agreement, Producer covenants and agrees to perform, or cause to be performed, the design, construction, installation, inspection and testing of the Tesla Line (“Installation Work”) in accordance with Gatherer’s standards, specifications and documentation requirements, in each case as set forth on Exhibit B attached hereto and incorporated herein (“Work Standards”), provided, that in any event the performance standard set forth in Section 3.1 of the Gathering Agreement shall apply to Producer’s performance of the Installation Work, mutatis mutandis.   Producer agrees to use commercially reasonable efforts to complete the Installation Work on or before [***].
(b)Gatherer covenants and agrees to provide Producer with the pipeline materials and all other required materials needed to perform the Installation Work (“Materials”); provided, that Producer shall be responsible for (i) arranging for the transportation of the Materials (with reasonable cooperation from Gatherer) from various locations, including the Durabond warehouse facility in Duquesne, Pennsylvania and the Equitrans warehouse facility in Waynesburg, Pennsylvania, to the location of the Tesla Line, and (ii) paying the costs and expenses for such transportation (“Transportation Costs”), subject to the terms hereof; provided, further, that title to all Materials shall remain with Gatherer at all times, it being the intent of this Letter Agreement that [***].
(c)Following Gatherer’s receipt of notice of the completion of the Installation Work, Gatherer shall promptly thereafter, with reasonable prior written notice to Producer and during normal business hours, inspect the Installation Work and the Tesla Line for the purpose of confirming that the same satisfies the standards and specifications provided by Gatherer and otherwise satisfies the performance standard set forth in Section 3.1 of the Gathering Agreement; provided that Producer shall have the right to have a representative present during such inspection and Gatherer will comply with Producer’s HSE policies and requirements regarding access provided in writing in advance. Reasonably promptly following Gatherer’s inspection of the Installation Work and the Tesla Line, Gatherer shall deliver notice in writing to Producer either (i) approving the Installation Work and the Tesla Line, or (ii) identifying in reasonable detail 

any failures of the Installation Work and the Tesla Line to comply with the Work Standards.
(d)From and after the completion of the Installation Work and the written approval by Gatherer of the Installation Work, (i) Gatherer shall be responsible for connection of the Tesla Line to the Gathering System, and (ii) the Tesla Line shall be deemed part of the Gathering System for all purposes under the Gathering Agreement, and Gatherer shall have all rights and responsibilities with respect to the Tesla Line as are applicable to the Gathering System under the Gathering Agreement ([***]); [***].  Except to the extent expressly set forth herein, this Letter Agreement shall not amend or otherwise modify the obligations of the Parties with respect to the connection of any Wells on the Tesla Well Pad or otherwise to the Gathering System under Section 3.3 of the Gathering Agreement and the other terms and conditions thereof.
2.Real Property Rights; Receipt Point Facilities; Incremental Assignment.
(a)Gatherer shall acquire, at its sole cost and expense, all of the easements and rights-of-way necessary for Gatherer to own and operate the Tesla Line (“Real Property Rights”). Gatherer agrees to use commercially reasonable efforts to acquire the Real Property Rights by [***].  In the event that Gatherer is unable to acquire any portion of the Real Property Rights, Producer agrees to use commercially reasonable efforts to cooperate with and assist Gatherer in acquiring such portion of the Real Property Rights.
(b)Producer represents that it shall provide to Gatherer all of its records, files and other data to the extent necessary or convenient to the ownership and operation of the Tesla Line (excepting all those records subject to confidentiality restrictions, privileged information, and any proprietary information).
(c)To the extent available without interfering with Producer’s facilities or operations, which shall be determined in the reasonable discretion of Producer, Producer agrees to provide sufficient space for locating Receipt Point facilities on the Tesla Well Pad.
(d)To the extent that the Tesla Line comprises any personal property other than the Materials, on or before the completion of the Installation Work, Producer shall convey all of its right, title and interest in and to the personal property comprising the Tesla Line, pursuant to an Assignment in substantially the form of Exhibit C.
3.Reimbursement; Costs.
(a)Gatherer shall reimburse Producer for all Costs incurred or committed to by Producer and/or its Affiliates, not to exceed [***]  (“Cap”).   

(b)“Costs” means all actual third party documented costs and expenses of any kind incurred by Producer and/or its Affiliates in connection with the Installation Work, including Transportation Costs.  As soon as practical after the completion of the Installation Work, Producer shall deliver to Gatherer a statement showing in reasonable detail the Costs.  Gatherer agrees to pay, or cause to be paid, the Costs, not to exceed the Cap, within fifteen (15) days of the date of the statement.
4.Miscellaneous.  The terms and provisions of this Letter Agreement shall be binding on, and shall inure to the benefit of, the Parties and their respective successors and permitted assigns.  This Letter Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all of such counterparts shall constitute for all purposes one agreement.  Any signature hereto delivered by a Party by facsimile or other electronic transmission (including scanned documents delivered by email) shall be deemed an original signature hereto, and execution and delivery by such means shall be binding upon the Parties.
5.Effect of Letter Agreement.  The Parties acknowledge and agree that this Letter Agreement constitutes a written instrument executed by the Parties and fulfills the requirements of an amendment contemplated by Section 18.7 of the Gathering Agreement.  The Parties hereby ratify and confirm the Gathering Agreement, as amended hereby.  Except as expressly provided herein, the provisions of the Gathering Agreement shall remain in full force and effect in accordance with their respective terms following the execution of this Letter Agreement.  In the event of any conflict or inconsistencies between this Letter Agreement and the Gathering Agreement, the terms and conditions of this Letter Agreement shall prevail.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties have executed this Letter Agreement as of the date first written above. 

									
	EQM GATHERING OPCO, LLC,

	a Delaware limited liability company

			
	By:		/s/ John M. Quinn

	Name:		John M. Quinn

	Title:		Vice President, Rates

									
	PRODUCER:
			
	EQT CORPORATION,

	a Pennsylvania corporation

			
	By:		/s/ David Khani

	Name:		David Khani
	Title:		Chief Financial Officer
			
	EQT PRODUCTION COMPANY,

	a Pennsylvania corporation

			
	By:		/s/ J.E.B. Bolen

	Name:		J.E.B. Bolen
	Title:		Vice President of Operations Planning
			
	RICE DRILLING B LLC,

	a Delaware limited liability company

			
	By:		/s/ J.E.B. Bolen

	Name:		J.E.B. Bolen
	Title:		Vice President of Operations Planning
			
	EQT ENERGY, LLC,

	a Delaware limited liability company

			
	By:		/s/ Keith Shoemaker
	Name:		Keith Shoemaker
	Title:		Senior Vice President, Commercial

Letter Agreement re: Tesla North Well Pad
Signature Page

EXHIBIT A

Tesla Well Pad and Tesla Line
[***]
Exhibit A

EXHIBIT B

Gatherer’s Standards for Material Acquisition, Construction and Testing
[***]

EXHIBIT C

NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.

ASSIGNMENT AND BILL OF SALE

This ASSIGNMENT AND BILL OF SALE (this “Assignment”) is dated effective as of [●], [***] (the “Effective Time”), by and between [EQT Entity], a [●], whose address is 625 Liberty Avenue, Suite 1700, Pittsburgh, PA 15222, hereinafter referred to as “Assignor”; and [ETRN Entity], a [●], whose address is 2200 Energy Drive, Canonsburg, PA 15317, hereinafter referred to as “Assignee”. Assignor and Assignee are sometimes also referred to singularly as a “Party” and are sometimes collectively referred to as the “Parties”.
RECITALS

WHEREAS, Assignor and certain of its affiliates and Assignee entered into that certain Letter Agreement re: Tesla North Well Pad, dated [●], 2022 (“Letter Agreement”), pursuant to which Assignor has agreed, subject to the terms of the Letter Agreement to construct and install a [***] inch diameter gathering pipeline segment of approximately [***] feet in length extending from the location of the Receipt Point on the Tesla Well Pad to the end of the well pad access road near the proposed launcher area as depicted on Exhibit B attached hereto (the “Tesla Line”); 

WHEREAS, Assignor desires to assign to Assignee, and Assignee desires to receive from Assignor, all of Assignor’s interest in the Assets described below in accordance with this Assignment.

NOW, THEREFORE, for and in consideration of the mutual promises contained herein, the benefits to be derived by each party hereunder, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows:

ARTICLE I
ASSIGNMENT

1.1    Assignment.   For and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor does hereby GRANT, BARGAIN, SELL, CONVEY, ASSIGN, TRANSFER, SET OVER, AND DELIVER unto Assignee, all of Assignor’s right, title, and interest in and to the personal property constituting the Tesla Line, including such personal property set forth on Exhibit A (the “Assets”).

TO HAVE AND TO HOLD the Assets unto Assignee, and its successors and assigns, forever, subject, however, to all the terms and conditions of this Assignment.

ARTICLE II
DISCLAIMERS

2.1    Disclaimers. NEITHER ASSIGNOR NOR ANY OF ITS AFFILIATES NOR ANY OF ITS OR THEIR REPRESENTATIVES IS MAKING ANY REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE WHATSOEVER, ORAL OR WRITTEN, STATUTORY, EXPRESS OR IMPLIED, RELATING TO THE ASSETS, INCLUDING BUT NOT LIMITED TO ANY REPRESENTATION OR WARRANTY RELATING TO THE TITLE, MAINTENANCE, REPAIR, CONDITION, DESIGN, PERFORMANCE, VALUE, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE OR PURPOSE OF THE ASSETS, AND ASSIGNOR HEREBY DISCLAIMS ANY SUCH REPRESENTATIONS OR WARRANTIES.

2.2     Letter Agreement. This Assignment is made specifically subject to the terms and conditions of the Letter Agreement, which is incorporated herein by reference as though set forth in full herein, and should there be any conflict between the terms and provisions of this Assignment and the Letter Agreement, the terms and provisions of the Letter Agreement shall prevail. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Letter Agreement. Except for the Letter Agreement, this Assignment instrument represents the entire agreement between the parties with respect to its subject matter and replaces and supersedes all previous or contemporaneous agreements between them, whether oral, written or formed by a course of dealing. No amendment to this Assignment will be effective unless it is in writing and executed by each party’s duly authorized representative. 

2.3    Description. It is the express intent of the parties that all of Assignor’s right, title, and interest in and to the Assets be assigned to Assignee hereunder whether such interests are properly described or not, unless expressly reserved herein.

ARTICLE III MISCELLANEOUS

3.1    Governing Law. This Assignment shall be governed by, construed, and enforced in accordance with the laws of the Commonwealth of Pennsylvania without regard to choice of law principles. The Parties agree that the appropriate, exclusive and convenient forum for any disputes among any of the Parties arising out of this Assignment or the transactions contemplated hereby shall be in any state or federal court in the City of Pittsburgh and County of Allegheny, Pennsylvania, and each of the Parties irrevocably submits to the jurisdiction of such courts solely in respect of any proceeding arising out of or related to this Assignment.  The Parties further agree that the Parties shall not bring suit with respect to any disputes arising out of this Agreement or the transactions contemplated hereby in any court or jurisdiction other than the above specified courts.  EACH PARTY HEREBY WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

3.2    Cooperation. In addition to this Assignment, each Party shall execute, acknowledge, and deliver to the other Party, in a timely manner and without further consideration, any documents or instruments that such Party may reasonably require, including further assignments or conveyances required by any governmental authorities, deeds, and consents to further evidence the assignment and conveyance of the Assets as contemplated by this Assignment.

3.3    Binding Effect. The terms, covenants and conditions of this Assignment bind and inure to the benefit of the Parties hereto and their respective successors and assigns.

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3.4    Counterparts. This Assignment may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all of such counterparts shall constitute for all purposes one agreement.

[Signature Pages to Follow]
10

IN WITNESS WHEREOF, this Assignment has been executed by Assignor as of the Effective Time.
    									
	ASSIGNOR:
			
	[EQT Entity]

	
			
	By:		
	Name:		
	Title:		

ACKNOWLEDGMENTS

COMMONWEALTH OF ______________________,
COUNTY OF ____________________, TO-WIT:

        The undersigned, a notary public of said county, hereby certifies that ________________________, the ________________________ of ________________________, a ________________________, who signed the foregoing Assignment, has this day in my said county, before me, acknowledged that he/she executed the same for the purposes therein contained as the ________________________ of said corporation.

Given under my hand this ___ day of ____________, [***].

My commission expires:  __________________________________________

______________________________________
    Notary Public

(NOTARIAL SEAL)
[Signature and Acknowledgment Page to Assignment of Rights of Way]

IN WITNESS WHEREOF, this Assignment has been executed by Assignee as of the Effective Time.

									
	ASSIGNEE:
			
	[ETRN Entity]

	
			
	By:		
	Name:		
	Title:		

ACKNOWLEDGMENTS

COMMONWEALTH OF ______________________,
COUNTY OF ____________________, TO-WIT:

        The undersigned, a notary public of said county, hereby certifies that ________________________, the ________________________ of ________________________, a ________________________, who signed the foregoing Assignment, has this day in my said county, before me, acknowledged that he/she executed the same for the purposes therein contained as the ________________________ of said partnership.

Given under my hand this ___ day of ____________, [***].

My commission expires:  __________________________________________

______________________________________
    Notary Public

(NOTARIAL SEAL)

[Signature and Acknowledgment Page to Assignment of Rights of Way]

EXHIBIT A TO ASSIGNMENT

Assets

EXHIBIT B TO ASSIGNMENT

Tesla Well Pad and Tesla Line

[***]

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