Document:

Exhibit 10.3

 

MR. GREGORY B. MAFFEI

c/o Qurate Retail, Inc.

12300 Liberty Boulevard

Englewood, CO 80112

 

June 3, 2021

 

Liberty Media Corporation

Qurate Retail, Inc.

12300 Liberty Boulevard

Englewood, Colorado 80112

Attention: Chairman of the Board

 

Re: Irrevocable Waiver of Right to Assert Change in Control of Qurate
or Good Reason to Resign from Qurate and Amendment to Employment Agreement

 

Ladies and Gentlemen:

 

Reference is made to (i) that certain Executive
Employment Agreement, dated effective as of December 13, 2019 (the “Employment Agreement”), by and between Liberty
Media Corporation, a Delaware corporation (“Liberty Media”), and me, and (ii) that certain Services Agreement,
dated as of September 23, 2011, between Qurate Retail, Inc., a Delaware corporation (“Qurate”), and Liberty
Media, as clarified by that certain Letter Agreement, dated as of September 23, 2011, by and between Qurate and Liberty Media, and
as amended by that certain First Amendment to Services Agreement, effective as of December 13, 2019, by and between Qurate and Liberty
Media) (the “Services Agreement”). Capitalized terms used but not defined herein have the meanings ascribed to them
in the Employment Agreement.

 

Further reference is made to the acquisition by
Qurate from the Malone Group (as defined in the Call Agreement) of all of the shares of Series B common stock, par value $0.01 per
share, of Qurate (the “Series B Common Stock”) owned by the Malone Group (as defined in the Call Agreement) pursuant
to (i) that certain Call Agreement, dated as of February 9, 1998 (the “Call Agreement”), by and among Qurate,
as successor-in-interest to the assignee of Tele-Communications, Inc., a Delaware corporation, John C. Malone and Leslie A. Malone,
and (ii) that certain Stock Exchange Agreement, dated the date hereof (the “Malone Agreement”), among Qurate and
Mr. Malone, Mrs. Malone, The John C. Malone 1995 Revocable Trust, The Leslie A. Malone 1995 Revocable Trust, The Tracy M. Neal
Trust A and The Evan D. Malone Trust A, which immediately following the consummation thereof, will result in each of (A) the members
of the Malone Group ceasing to control at least 20% of the combined voting power of the then outstanding securities of Qurate ordinarily
(and apart from rights accruing under special circumstances) having the right to vote in the election of directors (“Qurate Voting
Stock”) (calculated on an outstanding share basis without taking into account shares underlying unexercised equity awards),
and, at such time, the Maffei Group will not control at least 20% of the combined voting power of the then outstanding Qurate Voting Stock
(calculated on an outstanding share basis without taking into account shares underlying unexercised equity awards) and (B) a Person,
other than members of the Maffei Group, will control a combined voting power of the then outstanding Qurate Voting Stock in excess of
the combined voting power of the then outstanding Qurate Voting Stock controlled by the Malone Group (each of (A) and (B), the “Malone
Voting Power Reduction”).

 

    

     

    

 

In consideration for (1) my receipt on the
date hereof of 1,101,321 Restricted Shares (as such term is defined in the Qurate Retail, Inc. 2020 Omnibus Incentive Plan) of Series B
Common Stock of Qurate granted pursuant to a Restricted Stock award agreement in the form attached hereto as Exhibit A (the
 “Award Agreement,” and such Restricted Shares, the “Qurate Restricted Shares”), and (2) agreement
by Qurate that the portion of the Annual Equity Awards for which Qurate will be responsible for granting to me pursuant to Section 4.11
of the Employment Agreement for each of calendar years 2022, 2023 and 2024 be granted with respect to the Series B Common Stock of
Qurate, and the Employment Agreement, and any applicable Exhibits thereto, are hereby amended and restated to reflect the same, in each
case, in connection with the continuation of my service as Executive Chairman of Qurate, I hereby agree (on behalf of myself, my
personal representatives, successors, assigns and estate) as follows:

 

(a)            I
hereby consent to the cancellation of the stock option awards to purchase shares of Series B Common Stock of Qurate as set forth
on Schedule 1 hereto (the “Option Cancellation”) and acknowledge and agree, on behalf of myself, my personal
representatives, successors, assigns and estate, that such cancellation will not constitute “Good Reason,” as defined in the
Employment Agreement, with respect to Qurate.

 

(b)            I
hereby irrevocably and unconditionally waive and release any and all rights, claims, demands or actions, known or unknown, in law or in
equity, that I, my personal representatives, successors, assigns, or estate have or may have, now or in the future, to assert that the
exercise by Qurate of its Call Right (as defined in the Call Agreement) under the Call Agreement, the transactions to be consummated pursuant
to the Malone Agreement or the Malone Voting Power Reduction constitutes a “Change in Control” or “Good Reason,”
in each case, as defined in the Employment Agreement, with respect to Qurate.

 

(c)            For
the avoidance of doubt, the agreements, waivers and releases set forth in subsections (a) and (b) above to assert that a “Change
in Control” of Qurate occurred or that I have “Good Reason” to resign from Qurate for any of the reasons described in
subsections (a) and (b) apply for all purposes and under any agreement under which I, my personal representatives, successors,
assigns, or estate may have otherwise had the right to assert that a “Change in Control” of Qurate occurred or that I have
 “Good Reason” to resign from Qurate in connection with or arising out of the Option Cancellation, the exercise by Qurate of
its Call Right (as defined in the Call Agreement) under the Call Agreement, the transactions to be consummated pursuant to the Malone
Agreement or the Malone Voting Power Reduction, including, without limitation, the Employment Agreement, the Services Agreement and any
outstanding equity award agreements between Qurate and me (the agreements, waivers and releases set forth in subsections (a) and
(b) and this subsection (c), the “Released Claims”). In addition, I hereby irrevocably agree not to assert
in writing, directly or indirectly, by legal proceeding or otherwise, any Released Claim against Qurate, Liberty Media, their respective
Affiliates and each of their respective officers, directors, successors and assigns.

 

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(d)            I
will not terminate, or attempt to terminate, my employment with Qurate for Good Reason in connection with or arising out of the Option
Cancellation, the exercise by Qurate of its Call Right (as defined in the Call Agreement) under the Call Agreement, the transactions to
be consummated pursuant to the Malone Agreement or the Malone Voting Power Reduction.

 

(e)            The
Qurate Restricted Shares will be considered “Equity Awards” for all purposes under the Employment Agreement.

 

(f)             Subclause
(viii) of the definition of “Change in Control” in the Employment Agreement will not apply with respect to Qurate from
and after the date hereof and the Employment Agreement is hereby amended and restated to reflect the same. For the avoidance of doubt,
such amendment to the definition of “Change in Control” (i) applies for all purposes and under any agreement to which
such definition applies with respect to Qurate, including, without limitation, the Employment Agreement, the Services Agreement and any
outstanding equity award agreements between Qurate and me, and (ii) will not be applied to the determination of a “Change in
Control” of Liberty Media or any other Service Company under the terms of the Employment Agreement, the Services Agreement, any
outstanding equity award agreements between such entities and me, or under any other agreement to the extent such definition applies to
a determination of a “Change in Control” of Liberty Media or any other Service Company.

 

(g)            In
addition to any remedies available to Qurate or Liberty Media at law or in equity, any breach of subsections (a), (b), (c) or (d) will
result in the immediate forfeiture and termination of the Qurate Restricted Shares or any proceeds received from the sale, exchange, transfer
or other disposition of any shares of Common Stock or other cash or property received upon the vesting of the Qurate Restricted Shares.

 

By its signature hereto, Qurate hereby represents
and warrants to me that, as of the date of this letter, there have been no material changes to the form of the Malone Agreement most recently
provided to Mr. Maffei by Qurate or its authorized representatives.

 

This letter will be construed and enforced in accordance
with, the laws of the State of Colorado without regard to the conflicts of laws principles of that jurisdiction and any controversy claim
or dispute arising out of this letter will be resolved in accordance with Section 9.12 of the Employment Agreement.

 

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This
letter, collectively with the Award Agreement, dated as of the date hereof, by and between Qurate and me, and the Employment Agreement
and Services Agreement contains the entire agreement among the parties hereto concerning the subject matter hereof and thereof and such
agreements supersede all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, among
the parties hereto with respect to the subject matter hereof and thereof. Except as specifically set forth in this letter, all other terms
and conditions of the Employment Agreement and Services Agreement shall remain in full force and effect. For the avoidance of doubt, nothing
in this letter shall affect any of my rights under Section 4 of the Employment Agreement or reduce any of Qurate’s compensatory
obligations thereunder. Further, nothing in this letter shall be construed as a set-off against any future compensation I may become entitled
to receive in connection with my employment or service following the end of the Employment Period, nor shall it be considered as part
of my compensation for the Employment Period for purposes of setting my compensation for employment or services following the end of the
Employment Period. This letter may not be altered or amended except by an agreement in writing signed by each of the parties hereto. This
letter agreement may be signed in counterparts. If the foregoing accurately reflects your understanding of what has been agreed,
please execute the enclosed copy of this letter.

 

[Signature Page Follows]

 

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	 	Very truly yours,
	 	 
	 	/s/ Gregory B. Maffei
	 	Gregory B. Maffei

 

AGREED BY:

 

Liberty Media Corporation

 

	By:	/s/ Renee L. Wilm	 
	 	Renee L. Wilm	 
	 	Chief Legal Officer and Chief Administrative Officer	 

 

Qurate Retail, Inc.

 

	By:	/s/ Renee L. Wilm	 
	 	Renee L. Wilm	 
	 	Chief Legal Officer and Chief Administrative Officer	 

 

Enclosures

 

[Signature Page to Letter
Agreement]

 

    

     

    

 

Schedule 1

 

Option Cancellation

 

The following stock option awards are hereby cancelled, and I, my personal
representatives, successors and assigns, and my estate hereby cease to have any rights with respect thereto:

 

		·	The stock option award granted on December 24, 2014 and expiring on December 24, 2021, which consists of 1,137,228 options
to purchase QRTEB shares at an exercise price of $16.97.

 

		·	The stock option award granted on March 31, 2015 and expiring on March 31, 2022, which consists of 197,783 options to purchase
QRTEB shares at an exercise price of $16.71.Exhibit 10.4

QURATE RETAIL, INC. 

2020 OMNIBUS INCENTIVE PLAN

 

RESTRICTED SHARE AWARD AGREEMENT

 

THIS
RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”) is entered into effective as of June 3, 2021 by and between
QURATE RETAIL, INC., a Delaware corporation (the “Company”), and Gregory B. Maffei (the “Grantee”).

 

The Grantee is employed as
of the Grant Date as the President and Chief Executive Officer of Liberty Media Corporation (“LMC”) and Executive Chairman
of the Company pursuant to the terms of an employment agreement between LMC and the Grantee dated effective as of December 13, 2019
(as amended and/or amended and restated from time to time, the “Employment Agreement”) and a Services Agreement between LMC
and the Company dated as of September 23, 2011 (as amended and/or amended and restated from time to time, the “Services Agreement”).
The Company has adopted the Qurate Retail, Inc. 2020 Omnibus Incentive Plan (as may be amended prior to or after the Grant Date,
the “Plan”), a copy of which as in effect on the Grant Date is attached at the end of this Agreement as Exhibit A and
by this reference made a part hereof, for the benefit of eligible employees and independent contractors of the Company and its Subsidiaries.
Capitalized terms used and not otherwise defined herein or in the Employment Agreement will have the meaning given thereto in the Plan.

 

The Company and the Grantee
therefore agree as follows:

 

1.         Definitions.
All capitalized terms not defined in this Agreement that are defined in the Employment Agreement will have the meanings ascribed to them
in the Employment Agreement. The following terms, when used in this Agreement, have the following meanings:

 

“Cause” has the
meaning either (a) specified in the Employment Agreement or (b) if the Grantee enters into an agreement governing the terms
of his employment or service to the Company following the end of the Employment Period, the definition of “Cause” defined
in such new agreement shall apply on and after the effective date of such new agreement. For the avoidance of doubt, failure to enter
into an agreement governing the terms of his employment or service to the Company following the end of the Employment Period by December 15,
2024 shall, under no circumstances, in and of itself, constitute a basis for Cause, whether under this Agreement, any Equity Awards,
or any other agreement or arrangement that otherwise provides the Company with the right to terminate his employment with or services
to the Company for Cause.

 

“Close of Business”
means, on any day, 5:00 p.m., Denver, Colorado time.

 

“Committee” means
the Compensation Committee of the Board of Directors of the Company.

 

“Common Stock”
means the Company’s QRTEB Common Stock.

 

“Company” has the
meaning specified in the preamble to this Agreement.

 

     

     

    

 

“Disability” has
the meaning specified in the Employment Agreement; provided, however, that, if the Grantee enters into an agreement governing the terms
of his employment or service to the Company following the end of the Employment Period, the definition of “Disability” defined
in such new agreement shall apply on and after the effective date of such new agreement.

 

“Employment Agreement”
has the meaning specified in the recitals to this Agreement.

 

“Employment Period”
has the meaning specified in the Employment Agreement.

 

“Good Reason” has
the meaning either (a) specified in the Employment Agreement or (b) to the extent the Grantee enters into an agreement governing
the terms of his employment or service to the Company following the end of the Employment Period, the definition of “Good Reason”
defined in such new agreement shall apply on and after the effective date of such new agreement. For the avoidance of doubt, failure
to enter into an agreement governing the terms of his employment or service to the Company following the end of the Employment Period
by December 15, 2024 shall, under no circumstances, in and of itself, constitute a basis for Good Reason, whether under this Agreement,
any Equity Awards, or any other agreement or arrangement that otherwise provides the Grantee with the right to terminate his employment
with or services to the Company for Good Reason.

 

“Grant Date” means
June 3, 2021.

 

“Grantee” has the
meaning specified in the preamble to this Agreement.

 

“Plan” has the
meaning specified in the recitals of this Agreement.

 

“QRTEB Common Stock”
means the Company’s Series B Common Stock, $0.01 par value.

 

“Restricted Shares”
has the meaning specified in the Plan, and refers to the QRTEB Restricted Shares granted hereunder.

 

“Separation” means
the date as of which the Grantee is no longer employed by or providing services to the Company or any of its Subsidiaries.

 

“Services Agreement”
has the meaning specified in the recitals to this Agreement.

 

“Vesting Date”
means each date on which the Restricted Shares cease to be subject to a risk of forfeiture, as determined in accordance with Section 5
or 9 of this Agreement.

 

2.          Grant
of Restricted Shares. Subject to the terms and conditions herein and in the Plan, the Company
hereby awards to the Grantee as of the Grant Date, an Award of 1,101,321 QRTEB Restricted Shares (collectively, the “Restricted
Shares”), subject to the conditions and restrictions set forth below in this Agreement and in the Plan. Regarding subclause (v) of
Section 8.3 of the Plan, the Company acknowledges and agrees that, other than as set forth in that certain letter agreement between
the Grantee, the Company and Liberty Media Corporation, dated as of the date hereof, with respect to the Grantee’s waiver of the
right to assert a “Change in Control” has occurred or that Grantee has “Good Reason” to resign with respect to
the Company under the Employment Agreement and certain other matters described therein, there are no restrictions, terms or conditions
that will cause a forfeiture of the Restricted Shares that are not set forth in this Agreement.

 

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3.           Issuance
of Restricted Shares at Beginning of the Restriction Period. Upon issuance of the Restricted
Shares, such Restricted Shares will be registered in a book entry account in the name of the Grantee. During the Restriction Period,
any statement of ownership representing the Restricted Shares that may be issued during the Restriction Period will bear a restrictive
legend to the effect that ownership of the Restricted Shares, and the enjoyment of all rights appurtenant thereto, are subject to the
restrictions, terms and conditions provided in the Plan and this Agreement.

 

4.          Restrictions.
The Restricted Shares will constitute issued and outstanding shares of Common Stock for all corporate purposes. The Grantee will have
the right to vote such Restricted Shares, to receive and retain such dividends and distributions paid or distributed on such Restricted
Shares as the Committee may in its sole discretion designate and to exercise all other rights, powers and privileges of a holder of Common
Stock with respect to such Restricted Shares, except that (a) the Grantee will not be entitled to delivery of the Restricted Shares
until the Restriction Period shall have expired and unless all other vesting requirements with respect thereto shall have been fulfilled
or waived, (b) the Company or its designee will retain custody of the Restricted Shares during the Restriction Period as provided
in Section 8.3 of the Plan, (c) all dividends and distributions made or declared with respect to the Restricted Shares will
not be subject to the same restrictions, terms and vesting and other conditions as are applicable to the Restricted Shares and any such
dividends and distributions shall be paid at the same time and in the same manner as such distributions are paid to other shareholders,
subject to Section 7, and (d) except as provided in Section 10 the Grantee may not sell, assign, transfer, pledge, exchange,
encumber or dispose of the Restricted Shares or the Grantee’s interest in any of them during the Restriction Period.

 

5.          Conditions
of Vesting. Unless otherwise determined by the Committee in its sole discretion (provided that
such determination is not adverse to the Grantee), the Restricted Shares will vest only in accordance with the conditions stated in this
Section 5.

 

(a)         Except
as otherwise provided in this Agreement, subject to the Grantee’s continued employment with or service to the Company or any Subsidiary
on such date, fifty percent (50%) of the Restricted Shares will become vested on December 10, 2024 and fifty percent (50%) of the
Restricted Shares will become vested on the fifth anniversary of the Grant Date; provided, however, in the event that the
Grantee and the Company fail to enter into an agreement on or before December 15, 2024 governing the terms of the Grantee’s
employment or service to the Company for a period following the end of the Employment Period, so long as the Grantee shall have negotiated
in good faith to enter into such a new agreement, one hundred percent (100%) of any unvested Restricted Shares will become vested on
December 31, 2024. For the avoidance of doubt, the Grantee’s failure to meet the demands or requests of the Company with respect
an agreement governing the terms of his employment or service to the Company following the end of the Employment Period shall not indicate,
in itself, that the Grantee has not negotiated in good faith.

 

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(b)        Notwithstanding
the foregoing, (i) all Restricted Shares will become vested on the date of the Grantee’s Separation if (A) the Grantee’s
Separation occurs on or after the Grant Date by reason of Disability or (B) the Grantee dies while providing services to the Company
or a Subsidiary, and (ii) the Restricted Shares that have not theretofore become vested will become vested to the extent provided
in Section 9 of this Agreement, on the date of the Grantee’s Separation.

 

6.          Completion
of the Restriction Period. On the Vesting Date with respect to each award of Restricted Shares,
and the satisfaction of any other applicable restrictions, terms and conditions all or the applicable portion of such Restricted Shares
will become vested in accordance with the terms of this Agreement. Any such Restricted Shares that shall not become vested will be forfeited
to the Company, and the Grantee will not thereafter have any rights (including dividend and voting rights) with respect to such Restricted
Shares that are so forfeited.

 

7.          Mandatory
Withholding for Taxes. Subject to Section 23, the Grantee acknowledges and agrees that,
upon the expiration of the Restriction Period, the Grantee shall be required to satisfy all applicable federal, state or other governmental
taxes required to be withheld by the Company or any Subsidiary of the Company with respect to the vesting of Restricted Shares. The Grantee
may elect to satisfy such withholding tax obligations by remitting to the Company a separate payment in an amount sufficient to satisfy
such withholding tax obligations or may direct the Company to deduct from the shares of applicable Common Stock otherwise deliverable
to the Grantee (or the Grantee’s beneficiary, if applicable) that number of shares of such Common Stock (valued at the Fair Market
Value on the applicable Vesting Date) that is equal to the amount, as determined by the Company, of all such withholding tax obligations.
Subject to Section 23, upon the payment of any cash dividends with respect to Restricted Shares during the Restriction Period, the
amount of such dividends will be reduced to the extent necessary to satisfy any withholding tax requirements applicable thereto prior
to payment to the Grantee.

 

8.          Delivery
by the Company. As soon as practicable after the vesting of Restricted Shares pursuant to Sections
5 and 9, but no later than 30 days after such vesting occurs, the Company will cause to be removed from the Restricted Shares that have
vested the restriction described in Section 4 and cause to be delivered to the Grantee (in electronic form) shares of Common Stock
equal to the number of Restricted Shares that have vested. Any delivery of securities will be deemed effected for all purposes when a
statement of holdings reflecting such securities and any other documents necessary to reflect ownership thereof by the Grantee, have
been delivered personally to the Grantee or, if delivery is by mail, when the Grantee has received such documents. Any cash payment will
be deemed effected when a check from the Company, payable to the Grantee and in the amount equal to the amount of the cash owed, has
been delivered personally to the Grantee or, if delivery is by mail, upon receipt by the Grantee.

 

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9.           Termination
of Restricted Shares. The Restricted Shares will be forfeited and terminate at the time specified
below:

 

(a)         Any
Restricted Shares that do not become vested in accordance with Section 5 or Section 9(b) of this Agreement will automatically
be forfeited as of the Close of Business on the date of Separation.

 

(b)        Notwithstanding
the provisions of Section 5, (i) if the Grantee’s Separation occurs prior to the applicable Vesting Date as a result
of death, Disability, termination by the Company without Cause or termination by the Grantee with Good Reason, the Restricted Shares,
to the extent not theretofore vested will become fully vested, or (ii) if the Grantee and the Company have entered into an agreement
governing the terms of his employment or service to the Company on and following the Employment Period and the Grantee’s Separation
occurs after the effective date of such agreement and prior to the Close of Business on the Vesting Date by reason of the Grantee’s
voluntary termination by the Grantee without Good Reason, a Pro Rata Portion of the Restricted Shares will vest. For purposes of this
Agreement, a “Pro Rata Portion” shall be equal to the product of “A” multiplied by “B,” where “A”
equals the number of Restricted Shares that are not vested at the time of such termination, and “B” is a fraction, the numerator
of which is the number of calendar days that have elapsed from January 1, 2025 through the date of such termination, and the denominator
of which is the number of days from January 1, 2025 through the fifth anniversary of the Grant Date. For the avoidance of doubt,
Grantee will forfeit all unvested Restricted Shares on Grantee’s Separation by reason of the Grantee’s voluntary termination
by the Grantee without Good Reason except as set forth above in this Section 9(b)(ii). Upon forfeiture of any unvested Restricted
Shares, such Restricted Shares will be immediately cancelled, and the Grantee will cease to have any rights with respect thereto.

 

10.        Nontransferability
of Restricted Shares. Restricted Shares are not transferable (either voluntarily or involuntarily)
before or after the Grantee’s death, except as follows: (a) during the Grantee’s lifetime, pursuant to a Domestic Relations
Order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Agreement, and
in a form acceptable to the Committee, or (b) after the Grantee’s death, by will or pursuant to the applicable laws of descent
and distribution, as may be the case. Any person to whom Restricted Shares are transferred in accordance with the provisions of the preceding
sentence shall take such Restricted Shares subject to all of the terms and conditions of the Plan and this Agreement, including that
the vesting and termination provisions of this Agreement will continue to be applied with respect to the Grantee. Restricted Shares that
have vested may be delivered (or, in the case of book entry registration, registered) only to the Grantee (or during the Grantee’s
lifetime, to the Grantee’s court appointed legal representative) or to a person to whom the Restricted Shares have been transferred
in accordance with this Section. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the transferability
restrictions set forth in this Section 10 do not apply to Restricted Shares that have vested.

 

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11.         Forfeiture
for Misconduct and Repayment of Certain Amounts. If (i) a material restatement of any financial
statement of the Company (including any consolidated financial statement of the Company and its consolidated subsidiaries) is required
and (ii) in the reasonable judgment of the Committee, (A) such restatement is due to material noncompliance with any financial
reporting requirement under applicable securities laws and (B) such noncompliance is a result of misconduct on the part of the Grantee,
the Grantee will repay to the Company Forfeitable Benefits received by the Grantee during the Misstatement Period in such amount as the
Committee may reasonably determine, taking into account, in addition to any other factors deemed relevant by the Committee, the extent
to which the market value of Common Stock during the Misstatement Period was affected by the error(s) giving rise to the need for
such restatement. “Forfeitable Benefits” means (i) any and all cash and/or shares of Common Stock received by the Grantee
(A) upon the exercise during the Misstatement Period of any SARs held by the Grantee or (B) upon the payment during the Misstatement
Period of any Cash Award or Performance Award held by the Grantee, the value of which is determined in whole or in part with reference
to the value of Common Stock, and (ii) any proceeds received by the Grantee from the sale, exchange, transfer or other disposition
during the Misstatement Period of any shares of Common Stock received by the Grantee upon the exercise, vesting or payment during the
Misstatement Period of any Award held by the Grantee. By way of clarification, “Forfeitable Benefits” will not include any
shares of Common Stock delivered in respect of the vesting of any Restricted Stock Units during the Misstatement Period or any securities
received as Dividend Equivalents in respect thereof, in each case that are not sold, exchanged, transferred or otherwise disposed of
during the Misstatement Period. “Misstatement Period” means the 12-month period beginning on the date of the first public
issuance or the filing with the Securities and Exchange Commission, whichever occurs earlier, of the financial statement requiring restatement.

 

12.        Adjustments.
The Restricted Shares will be subject to adjustment (including, without limitation, as to the number of Restricted Shares) in such manner
as the Committee, in its sole discretion, deems equitable and appropriate in connection with the occurrence of any of the events described
in Section 4.2 of the Plan following the Grant Date.

 

13.        Restrictions
Imposed by Law. Without limiting the generality of Section 10.8 of the Plan, as applicable,
the Company will not be obligated to deliver any Restricted Shares if counsel to the Company determines that such delivery would violate
any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the
Company with, any securities exchange or association upon which shares of Common Stock or such other securities are listed or quoted.
The Company will in no event be obligated to take any affirmative action in order to cause the delivery of Restricted Shares to comply
with any such law, rule, regulation, or agreement.

 

14.        Notice.
Unless the Company notifies the Grantee in writing of a different procedure or address, any notice or other communication to the Company
with respect to this Agreement will be in writing and will be delivered personally or sent by United States first class mail, postage
prepaid and addressed as follows:

 

Qurate Retail, Inc. 

12300 Liberty Boulevard 

Englewood, Colorado 80112 

Attn: Chief Legal Officer

 

Unless the Company elects to notify the Grantee
electronically pursuant to the online grant and administration program or via email, any notice or other communication to the Grantee
with respect to this Agreement will be in writing and will be delivered personally, or will be sent by United States first class mail,
postage prepaid, to the Grantee’s address as listed in the records of the Company on the date of this Agreement, unless the Company
has received written notification from the Grantee of a change of address.

 

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15.        Amendment.
The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and
as provided in the Plan; provided, however, that, unless otherwise required by law, no amendment or modification shall adversely affect
the rights of the Grantee with respect to the Award evidenced hereby without the prior written consent of the Grantee. The Company shall
give written notice to the Grantee of any such modification or amendment of this Agreement as soon as practicable after the adoption
thereof. This Agreement may also be modified or amended by a writing signed by both the Company and the Grantee, subject to necessary
approvals.

 

16.        Grantee
Services. Nothing contained in this Agreement, and no action of the Company or the Committee
with respect hereto, will confer or be construed to confer on the Grantee any right to continue in the employ or service of the Company
or interfere in any way with the right of the Company to terminate the Grantee’s employment or service at any time, with or without
Cause, subject to the provisions of the Services Agreement and the Employment Agreement.

 

17.        Nonalienation
of Benefits. Except as provided in Section 10 and prior to the vesting of any Restricted
Share, (a) no right or benefit under this Agreement will be subject to anticipation, alienation, sale, assignment, hypothecation,
pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange,
transfer, encumber or charge the same will be void, and (b) no right or benefit hereunder will in any manner be liable for or subject
to the debts, contracts, liabilities or torts of the Grantee or other person entitled to such benefits.

 

18.        Governing
Law. This Agreement will be governed by, and construed in accordance with, the internal laws
of the State of Colorado.

 

19.        Construction.
References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder”
and similar terms include all Exhibits and Schedules appended hereto, including the Plan. All references to “Sections” in
this Agreement shall be to Sections of this Agreement unless explicitly stated otherwise. The word “include” and all variations
thereof are used in an illustrative sense and not in a limiting sense. All decisions of the Committee upon questions regarding this Agreement
or the Plan will be conclusive. Unless otherwise expressly stated herein, in the event of any inconsistency between the terms of the
Plan and this Agreement, the terms of the Plan will control. The headings of the sections of this Agreement have been included for convenience
of reference only, are not to be considered a part hereof and will in no way modify or restrict any of the terms or provisions hereof.

 

20.        Rules by
Committee. The rights of the Grantee and the obligations of the Company hereunder will be subject
to such reasonable rules and regulations as the Committee may adopt from time to time.

 

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21.        Entire
Agreement. This Agreement is in satisfaction of and in lieu of all prior discussions and agreements,
oral or written, between the Company and the Grantee regarding the Award. The Grantee and the Company hereby declare and represent that
no promise or agreement not expressed herein has been made regarding the Award and that this Agreement contains the entire agreement
between the parties hereto with respect to the Award and replaces and makes null and void any prior agreements between the Grantee and
the Company regarding the Award. Subject to the restrictions set forth in Sections 10 and 17, this Agreement will be binding upon and
inure to the benefit of the parties and their respective heirs, successors and assigns.

 

22.           [Reserved.]

 

23.        Code
Section 83(b) Election. The Grantee may make an election under Section 83(b) (a
 "Section 83(b) Election") with respect to the Restricted Shares. Any such election must be made within thirty (30)
days after the Grant Date. If the Grantee elects to make a Section 83(b) Election, the Grantee shall provide the Company with
a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the US Internal
Revenue Service, in each case, on the date such Section 83(b) Election is filed. The Grantee agrees to assume full responsibility
for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all
tax consequences resulting from the Section 83(b) Election. To the extent the Grantee so makes a valid Section 83(b) Election,
the Grantee must remit cash to the Company on the same day the Section 83(b) Election is made that is equal to the amount,
as determined by the Company, of all federal, state or other governmental taxes required to be withheld by the Company or any Subsidiary
of the Company with respect to the Restricted Shares.

 

24.        Code
Section 409A Compliance. To the extent that the provisions of Section 409A of the
Code or any U.S. Department of the Treasury regulations promulgated thereunder are applicable to any Restricted Share, the parties intend
that this Agreement will meet the requirements of such Code section and regulations and that the provisions hereof will be interpreted
in a manner that is consistent with such intent. If, however, the Grantee is liable for the payment of any tax, penalty or interest pursuant
to Section 409A of the Code, or any successor or like provision (the “409A Tax”), with respect to this Agreement any
payments or property transfers received or to be received under this Agreement or otherwise, the Company will pay the Grantee an amount
(the “Special Reimbursement”) which, after payment to the Grantee (or on the Grantee’s behalf) of any federal, state
and local taxes, including, without limitation, any further tax, penalty or interest under Section 409A of the Code, with respect
to or resulting from the Special Reimbursement, equals the net amount of the 409A Tax. Any payment due to the Grantee under this Section will
be made to the Grantee, or on behalf of the Grantee, as soon as practicable after the determination of the amount of such payment, but
no sooner than the date on which the Company is required to withhold such amount or the Grantee is required to pay such amount to the
Internal Revenue Service. Notwithstanding the foregoing, all payments under this Section will be made to the Grantee, or on the
Grantee’s behalf, no later than the end of the calendar year immediately following the calendar year in which the Grantee or the
Company paid the related taxes, interest or penalties. The Grantee will cooperate with the Company in taking such actions as the Company
may reasonably request to assure that this Agreement will meet the requirements of Section 409A of the Code and any U.S. Department
of the Treasury regulations promulgated thereunder and to limit the amount of any additional payments required by this Section to
be made to the Grantee. The Company represents and warrants that the Restricted Shares are not subject to Section 409A of the Code
and any U.S. Department of the Treasury regulations promulgated thereunder.

 

     8

     

    

 

25.        Replacement
Awards. Any restricted stock unit, restricted share, option or other equity or equity derivative
that is issued after the Grant Date to the Grantee by the Company or any other Person pursuant to a Fundamental Corporate Event in full
or partial replacement of, as an adjustment to, or otherwise with respect to, Restricted Shares granted pursuant to this Agreement (a
 “Replacement Award”), will have the same term and the same vesting and exercisability terms and conditions as the Restricted
Shares, except that if the Company is not the issuer of a Replacement Award, the definition of Change in Control with respect to such
Replacement Award will be applied with respect to the issuer of such Replacement Award as if it were the “Company” for purposes
of such definition. By way of illustration, a Change in Control of the Company will not cause acceleration of any Replacement Awards
that are not issued by the Company and a Change in Control of the issuer of any Replacement Awards with respect to which the Company
is not the issuer will not cause acceleration of any remaining Restricted Shares with respect to which the Company is the issuer.

 

26.      Confidential
Information. The Grantee will not, during or after his employment or service with the Company,
without the prior express written consent of the Company, directly or indirectly use or divulge, disclose or make available or accessible
any Confidential Information (as defined below) to any person, firm, partnership, corporation, trust or any other entity or third party
(other than when required to do so in good faith to perform the Grantee’s duties and responsibilities to the Company or when (i) required
to do so by a lawful order of a court of competent jurisdiction, any governmental authority or agency, or any recognized subpoena power,
or (ii) necessary to prosecute the Grantee’s rights against the Company or its Subsidiaries or to defend himself against any
allegations). The Grantee will also proffer to the Company, no later than the effective date of any termination of the Grantee’s
engagement with the Company for any reason, and without retaining any copies, notes or excerpts thereof, all memoranda, computer disks
or other media, computer programs, diaries, notes, records, data, customer or client lists, marketing plans and strategies, and any other
documents consisting of or containing Confidential Information that are in the Grantee’s actual or constructive possession or which
are subject to the Grantee’s control at such time. For purposes of this Agreement, “Confidential Information” will
mean all information respecting the business and activities of the Company or any Subsidiary, including, without limitation, the clients,
customers, suppliers, employees, consultants, computer or other files, projects, products, computer disks or other media, computer hardware
or computer software programs, marketing plans, financial information, methodologies, know-how, processes, practices, approaches, projections,
forecasts, formats, systems, trade secrets, data gathering methods and/or strategies of the Company or any Subsidiary. Notwithstanding
the immediately preceding sentence, Confidential Information will not include any information that is, or becomes, generally available
to the public (unless such availability occurs as a result of the Grantee’s breach of any of his obligations under this Section).
If the Grantee is in breach of any of the provisions of this Section or if any such breach is threatened by the Grantee, in addition
to and without limiting or waiving any other rights or remedies available to the Company at law or in equity, the Company shall be entitled
to immediate injunctive relief in any court, domestic or foreign, having the capacity to grant such relief, without the necessity of
posting a bond, to restrain any such breach or threatened breach and to enforce the provisions of this Section. The Grantee agrees that
there is no adequate remedy at law for any such breach or threatened breach and, if any action or proceeding is brought seeking injunctive
relief, the Grantee will not use as a defense thereto that there is an adequate remedy at law.

 

     9

     

    

 

27.        Arbitration.
Any controversy, claim or dispute arising out of or in any way relating to this Agreement or the Grantee’s employment with or service
to, or termination of employment or service from, the Company (including whether such controversy, claim or dispute is subject to arbitration),
excepting only claims that may not, by statute, be arbitrated, will be submitted to binding arbitration. Both the Grantee and the Company
acknowledge that they are relinquishing their right to a jury trial. The Grantee and the Company agree that arbitration will be the exclusive
method for resolving disputes arising out of or related to this Agreement or to the Grantee’s employment or service with, or termination
of employment or service from, the Company. The arbitration will be administered by JAMS in accordance with the Employment Arbitration
Rules & Procedures of JAMS then in effect and subject to JAMS Policy on Employment Arbitration Minimum Standards, except as
otherwise provided in this Agreement. Arbitration will be commenced and heard in the Denver, Colorado metropolitan area. Only one arbitrator
will preside over the proceedings, who will be selected by agreement of the parties from a list of five or more qualified arbitrators
provided by the arbitration tribunal, or if the parties are unable to agree on an arbitrator within 10 Business Days following receipt
of such list, the arbitration tribunal will select the arbitrator. The arbitrator will apply the substantive law (and the law of remedies,
if applicable) of Colorado or federal law, or both, as applicable to the claim(s) asserted. In any arbitration, the burden of proof
will be allocated as provided by applicable law. The arbitrator will have the authority to award any and all legal and equitable relief
authorized by the law applicable to the claim(s) being asserted in the arbitration, as if the claim(s) were brought in a federal
court of law. Either party may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award.
Discovery, such as depositions or document requests, will be available to the Company and the Grantee as though the dispute were pending
in U.S. federal court. The arbitrator will have the ability to rule on pre-hearing motions as though the matter were in a U.S. federal
court, including the ability to rule on a motion for summary judgment.

 

28.        These
Restricted Shares and any dividends or distributions thereon shall not be construed as a set-off against any future compensation the
Grantee may become entitled to receive in connection with the Grantee’s employment or service following the end of the Employment
Period, nor shall they be considered as part of the Grantee’s compensation for the Employment Period for purposes of setting my
compensation for employment or services following the end of the Employment Period.

 

[Signature Page Follows]

 

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	AGREED BY:	 
	 	 
	 	 
	Grantee	 
	 	 
	By: 	/s/ Gregory B. Maffei	 
	 	Gregory B. Maffei	 
	 	 
	Qurate Retail, Inc.	 
	 	 
	By: 	/s/ Renee L. Wilm	 
	 	Renee L. Wilm	 
	 	Chief Legal Officer and	 
	 	Chief Administrative Officer	 

 

[Signature Page to Restricted Share Award
Agreement]

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