Document:

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                                                                    EXHIBIT 10.3

[GENERAL]

                            LIBERTY MEDIA CORPORATION
                               2000 INCENTIVE PLAN
               (AS AMENDED AND RESTATED EFFECTIVE APRIL 19, 2004)
                      NON-QUALIFIED STOCK OPTION AGREEMENT

     THIS NON-QUALIFIED STOCK OPTION AGREEMENT ("Agreement") is made as of
__________, 20___ (the "Effective Date"), by and between LIBERTY MEDIA
CORPORATION, a Delaware corporation (the "Company"), and the individual whose
name, address and social security number appear on the signature page hereto
(the "Grantee").

     The Company has adopted the Liberty Media Corporation 2000 Incentive Plan
(As Amended and Restated April 19, 2004) (the "Plan"), a copy of which is
attached to this Agreement as Exhibit A and by this reference made a part
hereof, for the benefit of eligible employees of the Company and its
Subsidiaries. Capitalized terms used and not otherwise defined herein will have
the meaning given thereto in the Plan.

     Pursuant to the Plan, the Incentive Plan Committee (the "Committee")
appointed by the Board pursuant to Section 3.1 of the Plan to administer the
Plan has determined that it would be in the interest of the Company and its
stockholders to award Options to Grantee, subject to the conditions and
restrictions set forth herein and in the Plan, in order to provide the Grantee
additional remuneration for services rendered, to encourage the Grantee to
remain in the employ of the Company or its Subsidiaries and to increase the
Grantee's personal interest in the continued success and progress of the
Company.

     The Company and the Grantee therefore agree as follows:

     1. DEFINITIONS. The following terms, when used in this Agreement, have the
following meanings:

     "Base Price" means $_______, the Fair Market Value of a share of L Stock on
the Effective Date.

     "Business Day" means any day other than Saturday, Sunday or a day on which
banking institutions in Denver, Colorado, are required or authorized to be
closed.

     "Cause" has the meaning specified for "cause" in Section 11.2(b) of the
Plan.

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

     "Committee" has the meaning specified in the recitals to this Agreement.

     "Company" has the meaning specified in the preamble to this Agreement.

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     "Effective Date" has the meaning specified in the preamble to this
Agreement.

     "Grantee" has the meaning specified in the preamble to this Agreement.

     "L Options" has the meaning specified in Section 2 of this Agreement.

     "L Stock" has the meaning specified in Section 2 of this Agreement.

     "Option Shares" has the meaning specified in Section 4(a) of this
Agreement.

     "Plan" has the meaning specified in the recitals of this Agreement.

     "Required Withholding Amount" has the meaning specified in Section 5 of
this Agreement.

     "Special Termination Period" has the meaning specified in Section 7(d) of
this Agreement.

     "Term" has the meaning specified in Section 2 of this Agreement.

     "Vesting Anniversary Date" means __________, 20___.

     "Year of Continuous Service" has the meaning specified in Section 7(d) of
this Agreement.

     2. GRANT OF OPTIONS. Subject to the terms and conditions herein, pursuant
to the Plan, the Company grants to the Grantee options to purchase from the
Company, exercisable during the period commencing on the Effective Date and
expiring at Close of Business on __________, 20___ (the "Term"), subject to
earlier termination as provided in Section 7 below, at the Base Price, the
number of shares of Liberty Media Corporation Series A Common Stock ("L Stock")
set forth on the signature page hereto. The Options granted hereunder are
"Nonqualified Stock Options" and are hereinafter referred to as the "L Options."
The Base Price and L Options are subject to adjustment pursuant to Section 10
below. No fractional shares of L Stock will be issuable upon exercise of an L
Option, and the Grantee will receive, in lieu of any fractional share of L Stock
that the Grantee otherwise would receive upon such exercise, cash equal to the
fraction representing such fractional share multiplied by the Fair Market Value
of one share of L Stock as of the date on which such exercise is considered to
occur pursuant to Section 4 below.

     3. CONDITIONS OF EXERCISE. Unless otherwise determined by the Committee in
its sole discretion, the L Options will be exercisable only in accordance with
the conditions stated in this Section 3.

     (a) Except as otherwise provided in Section 11.1(b) of the Plan or in the
     last sentence of this Section 3(a), the L Options may be exercised only to
     the extent they have become exercisable in accordance with the provisions
     of this Section 3(a). That number of L Options that is equal to _____% of
     the total number of L Options awarded under this Agreement (rounded down to
     the nearest whole number of L Options) shall become

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     exercisable on each __________, __________, __________ and __________
     beginning on __________, 20___ and ending on __________, 20___, and any L
     Options awarded under this Agreement that do not otherwise become
     exercisable as a result of rounding shall become exercisable on __________,
     20___. Notwithstanding the foregoing, (i) in the event that any date on
     which L Options would otherwise become exercisable is not a Business Day,
     such L Options will become exercisable on the Business Day next following
     such date, (ii) all L Options will become exercisable on the date of the
     Grantee's termination of employment if (A) the Grantee's employment with
     the Company and its Subsidiaries terminates by reason of Disability or (B)
     the Grantee dies while employed by the Company or a Subsidiary, and (iii)
     if the Grantee's employment with the Company and its Subsidiaries is
     terminated by the Company or a Subsidiary without Cause, any L Options that
     otherwise would become exercisable during the remainder of the calendar
     year in which the Grantee's employment with the Company and its
     Subsidiaries is terminated will become exercisable on the date of the
     Grantee's termination of employment.

     (b) To the extent the L Options become exercisable, such L Options may be
     exercised in whole or in part (at any time or from time to time, except as
     otherwise provided herein) until expiration of the Term or earlier
     termination thereof.

     (c) The Grantee acknowledges and agrees that the Committee, in its
     discretion and as contemplated by Section 3.3 of the Plan, may adopt rules
     and regulations from time to time after the date hereof with respect to the
     exercise of the L Options and that the exercise by the Grantee of L Options
     will be subject to the further condition that such exercise is made in
     accordance with all such rules and regulations as the Committee may
     determine are applicable thereto.

     4. MANNER OF EXERCISE. L Options will be considered exercised (as to the
number of L Options specified in the notice referred to in Section 4(a) below)
on the latest of (i) the date of exercise designated in the written notice
referred to in Section 4(a) below, (ii) if the date so designated is not a
Business Day, the first Business Day following such date or (iii) the earliest
Business Day by which the Company has received all of the following:

     (a) Written notice, in such form as the Committee may require, containing
     such representations and warranties as the Committee may require and
     designating, among other things, the date of exercise and the number of
     shares of L Stock ("Option Shares") to be purchased;

     (b) Payment of the Base Price for each Option Share to be purchased in any
     (or a combination) of the following forms: (A) cash, (B) check or (C) the
     delivery, together with a properly executed exercise notice, of irrevocable
     instructions to a broker to deliver promptly to the Company the amount of
     sale or loan proceeds required to pay the purchase price (and, if
     applicable the Required Withholding Amount, as described in Section 5
     below); and

     (c) Any other documentation that the Committee may reasonably require.

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     5. MANDATORY WITHHOLDING FOR TAXES. The Grantee acknowledges and agrees
that the Company will deduct from the shares of L Stock otherwise payable or
deliverable upon exercise of any L Options that number of shares of L Stock
(valued at their Fair Market Value on the date of exercise) that is equal to the
amount of all federal, state and local taxes required to be withheld by the
Company upon such exercise, as determined by the Committee (the "Required
Withholding Amount"). If the Grantee elects to make payment of the Base Price by
delivery of irrevocable instructions to a broker to deliver promptly to the
Company the amount of sale or loan proceeds required to pay the purchase price,
such instructions may also include instructions to deliver the Required
Withholding Amount to the Company. In such case, the Company will notify the
broker promptly of the Committee's determination of the Required Withholding
Amount.

     6. PAYMENT OR DELIVERY BY THE COMPANY. As soon as practicable after receipt
of all items referred to in Section 4, and subject to the withholding referred
to in Section 5, the Company will deliver or cause to be delivered to the
Grantee certificates issued in the Grantee's name for the number of shares of L
Stock purchased by exercise of L Options, and (ii) any cash payment to which the
Grantee is entitled in lieu of a fractional share of L Stock, as provided in
Section 2 above. Any delivery of shares of L Stock will be deemed effected for
all purposes when certificates representing such shares have been delivered
personally to the Grantee or, if delivery is by mail, when the stock transfer
agent of the Company has deposited the certificates in the United States mail,
addressed to the Grantee, and 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 payment, has been delivered personally to the Grantee or
deposited in the United States mail, addressed to the Grantee.

     7. EARLY TERMINATION OF L OPTIONS. The L Options will terminate, prior to
the expiration of the Term, at the time specified below:

     (a) Subject to Section 7(b), if the Grantee's employment with the Company
     and its Subsidiaries is terminated other than (i) by the Company or a
     Subsidiary (whether for Cause or without Cause) or (ii) by reason of death
     or Disability, then the L Options will terminate at the Close of Business
     on the first Business Day following the expiration of the 90-day period
     which began on the date of termination of the Grantee's employment.

     (b) If the Grantee dies (i) while employed by the Company or a Subsidiary,
     or prior to the expiration of a period of time following termination of the
     Grantee's employment during which the L Options remain exercisable as
     provided in Section 7(a) or Section 7(c), as applicable, the L Options will
     terminate at the Close of Business on the first Business Day following the
     expiration of the one-year period which began on the date of the Grantee's
     death, or (ii) prior to the expiration of a period of time following
     termination of the Grantee's employment during which the L Options remain
     exercisable as provided in Section 7(d), the L Options will terminate at
     the Close of Business on the first Business Day following the expiration of
     (A) the one-year period which began on the date of the Grantee's death or
     (B) the Special Termination Period, whichever period is longer.

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     (c) Subject to Section 7(b), if the Grantee's employment with the Company
     and its Subsidiaries terminates by reason of Disability, then the L Options
     will terminate at the Close of Business on the first Business Day following
     the expiration of the one-year period which began on the date of
     termination of the Grantee's employment.

     (d) If the Grantee's employment with the Company and its Subsidiaries is
     terminated by the Company or a Subsidiary without Cause, the L Options will
     terminate at the Close of Business on the first Business Day following the
     expiration of the Special Termination Period. The Special Termination
     Period is the period of time beginning on the date of the Grantee's
     termination of employment and continuing for the number of days that is
     equal to the sum of (a) 90, plus (b) 180 multiplied by the Grantee's total
     Years of Continuous Service. A Year of Continuous Service means a
     consecutive 12-month period, measured by the Grantee's hire date (as
     reflected in the payroll records of the Company or a Subsidiary) and the
     anniversaries of that date, during which the Grantee is employed by the
     Company or a Subsidiary without interruption. For purposes of determining
     the Grantee's Years of Continuous Service, Grantee's employment with the
     Company's former parent, AT&T Broadband LLC, formerly known as
     Tele-Communications, Inc. ("TCI"), and any predecessor of the Company or
     TCI will be included, provided that the Grantee's hire date with the
     Company or a Subsidiary occurred within 30 days following the Grantee's
     termination of employment with TCI or such predecessor. If the Grantee was
     employed by a Subsidiary at the time of such Subsidiary's acquisition by
     the Company, the Grantee's employment with the Subsidiary prior to the
     acquisition date will be included in determining the Grantee's Years of
     Continuous Service unless the Committee, in its sole discretion, determines
     that such prior employment will be excluded.

     (e) If the Grantee's employment with the Company and its Subsidiaries is
     terminated by the Company for Cause, then the L Options will terminate
     immediately upon such termination of the Grantee's employment.

     In any event in which L Options remain exercisable for a period of time
following the date of termination of the Grantee's employment as provided above,
the L Options may be exercised during such period of time only to the extent the
same were exercisable as provided in Section 3 above on such date of termination
of the Grantee's employment. Notwithstanding any period of time referenced in
this Section 7 or any other provision of this Section 7 that may be construed to
the contrary, the L Options will in any event terminate upon the expiration of
the Term.

     8. NONTRANSFERABILITY. During the Grantee's lifetime, the L Options are not
transferable (voluntarily or involuntarily) other than pursuant to a Domestic
Relations Order and, except as otherwise required pursuant to a Domestic
Relations Order, are exercisable only by the Grantee or the Grantee's court
appointed legal representative. The Grantee may designate a beneficiary or
beneficiaries to whom the L Options will pass upon the Grantee's death and may
change such designation from time to time by filing a written designation of
beneficiary or beneficiaries with the Committee on the form annexed hereto as
Exhibit B or such other form as may be prescribed by the Committee, provided
that no such designation will be effective unless so filed prior to the death of
the Grantee. If no such designation is made or if the designated

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beneficiary does not survive the Grantee's death, the L Options will pass by
will or the laws of descent and distribution. Following the Grantee's death, the
L Options, if otherwise exercisable, may be exercised by the person to whom such
option or right passes according to the foregoing and such person will be deemed
the Grantee for purposes of any applicable provisions of this Agreement.

     9. NO STOCKHOLDER RIGHTS. Prior to the exercise of L Options in accordance
with the terms and conditions set forth in this Agreement, the Grantee will not
be deemed for any purpose to be, or to have any of the rights of, a stockholder
of the Company with respect to any shares of L Stock, nor will the existence of
this Agreement affect in any way the right or power of the Company or any
stockholder of the Company to accomplish any corporate act, including, without
limitation, the acts referred to in Section 11.16 of the Plan.

     10. ADJUSTMENTS. If the outstanding shares of L Stock are subdivided into a
greater number of shares (by stock dividend, stock split, reclassification or
otherwise) or are combined into a smaller number of shares (by reverse stock
split, reclassification or otherwise), or if the Committee determines that any
stock dividend, extraordinary cash dividend, reclassification, recapitalization,
reorganization, split-up-spin-off, combination, exchange of shares, warrants or
rights offering to purchase any shares of L Stock, or other similar corporate
event (including mergers or consolidations other than those which constitute
Approved Transactions, which shall be governed by Section 11.1(b) of the Plan)
affects shares of L Stock such that an adjustment is required to preserve the
benefits or potential benefits intended to be made available under this
Agreement, then the L Options will be subject to adjustment (including, without
limitation, as to the number of L Options and the Base Price per share of such L
Options) in the sole discretion of the Committee and in such manner as the
Committee may deem equitable and appropriate in connection with the occurrence
of any of the events described in this Section 11 following the Vesting
Anniversary Date.

     11. RESTRICTIONS IMPOSED BY LAW. Without limiting the generality of Section
11.8 of the Plan, the Grantee will not exercise the L Options, and the Company
will not be obligated to make any cash payment or issue or cause to be issued
any shares of L Stock, if counsel to the Company determines that such exercise,
payment or issuance 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 L
Stock are listed or quoted. The Company will in no event be obligated to take
any affirmative action in order to cause the exercise of the L Options or the
resulting payment of cash or issuance of shares of L Stock to comply with any
such law, rule, regulation or agreement.

     12. NOTICE. Unless the Company notifies the Grantee in writing of a
different procedure, 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:

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                            Liberty Media Corporation
                            12300 Liberty Boulevard
                            Englewood, Colorado 80112
                            Attn:  Charles Y. Tanabe, Esq.

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 Effective Date, unless the Company has
received written notification from the Grantee of a change of address.

     13. AMENDMENT. Notwithstanding any other provision hereof, this Agreement
may be supplemented or amended from time to time as approved by the Committee as
contemplated in Section 11.7(b) of the Plan. Without limiting the generality of
the foregoing, without the consent of the Grantee,

     (a) this Agreement may be amended or supplemented from time to time as
     approved by the Committee (i) to cure any ambiguity or to correct or
     supplement any provision herein which may be defective or inconsistent with
     any other provision herein, or (ii) to add to the covenants and agreements
     of the Company for the benefit of the Grantee or surrender any right or
     power reserved to or conferred upon the Company in this Agreement, subject
     to any required approval of the Company's stockholders and, provided, in
     each case, that such changes or corrections will not adversely affect the
     rights of the Grantee with respect to the Award evidenced hereby, or (iii)
     to make such other changes as the Company, upon advice of counsel,
     determines are necessary or advisable because of the adoption or
     promulgation of, or change in or of the interpretation of, any law or
     governmental rule or regulation, including any applicable federal or state
     securities laws; and

     (b) subject to any required action by the Board or the stockholders of the
     Company, the L Options granted under this Agreement may be canceled by the
     Company and a new Award made in substitution therefor, provided that the
     Award so substituted will satisfy all of the requirements of the Plan as of
     the date such new Award is made and no such action will adversely affect
     any L Options to the extent then exercisable.

     14. GRANTEE EMPLOYMENT. 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 of the Company or
any of its Subsidiaries or interfere in any way with the right of the Company or
any employing Subsidiary to terminate the Grantee's employment at any time, with
or without cause, subject to the provisions of any employment agreement between
the Grantee and the Company or any Subsidiary.

     15. NONALIENATION OF BENEFITS. Except as provided in Section 8 of this
Agreement, (i) 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 (ii) no right or benefit hereunder will in any

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manner be liable for or subject to the debts, contracts, liabilities or torts of
the Grantee or other person entitled to such benefits.

     16. GOVERNING LAW. This Agreement will be governed by, and construed in
accordance with, the internal laws of the State of Colorado. Each party
irrevocably submits to the general jurisdiction of the state and federal courts
located in the State of Colorado in any action to interpret or enforce this
Agreement and irrevocably waives any objection to jurisdiction that such party
may have based on inconvenience of forum.

     17. CONSTRUCTION. References in this Agreement to "this Agreement" and the
words "herein," "hereof," "hereunder" and similar terms include all Exhibits and
Schedules appended hereto. 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 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.

     18. DUPLICATE ORIGINALS. The Company and the Grantee may sign any number of
copies of this Agreement. Each signed copy will be an original, but all of them
together represent the same agreement.

     19. 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.

     20. 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 subject matter hereof. The Grantee and the Company
hereby declare and represent that no promise or agreement not herein expressed
has been made 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.
This Agreement will be binding upon and inure to the benefit of the parties and
their respective heirs, successors and assigns.

     21. GRANTEE ACCEPTANCE. The Grantee will signify acceptance of the terms
and conditions of this Agreement by signing in the space provided at the end
hereof and returning a signed copy to the Company.

     22. CODE SECTION 409A COMPLIANCE. If any provision of this Agreement would
result in the imposition of an excise tax under Section 409A of the Code and
related regulations and Treasury pronouncements ("Section 409A"), that provision
will be reformed to avoid imposition of the excise tax and no action taken to
comply with Section 409A shall be deemed to impair a benefit under this
Agreement.

                            [Signature page follows.]

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             SIGNATURE PAGE TO NON-QUALIFIED STOCK OPTION AGREEMENT
   DATED AS OF __________, 20___ BETWEEN LIBERTY MEDIA CORPORATION AND GRANTEE

                                        LIBERTY MEDIA CORPORATION

                                        By:
                                           ------------------------------------
                                        Name:
                                             ----------------------------------
                                        Title:
                                              ---------------------------------

                                        ACCEPTED:

                                        ---------------------------------------

                                        Grantee Name:
                                                     --------------------------
                                        Address:
                                                -------------------------------

                                        SSN:
                                            -----------------------------------

Number of shares of L Stock as to which Options are granted
                                                           --------------------

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                                    EXHIBIT A
                                       TO
                      NON-QUALIFIED STOCK OPTION AGREEMENT
   DATED AS OF __________, 20___ BETWEEN LIBERTY MEDIA CORPORATION AND GRANTEE

             [COPY OF LIBERTY MEDIA CORPORATION 2000 INCENTIVE PLAN
               (AS AMENDED AND RESTATED EFFECTIVE APRIL 19, 2004)]

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                                    EXHIBIT B
                                       TO
                      NON-QUALIFIED STOCK OPTION AGREEMENT
   DATED AS OF __________, 20___ BETWEEN LIBERTY MEDIA CORPORATION AND GRANTEE

                           DESIGNATION OF BENEFICIARY

     I, _______________________________________ (the "Grantee"), hereby declare

that upon my death _____________________________________ (the "Beneficiary") of
                                        Name

_____________________________________________________________________________ ,
Street Address                 City              State              Zip Code

who is my ___________________________________________ , will be entitled to the
                     Relationship to Grantee

L Options and all other rights accorded the Grantee by the above-referenced
grant agreement (the "Agreement").

     It is understood that this Designation of Beneficiary is made pursuant to
the Agreement and is subject to the conditions stated herein, including the
Beneficiary's survival of the Grantee's death. If any such condition is not
satisfied, such rights will devolve according to the Grantee's will or the laws
of descent and distribution.

     It is further understood that all prior designations of beneficiary under
the Agreement are hereby revoked and that this Designation of Beneficiary may
only be revoked in writing, signed by the Grantee, and filed with the Company
prior to the Grantee's death.

------------------------------          ----------------------------------------
Date                                    Grantee

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                                                                    EXHIBIT 10.4

[DESIGNATED PERSONS]

                            LIBERTY MEDIA CORPORATION
                               2000 INCENTIVE PLAN
               (AS AMENDED AND RESTATED EFFECTIVE APRIL 19, 2004)
                        RESTRICTED STOCK AWARD AGREEMENT

     THIS AGREEMENT ("Agreement") is made as of __________, 20___ (the "Grant
Date"), by and between LIBERTY MEDIA CORPORATION, a Delaware corporation (the
"Company"), and the person signing as "Grantee" on the signature page hereof
(the "Grantee").

     The Company has adopted the Liberty Media Corporation 2000 Incentive Plan
(as Amended and Restated Effective April 19, 2004) (the "Plan"), a copy of which
is attached to this Agreement as Exhibit A and by this reference made a part
hereof, for the benefit of eligible employees of the Company and its
Subsidiaries. Capitalized terms used and not otherwise defined in this Agreement
will have the meaning ascribed to them in the Plan.

     Pursuant to the Plan, the Incentive Plan Committee (the "Committee")
appointed by the Board pursuant to Section 3.1 of the Plan to administer the
Plan has determined that it would be in the interest of the Company and its
stockholders to award shares of common stock to Grantee, subject to the
conditions and restrictions set forth herein and in the Plan, in order to
provide Grantee with additional remuneration for services rendered, to encourage
Grantee to remain in the employ of the Company or its Subsidiaries and to
increase Grantee's personal interest in the continued success and progress of
the Company.

     The Company and Grantee therefore agree as follows:

     1. AWARD. Pursuant to the terms of the Plan and in consideration of the
covenants and promises of Grantee herein contained, the Company hereby awards to
Grantee as of the Grant Date the number of shares of Liberty Media Corporation
Series A Common Stock set forth on Schedule I hereto, subject to the conditions
and restrictions set forth below and in the Plan (the "Restricted Shares").

     2. 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 (the "Account") in the name of Grantee.
During the Restriction Period, each of the Account, any certificates
representing the Restricted Shares that may be issued during the Restriction
Period, and any securities constituting Retained Distributions will bear a
restrictive legend to the effect that ownership of the Restricted Shares (and
such Retained Distributions), and the enjoyment of all rights appurtenant
thereto, are subject to the restrictions, terms and conditions provided in the
Plan and this Agreement. Any such certificates will remain in the custody of the
Company, and upon their issuance Grantee will deposit with the Company stock
powers or other instruments of assignment, each endorsed in blank, so as to
permit retransfer to the Company of all or any portion of the Restricted Shares
and any securities constituting Retained Distributions that will be forfeited or
otherwise not become vested in accordance with the Plan and this Agreement.

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     3. RESTRICTIONS. Restricted Shares will constitute issued and outstanding
shares of the Company's Series A Common Stock for all corporate purposes.
Grantee will have the right to vote such Restricted Shares, to receive and
retain such dividends and distributions, as the Committee may in its sole
discretion designate, paid or distributed on such Restricted Shares and to
exercise all other rights, powers and privileges of a holder of Common Stock
with respect to such Restricted Shares, except that (a) Grantee will not be
entitled to delivery of the stock certificate or certificates representing such
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 will retain custody of any stock certificate or
certificates representing the Restricted Shares during the Restriction Period as
provided in Section 8.2 of the Plan, (c) other than such dividends and
distributions as the Committee may in its sole discretion designate, the Company
or its designee will retain custody of all distributions ("Retained
Distributions") made or declared with respect to the Restricted Shares (and such
Retained Distributions will be subject to the same restrictions, terms and
vesting and other conditions as are applicable to the Restricted Shares) until
such time, if ever, as the Restricted Shares with respect to which such Retained
Distributions shall have been made, paid or declared shall have become vested,
and such Retained Distributions will not bear interest or be segregated in a
separate account, (d) Grantee may not sell, assign, transfer, pledge, exchange,
encumber or dispose of the Restricted Shares or any Retained Distributions or
Grantee's interest in any of them during the Restriction Period and (e) a breach
of any restrictions, terms or conditions provided in the Plan or established by
the Committee with respect to any Restricted Shares or Retained Distributions
will cause a forfeiture of such Restricted Shares and any Retained Distributions
with respect thereto.

     4. VESTING AND FORFEITURE OF RESTRICTED SHARES. Subject to earlier vesting
in accordance with the provisions of Paragraph 7(b) below, Grantee will become
vested as to ___% of the Restricted Shares subject to this Agreement on each of
__________, __________, __________ and __________ beginning on __________, 20___
and ending on __________, 20___, each such date being a Vesting Date; provided,
however, that Grantee will not vest, pursuant to this Paragraph 4, in Restricted
Shares as to which Grantee would otherwise vest as of a given date if Grantee
has not been continuously employed by the Company or its Subsidiaries from the
date of this Agreement through such date (the vesting or forfeiture of such
shares to be governed instead by the provisions of Paragraph 5). Notwithstanding
the foregoing, in the event that any date on which vesting would otherwise occur
is a Saturday, Sunday or a holiday, such vesting will instead occur on the
business day next following such date.

     5. EARLY TERMINATION OR VESTING. Unless otherwise determined by the
Committee in its sole discretion:

     (a) If Grantee's employment with the Company and its Subsidiaries
     terminates for any reason other than death or Disability, then the Award,
     to the extent not theretofore vested, will be forfeited immediately;

     (b) If Grantee dies while employed by the Company or a Subsidiary, then the
     Award, to the extent not theretofore vested, will immediately become fully
     vested; and

                                       2
<Page>

     (c) If Grantee's employment with the Company terminates by reason of
     Disability, then the Award, to the extent not theretofore vested, will
     immediately become fully vested.

     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 (a) all or the applicable portion of such
Restricted Shares will become vested and (b) any Retained Distributions with
respect to such Restricted Shares will become vested to the extent that the
Restricted Shares related thereto shall have become vested, all in accordance
with the terms of this Agreement. Any such Restricted Shares and Retained
Distributions that shall not become vested will be forfeited to the Company, and
Grantee will not thereafter have any rights (including dividend and voting
rights) with respect to such Restricted Shares or any Retained Distributions
that are so forfeited.

     7. ADJUSTMENTS; EARLY VESTING IN CERTAIN EVENTS.

     (a) The Restricted Shares will be subject to adjustment (including, without
     limitation, as to the number of Restricted Shares) in the sole discretion
     of the Committee and in such manner as the Committee may deem 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.

     (b) In the event of any Approved Transaction, Board Change or Control
     Purchase, the restrictions in Paragraph 3 will lapse. Notwithstanding the
     foregoing, the Committee may, in its sole discretion, determine that the
     restrictions in Paragraph 3 will not lapse on an accelerated basis in
     connection with an Approved Transaction if the Board or the surviving or
     acquiring corporation, as the case may be, makes or causes to be made
     effective provision for the taking of such action as in the opinion of the
     Committee is equitable and appropriate to substitute a new Award for the
     Award evidenced by this Agreement or to assume this Agreement and the Award
     evidenced hereby and in order to make such new or assumed Award, as nearly
     as may be practicable equivalent to the Award evidenced by this Agreement
     as then in effect (but before giving effect to any acceleration of the
     exercisability hereof unless otherwise determined by the Committee), taking
     into account, to the extent applicable, the kind and amount of securities,
     cash or other assets into or for which shares of Series A Common Stock may
     be changed, converted or exchanged in connection with the Approved
     Transaction.

     8. MANDATORY WITHHOLDING FOR TAXES. Upon the expiration of the Restriction
Period, Grantee (or Beneficiary, as defined in Paragraph 11 below) must remit to
the Company the amount of all federal, state or other governmental withholding
tax requirements imposed upon the Company with respect to the vesting of
Restricted Shares, unless provisions to pay such withholding requirements have
been made to the satisfaction of the Company. 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 Grantee.

                                       3
<Page>

     9. 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 any and all Forfeitable Benefits received by the
Grantee during the Misstatement Period. "Forfeitable Benefits" means (i) any and
all cash and/or shares of L 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 L 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 L 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 L stock received upon exercise of any L Options during the
Misstatement Period 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.

     10. DELIVERY BY THE COMPANY. As soon as practicable after vesting in
Restricted Shares pursuant to Paragraphs 4, 5 or 7, but no later than 30 days
after such vesting occurs, and subject to the withholding referred to in
Paragraph 8, the Company will (i) cause to be removed from the Account the
restriction described in Paragraph 2 or cause to be issued and delivered to
Grantee (in certificate or electronic form) Shares equal to the number of
Restricted Shares that have vested, and (ii) shall cause to be delivered to
Grantee any Retained Distributions with respect to such vested Shares. If
delivery of certificates is by mail, delivery of shares of Series A Common Stock
will be deemed effected for all purposes when a stock transfer agent of the
Company shall have deposited the certificates in the United States mail,
addressed to Grantee.

     11. NONTRANSFERABILITY OF RESTRICTED SHARES BEFORE VESTING. Before vesting
and during Grantee's lifetime, the Restricted Shares are not transferable
(voluntarily or involuntarily) other than pursuant to a Domestic Relations Order
and, except as otherwise required pursuant to a Domestic Relations Order, are
exercisable only by Grantee or Grantee's court appointed legal representative.
The Grantee may designate a beneficiary or beneficiaries (each, a
"Beneficiary"), to whom the Restricted Shares will pass upon Grantee's death and
may change such designation from time to time by filing a written designation of
Beneficiary or Beneficiaries with the Committee on the form annexed hereto as
Exhibit B or such other form as may be prescribed by the Committee, provided
that no such designation will be effective unless so filed prior to the death of
Grantee. If no such designation is made or if the designated Beneficiary does
not survive the Grantee's death, the Restricted Shares will pass by will or the
laws of descent and distribution. Following Grantee's death, the Restricted
Shares will pass accordingly to the designated Beneficiary, and such Beneficiary
will be deemed the Grantee for purposes of any applicable provisions of this
Agreement.

                                       4
<Page>

     12. COMPANY'S RIGHTS. The existence of this Agreement will not affect in
any way the right or power of the Company or its stockholders to accomplish any
corporate act, including, without limitation, the acts referred to in Section
11.16 of the Plan.

     13. LIMITATION OF RIGHTS. Nothing in this Agreement or the Plan will be
construed to:

     (a) give Grantee any right to be awarded any further Restricted Shares
     other than in the sole discretion of the Committee; or

     (b) give Grantee or any other person any interest in any fund or in any
     specified asset or assets of the Company or any Subsidiary of the Company.

     14. PREREQUISITES TO BENEFITS. Neither Grantee nor any person claiming
through Grantee will have any right or interest in the Restricted Shares awarded
hereunder, unless and until there shall have been full compliance with all the
terms, conditions and provisions of this Agreement and the Plan which affect the
Grantee or such other person.

     15. RESTRICTIONS IMPOSED BY LAW. Without limiting the generality of Section
11.8 of the Plan, Grantee will not require the Company to deliver any Restricted
Shares and the Company will not be obligated to deliver any Restricted Shares if
counsel to the Company determines that such exercise, delivery or payment 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 the Series A Common Stock is
listed or quoted. The Company will in no event be obligated to take any
affirmative action in order to cause the delivery of any Restricted Shares to
comply with any such law, rule, regulation or agreement.

     16. NOTICE. Unless the Company notifies 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 first class mail, postage prepaid, to the following address:

                            Liberty Media Corporation
                            12300 Liberty Boulevard
                            Englewood, Colorado 80112
                            Attn: Charles Y. Tanabe

Any notice or other communication to Grantee with respect to this Agreement will
be in writing and will be delivered personally, or will be sent by first class
mail, postage prepaid, to Grantee's home address set forth below his signature
on this Agreement, unless the Company has received written notification from
Grantee of a change of address.

     17. AMENDMENT. Notwithstanding any other provision hereof, this Agreement
may be supplemented or amended from time to time as approved by the Committee as
contemplated by Section 11.7(b) of the Plan. Without limiting the generality of
the foregoing, without the consent of Grantee,

                                       5
<Page>

     (a) this Agreement may be amended or supplemented from time to time as
     approved by the Committee (i) to cure any ambiguity or to correct or
     supplement any provision herein which may be defective or inconsistent with
     any other provision herein, (ii) to add to the covenants and agreements of
     the Company for the benefit of Grantee or surrender any right or power
     reserved to or conferred upon the Company in this Agreement, subject to any
     required approval of the Company's stockholders and provided, in each case,
     that such changes or corrections will not adversely affect the rights of
     Grantee with respect to the Award evidenced hereby or (iii) to make such
     other changes as the Company, upon advice of counsel, determines are
     necessary or advisable because of the adoption or promulgation of, or
     change in or of the interpretation of, any law or governmental rule or
     regulation, including any applicable federal or state securities laws; and

     (b) subject to any required action by the Board or the Company's
     stockholders, the Award evidenced by this Agreement may be canceled by the
     Committee and a new Award made in substitution therefor, provided that the
     Award so substituted will satisfy all of the requirements of the Plan as of
     the date such new Award is made and no such action will adversely affect
     the Restricted Shares to the extent then vested.

     18. GRANTEE EMPLOYMENT. 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 Grantee any right to continue in the employ of the Company or any
of its Subsidiaries or interfere in any way with the right of the Company or any
employing Subsidiary to terminate Grantee's employment at any time, with or
without cause; subject, however, to the provisions of any employment agreement
between Grantee and the Company or any Subsidiary.

     19. GOVERNING LAW. This Agreement will be governed by, and construed in
accordance with, the internal laws of the State of Colorado. Each party
irrevocably submits to the general jurisdiction of the state and federal courts
located in the State of Colorado in any action to interpret or enforce this
Agreement and irrevocably waives any objection to jurisdiction that such party
may have based on inconvenience of forum.

     20. 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. This Agreement is entered into,
and the Award evidenced hereby is granted, pursuant to the Plan and will be
governed by and construed in accordance with the Plan and the administrative
interpretations adopted by the Committee thereunder. All decisions of the
Committee upon questions regarding the Plan or this Agreement 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 paragraphs 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.

     21. DUPLICATE ORIGINALS. The Company and Grantee may sign any number of
copies of this Agreement. Each signed copy will be deemed to be an original, but
all of them together represent the same agreement.

                                       6
<Page>

     22. RULES BY COMMITTEE. The rights of 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 hereafter.

     23. ENTIRE AGREEMENT. This Agreement is in satisfaction of and in lieu of
all prior discussions and agreements, oral or written, between the Company and
Grantee. Grantee and the Company hereby declare and represent that no promise or
agreement not herein expressed has been made and that this Agreement contains
the entire agreement between the parties hereto with respect to the Restricted
Shares and replaces and makes null and void any prior agreements between Grantee
and the Company regarding the Restricted Shares.

     24. GRANTEE ACCEPTANCE. Grantee shall signify acceptance of the terms and
conditions of this Agreement by signing in the space provided at the end hereof
and returning a signed copy to the Company.

     25. CODE SECTION 409A COMPLIANCE. If any provision of this Agreement would
result in the imposition of an excise tax under Section 409A of the Code and
related regulations and Treasury pronouncements ("Section 409A"), that provision
will be reformed to avoid imposition of the excise tax and no action taken to
comply with Section 409A shall be deemed to impair a benefit under this
Agreement.

                                        LIBERTY MEDIA CORPORATION

                                        By:
                                           ------------------------------------
                                        Name:
                                             ----------------------------------
                                        Title:
                                              ---------------------------------

                                        ACCEPTED:

                                        ---------------------------------------

                                                                      , Grantee
                                        -----------------------------
                                        Address:
                                                -------------------------------

                                        SSN:
                                            -----------------------------------

                                       7
<Page>

                                   EXHIBIT A TO RESTRICTED STOCK AWARD AGREEMENT
                                   DATED AS OF __________, 20___ BETWEEN LIBERTY
                                                   MEDIA CORPORATION AND GRANTEE

                  LIBERTY MEDIA CORPORATION 2000 INCENTIVE PLAN
               (AS AMENDED AND RESTATED EFFECTIVE APRIL 19, 2004)

                                       8
<Page>

                                   EXHIBIT B TO RESTRICTED STOCK AWARD AGREEMENT
                                   DATED AS OF __________, 20___ BETWEEN LIBERTY
                                                   MEDIA CORPORATION AND GRANTEE

                           DESIGNATION OF BENEFICIARY

     I, _______________________________________ (the "Grantee"), hereby declare

that upon my death _____________________________________ (the "Beneficiary") of
                                        Name

_____________________________________________________________________________ ,
Street Address                 City              State              Zip Code

who is my ___________________________________________ , will be entitled to the
                     Relationship to Grantee

Restricted Shares and all other rights accorded the Grantee by the
above-referenced grant agreement (the "Agreement").

It is understood that this Designation of Beneficiary is made pursuant to the
Agreement and is subject to the conditions stated herein, including the
Beneficiary's survival of the Grantee's death. If any such condition is not
satisfied, such rights will devolve according to the Grantee's will or the laws
of descent and distribution.

It is further understood that all prior designations of beneficiary under the
Agreement are hereby revoked and that this Designation of Beneficiary may only
be revoked in writing, signed by the Grantee, and filed with the Company prior
to the Grantee's death.

------------------------------          ----------------------------------------
Date                                    Grantee

<Page>

                                            SCHEDULE 1 TO RESTRICTED STOCK AWARD
                                         AGREEMENT DATED AS OF __________, 20___
                                   BETWEEN LIBERTY MEDIA CORPORATION AND GRANTEE

Grantee:

Grant Date:         _________________, 20___

Restricted Shares:  __________ shares of Liberty Media Corporation Series A
                    Common Stock, $.01 par value per share

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