Document:

Separation Agreement with John B. Green

 Exhibit 10.5 

June 17, 2010 

John B. Green 
 91 Elliott Drive 

Lowell, MA 01852 
  

	 	Re:	Separation Agreement 

 Dear Jack:

 The purpose of this letter agreement (the “Agreement”) is to set forth the terms of your
separation from GTC Biotherapeutics, Inc. (the “Company”). Payment of the Separation Pay described below is contingent on your agreement to and compliance with the terms of this Agreement. This Agreement shall become effective on the
eighth (8th) day following your acceptance of it as
provided below (the “Effective Date”). 
 1. Separation of Employment. The Company terminated your
employment without cause as of June 14, 2010 (the “Separation Date”). You acknowledge that from and after the Separation Date, you shall have no authority to, and shall not, represent yourself as an employee or agent of the Company.
As a courtesy, the Company will provide you with a draft of the press release regarding your separation from the Company prior to issuing a final version of the same, and will consider (but will not be required to adopt) any comments to the wording
of such press release. 
 2. Separation Pay. In exchange for the mutual covenants set forth in this Agreement, the
Company agrees to provide you with the following (the “Separation Pay”): 
 (a) Payment of an amount equal to
ten (10) months of your gross monthly base salary (i.e., a total of $255,285), less all applicable federal, state, local and other employment-related deductions, such payment to be made in four (4) equal cash lump sum quarterly
installments on each of January 1, April 1, July 1 and October 1, 2011. 
 (b) Eligibility
for payments on the following conditions: 
 (i) If the award by the International Chamber of Commerce
(the “ICC”) in the current arbitration between LEO Pharma and the Company (the “LEO Pharma Arbitration”) or a settlement between the parties in the LEO Pharma Arbitration results in Final Net Proceeds (as defined below) to the
Company of $20,000,000 or more, then the Company shall pay you an amount equal to fourteen (14) months of your base salary ($357,399) plus an additional amount equal to $65,435 (i.e., a total payment of $422,834, less all applicable
federal, state, local and other employment-related deductions, on the following schedule: (A) if the Final Net Proceeds become definitely determined, due and paid at any time prior to January 1, 2012, then this payment shall be made
in five (5) equal cash lump sum quarterly installments payable on each of January 1, April 1, July 1, and October 1, 2012, and January 1, 2013, and (B) if the Final Net Proceeds become

 
definitely determined, due and paid after January 1, 2012, then this payment shall be made in five (5) equal cash lump sum quarterly installments beginning within thirty (30) days
following the date on which the Final Net Proceeds become definitely determined, due and paid. 
 (ii) If
the arbitration award by the ICC or a settlement between the parties in the LEO Pharma Arbitration results in Final Net Proceeds (as defined below) to the Company of $13,000,000 or more, but less than $20,000,000, then the Company shall pay you an
amount equal to fourteen (14) months of your base salary ($357,399), less applicable federal, state, local and other employment-related deductions, on the following schedule: (A) if the Final Net Proceeds become definitely
determined, due and paid at any time prior to January 1, 2012, then this payment shall be made in four (4) equal cash lump sum quarterly installments payable on each of January 1, April 1, July 1, and
October 1, 2012, and (B) if the Final Net Proceeds become definitely determined, due and paid after January 1, 2012, then this payment shall be made in four (4) equal cash lump sum quarterly installments beginning within
thirty (30) days following the date on which the Final Net Proceeds become definitely determined, due and paid. 

(iii) If the arbitration award by the ICC or a settlement between the parties in the LEO Pharma Arbitration results
in Final Net Proceeds (as defined below) to the Company of $10,000,000 or more, but less than $13,000,000, then the Company shall pay you an amount equal to seven (7) months of your base salary ($178,700), less applicable federal, state, local
and other employment-related deductions, on the following schedule: (A) if the Final Net Proceeds become definitely determined, due and paid at any time prior to January 1, 2012, then this payment shall be made in two (2) equal
cash lump sum quarterly installments payable on each of January 1 and April 1, 2012, and (B) if the Final Net Proceeds become definitely determined, due and paid after January 1, 2012, then this payment shall be made in
two (2) equal cash lump sum quarterly installments beginning within thirty (30) days following the date on which the Final Net Proceeds become definitely determined, due and paid. 

For the purposes of this Section 2(b), “Final Net Proceeds” is defined as the monetary damages awarded to the Company
pursuant to a final judgment by the ICC or the monetary settlement payments made to the Company pursuant to a settlement of the LEO Pharma Arbitration: (x) when judgment or settlement payment is no longer subject to any right of appeal,
modification, reduction or remittitur, (y) when the damage award pursuant to such judgment or settlement payment pursuant to such settlement has been paid to the Company in full, and (z) less the amounts described in the
schedule of legal fees attached hereto as Exhibit A. Also for purposes of this Section 2(b), a settlement between the parties shall refer to a settlement entered into between the Company and LEO Pharma with respect to which you shall not
participate and the terms over which you shall have no influence, control or decision-making authority. 
 If the arbitration
award by the ICC or a settlement between the parties in the LEO Arbitration results in Final Net Proceeds to the Company of less than $10,000,000, then you shall not be eligible for or entitled to any payment under this Section 2(b).

 The Company agrees to provide you with written notice of the terms of the monetary damages
award or settlement payment described above within ten (10) days of receiving the same, and written notice of the date on which payment of such damages award or settlement payment is received within ten (10) day of receiving the same,
provided that you agree that all information relating in any way to such damages award or settlement payment, including the terms and amount of same, shall be held confidential by you and shall not be publicized or disclosed to any person (other
than an immediate family member, legal counsel or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by these confidentiality obligations), business entity or government agency (except as mandated by
state or federal law). 
 (c) In the event that you choose to exercise your right under
COBRA1/ to continue your participation in the
Company’s health insurance plan (which you may do, to the extent permitted by COBRA, regardless of whether you accept this Agreement), the Company shall pay 100% of the premium cost for such coverage through June 30, 2012, on terms and
conditions comparable to the coverage you receive as of the Separation Date or comparable replacement coverage. In addition, subject to the terms and conditions of the applicable plans maintained by the Company, the Company shall provide you with
continued dental, life and accidental death and dismemberment insurance through June 30, 2012 and shall pay 100% of the premium cost related to continuing your coverage under such plans on terms and conditions comparable to the coverage you
receive under such plans as of the Separation Date or comparable replacement coverage. Notwithstanding any other provision of this Agreement, any of the above-described obligations shall cease on the date you become eligible to receive a comparable
insurance benefit (as applicable) through any other employer, and you agree to provide the Company with written notice immediately upon becoming eligible for such benefits. Your acceptance of any payment on your behalf or coverage provided hereunder
shall be an express representation to the Company that you have no such eligibility. 
 (d) Separation from Service
under Section 409A. Any portion of a payment to you under this Agreement that constitutes nonqualified deferred compensation under Section 409A payable as a result of a termination of employment may only be paid upon a “separation
from service” under Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (“Section 409A”). For purposes of clarification, the foregoing sentence shall not cause any forfeiture of benefits on your part,
but shall only act as a delay until such time as a “separation from service” occurs. Notwithstanding the foregoing, if any amount to be paid to you pursuant to this Agreement as a result of your termination of employment is subject to
Section 409A, and if you are a “Specified Employee” under Section 409A as of the date of your termination of employment hereunder, then, to the extent necessary to avoid the imposition of excise taxes or other penalties
under Section 409A, the payment of benefits, if any, scheduled to be paid by the Company to you hereunder during the first six (6) month period following the date of a termination of employment hereunder shall not be paid until the date
which is the first business day following the six-month anniversary of your termination of employment for any reason other than death. Any deferred compensation payments delayed in accordance with the terms of this paragraph shall be paid in a lump
sum when paid. 
  
  

	1/
	“COBRA” is the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

 You acknowledge and agree that the Separation Pay is not otherwise due or owing to you under
any Company employment agreement (oral or written) or policy or practice, and that the Separation Pay is not intended to, and shall not constitute, a severance plan, and shall confer no benefit on anyone other than the parties hereto. You further
acknowledge that except for the Separation Pay, your final wages, and any accrued but unused vacation (which shall be paid to you in accordance with the Company’s regular payroll practices and applicable law), you are not now and shall not in
the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, equity, vacation pay, holiday pay, paid time off or any other form of compensation or benefit. 

3. COBRA Benefits. Regardless of whether you sign this Agreement, you shall have the right to elect to continue your
medical, dental, vision, and flexible spending account (healthcare) benefits pursuant and subject to the terms and conditions of COBRA and the applicable plan, but in the event that you do not sign this Agreement, the Company shall not pay or
contribute to the cost of premiums for your COBRA coverage, and you shall be solely responsible for same in accordance with the terms of the applicable plan. Your eligibility for benefits under COBRA, the amount of such benefits, and the terms and
conditions of such benefits, shall be determined by COBRA statutory and regulatory guidelines and the applicable plan. 

4. Equity. The terms and conditions of the Company’s Amended and Restated 2002 Equity Incentive Plan (the “Stock
Plan”) and any agreements executed by you pursuant thereto (together, the “Stock Option Agreements”), are incorporated herein by reference and shall survive the signing of this Agreement. You acknowledge and agree that, as of the
Separation Date, you are vested in a total of 43,755 shares of Company common stock under the Stock Plan and Stock Option Agreements. You further acknowledge and agree that as of the Separation Date, you shall not have any right to vest in any
additional stock or stock options under the Stock Plan, Stock Option Agreements or any other Company stock or stock option plan (of whatever name or kind) that you may have participated in or were eligible to participate in during your employment
and that any Stock Option Agreements or other stock based rights that have not vested as of the Separation Date shall terminate as of such date. 

5. Confidentiality, Non-Disparagement and Related Obligations. The parties expressly acknowledge and agree to the
following, as applicable: 
 (a) You agree to adhere to the terms of your Confidentiality and Non-Competition Agreement
with the Company, which is executed pursuant hereto in exchange for the mutual covenants set forth in this Agreement and other good and valuable consideration, receipt of which is expressly acknowledged by you, and which is expressly incorporated
herein and survives the signing of this Agreement. 
 (b) You agree to promptly return to the Company all Company
documents, files and property (and any copies thereof), and that you will otherwise abide by any and all common law and/or statutory obligations relating to protection of the Company’s trade secrets and/or confidential and proprietary
information. 

 (c) You, on the one hand, and the Company’s officers and directors, on the other
hand, agree that all information relating in any way to the negotiation of this Agreement, including the terms and amount of financial consideration provided for in this Agreement, shall be held confidential and shall not be publicized or disclosed
to any person (other than an immediate family member, legal counsel, accountant or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by these confidentiality obligations), business entity or
government agency (except as mandated by state or federal law), except that nothing in this section shall prohibit either party from participating in an investigation with a state or federal agency if requested by the agency to do so;
notwithstanding the foregoing, the parties acknowledge and agree that the Company is required to file and shall be permitted to file a Form 8-K with the Securities and Exchange Commission following the Effective Date and shall be permitted to
disclose or publicly file this Agreement (or the contents thereof) as otherwise required by state and federal law. 
 (d)
You, on the one hand, and the Company’s officers and directors, on the other hand, will not make any statements that are professionally or personally disparaging about, or adverse to, the interests of other party (including, with respect to
your statements about the Company, statements about its officers, directors, employees and consultants) including, but not limited to, any statements that disparage any product, service, finances, financial condition, capabilities or any other
aspect of the other party. 
 6. Your Release of Claims. 

(a) Release. You hereby agree and acknowledge that by signing this Agreement and accepting the Separation Pay, and for
other good and valuable consideration provided for in this Agreement, you are waiving and releasing your right to assert any form of legal claim against the
Company2/ whatsoever for any alleged action, inaction or
circumstance existing or arising from the beginning of time through the Separation Date. Your waiver and release herein is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly referred to as
“Claims”) against the Company seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever
(including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys fees and any other costs) against the Company, for any alleged action, inaction or circumstance existing or arising
through the Separation Date. 
 Without limiting the generality of the foregoing, you specifically waive and release the Company
from any waivable claim arising from or related to your employment relationship with the Company up through the Separation Date including, without limitation: (i) claims under any Massachusetts (or any other state) or federal
discrimination, fair employment practices, or other employment related statute, regulation or executive order (as they may have been amended through the Separation Date), including but not limited to the Age Discrimination in Employment Act, the
Older Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 
  

	2/
	For purposes of this Section, the “Company” means GTC Biotherapeutics, Inc. and its divisions, affiliates (including but not limited to LFB Biotechnologies
S.A.S. and its affiliates), parents, subsidiaries and related entities, and its and their owners, partners, directors, officers, employees, trustees, agents, successors and assigns. 

 
1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Americans With Disabilities Act, and any similar Massachusetts or other state or federal
statute; (ii) claims under any other Massachusetts (or any other state) or federal employment related statute, regulation or executive order (as they may have been amended through the Separation Date) relating to wages, hours or any
other terms and conditions of employment, including but not limited to the National Labor Relations Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, COBRA, and any similar Massachusetts or other state or
federal statute; (iii) claims under any Massachusetts (or any other state) or federal common law theory, including, without limitation, wrongful discharge, breach of express or implied contract, promissory estoppel, unjust enrichment,
breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or
negligence or any claim to attorneys’ fees under any applicable statute or common law theory of recovery; and (iv) any other claim arising under other state or federal law. 

(b) Participation in Agency Proceedings; Agreement/Release Limitations. Notwithstanding the foregoing, neither this section
nor this Agreement: (i) releases the Company from any obligation expressly set forth in this Agreement; (ii) waives or releases any legal claims which you may not waive or release by law, including without limitation
obligations under workers compensation laws; (iii) prohibits you from challenging the validity of this release under federal law, from filing a charge or complaint of employment related discrimination with the Equal Employment
Opportunity Commission (“EEOC”) or similar state agency, or from participating in any investigation or proceeding conducted by the EEOC or similar state agency; (iv) limits or otherwise impacts your indemnification rights
(including rights to advancement of expenses) pursuant to the Company’s articles of organization and bylaws in effect as of the Separation Date, which shall be governed solely by the terms and conditions of the applicable governing document; or
(v) waives or releases any legal claims related exclusively to your status as a shareholder and/or option holder of GTC Biotherapeutics, Inc. (without impacting the scope and application of the release in subsection (a) as it
relates to any other legal claims in any other context). 
 Your waiver and release, however, are intended to be a complete bar
to any recovery or personal benefit by or to you with respect to any claim (except those which cannot be released under law), including those raised through a charge with the EEOC. Accordingly, nothing in this section shall be deemed to limit the
Company’s right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under the federal discrimination laws, or to seek restitution to the
extent permitted by law of the economic benefits provided to you under this Agreement in the event you successfully challenge the validity of this release and prevail in any claim under the federal discrimination laws. 

(c) Acknowledgement. You acknowledge and agree that, but for providing the waiver and release in this section, you would
not be receiving the economic benefits being provided to you under the terms of this Agreement. 

 7. ADEA/OWBPA Review and Revocation Period. You and the
Company acknowledge that you are over the age of 40 and that you, therefore, have specific rights under the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (the “OWBPA”), which prohibit
discrimination on the basis of age. It is the Company’s desire and intent to make certain that you fully understand the provisions and effects of this Agreement, which includes a release of claims under the ADEA and OWBPA. To that end, you have
been encouraged and given the opportunity to consult with legal counsel for the purpose of reviewing the terms of this Agreement. In addition, consistent with the provisions of the ADEA and OWBPA, the Company also is providing you with up to
twenty one (21) days in which to consider and accept the terms of this Agreement by signing below and returning it to William Heiden, GTC Biotherapeutics, Inc. 175 Crossing Boulevard,
4th Floor, Suite 410, Framingham, MA 01701-9322.
Additionally, you may rescind your assent to this Agreement if, within seven (7) days after you sign this Agreement, you deliver by hand or send by mail (certified, return receipt and postmarked within such 7 day period) a notice of
rescission to William Heiden at the above-referenced address. 
 8. Company’s Release of Claims. The
Company hereby agrees and acknowledges that by signing this Agreement and accepting the good and valuable consideration provided for in this Agreement, it is waiving and releasing its right to assert any form of legal claim against you whatsoever
for any alleged action, inaction or circumstance existing or arising from the beginning of time through the Separation Date. The Company’s waiver and release herein is intended to bar any Claims against you seeking any form of relief including,
without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages, or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional
distress damages, punitive damages, attorneys’ fees and any other costs) for any alleged action, inaction or circumstance existing or arising through the Separation Date. Without limiting the generality of the foregoing, the Company
specifically waives and releases you from all waivable Claims related to your employment relationship with the Company or the termination thereof, and all agreements executed by you pursuant thereto (other than those described as surviving herein),
including, without limitation: (i) claims under any Massachusetts (or any other state) or federal common law theory; and (ii) any other claim arising under state or federal law. Notwithstanding the foregoing, neither this
section nor this Agreement: (i) releases you from any obligation expressly set forth in this Agreement; (ii) waives or releases any legal claims which the Company may not waive or release by law; (iii) limits or
otherwise impacts the Company’s rights pursuant to the Company’s articles of organization and bylaws in effect as of the Separation Date, which shall be governed solely by the terms and conditions of the applicable governing document;
(iv) limits or otherwise impacts the Company’s rights pursuant to the Company’s Director and Officer Liability Insurance policies in effect as of the Separation Date, which shall be governed solely by the terms and conditions
of the applicable policies. 
 9. Director and Officer Liability Insurance. The Company agrees to
maintain Director and Officer Liability Insurance coverage for you in the same form providing the same or materially similar coverage terms or conditions (provided that the Company may substitute therefor policies with at
least the same coverage containing terms and conditions that are not materially less favorable) for a period of six (6) years following the Effective Date, provided that in no event shall the Company be required to expend
pursuant to this section more than an amount equal to 200% of the current annual premiums paid by the Company for such insurance. 

 10. Statements to Third Parties. In the event that any third party inquires of
the circumstances of your separation from employment, you (on the one hand) and the Company’s officers and directors (on the other hand) agree to provide a statement that is materially consistent with the press release issued by the Company on
June 16, 2010 regarding its financing, restructuring and management changes. 
 11. Guarantee of Separation Pay
Obligations. The Company’s obligation to provide you with the Separation Pay described in Section 2 is guaranteed by its parent company, LFB Biotechnologies S.A.S. (the “Parent”). In the event that the Company is unable
to provide such Separation Pay, the Parent agrees to undertake the obligation to provide such Separation Pay, on the terms and conditions described herein. The Parent does not guarantee any other obligation set forth herein, including but not
limited to any obligation of the Company in any section of this Agreement other than Section 2. The Parent consents to the jurisdiction of Massachusetts courts described in Section 17 below in connection with any legal action arising out
of the guarantee described in this section. 
 12. Waiver of Employment. You hereby waive and release forever any
right or rights you may have to employment with the Company and any affiliate thereof at any time in the future and agree not to seek or make application for employment with the Company or any affiliate thereof. 

13. Unemployment Benefits. The Company agrees that it will not contest any claim for unemployment benefits by you with the
Massachusetts Division of Unemployment Assistance. The Company, of course, shall not be required to falsify any information. 

14. Successors and Assigns. This Agreement shall be binding on the Company’s successors and assigns, and the Company
agrees to cause this Agreement to be assumed by any such successor or assign. In the event of your death, this Agreement shall remain in effect and inure to the benefit of your heirs and/or estate. 

15. Taxes. You acknowledge and agree that the Company does not guarantee the tax treatment or tax consequences associated
with any payment or benefit arising under this Agreement, including but not limited to consequences related to Section 409A and Section 280G of the Internal Revenue Code of 1986, as amended, and that you shall be solely responsible for any
such tax consequences. 
 16. Attorneys’ Fees. Except as otherwise required by applicable law, in the event
that a party to this Agreement files a complaint against the other party alleging a breach of such party’s obligations herein, the prevailing party shall be entitled to recover from the non-prevailing party all reasonable fees, costs, and
expenses of counsel (at pre-trial, trial and appellate levels), up to a maximum amount of twenty five thousand dollars ($25,000). 

 17. Entire Agreement; Modification; Waiver; Choice of Law;
Enforceability. You acknowledge and agree that, other than the agreements expressly incorporated herein and stated as surviving this Agreement, this Agreement supersedes any and all prior or contemporaneous oral and/or written agreements
between you and the Company (including but not limited to your July 23, 2008 Second Amended and Restated Executive Employment Agreement with the Company), and sets forth the entire agreement between you and the Company. No variations or
modifications hereof shall be deemed valid unless reduced to writing and signed by the parties hereto. The failure of the Company to seek enforcement of any provision of this Agreement in any instance or for any period of time shall not be construed
as a waiver of such provision or of the Company’s right to seek enforcement of such provision in the future. This Agreement shall be deemed to have been made in Massachusetts, shall take effect as an instrument under seal within Massachusetts,
and shall be governed by and construed in accordance with the laws of Massachusetts, without giving effect to conflict of law principles. You agree that any action, demand, claim or counterclaim relating to the terms and provisions of this
Agreement, or to its breach, shall be commenced in Massachusetts in a court of competent jurisdiction, and you further acknowledge that venue for such actions shall lie exclusively in Massachusetts and that material witnesses and documents would be
located in Massachusetts. Both parties hereby waive and renounce in advance any right to a trial by jury in connection with such legal action. The provisions of this Agreement are severable, and if for any reason any part hereof shall be found to be
unenforceable, the remaining provisions shall be enforced in full. 
 18. Knowing and Voluntary Agreement. By
executing this Agreement, you are acknowledging that you have been afforded sufficient time to understand the terms and effects of this Agreement, that your agreements and obligations hereunder are made voluntarily, knowingly and without duress, and
that neither the Company nor its agents or representatives have made any representations inconsistent with the provisions of this Agreement. 

This Agreement may be signed on one or more copies, each of which when signed will be deemed to be an original, and all of which together
will constitute one and the same Agreement. If the foregoing correctly sets forth our understanding, please sign, date and return the enclosed copy of this Agreement to William Heiden within twenty one (21) days. If we do not receive
your acceptance on or before this date, the Agreement will terminate and be of no further force or effect. 
 [Signature Page
to Follow] 

			
	Sincerely,
	
	GTC Biotherapeutics, Inc.:
		
	By:	 	  

		
	Date:	 	  

	
	SOLELY AS GUARANTOR OF GTC BIOTHERAPEUTICS, INC.’S OBLIGATIONS UNDER SECTION 2 HEREIN:
	
	LFB Biotechnologies S.A.S.
		
	By:	 	  

		
	Date:	 	  

Agreed and Acknowledged: 
  

			
	   /s/ John B. Green

	John B. Green
		
	Date:	 	     6/16/102002 Employee Stock Purchase Plan

 Exhibit 10.1 

COMCAST CORPORATION 

2002 EMPLOYEE STOCK PURCHASE PLAN 

(As Amended and Restated, Effective May 19, 2010) 

1. Purpose. 

COMCAST CORPORATION, a Pennsylvania corporation, hereby amends and restates the Comcast Corporation 2002 Employee Stock Purchase Plan (the
“Plan”), effective May 19, 2010, except as specifically provided otherwise in the Plan. The Plan is intended to encourage and facilitate the purchase of shares of common stock of Comcast Corporation by Eligible Employees of the
Company and any Participating Companies, thereby providing such Eligible Employees with a personal stake in the Company and a long-range inducement to remain in the employ of the Company and Participating Companies. It is the intention of the
Company that the Plan qualify as an “employee stock purchase plan” within the meaning of section 423 of the Code. 
 2.
Definitions. 
 (a) “Account” means a bookkeeping account established by the Committee on behalf of a
Participant to hold Payroll Deductions. 
 (b) “Affiliate” means, with respect to any Person, any other Person
that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, the term “control,” including its correlative terms “controlled by” and “under
common control with,” mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. 
 (c) “Board” means the Board of Directors of the Company. 

(d) “Brokerage Account” means the brokerage account established under the Plan by the Company for each Participant, to
which Shares purchased under the Plan shall be credited. 
 (e) “Change of Control” means any transaction or
series of transactions as a result of which any Person who was a Third Party immediately before such transaction or series of transactions owns then-outstanding securities of the Company such that such Person has the ability to direct the management
of the Company, as determined by the Board in its discretion. The Board may also determine that a Change of Control shall occur upon the completion of one or more proposed transactions. The Board’s determination shall be final and
binding. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Committee” means the Compensation Committee of the Board. 

 (h) “Company” means Comcast Corporation, a Pennsylvania corporation,
including any successor thereto by merger, consolidation, acquisition of all or substantially all the assets thereof, or otherwise. 

(i) “Compensation” means an Eligible Employee’s wages as reported on Form W-2 (i.e., wages as defined in
section 3401(a) of the Code and all other payments of compensation for which the Participating Company is required to furnish the employee a written statement under sections 6041(d) and 6051(a)(3) of the Code) from a Participating Company,
reduced by reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation, and welfare benefits, but including salary reduction contributions and elective contributions that are
not includible in gross income under sections 125 or 402(a)(8) of the Code. 
 (j) “Election
Form” means the written or electronic form acceptable to the Committee which an Eligible Employee shall use to make an election to purchase Shares through Payroll Deductions pursuant to the Plan. 

(k) “Eligible Employee” means an Employee who is not an Ineligible Employee. 

(l) “Eligible Employer” means the Company and any subsidiary of the Company, within the meaning of section 424(f) of the
Code. 
 (m) “Employee” means a person who is an employee of a Participating Company. 

(n) “Fair Market Value” means the closing price per Share on the principal national securities exchange on which the
Shares are listed or admitted to trading or, if not listed or traded on any such exchange, on the National Market System of the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), or if not listed or traded on
any such exchange or system, the fair market value as reasonably determined by the Board or the Committee, which determination shall be conclusive. 

(o) “Five Percent Owner” means an Employee who, with respect to a Participating Company, is described in section
423(b)(3) of the Code. 
 (p) “Ineligible Employee” means an Employee who, as of an Offering Commencement Date:

 (1) is a Five Percent Owner; 

(2) has been continuously employed by a Participating Company on a full-time basis for less than 90 days; 

(3) has been continuously employed by a Participating Company on a part-time basis for less than one year; or 

(4) is restricted from participating under Paragraph 3(b). 
  

 -2- 

 For purposes of this Paragraph 2(p), an Employee is employed on a part-time basis if the Employee
customarily works less than 20 hours per week. For purposes of this Paragraph 2(p), an Employee is employed on a full-time basis if the Employee customarily works 20 or more hours per week. 

(q) “Offering” means an offering of Shares by the Company to Eligible Employees pursuant to the Plan. 

(r) “Offering Commencement Date” means the first day of each January 1, April 1, July 1 and
October 1 beginning on or after Offerings are authorized by the Board or the Committee, until the Plan Termination Date, provided that the first Offering Commencement Date shall be on the Effective Date. 

(s) “Offering Period” means the period extending from an Offering Commencement Date through the following Offering
Termination Date. 
 (t) “Offering Termination Date” means the last day of each March, June, September and
December following an Offering Commencement Date, or such other Offering Termination Date established in connection with a Terminating Event. 

(u) “Participant” means an Eligible Employee who has timely delivered an Election Form to the Committee in accordance
with procedures established by the Committee. 
 (v) “Participating Company” means the Eligible Employers, if
any, that are designated by the Board or the Committee from time to time. Notwithstanding the foregoing, the Board or the Committee may delegate its authority to designate an Eligible Employer as a Participating Company under this Paragraph 2(v) to
an officer of the Company or committee of two or more officers of the Company. 
 (w) “Payroll Deductions”
means amounts withheld from a Participant’s Compensation pursuant to the Plan, as described in Paragraph 5. 
 (x)
“Person” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization. 

(y) “Plan” means the Comcast Corporation 2002 Employee Stock Purchase Plan, as set forth in this document, and as may be
amended from time to time. 
 (z) “Plan Termination Date” means the earlier of: 

(1) the Offering Termination Date for the Offering in which the maximum number of Shares specified in Paragraph 9 have been issued
pursuant to the Plan; or 
 (2) the date as of which the Board or the Committee chooses to terminate the Plan as provided in
Paragraph 14. 
 (aa) “Purchase Price” means 85 percent of the lesser of: (1) the Fair Market Value per Share
on the Offering Commencement Date, or if such date is not a trading day, then on the next trading day thereafter or (2) the Fair Market Value per Share on the Offering Termination Date, or if such date is not a trading day, then on the trading
day immediately preceding the Offering Termination Date. 
  

 -3- 

 (bb) “Shares” means shares of Comcast Corporation Class A Common
Stock, par value $0.01. 
 (cc) “Successor-in-Interest” means the Participant’s executor or administrator,
or such other person or entity to which the Participant’s rights under the Plan shall have passed by will or the laws of descent and distribution. 

(dd) “Terminating Event” means any of the following events: 

(1) the liquidation of the Company; or 

(2) a Change of Control. 

(ee) “Third Party” means any Person, together with such Person’s Affiliates, provided that the term “Third
Party” shall not include the Company or an Affiliate of the Company. 
 (ff) “Termination Form” means the
written or electronic form acceptable to the Committee which an Employee shall use to discontinue participation during an Offering Period pursuant to Paragraph 7(b). 

3. Eligibility and Participation. 

(a) Eligibility. Except to the extent participation is restricted under Paragraph 3(b), each Eligible Employee shall be eligible to
participate in the Plan. 
 (b) Restrictions on Participation. Notwithstanding any provisions of the Plan to the
contrary, no Employee shall be eligible to purchase Shares in an Offering to the extent that: 
 (1) immediately after the
purchase of Shares, such Employee would be a Five Percent Owner; or 
 (2) a purchase of Shares would permit such
Employee’s rights to purchase stock under all employee stock purchase plans of the Participating Companies which meet the requirements of section 423(b) of the Code to accrue at a rate which exceeds $25,000 in fair market value (as determined
pursuant to section 423(b)(8) of the Code) for each calendar year in which such right to purchase Shares is outstanding. 
 (c)
Commencement of Participation. An Eligible Employee shall become a Participant by completing an Election Form and filing it with the Committee on or before the 15th day of the month immediately preceding the Offering Commencement Date for the
first Offering to which such Election Form applies. Payroll Deductions for a Participant shall commence on first payroll period ending after the applicable Offering Commencement Date when his or her authorization for Payroll Deductions becomes
effective, and shall end on the Plan Termination Date, unless sooner terminated by the Participant pursuant to Paragraph 7(b). 
  

 -4- 

 4. Shares Per Offering. 

The Plan shall be implemented by a series of Offerings that shall commence after Offerings have been authorized by the Board or the
Committee, and terminate on the Plan Termination Date. Offerings shall be made with respect to Compensation accumulated during each Offering Period for the period commencing with the first day of the first Offering Period (when such Offering Period
is authorized by the Board or the Committee) and ending with the Plan Termination Date. Shares available for any Offering shall be the difference between the maximum number of Shares that may be issued under the Plan, as determined pursuant to
Paragraph 8(a), for all of the Offerings, less the actual number of Shares purchased by Participants pursuant to prior Offerings, provided that notwithstanding any other provisions of the Plan to the contrary, for any Offering Period beginning after
December 31, 2009, the maximum number of Shares subject to purchase by any Participant for any Offering Period shall not exceed 1,500. If the total number of Shares subject to purchase under the Plan on any Offering Termination Date exceeds the
maximum number of Shares available, the Board or the Committee shall make a pro rata allocation of Shares available for delivery and distribution in as nearly a uniform manner as practicable, and as it shall determine to be fair and equitable, and
the unapplied Account balances shall be returned to Participants as soon as practicable following the Offering Termination Date. 
 5.
Payroll Deductions. 
 (a) Amount of Payroll Deductions. On the Election Form, an Eligible Employee may elect
to have Payroll Deductions of not more than 15 percent of Compensation earned for each payroll period ending within the Offering Period, subject to the limitation that the maximum amount of Payroll Deductions for any Eligible Employee for any
calendar year shall not exceed $10,000. The rules established by the Committee regarding Payroll Deductions, as reflected on the Election Form, shall be consistent with section 423(b)(5) of the Code. 

(b) Participants’ Accounts. All Payroll Deductions with respect to a Participant pursuant to Paragraph 5(a) shall be credited
to the Participant’s Account under the Plan. 
 (c) Changes in Payroll Deductions. A Participant may discontinue
Payroll Deductions during an Offering Period by providing a Termination Form to the Committee at any time before the Offering Termination Date applicable to any Offering. No other change can be made during an Offering, including, but not limited to,
changes in the amount of Payroll Deductions for such Offering. A Participant may change the amount of Payroll Deductions for subsequent Offerings by giving written notice (or notice in another form pursuant to procedures established by the
Committee) of such change to the Committee on or before the 15th day of the month immediately preceding the Offering Commencement Date for the Offering for which such change is effective. 

6. Purchase of Shares. 

(a) In General. On each Offering Termination Date, each Participant shall be deemed to have purchased a number of whole Shares
equal to the quotient obtained by dividing the balance credited to the Participant’s Account as of the Offering Termination Date, by the Purchase Price, rounded to the next lowest whole Share. Shares deemed purchased by a Participant under the
Plan shall be credited to the Participant’s Brokerage Account as soon as practicable following the Offering Termination Date. 
  

 -5- 

 (b) Terminating Events. The Company shall give Participants at least 30 days’
notice (or, if not practicable, such shorter notice as may be reasonably practicable) prior to the anticipated date of the consummation of a Terminating Event. The 20th day following the issuance of such notice by the Company (or such earlier date
as the Board or the Committee may reasonably determine) shall constitute the Offering Termination Date for any outstanding Offering. 

(c) Fractional Shares and Minimum Number of Shares. Fractional Shares shall not be issued under the Plan. Amounts credited to an
Account remaining after the application of such Account to the purchase of Shares under the Plan shall be credited to the Participant’s Account for the next succeeding Offering, or, at the Participant’s election, returned to the
Participant as soon as practicable following the Offering Termination Date, without interest. 
 (d) Transferability of
Rights to Purchase Shares. No right to purchase Shares pursuant to the Plan shall be transferable other than by will or by the laws of descent and distribution, and no such right to purchase Shares pursuant to the Plan shall be exercisable
during the Participant’s lifetime other than by the Participant. 
 7. Termination of Participation. 

(a) Account. Except as provided in Paragraph 7(c), no amounts shall be distributed from Participants’ Accounts during an
Offering Period. 
 (b) Suspension of Participation. A Participant may discontinue Payroll Deductions during an Offering
Period by providing a Termination Form to the Committee at any time before the Offering Termination Date applicable to any Offering. All amounts credited to such Participant’s Account shall be applied to the purchase of Shares pursuant to
Paragraph 6. A Participant who discontinues Payroll Deductions during an Offering Period shall not be eligible to participate in the Offering next following the date on which the Participant delivers the Termination Form to the Committee.

 (c) Termination of Employment. Upon termination of a Participant’s employment for any reason, all amounts
credited to such Participant’s Account shall be returned to the Participant, or, following the Participant’s death, to the Participant’s Successor-in-Interest. 

8. Interest. 
 No
interest shall be paid or allowed with respect to Payroll Deductions paid into the Plan or credited to any Participant’s Account. 
  

 -6- 

 9. Shares. 

(a) Maximum Number of Shares; Adjustments. Subject to adjustment as provided in this Paragraph 9, not more than 26,500,000
Shares in the aggregate may be issued pursuant to the Plan pursuant to Offerings under the Plan, including Offerings commenced since the Plan first became effective as the Comcast Corporation 2001 Employee Stock Purchase Plan. Shares delivered
pursuant to the Plan may, at the Company’s option, be either treasury Shares or Shares originally issued for such purpose. In the event that Shares are changed into or exchanged for a different number or kind of shares of stock or other
securities of the Company, whether through merger, consolidation, reorganization, recapitalization, stock dividend, stock split-up or other substitution of securities of the Company, the Board or the Committee shall make appropriate equitable
anti-dilution adjustments to the number and class of shares of stock available for issuance under the Plan, to the number and class of shares of stock subject to outstanding Offerings and to the Purchase Price. Any reference to the Purchase Price in
the Plan and in any related documents shall be a reference to the Purchase Price as so adjusted. Any reference to the term “Shares” in the Plan and in any related documents shall be a reference to the appropriate number and class of shares
of stock available for issuance under the Plan, as adjusted pursuant to this Paragraph 9. The Board’s or the Committee’s adjustment shall be effective and binding for all purposes of this Plan. All Shares issued pursuant to the Plan shall
be validly issued, fully paid and nonassessable. 
 (b) Participant’s Interest in Shares. A Participant shall have
no interest in Shares offered under the Plan until Shares are credited to the Participant’s Brokerage Account. 
 (c)
Crediting of Shares to Brokerage Account. Shares purchased under the Plan shall be credited to the Participant’s Brokerage Account as soon as practicable following the Offering Termination Date. 

(d) Restrictions on Purchase. The Board or the Committee may, in its discretion, require as conditions to the purchase of any
Shares under the Plan such conditions as it may deem necessary to assure that such purchase of Shares is in compliance with applicable securities laws. 

10. Expenses. 

The Participating Companies shall pay all fees and expenses incurred (excluding individual Federal, state, local or other taxes) in
connection with the Plan. No charge or deduction for any such expenses will be made to a Participant upon the termination of his or her participation under the Plan or upon the distribution of certificates representing Shares purchased with his or
her Payroll Deductions. 
  

 -7- 

 11. Taxes. 

The Participating Companies shall have the right to withhold from each Participant’s Compensation an amount equal to all federal,
state, city or other taxes as the Participating Companies shall determine are required to be withheld by them in connection with the purchase of Shares under the Plan and in connection with the sale of Shares acquired under the Plan. In connection
with such withholding, the Participating Companies may make any such arrangements as they may deem necessary or appropriate to protect their interests. 

12. Plan and Contributions Not to Affect Employment. 

The Plan shall not confer upon any Eligible Employee any right to continue in the employ of the Participating Companies. 

13. Administration. 

The Plan shall be administered by the Committee. The Board and the Committee shall have authority to interpret the Plan, to prescribe,
amend and rescind rules and regulations relating to it, and to make all other determinations deemed necessary or advisable in administering the Plan, with or without the advice of counsel. The Committee may delegate its administrative duties,
subject to its review and supervision, to the appropriate officers and employees of the Company. The determinations of the Board and the Committee on the matters referred to in this Paragraph 13 shall be conclusive and binding. 

14. Amendment and Termination. 

The Board or the Committee may terminate the Plan at any time and may amend the Plan from time to time in any respect; provided, however,
that upon any termination of the Plan, all Shares or Payroll Deductions (to the extent not yet applied to the purchase of Shares) under the Plan shall be distributed to the Participants, provided further, that no amendment to the Plan shall affect
the right of any Participant to receive his or her proportionate interest in the Shares or his or her Payroll Deductions (to the extent not yet applied to the purchase of Shares) under the Plan, and provided further that the Company may seek
shareholder approval of an amendment to the Plan if such approval is determined to be required by or advisable under the regulations of the Securities and Exchange Commission or the Internal Revenue Service, the rules of any stock exchange or system
on which the Shares are listed or other applicable law or regulation. 
 15. Effective Date. 

The original effective date of the Plan was December 20, 2000. This amendment and restatement of the Plan is effective on
May 19, 2010, except as otherwise specifically provided in the Plan. 
 16. Government and Other Regulations. 

(a) In General. The purchase of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such
approvals by any governmental agencies as may be required. 
  

 -8- 

 (b) Securities Law. The Committee shall have the power to make each Offering under
the Plan subject to such conditions as it deems necessary or appropriate to comply with the then-existing requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including Rule 16b-3 (or any
similar rule) promulgated by the Securities and Exchange Commission thereunder. 
 17. Non-Alienation. 

No Participant shall be permitted to assign, alienate, sell, transfer, pledge or otherwise encumber his right to purchase Shares under the
Plan prior to time that Shares are credited to the Participant’s Brokerage Account. Any attempt at assignment, alienation, sale, transfer, pledge or other encumbrance shall be void and of no effect. 

18. Notices. 
 Any
notice required or permitted hereunder shall be sufficiently given only if delivered personally, telecopied, or sent by first class mail, postage prepaid, and addressed: 

 

			
		 	If to the Company:
		
		 	Comcast Corporation
		 	One Comcast Center
		 	1701 JFK Boulevard
		 	Philadelphia, PA 19103
		 	Fax: 215-286-7794
		 	Attention: General Counsel

 Or any other
address provided pursuant to notice provided by the Committee. 
  

			
		 	If to the Participant:
		
		 	At the address on file with the Participating Company from time to time, or to such other address as either party may hereafter designate in writing (or via such other means of
communication permitted by the Committee) by notice similarly given by one party to the other.

 19. Successors. 

 The Plan shall be binding upon and inure to the benefit of any successors or assigns of the Company. 

20. Severability. 

If any part of this Plan shall be determined to be invalid or void in any respect, such determination shall not affect, impair, invalidate
or nullify the remaining provisions of this Plan which shall continue in full force and effect. 
  

 -9- 

 21. Acceptance. 

The election by any Eligible Employee to participate in this Plan constitutes his or her acceptance of the terms of the Plan and his or
her agreement to be bound hereby. 
 22. Applicable Law. 

This Plan shall be construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not preempted by applicable
Federal law. 
 Executed as of the
19th day of May, 2010. 

 

			
	COMCAST CORPORATION
		
	BY:	 	 /s/ David L. Cohen

		
	ATTEST:	 	 /s/ Arthur R. Block

 

 -10-

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