Document:

Third Amended and Restated Long-Term Incentive Plan

 Exhibit 10.2 
  
 COX RADIO, INC. 
  
 THIRD AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN 
  
 SECTION 1. Purpose. The purpose of this Third Amended and Restated Long-Term Incentive Plan (the “Plan”) of Cox Radio, Inc. (the
“Corporation”) is (a) to promote the identity of interests between shareholders and employees of the Corporation by encouraging and creating significant ownership of Common Stock of the Corporation by officers and other employees of the
Corporation and its subsidiaries; (b) to enable the Corporation to attract and retain qualified officers and employees who contribute to the Corporation’s success by their ability, ingenuity and industry; and (c) to provide meaningful long-term
incentive opportunities for officers and other employees who are responsible for the success of the Corporation and who are in a position to make significant contributions toward its objectives. 
  
 SECTION 2. Definitions. In addition to the terms defined elsewhere in
the Plan, the following shall be defined terms under the Plan: 
  
 2.01. “Award” means any Performance Award, Option, Stock Appreciation Right, Restricted Stock, Deferred Stock, Dividend Equivalent, or Other Stock-Based Award, or any other right or interest relating to Shares or cash, granted to
a Participant under the Plan. 
  
 2.02. “Award
Agreement” means any written agreement, contract or other instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of the Plan.  
  
 2.03. “Board” means the Board of Directors of the Corporation.

  
 2.04. “Code” means the Internal Revenue Code of
1986, as amended from time to time. References to any provision of the Code shall be deemed to include successor provisions thereto and regulations thereunder. 
  

2.05. “Committee” means the committee designated by the Board to administer the Plan, or another committee to which certain administrative or
other functions have been delegated consistent with the terms of the Plan. 
  
 2.06. “Corporation” is defined as Cox Radio, Inc. or any successor to it in ownership of substantially all of its assets, whether by merger, consolidation or otherwise. 
  
 2.07. “Covered Employee” means the chief executive officer and the
officers of the Corporation for whom total compensation is required to be reported to shareholders under the Exchange Act, as determined for purposes of Section 162(m) of the Code, and successor provisions. 
  
 2.08. “Deferred Stock” means a right, granted to a Participant
under Section 6.05, to receive Shares at the end of a specified deferral period. 
  
 2.09. “Dividend Equivalent” means a right, granted to a Participant under Section 6.03, to receive cash, Shares, other Awards, or other property equal in value to dividends paid with respect to a specified
number of Shares. 
  
 2.10. “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time. References to any provision of the Exchange Act shall be deemed to include successor provisions thereto and regulations thereunder. 

 2.11. “Fair Market Value” means, with respect to Shares, Awards or other property, the fair
market value of such Shares, Awards or other property determined by such methods or procedures as shall be established from time to time by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of Shares as of any date
shall be the average of the high and the low sales price on that date of a Share as reported in the New York Stock Exchange Composite Transaction Report; provided, that if there were no sales on the valuation date but there were sales on dates
within a reasonable period both before and after the valuation date, the Fair Market Value is the weighted average of the high and low sale prices on the nearest date before and the nearest date after the valuation date. The average is to be
weighted inversely by the respective numbers of trading days between the selling dates and the valuation date. 
  
 2.12. “Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code. 
  
 2.13. “Non-Qualified Stock Option” means an Option that is not
intended to be an Incentive Stock Option. 
  
 2.14.
“Option” means a right, granted to a Participant under Section 6.06, to purchase Shares, other Awards, or other property at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a
Non-Qualified Stock Option. 
  
 2.15. “Other Stock-Based
Award” means a right, granted to a Participant under Section 6.08, that relates to or is valued by reference to Shares. 
  
 2.16. “Participant” means a person who, as an officer or employee of the Corporation or any Subsidiary, has been granted an Award under the
Plan. 
  
 2.17. “Performance Award” means a right,
granted to a Participant under Section 6.02, to receive cash, Shares, other Awards, or other property the payment of which is contingent upon achievement of performance goals specified by the Committee. 
  
 2.18. “Performance-Based Restricted Stock” means Restricted Stock
that is (a) awarded based on preestablished performance criteria, or (b) subject to a risk of forfeiture if preestablished performance criteria are not met within the restriction period. 
  
 2.19. “Plan” is the Cox Radio, Inc. Third Amended and Restated Long-Term Incentive Plan. 
  
 2.20. “Restricted Stock” means Shares granted to a Participant
under Section 6.04, that are subject to certain restrictions and to a risk of forfeiture. 
  
 2.21. “Rule 16b-3” means Rule 16b-3, as from time to time amended, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act. 
  
 2.22. “Shares” means the Class A Common Stock of the Corporation
and such other securities of the Corporation as may be substituted for Shares or such other securities pursuant to Section 10. 
  
 2.23. “Stock Appreciation Right” means a right, granted to a Participant under Section 6.07, to be paid an amount measured by the appreciation
in the Fair Market Value of Shares from the date of grant to the date of exercise of the right, with payment to be made in cash, Shares, other Awards, or other property as specified in the Award or determined by the Committee. 
  
 2.24. “Subsidiary” means any corporation (other than the
Corporation) with respect to which the Corporation owns, directly or indirectly, 50% or more of the total combined voting power of all classes of stock. 
  
 2.25. “Year” means a calendar year. 
  

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 SECTION 3. Administration. 
  
 3.01. Authority of the Committee. The Plan shall be administered by the Committee. Each Award shall be evidenced by
an Award Agreement, executed by the Corporation and the Participant, in a form satisfactory to the Committee. The Committee shall have full and final authority to take the following actions, in each case subject to and consistent with the provisions
of the Plan: 
  
 (i) to select and designate
Participants; 
  
 (ii) to determine the type or
types of Awards to be granted to each Participant; 
  
 (iii) to determine the number of Awards to be granted, the number of Shares to which an Award will relate, the terms and conditions of any Award granted under the Plan (including, but not limited to, any exercise price, grant price, or
purchase price, any restriction or condition, any schedule for lapse of restrictions or conditions relating to transferability or forfeiture, exercisability, or settlement of an Award, and waivers or accelerations thereof, and waiver of performance
conditions relating to an Award, based in each case on such considerations as the Committee shall determine), and all other matters to be determined in connection with an Award; 
  
 (iv) to determine whether, to what extent, and under what circumstances an Award may be settled, or the
exercise price of an Award may be paid, in cash, Shares, other Awards, or other property, or an Award may be cancelled, forfeited or surrendered; 
  
 (v) to determine whether, to what extent, and under what circumstances cash, Shares, other Awards, or other property payable with respect
to an Award will be deferred either automatically, at the election of the Committee or at the election of the Participant; 
  
 (vi) to prescribe the form of each Award Agreement, which need not be identical for each Participant; 
  
 (vii) to adopt, amend, suspend, waive and rescind such rules
and regulations and appoint such agents as the Committee may deem necessary or advisable to administer the Plan; 
  
 (viii) to correct any defect or supply any omission or reconcile any inconsistency in the Plan and to construe and interpret the Plan and
any Award, rules and regulations, Award Agreement or other instrument hereunder; and 
  
 (ix) to make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary
or advisable for the administration of the Plan. 
  
 3.02.
Manner of Exercise of Committee Authority. Except to the extent specifically reserved to another entity under the terms of the Plan or applicable law, the Committee shall have sole discretion in exercising its authority under the Plan. Any
action of the Committee with respect to the Plan shall be final, conclusive and binding on all persons, including the Corporation, Subsidiaries, Participants and any person claiming any rights under the Plan from or through any Participant. The
express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. A memorandum signed by all members of the Committee shall constitute the
act of the Committee without the necessity, in such event, to hold a meeting. The Committee may delegate to officers or managers of the Corporation or any Subsidiary the authority to perform administrative functions under the Plan, subject to such
terms as the Committee shall determine. Notwithstanding any provisions of the Plan to the contrary, the Committee may delegate any or all of its authority under the terms of the Plan to any person or persons the Committee shall from time to time
designate. 
  

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 3.03. Limitation of Liability. Each member of the Committee shall be entitled to, in good faith,
rely or act upon any report or other information furnished to him by any officer or other employee of the Corporation or any Subsidiary, the Corporation’s independent certified public accountants, legal counsel or any executive compensation
consultant or other professional retained by the Corporation to assist in the administration of the Plan. No member of the Committee, nor any officer or employee of the Corporation acting on behalf of the Committee, shall be personally liable for
any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any officer or employee of the Corporation acting on their behalf, shall, to the extent permitted by law, be
fully indemnified and protected by the Corporation with respect to any such action, determination, or interpretation. 
  
 SECTION 4. Shares Subject to the Plan. Subject to adjustment as provided in Section 10, the total number of Shares reserved and available for
Awards under the Plan shall be 13,200,000. For purposes of this Section 4, the number of and time at which Shares shall be deemed to be subject to Awards and therefore counted against the number of Shares reserved and available under the Plan shall
be the earliest date at which the Committee can reasonably estimate the number of Shares to be distributed in settlement of an Award or with respect to which payments will be made; provided that, subject to the requirements of Rule 16b-3, the
Committee may adopt procedures for the counting of Shares relating to any Award for which the number of Shares to be distributed or with respect to which payment will be made cannot be fixed at the date of grant to ensure appropriate counting, avoid
double counting (in the case of tandem or substitute awards), and provide for adjustments in any case in which the number of Shares actually distributed or with respect to which payments are actually made differs from the number of Shares previously
counted in connection with such Award. 
  
 The Shares subject to
the Plan may be unissued Shares or reacquired Shares, bought on the open market or otherwise. If any Shares to which an Award relates are forfeited or the Award is settled or terminates without a distribution of Shares (whether or not cash, other
Awards, or other property is distributed with respect to such Award), any Shares counted against the number of Shares reserved and available under the Plan with respect to such Award shall, to the extent of any such forfeiture, settlement or
termination, again be available for Awards under the Plan; provided that in the event Rule 16b-3 applies to the issuance of an Award, such Shares shall be available for issuance only to the extent the issuance of such Shares would be exempted under
Rule 16b-3. 
  
 SECTION 5. Eligibility. Awards may be
granted only to individuals who are officers or other employees (including employees who are also directors) of the Corporation or a Subsidiary. 
  
 SECTION 6. Specific Terms of Awards. 
  
 6.01. General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award or
the exercise thereof, at the date of grant or thereafter (subject to Section 11.02), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including without limitation the
acceleration of vesting of any Awards or terms requiring forfeiture of Awards in the event of termination of employment by the Participant. Except as provided in Sections 7.03 or 7.04, only services may be required as consideration for the grant of
any Award. 
  
 6.02. Performance Awards. Subject to the
provisions of Sections 7.01 and 7.02, the Committee is authorized to grant Performance Awards to Participants on the following terms and conditions: 
  
 (i) Awards and Conditions. A Performance Award shall confer upon the Participant rights, valued as determined by the Committee, and
payable to, or exercisable by, the Participant to whom the Performance Award is granted, in whole or in part, as determined by the Committee, conditioned upon the achievement of performance criteria determined by the Committee. 
  
 (ii) Other Terms. A Performance Award shall be
denominated in Shares or in units, and may be payable in cash, Shares, other Awards, or other property, and have such other terms as shall be determined by the Committee. 
  

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 6.03. Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to
Participants. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Shares or Awards, or otherwise reinvested. 
  
 6.04. Restricted Stock. The Committee is authorized to grant
Restricted Stock to Participants on the following terms and conditions: 
  
 (i) Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the
right to vote Restricted Stock or the right to receive dividends thereon), which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments or otherwise as the Committee shall determine.

  
 (ii) Forfeiture. Performance-Based
Restricted Stock shall be (a) based on preestablished performance criteria, or (b) forfeited unless preestablished performance criteria specified by the Committee are met during the applicable restriction period. Except as otherwise determined by
the Committee, upon termination of employment (as determined under criteria established by the Committee) during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by
the Corporation; provided, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or
in part in the event of terminations resulting from specified causes. 
  
 (iii) Certificates of Shares. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name
of the Participant, such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, the Corporation shall retain physical possession of the certificates, and the
Participant shall deliver a stock power to the Corporation, endorsed in blank, relating to the Restricted Stock. 
  
 (iv) Dividends. Unless otherwise determined by the Committee, cash dividends paid on Performance-Based Restricted Stock shall be
automatically reinvested in additional shares of Performance-Based Restricted Stock and cash dividends paid on other Restricted Stock shall be paid to the Participant. Dividends reinvested in Performance-Based Restricted Stock and Shares distributed
in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such stock or other property
has been distributed. 
  
 6.05. Deferred Stock. The
Committee is authorized to grant Deferred Stock to Participants, on the following terms and conditions: 
  
 (i) Award and Restrictions. Delivery of Shares will occur upon expiration of the deferral period specified for Deferred Stock by
the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions as the Committee may impose, which restrictions may lapse at the expiration of the deferral period or
at earlier specified times, separately or in combination, in installments, or otherwise, as the Committee shall determine. 
  
 (ii) Forfeiture. Except as otherwise determined by the Committee, upon termination of employment (as determined under criteria
established by the Committee) during the applicable deferral period or portion thereof (as provided in the Award Agreement evidencing the Deferred Stock), all Deferred Stock that is at that time subject to deferral (other than a deferral at the
election of the Participant) shall be forfeited; provided, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Deferred
Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Deferred Stock. 
  

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 6.06. Options. The Committee is authorized to grant Options to Participants on the following terms
and conditions: 
  
 (i) Exercise Price.
The exercise price per Share purchasable under an Option shall be determined by the Committee; provided, that, except as provided in Section 7.03, such exercise price shall be not less than the Fair Market Value of a Share on the date of grant of
such Option. 
  
 (ii) Time and Method of
Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, the methods by which such exercise price may be paid or deemed to be paid, the form of such payment, including, without
limitation, cash, Shares, other Awards or awards issued under other Corporation plans, or other property (including notes or other contractual obligations of Participants to make payment on a deferred basis, such as through “cashless
exercise” arrangements), and the methods by which Shares will be delivered or deemed to be delivered to Participants. Options shall expire not later than ten years after the date of grant. 
  
 (iii) Incentive Stock Options. The terms of any
Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, including but not limited to the requirement that no Incentive Stock Option shall be granted more than ten years after the
effective date of the Plan. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended, or altered, nor shall any discretion or authority granted under the Plan be
exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the Code. In the event a Participant voluntarily disqualifies an Option as an Incentive Stock Option, the Committee may, but shall not be obligated to,
make such additional Awards or pay bonuses as the Committee shall deem appropriate to reflect the tax savings to the Corporation which result from such disqualification. 
  
 6.07. Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation Rights to Participants on
the following terms and conditions: 
  
 (i)
Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise (or, if the Committee
shall so determine in the case of any such right, other than one related to an Incentive Stock Option, the Fair Market Value of one Share at any time during a specified period before or after the date of exercise or Change in Control, as defined in
Section 9.02) over (B) the grant price of the Stock Appreciation Right as determined by the Committee as of the date of grant of the Stock Appreciation Right, which, except as provided in Section 7.03, shall be not less than the Fair Market Value of
one Share on the date of grant. 
  
 (ii) Other
Terms. The Committee shall determine the time or times at which a Stock Appreciation Right may be exercised in whole or in part, the method of exercise, method of settlement, form of consideration payable in settlement, method by which Shares
will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any Stock Appreciation Right. Limited Stock Appreciation Rights that may be exercised only upon the occurrence of a Change in Control (as such term is
defined in Section 9.02) or as otherwise defined by the Committee) may be granted under this Section 6.07. Stock Appreciation Rights shall expire not later than ten years after the date of grant. 
  
 6.08. Other Stock-Based Awards. The Committee is authorized to grant
to Participants other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without
limitation, Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights, and Awards valued by
reference to book value of Shares or the value of securities of or the performance of specified Subsidiaries. The Committee shall determine the terms and conditions of such Awards, which may include performance criteria. Shares delivered pursuant to
an Award in the nature of a purchase right granted under this Section 6.08 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards, or other
property, as the Committee shall determine. 
  

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 SECTION 7. Certain Provisions Applicable to Awards. 
  
 7.01. Performance-Based Awards. Performance Awards, Performance-Based
Restricted Stock, and certain Other Stock-Based Awards subject to performance criteria are intended to be “qualified performance-based compensation” within the meaning of Section 162(m) of the Code and shall be paid solely on account of
the attainment of one or more preestablished, objective performance goals within the meaning of Section 162(m) and the regulations thereunder. As selected by the Committee, the performance goal shall be the attainment of one or more (singly or in
combination) of the preestablished amounts of revenue, income (operating income, income before depreciation and amortization, or net income), cash flow (operating cash flow or free cash flow), EBITDA (earnings before interest, taxes, depreciation or
amortization), debt, profit, earnings per share, return on assets, return on equity, return on investment, or total shareholder return. 
  
 The payout of any such Award to a Covered Employee may be reduced, but not increased, based on the degree of attainment of other performance criteria or
otherwise at the direction of the Committee. 
  
 7.02. Maximum
Individual Awards. No individual may be granted more than 250,000 shares or units subject to any combination of Performance Awards, Restricted Stock, or other Stock-Based Awards subject to performance criteria in any given year. The maximum
payout for any individual for a Performance Award paid in cash is 300 percent of the participant’s earnings for the year of the Performance Award payment. No individual may receive more than 500,000 Options in any given year. The Share amounts
in this Section 7.02 are subject to adjustment under Section 10 and are subject to the Plan maximum under Section 4. 
  
 7.03. Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Corporation, any Subsidiary, or any business entity to be acquired by the Corporation or a
Subsidiary, or any other right of a Participant to receive payment from the Corporation or any Subsidiary. If an Award is granted in substitution for another Award or award, the Committee shall require the surrender of such other Award or award in
consideration for the grant of the new Award. Awards granted in addition to or in tandem with other Awards or awards may be granted either as of the same time as or a different time from the grant of such other Awards or awards. The per Share
exercise price of any Option, grant price of any Stock Appreciation Right, or purchase price of any other Award conferring a right to purchase Shares: 
  
 (i) Granted in substitution for an outstanding Award or award shall be not less than the lesser of the Fair Market Value of a Share at the
date such substitute award is granted or such Fair Market Value at that date reduced to reflect the Fair Market Value at that date of the Award or award required to be surrendered by the Participant as a condition to receipt of the substitute Award;
or 
  
 (ii) Retroactively granted in tandem with
an outstanding Award or award shall be not less than the lesser of the Fair Market Value of a Share at the date of grant of the later Award or at the date of grant of the earlier Award or award. 
  
 7.04. Exchange Provisions. The Committee may at any time offer to
exchange or buy out any previously granted Award for a payment in cash, Shares, other Awards (subject to Section 7.03), or other property based on such terms and conditions as the Committee shall determine and communicate to the Participant at the
time that such offer is made. 
  

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 7.05. Term of Awards. The term of each Award shall be for such period as may be determined by the
Committee; provided, that in no event shall the term of any Option or a Stock Appreciation Right granted in tandem therewith exceed a period of ten years from the date of its grant (or such shorter period as may be applicable under Section 422 of
the Code). 
  
 7.06. Form of Payment Under Awards. Subject
to the terms of the Plan and any applicable Award Agreement, payments to be made by the Corporation or a Subsidiary upon the grant or exercise of an Award may be made in such form as the Committee shall determine, including without limitation, cash,
Shares, other Awards, or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. Such payments may include, without limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or deferred payments denominated in Shares. 
  
 SECTION 8. General Restrictions Applicable to Awards. 
  
 8.01. Specific Restrictions. 
  
 8.01.1. Six-Month Holding Period. Unless a Participant could otherwise transfer an equity security, derivative security, or Shares
issued upon exercise of a derivative security granted under the Plan without incurring liability under Section 16(b) of the Exchange Act, (i) an equity security issued under the Plan, other than an equity security issued upon exercise or conversion
of a derivative security granted under the Plan, shall be held for at least six months from the date of acquisition; (ii) with respect to a derivative security issued under the Plan, at least six months shall elapse from the date of acquisition of
the derivative security to the date of disposition of the derivative security (other than upon exercise or conversion) or its underlying equity security; and (iii) any Award in the nature of a Stock Appreciation Right must be held for six months
from the date of grant to the date of cash settlement. 
  
 8.01.2. Nontransferability. Unless otherwise determined by the Committee, Awards which constitute derivative securities (including any option, stock appreciation right, or similar right) shall not be transferable by a Participant
except by will or the laws of descent and distribution (except pursuant to a beneficiary designation authorized under Section 8.02) or, if then permitted under Rule 16b-3, pursuant to a qualified domestic relations order as defined under the Code or
Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and, in the case of an Incentive Stock Option or, if then required by Rule 16b-3, any other derivative security granted under the Plan, shall be
exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative. 
  
 8.01.3. Compliance with Rule 16b-3. It is the intent of the Corporation that this Plan comply in all respects with Rule 16b-3 in
connection with any Award granted to a person who is subject to Section 16 of the Exchange Act. 
  
 8.02. Limits on Transfer of Awards; Beneficiaries. No right or interest of a Participant in any Award shall be pledged, encumbered, or hypothecated
to or in favor of any party (other than the Corporation or a Subsidiary), or shall be subject to any lien, obligation, or liability of such Participant to any party (other than the Corporation or a Subsidiary). Unless otherwise determined by the
Committee (subject to the requirements of Section 8.01.2), no Award shall be assignable or transferable by a Participant otherwise than by will or the laws of descent and distribution (except to the Corporation under the terms of the Plan);
provided, that a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any distribution, with respect to any Award, upon the death of the
Participant. A beneficiary, guardian, legal representative, or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to such
Participant or agreement applicable to such, except to the extent the Plan and such Award Agreement or agreement otherwise provide with respect to such persons, and to any additional restrictions deemed necessary or appropriate by the Committee.

  
 8.03. Registration and Listing Compliance. The
Corporation shall not be obligated to deliver any Award or distribute any Shares with respect to any Award in a transaction subject to regulatory approval, registration, or any other applicable requirement of federal or state law, or subject to a
listing requirement under any listing or similar 
  

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 agreement between the Corporation and any national securities exchange or market, until such laws, regulations, and
contractual obligations of the Corporation have been complied with in full, although the Corporation shall be obligated to use reasonable efforts to obtain any such approval and comply with such requirements as promptly as practicable. If,
after reasonable efforts, the Corporation is unable to obtain from any regulatory commission or agency or national securities exchange or market having jurisdiction over the Plan the authority which counsel for the Corporation deems necessary for
the lawful issuance and sale of the Shares under the Plan, the Corporation shall be relieved from any liability for failure to issue and sell Shares upon exercise of such Awards unless and until such authority is obtained. 
  
 8.04. Share Certificates. All certificates for Shares delivered under
the Plan pursuant to any Award or the exercise thereof shall be subject to such stop-transfer order and other restrictions as the Committee may deem advisable under applicable federal or state laws, rules and regulations thereunder, and the rules of
any national securities exchange on which Shares are listed. The Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions or any other restrictions that may be applicable to
Shares, including under the terms of the Plan or any Award Agreement. In addition, during any period in which Awards or Shares are subject to restrictions under the terms of the Plan or any Award Agreement, or during any period during which delivery
or receipt of an Award or Shares has been deferred by the Committee or a Participant, the Committee may require the Participant to enter into an agreement providing that certificates representing Shares issuable or issued pursuant to an Award shall
remain in the physical custody of the Corporation or such other person as the Committee may designate. 
  
 SECTION 9. Change in Control Provisions. Notwithstanding any other provision of the Plan, the following acceleration provisions shall apply in the
event of a “Change in Control” as defined in this Section 9. 
  
 9.01. Acceleration and Cash-Out Rights. In the event of a “Change in Control” and a “Qualified Termination” as defined in Sections 9.02 and 9.03, respectively, automatically in the case of Participants subject to
Section 16 of the Exchange Act, and unless otherwise determined by the Board in writing at or after grant but prior to the occurrence of the Change in Control in the case of Participants not subject to Section 16 of the Exchange Act: 
  
 (i) the performance criteria of all Performance Awards,
Performance-Based Restricted Stock, and Other Stock-Based Awards shall be deemed fully achieved and all such Awards shall be fully earned and vested, subject only to the restrictions on dispositions of equity securities set forth in Section 8.01.1
and legal restrictions on the issuance of Shares set forth in Section 8.04; 
  
 (ii) any Option, Stock Appreciation Right, and other Award in the nature of a right that may be exercised which was not previously exercisable and vested shall become fully exercisable and vested, subject only to the
restrictions on disposition of equity securities set forth in Section 8.01.1 and legal restrictions on the issuance of Shares set forth in Section 8.04; and 
  
 (iii) the restrictions, deferral limitations, and forfeiture conditions applicable to any other Award granted under the Plan shall lapse
and such Awards shall be deemed fully vested, subject only to the restrictions on dispositions of equity securities set forth in Section 8.01.1 and legal restrictions on the issuance of Shares set forth in Section 8.04. 
  
 9.02. Change in Control. For purposes of Section 9.01, a “Change
in Control” shall mean any transaction that results in the voting control of the Corporation held by Cox Enterprises, Inc., its successor or any subsidiary of either falling below 50.1 percent. 
  
 9.03. Qualified Termination. For the purposes of Section 9.01, a
“Qualified Termination” shall mean any termination of employment for reasons other than (i) Cause; (ii) death, Disability or Retirement, or (iii) by the Participant without Good Reason within one (1) year following a Change in Control.

  
 (a) “Cause” shall mean (i) the
willful and continued failure by the Participant to substantially perform the Participant’s duties with the Corporation or (ii) the willful engaging by the Participant in conduct which is demonstrably and materially injurious to the Corporation
or its subsidiaries, monetarily or otherwise. 
  

 -9- 

 (b) “Disability” shall be deemed the reason for the termination by the
Corporation of the Participant’s employment, if, as a result of the Participant’s incapacity due to physical or mental illness, the Participant shall have been absent from the full-time performance of the Participant’s duties with the
Corporation for a period of six (6) consecutive months. 
  
 (c) “Good Reason” for termination by the Participant of the Participant’s employment shall mean the occurrence (without the Participant’s express written consent) after any Change in Control of any
one of the following acts by the Corporation. 
  
 (i) a reduction by the Corporation in the Participant’s annual base salary other than for Cause or a Corporation–wide reduction in annual base salaries that generally affects similarly situated employees of the Corporation;

  
 (ii) the relocation of the Corporation’s
principal executive offices to a location more than fifty (50) miles from the location of such offices immediately prior to the Change in Control, but only in the event the Participant was employed at the Corporation’s principal executive
offices immediately prior to such relocation. 
  
 (d) “Retirement” shall be deemed the reason for the termination by the Corporation or the Participant of the Participant’s employment if such employment is terminated in accordance with the Corporation’s retirement
policy generally applicable to its employees, as in effect immediately prior to the Change in Control, or in accordance with any retirement arrangement established with the Participant’s consent with respect to the Participant. 
  
 SECTION 10. Adjustment Provisions. In the event that the Committee
shall determine that any dividend or other distribution (whether in the form of cash, Shares, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share
exchange, or other similar corporate transaction or event, affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the
Committee may, in such manner as it may deem equitable, adjust any or all of (i) the number and kind of Shares which may thereafter be issued in connection with Awards (ii) the number and kind of Shares issued or issuable in respect of outstanding
Awards, and (iii) the exercise price, grant price, or purchase price relating to any Award or, if deemed appropriate, make provision for a cash payment with respect to any outstanding Award; provided, however, in each case, that, with respect to
Incentive Stock Options, no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate Section 422(b)(1) of the Code. In addition, the Committee is authorized to make adjustments in the terms and conditions
of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding sentence) affecting the Corporation or any Subsidiary or the financial statements of the
Corporation or any Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles. 
  
 SECTION 11. Changes to the Plan and Awards. 
  
 11.01. Changes to the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan without the consent of shareholders or
Participants, except that any such amendment, alteration, suspension, discontinuation, or termination shall be subject to the approval of the Corporation’s shareholders within one year after such Board action if such shareholder approval is
required by any federal or state law or regulation or the rules of any stock exchange on which the Shares may be listed, or if the Board in its discretion determines that obtaining such shareholder approval is for any reason advisable; provided,
however, that, without the consent of an affected Participant, no amendment, alteration, suspension, discontinuation, or termination of the Plan may impair the rights of such Participant under any Award previously granted to him. 
  
 11.02. Changes to Awards. The Committee may waive any conditions or
rights under, or amend, alter, suspend, discontinue, or terminate, any Award previously granted and any Award Agreement relating thereto; provided, however, that, without the consent of an affected Participant, no such amendment, alteration,
suspension, discontinuation, or termination of any Award may materially impair the rights of such Participant under such Award. Notwithstanding any provisions of the Plan to the contrary, the Committee may not make any changes to 
  

 -10- 

 any Award or any Award Agreement issued under the Plan to the extent that such change would cause any Participant to
immediately recognize taxable income under the provisions of Section 409A of the Code as a result of such change. 
  
 SECTION 12. General Provisions. 
  
 12.01. No Rights to Awards. No Participant or employee shall have any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of Participants and employees. 
  
 12.02.
No Shareholder Rights. No Award shall confer on any Participant any of the rights of a shareholder of the Corporation unless and until Shares are duly issued or transferred to the Participant in accordance with the terms of the Award.

  
 12.03. Tax Withholding. The Corporation or any
Subsidiary is authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts or withholding and other taxes due with
respect thereto, its exercise, or any payment thereunder, and to take such other action as the Committee may deem necessary or advisable to enable the Corporation and Participants to satisfy obligations for the payment of withholding taxes and other
tax liabilities relating to any Award, provided, that no Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law. This authority shall include authority to withhold or receive Shares or other property and
to make cash payments in respect thereof in satisfaction of Participant’s tax obligations. 
  
 12.04. No Right to Employment. Nothing contained in the Plan or any Award Agreement shall confer, and no grant of an Award shall be construed as
conferring, upon any employee any right to continue in the employ of the Corporation or any Subsidiary or to interfere in any way with the right of the Corporation or any Subsidiary to terminate his employment at any time or increase or decrease his
compensation from the rate in existence at the time of granting of an Award. 
  
 12.05. Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to
an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Corporation; provided, that the Committee may authorize the creation of trusts or make other
arrangements to meet the Corporation’s obligations under the Plan to deliver cash, Shares, other Awards, or other property pursuant to any award, which trusts or other arrangements shall be consistent with the “unfunded” status of the
Plan unless the Committee otherwise determines. 
  
 12.06.
Other Compensatory Arrangements. The Corporation or any Subsidiary shall be permitted to adopt other or additional compensation arrangements (which may include arrangements which relate to Awards), and such arrangements may be either
generally applicable or applicable only in specific cases. 
  
 12.07. Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of fractional
Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated. 
  
 12.08. Governing Law. The validity, construction, and effect of the Plan, any rules and regulations relating to the Plan, and any Award Agreement
shall be determined in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws, and applicable Federal law. 
  

SECTION 13. Effective Date. The Plan, as amended and restated, shall become effective on the date this amended and restated version is adopted
under the provisions of Section 11.01, subject to the approval of the Corporation’s shareholders. 
  

 -11-Forms of Award Agreements

 Exhibit 10.3 
  
 Form of 
 Cox Radio, Inc. 
 Long-Term Incentive Plan Grant Agreement 
  
 [Name] 
  

							
	 Grant Date

	 	 Type of Grant

	 	 Number of Options

	 	 Exercise Price

	 03/15/05
	 	Non-Qualified Stock Option	 	[number]	 	$[price]

  
 Stock Option Term 

 
 You may exercise your options from the time they become vested (see below) until 10 years
after the Grant Date, March 15, 2015. 
  
 Normal Vesting Provisions

  
 Your options become vested (i.e., exercisable) as follows: 
  

	•	 	60% of your option award becomes vested at the end of the 3rd year after the Grant Date (March 15, 2008). 

  

	•	 	An additional 20% (for a total of 80%) of your option award becomes vested at the end of the 4th year after the Grant Date (March 15, 2009). 

  

	•	 	An additional 20% (for a total of 100%) of your option award becomes vested at the end of the 5th year after the Grant Date (March 15, 2010). 

  
 Special Vesting Provisions 
  
 You may be
eligible to become 100% vested in your stock option grant if: 
  

	•	 	At least 6 months have passed since the grant date and 

  

	•	 	The closing price of Cox Radio stock reaches 140% of your exercise price ($xx.xx) at any time after the 6 month period and 

  

	•	 	The closing price remains at or above $xx.xx for 10 consecutive trading days. 

  

Termination Guidelines 
  
 If you terminate employment for reasons other than cause, retirement, death, permanent disability or transferring to another Cox company, you will have 90 days from the
date of termination (or until the expiration of the option term, if that date is less than 90 days from the date of termination) to exercise any vested stock options. Unvested stock options will be forfeited. 
  
 If you are terminated for cause, you will forfeit all benefits from the Plan and all options
(vested and unvested) will immediately be cancelled. 
  
 If you retire, die or
become totally and permanently disabled, your stock options will immediately 100% vest upon termination of employment and you (or your beneficiary) will have one year from the date of termination (or until the expiration of the option term, if that
date is less than one year from the date of termination) to exercise all vested options. 
  
 If you transfer to another Cox company after a date when any portion of this award has become vested, you will retain the portion that is vested at the time of transfer, but any unvested portion will be forfeited.

  
 If you transfer to another Cox company prior to a date when any portion of
this award has become vested, then a portion of the option award will become vested upon the date of transfer, as follows: 
  

	•	 	None of your award will vest if the transfer date is less than 6 months after the Grant Date. 

  

	•	 	20% of your award will vest if the transfer date is at least 6 months but less than 18 months after the Grant Date. 

  

	•	 	40% of your award will vest if the transfer date is at least 18 months but less than 30 months after the Grant Date. 

  

	•	 	60% of your award will vest if the transfer date is at least 30 months but less than 36 months after the Grant Date. 

  

							
	 I wish to accept this award granted under the Cox Radio, Inc. Third Amended and Restated Long-Term Incentive Plan. I acknowledge that I have received a copy of the Plan Summary, Plan Prospectus, and Legal Plan Document, and agree to all of
the terms and conditions contained in this agreement and the Legal Plan Document. In the event of inconsistency between this agreement and the Legal Plan Document, the terms of the Legal Plan Document shall control.
  

	 Signature:
	 	  

	  	Date:	 	  

  
 Return by June 1, 2005 (in the
envelope provided) to Compensation Department at Cox Enterprises, Inc. 

 Form of 
 Cox Radio, Inc. 
 Long-Term Incentive Plan 
 Restricted Stock Grant Agreement 
  
 [Name] 
  

					
	 Grant Date

	 	 Type of Grant

	 	 Number of Shares

	 03/15/05
	 	Restricted Stock	 	[    ]

  
 Vesting Provisions 

 
 These shares of restricted stock will become 100% vested on March 15, 2010 (the
“Vesting Date”), provided that you have been continuously employed by Cox Radio, Inc. (the “Company”) through such date. Once vested, your shares will be maintained in a book entry account position on the ledger of the
Company’s stock transfer agent or, in the Company’s sole discretion, in the form of a stock certificate. If issued in the form of a stock certificate, the Company shall retain physical control over such certificate(s), and you shall
deliver a stock power to the Company, endorsed in blank, relating to such certificate(s). 
  
 Termination Guidelines 
  
 If you
terminate employment with the Company before the Vesting Date for any reason other than for cause, retirement, death, or permanent disability, you will forfeit all of these shares. 
  
 If you are terminated for cause before the Vesting Date you will forfeit all of these shares. 
  
 If you retire, die or become totally and permanently disabled, your shares will 100% vest
upon such termination of employment. 
  
 Continuing Resale Restrictions

  
 After your shares have vested, at all times while you remain employed by
the Company or its affiliates you must retain a number of shares equal to sixty percent (60%) of your original award, and you cannot resell or transfer such shares. Your book entry position or stock certificate(s) will bear a legend or stop-transfer
instructions (as applicable) reflecting these restrictions. 
  

							
	 I wish to accept this award granted under the Cox Radio, Inc. Third Amended and Restated Long-Term Incentive Plan. I acknowledge that I have received a copy of the Plan Summary, Plan Prospectus, and Legal Plan Document. I agree to all of
the terms and conditions contained in this Agreement and the Legal Plan Document. In the event of inconsistency between this Agreement and the Legal Plan Document, the terms of the Legal Plan Document shall control.
  

	Signature:	 	  

	 	Date:	 	  

  

			
	Return (in the enclosed envelope) to:	  	 
	 	  	Manager, Equity Compensation Plans
	 	  	Cox Enterprises, Inc.
	 	  	6205 Peachtree Dunwoody Road
	 	  	Atlanta, GA 30328

 Form of 
 Cox Radio, Inc. 
 Long-Term Incentive Plan 
 Performance Award Agreement 
  
 [Name] 
  

					
	 Grant Date

	 	 Type of Grant

	 	 Number of Units

	 03/15/05
	 	Performance Units	 	[    ]

  
 Unit Award and Measurement

  
 You are awarded the number of performance units stated above. The benefit
for these units will be equal to the percentage increase in Cox Radio’s financial performance over a five-year performance period, measured annually as of December 31, beginning December 31, 2004 and concluding December 31, 2009, using Cox
Radio’s income before depreciation (IBD) times a multiple, minus Cox Radio’s debt. This percentage increase will be denominated in dollars, and then multiplied by the number of vested units, to determine your cash award. No award shall be
effective unless and until the Third Amended and Restated Long-Term Incentive Plan (the “Plan”) is approved by the majority vote of the shareholders of Cox Radio voting with respect to the approval of the Plan in accordance with applicable
rules of the Securities and Exchange Commission and the New York Stock Exchange. 
  
 Vesting Provisions 
  
 Your performance award becomes vested as
follows: 
  

	•	 	60% of your award becomes vested on December 31, 2007. 

  

	•	 	An additional 20% (for a total of 80%) of your award becomes vested on December 31, 2008. 

  

	•	 	An additional 20% (for a total of 100%) of your award becomes vested on December 31, 2009. 

  
 Termination Provisions 
  

	•	 	If you terminate employment for any reason other than for cause, retirement, death, or permanent disability, you will forfeit any portion of your award that is not vested. Your
vested benefit would be based on the appreciation in the performance measure achieved as of the December 31st
immediately preceding the date of such termination, provided that if such date is on December 31st, then your vested
benefit would be based on the appreciation achieved as of such date. 

  

	•	 	If you retire, die, or become totally and permanently disabled, your award will become 100% vested, and you will receive a benefit based on the appreciation in the performance
measure achieved as of the December 31st immediately preceding the date of your death, retirement or disability,
provided that if such date is on December 31st, then such benefit will be based on the appreciation achieved as of
such date. 

  

	•	 	If you are terminated for cause, then both the vested and unvested portion of your performance award(s) will be forfeited. 

  
 Benefit Payment 
  
 Your vested award will be paid in cash as soon as practicable following the end of the five-year performance period, or such earlier period
ending in termination as described above, provided that certain senior executives may be paid in a combination of cash and shares of Cox Radio stock, at the sole election of Cox Radio. Any such shares must be retained at all times while the
executive is employed by the Company or its affiliates, and such shares cannot be resold or transferred, with any book entry position or stock certificate(s) representing such shares to bear a legend or stop-transfer instructions reflecting these
restrictions. Notwithstanding the foregoing, not more than once per year a request may be made that the Company release from such restrictions a portion of such shares for resale, in an amount not to exceed in any such year twenty-five percent of
the total number of such shares held as of December 31st of the preceding year. 
  

							
	 I wish to accept this award granted under the Cox Radio, Inc. Third Amended and Restated Long-Term Incentive Plan. I acknowledge that I have received a copy of the Plan Summary, Plan Prospectus, and Legal Plan Document. I agree to all of
the terms and conditions contained in this Agreement and the Legal Plan Document. In the event of inconsistency between this Agreement and the Legal Plan Document, the terms of the Legal Plan Document shall control.
  

	Signature:	 	  

	 	Date:	 	  

  

			
	Return (in the enclosed envelope) to:	  	 
	 	  	Manager, Equity Compensation Plans
	 	  	Cox Enterprises, Inc.
	 	  	6205 Peachtree Dunwoody Road, Atlanta, GA 30328

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