Document:

Exhibit 10(e)  

CBS CORPORATION

2004 LONG-TERM MANAGEMENT INCENTIVE PLAN

(Amended and Restated as of December 31, 2005)  

ARTICLE I  

GENERAL  

Section 1.1 Purpose.  

        The purpose of the CBS Corporation 2004 Long-Term Management Incentive Plan (the "Plan") is to benefit and advance the interests of CBS Corporation, a
Delaware corporation (the "Company"), and its Subsidiaries (as defined below) by rewarding certain employees of the Company and its Subsidiaries for their contributions to the financial success of the
Company and its Subsidiaries and thereby motivate them to continue to make such contributions in the future. This Plan replaces the 2000 Long-Term Management Incentive Plan, as amended
(the "Predecessor Plan"). From and after the date on which the stockholders of the Company approve the Plan, no further awards shall be made under the Predecessor Plan. 

Section 1.2 Definitions.  

        As used in the Plan, the following terms shall have the following meanings: 

        (a)   "Administrator"
shall mean the individual or individuals to whom the Committee delegates authority under the Plan in accordance with Section 1.3(c). 

        (b)   "Agreement"
shall mean the written agreement or certificate or other documentation governing an Award under the Plan, which shall contain terms and conditions not
inconsistent with the Plan and which shall incorporate the Plan by reference. 

        (c)   "Appreciation
Value" shall mean the excess, if any, of the Value of a Phantom Share on the applicable Valuation Date or date of termination of employment or of the
Participant's death, Retirement or Permanent Disability (as described in Section 5.5(a) hereof), as the case may be, over the Initial Value of such Phantom Share. 

        (d)   "Awards"
shall mean any Stock Options, Stock Appreciation Rights, Restricted Shares, Restricted Share Units, unrestricted shares of Class B Common Stock, Phantom
Shares, Dividend Equivalents, Performance Awards or Other Awards or a combination of any of the above. 

        (e)   "Board"
shall mean the Board of Directors of the Company. 

        (f)    "Class B
Common Stock" shall mean shares of Class B Common Stock, par value $0.001 per share, of the Company. 

        (g)   "Code"
shall mean the Internal Revenue Code of 1986, as amended, including any successor law thereto, and the rules and regulations promulgated thereunder. 

        (h)   "Committee"
shall mean the Compensation Committee of the Board (or such other Committee(s) as may be appointed or designated by the Board) to administer the Plan in
accordance with Section 1.3 of the Plan. 

        (i)    "Date
of Grant" shall mean the effective date of the grant of an Award as set forth in the applicable Agreement. 

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        (j)    "Dividend
Equivalent" means a right to receive a payment based upon the value of the regular cash dividend paid on a specified number of shares of Class B Common
Stock as set forth in Section 7.1 hereof. Payments in respect of Dividend Equivalents may be in cash, or, in the discretion of the Committee, in shares of Class B Common Stock or other
securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities. 

        (k)   "Earnings
Per Share" shall have the meaning provided by GAAP. 

        (l)    "Effective
Date" shall have the meaning set forth in Article XII. 

        (m)  "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended, including any successor law thereto. 

        (n)   "Fair
Market Value" of a share of Class B Common Stock on a given date shall be, unless otherwise determined by the Committee, the 4:00 p.m. (New York
time) closing price on such date on the New York Stock Exchange or other principal stock exchange on which the Class B Common Stock is then listed, as reported by The Wall Street Journal
(Northeast edition) or any other authoritative source selected by the Company. 

        (o)   "Free
Cash Flow" shall mean the Company's Operating Income before depreciation and amortization, less cash interest, taxes paid, working capital requirements and capital
expenditures. 

        (p)   "GAAP"
shall mean generally accepted accounting principles in the United States. 

        (q)   "Initial
Value" shall mean the value of a Phantom Share as specified by the Committee as of the Date of Grant or the Value of a Phantom Share calculated as of the Date
of Grant or such earlier date as the Committee may determine. 

        (r)   "Net
Earnings" shall have the meaning provided in GAAP. 

        (s)   "Net
Earnings from Continuing Operations" shall have the meaning provided in GAAP. 

        (t)    "Net
Revenue" shall have the meaning provided by GAAP. 

        (u)   "OIBDA"
shall mean the Company's Operating Income before depreciation and amortization. 

        (v)   "OIBDA
Without Inter-Company Eliminations" shall mean the Company's Operating Income before depreciation, amortization and inter-company eliminations. 

        (w)  "Operating
Income" shall have the meaning provided by GAAP. 

        (x)   "Operating
Revenue" shall have the meaning provided by GAAP. 

        (y)   "Other
Awards" shall mean any form of award authorized under Section 7.2 of the Plan, other than a Stock Option, Stock Appreciation Right, Restricted Share,
Restricted Share Unit, unrestricted share of Class B Common Stock, Phantom Share, Performance Award or Dividend Equivalent. 

        (z)   "Outstanding
Phantom Share" shall mean a Phantom Share granted to a Participant for which the Valuation Date has not yet occurred. 

        (aa)    "Outstanding
Stock Option" shall mean a Stock Option granted to a Participant which has not yet been exercised and which has not yet expired or been terminated in
accordance with its terms. 

        (bb)    "Participant"
shall mean any employee who has met the eligibility requirements set forth in Section 1.4 hereof and to whom an Award has been made under the Plan. 

        (cc)    "Performance
Award" shall mean any award of Performance Shares or Performance Units pursuant to Article VI hereof. 

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        (dd)    "Performance
Goals" shall have the meaning set forth in Section 6.2 hereof. 

        (ee)    "Performance
Period" shall mean a period of time over which performance is measured as determined by the Committee in its sole discretion. 

        (ff)    "Performance
Share" shall mean an award granted pursuant to Article VI hereof of a share of Class B Common Stock subject to the terms and conditions set
forth in the applicable Agreement. 

        (gg)    "Performance
Units" shall mean an award granted pursuant to Article VI hereof, payable in cash, or, in the discretion of the Committee, in shares of
Class B Common Stock or other securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities, subject to the
terms and conditions set forth in the Plan and in the applicable Agreement. 

        (hh)    "Permanent
Disability" shall have the same meaning as such term or a similar term has in the long-term disability policy maintained by the Company or a
Subsidiary thereof for the Participant and that is in effect on the date of the onset of the Participant's Permanent Disability, unless the Committee determines otherwise, in its discretion;  provided,
however, with respect to grants of Incentive Stock Options, permanent disability shall have
the meaning given it under the rules governing Incentive Stock Options under the Code. 

        (ii)    "Phantom
Share" shall mean a contractual right granted to a Participant pursuant to Article V to receive an amount equal to the Appreciation Value at such time,
subject to the terms and conditions set forth in the Plan and the applicable Agreement. 

        (jj)    "Predecessor
Plan" shall have the meaning set forth in Section 1.1 hereof. 

        (kk)    "Restricted
Share" shall mean a share of Class B Common Stock granted to a Participant pursuant to Article III, which is subject to the restrictions set
forth in Section 3.3 hereof and to such other terms, conditions and restrictions as are set forth in the Plan and the applicable Agreement. 

        (ll)    "Restricted
Share Unit" shall mean a contractual right granted to a Participant pursuant to Article IV to receive, in the discretion of the Committee, shares of
Class B Common Stock, a cash payment equal to the Fair Market Value of Class B Common Stock, or other securities of the Company designated by the Committee or a combination of cash,
shares of Class B Common Stock or such other securities, subject to the terms and conditions set forth in the Plan and in the applicable Agreement. 

        (mm)    "Retirement"
shall mean the resignation or termination of employment after attainment of an age and years of service required for payment of an immediate pension
pursuant to the terms of any qualified defined benefit retirement plan maintained by the Company or a Subsidiary in which the Participant participates; provided,
however, that no resignation or termination prior to a Participant's
60th birthday shall be deemed a retirement unless the Committee so determines in its sole discretion; and provided, further, that the resignation or
termination of employment other than a Termination for Cause after attainment of age 60 shall be deemed a retirement if the Participant does not participate in a qualified defined benefit retirement
plan maintained by the Company or any of its Subsidiaries. 

        (nn)    "Revenue"
shall have the meaning provided by GAAP. 

        (oo)    "Section 162(m)"
shall mean Section 162(m) of the Code and the rules and regulations promulgated thereunder from time to time. 

        (pp)    "Section 162(m)
Exception" shall mean the exception under Section 162(m) for "qualified performance-based compensation." 

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        (qq)    "Section 162(m)
Performance Goals" shall have the meaning set forth in Section 6.2 hereof. 

        (rr)    "Separation"
shall mean the separation of former Viacom Inc. into two publicly-traded companies, CBS Corporation and new Viacom Inc., which was completed on
December 31, 2005. 

        (ss)    "Stock
Appreciation Right" shall mean a contractual right granted to a Participant pursuant to Article II to receive an amount determined in accordance with
Section 2.6 of the Plan, subject to such other terms and conditions as are set forth in the Plan and the applicable Agreement. 

        (tt)    "Stock
Option" shall mean a contractual right granted to a Participant pursuant to Article II to purchase shares of Class B Common Stock at such time and
price, and subject to such other terms and conditions as are set forth in the Plan and the applicable Agreement. Stock Options may be "Incentive Stock Options" within the meaning of Section 422
of the Code or "Non-Qualified Stock Options" which do not meet the requirements of such Code section. 

        (uu)    "Subsidiary"
shall mean a corporation (or a partnership or other enterprise) in which the Company owns or controls, directly or indirectly, more than 50% of the
outstanding shares of stock normally entitled to vote for the election of directors (or comparable equity participation and voting power). 

        (vv)    "Substitute
Awards" means Awards granted upon assumption of, or in substitution for, outstanding awards previously granted by a company or other entity acquired by the
Company or with which the Company combines. 

        (ww)    "Termination
for Cause" shall mean a termination of employment with the Company or any of its Subsidiaries which, as determined by the Committee, is by reason of
(i)"cause" as such term or a similar term is defined in any employment agreement that is in effect and applicable to the Participant, or (ii) if there is no such employment agreement or if such
employment agreement contains no such term, unless the Committee determines otherwise, the Participant's: (A) dishonesty; (B) conviction of embezzlement, fraud or other conduct which
would constitute a felony; (C) willful unauthorized disclosure of confidential information; (D) failure, neglect of or refusal to substantially perform the duties of the Participant's
employment; or (E) any other act or omission which is a material breach of the Company's policies regarding employment practices or the applicable federal, state and local laws
prohibiting discrimination or which is materially injurious to the financial condition or business reputation of the Company or any Subsidiary thereof. 

        (xx)    "Valuation
Date" shall mean the date on which the Appreciation Value of a Phantom Share shall be measured and fixed in accordance with Section 5.2(a) hereof. 

        (yy)    The
"Value" of a Phantom Share shall be determined by reference to the "average Fair Market Value" of a share of Class B Common Stock. The "average Fair Market
Value" on a given date of a share of Class B Common Stock shall be determined over the 30-day period ending on such date or such other period as the Committee may decide shall be
applicable to a grant of Phantom Shares, determined by dividing (i) by (ii), where (i) shall equal the sum of the Fair Market Values on each day that the Class B Common Stock was
traded and a closing price was reported during such period, and (ii) shall equal the number of days, as determined by the Committee for the purposes of determining the average Fair Market Value
for such Phantom Shares, on which the Class B Common Stock was traded and a closing price was reported during such period. 

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Section 1.3 Administration of the Plan.  

        (a)   Board or Committee to Administer.    The Plan shall be administered by the Board or by a Committee appointed by
the Board, consisting of at least two members of the Board; provided that, with respect to any Award that is intended to satisfy the requirements of the
Section 162(m) Exception, such Committee shall consist of at least such number of directors as is required from time to time to satisfy the Section 162(m) Exception, and each such
Committee member shall satisfy the qualification requirements of such exception; provided, however, that, if any such Committee member is found not to
have met the qualification requirements of the Section 162(m) Exception, any actions taken or Awards granted by the Committee shall not be invalidated by such failure to so qualify. 

        (b)   Powers of the Committee.

          (i)  The
Committee shall adopt such rules as it may deem appropriate in order to carry out the purpose of the Plan. All questions of interpretation, administration and
application of the Plan shall be determined by a majority of the members of the Committee then in office, except that the Committee may authorize any one or more of its members, or any officer of the
Company, to execute and deliver documents on behalf of the Committee. The determination of such majority shall be final and binding as to all matters relating to the Plan. 

         (ii)  The
Committee shall have authority to select Participants from among the class of eligible persons specified in Section 1.4 below, to determine the type of Award
to be granted, to determine the number of shares of Class B Common Stock subject to an Award or the cash amount payable in connection with an Award, and to determine the terms and conditions of
each Award in accordance with the terms of the Plan. Except as provided in Section 6.4, the Committee shall also have the authority to amend the terms of any outstanding Award or waive any
conditions or restrictions applicable to any Award; provided, however, that no amendment shall materially impair the rights of the holder thereof
without the holder's consent. With respect to any restrictions in the Plan or in any Agreement that are based on the requirements of Section 422 of the Code, the Section 162(m)
Exception, the rules of any exchange upon which the Company's securities are listed, or any other applicable law, rule or restriction to the extent that any such restrictions are no longer required,
the Committee shall have the
sole discretion and authority to grant Awards that are not subject to such restrictions and/or to waive any such restrictions with respect to outstanding Awards. 

        (c)   Delegation by the Committee. The Committee may, but need not, from time to time delegate some or all of its authority
under the Plan to an Administrator consisting of one or more members of the Committee or of one or more officers of the Company; provided,  however, that
the Committee may not delegate its authority (i) to make Awards to employees (A) who are subject on the date of the Award to
the reporting rules under Section 16(a) of the Exchange Act, (B) whose compensation for such fiscal year may be subject to the limit on deductible compensation pursuant to
Section 162(m) or (C) who are officers of the Company who are delegated authority by the Committee hereunder, or (ii) to interpret the Plan or any Award, or (iii) under
Article X of the Plan. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such delegation or thereafter. Nothing in the Plan
shall be construed as obligating the Committee to delegate authority to an Administrator, and the Committee may at any time rescind the authority delegated to an Administrator appointed hereunder or
appoint a new Administrator. At all times, the Administrator appointed under this Section 1.3(c) shall serve in such capacity at the pleasure of the Committee. Any action undertaken by the
Administrator in accordance with the Committee's delegation of authority shall have the same force and effect as if undertaken directly by the Committee, and any reference in the Plan to the Committee
shall, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference to the Administrator. 

Section 1.4 Eligible Persons.  

        Awards may be granted to any employee of the Company or any of its Subsidiaries. 

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Section 1.5 Class B Common Stock Subject to the Plan.  

        (a)   Plan Limit. The shares of Class B Common Stock subject to Awards under the Plan shall be made available from
authorized but unissued Class B Common Stock, from Class B Common Stock issued and held in the treasury of the Company or, subject to such conditions as the Committee may determine, from
shares beneficially owned by one or more stockholders of the Company. Subject to adjustment under Article VIII hereof, the total number of shares of Class B Common Stock available for
Awards made on or after January 1, 2006 under the Plan (the "Section 1.5 Limit") is 61,605,522 shares of Class B Common Stock (such number having been adjusted for the
Separation), plus any shares added back to this Section 1.5(a) pursuant to Section 1.5(c)(ii). 

        (b)   Plan Sub-Limits. Subject to adjustment under Article VIII hereof, the maximum aggregate number of
shares of Class B Common Stock that may be issued in conjunction with awards made on or after January 1, 2006 of (i) Restricted Shares, Restricted Share Units, unrestricted shares
of Class B Common Stock, Performance Shares and Dividend Equivalents, and (ii) Performance Units and Other Awards but only if the Performance Units or Other Awards are paid or settled in
shares of Class B Common Stock, is 34,243,573 shares (such number having been adjusted to account for the Separation), provided that, subject to
adjustment under Article VIII hereof, no more than 75,000 shares may be issued as unrestricted Class B Common Stock. 

        (c)   Rules Applicable to Determining Shares Available for Issuance. For purposes of determining the number of shares of
Class B Common Stock that remain available for issuance, the following rules apply: 

          (i)  In
connection with the granting of an Award (other than an Award denominated in dollars), the number of shares of Class B Common Stock in respect of which the
Award is granted or denominated shall be counted against the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)). 

         (ii)  To
the extent permitted by law or the rules and regulations of any stock exchange on which the Class B Common Stock is listed, the number of shares of
Class B Common Stock that shall be added back to the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)) and shall again be available for Awards, shall
be the corresponding number of shares of Class B Common Stock that are (A) tendered in payment of the exercise price of an Award or to satisfy a Participant's tax or other withholding
obligations with respect to an Award; (B) subject to an Award which for any reason expires or is cancelled, forfeited, or terminated without having been exercised or paid; (C) withheld
from any Award to satisfy a Participant's tax or other withholding obligations or to pay the exercise price of an Award; and (D) subject to Awards that are instead settled in cash. Anything to
the contrary in this Section 1.5(c) notwithstanding, if an Award is settled in whole or in part by delivery of fewer than the full number of shares of Class B Common Stock subject to
such Award, the excess, if any, of the number of shares of Class B Common Stock subject to the Award over the number of shares of Class B Common Stock delivered to the Participant upon
exercise or settlement shall not be counted against the Section 1.5 Limit (and, if applicable, the limits set forth in Section 1.5(b)) and shall again be available for Awards. 

        (iii)  Any
shares of Class B Common Stock underlying Substitute Awards shall not be counted against the Section 1.5 Limit (and, if applicable, the limits set
forth in Section 1.5(b)). 

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Section 1.6 Section 162(m) Limits on Awards to Participants.  

        (a)   Limits on Certain Stock Options, Stock Appreciation Rights and Phantom Shares. The maximum aggregate number of shares of
Class B Common Stock that may be granted to any Participant during the five-year period starting on the Effective Date of the Plan with respect to Stock Options, Stock Appreciation
Rights or Phantom Shares that are granted at no less than 100% of Fair Market Value on the Date of Grant is 25,468,760 (such number having been adjusted for the Separation) (regardless of whether
Stock Appreciation Rights and Phantom Shares are settled in cash, Class B Common Stock, other Company securities or a combination thereof), subject to adjustment pursuant to Article VIII
hereof. 

        (b)   Limits on other Awards. The maximum amount of Awards (other than those Awards set forth in Section 1.6(a))
intended to qualify for the Section 162(m) Exception that may be awarded to any Participant in respect of any Performance Period is $50 million (with respect to Awards denominated in
cash) and 5,093,752 shares (such number having been adjusted for the Separation) of Class B Common Stock (with respect to Awards denominated in shares of Class B Common Stock), subject
to adjustment pursuant to Article VIII hereof. Notwithstanding the preceding sentence, if in respect of any Performance Period, the Committee grants to a Participant Awards having an aggregate
dollar value and/or number of shares less than the maximum dollar value and/or number of shares that could be paid or awarded to such Participant based on the degree to which the relevant Performance
Goals were attained, the excess of such maximum dollar value and/or number of shares over the aggregate dollar value and/or number of shares actually subject to Awards granted to such Participant
shall be carried forward and shall increase the maximum dollar value and/or number of shares that may be awarded to such Participant in respect of the next Performance Period in respect of which the
Committee grants to such Participant an Award intended to qualify for the Section 162(m) Exception, subject to adjustment pursuant to Article VIII hereof. 

Section 1.7 Agreements.  

        The Committee shall determine and set forth in an Agreement the terms and conditions of each Award (other than an Award of unrestricted Class B Common
Stock). Each Agreement (i) shall state the Date of Grant and the name of the Participant, (ii) shall specify the terms of the Award, (iii) shall be signed by a person designated
by the Committee and, if so required by the Committee, by the Participant, (iv) shall incorporate the Plan by reference and (v) shall be delivered or otherwise made available to the
Participant. The Agreement shall contain such other terms and conditions as are required by the Plan and, in addition, such other terms not inconsistent with the Plan as the Committee may deem
advisable. The Committee shall have the authority to adjust the terms of the Agreements relating to an Award in a jurisdiction outside of the United States (i) to comply with the laws of such
jurisdiction or (ii) to obtain more favorable tax treatment for the Company and/or any Subsidiary, as applicable, and/or for the Participants in such jurisdiction. Such authority shall be
notwithstanding the fact that the requirements of the local jurisdiction may be more restrictive than the terms set forth in the Plan. 

ARTICLE II  

 PROVISIONS APPLICABLE TO STOCK OPTIONS  

Section 2.1 Grants of Stock Options.  

        The Committee may from time to time grant to eligible employees Stock Options on the terms and conditions set forth in the Plan and on such other terms and
conditions as are not inconsistent with the purposes and provisions of the Plan, as the Committee, in its discretion, may from time to time determine. Each Agreement covering a grant of Stock Options
shall specify the number of Stock Options granted, the Date of Grant, the exercise price of such Stock Options, whether such Stock Options are Incentive Stock Options or Non-Qualified
Stock Options, the period during which such Stock Options may be exercised, any vesting schedule, any Performance Goals and any other terms that the Committee deems appropriate. 

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Section 2.2 Exercise Price.  

        The Committee shall establish the per share exercise price of a Stock Option on the Date of Grant in such amount as the Committee shall determine;  provided that such exercise price shall not be less than 100% of the Fair Market Value of a share of Class B Common Stock on the Date of Grant,
unless such Stock Option is subject to any Performance Goals pursuant to Article VI. In addition, notwithstanding the foregoing, the per share exercise price of a Stock Option that is a
Substitute Award may be less than 100% of the Fair Market Value of a share of Class B Common Stock on the Date of Grant, provided that the excess
of: 

          (i)  the
aggregate Fair Market Value (as of the Date of Grant of such Substitute Award) of the shares of Class B Common Stock subject to the Substitute Award, over 

         (ii)  the
aggregate exercise price thereof, does not exceed the excess of: 

        (iii)  the
aggregate fair market value (as of the time immediately preceding the transaction pursuant to which the Substitute Award was granted, such fair market value to be
determined by the Committee) of the shares of the predecessor entity that were subject to the award assumed or substituted for by the Company, over 

        (iv)  the
aggregate exercise price of such shares. 

        The
exercise price of any Stock Option will be subject to adjustment in accordance with the provisions of Article VIII of the Plan. 

Section 2.3 Exercise of Stock Options.  

        (a)   Exercisability. Stock Options shall be exercisable only to the extent the Participant is vested therein, subject to any
restrictions that the Committee shall determine and specify in the applicable Agreement (or any employment agreement applicable to the Participant). The Committee shall establish the vesting schedule
applicable to the Stock Options granted hereunder, which vesting schedule shall specify the period of time, the increments in which a Participant shall vest in the Stock Options and/or any applicable
Performance Goal requirements, subject to any restrictions that the Committee shall determine and specify in the applicable Agreement (or any employment agreement applicable to the Participant). The
Committee may, in its sole discretion, accelerate the time at which a Participant vests in his Stock Options. 

        (b)   Option Period. For each Stock Option granted, the Committee shall specify the period during which the Stock Option may be
exercised. 

        (c)   Registration Restrictions. A Stock Option shall not be exercisable, no transfer of shares of Class B Common Stock
shall be made to any Participant, and any attempt to exercise a Stock Option or to transfer any such shares shall be void and of no effect, unless and until (i) a registration statement under
the Securities Act of 1933, as amended, has been duly filed and declared effective pertaining to the shares of Class B Common Stock subject to such Stock Option, and the shares of
Class B Common Stock subject to such Stock Option have been duly qualified under applicable federal or state securities or blue sky laws or (ii) the Committee, in its sole discretion,
determines, or the Participant, upon the request of the Committee, provides an opinion of counsel satisfactory to the Committee, that such registration or qualification is not required as a result of
the availability of an exemption from registration or qualification under such laws. Without limiting the foregoing, if at any time the Committee shall determine, in its sole discretion, that the
listing, registration or qualification of the shares of Class B Common Stock subject to such Stock Option is required under any federal or state law or on any securities exchange or the consent
or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, delivery or purchase of such shares pursuant to the exercise of a Stock Option, such
Stock Option 

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shall
not be exercised in whole or in part unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to
the Committee. 

        (d)   Exercise in the Event of Termination of Employment, Retirement, Death or Permanent Disability.

          (i)  Termination other than for Cause, or due to Retirement, Death or Permanent Disability. Except as otherwise provided in
this Section 2.3 or as otherwise determined by the Committee, in the event that (A) the Participant ceases to be an employee of the Company or any of its Subsidiaries by reason of the
voluntary termination by the Participant or the termination by the Company or any of its Subsidiaries other than for Cause, his Outstanding Stock Options may be exercised to the extent then
exercisable until the earlier of six months after the date of such termination or the Expiration Date, (B) the Participant ceases to be an employee of the Company or any of its Subsidiaries by
reason of the Participant's Retirement, the Participant may exercise his outstanding Stock Options to the extent exercisable on the date of Retirement until the earlier of the third anniversary of
such date or the Expiration Date; (C) the Permanent Disability of the Participant occurs, his Outstanding Stock Options may be exercised to the extent exercisable upon the date of the onset of
such Permanent Disability until the earlier of the third anniversary of such date or the Expiration Date; and (D) a Participant dies during a period during which his Stock Options could have
been exercised by him, his Outstanding Stock Options may be exercised to the extent exercisable at the date of death by the person who acquired the right to exercise such Stock Options by will or the
laws of descent and distribution or permitted transfer until the earlier of the second anniversary of the date of death or the Expiration Date. Except as otherwise provided in this Section 2.3
or as otherwise determined by the Committee, upon the occurrence of an event described in clauses (A), (B), (C) or (D) of this Section 2.3(d)(i), all rights with respect to Stock
Options that are not vested as of such event will be relinquished. 

         (ii)  Termination for Cause. If a Participant's employment with the Company or any of its Subsidiaries ends due to a
Termination for Cause then, unless the Committee in its discretion determines otherwise, all Outstanding Stock Options, whether or not then vested, shall terminate effective as of the date of such
termination. 

        (iii)  Maximum Exercise Period. Anything in this Section 2.3(d) to the contrary notwithstanding and unless the
Committee determines otherwise, no Stock Option shall be exercisable after the earlier to occur of (A) the expiration of the option period set forth in the applicable Agreement or
(B) the tenth anniversary of the Date of Grant thereof. If the date determined in accordance with the preceding sentence is not a business day, the Stock Options may be exercised up to and
including the last business day before such date. 

Section 2.4 Payment of Purchase Price Upon Exercise.  

        Every share purchased through the exercise of a Stock Option shall be paid for in full on or before the settlement date for the shares of Class B Common
Stock issued pursuant to the exercise of the Stock Options in cash or, in the discretion of the Committee, in shares of Class B Common Stock or other securities of the Company designated by the
Committee, in a combination of cash, shares or such other securities or in any other form of valid consideration that is acceptable to the Committee in its sole discretion. If the Agreement so
provides, such exercise price may also be paid in whole or in part using a net share settlement procedure or through the withholding of shares subject to the Stock Option with a value equal to the
exercise price. In accordance with the rules and procedures established by the Committee for this purpose, a Stock Option may also be exercised through a "cashless exercise" procedure, approved by the
Committee, involving a broker or dealer, that affords Participants the opportunity to sell immediately some or all of the shares underlying the exercised portion of the Stock Option in order to
generate sufficient cash to pay the exercise price of the Option. 

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   Section 2.5  No Repricing of Stock Options.  

        The Committee may not "reprice" any Stock Option. "Reprice" means any of the following or any other action that has the same effect: (i) amending a Stock
Option to reduce its exercise price, (ii) canceling a Stock Option at a time when its exercise price exceeds the Fair Market Value of a share of Class B Common Stock in exchange for a
Stock Option, Restricted Share or other equity award unless the cancellation and exchange occurs in connection with a merger, acquisition, spin-off or other similar corporate transaction,
or (iii) taking any other action that is treated as a repricing under GAAP, provided that nothing in this Section 2.5 shall prevent the
Committee from making adjustments pursuant to Article VIII. 

Section 2.6  Stock Appreciation Rights.  

        (a)   Generally. The Committee may grant Stock Appreciation Rights alone or in tandem with other Awards. 

        (b)   Stock Appreciation Rights Granted In Tandem with Stock Options. If the Stock Appreciation Right is granted in tandem with
a Stock Option, such Stock Appreciation Right may be granted either at the time of the grant of the Stock Option or by amendment at any time prior to the exercise, expiration or termination of such
Stock Option. The Stock Appreciation Right shall be subject to the same terms and conditions as the related Stock Option and shall be exercisable only at such times and to such extent as the related
Stock Option is exercisable. A Stock Appreciation Right shall entitle the holder to surrender to the Company the related Stock Option unexercised and receive from the Company in exchange therefor an
amount equal to the excess of the Fair Market Value of the shares of Class B Common Stock subject to such Stock Option, determined as of the day preceding the surrender of such Stock Option,
over the Stock Option aggregate exercise price. Such amount shall be paid in cash, or in the discretion of the Committee, in shares of Class B Common Stock or other securities of the Company
designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities. 

        (c)   Stock Appreciation Rights Granted Alone or In Tandem with Awards Other Than Stock Options. Subject to the next sentence,
Stock Appreciation Rights granted alone or in tandem with Awards other than Stock Options shall be subject to such terms and conditions as the Committee shall establish at or after the time of grant
and set forth in the applicable Agreement. The Committee shall establish the per share exercise price of a Stock Appreciation Right granted alone on the Date of Grant in such amount as the Committee
shall determine; provided that such exercise price shall not be less than 100% of the Fair Market Value of a share of Class B Common Stock on the
Date of Grant, unless such Stock Appreciation Right is subject to any Performance Goals pursuant to Article VI. In addition, notwithstanding the foregoing, the per share exercise price of a
Stock Appreciation Right that is a Substitute Award may be less than 100% of the Fair Market Value of a share of Class B Common Stock on the Date of Grant;  provided that the excess of: 

        (i)    the
aggregate Fair Market Value (as of the Date of Grant of such Substitute Award) of the shares of Class B Common Stock subject to the Substitute Award, over 

        (ii)   the
aggregate exercise price thereof, 

does
not exceed the excess of: 

        (iii)  the
aggregate fair market value (as of the time immediately preceding the transaction pursuant to which the Substitute Award was granted, such fair market value to be
determined by the Committee) of the shares of the predecessor entity that were subject to the award assumed or substituted for by the Company, over 

        (iv)  the
aggregate exercise price of such shares. 

10

 

The
exercise price of any Stock Appreciation Right will be subject to adjustment in accordance with the provisions of Article VIII of the Plan. 

ARTICLE III  

PROVISIONS APPLICABLE TO RESTRICTED SHARES  

Section 3.1  Grants of Restricted Shares.  

        The Committee may from time to time grant to eligible employees Restricted Shares on the terms and conditions set forth in the Plan and on such other terms and
conditions as are not inconsistent with the purposes and provisions of the Plan, as the Committee, in its discretion, may from time to time determine. Each Agreement covering a grant of Restricted
Shares shall specify the number of Restricted Shares granted, the Date of Grant, the price, if any, to be paid by the Participant for such Restricted Shares, the vesting schedule (as provided for in
Section 3.2 hereof) and any Performance Goals for such Restricted Shares and any other terms that the Committee deems appropriate. 

Section 3.2  Vesting.  

        The Committee shall establish the vesting schedule applicable to Restricted Shares granted hereunder, which vesting schedule shall specify the period of time, the
increments in which a Participant shall vest in the Restricted Shares and/or any applicable Performance Goal requirements, subject to any restrictions that the Committee shall determine and specify in
the applicable Agreement, provided that in no event may Restricted Shares that vest contingent solely on the requirement of continued employment fully
vest in less than three years from the Date of Grant. 

Section 3.3  Rights and Restrictions Governing Restricted Shares.  

        The Participant shall have all rights of a holder as to such shares of Class B Common Stock (including, to the extent applicable, the right to receive
dividends and to vote), subject to the following restrictions: (a) the Participant shall not be entitled to be registered on the books and records of the Company as a stockholder until such
shares have vested; (b) none of the Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of until such shares have vested; and (c) except as
otherwise provided in Section 3.6 below, all unvested Restricted Shares shall be immediately forfeited upon a Participant's termination of employment with the Company or any Subsidiary for any
reason or the Participant's death, Retirement or Permanent Disability. 

Section 3.4  Adjustment with Respect to Restricted Shares.  

        Any other provision of the Plan to the contrary notwithstanding, the Committee may, in its discretion, at any time accelerate the date or dates on which
Restricted Shares vest. The Committee may, in its sole discretion, remove any and all restrictions on such Restricted Shares whenever it may determine that, by reason of changes in applicable law, the
rules of any stock exchange on which the Class B Common Stock is listed or other changes in circumstances arising after the Date of Grant, such action is appropriate. 

Section 3.5  Delivery of Restricted Shares.  

        On the date on which Restricted Shares vest, all restrictions contained in the Agreement covering such Restricted Shares and in the Plan shall lapse as to such
Restricted Shares. Restricted Share Awards issued hereunder may be evidenced in such manner as the Committee in its discretion shall deem appropriate, including, without limitation,
book-entry registration or issuance of one or more stock certificates. If stock certificates are issued, such certificates shall be delivered to the Participant or such certificates shall
be credited to a brokerage account if the Participant so directs; provided, however, that such
certificates shall bear such legends as the Committee, in its sole discretion, may determine to be necessary or advisable in order to comply with applicable federal or state securities laws. 

11

 

Section 3.6  Termination of Employment, Retirement, Death or Permanent Disability.  

        In the event that (i) the Participant's employment with the Company or any of its Subsidiaries ends by reason of voluntary termination by the Participant,
termination by the Company or any of its Subsidiaries other than for Cause, termination by the Company or any of its Subsidiaries for Cause or the Participant's Retirement, or (ii) the
Participant's death or Permanent Disability occurs, prior to the date or dates on which Restricted Shares vest, the Participant shall forfeit all unvested Restricted Shares as of the date of such
event, unless the Committee determines otherwise. 

Section 3.7  Grants of Unrestricted Shares.  

        Subject to the limit set forth in the proviso in Section 1.5(b) (as such limit may be adjusted under Article VIII hereof), the Committee may, in its
sole discretion, make awards of unrestricted Class B Common Stock to eligible employees in recognition of outstanding achievements and performance. 

ARTICLE IV  

PROVISIONS APPLICABLE TO RESTRICTED SHARE UNITS  

Section 4.1  Grants of Restricted Share Units.  

        The Committee may from time to time grant Restricted Share Units on the terms and conditions set forth in the Plan and on such other terms and conditions as are
not inconsistent with the purposes and provisions of the Plan as the Committee, in its discretion, may from time to time determine. Each Restricted Share Unit awarded to a Participant shall correspond
to one share of Class B Common Stock. Each Agreement covering a grant of Restricted Share Units shall specify the number of Restricted Share Units granted, the vesting schedule (as provided for
in Section 4.2 hereof) for such Restricted Share Units and any Performance Goals and any other terms that the Committee deems appropriate. 

Section 4.2  Vesting.  

        The Committee shall establish the vesting schedule applicable to Restricted Share Units granted hereunder, which vesting schedule shall specify the period of
time, the increments in which a Participant shall vest in the Restricted Share Units and/or any applicable Performance Goal requirements, subject to any restrictions that the Committee shall determine
and specify in the applicable Agreement, provided that in no event may Restricted Share Units that vest contingent solely on the requirement of
continued employment fully vest in less than three years from the Date of Grant. 

Section 4.3  Adjustment with Respect to Restricted Share Units.  

        Any other provision of the Plan to the contrary notwithstanding, the Committee may, in its discretion, at any time accelerate the date or dates on which
Restricted Share Units vest. 

Section 4.4  Settlement of Restricted Share Units.  

        On the date on which Restricted Share Units vest, all restrictions contained in the Agreement covering such Restricted Share Units and in the Plan shall lapse as
to such Restricted Share Units and the Restricted Stock Units will be payable, at the discretion of the Committee, in cash equal to the Fair Market Value of the shares subject to such Restricted Share
Units, in shares of Class B Common Stock or in other securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other
securities. Restricted Share Units paid in Class B Common Stock may be evidenced in such manner as the Committee in its discretion shall deem appropriate, including, without limitation,
book-entry registration or issuance of one or more stock certificates. If stock certificates are issued, such certificates shall be delivered to the Participant or such certificates shall
be credited to a brokerage account if the Participant so directs; provided, however, that such
certificates shall bear such 

12

 

legends
as the Committee, in its sole discretion, may determine to be necessary or advisable in order to comply with applicable federal or state securities laws. 

Section 4.5  Termination of Employment, Retirement, Death or Permanent Disability.  

        In the event that (i) the Participant's employment with the Company or any of its Subsidiaries ends by reason of voluntary termination by the Participant,
termination by the Company or any of its Subsidiaries other than for Cause, termination by the Company or any of its Subsidiaries for Cause or the Participant's Retirement, or (ii) the
Participant's death or Permanent Disability occurs, prior to the date or dates on which Restricted Share Units vest, the Participant shall forfeit all unvested Restricted Share Units as of the date of
such event, unless the Committee determines otherwise and provides that some or all of such Participant's unvested Restricted Share Units shall vest as of the date of such event, in which case, in the
discretion of the Committee, either certificates representing shares of Class B Common Stock or a cash payment equal to the Fair Market Value of the shares of Class B Common Stock, shall
be delivered in accordance with Section 4.4 above, to the Participant or in the case of the Participant's death, to the person or persons who acquired the right to receive such certificates by
will or the laws of descent and distribution. 

ARTICLE V  

PROVISIONS APPLICABLE TO PHANTOM SHARES  

Section 5.1 Grants of Phantom Shares.  

        The Committee may from time to time grant to eligible employees Phantom Shares, the value of which is determined by reference to a share of Class B Common
Stock, on the terms and conditions set forth in the Plan and on such other terms and conditions as are not inconsistent with the purposes and provisions of the Plan as the Committee, in its
discretion, may from time to time determine. Each Agreement covering a grant of Phantom Shares shall specify the number of Phantom Shares granted, the Initial Value of such Phantom Shares, the
Valuation Dates, the number of Phantom Shares whose Appreciation Value shall be determined on each such Valuation Date, any applicable vesting schedule (as provided for in Section 5.3 hereof)
and Performance Goals for such Phantom Shares, and any applicable limitation on payment (as provided for in Section 5.4 hereof) for such Phantom Shares and any other terms that the Committee
deems appropriate. 

Section 5.2  Appreciation Value.  

        (a)   Valuation Dates; Measurement of Appreciation Value. The Committee shall provide in the Agreement for one or more
Valuation Dates on which the Appreciation Value of the Phantom Shares granted pursuant to the Agreement shall be measured and fixed, and shall designate in the Agreement the number of such Phantom
Shares whose Appreciation Value is to be calculated on each such Valuation Date. Unless otherwise determined by the Committee, each Valuation Date shall be December 15 and no Valuation Date
shall occur later than the year in which the eighth (8th) anniversary of the Date of Grant occurs. 

        (b)   Payment of Appreciation Value. Except as otherwise provided in Section 5.5 hereof, and subject to the limitation
contained in Section 5.4 hereof, the Appreciation Value of a Phantom Share shall be paid to a Participant in cash, or in the discretion of the Committee, in shares of Class B Common
Stock or other securities of the Company designated by the Committee or in a combination of cash, shares of Class B Common Stock or such other securities, as soon as practicable following the
Valuation Date applicable to such Phantom Share. 

Section 5.3  Vesting.  

        The Committee may establish a vesting schedule applicable to Phantom Shares granted hereunder, which vesting schedule shall specify the period of time, the
increments in which a Participant shall vest in 

13

 

the
Phantom Shares and/or any applicable Performance Goal requirements, subject to any restrictions that the Committee shall determine and specify in the applicable Agreement. 

Section 5.4  Limitation on Payment.  

        The Committee may, in its discretion, establish and set forth in the Agreement a maximum dollar amount payable under the Plan for each Phantom Share granted
pursuant to such Agreement. 

Section 5.5  Termination of Employment, Retirement, Death or Permanent Disability.  

        (a)   Termination Other Than for Cause, or due to Retirement, Death or Permanent Disability. Except as otherwise provided in
this Section 5.5, if, before the occurrence of one or more Valuation Dates applicable to the Participant's Outstanding Phantom Shares, (i) the Participant's employment with the Company
or any of its Subsidiaries ends by reason of the voluntary termination by the Participant, the termination by the Company or any of its Subsidiaries other than for Cause or the Participant's
Retirement or (ii) the Participant's death or Permanent Disability occurs, then, unless the Committee, in its discretion, determines otherwise, the Appreciation Value of each Outstanding
Phantom Share as to which the Participant's rights are vested as of the date of such event shall be the lesser of (x) the Appreciation Value of such Phantom Share calculated as of the date of
such event or (y) the Appreciation Value of such Phantom Share calculated as of the originally scheduled Valuation Date applicable thereto. Unless the Committee, in its discretion, determines
otherwise, the Appreciation Value so determined for each such vested Outstanding Phantom Share shall then be payable to the Participant following the originally scheduled Valuation Date applicable
thereto in accordance with Section 5.2(b) hereof. Upon the occurrence of an event described in this Section 5.5(a), unless the Committee determines otherwise, all rights with respect to
Phantom Shares that are not vested as of such date will be relinquished. 

        (b)   Termination for Cause. If a Participant's employment with the Company or any of its Subsidiaries ends due to a
Termination for Cause, then, unless the Committee, in its discretion, determines otherwise, all Outstanding Phantom Shares, whether or not vested, and any and all rights to the payment of Appreciation
Value with respect to such Outstanding Phantom Shares shall be forfeited effective as of the date of such termination. 

ARTICLE VI  

PERFORMANCE AWARDS  

Section 6.1  Grants of Performance Awards.  

        The Committee may from time to time grant to eligible employees Performance Awards consisting of Performance Shares or Performance Units on the terms and
conditions set forth in the Plan and on such other terms and conditions as are not inconsistent with the purposes and provisions of the Plan, as the Committee, in its discretion, may from time to time
determine. Performance Awards may be granted either alone or in addition to other Awards made under the Plan. 

Section 6.2  Performance Goals.  

        Unless otherwise determined by the Committee, the grant, vesting and/or exercisability of Performance Awards shall be conditioned, in whole or in part, on the
attainment of performance targets, in whole or in part, related to one or more performance goals over a Performance Period. For any such Performance Awards that are intended to qualify for the
Section 162(m) Exception, the performance targets on which the grant, vesting and/or exercisability are conditioned shall be selected by the Committee from among the following goals (the
"Section 162(m) Performance Goals"): OIBDA, OIBDA Without Intercompany Eliminations, Operating Income, Free Cash Flow, Net Earnings, Net Earnings from 

14

 

Continuing
Operations, Earnings Per Share, Revenue, Net Revenue, Operating Revenue, total shareholder return, share price, return on equity, return in excess of cost of capital, profit in excess of
cost of capital, return on assets, return on invested capital, net operating profit after tax, operating margin, profit margin or any combination thereof. In addition, for any Awards not intended to
qualify for the Section 162(m) Exception, the Committee may establish performance targets based on other performance goals as it deems appropriate (together with the Section 162(m)
Performance Goals, the "Performance Goals"). The Performance Goals may be described in terms of objectives that are related to the individual Participant or objectives that are
Company-wide or related to a Subsidiary, division, department, region, function or business unit and may be measured on an absolute or cumulative basis or on the basis of percentage of
improvement over time, and may be measured in terms of Company performance (or performance of the applicable Subsidiary, division, department, region, function or business unit) or measured relative
to selected peer companies or a market index. 

Section 6.3  Performance Goals on Awards other than Performance Awards.  

        The Committee, in its sole discretion, may also require that the grant, vesting and/or exercisability of Awards other than Performance Awards be conditioned, in
whole or in part, on the attainment of performance targets, in whole or in part, related to Performance Goals over a Performance Period, as described in Section 6.2. 

Section 6.4  Discretion to Reduce Awards.  

        The Committee retains the right to reduce any Award below the maximum amount that could be paid based on the degree to which the Performance Goals related to such
Award were attained. The Committee may not increase any Award intended to qualify for the Section 162(m) Exception in any manner that would adversely affect the treatment of the Award under the
Section 162(m) Exception. 

Section 6.5  Adjustment of Calculation of Performance Goals.  

        In the event that, during any Performance Period, any recapitalization, reorganization, merger, acquisition, divestiture, consolidation, spin-off,
combination, liquidation, dissolution, sale of assets or other similar corporate transaction or event, or any other extraordinary event or circumstance occurs which has the effect, as determined by
the Committee, in its sole and absolute discretion, of distorting the applicable performance criteria involving the Company, including, without limitation, changes in accounting standards, the
Committee may adjust or modify, as determined by the Committee, in its sole and absolute discretion, the calculation of the Performance Goals, to the extent necessary to prevent reduction or
enlargement of the Participants' Awards under the Plan for such Performance Period attributable to such transaction, circumstance or event. All determinations that the Committee makes pursuant to this
Section 6.5 shall be conclusive and binding on all persons for all purposes. 

ARTICLE VII  

DIVIDEND EQUIVALENTS AND OTHER AWARDS  

Section 7.1  Dividend Equivalents.  

        Subject to the provisions of this Plan and any Agreement, the recipient of an Award (including, without limitation, any Award deferred pursuant to
Section 9.9) may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis, interest or dividends or Dividend Equivalents, with respect to the number of
shares of Class B Common Stock covered by the Award, as determined by the Committee, in its sole discretion, and the Committee may provide that such amounts (if any) shall be deemed to have
been reinvested in additional shares of Class B Common Stock or otherwise reinvested and/or shall be subject to the same terms and conditions (including vesting and forfeiture provisions) as
the related Award. 

15

 

Section 7.2  Other Awards.  

        The Committee shall have the authority to specify the terms and provisions of other forms of equity-based or equity-related awards not described above that the
Committee determines to be consistent with the purpose of the Plan and the interests of the Company. Other Awards may also include cash payments under the Plan which may be based on one or more
criteria determined by the Committee that are unrelated to the value of Class B Common Stock and that may be granted in tandem with, or independent of, Awards granted under the Plan. 

ARTICLE VIII  

EFFECT OF CERTAIN CORPORATE CHANGES  

        In the event of a merger, consolidation, stock-split, reverse stock-split, dividend, distribution, combination, reclassification, reorganization,
split-up, spin-off or recapitalization that changes the character or amount of the Class B Common Stock or any other changes in the corporate structure, equity
securities or capital structure of the Company, the Committee shall make such adjustments, if any, to (i) the number and kind of securities subject to any outstanding Award, (ii) the
exercise price or purchase price, if any, of any outstanding Award or the Initial Value of any Outstanding Phantom Shares, and (iii) the maximum number and kind of securities referred to in
Sections 1.5(a) and (b) and Sections 1.6(a) and (b) of the Plan, in each case, as it deems appropriate. The Committee may, in its sole discretion, also make such other adjustments as it
deems appropriate in order to preserve the benefits or potential benefits intended to be made available hereunder. All determinations that the Committee makes pursuant to this Article VIII
shall be conclusive and binding on all persons for all purposes. 

ARTICLE IX  

MISCELLANEOUS  

Section 9.1  No Rights to Awards or Continued Employment.  

        Nothing in the Plan or in any Agreement, nor the grant of any Award under the Plan, shall confer upon any individual any right to be employed by or to continue in
the employment of the Company or any Subsidiary
thereof, nor to be entitled to any remuneration or benefits not set forth in the Plan or such Agreement, including the right to receive any future Awards under the Plan or any other plan of the
Company or any Subsidiary thereof or interfere with or limit the right of the Company or any Subsidiary thereof to modify the terms of or terminate such individual's employment at any time for any
reason. 

Section 9.2  Restriction on Transfer.  

        The rights of a Participant with respect to any Award shall be exercisable during the Participant's lifetime only by the Participant and shall not be transferable
by the Participant to whom such Award is granted, except by will or the laws of descent and distribution, provided that the Committee may permit other
transferability, subject to any conditions and limitations that it may, in its sole discretion, impose. 

Section 9.3  Taxes.  

        The Company or a Subsidiary thereof, as appropriate, shall have the right to deduct from all payments made under the Plan to a Participant or to a Participant's
estate any federal, state, local or other taxes required by law to be withheld with respect to such payments. The Committee, in its discretion, may require, as a condition to the exercise or
settlement of any Award or delivery of any certificate(s) for shares of Class B Common Stock, that an additional amount be paid in cash equal to the amount of any federal, state, local or other
taxes required to be withheld as a result of such exercise or settlement. In addition, the Committee may establish procedures to allow Participants to satisfy such withholding obligations through a
net share settlement procedure or the withholding of shares subject to the applicable Award, or through a "cashless exercise" procedure as described in Section 2.4. Any Participant who makes an
election under 

16

 

Section 83(b)
of the Code to have his Award taxed in accordance with such election must give notice to the Company of such election immediately upon making a valid election in accordance with
the rules and regulations of the Code. Any such election must be made in accordance with the rules and regulations of the Code. 

Section 9.4  Stockholder Rights.  

        No Award under the Plan shall entitle a Participant or a Participant's estate or permitted transferee to any rights of a holder of shares of Class B Common
Stock of the Company, except as provided in Article III with respect to Restricted Shares or when and until the Participant, the Participant's estate or the permitted transferee is registered
on the books and records of the Company as a stockholder with respect to the exercise or settlement of such Award. 

Section 9.5  No Restriction on Right of Company to Effect Corporate Changes.  

        The Plan shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase
stock or of bonds, debentures, preferred or prior preference stock whose rights are superior to or affect the Class B Common Stock or the rights thereof or which are convertible into or
exchangeable for Class B Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise. 

Section 9.6  Source of Payments.  

        The general funds of the Company shall be the sole source of cash settlements of Awards under the Plan and payments of Appreciation Value and the Company shall
not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. Nothing contained in this Plan, and no action taken pursuant to
its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company and a Participant or any other person. To the extent a person acquires any
rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor. 

Section 9.7  Exercise Periods Following Termination of Employment.  

        For the purposes of determining the dates on which Awards may be exercised following a termination of employment or following the Retirement, death or Permanent
Disability of a Participant, the day following the date of such event shall be the first day of the exercise period and the Award may be exercised up to and including the last business day falling
within the exercise period. Thus, if the last day of the exercise period is not a business day, then the last date an Award may be exercised is the last business day preceding the end of the exercise
period. 

Section 9.8  Breach of Agreements.  

        The Committee may include in any Agreement a provision requiring the Participant to return gains (as defined by the Committee) realized on Awards made under the
Plan in the event the Committee determines that a material breach of specified obligations under one or more written agreements between a Participant and the Company has occurred during the one year
period after termination of the Participant's employment with the Company or a Subsidiary. 

Section 9.9  Deferral of Awards.  

        The Committee may establish procedures pursuant to which the payment of any Award may be deferred. 

17

 

Section 9.10  Employment of Participant by Subsidiary.  

        Unless the Committee determines otherwise, the employment of a Participant who works for a Subsidiary shall terminate, for Plan purposes, on the date on which the
Participant's employing company ceases to be a Subsidiary. 

ARTICLE X  

AMENDMENT AND TERMINATION  

        The Plan may be terminated and may be altered, amended, suspended or terminated at any time, in whole or in part, by the Board; provided,
however, that no alteration or amendment will be effective without stockholder approval if such approval is required by law or under the rules of the New York Stock Exchange or
other principal stock exchange on which the Class B Common Stock is listed. No termination or amendment of the Plan may, without the consent of the Participant to whom an Award has been made,
materially adversely affect the rights of such Participant in such Award. Unless previously terminated pursuant to this Article X, the Plan shall terminate on the fifth anniversary of the
Effective Date, and no further Awards may be granted hereunder after such date. 

ARTICLE XI  

INTERPRETATION  

Section 11.1  Governmental Regulations.  

        The Plan, and all Awards hereunder, shall be subject to all applicable rules and regulations of governmental or other authorities. 

Section 11.2  Headings.  

        The headings of articles and sections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of the
Plan. 

Section 11.3  Governing Law.  

        The Plan and all rights hereunder shall be construed in accordance with and governed by the laws of the State of Delaware. 

ARTICLE XII  

EFFECTIVE DATE AND STOCKHOLDER APPROVAL  

        The Plan became effective upon its adoption by the Board on March 10, 2004, subject to approval by the stockholders of the Company. 

18Exhibit 10(f)  

CBS CORPORATION

SENIOR EXECUTIVE

SHORT-TERM INCENTIVE PLAN
  (Amended and Restated as of December 31, 2005) 

ARTICLE I  

 GENERAL  

Section 1.1 Purpose.  

        The purpose of the CBS Corporation Senior Executive Short-Term Incentive Plan (the "Plan") is to benefit and advance the interests of CBS Corporation,
a Delaware corporation (the "Company"), by granting annual performance-based awards ("Awards") to reward selected senior executive officers of the Company and its subsidiaries and divisions for their
contributions to the Company's financial success and thereby motivate them to continue to make such contributions in the future. 

Section 1.2 Definitions.  

        As used in the Plan, the following terms shall have the following meanings: 

        (a)   "Award"
shall have the meaning set forth in Section 1.1. 

        (b)   "Board"
shall mean the Board of Directors of the Company. 

        (c)   "Class B
Common Stock" shall mean shares of Class B Common Stock, par value $0.001 per share, of the Company. 

        (d)   "Code"
shall mean the Internal Revenue Code of 1986, as amended, including any successor law thereto, and the rules and regulations promulgated thereunder from time to
time. 

        (e)   "Committee"
shall mean the Compensation Committee of the Board (or such other Committee(s) as may be appointed or designated by the Board) to administer the Plan in
accordance with Section 1.3 of the Plan. The Committee shall consist of at least two (2) individuals, each of whom shall be an "outside director" (or any successor standard thereto)
within the meaning of Section 162(m) of the Code; provided, however, that if any such Committee member is found not to have met the qualification
requirements of Section 162(m), any actions taken or Awards granted by the Committee shall not be invalidated by such failure to so qualify. 

        (f)    "Company"
shall have the meaning set forth in Section 1.1. 

        (g)   "Earnings
Per Share" shall have the meaning provided by GAAP. 

        (h)   "EBITDA"
shall mean the Company's Operating Income before depreciation, amortization and inter-company eliminations. 

        (i)    "Effective
Date" shall have the meaning set forth in Section 4.10. 

        (j)    "Equity
Plan" means the CBS Corporation 2004 Long-Term Management Incentive Plan and any successor or similar plan of the Company. 

        (k)   "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended, including any successor law thereto. 

        (l)    "Fair
Market Value" of a share of Class B Common Stock on a given date shall be, unless otherwise determined by the Committee, the 4:00 p.m. (New York
time) closing price on such date on the New York Stock Exchange or other principal stock exchange on which the Class B Common Stock is then listed, as reported by The Wall Street Journal
(Northeast edition) or any other authoritative source selected by the Company. 

        (m)  "Free
Cash Flow" shall mean the Company's Operating Income before depreciation and amortization, less cash interest, taxes paid, working capital requirements and capital
expenditures. 

        (n)   "GAAP"
shall mean generally accepted accounting principles in the United States. 

        (o)   "Net
Earnings" shall have the meaning provided in GAAP. 

        (p)   "Net
Earnings from Continuing Operations" shall have the meaning provided in GAAP. 

        (q)   "Net
Revenue" shall have the meaning provided by GAAP. 

        (r)   "OIBDA"
shall mean the Company's Operating Income before depreciation and amortization. 

        (s)   "OIBDA
Without Inter-Company Eliminations" shall mean the Company's Operating Income before depreciation, amortization and inter-company eliminations. 

        (t)    "Operating
Income" shall have the meaning provided by GAAP. 

        (u)   "Participant"
shall mean any employee who has met the eligibility requirements set forth in Section 1.4 hereof and whom the Committee designates a participant
under the Plan. 

        (v)   "Performance
Goals" shall mean the performance goals set forth in Section 2.2 from which the Committee shall establish performance targets for a given Performance
Period. 

        (w)  "Performance
Period" shall mean a period of time over which performance is measured as determined by the Committee in its sole discretion. 

        (x)   "Plan"
shall have the meaning set forth in Section 1.1. 

        (y)   "Revenue"
shall have the meaning provided by GAAP. 

        (z)   "Salary"
for any Performance Period beginning on or after January 1, 2006 shall mean the sum of (i) the annual base salary of the Participant as in effect
on the first day of the applicable Performance Period and (ii) an amount equal to the annual rate of compensation as in effect on the first day of the applicable Performance Period that the
Participant is required to defer (if any) for the applicable Performance Period pursuant to an employment agreement or similar arrangement with the Company. 

        "Salary"
for any Performance Period ending on or before December 31, 2005 shall mean, (A) for any Participant hired on or before March 20, 2003, the sum of
(i) the base salary of the Participant on March 20, 2003, and (ii) an amount equal to the annual rate of any compensation for such Performance Period deferred pursuant to the
participant's employment agreement entered into on or before March 20, 2003 until no earlier than the year after the Participant ceases to be an executive officer of the Company;  provided that, if
the employment agreement for the Participant expires or is no longer in effect for all or any part of a Performance Period, the
Participant's Salary for such Performance Period shall mean the sum of (x) the base salary of the Participant on March 20, 2003, and (y) an amount equal to the annual rate of any
compensation deferred pursuant to the Participant's employment agreement for the final Performance Period for which such agreement was in effect; and (B) for any Participant hired after
March 20, 2003, the sum of (i) such participant's base salary on the date of hire, and (ii) an amount equal the annual rate of any compensation for the year of hire deferred
pursuant to such Participant's employment agreement as in effect on his date of hire until no earlier than the year after the Participant ceases to be an executive officer of the Company;  provided

that
the Salary for this purpose of a Participant hired after March 20, 2003 shall not exceed 1.5 times the highest Salary on March 20, 2003 for any Participant determined pursuant to
clause (A) of this paragraph of Section 1.2(z). 

        (aa)
"Section 162(m)" shall mean Section 162(m) of the Code. 

        (bb)
"Subsidiary" shall mean a corporation (or a partnership or other enterprise) in which the Company owns or controls, directly or indirectly, more than 50% of the outstanding shares
of stock normally entitled to vote for the election of directors (or comparable equity participation and voting power). 

        (cc)
"Target Awards" means the target established by the Committee for each Performance Period based on a multiple (either a fraction or a whole number multiple) of the Participant's
Salary or a specified dollar amount. 

Section 1.3 Administration of the Plan.  

        The Plan shall be administered by the Committee which shall adopt such rules as it may deem appropriate in order to carry out the purpose of the Plan. All
questions of interpretation, administration and application of the Plan shall be determined by a majority of the members of the Committee then in office, except that the Committee may authorize any
one or more of its members, or any officer of the Company, to execute and deliver documents on behalf of the Committee. The determination of such majority shall be final and binding in all matters
relating to the Plan. The Committee shall have authority to determine the terms and conditions of the Awards granted to eligible persons specified in Section 1.4 below. 

Section 1.4 Eligible Persons.  

        Awards may be granted only to employees of the Company or one of its subsidiaries at the level of Senior Vice President or at a more senior level who are
designated by the Committee as Participants for a given Performance Period. 

ARTICLE II  

 AWARDS  

Section 2.1 Awards.  

        The Committee may grant Awards to eligible employees with respect to each Performance Period, subject to the terms and conditions set forth in the Plan. 

Section 2.2 Terms of Awards.  

        (a)   The
Committee shall determine in its sole discretion whether any employee of the Company shall have the opportunity to earn incentive compensation under this Plan during
any Performance Period. If the Committee decides to offer such opportunity to one or more employees of the Company, then within the time period permitted or required under Section 162(m) for
amounts payable hereunder to be considered "qualified performance based compensation", the Committee shall (i) establish the Performance Period, (ii) designate each Participant for the
Performance Period, (iii) select from the list of Performance Goals set forth in this Section 2.2, the Performance Goal or Goals to be applicable to the Performance Period,
(iv) establish specific performance targets related to such Performance Goals and (v) establish Target Awards for each Participant. 

        (b)   For
any Performance Period beginning on or after January 1, 2006, the Performance Goals from which the Committee shall establish performance targets shall relate
to the achievement of financial goals based on the attainment of specified levels of one or more of the following: OIBDA, OIBDA Without Intercompany Eliminations, Operating Income, Free Cash Flow, Net
Earnings, Net Earnings from Continuing Operations, Earnings Per Share, Revenue, Net Revenue, operating revenue, total shareholder return, share price, return on equity, return in excess of cost of
capital, profit in excess of cost of capital, return on assets, return on invested capital, net operating profit after tax, operating margin, profit margin or any combination 

thereof.
The Performance Goals may be described in terms of objectives that are related to the individual Participant or objectives that are Company-wide or related to a Subsidiary,
division, department, region, function or business unit and may be measured on an absolute or cumulative basis or on the basis of percentage of improvement over time, and may be measured in terms of
Company performance (or performance of the applicable Subsidiary, division, department,
region, function or business unit) or measured in terms of performance relative to selected peer companies or a market index. 

        For
any Performance Period ending on or before December 31, 2005, the Performance Goals from which the Committee shall establish performance targets shall relate to the
achievement of financial goals based on the attainment of specified levels of one or more of the following: EBITDA, Operating Income, Free Cash Flow and Net Earnings for the Company. 

Section 2.3 Limitation on Awards.  

        The aggregate amount of all Awards granted under the Plan to any Participant for any Performance Period shall not exceed the amount determined by multiplying such
Participant's Salary by a factor of eight (8), but in no event shall such amount exceed $51.2 million. 

Section 2.4 Determination of Award.  

        The Committee shall, promptly after the date on which the necessary financial or other information for a particular Performance Period becomes available, certify
whether the performance targets have been achieved in the manner required by Section 162(m). If the performance targets have been achieved, the Awards for such Performance Period shall have
been earned except that the Committee may, in its sole discretion, reduce the amount of any Award to reflect the Committee's assessment of the Participant's individual performance or for any other
reason. 

Section 2.5 Payment of Award.  

        Subject to Section 2.6, such Awards may be paid, in whole or in part, in cash, in the form of grants of stock-based awards issued under the Equity Plan, or
in any other form prescribed by the Committee, and may be subject to such additional restrictions as the Committee, in its sole discretion, may impose. Such Awards shall be paid as promptly as
practicable after the Committee certifies the applicable performance targets have been achieved. If the Committee determines that an Award shall be paid in the form of a stock-based award issued under
the Equity Plan, then for purposes of determining the number of shares of Class B Common Stock subject to an Award, the Class B Common Stock shall be valued based on its Fair Market
Value on the date such stock-based awards are granted. Where Awards are paid in property other than cash and Class B Common Stock, the value of such Awards, for purposes of the Plan, shall be
determined by reference to the fair market value of the property on the date the Committee grants the award of such property. Notwithstanding anything in this Section 2.5 to
the contrary, the Committee may establish procedures pursuant to which the payment of any Award may be deferred. 

Section 2.6 Employment Requirement.  

        To be eligible to receive an Award, the Participant must have remained in the continuous employ of the Company or a Subsidiary during the Performance Period
applicable to the Participant. If the Company or any Subsidiary terminates a Participant's employment other than for "cause", a Participant terminates his employment for "good reason" or a Participant
becomes "permanently disabled" (in each case, as determined by the Committee in its sole discretion) or a Participant dies during a Performance Period, such Participant or his estate shall receive,
unless his or her employment agreement provides otherwise, a pro rata portion of the amount of any Award for such Performance Period except that the Committee may, in its sole discretion, reduce the
amount of such Award to reflect the Committee's assessment of such Participant's individual performance prior to the termination of such participant's employment, such Participant's becoming
permanently disabled or such Participant's death, as the case may be, or for any other reason. 

ARTICLE III  

 ADJUSTMENT OF AWARDS  

        In the event that, during a Performance Period, any recapitalization, reorganization, merger, acquisition, divestiture, consolidation, spin-off,
combination, liquidation, dissolution, sale of assets, or other similar corporate transaction or event or any other extraordinary event occurs, or any other event or circumstance occurs which has the
effect, as determined by the Committee in its sole and absolute discretion, of distorting the applicable Performance Goals, including, without limitation, changes in accounting standards, the
Committee may adjust or modify, as determined by the Committee in its sole and absolute discretion, the calculation of the applicable performance targets based on the Performance Goals, to the extent
necessary to prevent reduction or enlargement of Participants' Awards under the Plan for such Performance Period attributable to such transaction, circumstance or event. Such adjustments shall be
conclusive and binding for all purposes. 

ARTICLE IV  

 MISCELLANEOUS  

Section 4.1 No Rights to Awards or Continued Employment.  

        No employee shall have any claim or right to receive Awards under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any
employee any right to be retained by the Company or any of its subsidiaries. 

Section 4.2 Restriction on Transfer.  

        The rights of a Participant to receive Awards under the Plan shall not be transferable by the Participant to whom such Award is granted, otherwise than by will or
the laws of descent and distribution. 

Section 4.3 Withholding.  

        The Company, or a subsidiary thereof, as appropriate, shall have the right to deduct from all payments made under the Plan to a Participant or to a Participant's
beneficiary or beneficiaries any federal, state or local taxes required by law to be withheld with respect to such payments. 

Section 4.4 No Restriction on Right of Company to Effect Changes.  

        The Plan shall not affect in any way the right or power of the Company or its stockholders or a Subsidiary to make or authorize any recapitalization,
reorganization, merger, acquisition, divestiture, consolidation, spin-off, combination, liquidation, dissolution, sale of assets, or other similar corporate transaction or event involving
the Company or a Subsidiary thereof or any other event or series of events, whether of a similar character or otherwise, whether or not such action would
have an adverse effect on any Awards made under the Plan. No Participant, beneficiary or other person shall have any claim against the Company or any Subsidiary as a result of any such action. 

Section 4.5 Source of Payments.  

        The Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. To the
extent any person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor. 

Section 4.6 Amendment and Termination.  

        The Board may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in part. No such alteration, amendment, suspension or
termination of the Plan may, without the consent of the Participant to whom an Award has been made, adversely affect the rights of such Participant in such Award;  provided, however, that no such consent shall be required if the Committee determines in its sole 

discretion
that any such alteration, amendment, suspension or termination is necessary or prudent pursuant to any change in applicable law, including without limitation, any changes made pursuant to
Section 409A of the Code and any regulations, rulings and other regulatory guidance issued thereunder. 

Section 4.7 Governmental Regulations.  

        The Plan, and all Awards hereunder, shall be subject to all applicable rules and regulations of governmental or other authorities. 

Section 4.8 Headings.  

        The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of the
Plan. 

Section 4.9 Governing Law.  

        The Plan and all rights and Awards hereunder shall be construed in accordance with and governed by the laws of the State of Delaware. 

Section 4.10 Effective Date.  

        The Plan became effective as of January 1, 1994. The first amendment and restatement thereof became effective as of March 27, 1996. The second
amendment and restatement became effective as of March 18, 1999. The third amendment and restatement thereof became effective as of May 25, 2000. The fourth amendment and restatement
thereof became effective as of March 20, 2003. The fifth amendment and restatement thereof became effective as of January 1, 2005;  provided, however, that it shall be a condition to the effectiveness of the fifth amendment and
restatement of the Plan, that the stockholders of the Company approve the fifth amendment and restatement of the Plan at the 2005 Annual Meeting of Stockholders. Such approval shall meet the
requirements of Section 162(m) of the Code and the regulations thereunder. If such approval is not obtained, then the fifth amendment and restatement of the Plan shall not be effective.

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