Document:

Exhibit 4.14

Luxottica Group S.p.A.

2006 Stock Option Plan

        Luxottica
Group S.p.A., an Italian corporation (the “Company”), has adopted on June 14,
2006 the Luxottica Group S.p.A. 2006 Stock Option Plan (the “Plan”).

        1.
  Purpose.   The
purpose of the Plan is to enable the Company and its direct and indirect
subsidiaries throughout the world to attract, retain, and reward key employees
(“Key Employees”) by offering them an opportunity to have a greater proprietary
interest in, and closer identity with, the Company and its Subsidiaries (as
defined below), and with their financial success, by granting them an option (“Option”)
to purchase the Company’s Ordinary Shares (“Ordinary Shares”). Proceeds
received by the Company from the sale of Ordinary Shares pursuant to Options
shall be used for general corporate purposes. The term “Subsidiary” shall mean
any entity more than 50 percent of the ownership of which is controlled
directly or indirectly by the Company.

        2.
  Administration.   The
Plan shall be administered by the Board of Directors (“Board”) of the Company,
in accordance with and subject to the express provisions of the Plan and the
guidelines, if any, approved by the Company’s shareholders, as in effect from
time to time (“Shareholder Action”). Subject to the foregoing, the Board may
interpret the Plan, prescribe, amend and rescind rules and regulations
relating to it, determine Option grants and the terms and provisions of
Participants’ Option Agreements (which need not be identical), and make such
other determinations as it deems necessary or advisable for the administration
of the Plan. The Board may delegate the implementation and management of the
Plan to such employees or officers of the Company as the Board determines,
other than any such delegation as would cause Options or other transactions
under the Plan to cease to (A) be exempt from Section 16(b) of
the Exchange Act, or (B) satisfy the “independent director” requirements
of the New York Stock Exchange Rules. The decisions of the Board and its
delegate(s) under the Plan shall be conclusive and binding. No member of
the Board or any of its delegate(s) shall be liable for any action taken
or determination made in good faith. The exercise of any Options shall be
subject to the completion of all requisite corporate actions and the obtaining
of all necessary governmental approvals to authorize the issuance of the
Ordinary Shares issuable upon such exercise in accordance with applicable law.

        3.
  Eligibility.   The
Board shall determine, within the limits of the express provisions of the Plan
and any Shareholder Action, those Key Employees to whom, and the time or times
at which, Options shall be granted. Each Key Employee who has been selected by
the Board to receive Options shall become a “Participant” in the Plan. Subject
to the provisions of the Plan, all Shareholder Action and local law, the Board
also shall determine the number of Ordinary Shares to be subject to each such
Option, the duration of each Option, the exercise price under each Option, the
time or times within which (during the 

 

 

term of
the Option) all or portions of each Option may be exercised, and any other
terms and conditions of such Options. In making such determinations, the Board
may take into account the nature of the services rendered by the Key Employee,
his present and potential contributions to the success of the Company and its
Subsidiaries, and such other factors as the Board, in its sole discretion,
deems relevant.

        4.
  Ordinary Shares.

        (a)   The
number of Ordinary Shares that may be subject to Options under the Plan may not
exceed 20,000,000. In the event that any Option granted under the Plan expires
unexercised, or is terminated, surrendered or canceled without being exercised,
in whole or in part, for any reason, then the number of Ordinary Shares
theretofore subject to such Option, or the unexercised, terminated,
surrendered, forfeited, canceled or reacquired portion thereof, shall be added
to the remaining number of Ordinary Shares that may be made subject to Options
under the Plan.

        (b)   The
maximum number of Ordinary Shares that may be subject to Incentive Stock
Options under the Plan may not exceed 10,000,000.

        5.
  Options.   The
following provisions shall apply to each Option granted under the Plan:

        (a)    Option Agreement.   Each
Option shall be evidenced by a written agreement (the “Option Agreement”)
specifying the Option exercise price, the terms for payment of the exercise
price, the duration of the Option, and the number of Ordinary Shares to which
the Option pertains. An Option Agreement also may contain such other
restrictions, conditions and terms as the Board shall determine in its sole
discretion, subject to the terms and conditions of the Plan and any Shareholder
Action. Option Agreements need not be identical.

        (b)    Exercise Price.   The
per share exercise price of each Option shall be specified in the applicable
Option Agreement, provided that the per share exercise price shall be the Fair
Market Value of an Ordinary Share on the date the Options are granted (the “Grant
Date”). For purposes hereof, “Fair Market Value” means the market value of a
share on the Milan Stock Exchange, as determined in accordance with Italian
law; provided, however, that with respect to United States employees only, “Fair
Market Value” means the higher of (i) the market value of a share on the
Milan Stock Exchange, as determined in accordance with Italian law, or (ii) the
closing price of a share on the Milan Stock Exchange on the trading day before
the Grant Date.

 

 

        (c)    Grant Date.   An
Option shall be deemed to be granted as of, and the Grant Date shall be deemed
to be, the date the grant of a specified number of Options to a specified Participant
is approved by the Board.

        (d)    Incentive Stock Options Permitted.   Options
may, but need not, be “Incentive Stock Options” under Section 422 of the
United States Internal Revenue Code of 1986, as amended (including any
replacement or successor thereto, the “Code”); provided, however, that (i) Incentive
Stock Options will be exercisable not later than 9 (nine) years after the date
of grant, and (ii) in the case of an Incentive Stock Option granted to a
Participant who, at the time of grant, owns (as defined in Section 425(d) of
the Code) stock of the Company or its Subsidiaries possessing more than 10% of
the total combined voting power of all classes of stock of any such
corporation, the exercise price shall be at least 110% of the fair market value
of the Ordinary Shares subject to the Incentive Stock Option at the time it is
granted, and the Incentive Stock Option, by its terms, shall not be exercisable
after the expiration of five (5) years from the date of its grant. The
aggregate fair market value (determined as of the Grant Date) of the Ordinary
Shares with respect to which Incentive Stock Options are exercisable for the
first time by a Participant during any calendar year (under all Incentive Stock
Option plans of the Company and its Subsidiaries) shall not exceed
U.S. $100,000.

        6.
  Vesting of Option Rights.

        (a)   The
right to exercise an Option shall vest according to the terms of the applicable
Option Agreement; provided, however, that the Board, in its discretion, shall
have the power to accelerate the dates for exercise of any or all Options, or
any part thereof. The term “Vested Option Rights” shall mean a Participant’s
rights to exercise the Option that have vested pursuant to this Section 6
and the applicable Option Agreement.

        (b)   An
Option will become exercisable as of the date of a Change in Control of the
Company. For purposes of the Plan, a “Change in Control” of the Company shall
be deemed to occur only if, as a result of any transaction involving the sale
of all of the assets of the Company or the sale of any stock of the Company or
of any entity that directly or indirectly holds any stock of the Company,
neither Leonardo Del Vecchio, nor any member of his family, nor any trust or
other entity for the benefit of such person, nor any combination of such
persons or entities, shall hold, directly or indirectly, the right to elect a
majority of the members of the Board of the Company, or, if another corporation
or entity then holds the assets of the Company, the right to elect a majority
of the directors of such corporation or the power to direct the management of
such other entity. Notwithstanding the foregoing, a Change in Control shall not
be deemed to 

 

 

have occurred upon or by virtue of the making or
consummation of any public offering of any debt or equity securities of the
Company or of any entity that directly or indirectly holds any beneficial
interest in any stock of the Company.

        7.
  Effective Date of Plan; Maximum
Term; and Cancellation of Unexercised Options.   The Plan
shall be effective as of the date approved by the shareholders (the “Effective
Date”). No Option shall be granted for a term of more than 9 (nine) years from
the date of grant, no Option shall be granted for a term that expires after June 14,
2021, and no Incentive Stock Option shall be granted after the expiration of
ten years from the Effective Date. Failure to exercise the Option within the
prescribed term will result in expiration of the Option. Except as specifically
provided in the applicable Option Agreement, if the Participant’s employment is
terminated for any reason, the Option, including, without limitation, Vested
Option Rights, shall terminate immediately upon the effective date of such
termination.

        8.
  Method of Exercise of Options.   Any
Vested Option Rights under the Plan may be exercised by a Participant, by a
legatee or legatees of such Vested Option Rights under the Participant’s last
will, or by his executors, personal representatives or distributees, as
provided in Section 11 below, by delivering written notice of the number
of Ordinary Shares with respect to which the Option is being exercised,
accompanied by full payment to the Company of the exercise price of the shares
being purchased under the Option, and by satisfying all other conditions
provided for in the Plan, the applicable Option Agreement and any and all
rules, guidelines and forms prescribed by the shareholders, the Board, or their
respective designees. A Participant (or his legatees, executors, personal
representatives or distributees) may exercise a portion of his Vested Option
Rights under the Plan, provided, however, that the Board or its designees may
specify a minimum number of Ordinary Shares with respect to which the Vested Option
Rights may be exercised.

        The
Company shall issue a number of Ordinary Shares issuable pursuant to the
exercise of any Option. Upon request of the Participant, the Company will
arrange for the conversion of such Ordinary Shares into American Depositary
Shares (“ADSs”) representing an equal amount of such Ordinary Shares, as soon
as reasonably practicable after such exercise. The Ordinary Shares or the ADSs,
as the case may be, shall be registered in the name or for the account of, and
delivered to or for the account of, the Participant (or, if applicable, the
legatee(s), executor(s), personal representative(s), or distributee(s) of
a deceased Participant).

        9.
  Terms and Conditions of Options.

        (a)   Each
Participant, and each other person described in Section 11, shall agree to
such restrictions and conditions and other terms in connection with the
exercise of an Option, including restrictions and conditions on the disposition
of the ADSs acquired upon the exercise thereof, as 

 

 

the Board may deem appropriate and as are set forth in
the applicable Option Agreement or in the Plan.

        (b)   The
obligation of the Company to sell and deliver Ordinary Shares or ADSs under the
Plan shall be subject to all applicable laws, regulations, rules and
approvals. Neither a Participant, nor any other person described in Section 11,
shall have any rights as a shareholder with respect to any Ordinary Shares or
ADSs covered by an Option granted to, or exercised by, him until the date of
registration of Ordinary Shares in the name of the Participant. No adjustment,
other than pursuant to Section 10 below, shall be made for dividends or
other rights for which the record date is prior to the date indicated above.

        10.
  Adjustments.   Appropriate
adjustment in the maximum number of Ordinary Shares subject to Options under
the Plan, and, to the extent determined by the Board to be necessary to prevent
dilution or enlargement of Participants’ rights, to the number of Ordinary
Shares subject to and the Exercise Price of each Option, shall be made to give
effect to any increase or decrease in the number of issued Ordinary Shares
resulting from a subdivision or consolidation of shares whether through
reorganization, recapitalization, stock split, reverse stock split, spin-off,
split-off, spin-out, or other distribution of assets to stockholders, stock
distributions or combination of shares, assumption and conversion of
outstanding Options due to an acquisition by the Company of the stock or assets
of any other corporation, payment of stock dividends, other increase or
decrease in the number of such shares outstanding effected without receipt of
consideration by the Company, or any other occurrence for which the Board
determines an adjustment is appropriate. On the basis of information known to
the Company, the Board shall make all determinations relating to the
applicability and interpretation of this Section 10, and all such
determinations shall be conclusive and binding.

        11.
  Nontransferability.   Unless
the Board otherwise consents in writing in its sole and absolute discretion,
Options granted under the Plan, and any rights and privileges pertaining
thereto, may not be transferred, assigned, pledged or hypothecated in any
manner, other than by will or by the laws of descent and distribution, and
shall not be subject to execution, attachment or similar process. The granting
of an Option shall impose no obligation upon the applicable Participant or any
other person to exercise such Option.

        12.
  Indemnification of the Board and
Its Delegates.   In addition to such other rights of
indemnification as they may have as members of the Board, as employees of the
Company, or as its delegates, the members of the Board and its delegates shall be
indemnified by the Company against (a) the reasonable expenses (as such
expenses are incurred), including attorneys’ fees, actually and necessarily
incurred in connection with the defense of any action, suit or proceeding (or
in connection

 

 

with any
appeal therein), to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan or any
Option granted hereunder; and (b) against all amounts paid by them in
settlement thereof (provided such settlement is approved by independent legal
counsel selected by the Company) or paid by them in satisfaction of a judgment
in any such action, suit or proceeding, except in relation to matters as to
which it shall be adjudged in such action, suit or proceeding that such Board
member or delegate is liable for gross negligence or misconduct in the
performance of his duties. The Company may elect, at its own expense, to handle
and defend such action, suit or proceeding.

        13.
  No Contract of Employment.   Neither
the adoption of the Plan nor the grant of any Option shall be deemed to
obligate the Company or any Subsidiary to continue the employment of any
Participant for any particular period, nor shall the granting of an Option
constitute a request or consent to postpone the retirement date of any
Participant.

        14.
  Termination and Amendment of
Plan and Options.

        (a)   The
Board may at any time terminate, suspend or modify the Plan, without the
authorization of shareholders to the extent allowed by law.

        (b)   The
Board may modify the terms of any Option, and authorize the exchange or
replacement of Options; provided, however, that in no event shall the Board be
permitted to reduce the exercise price of any outstanding Option or to exchange
or replace an outstanding Option with a new Option with a lower exercise price.

        (c)   No
termination, suspension or modification of the Plan or modification, exchange,
or replacement of an Option shall adversely affect any right acquired by any
Participant, or any other person designated in Section 11, under an Option
granted before the effective date of such termination, suspension,
modification, exchange, or replacement unless such Participant or other person
shall consent; but it shall be conclusively presumed that any adjustment for
changes in capitalization as provided for in Section 10 do not adversely
affect any such right.

        15.
  Withholding Taxes.   The
Company shall have the right to require the Participant or other person to remit
to the Company or one or more of its Subsidiaries, or any agent thereof, an
amount sufficient to satisfy all federal, state, provincial, local, and any
other withholding or other applicable tax requirements at, or after, the time
such tax obligation arises and to withhold from any amounts payable to the
Participant or other person, as compensation or otherwise, as necessary and at
any time.

 

 

        16.
  Governing Law; Conflicts.   The
Plan shall be construed in accordance with and governed by the laws of the
Republic of Italy, except as otherwise required by the laws of the United
States or the laws of the jurisdiction where the Participant performs services
for the Company or one of its Subsidiaries. In the event of any conflict or
inconsistency between the terms of the Plan and any Shareholder Action, the
Shareholder Action shall govern.

        17.
  Section 409A.   It
is the Company’s intent that the Options not be treated as deferred
compensation under Section 409A of the Code (“Section 409A”) (or any
regulations or other guidance promulgated thereunder) and that any ambiguities
in construction be interpreted so as to effect such intent. Options under the
Plan shall contain such terms as the Board or its delegate determines are
appropriate to avoid the application of Section 409A.

        18.
  Successors.   In
the event of a sale of substantially all of the assets of the Company, or a
merger, consolidation or share exchange involving the Company, all obligations
of the Company under the Plan with respect to Options granted hereunder shall
be binding on the successor to the transaction. Employment of a Participant
with such successor shall be considered employment of the Participant with the
Company for purposes of the Plan.

        19.
  Fractional Shares.   If
at any time the exercise of the Option would, except for this provision,
require the issue or transfer of fractional shares, the number of Ordinary
Shares or ADSs shall be rounded down to the next whole number.Exhibit 10.1

VOTING AND PROXY AGREEMENT

THIS VOTING AND PROXY AGREEMENT (this “Agreement”)
is made and entered into as of June 26, 2006 by and among Umbrella
Holdings, LLC, a Delaware limited liability company (“Buyer”),
and the persons executing this Agreement as “Stockholders” on the signature page hereto
(each, a “Stockholder” and
collectively, the “Stockholders”).

WHEREAS, concurrently herewith, Buyer, Umbrella Acquisition, Inc.,
a Delaware corporation and wholly-owned subsidiary of Buyer (“Merger Co”), and Univision Communications Inc., a
Delaware corporation (the “Company”), have
entered into an Agreement and Plan of Merger (as amended from time to time, the
“Merger Agreement”) (unless
otherwise defined herein, capitalized terms used herein shall have the meanings
ascribed thereto in the Merger Agreement) pursuant to which Buyer will acquire
the Company by merging Merger Co with and into the Company (the “Merger”);

WHEREAS, as of the date hereof, each Stockholder is the record and
beneficial owner of, and has, or has given a proxy to another Stockholder who
has, the sole right to vote and dispose of, that number of shares of Class A
Common Stock and/or that number of shares of Class P Common Stock, each
par value $0.01, of the Company (such shares, together with any other capital
stock of the Company acquired by such Stockholder after the date hereof whether
acquired directly or indirectly, upon the exercise of options, conversion of
convertible securities or otherwise, and any other voting securities of the
Company (whether acquired heretofore or hereafter), being collectively referred
to herein as the “Shares”) set forth on
Attachment A hereto;

WHEREAS, obtaining appropriate stockholder approval is a condition to
the consummation of the transactions contemplated by the Merger Agreement; and

WHEREAS, as an inducement to Buyer and Merger Co to enter into the
Merger Agreement and incurring the obligations therein, Buyer has required that
each Stockholder enter into this Agreement.

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
and agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

Section 1.               Agreement to Vote, Restrictions
on Voting and Dispositions, Irrevocable Proxy.

(a)           Agreement
to Vote. Each Stockholder irrevocably and unconditionally hereby agrees
that from and after the date hereof until the earlier of (i) the Effective
Time and (ii) the date of termination of the Merger Agreement in
accordance with its terms (the “Expiration Time”),
at any meeting (whether annual or special and each adjourned or postponed
meeting) of the Company’s stockholders, however called or in connection with
any written consent of the Company’s stockholders, each Stockholder will (x) appear
at such meeting or otherwise cause its Owned Shares (as defined below) to be
counted as present thereat for

 

purposes
of calculating a quorum and (y) vote or cause to be voted (including by
written consent, if applicable) all of such Stockholder’s Shares beneficially
owned by such Stockholder as of the relevant time (the “Owned Shares”), (1) for approval and adoption of
the Merger Agreement (as amended from time to time), whether or not recommended
by the Company’s Board of Directors (the “Company
Board”), and the transactions contemplated by the Merger
Agreement, (2) against any Competing Proposal, without regard to any
Company Board recommendation to stockholders concerning such Competing
Proposal, and without regard to the terms of such Competing Proposal, or other
proposal made in opposition to adoption of the Merger Agreement or in
competition or in consistent with the Merger, (3) against any agreement,
amendment of any agreement (including the Company’s Certificate of
Incorporation or Bylaws), or any other action that is intended or would
reasonably be expected to prevent, impede, or , in any material respect,
interfere with, delay, postpone, or discourage the transactions contemplated by
the Merger Agreement, other than those specifically contemplated by this
Agreement or the Merger Agreement or (4) against any action, agreement,
transaction or proposal that would result in a breach of any representation,
warranty, covenant, agreement or other obligation of the Company in the Merger
Agreement.

(b)           Restrictions
on Transfers. Each Stockholder hereby agrees that, from the date hereof
until the Expiration Time, such Stockholder shall not, directly or indirectly,
sell, offer to sell, give, pledge, encumber, assign, grant any option for the
sale of or otherwise transfer or dispose of, or enter into any agreement,
arrangement or understanding to sell, any Owned Shares (collectively, “Transfer”) other than pursuant to this Agreement, the
Merger Agreement, Schedule 1 hereto, in connection with financial or tax
planning purposes, or in connection with bona fide estate planning purposes to
his, her or its affiliates or immediate family members, provided that as a
condition to such Transfer, such affiliate or immediate family member shall
execute an agreement that is identical to this Agreement (except to reflect the
change of the Stockholder) and provided, further that the assigning Stockholder
shall remain jointly and severally liable for the breaches of any of his, her
or its affiliates or immediate family members of the terms hereof.

(c)           Irrevocable
Proxy. Each Stockholder hereby revokes any and all previous proxies granted
with respect to his, her or its Owned Shares. Subject to the last two sentences
of this subsection (c), each Stockholder hereby irrevocably appoints Buyer or
its designee as Stockholder’s agent, attorney and proxy, to vote (or cause to
be voted) his, her or its Owned Shares in favor of approval of the Merger
Agreement and the transactions contemplated by the Merger Agreement, as
applicable. This proxy is irrevocable and coupled with an interest and is
granted in consideration of the Company and Buyer entering into the Merger
Agreement. In the event that any Stockholder fails for any reason to vote his,
her or its Owned Shares in accordance with the requirements of Section 1(a) hereof,
then the proxyholder shall have the right to vote such Stockholder’s Owned
Shares in accordance with the provisions of the second sentence of this
subsection (c). The vote of the proxyholder shall control in any conflict
between the vote by the proxyholder of such Stockholder’s Owned Shares and a
vote by such Stockholder of his, her or its Owned Shares. Notwithstanding the
foregoing, the proxy granted by each Stockholder shall be automatically revoked
upon termination of this Agreement in accordance with its terms.

 2
 

 

(d)           Inconsistent
Agreements. Each Stockholder hereby agrees that, he, she or it shall not
enter into any agreement, contract or understanding with any person prior to
the termination of the Merger Agreement directly or indirectly to vote, grant a
proxy or power of attorney or give instructions with respect to the voting of
such Stockholder’s Owned Shares in any manner which is inconsistent with this
Agreement.

Section 2.               No Shop

(a)           General.
Each Stockholder in his, her or its capacity as a stockholder of the Company
shall not, and shall use his, her or its 
reasonable best efforts to cause its accountants, affiliates, attorneys,
consultants, representatives or agents (collectively, the “Representatives”) not to, directly or indirectly, (i) solicit,
initiate or knowingly facilitate or encourage any Competing Proposal, (ii) participate
in any negotiations regarding, or furnish to any person any material nonpublic
information in connection with, any Competing Proposal, (iii) engage in
discussions with any person with respect to any Competing Proposal, (iv) approve
or recommend any Competing Proposal, or (v) enter into any letter of
intent or similar document or any agreement or commitment providing for any
Competing Proposal.

(b)           Notification.
Each Stockholder promptly (and in any event within 48 hours) shall advise Buyer
orally and in writing of any Competing Proposal or any inquiry, proposal or
offer, request for information or request for discussions or negotiations with
respect to or that would reasonably be expected to lead to any Competing
Proposal, the identity of the person making any such Competing Proposal or
inquiry, proposal, offer or request and shall provide Buyer with a copy (if in
writing) and summary of the material terms of any such Competing Proposal or
inquiry, proposal or request. Each Stockholder shall keep Buyer informed of the
status (including any change to the terms thereof) of any such Competing
Proposal or inquiry, proposal or request. Each Stockholder agrees that it shall
not and shall use its reasonable best efforts to cause his, her or its
Representatives not to, enter into any confidentiality agreement or other
agreement with any person subsequent to the date of this Agreement which
prohibits the Stockholder from providing such information to Buyer.

(c)           Ongoing
Discussions. On the date hereof, each Stockholder shall immediately cease
and cause to be terminated any existing solicitation, discussion or negotiation
by the Stockholder or his, her or its Representatives with respect to any
Competing Proposal.

(d)           Each
Stockholder is signing this Agreement solely in such Stockholder’s capacity as
a stockholder of the Company and nothing contained herein shall limit or affect
any actions taken by any Stockholder, including A. Jerrold Perenchio, in his,
her or its capacity as an officer and director of the Company, and neither such
actions nor any actions taken as a representative of the Company in his, her or
its capacity as a stockholder of the Company which are permitted to be taken
pursuant to the Merger Agreement shall be deemed to constitute a breach of this
Agreement.

Section 3.               Representations, Warranties
and Covenants of Stockholder.

(a)           Representations
and Warranties. Each Stockholder represents and warrants to Buyer as
follows: (i) such Stockholder has the requisite capacity and all necessary

 3
 

 

power
and authority to execute and deliver this Agreement and to perform his
obligations hereunder; (ii) this Agreement has been duly executed and
delivered by such Stockholder and the execution, delivery and performance of
this Agreement by such Stockholder and the consummation of the transactions
contemplated hereby have been duly authorized by all necessary action on the
part of such Stockholder; (iii) assuming the due authorization, execution
and delivery of this Agreement by Buyer, this Agreement constitutes the valid
and binding agreement of such Stockholder enforceable against such Stockholder in
accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other similar laws of general
application which may affect the enforcement of creditors, rights generally and
by general equitable principles; (iv) the execution and delivery of this
Agreement by such Stockholder does not conflict with or violate any law or
agreement binding upon it, nor require any consent, notification, regulatory
filing or approval, and (v) except for restrictions in favor of Buyer
pursuant to this Agreement and except for such transfer restrictions of general
applicability as may be provided under the Securities Act of 1933, as amended,
and the “blue sky” laws of the various States of the United States, such
Stockholder, except as set forth in Schedule 1 hereto, owns, beneficially and
of record, all of such Stockholder’s Owned Shares free and clear of any proxy,
voting restriction, adverse claim or other lien (other than any restrictions
created by this Agreement or by the Voting Agreement, dated as of June 11,
2002, by and among A. Jerrold Perenchio and McHenry T. Tichenor, Jr. in
effect on the date hereof) and has sole voting power and sole power of
disposition with respect to such Stockholder’s Owned Shares, with no
restrictions on such Stockholder’s rights of voting or disposition pertaining
thereto and no person other than such Stockholder has any right to direct or
approve the voting or disposition of any of such Stockholder’s Owned Shares.

(b)           Covenants.
From the date hereof until the Expiration Time:

(i)            each
Stockholder agrees not take any action that would make any representation or
warranty of such Stockholder contained herein untrue or incorrect or have the
effect of preventing, impeding, or ,in any material respect, interfering with
or adversely affecting the performance by such Stockholder of its obligations
under this Agreement.

(ii)           each
Stockholder hereby waives any rights or appraisal or rights of dissent from the
Merger that such Stockholder may have;

(iii)          each
Stockholder hereby agrees, while this Agreement is in effect, to promptly
notify Buyer of the number of any new Shares acquired by Stockholder, if any,
after the date hereof. Any such shares shall be subject to the terms of this
Agreement as though owned by the Stockholder on the date hereof; and

(iv)          each
Stockholder, severally and not jointly, hereby authorizes Buyer and the Company
to publish and disclose in any announcement or disclosure required by the SEC
and in the Proxy Statement such Stockholder’s identity and ownership of the
Owned Shares and the nature of such Stockholder’s obligation under this
Agreement, provided that such Stockholder is provided with a reasonable
opportunity to review and comment on such disclosure.

 4
 

 

Section 4.               Representations and Warranties
of Buyer. Buyer represents and warrants to each Stockholder as follows: (i) each
of this Agreement and the Merger Agreement has been approved by Buyer’s board
of directors; (ii) each of this Agreement and the Merger Agreement has been
duly executed and delivered by a duly authorized officer of Buyer; and (iii) assuming
the due authorization, execution and delivery of this Agreement by each
Stockholder, this Agreement constitutes a valid and binding agreement of Buyer,
enforceable against Buyer in accordance with its terms, except as may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other similar laws of general application which may affect the enforcement of
creditors, rights generally and by general equitable principles.

Section 5.               Further Assurances. From
time to time, at the request of Buyer and without further consideration, each
Stockholder shall execute and deliver such additional documents and take all
such further action as may be necessary to consummate and make effective the
transactions contemplated by Sections 1 and 4(b) of this Agreement.

Section 6.               Termination. This
Agreement shall automatically terminate and be of no further force or effect
upon the Expiration Time(other than with respect to this Section and Section 7
which shall survive any termination of this Agreement); provided that no such
termination shall relieve any party hereto from any liability for any breach of
this Agreement occurring prior to such termination.

Section 7.               Miscellaneous.

(a)           Expenses.
All Expenses incurred in connection with this Agreement and the transactions
contemplated by this Agreement shall be paid by the party incurring such
expenses.

(b)           Notices.
Any notice required to be given hereunder shall be sufficient if in writing,
and sent by facsimile transmission (provided that any notice received by
facsimile transmission or otherwise at the addressee’s location on any business
day after 5:00 p.m. (addressee’s local time) shall be deemed to have been
received at 9:00 a.m. (addressee’s local time) on the next business day),
by reliable overnight delivery service (with proof of service), hand delivery
or certified or registered mail (return receipt requested and first-class
postage prepaid), addressed as follows:

If to Buyer, to

Umbrella Holdings, LLC

c\o
Providence Equity Partners Inc.

50 Kennedy Plaza

Providence, Rhode Island 02903

Facsimile: (401) 751-1790

Attention:  Mark J. Masiello

 

with a copy to (which shall not constitute notice):

Weil, Gotshal & Manges, LLP

50 Kennedy Plaza , 11th Floor

Providence, Rhode Island 02903

Facsimile: (401) 278-4701

Attention:  David K. Duffell, Esq.

If to Stockholders, to

1999 Avenue of the Stars

Los Angeles, California
90067

Fax: (310) 556-1526

Attention: C. Douglas Kranwinkle, Esq.

with a copy to (which shall not constitute notice):

Skadden, Arps, Slate,
Meagher & Flom LLP

Four Times Square

New
York, New York  10036-6522

Fax:  (212) 735-2000

Attention:  Roger S. Aaron

Howard
L. Ellin

 5
 

 

(c)           Amendments, Waivers, Etc. This
Agreement may not be amended, changed, supplemented, waived or otherwise
modified or terminated except by an instrument in writing signed by Buyer and
the Stockholders.

(d)           Successors
and Assigns. No party may assign any of its or his rights or delegate any
of its or his obligations under this Agreement without the prior written
consent of the other parties, except that Buyer may, without the consent of the
Stockholders, assign any of its rights and delegate any of its obligations
under this Agreement to any affiliate of Buyer. Subject to the preceding
sentence, this Agreement shall be binding upon and shall inure to the benefit
of and be enforceable by the parties and their respective successors and
assigns, including without limitation any corporate successor by merger or
otherwise. Notwithstanding any Transfer of Shares consistent with this
Agreement, the transferor shall remain liable for the performance of all
obligations of transferor under this Agreement.

(e)           No
Third Party Beneficiaries. Nothing expressed or referred to in this
Agreement will be construed to give any person, other than the parties to this
Agreement, any legal or equitable right, remedy or claim under or with respect
to this Agreement or any provision of this Agreement except as such rights as
may inure to a successor or permitted assignee under Section 7(d).

(f)            No
Partnership, Agency, or Joint Venture. This Agreement is intended to
create, and creates, a contractual relationship and is not intended to create,
and does not create, any agency, partnership, joint venture or any like
relationship between the parties hereto.

 6
 

 

(g)           Entire
Agreement. This Agreement embodies the entire agreement and understanding
among the parties relating to the subject matter hereof and supersedes all
prior agreements and understandings relating to such subject matter.

(h)           Severability.
The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this
Agreement.

(i)            Specific
Performance; Remedies Cumulative. The parties hereto acknowledge that money
damages are not an adequate remedy for violations of this Agreement and that
any party, in addition to any other rights and remedies which the parties may
have hereunder or at law or in equity, may, in his or its sole discretion,
apply to a court of competent jurisdiction for specific performance or
injunction or such other relief as such court may deem just and proper in order
to enforce this Agreement or prevent any violation hereof and, to the extent
permitted by applicable law, each party waives any objection to the imposition
of such relief. All rights, powers and remedies provided under this Agreement
or otherwise available in respect hereof at law or in equity shall be
cumulative and not alternative, and the exercise or beginning of the exercise
of any thereof by any party shall not preclude the simultaneous or later
exercise of any other such rights, powers or remedies by such party.

(j)            No
Waiver. The failure of any party hereto to exercise any right, power or
remedy provided under this Agreement or otherwise available in respect hereof
at law or in equity, or to insist upon compliance by any other party hereto
with his or its obligations hereunder, and any custom or practice of the parties
at variance with the terms hereof, shall not constitute a waiver by such party
of his or its right to exercise any such or other right, power or remedy or to
demand such compliance.

(k)           Governing
Law. This agreement, and all claims or causes of action (whether in
contract or tort) that may be based upon, arise out or relate to this Agreement
or the negotiation, execution or performance of this Agreement (including any
claim or cause of action based upon, arising out of or related to any
representation or warranty made in or in connection with this Agreement or as
an inducement to enter into this Agreement), shall be governed by the internal
laws of the State of Delaware without giving effect to any choice or conflict
of laws provision or rule.

(l)            Jurisdiction.
Each of the parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement exclusively in a state or federal
court located in Delaware. In addition, each of the parties hereby irrevocably
submits to the exclusive jurisdiction of the courts of the State of Delaware
and to the jurisdiction of the United States District Court for the State of
Delaware, for the purpose of any action or proceeding arising out of or relating
to this Agreement and each of the parties hereto hereby irrevocably agrees that
all claims in respect to such action or proceeding may be heard and determined
exclusively in any Delaware state or federal court. Each of the parties agrees
that a

 7
 

 

final
judgment in any action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by
Law.

(m)          Waiver
of Jury Trial. Each Stockholder hereby waives, to the fullest extent
permitted by applicable law, any right he or it may have to a trial by jury in
respect of any litigation directly or indirectly arising out of, under or in
connection with this Agreement. Each Stockholder (i) certifies that no
representative of any other party has represented, expressly or otherwise, that
such other party would not, in the event of any such litigation, seek to
enforce the foregoing waiver and (ii) acknowledges that he, she or it has
been induced to enter into this Agreement by, among other things, the
consideration received by such Stockholder in respect of such Stockholder’s
Owned Shares pursuant to the transactions contemplated by the Merger Agreement.

(n)           Drafting
and Representation. The parties have participated jointly in the
negotiation and drafting of this Agreement. No provision of this Agreement will
be interpreted for or against any party because that party or his or its legal
representative drafted the provision.

(o)           Name,
Captions, Gender. Section headings of this Agreement are for reference
purposes only and are to be given no effect in the construction or
interpretation of this Agreement. Whenever the context may require, any pronoun
used herein shall include the corresponding masculine, feminine or neuter
forms.

(p)           Counterparts.
This Agreement may be executed by facsimile and in any number of counterparts,
each of which shall be deemed to be an original, but all of which together
shall constitute one instrument. Each counterpart may consist of a number of
copies each signed by less than all, but together signed by all, the parties
hereto.

 8
 

 

IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Agreement as of the date and year first written above.

	
   

  	
   

  	
  UMBRELLA HOLDINGS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A. JERROLD PERENCHIO, TRUSTEE OF THE JERRY
  PERENCHIO LIVING TRUST, dated April 16, 1987, as amended

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  A. Jerrold Perenchio

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CHARTWELL SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  A. Jerrold Perenchio

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  President & Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PERENCHIO PICTURES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  A. Jerrold Perenchio

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  President

  
							

 

(VOTING AGREEMENT
SIGNATURE PAGE)

 

 9
 

 

 

	
  

  	
   

  	
   

  
	
   

  	
   

  	
  MARGARET A. PERENCHIO, AS TRUSTEE OF THE
  MARGARET A. PERENCHIO TRUST, UDT dated April 30, 1998

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  A. Jerrold Perenchio

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  (A. Jerrold Perenchio has an irrevocable proxy to
  vote these shares)

  

 

(VOTING AGREEMENT
SIGNATURE PAGE)

 

 10

 

Attachment A

	
  Stockholder

  	
   

  	
  Class A

  Common

  Stock

  	
   

  	
  Class P

  Common

  Stock

  	
   

  	
  Common

  Stock

  Warrants

  	
   

  	
  Common

  Stock

  Options

  	
   

  
	
  A. Jerrold
  Perenchio, Trustee of the Jerry Perenchio Living Trust dated April 16,
  1987, as amended

  	
   

  	
  100

  	
   

  	
  34,373,476

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chartwell
  Services, Inc.

  	
   

  	
  124,894

  	
   

  	
  1,679,106

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Perenchio
  Pictures, Inc.

  	
   

  	
   

  	
   

  	
  24,068

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Margaret A. Perenchio,
  as Trustee of the Margaret A. Perenchio Trust, UDT dated April 30, 1998

  	
   

  	
   

  	
   

  	
  885,740

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

Schedule
1

Common stock owned,
directly or indirectly, by Mr. A. Jerrold Perenchio includes 1,804,000
shares subject to employee stock options that are fully exercisable for Class A
Common Stock and were granted to Mr. Cahill and Mr. John G. Perenchio
by one of Mr. A. Jerrold Perenchio’s wholly-owned companies, which options
were granted for services to that company. Mr. Cahill owns a fully
exercisable employee stock option to purchase 1,336,000 shares of Class A
Common Stock. Mr. John G. Perenchio owns a fully exercisable employee
stock option to purchase 468,000 shares of Class A Common Stock. The Board
of Directors of the Company has approved the granting of registration rights
and filing of a registration statement with respect to the sale of the shares
underlying such options, and the Company intends to grant registration rights
and file a registration statement with respect to the sale of the shares
underlying such options.

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