Document:

Exhibit

Exhibit 10.2

EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this “Agreement”) is made as of May 21, 2020 by and among Liberty Global, Inc., a Delaware corporation (the “Company”) and Bryan H. Hall (the “Executive”) (the Company and the Executive collectively, the “Parties”).
WHEREAS, the Company desires to continue to employ the Executive as Executive Vice President, General Counsel and Secretary; and
WHEREAS, the Parties desire to enter into this Agreement to secure the Executive’s employment during the term hereof, on the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
ARTICLE I 
DEFINITIONS
Section 1.1    Defined Terms.  As used in this Agreement, the following terms have the following meanings:
“Board” means the Board of Directors of the Parent.
“Cause” shall mean a determination in good faith by the Company that the Executive (a) has engaged in gross negligence, gross incompetence or willful misconduct in the performance of the Executive’s duties with respect to the Parent, the Company or any of their subsidiaries, (b) has refused without proper legal reason to perform the Executive’s duties and responsibilities to the Parent, the Company or any of their subsidiaries, (c) has materially breached any provision of this Agreement or any material written agreement or corporate policy or code of conduct established by the Parent, the Company or any of their subsidiaries (and as may be amended from time to time), (d) has engaged in conduct that is materially injurious to the Parent, the Company or any of their subsidiaries, (e) has disclosed without specific authorization from the Company material Confidential Information, (f) has committed an act of theft, fraud, embezzlement, misappropriation or breach of a fiduciary duty to the Parent, the Company or any of their subsidiaries, (g) has been indicted for a crime involving fraud, dishonesty or moral turpitude or any felony (or a crime of similar import in a jurisdiction outside the U.S.), or (h) has, directly or indirectly (through a failure to put in place and enforce appropriate compliance controls and procedures), violated, or there appears to be, after due inquiry, a reasonable basis to conclude that the Executive has violated, the Foreign Corrupt Practices Act, the UK Bribery Act, and/or other similar applicable laws, in any material respect.
“Class A Shares” means the Parent’s Class A ordinary shares.
“Class C Shares” means the Parent’s Class C ordinary shares.
“Code” means the U.S. Internal Revenue Code of 1986, as amended.

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“Company Entity” means the Parent, the Company and/or any of their subsidiaries or other affiliates.
“Compensation Committee” means the Compensation Committee of the Board.
“Date of Termination” shall mean the date specified in the Notice of Termination relating to termination of the Executive’s employment with the Company; provided, that the Company may require an earlier Date of Termination than the date specified by the Executive in a Notice of Termination delivered pursuant to Section 4.2.
“Disability” shall mean that the Executive meets the requirements for disability benefits under the Company’s long-term disability plan.
“Good Reason” shall mean any of the following events that occur without the Executive’s prior written consent:  (a) the assignment to the Executive of any duties materially inconsistent with the Executive’s position, authority, duties or responsibilities, or any other action by the Company that results in a material diminution in the Executive’s authority, duties or responsibilities (excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith); (b) any material breach of this Agreement by the Company; (c) a material reduction in Base Salary or material reduction in target Annual Bonus under Article III, as each may be increased from time to time; or (d) relocation of Executive’s principal place of employment from the Company’s headquarters in the Denver metropolitan area.
In order for a termination to be considered for “Good Reason,” (i) the Executive must provide written notice to the Company of the existence of the condition(s) the Executive claims constitutes Good Reason within 30 days of the initial existence, or if later, the Executive’s actual good faith knowledge of the condition(s), (ii) the Company shall have 30 days after such notice is given (the “Cure Period”) during which to remedy the condition(s) to the extent that such condition(s) is reasonably curable, and, if not so cured, (iii) the Executive must actually terminate employment within 30 days of the expiration of the Cure Period.
“Grant Award Agreements” means collectively and individually any one of the equity grant agreements in the form established by the Company or the Parent, as the case may be, awarding equity grants to senior management personnel, including the Executive.
“Incentive Plan” means the Liberty Global 2014 Incentive Plan, as may be amended from time to time, or a successor plan.
“Notice of Termination” shall mean a written notice delivered by the Company or the Executive to the other party in accordance with Section 8.9 indicating the specific termination provision in this Agreement relied upon for termination of the Executive’s employment and the Date of Termination that sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.
“Parent” means Liberty Global plc, a company organized under the laws of England & Wales.

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Section 1.2    Other Interpretive Provisions.
(a)    Capitalized terms are used as defined in this Agreement, unless otherwise indicated.
(b)    The name assigned to this Agreement and headings and captions of the sections, paragraphs, subparagraphs, clauses and subclauses of this Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof.  Words of inclusion shall not be construed as terms of limitation herein, so that references to “include,” “includes” and “including” shall not be limiting and shall be regarded as references to non‐exclusive and non‐characterizing illustrations.  Any reference to a Section of the Code shall be deemed to include any successor to such Section.
ARTICLE II 
EMPLOYMENT & DUTIES
Section 2.1    Title and Location.  The Company will employ the Executive, and the Executive agrees to serve as Executive Vice President, General Counsel and Secretary of the Company and of the Parent, on the terms and conditions hereinafter set forth, with the location of employment to be principally Denver, Colorado.
Section 2.2    Employment Term.  The Executive’s employment by the Company pursuant to this Agreement will commence on the date hereof and will continue until terminated pursuant to Article IV (the “Employment Period”).
Section 2.3    Duties; Other Interests.  
(a)    Reporting.  The Executive shall report directly to the President and CEO of the Parent (the “CEO”).
(b)    Duties.  The Executive agrees to serve in the positions referred to in Section 2.1 and to perform diligently, faithfully and to the best of the Executive’s abilities the usual and customary duties and services appertaining to such positions, as well as such additional duties and services appropriate to such positions which the Parent, the Company and the Executive mutually may agree upon from time to time or which the CEO may lawfully direct.  The Executive’s employment shall also be subject to the policies maintained and established by the Parent and/or the Company that are of general applicability to the Company’s executives and/or employees, as such policies may be amended from time to time, including without limitation all relevant Codes of Conduct.
(c)    Business Time.  As provided in Section 6.1, the Executive will, while employed, devote substantially all of the Executive’s business time and attention to the Executive’s duties and responsibilities for the Parent and the Company. Notwithstanding the foregoing, the Executive may engage in personal business and non-profit activities that 

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in no manner conflict with the Executive’s ability to fulfill the Executive’s duties to the Parent and the Company.
(d)    Fiduciary Duties.  The Executive acknowledges and agrees that the Executive owes a fiduciary duty of loyalty, fidelity and allegiance to act in the best interests of the Parent and the Company and to do no act that would materially injure the business, interests, or reputation of the Parent and the Company or any of their affiliates.  In keeping with these duties, the Executive shall make full disclosure to the Parent of all business opportunities pertaining to the Parent’s and the Company’s business and shall not appropriate for the Executive’s own benefit business opportunities concerning the subject matter of the fiduciary relationship. 
(e)    Working Abroad.     If duties hereunder require the Executive to work abroad (other than in connection with ordinary course business travel), the Company agrees to make such arrangements as may be appropriate, given the amount of time abroad, to provide for reasonable housing, transportation or other issues or expenses.
ARTICLE III 
COMPENSATION & BENEFITS
Section 3.1    Compensation.
(a)    Base Salary.  During the Employment Period, the Company shall pay the Executive a base salary (the “Base Salary”), to be paid on the same payroll cycle as other U.S.‐based employees of the Company, at an annual rate of One Million Ninety-Nine Thousand dollars ($1,099,000).  The Base Salary will be reviewed annually and may be adjusted upward (but not downward) by the CEO and the Compensation Committee in its discretion.
(b)    Annual Bonus.  For each fiscal year ending during the Employment Period beginning with fiscal year 2020, the Executive will be eligible to earn an “Annual Bonus,” provided that the Executive remains employed with a Company Entity through the payment date for such Annual Bonus (except as otherwise provided herein).  The Executive’s target Annual Bonus opportunity for calendar year 2020 is Two Million Five Hundred Thousand dollars ($2,500,000).  The target Annual Bonus will be reviewed annually and for fiscal years after 2020 may be adjusted by the Compensation Committee in its discretion.  No portion of the Annual Bonus is guaranteed.  The Annual Bonus shall be subject to the terms and conditions established by the Compensation Committee with respect to the Parent’s annual incentive program, including any recoupment provision, and shall be paid in the fiscal year following the year of performance in the same manner as for other U.S.-based executives of the Company.
(c)    Annual Equity Awards.  The Executive shall be granted annual equity awards under the terms of the Incentive Plan and the implementing award agreements in each calendar year during the Employment Period, conditioned upon the Executive being employed by a Company Entity on the applicable grant date (the “Annual Equity Grant”).  

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For calendar year 2020, the Annual Equity Grant shall have a target equity value of Four Million dollars ($4,000,000) (the “Annual Grant Value”).  The target Annual Grant Value will be reviewed annually and may be adjusted by the Compensation Committee in its sole discretion.  The Annual Equity Grant shall be granted in the form, at the same time and on otherwise substantially the same terms and conditions as annual equity grants are made to the Parent’s other senior executive officers (pursuant to a Grant Award Agreement in respect thereof to be established by the Parent).
(d)    Automobile Allowance.  During the Employment Period, the Company shall pay the Executive an annual cash automobile allowance of $15,000, paid in equal installments with the Company’s standard payroll cycle, subject to adjustment for future periods in line with policy for equivalent level executives at the determination of the Chief Executive Officer.
Section 3.2    Withholding.  The Company and the Parent will have the right to withhold from payments otherwise due and owing to the Executive, an amount sufficient to satisfy any federal, state, and/or local income and payroll taxes (and any UK or foreign taxes), any amount required to be deducted under any employee benefit plan in which the Executive participates or as required to satisfy any valid lien or court order.
Section 3.3    Employee Benefits.  During the Employment Period, the Executive shall have the opportunity to participate in all U.S.‐based employee benefit plans and arrangements sponsored or maintained by the Company for the benefit of its senior executive group based in Denver, including without limitation, all group insurance plans (term life, medical and disability) and retirement plans, subject to the terms and conditions of such plans.  The Executive shall be entitled to vacation leave that is consistent with the vacation policy for U.S.‐based senior executive personnel in Denver.
Section 3.4    Business Expenses.  The Executive shall be reimbursed for all reasonable expenses incurred by the Executive in the discharge of the Executive’s duties, subject to and in accordance with the Company’s practices and policies for its senior executives.
ARTICLE IV 
TERMINATION

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Section 4.1    Company’s Right to Terminate.  This is an at-will employment agreement.  The Company may terminate the Executive’s employment under this Agreement with or without Cause at any time by providing the Executive with a Notice of Termination, which in the case of a termination without Cause shall have an effective date not less than thirty (30) days after delivery of such Notice of Termination.
Section 4.2    The Executive’s Right to Terminate.  The Executive may terminate the Executive’s employment under this Agreement for any reason whatsoever, by providing the Company with a Notice of Termination, with an effective date not less than thirty (30) days after delivery of such Notice of Termination, unless such termination is effected with Good Reason, in which case the notice shall comply with the timing specified in the definition of Good Reason.
Section 4.3    Death; Disability.  If not terminated earlier, the Executive’s employment under this Agreement shall terminate upon the date of the Executive’s death during his employment or upon the date specified in a Notice of Termination upon the Executive’s Disability.
Section 4.4    Deemed Resignations.  Unless otherwise agreed by the Parent and the Company in writing prior to the termination of the Executive’s employment, any termination of the Executive’s employment will constitute an automatic resignation of the Executive as an officer, board member or any other position with the Parent, the Company or any of their affiliates.  The Executive agrees to execute and deliver all documents reasonably requested by the Parent in connection therewith.
ARTICLE V 
EFFECT OF TERMINATION OF EMPLOYMENT ON COMPENSATION
Section 5.1    Effect of Termination of Employment on Compensation.
(a)    Benefit Obligation and Accrued Obligation Defined.  For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment by the Company to the Executive (or the Executive’s designated beneficiary or legal representative, as applicable), in accordance with the terms of this Agreement or the applicable plan document, of all vested benefits to which he is entitled under the terms of the employee benefit plans and compensation arrangements in which the Executive is a participant as of the Date of Termination.  “Accrued Obligation” means the sum of (1) the Executive’s Base Salary through the Date of Termination (together with any automobile allowance under Section 3.1(d)) and (2) any incurred but unreimbursed expenses for which the Executive is entitled to reimbursement in accordance with Company policies, in each case, to the extent not theretofore paid.
(b)    Termination by the Company without Cause; Termination by the Executive with Good Reason; Disability.  Subject to Section 5.1(e), if the Executive’s employment is terminated involuntarily by the Company without Cause, by the Company due to Disability, or voluntarily by the Executive with Good Reason, the Company shall pay or provide to the Executive (or the Executive’s guardian, if applicable):

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(i)    The Accrued Obligation within thirty (30) days following the Date of Termination or such earlier date as may be required by applicable law;
(ii)    The Benefit Obligation at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements;
(iii)    If the Executive is employed for at least nine (9) months of a calendar year, a pro-rated Annual Bonus for the year in which the Date of Termination occurs based on actual performance results as determined by the Compensation Committee, multiplied by a fraction, the numerator of which shall be the number of days of the Executive’s actual employment in the year in which the Date of Termination occurs and the denominator of which shall be the total number of days in the year in which the Date of Termination occurs, which amount shall be paid at the time that bonuses for such year are otherwise paid to the Company’s active executives; provided that if at any time the Compensation Committee of the Parent adopts a different policy for similarly situated U.S. senior executives regarding such terminations during a calendar year, such policy shall apply.  (Any individual performance rating will be at the discretion of the CEO.)
(iv)    Severance equal to one (1) times the Executive’s annual Base Salary at the rate in effect on the Date of Termination, which shall be paid in equal installments over a twelve- (12-) month period commencing on the sixtieth (60th) day following the Date of Termination in accordance with the Company's standard payroll cycle; provided, however, that if the Executive’s termination is due to Disability, the total amount payable pursuant to this Section 5.1(b)(iv) shall be reduced by the total amount of all disability benefits payable to the Executive pursuant to employee benefit plans of any Company Entity during the period of such installment payments; and
(v)    During the period beginning on the Date of Termination and ending on the earlier of (A) the date that is twelve (12) months after the Date of Termination or (B) such date that the Executive obtains similar coverage from a subsequent employer, the Executive and the Executive’s spouse and eligible dependents, as the case may be, shall be entitled to continue participation in all welfare benefit plans, practices, policies and programs in which the Executive and the Executive’s spouse and eligible dependents participate in immediately prior to the Date of Termination at a cost to the Executive no greater than that of active senior executive employees of the Company.
(vi)    Unless more favorable treatment is provided under the terms of a Grant Award Agreement, any unvested equity awards previously granted to the Executive and outstanding as of the Date of Termination which are scheduled to vest within a six (6) month period after the Date of Termination will continue to vest through the date that is six (6) months after the Date of Termination. Treatment of any other unvested equity awards will be determined by the Company in good faith. 

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Any relevant Grant Award Agreement will be deemed to be modified to reflect this provision.
(c)    Death.  Subject to Section 5.1(e), if the Executive’s employment is terminated due to the Executive’s death, the Company shall pay or provide to the Executive’s estate:
(i)    The Accrued Obligation within thirty (30) days following the Date of Termination or such earlier date as may be required by applicable law;
(ii)    The Benefit Obligation at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements;
(iii)    A pro-rated Annual Bonus for the year in which the Date of Termination occurs based on actual performance results as determined by the Compensation Committee, multiplied by a fraction, the numerator of which shall be the number of days of the Executive’s actual employment in the year in which the Date of Termination occurs and the denominator of which shall be the total number of days in the year in which the Date of Termination occurs, which amount (if any) shall be paid at the time that bonuses for such year are otherwise paid to the Company’s active executives (any individual performance rating will be at the discretion of the CEO); and
(iv)    Severance equal to one times the Executive’s annual Base Salary at the rate in effect on the Date of Termination, which shall be paid in equal installments over a twelve- (12-) month period commencing on the sixtieth (60th) day following the Date of Termination in accordance with the Company’s standard payroll cycle.
(d)    Other Terminations.  If, during the Employment Period, the Executive’s employment is terminated for any reason other than those specified in Section 5.1(b) or 5.1(c), the Executive shall be entitled only to the Accrued Obligation, payable within thirty (30) days following the Date of Termination or such earlier date as may be required by applicable law, and the Benefit Obligation, payable or due at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements, and the Executive shall not be entitled to any other amounts under this Agreement.
(e)    Release of Claims.  Notwithstanding any provision herein to the contrary, if the Executive (or the Executive’s estate or guardian, as applicable) has not delivered to the Company an executed release, substantially in the form attached as Exhibit A (the “Release”), which shall effectuate a full and complete release of claims against the Company and its affiliates, officers and directors and acknowledge the applicability of continuing covenants under this Agreement, on or before the fiftieth (50th) day after the Date of Termination, or if the Executive (or the Executive’s estate or guardian, as applicable) revokes such executed Release prior to the sixtieth (60th) day after the Date of Termination, the Executive (or the 

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Executive’s estate or guardian, as applicable) shall forfeit all of the payments and benefits described in Sections 5.1(b)(iii) through (vi) and Section 5.1(c)(iii) through (iv).
ARTICLE VI 
RESTRICTIVE COVENANTS
Section 6.1    Exclusive Services.  Except as permitted in accordance with Section 2.3(c), the Executive shall during the Employment Period, except during vacation periods, periods of illness and the like, devote substantially all of the Executive’s business time and attention to the Executive’s duties and responsibilities for the Parent and the Company.  During the Executive’s employment with any Company Entity, the Executive shall not engage in any other business activity that would materially interfere with the Executive’s responsibilities or the performance of the Executive’s duties under this Agreement, provided that, (i) with the consent of the CEO, the Executive may sit on the boards of directors of other entities (and earn compensation relating to such service as a director), (ii) with prior disclosure to the Parent’s General Counsel, the Executive may engage in civic and charitable activities, and (iii) the Executive may manage personal investments and affairs, in each case so long as such other activities do not materially interfere with the performance of the Executive’s duties hereunder.  If the Executive serves on the board of directors or advisory board or similar body of any entity at the direction of the Parent or the Company, any compensation of the Executive for such service shall be paid to a Company Entity unless otherwise determined by the CEO.
Section 6.2    Non‐Solicitation, Non‐Interference and Non‐Competition.  As a means to protect the Company Entities’ legitimate business interests including protection of the “Confidential Information” (as defined in Section 6.3(a)) of any Company Entity (the Executive hereby agreeing and acknowledging that the activities prohibited by this Article VI would necessarily involve the use of Confidential Information), during the “Restricted Period” (as defined below), the Executive shall not, directly, indirectly or as an agent on behalf of any person, firm, partnership, corporation or other entity:
(a)    solicit for employment, consulting or any other provision of services or hire any person who is a full‐time or part‐time employee of (or in the preceding six (6) months was employed by) any Company Entity or an individual performing, on average, twenty or more hours per week of personal services as an independent contractor to any Company Entity.  This includes, without limitation, inducing or attempting to induce, or influencing or attempting to influence, any such person to terminate his or her employment or performance of services with or for any Company Entity; or
(b)    (x) solicit or encourage any person or entity who is or, within the prior six (6) months, was a customer, producer, advertiser, distributor or supplier of any Company Entity during the Employment Period to discontinue such person’s or entity’s business relationship with the Company Entity; or (y) discourage any prospective customer, producer, advertiser, distributor or supplier of any Company Entity from becoming a customer, producer, advertiser, distributor or supplier of the Company Entity; or

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(c)    hold any interest in (whether as owner, investor, shareholder, lender or otherwise) or perform any services for (whether as employee, consultant, advisor, director or otherwise), including the service of providing advice for, a Competitive Business.  For the purposes of this Agreement, a “Competitive Business” shall be any entity that directly or through subsidiaries in which it has a controlling interest operates a cable, satellite or broadband communications system that is in direct competition with the Parent or the Company.
(d)    The “Restricted Period” shall include the Employment Period and shall expire on the first anniversary of the Executive’s termination of employment with all Company Entities.
(e)    Notwithstanding Section 6.2(c) above, the Executive may own, directly or indirectly, an aggregate of not more than five percent (5%) of the outstanding shares or other equity interest in any entity that engages in a Competitive Business, so long as such ownership therein is solely as a passive investor and does not include the performance of any services (as director, employee, consultant, advisor or otherwise) to such entity.
Section 6.3    Confidential Information.
(a)    No Disclosure.  The Executive shall not, at any time (whether during or after the Employment Period) (x) retain or use for the benefit, purposes or account of himself or any other person or entity, or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any person or entity outside any Company Entity (other than the Parent, its shareholders, directors, officers, managers, employees, agents, counsel, investment advisers or representatives in the normal course of the performance of their duties), any non‐public, proprietary or confidential information (including trade secrets, know‐how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approval) concerning the past, current or future business, activities and operations of any Company Entities and/or any third party that has disclosed or provided any of same to any Company Entity on a confidential basis (“Confidential Information”) without the prior authorization of the Board. Confidential Information shall not include any information that is (A) generally known to the industry or the public other than as a result of the Executive’s breach of this Agreement; (B) is or was available to the Executive on a non‐confidential basis prior to its disclosure to the Executive by any Company Entity, or (C) made available to the Executive by a third party who, to the best of the Executive’s knowledge, is or was not bound by a confidentiality agreement with (or other confidentiality obligation to) any Company Entity or another person or entity. The Executive shall handle Confidential Information in accordance with the applicable federal securities laws.
(b)    Permitted Disclosures.  Notwithstanding the provisions of the immediately preceding clause (i), nothing in this Agreement shall preclude the Executive from (x) using 

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any Confidential Information in any manner reasonably connected to the conduct of the business of any Company Entity; or (y) disclosing the Confidential Information to the extent required by applicable law, rule or regulation (including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which the Executive is subject). Nothing contained herein shall prevent the use in any formal dispute resolution proceeding (subject, to the extent possible, to a protective order) of Confidential Information in connection with the assertion or defense of any claim, charge or other dispute by or against any Company Entity or the Executive.  Notwithstanding the foregoing, nothing in this Agreement prohibits or restricts the Executive from reporting possible violations of law to any governmental authority or making other disclosures that are protected under whistleblower provisions of applicable law, and the Parties acknowledge and agree that the Executive does not need the prior authorization of any Company Entity to make any such reports or disclosures and the Executive is not required to notify any Company Entity that the Executive has made such reports or disclosures. However, to the maximum extent permitted by law, the Executive agrees that if such an administrative claim is made, the Executive shall not be entitled to recover any individual monetary relief or other individual remedies from any Company Entity; provided, however, that nothing herein limits the Executive’s right to receive an award for information provided to any federal, state or local government agency.
(c)    Return All Materials.  Upon termination of the Executive’s employment for any reason, the Executive shall (x) cease and not thereafter commence use of any Confidential Information or intellectual property (including any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by any Company Entity, (y) immediately destroy, delete, or return to the Parent (at the Parent’s option) all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in the Executive’s possession or control (including any of the foregoing stored or located in the Executive’s office, home, smartphone, laptop or other computer, whether or not such computer is property of any Company Entity) that contain Confidential Information or otherwise relate to the business of any Company Entity, except that the Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Parent regarding the delivery or destruction of any other Confidential Information of which the Executive is or becomes aware; provided that nothing in this Agreement or elsewhere shall prevent the Executive from retaining and utilizing:  documents relating to personal benefits, entitlements and obligations; documents relating to personal tax obligations; desk calendar, rolodex, and the like; and such other records and documents as may reasonably be approved by the Parent.
Section 6.4    Reasonableness of Covenants.  The Executive acknowledges and agrees that the services to be provided by the Executive under this Agreement are of a special, unique and extraordinary nature.  The Executive further acknowledges and agrees that the restrictions contained in this Article VI are necessary to prevent the use and disclosure of Confidential Information and to protect other legitimate business interests of the Company Entities.  The Executive acknowledges that all of the restrictions in this Article VI are reasonable in all respects, including duration, territory 

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and scope of activity.  The Executive agrees that the restrictions contained in this Article VI shall be construed as separate agreements independent of any other provision of this Agreement or any other agreement between the Executive and any Company Entity.  The Executive agrees that the existence of any claim or cause of action by the Executive against any Company Entity, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Parent or the Company of the covenants and restrictions in this Article VI.  The Executive agrees that the restrictive covenants contained in this Article VI are a material part of the Executive’s obligations under this Agreement for which the Parent and the Company have agreed to compensate the Executive as provided in this Agreement.  The Restricted Period referenced above shall be tolled on a day‐for‐day basis for each day during which the Executive violates the provisions of the subparagraphs above in any respect, so that the Executive is restricted from engaging in the activities prohibited by the subparagraphs for the full period.
Section 6.5    Works Made for Hire.
(a)    General.  The Executive recognizes and agrees that all original works of authorship, and all inventions, discoveries, improvements and other results of creative thinking or discovery by the Executive during the Employment Period, whether the result of individual efforts or in acts in concert with others, arising in the scope of the Executive’s employment, utilizing in any way any of the Confidential Information or property of any Company Entity, or otherwise relating to the business of any Company Entity, are and shall be “works made for hire” within the meaning of the United States copyright laws, to the extent applicable thereto, and in all events shall be the sole and exclusive property of a Company Entity (collectively, the “Created Works”).  Without limiting the generality of the foregoing, the Created Works shall include all computer software, written materials, business processes, compilations, programs, improvements, inventions, notes, copyrightable works made, fixed, conceived, or acquired by the Executive in the scope of the Executive’s employment, utilizing in any way any of the Confidential Information, or otherwise relating to the business of any Company Entity.  No part of the definition of Created Works is intended to exclude the Created Works from being included among the items constituting Confidential Information.
(b)    Assignment of Created Works.  The Executive hereby fully assigns to the Parent or its designee all of the Executive’s right, title and interest in and to the Created Works and all aspects thereof, including without limitation all rights to renewals, extensions, causes of action, reproduce, prepare derivative works, distribute, display, perform, transfer, make, use and sell.  The Executive will, from time to time during the Employment Period and thereafter, and at any time upon the request of the Parent or its designee, execute and deliver any documents, agreements, certificates or other instruments affirming, giving effect to or otherwise perfecting the Parent’s or its designee’s rights in the Created Works and will provide such cooperation as the Parent or its designee shall reasonably request in connection with the protection, exploitation or perfection of its rights therein anywhere in the world.
(c)    Power of Attorney.  If the Parent or its designee is unable, after reasonable effort, to secure the Executive’s signature on any application for patent, copyright, trademark 

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or other analogous registration or other documents regarding any legal protection relating to a Created Work, whether because of the Executive’s physical or mental incapacity or for any other reason whatsoever, the Executive hereby irrevocably designates and appoints the Parent and its duly authorized designees, officers and agents as the Executive’s agent and attorney‐in‐fact, to act for and in the Executive’s behalf and stead to execute and file any such application or applications or other documents and to do all other lawfully permitted acts to further the prosecution and issuance of patent, copyright or trademark registrations or any other legal protection thereon with the same legal force and effect as if executed by the Executive.
(d)    Disclosure of Created Works.  The Executive will promptly and without reservation fully disclose any Created Works to the Parent or its designee both during the Employment Period and thereafter.
Section 6.6    Intangible Property.  The Executive will not at any time during or after the Employment Period have or claim any right, title or interest in any trade name, trademark, or copyright belonging to or used by any Company Entity, it being the intention of the Parties that the Executive shall, and hereby does, recognize that the Company Entities now have and shall hereafter have and retain the sole and exclusive rights in any and all such trade names, trademarks and copyrights.  The Executive shall cooperate fully with any Company Entity during the Employment Period and thereafter in the securing of trade name, patent, trademark or copyright protection or other similar rights in the United States and in foreign countries and shall give evidence and testimony and execute and deliver to the Company Entity all papers reasonably requested by it in connection therewith; provided, however that the Company shall reimburse the Executive for reasonable expenses related thereto. 
ARTICLE VII 
OTHER COVENANTS
Section 7.1    409A Limitations.  To the extent that any payment to the Executive constitutes a “deferral of compensation” subject to Section 409A of the Code (a “409A Payment”), and such payment is triggered by the Executive’s termination of employment for any reason other than death, then such 409A Payment shall not commence unless and until the Executive has experienced a “separation from service,” as defined in Treasury Regulation 1.409A‐1(h) (“Separation from Service”).  Furthermore, if on the date of the Executive’s Separation from Service, the Executive is a “specified employee,” as such term is defined in Treas. Reg. Section 1.409A‐1(i), as determined from time to time by the Company, then such 409A Payment shall be made to the Executive on the earlier of (i) the date that is six (6) months after the Executive’s Separation from Service; or (ii) the date of the Executive’s death.  The 409A Payments under this Agreement that would otherwise be made during such period shall be aggregated and paid in one (1) lump sum, without interest, on the first business day following the end of the six (6) month period or following the date of the Executive’s death, whichever is earlier, and the balance of the 409A Payments, if any, shall be paid in accordance with the applicable payment schedule provided in this Agreement.  The intent of the parties hereto is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder.  Accordingly, 

13

to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith or exempt therefrom.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “paid within sixty (60) days”) following the Executive’s termination of employment, such payment shall commence following the Executive’s Separation from Service and the actual date of payment within the specified period shall be within the sole discretion of the Company.  With respect to reimbursements (whether such reimbursements are for business expenses or, to the extent permitted under the Company’s policies, other expenses) and/or in‐kind benefits, in each case, that constitute deferred compensation subject to Section 409A of the Code, each of the following shall apply:  (x) no reimbursement of expenses incurred by the Executive during any taxable year shall be made after the last day of the following taxable year of the Executive; (y) the amount of expenses eligible for reimbursement, or in‐kind benefits provided, during a taxable year of the Executive shall not affect the expenses eligible for reimbursement, or in‐kind benefits to be provided, to the Executive in any other taxable year; and (z) the right to reimbursement of such expenses or in‐kind benefits shall not be subject to liquidation or exchange for another benefit.
Section 7.2    280G Matters.
(a)    Gross‐Up Waiver.  The Executive hereby acknowledges and agrees that he shall have no rights to any additional payments intended to make the Executive whole for any taxes relating to “parachute payments” (as defined in Section 280G of the Code), including without limitation excise taxes imposed by Section 4999 of the Code and any related federal, state or local taxes (including without limitation any interest or penalties imposed with respect to such taxes) under any plans, agreements or arrangements, including the Grant Award Agreements by and between the Executive and the Parent and/or the Company.  
(b)    Potential Reduction in Payments.  The following shall apply with respect to all plans, agreements and arrangements applicable to the Executive and shall supersede any provisions in such plans, agreements or arrangements relating to the reduction of payments or benefits in connection with Section 280G and Section 4999 of the Code.
(i)    Notwithstanding any provision of this Agreement, if any portion of the payments or benefits under this Agreement, or under any other agreement with the Executive or plan of the Company or its affiliates (in the aggregate, “Total Payments”), would constitute an “excess parachute payment” and would, but for this Section 7.2, result in the imposition on the Executive of an excise tax under Section 4999 of the Code (the “Excise Tax”), then the Total Payments to be made to the Executive shall either be (i) delivered in full, or (ii) delivered in such reduced amount in the manner determined in accordance with Section 7.2(b)(ii) so that no portion of such Total Payments would be subject to the Excise Tax, whichever of the foregoing clauses (i) or (ii) results in the receipt by the Executive of the greatest benefit on an after-tax basis (taking into account the applicable federal, state and local income taxes and the Excise Tax).  The determinations with respect to this Section 7.2(b) shall be made by an independent auditor (the “Auditor”) paid by the 

14

Company.  The Auditor shall be a nationally recognized certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Parent or the Company for purposes of making the applicable determinations hereunder.
(ii)    If the Auditor determines that payments or benefits included in the Total Payments shall be reduced or eliminated, such reduction or elimination shall be accomplished by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Section 409А of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).
(iii)    It is possible that after the determinations and selections made pursuant to this Section 7.2, the Executive will receive Total Payments that are, in the aggregate, either more or less than the amount provided under this Section 7.2 (hereafter referred to as an “Excess Payment” or “Underpayment,” respectively).  If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment has been made, then the Executive shall promptly pay an amount equal to the Excess Payment to the Company (or the Parent), together with interest on such amount at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive’s receipt of such Excess Payment until the date of such payment.  In the event that it is determined by the Auditor upon request by a Party that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive, together with interest on such amount at the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of this Section 7.2 not been applied until the date of such payment.
(iv)    The Company agrees that, in connection with making determinations under this Section 7.2, it shall instruct the Auditor to take into account the value of any reasonable compensation for services to be rendered by the Executive in connection with making determinations with respect to Section 280G and/or Section 4999 of the Code, including the non‐competition provisions applicable to the Executive under Article VI of this Agreement and any other non‐competition provisions that may apply to the Executive, and the Company and the Parent agree to fully cooperate in the valuation of any such services, including any non‐competition provisions.

15

Section 7.3    Legal Fees.  The Company agrees to pay as incurred (within thirty (30) business days following the Company’s receipt of an invoice from counsel), all reasonable legal fees and expenses that the Executive incurs in connection with the negotiation and execution of this Agreement, but only up to a maximum amount of $20,000.
ARTICLE VIII 
MISCELLANEOUS

16

Section 8.1    Waiver or Modification.  Any waiver by either Party of a breach of any provision of this Agreement shall not operate as, or to be, construed to be a waiver of any other breach of such provision of this Agreement.  The failure of a Party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  Neither this Agreement nor any part of it may be waived, changed or terminated orally, and any waiver, amendment or modification must be in writing and signed by each of the Parties. 
Section 8.2    Successors and Assigns.  The rights and obligations of the Company under this Agreement shall be binding on and inure to the benefit of the Company, its successors and permitted assigns.  The rights and obligations of the Executive under this Agreement shall be binding on and inure to the benefit of the heirs and legal representatives of the Executive.  The Company may assign this Agreement to a successor in interest, including the purchaser of all or substantially all of the assets of the Company, provided that the Company shall remain liable hereunder unless the assignee purchased all or substantially all of the assets of the Company.  The Executive may not assign any of the Executive’s duties under this Agreement. 
Section 8.3    Mitigation/Offset.  The Executive shall be under no obligation to seek other employment or to otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts or benefits due to the Executive under this Agreement or otherwise on account of any claim the Company or its affiliates may have against the Executive or any remuneration or other benefit earned or received by the Executive after such termination.
Section 8.4    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall, when executed, be deemed to be an original and all of which shall be deemed to be one and the same instrument; and all signatures need not appear on any one Counterpart.
Section 8.5    Governing Law; Dispute Resolution.  This Agreement will be governed and construed and enforced in accordance with the laws of the State of Colorado, without regard to its conflicts of law rules, which might result in the application of laws of any other jurisdiction.  Any dispute, controversy or claim, whether based on contract, tort or statute, between the Parties arising out of or relating to or in connection with this Agreement, or in any amendment, modification hereof (including, without limitation, any dispute, controversy or claim as to the validity, interpretation, enforceability or breach of this Agreement or any amendment or modification hereof) will be resolved in the state or federal courts located in the State of Colorado.  The parties acknowledge that venue in such courts is proper and that those courts possess personal jurisdiction over them, to which the Parties’ consent.  It is agreed that service of process may be effectuated pursuant to Section 8.8 of this Agreement.
Section 8.6    Dispute Resolution.  Any controversy or claim arising out of or relating to this Agreement, other than claims entitling the claimant to injunctive relief or claims or disputes arising from a violation or alleged violation by the Executive of the provisions of Article VI shall be settled exclusively by final and binding arbitration in Denver, Colorado in accordance with the Employment Arbitration Rules of the American Arbitration Association (the “AAA”), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.  The arbitrator 

17

shall be selected by mutual agreement of the parties, if possible.  If the parties fail to reach agreement upon appointment of an arbitrator within thirty (30) days following receipt by one party of the other party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel or panels of persons submitted by the AAA.  The selection process shall be that which is set forth in the AAA Employment Arbitration Rules then prevailing.  The costs of the arbitrator shall be borne by both parties equally; provided that each party will pay its own attorneys’ fees.  Either party may appeal the arbitration award and judgment thereon and, in actions seeking to vacate an award, the standard of review to be applied to the arbitrator’s findings of fact and conclusions of law will be the same as that applied by an appellate court reviewing a decision of a trial court sitting without a jury.  This agreement to arbitrate shall not preclude the parties from engaging in voluntary, non-binding settlement efforts including mediation.
Section 8.7    Entire Agreement.  This Agreement (together with the Grant Award Agreements with respect to equity awards) contains the entire understanding of the Parties relating to the subject matter of this Agreement and supersedes all other prior written or oral agreements, understandings or arrangements regarding the subject matter hereof.  The Parties each acknowledge that, in entering into this Agreement, such Party does not rely on any statements or representations not contained in this Agreement or in the Grant Award Agreements.
Section 8.8    Severability.  Any term or provision of this Agreement which is determined to be invalid or unenforceable by any court of competent jurisdiction in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction and such invalid or unenforceable provision shall be modified by such court so that it is enforceable to the extent permitted by applicable law. 
Section 8.9    Notices.  Except as otherwise specifically provided in this Agreement, all notices and other communications required or permitted to be given under this Agreement shall be in writing and delivery thereof shall be deemed to have been made (i) three (3) business days following the date when such notice shall have been deposited in first class mail, postage prepaid, return receipt requested, or any comparable or superior postal or air courier service then in effect, or (ii) on the date transmitted by hand delivery to the Party entitled to receive the same, at the address indicated below or at such other address as such Party shall have specified by written notice to the other Parties given in accordance with this Section 8.9:
If to the Company:
Liberty Global, Inc. 
Attn:  General Counsel/Chief People Officer 
1550 Wewatta Street, Suite 1000 
Denver, CO  80202 
Tel:  303-220-6600
If to the Executive:    At the address then on file with the Company.

18

Section 8.10    No Third Party Beneficiaries.  Except as provided in Section 5.1(c) in the event of the Executive’s death or Disability, this Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.
Section 8.11    Survival.  The covenants, agreements, representations and warranties contained in this Agreement shall survive the termination of the Employment Period and the Executive’s termination of employment with the Company for any reason.
[Remainder of page blank; Signature page follows]

19

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Parties as of the first date written above, but effective as of the Effective Date.
LIBERTY GLOBAL, INC.

By:  /s/ Michael T. Fries    
Michael T. Fries
Chief Executive Officer & President

EXECUTIVE

/s/ Bryan H. Hall    
Bryan H. Hall

20

[Signature Page to Employment Agreement]

21

EXHIBIT A
WAIVER AND RELEASE AGREEMENT
I, [NAME], do freely and voluntarily enter into this WAIVER AND RELEASE AGREEMENT (this “Agreement”), intending to be legally bound, according to the terms set forth below.  I acknowledge that my employment with any and all of [__________________] (collectively, the “Company”), and their affiliates (together with the Company, the “Employer”) has been terminated as of ____________________ (the “Termination Date”).  
I acknowledge that my Employer has agreed to provide me certain benefits (the “Benefits”) pursuant to Section (__) of that certain Employment Agreement between _________, and me effective as of ________ (the “Employment Agreement”).  Such Benefits shall be provided in accordance with the terms and conditions of the Employment Agreement.  
I understand that the Company will not deduct from the Benefits any employee contributions to the [Liberty Global 401(k) Savings and Stock Ownership Plan] (the “Plan”). 
For this valuable consideration, I hereby agree and state as follows:    
		
	1.
	I, individually and on behalf of my successors, heirs and assigns, release, waive and discharge Employer, and any of its parents, subsidiaries, or otherwise affiliated corporations, partnerships or business enterprises, and their respective present and former directors, officers, shareholders, employees, and assigns (hereinafter, “Released Parties”), from any and all causes of action, claims, charges, demands, losses, damages, costs, attorneys’ fees and liabilities of any kind that I may have or claim to have relating to my employment relationship with the Employer, including my service as a director of the Company, or the termination thereof, relating to or arising out of any act of commission or omission from the beginning of time through the date of my execution of this Agreement; provided, however, nothing contained herein shall release any claim I may have:  (i) for indemnification under Employer’s constituent documents or any other agreement that I have with any of the Released Parties; (ii) for unemployment compensation benefits; (iii) to enforce the obligations of Employer set forth in the Employment Agreement; (iv) to vested amounts held in my name in accordance with the conditions and terms of any plan, program or arrangement sponsored or maintained by any of the Released Parties, including, without limitation the Plan and any nonqualified deferred compensation plan; (v) to outstanding equity awards granted to me (collectively, the “Grants”), which shall be subject to the terms and conditions of the applicable incentive plan and the agreement evidencing the respective Grant, as modified by the Employment Agreement; (vi) to benefits under any employee benefit plan maintained or sponsored by any of the Released Parties, including health care continuation under COBRA; or (vii) to rights as a shareholder of the Company.

		
	2.
	This release includes, but is not limited to, the following claims, and shall apply to claims made in the United States, the United Kingdom, and/or any country or territory where such a claim can be made:

B-1

		
	a.
	Claims under federal, state, local or foreign laws prohibiting age, sex, race, national origin, disability, religion, sexual orientation, marital status, retaliation, or any other form of discrimination, or mistreatment, such as, but not limited to, the Age Discrimination in Employment Act, (29 U.S.C. §621 et seq), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, 42 U.S.C. §1981, §1985, §1986, the Americans with Disabilities Act, and the National Labor Relations Act, as amended, 29 U.S.C. §151, et seq;

		
	b.
	Intentional or negligent infliction of emotional distress, defamation, invasion of privacy, and other tort claims;

		
	c.
	Breach of express or implied contract claims;

		
	d.
	Promissory estoppel claims;

		
	e.
	Retaliatory discharge claims;

		
	f.
	Wrongful discharge claims;

		
	g.
	Breach of any express or implied covenant of good faith and fair dealing;

		
	h.
	Constructive discharge; 

		
	i.
	Claims arising out of or related to any applicable federal, state or foreign constitutions;

		
	j.
	Claims for compensation, including without limitation, any wages, bonus payments, on call pay, overtime pay, commissions, and any other claim pertaining to local, state, federal or foreign wage and hour or other compensation laws, such as, but not limited to, the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101, et seq, and the Fair Labor Standards Act, as amended, 29 U.S.C. §201, et seq.;

		
	k.
	Fraud, misrepresentation, and/or fraudulent inducement; 

		
	l.
	Claims made under or pursuant to any severance plan or program maintained by any of the Released Parties; 

		
	m.
	Claims of breach of any data privacy or similar laws in connection with the handling or investigation of any whistleblower complaints or any other investigation by Employer or its representatives; and

		
	n.
	Other legal and equitable claims regarding my employment or the termination of my employment, other than as set forth herein.

A-2

		
	3.
	I hereby warrant and represent that I have not filed or caused to be filed any charge or claim against any Released Party with any administrative agency, court of law or other tribunal.  I agree that I am not entitled to any remedy or relief if I were to pursue any such claim, complaint or charge.

		
	4.
	I hereby acknowledge that I am age forty (40) or older.

		
	5.
	BY SIGNING THIS AGREEMENT, I ACKNOWLEDGE THAT EMPLOYER HAS ADVISED ME TO DISCUSS THIS WAIVER AND RELEASE AGREEMENT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.  I acknowledge and agree that the Released Parties are not responsible for any of my costs, expenses, and attorney’s fees, if any, incurred in connection with any claim or the review and signing of this Agreement.

		
	6.
	I acknowledge and state that I have been given a period of at least twenty‐one (21) days in which to consider the terms of this Agreement.

		
	7.
	I understand that I have the right to revoke this Agreement at any time within seven (7) days after signing it, by providing written notice to the Company, Attn. General Counsel at 1550 Wewatta Street, Denver, CO 80202, and this Agreement is not effective or enforceable until the seven (7) day revocation period has expired.  In the event I revoke this Agreement, the Company shall have no obligation to provide me the Benefits.  I understand that failure to revoke my acceptance of this Agreement will result in this Agreement being permanent and irrevocable.  

		
	8.
	I agree that this Agreement is a compromise of claims and charges and/or potential claims and charges which are or may be in dispute, and that this Agreement does not constitute an admission of liability or an admission against interest of any Released Party.

		
	9.
	Nothing herein prohibits or prevents me from filing a charge with or participating, testifying or assisting in any investigation, hearing, whistleblower action or other proceeding before any federal, state or local government agency, nor does anything herein preclude, prohibit or otherwise limit, in any way, my rights and abilities to contact, communicate with, report matters to or otherwise participate in any whistleblower program administered by any such agencies.  Pursuant to the Defend Trade Secrets Act of 2016, I understand that I shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of any confidential information of the Company that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

		
	10.
	This Agreement is made and is effective as of the date first written below.

		
	11.
	This Agreement becomes null and void and has no further force or effect if Employer does not receive the executed Agreement by 5:00 p.m., Mountain Time, __________, 20___. 

A-3

IN WITNESS WHEREOF, I have placed my signature this ____ day of _________, 20___.
EXECUTIVE:

    
 
[NAME]

A-4Exhibit

Exhibit 10.3

	
					
	 
	

Dated 19th May 2005
	 

	 
	 
	 

	 
	

UGC EUROPE SERVICES LTD

and

ANDREA SALVATO

	 

	 
	 
	EXECUTIVE SERVICE AGREEMENT
	 
	 

	 
	

	 

	 
	 
	 

	 

322520-1

THIS AGREEMENT is made on        /       / 2005

BETWEEN:

		
	(1)
	UGC Europe Services Ltd, a limited liability company duly organised and existing under the laws of England and Wales, whose registered office is at Michelin House, 81 Fulham Road, London, SW3 6RD. United Kingdom (the “Company”); and

		
	(2)
	Andrea Salvato, of                                       (the “Executive”).

THE PARTIES AGREE AS FOLLOWS:

		
	1
	DEFINITIONS

In this agreement unless the context otherwise requires:‐
		
	1.1
	“Group Company” means any holding company from time to time of the Company or any subsidiary from time to time of the Company or of any such holding company (other than the Company) (for which purpose “subsidiary” and “holding company” shall have the meanings given to them in Section 736 of the Companies Act 1985).

		
	1.2
	“Group” means the Company and the Group Companies.

		
	1.3
	"Supervisor" means the line manager notified to the Executive by the Company, or such other Supervisor as designated by the Company.

		
	2
	APPOINTMENT AND NOTICE PERIOD

		
	2.1
	The Company shall engage the Executive and the Executive shall serve the Company as hereinafter provided (the “Appointment”).  The Appointment shall commence on 4th July 2005 and shall, subject to clause 12, continue unless and until terminated by either party giving to the other not less than six months notice in writing.

		
	2.2
	The Executive’s period of continuous employment with the Company began 4th July 2005.

		
	3
	DUTIES

		
	3.1
	The Executive shall perform the duties of Managing Director, Mergers and Acquisitions – Europe, reporting directly to the Supervisor, on and subject to the terms and conditions specified in this agreement. During the Appointment the Executive shall devote the whole of his professional time and attention to the duties assigned to him and shall well and faithfully serve the Company and use his best endeavours to promote the interests of the Company.

		
	3.2
	The Executive will be required to work from 9.00 am to 6.00 pm Monday to Friday inclusive.  The Executive shall also work, without additional remuneration, such additional hours as may be necessary for the proper performance of the Executive’s duties.

		
	3.3
	The Executive’s normal place of work shall London.

		
	3.4
	The Executive may be required in pursuance of his duties hereunder:‐

322520-1

		
	(a)
	to perform services not only for the Company but also for any Group Company (including acting as a director of such companies as his Supervisor shall direct);  

		
	(b)
	to travel to such places whether in or outside the United Kingdom by such means and on such occasions as the Company may require and in particular to the Netherlands. 

		
	3.5
	Notwithstanding the foregoing or any other provision of this agreement the Company shall not be under any obligation to vest in or assign to the Executive any powers or duties and may at any time require the Executive to perform:‐

		
	(a)
	all his normal duties;  

		
	(b)
	a part only of his normal duties and no other duties; 

		
	(c)
	such duties as it may reasonably require and no others; 

		
	(d)
	no duties whatever;

 and may from time to time suspend or exclude the Executive from the performance of his duties and/or from all or any premises of the Company without the need to give any reason for so doing but his salary will not cease to be payable (in whole or in part) nor will he cease to be entitled to any other benefits hereunder by reason only of such requirement as mentioned in paragraphs 3.5(b) to 3.5(d) of this clause or such suspension or exclusion (unless or until his employment under this agreement shall be terminated).

		
	4
	HOLIDAY ENTITLEMENT

During the Appointment the Executive shall be entitled to 25 working days' holiday (in addition to public holidays in England) in each calendar year January to December at full salary to be taken at such time or times as may be approved by his Supervisor.  Holidays can only be carried over to the subsequent year with the prior approval of his Supervisor (and such carry-over shall not exceed 5 days).  Upon the termination of the Appointment either the Executive shall be entitled to receive payment in lieu of accrued holidays not taken at that date (provided that such termination is not pursuant to clause 12) or the Company shall be entitled to make a deduction from the Executive's remuneration in respect of holidays taken in excess of the accrued entitlement. 
		
	5
	REMUNERATION

		
	5.1
	During the Appointment, as remuneration for his services hereunder, the Executive shall be paid a fixed salary at the rate of £225,000 gross per annum payable in equal monthly instalments in arrears on or before the last working day of each calendar month.

		
	5.2
	The salary shall be reviewed along with the Executive’s performance in January of each year. The first review will be in January 2006.

		
	5.3
	The Executive’s salary and/or any other sums due to him under this agreement shall be subject to such deductions as may be required by law to be made (including, without limitation, tax and national insurance deductions).

		
	5.4
	The Executive shall receive an initial enhanced grant of 250,000 UGC Stock Appreciation Rights (“SARs”) at the closing price on the Executive’s date of joining the Company, or 

322520-1

in the event that the market is closed, the first trading day after the Executive’s date of joining the Company.  The Executive’s participation in the UGC Equity Incentive Plan is at the sole discretion of the Company and shall be subject to the rules of the Plan, details of which will be given to the Executive in due course.
		
	6
	EXPENSES/COMPANY EQUIPMENT

		
	6.1
	The Executive shall be entitled to recover all reasonable travelling, hotel and other expenses incurred in connection with the performance of the duties hereunder, which expenses shall be evidenced in such manner as the Company may specify from time to time and are subject to compliance with the Company’s business expense policy. The Executive agrees to repay to the Company any expenses he owes the Company.

		
	6.2
	The Executive may be provided equipment to utilise during his employment with the Company and agrees to return such equipment to the Company as and when demanded. The Executive agrees to repay to the Company any charges for damage done to any equipment (excluding normal wear and tear). In the event any equipment is not returned it will be given a fair market value, which the Executive agrees to repay to the Company on demand. These repayment obligations are without prejudice to any other legal remedies that the Company may have.

		
	6.3
	The Company reserves the right to make deductions from the Executive’s salary and/or any other sums due to him under this agreement in respect of any sums due to be repaid by him under clauses 6.1 and 6.2.

		
	7
	PENSIONS

		
	7.1
	Subject to 7.2 the Executive will be eligible to participate in the UGC Europe Services Limited Group Personal Pension Plan, as exists from time to time, in the calendar month following three months continuous employment with the Company.

		
	7.2
	Contributions by the Company will be in compliance with the Company's policy on pensions contributions as amended from time to time.

		
	8
	BENEFITS

		
	8.1
	The Executive and his family are entitled to become members of the Company’s Private Medical Insurance scheme and Dental Insurance Scheme subject to the rules of the schemes as amended from time to time.  For the Medical Insurance Scheme, all monthly premiums will be borne by the Company.  With regards to the Dental Insurance Scheme, only the monthly premiums for the Executive will be borne by the Company.  Full details of the schemes are available from Human Resources.

		
	8.2
	The Executive may participate in the Company’s Permanent Health Insurance scheme subject to the rules of the scheme as amended from time to time.  Full details of the scheme are available from Human Resources.

		
	8.3
	The Company will provide the Executive with group life assurance cover, subject to the rules of the scheme as amended from time to time.  Full details of the scheme are available from Human Resources.

		
	8.4
	To assist in the performance of the duties hereunder the Company shall during the Appointment provide the Executive with a car allowance of £1,208 gross per month.

322520-1

		
	9
	CONFIDENTIAL INFORMATION/TRADE SECRETS/NON-COMPETITION

The Executive shall be subject to the Company’s policy in respect of confidential information and trade secrets and non-competition as set out in Schedule 1 attached.
		
	10
	INVENTIONS AND CREATIVE WORKS

		
	10.1
	The Executive acknowledges that because of the nature of his duties and the particular responsibilities arising as a result of such duties which he owes to the Company and the Group Companies he has a special obligation to further the interests of the Company and the Group Companies.  In particular the duties of the Executive may include reviewing the products and services of the Company and Group Companies with a view to improving them by new and/or original ideas and inventions and implementing such improvements. 

		
	10.2
	The Executive shall promptly disclose to the Company any idea, invention or work which is relevant to or capable of use in the business of the Company or any of the Group Companies made by the Executive in the course of his employment whether or not in the course of his duties.  The Executive acknowledges that the intellectual property rights subsisting or which may in the future subsist in any such ideas, inventions or works created by him in the course of his employment will, on creation, vest in and be the exclusive property of the Company and where the same does not automatically vest as aforesaid, the Executive shall assign the same to the Company (upon the request and at the cost of the Company).  The Executive hereby irrevocably waives any rights which he may have in any such ideas, inventions or works which are or have been conferred upon him by chapter IV of part I of the Copyright, Designs and Patents Act 1988 headed “Moral Rights”.

		
	10.3
	The Executive hereby irrevocably appoints the Company to be his attorney in his name and on his behalf to execute and do any such instrument or thing and generally to use his name for the purpose of giving to the Company or its nominee the full benefit of the provisions of this clause 10 and acknowledges in favour of any third party that a certificate in writing signed by any Director or Secretary of the Company that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case.

		
	11
	CODE OF BUSINESS CONDUCT

The Executive shall be subject to the Company’s Code of Business Conduct issued by the Company to him from time to time, the current version of which is set out in Schedule 2.
		
	12
	TERMINATION BY EVENTS OF DEFAULT

		
	12.1
	The Appointment shall be subject to summary termination at any time by the Company by notice in writing if the Executive shall:-

		
	(a)
	have committed any serious breach or (after warning in writing) any repeated or continued material breach of the obligations hereunder; or 

		
	(b)
	shall have been guilty of any act of dishonesty or serious misconduct or any conduct which in the reasonable opinion of the Board of Directors of the Company tends to bring the Executive, the Company or any of the Group Companies into 

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disrepute including but not limited to any breach of the Company's Code of Business Conduct as set out in Schedule 2; or 
		
	(c)
	shall be declared bankrupt or shall compound with his creditors; 

		
	(d)
	be convicted of any criminal offence (excluding an offence under the road traffic legislation in the United Kingdom or elsewhere for which the Executive is not sentenced to any term of imprisonment, whether suspended or not );

		
	(e)
	be incapacitated during the Appointment by ill-health or accident from performing his duties hereunder for an aggregate of 130 working days or more in any period of 12 months provided that this clause 12.1(f) shall not apply if using it would deprive the Executive of any permanent health insurance benefits under Clause 8.2.

		
	12.2
	Any delay by the Company in exercising such right to termination shall not constitute a waiver thereof. 

		
	13
	INCAPACITY

		
	13.1
	If the Executive shall be incapacitated during the Appointment by ill‐health or accident from performing his duties hereunder for an aggregate of 130 working days or more in any period of 12 months the Company may by written notice to the Executive forthwith (or as from a future date specified in the notice) discontinue payment in whole or part of the remuneration and benefits under this Agreement until such incapacity shall cease or (whether or not his remuneration and benefits shall have been discontinued as aforesaid) terminate pursuant to Clause 12.1(e) the Appointment provided that the Company shall, except where the Appointment has been terminated, take all reasonable steps to ensure that the Executive receives benefits pursuant to clauses  8.1, 8.2 and 8.3.  Subject as aforesaid the said remuneration and benefits shall continue to be payable to the Executive notwithstanding such incapacity, but the Company shall be entitled to set off or deduct therefrom the amount of any sickness or other benefit to which the Executive is entitled under Social Security legislation for the time being in force. If requested by the Company, doctor’s certificates must be obtained for any period of incapacity due to sickness or injury of more than 7 days (including weekends).  This clause 13.1 is without prejudice to the Company's rights to terminate the Appointment pursuant to Clause 2.1 and clause 12.1.

		
	13.2
	It is a condition of the Executive’s employment that the Executive consents to an examination by a doctor nominated by the Company should the Company so require.

		
	13.3
	If the Executive’s absence shall be occasioned by the actionable negligence of a third party in respect of which damages are recoverable, then all sums paid by the Company to the Executive under this clause 13 shall constitute loans to the Executive, who shall:

		
	(a)
	immediately notify the Company of all the relevant circumstances and of any claim, compromise, settlement or judgment made or awarded in connection therewith;

		
	(b)
	if the Company so requires, refund to the Company such sum as the Company may determine, not exceeding the lesser of:

		
	(i)
	the amount of damages recovered by the Executive under any compromise settlement or judgment; and

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	(ii)
	the sums advanced to the Executive by the Company in respect of the period of incapacity.

		
	14
	OBLIGATIONS UPON TERMINATION

Upon the termination of the Appointment howsoever arising the Executive shall:‐
		
	14.1
	at any time or from time to time thereafter upon the request of the Company, resign without claim for compensation from:-

		
	(a)
	all offices held in the Company or any of the Group Companies; and

		
	(b)
	membership of any organisation and any office in any other company acquired by reason of or in connection with the Appointment;

 and should he fail to do so the Company is hereby irrevocably appointed to be the Executive's Attorney in his name and on his behalf to execute any documents and to do any things necessary or requisite to give effect to this clause; and
		
	14.2
	deliver to the Company all documents (including, but not limited to, correspondence, lists of clients or customers, notes, memoranda, plans, drawings and other documents of whatsoever nature and all copies thereof) made or compiled or acquired by the Executive during the Appointment and concerning the business, finances or affairs of the Company or any of the Group Companies or customers together with all other property of or relating to the business of the Company or any of the Group Companies which may be in the Executive’s possession or under the Executive’s power or control.

		
	15
	RECONSTRUCTION AND AMALGAMATION

If at any time the Executive's employment is terminated in connection with any reconstruction or amalgamation of the Company or any of the Group Companies whether by winding up or otherwise and the Executive receives an offer on terms which (considered in their entirety) are not less favourable to any material extent than the terms of this agreement from a company involved in or resulting from such reconstruction or amalgamation the Executive shall have no claim whatsoever against the Company or any such company arising out of or connected with such termination.
		
	16
	NOTICES

Any notice to be given hereunder shall be in writing. Notices may be given by either party by personal delivery or post or by fax addressed to the other party at (in the case of the Company) its registered office for the time being and (in the case of the Executive) his last known address and any such notice given by letter or fax shall be deemed to have been served at the time at which the letter was delivered personally or transmitted or if sent by post would be delivered in the ordinary course of first class post.  
		
	17
	PREVIOUS CONTRACTS

		
	17.1
	This agreement is in substitution for any previous contract of service between the Company or any of the Group Companies and the Executive which shall be deemed to have been terminated by mutual consent as from the commencement of the Appointment.

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	17.2
	The Executive hereby warrants and represents to the Company that he will not, in entering into this agreement or carrying out his duties hereunder, be in breach of any terms of employment whether express or implied or any other obligation binding upon him.

		
	18
	PROPER LAW

This agreement shall be governed and construed in all respects in accordance with English law.
		
	19
	CONSTRUCTION

		
	19.1
	The headings in this agreement are inserted for convenience only and shall not affect its construction.

		
	19.2
	Any reference to a statutory provision shall be construed as a reference to any statutory modification or re‐enactment thereof (whether before or after the date hereof) for the time being in force.

		
	20
	STATUTORY INFORMATION, POLICIES AND SCHEDULES

		
	20.1
	This agreement constitutes a written statement as at the date hereof of the terms of employment of the Executive in compliance with the provisions of the Employment Rights Act 1996.

		
	20.2
	There are no collective agreements applicable to the Executive.

		
	20.3
	The Executive will observe such rules, regulations and policies relating to the grievance and disciplinary procedure as the Company may from time to time notify to the Executive. 

		
	20.4
	If the Executive is dissatisfied with any disciplinary decision relating to him he should apply orally or in writing to his Supervisor.  Any application for the purpose of seeking redress of any grievance relating to the Executive’s employment should be made either orally or in writing to his Supervisor.

		
	20.5
	The Executive shall comply with all of the Company’s rules, regulations and policies in force from time to time.

		
	20.6
	This agreement together with Schedules 1 and 2 constitute the entire agreement between the Executive and the Company.

		
	21
	DATA PROTECTION

The Executive consents to the Company or any Group Company holding and processing both electronically and in hard copy form any personal and sensitive data relating to the Executive for the purposes of employee-related administration, processing the Executive’s file and management of its business, for compliance with applicable procedures, laws and regulations and for providing data to external suppliers who administer the Executive’s benefits solely for the purpose of providing the Executive with those benefits. It may also be necessary for the Company to forward such personal and sensitive information to other offices it may have or to another Group Company outside the European Economic Area where such a company has offices for storage and processing for administrative purposes and the Executive consents to the Company doing so as may be necessary from time to time.

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IN WITNESS whereof this agreement has been executed on the date stated on the first page of this agreement.

	
			
	Signed as a deed by the said 
ANDREA SALVATO
in the presence of:-
	)))
	

.........................................

	
			
	Signed by AUTHORIZED SIGNATORY
Duly authorised for and on behalf of 
UGC EUROPE SERVICES LIMITED
in the presence of:-
	))))
	

.....................................

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SCHEDULE 1

TRADE SECRETS, CONFIDENTIAL INFORMATION AND NON-COMPETITION

During the Appointment, the Executive will acquire knowledge of confidential and propriety information regarding, among other things, the Company’s and the Group’s present and future operations, its customers and suppliers, pricing and bidding strategies, and the methods used by the Company and its employees.
Therefore, the Executive hereby agrees to the following:

		
	A.
	During the Appointment and after the termination of the Appointment the Executive will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose any Trade Secret, as defined below, that the Executive may acquire during the Appointment for so long as such information remains a trade secret.  The term “Trade Secret” as used in this agreement shall mean information including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans or a list of actual or potential customers or suppliers which:

		
	(1)
	derives economic value, actual or potential from not being generally                                                                                                                                         known to, and not being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use; and 

		
	(2)
	is the subject of reasonable efforts by the Company or its Group to maintain its confidentiality.

		
	B.
	In addition to A above and not in limitation thereof, the Executive agrees that, during the Appointment and for a period of 2 years after termination, the Executive will hold in a fiduciary capacity for the benefit of the Company and the Group, and shall not directly or indirectly use or disclose, any Confidential or Proprietary information, as defined below, that the Executive may have acquired (whether or not developed or compiled by the Executive and whether or not the Executive was authorised to have access to such information) during the term of, in the course of or as a result of the Appointment.  The term “Confidential or Proprietary Information” as used in this agreement means any secret, confidential, or proprietary information of the Company not otherwise included in the definition of “Trade Secret” above and does not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right of the client to which such information pertains.

C.    1.    In this Section C
		
	1.1
	“Restricted Business” means those of the businesses of the Company and any Group Company at the time of the termination of the Appointment with which the Executive was involved to a material extent during the period of 12 months ending on the date of the termination of the Appointment; 

322520-1

		
	1.2
	“Restricted Customer” means any firm, company or other person who, during the period of 12 months ending on the date of the termination of the Appointment, was a customer of or in the habit of dealing with the Company or any Group Company and with whom the Executive had contact or about whom the Executive became aware or informed in the course of the Appointment; and 

		
	1.3
	“Restricted Employee” means any person who, at the date of the termination of the Appointment, either:-

		
	(a)
	was employed by the Company or any Group Company at a level at least equal to the Executive and was a person with whom the Executive had material contact; or  

		
	(b)
	was employed by the Company or any Group Company and reported to the Executive directly or indirectly at any time during the 12 months prior to the termination of the Appointment.

		
	2.
	The Executive will not, for a period of 6 months after the termination of the Appointment, solicit or endeavour to entice away from the Company or any Group Company the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business.  

		
	3.
	The Executive will not, for a period of 6 months after the termination of the Appointment, provide goods or services to or otherwise have any business dealings with any Restricted Customer in the course of any business concern which is in competition with any Restricted Business. 

		
	4.
	The Executive will not, for a period of 6 months after the termination of the Appointment, in the course of any business concern which is in competition with any Restricted Business solicit or endeavour to entice away from the Company or any Group Company any Restricted Employee or employ or otherwise engage the services of, whether as employee, consultant, or otherwise, any Restricted Employee. 

		
	5.
	Any period of restriction under clauses 2, 3 and 4 of this Section C shall be reduced by any period during which the Executive is prevented from carrying out his normal duties during his notice period pursuant to clauses 3.5(b), (c) or (d) of the Service Agreement.

		
	6.
	The obligations imposed on the Executive by this Section C extend to the Executive acting not only on the Executive’s own account but also on behalf of any other firm, company or other person and shall apply whether the Executive acts directly or indirectly.

		
	D.
	The covenants contained in this Schedule shall inure to the benefit of the Company, and successor of it and every Group Company.

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 SCHEDULE 2

Code of Business Conduct for All Employees
Amended and Restated March 11, 2004 
Code of Business Conduct
Introduction 
UnitedGlobalCom, Inc. (the “Company”), is committed to conducting its business with honesty and integrity. This Code of Business Conduct (this “Code”) is designed to fulfill this mandate. It is also intended to help each of us focus on the duty we owe to each other, to the Company’s stockholders and to others with whom we do business to conduct ourselves honestly and ethically. 
This Code applies to each of the Company’s and to all other companies in which the Company directly or indirectly owns and has the right to vote shares or other interests representing more than 50% of the voting power of such companies (the “Controlled Companies”) with respect to the election of directors or similar officials, and to the directors, officers and employees thereof (referred to collectively as “employees”). Notwithstanding the foregoing, unless otherwise determined by the Board of Directors, this Code does not apply to (i) any Controlled Company and its employees if the Controlled Company is an “issuer” as defined in Section 2(a)(7) of the Sarbanes-Oxley Act of 2002 (generally, a company that files disclosure documents with the Securities and Exchange Commission), or (ii) any other Controlled Company that is excluded from the application of the Code by the Board of Directors; provided, however, that such Controlled Company has its own Code of Business Conduct, which has been approved by its board of directors. A violation of the standards contained in this Code will result in disciplinary action, up to and including possible dismissal.
Company Assets 
Company assets should be safeguarded and used for Company business only, except for limited personal use approved by your supervisor that does not interfere with Company use. This includes protection of the Company’s physical facilities, office equipment (for example, all computer-related equipment, furniture and supplies), computer software, records, intellectual property rights and third party information. We also must safeguard the Company’s trademarks and other proprietary information, as discussed in the section “Confidential Information.”  
 
Compliance with Laws 
In conducting our business, the Company and every employee must obey and comply with applicable laws, rules and regulations. It is your job to be aware of those rules and to comply with the legal requirements affecting you and your job. 
You may learn information about the Company or companies with whom we do business that is unavailable to the public. Such information may be “insider information” within the meaning of the U.S. federal securities laws. As provided in the Company’s policy on trading in Company securities, you may not use inside information when making personal investment decisions or investment decisions for others regarding our stock or the stock of companies with whom we do business. In addition, you may not pass insider information on to persons outside the Company. This includes family and friends.

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If you have any questions regarding compliance with these laws and principles, please call a member of the Company’s Legal Department immediately. Remember that compliance with this Code is your responsibility. 
Confidential Information 
You shall not, during or after your employment, disclose to or use for the benefit of any person or entity other than the Company, any Company confidential information that you develop or receive during employment. “Confidential information” refers to information that is not available to the public. For example, Company confidential information includes: 
		
	•
	trade secrets, research and development information, product and marketing plans; 

		
	•
	personnel data, financial data, product and service specifications, prototypes, software, models, business planning models, customer lists; 

		
	•
	information relating to current and future business plans, strategies and methods, divestitures, mergers, acquisitions and marketing and sales plans and data; 

		
	•
	technical and engineering information; and 

		
	•
	other information relating to the Company, its subsidiaries or its customers. 

If you are unsure about the confidential nature of specific information you must ask your supervisor or a member of the Company’s Legal Department for clarification. You must return to the Company all Company confidential information when your employment ends. 
You should use reasonable care to protect the confidentiality of all Company confidential information, and should not disclose Company confidential information to unauthorized persons. This means that you should exercise care when discussing Company matters in the presence of third parties, and should contact the Company’s Legal Department before disclosing Company confidential information to a third party. Company confidential information should never be disclosed for personal profit or for the advantage of yourself or anyone else.
Also, you should not accept any confidential information from any third party without approval of his/her supervisor or a member of the Company’s Legal Department. If you have third party confidential information, you must take care to observe the terms of any agreement under which such confidential information has been received from the third party, and not to violate the rights of the third party. Particular care should be taken when dealing with competitors and former employees. You must never knowingly request, accept, use or disclose the confidential information of these parties unless you have consulted with your supervisor or a member of the Company’s Legal Department. In addition, you may not disclose, or induce any other employee to disclose, any former employer’s confidential information, or ask a third party to violate a non-compete or non-disclosure agreement.
You will be subject to appropriate disciplinary action, up to and including dismissal, for knowingly or unknowingly (such as through casual conversation) revealing confidential information of the Company or of a third party.
Conflicts of Interest
You must avoid any situation that involves or may involve a conflict between your personal interest and the interest of the Company. A conflict of interest occurs when personal interests interfere with your ability to (i) exercise good judgment concerning the Company’s best interests or (ii) do your job at the Company in a way that is in the 

322520-1

best interest of the Company. You may not use Company property, information or position for personal gain, including by taking for yourself personal opportunities that are discovered through the use of Company property, information or position. You must make prompt and full disclosure in writing to senior management of any potential conflict of interest situation and receive written approval from senior management regarding the situation. You should avoid even the appearance of such a conflict.
Examples of conflict situations include:
		
	•
	Ownership, directly or indirectly (including through family members), of more than a modest financial interest in any outside entity that does or seeks to do business with the Company or a competitor of the Company.

		
	•
	Serving as a director, officer, partner, consultant, or in a managerial or technical capacity with an outside entity that does or is seeking to do business with the Company or a competitor of the Company. 

		
	•
	Acting as a broker, finder, go-between or otherwise for the benefit of a third party in transactions involving or potentially involving the Company or its interests.

		
	•
	Buying or selling assets to/from the Company.

		
	•
	Using Company-owned assets for other than Company-related business.

		
	•
	Business relationships between the Company and any person who is a relative or personal friend or an entity controlled by any such person.

		
	•
	Compete or prepare to compete with the Company while still employed by the Company. 

There are other situations in which a conflict of interest may arise. If you have any questions regarding whether a type of action may create a conflict of interest situation, you should consult a member of the Company’s Legal Department. Also, if you become aware of any material transaction or relationship that could reasonably be expected to give rise to such a conflict of interest, or if you have concerns about any situation, follow the steps outlined in the section “Reporting Ethical Violations.”
Fraudulent Activities
Fraudulent Activities encompass an array of irregularities and illegal acts characterized by intentional deception. Fraud can be perpetrated by persons outside as well as inside the Company. No one has the authority to commit illegal acts related to the Company. Fraudulent activities include acts that are not only a detriment to the Company, but also a detriment to third parties. Engaging in any act that involves fraud, theft, embezzlement or misappropriation of any property, including that of the Company, or any of its employees, suppliers or customers is strictly prohibited. It is the Company’s policy to ensure that incidents of fraud related to the Company are promptly investigated, reported and, where appropriate, prosecuted. Some examples of fraudulent conduct are:
		
	•
	Falsification of financial records such as valuation of transactions, amount of income/loss, or failure to disclose financial information;

		
	•
	Acceptance of bribes or kickbacks, see the Section “Gifts, Entertainment and Bribes”;

		
	•
	Diversion of potentially profitable transactions outside the Company;

		
	•
	Claims submitted for services or goods not actually provided to the Company or a third party;

		
	•
	Embezzlement; and

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	•
	Intentional concealment or misrepresentation of events or information, including expense reimbursement.

Work Conduct
Conduct that interferes with operations of the Company, discredits the Company, or is offensive to third parties or co-workers will not be tolerated. You are expected to observe the highest standard of conduct in your relationships with other employees, shareholders, suppliers, government officials and the general public in order to represent the best interests of the Company. Appropriate employee conduct includes:
		
	•
	Refraining from behaviour or conduct which is contrary to the Company’s best interests;

		
	•
	Reporting to management suspicious, unethical, or illegal conduct by co-workers or suppliers; and

		
	•
	Reporting to management any threatening or potentially violent behaviour by co-workers. 

The following conduct is prohibited and individuals engaged in it will be subject to discipline, up to and including possible termination: 
		
	•
	Engaging in or threatening any acts in violation of any workplace violence policy adopted by the Company or any harassment policy adopted by the Company.

		
	•
	Committing any illegal act, except minor traffic offences.

		
	•
	Being under the influence of alcohol, an intoxicant, illegal drug or narcotic while at work; having possession of, selling, giving or circulating alcohol, drugs or sources of drugs, intoxicants or narcotics to other employees. Moderate alcohol consumption at events provided by the Company is, however, permissible.

		
	•
	Stealing, destroying, defacing, or misusing Company property or another employee’s property;

		
	•
	Misusing Company communications systems, including electronic mail, computers, Internet access, and telephones. Misuse includes excessive personal telephone calls or emails. See Internet and E-mail Policy.

		
	•
	Disobedience or insubordination, or the use of abusive, threatening, or obscene language.

		
	•
	Failing to comply with any Company policy. 

The examples of prohibited behaviour described above are not intended to be an all-inclusive list. Employees who participate in any conduct that is in violation of this Code shall be subject to disciplinary action, up to and including possible termination. In addition, if the conduct in question is an illegal act, such as fraud, the Company will report and, where appropriate, prosecute the employee to the fullest extent permitted by law. 
Gifts, Entertainment and Bribes
The Company expects you to conduct the Company’s business with integrity and to comply with all applicable laws in a manner that excludes considerations of personal advantage or gain. Employees shall maintain the highest ethical standards in the conduct of Company affairs.
		
	•
	Other than for modest gifts given or received in the normal course of business (including travel or entertainment), neither you nor your relatives may give gifts to, or receive gifts from, the persons doing business with the Company. Other 

322520-1

gifts may be given or accepted only with prior approval of your senior management. In no event should you put the Company or yourself in a position that would be embarrassing if the gift was made public.
		
	•
	No gifts or business entertainment of any kind may be given to any government official without the prior approval of the Company’s Legal Department. For such approval to be given, the gift must be in compliance with this Code and not in violation of the Company’s Foreign Corrupt Practices Policy.

		
	•
	Appropriate business entertainment in connection with business discussions or the development of business relationships is generally acceptable. Such entertainment may include business-related meals and trips, refreshments before and after business meetings and tickets to sporting, theatrical or cultural events. Notwithstanding the foregoing, any entertainment that would cause a feeling or expectation of personal obligation should not be extended or accepted.

		
	•
	If an employee has any question regarding the type of gift or entertainment to be given or received, he or she should consult with a member of the Company’s Legal Department. 

		
	•
	Reimbursement for gifts and entertainment will be made in accordance with the appropriate business expense policy. 

Any employee who pays or receives bribes or kickbacks will be subject to disciplinary action, which may include being immediately terminated and reported, as warranted, to the appropriate authorities. A kickback or bribe includes any item intended to improperly obtain favourable treatment.

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Political Contributions
No Company funds may be given directly to political candidates. You may, however, engage in political activity with your own resources on your own time. 
Reporting Ethical Violations
If you become aware of a suspected ethical violation, whether before or after it has occurred, you must promptly report it to a member of the Company’s Legal Department in the country in which you are located. If you still are concerned after speaking with the Company’s Legal Department or feel uncomfortable speaking with such person (for whatever reason), you may contact the Chief Financial Officer, President or Chief Executive Officer. You have the Company’s commitment that you will be protected from retaliation as stated in the Company’s non-retaliation policy.
Report of ethical violations will be kept confidential to the extent possible, consistent with the Company’s need to investigate and take action regarding the matter. Employees are also expected to keep information regarding such matters confidential and understand that they are expected to fully cooperate with any such investigation. 
Waivers 
Under appropriate circumstances, the Company may waive application of this Code to certain otherwise prohibited conduct. A waiver must be requested in advance and in writing, and the request must describe the contemplated conduct for which the waiver is sought and why a waiver would be appropriate under the circumstances.
If you are a director or executive officer, a waiver request must be directed to the independent members of the Board of Directors. The waiver may be granted only by a vote of such Board members following a determination by the Legal Department that a waiver is appropriate under the circumstances. The reasons for granting the waiver should be recorded in the minutes of the meeting at which it was granted and the waiver must be accompanied by appropriate controls designed to protect the Company.
If you are not a director or executive officer, a waiver request must be directed to the Legal Department. The waiver may be granted only following a determination by the Legal Department that the waiver is appropriate under the circumstances and accompanied by appropriate controls designed to protect the Company. 
The Company will post on its web site for a period of at least 12 months a description of any changes to, amendments or waivers of this Code applicable to directors or executive officers. Implicit waivers due to inaction by Company management with respect to reported or known Code violations shall be similarly disclosed. 
Conclusion
Each employee is responsible for safeguarding and promoting the Company’s ethics and business reputation. Of course, doing the right thing is not always easy. Many situations will involve subtleties and complexities that lead to difficult choices. When in doubt, take a step back to ask yourself whether the situation feels right, and consider whether you feel confident that your actions would withstand scrutiny. If necessary, take another careful look at this Code for guidance and seek advice from a supervisor or other colleague. Your actions should not have even the appearance of impropriety. You should be able to feel comfortable that your actions would not embarrass yourself, your colleagues or the Company’s stockholders should it turn out that your conduct becomes “front page” news.
If you are uncertain about a contemplated course of action or have questions about this Code, you should raise the issue with a member of the Company’s Legal 

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Department or another member of senior management with whom you feel comfortable. If you still are uncomfortable, please follow the steps outlined above in the section “Reporting Ethical Violations.”
Any employee who ignores or violates any provision of this Code, and any manager who penalizes a subordinate for trying to follow this Code, will be subject to corrective action, up to and including possible termination. Simply put, the Company seeks to employ people who believe that honest and ethical behaviour is not only good business, but also the right thing to do personally.
This Code is posted to the Company's website at http://www.unitedglobal.com/.  
 
UnitedGlobalCom, Inc. reserves the right to amend or cancel this Policy at any time. 

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