Document:

Letter Agreement

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
 Exhibit 10.111 
 

 
  

					
	Mr. Klaus H. Jung	 		 	March 14, 2008

 President 
 Reeves
Park, Inc. 
 5050 Lincoln Drive 
 Suite 470 
 Edina, MN 55436 
 Re: Manufacturing Agreement 
 Dear Klaus: 
 This letter agreement (the “Agreement”) sets forth the
terms and conditions of the sale of Charles & Colvard created Moissanite (“Moissanite”) by Charles & Colvard, Ltd. (“C&C”), to Reeves Park (“Buyer”). In addition to this letter and the attached
terms and conditions there are other agreements between the two companies including but not limited to: a License Agreement, various Consignment Agreements and a Security Agreement. 
 C&C hereby agrees to sell to Buyer commercially reasonable amounts of Moissanite, using the pricing set forth in the then current price list, (Price File *****) for use by Buyer in the manufacturing of fine
jewelry featuring Moissanite; provided, however, the prices charged to Buyer will be no more than the lowest charged for any jewelry industry manufacturing customer of C&C worldwide. In addition, the parties hereto agree to the following;

  

	 	1.	Effective July 1, 2007 C&C will fund at a *****% rate all pre-approved, eligible advertising/promotional activity expenses submitted by the Buyer dealing with
advertising/promotional materials in which Moissanite is being promoted/advertised. This funding is limited to *****% of net purchases made by the Buyer. C&C agrees to consider additional funding greater than the *****% of net purchases amount
on a specific pre-approved basis. Credit will be given via credit memo to Buyer’s account within 30 days after Buyer presents sufficient supporting documentation to C&C. 

  

	 	2.	Upon Buyer’s request, C&C also agrees to provide the staff of the Buyer with any required training materials and guidance concerning Moissanite, C&C’s marketing
strategy and C&C’s product positioning for Moissanite. 

  

	 	3.	With respect to the sale and delivery of new Charles & Colvard created Moissanite, Buyer shall have 45 days within which to inspect and thereupon reject any new
items that are damaged or that do not conform to Buyer’s ordering specifications. If Buyer returns damaged or non-conforming items within the foregoing 45-day time period, then Buyer shall be given credit for an amount equal to 100% of the
price charged to Buyer by C&C for such returned items. For purposes of this Agreement, the foregoing 45-day time period also applies to Moissanite shipped to a party, such as a manufacturer of jewelry, designated in writing by Buyer to receive
the Moissanite. Notwithstanding the foregoing, to receive their credit, Buyer must report any damaged or non conforming items within 15 days subsequest to the end of a quarter or 30 days subsequent to the end of each calendar year.

  

	 	4.	With respect to Moissanite accepted and used by Buyer, the following provisions apply: 

 a. As of July 1, 2007 of the amount of new Moissanite thereafter purchased by Buyer during each calendar quarter Buyer may return up to an amount equal to *****% of such purchases for *****% of the price
originally paid by Buyer for the returned items, and Buyer will not be charged a re-stocking fee or like charge in connection with the return of such items. No more than *****% of such items shall be damaged. These returns must be quantified within
30 days of the end of the applicable quarter and completed within a reasonable period thereafter. 
 b. For any damaged Moissanite not
covered by the provisions of paragraph 4(a) above, Buyer may return such items and receive a credit of up to *****% of the price paid originally paid by Buyer for the returned items; and Buyer will not be charged a re-stocking fee or like charge in
connection with the return of such items. 
 c. Under no circumstances will credit be given for any damaged jewels 3.0mm in size or smaller.

 

 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 Mr. Klaus H. Jung 
 March 14, 2008 
 Page Two 
  

	 	5.	C&C agrees to provide stock re-balancing quarterly on a dollar value per dollar value basis, up to a maximum of *****% of the purchases made by Buyer in the most recent quarter
prior to the request for re-balancing. This stock balancing will occur within 15 days of the end of the quarter for which the charge applies. 

  

	 	6.	As of and from the date hereof March 14, 2008, all stock ordered for use in trunk shows will be delivered to Buyer on a consignment basis. These consignment shipments will be
governed by a separate written consignment agreement that will set forth the terms of the consignment arrangement including, but not limited to, the amount of consigned Moissanite jewelry and length of the consignment period.

  

	 	7.	Buyer agrees to provide, to the best of its ability and apply best efforts to provide retail forecasting and reporting on a timely basis, to C&C for all major programs that
Buyer sells Moissanite jewelry. 

  

	 	8.	With respect to the sale and delivery of new Charles & Colvard created moissanite, Buyer agrees to remit to C&C an amount equal to no less than *****% of the amount
invoiced prior to the shipment of the amount invoiced. The parties hereto acknowledge and agree that the total amount so received by C&C shall be applied to amounts due C&C by Buyer for Moissanite previously ordered and shipped with the
understanding that all monies will be applied to interest due first and then from the oldest invoices(s) first. With respect to the sale and delivery of new Charles & Colvard created Moissanite, an invoiced amount is due and payable *****
days from the invoice date for purposes of the computation of interest as contemplated by paragraph 10 below, and for other purposes under this Agreement. 

  

	 	 9.
	 Beginning with the 2nd calendar quarter in 2008, and for each calendar quarter thereafter until all amounts past due C&C from Buyer are paid in full, the amounts paid by Buyer pursuant to the provisions of paragraph 8 above shall be aggregated and during
each calendar quarter Buyer agrees to remit to C&C at least $*****. Such amounts shall also be applied to interest due first and then from the then oldest invoice(s) first. Buyer’s failure to remit the minimum payment per quarter shall be
considered a material breach of this Agreement for termination purposes. Any amount paid by Buyer in a calendar quarter under the provision of this paragraph 9 towards the $***** minimum and which was not used to pay for new Charles &
Colvard created Moissanite which was invoiced under the provisions of paragraph 8 above shall be automatically applied by C&C against amounts invoiced to Buyer in the following calendar quarter for shipments under the provision of paragraph 8
..above. 

  

	 	10.	Beginning April 1, 2008, C&C shall provide Buyer a monthly summary of accounts receivable by age and shall charge *****% per annum on amounts that are past due until paid
in full; provided, however, if Buyer is able to secure financing from any source so that Buyer liquidates all of its past due obligations to C&C by December 31, 2008, then C&C agrees to immediately issue a credit to Buyer in an amount
equal to all charges for interest theretofore imposed by C&C on Buyer’s account. 

 Buyer hereby recognizes, and agrees to cooperate
with C&C in the protection of, all C&C trademarks, copyrights and intellectual property. Buyer acknowledges receipt of the Brand Identity Guidelines provided by C&C and agrees to market Charles & Colvard created Moissanite in a
manner consistent with such guidelines. Additionally, Buyer shall use commercially reasonable efforts to ensure its customers abide by such guidelines. 
 Unless sooner terminated, this Agreement remains in effect from the effective date hereof through December 31, 2009. Either party may terminate this Agreement only for “good cause”. Good cause shall be any intentional,
material, repeated or continuous breach of this Agreement by either party. The party intending to terminate shall give the other notice specifying the cause for termination, and the recipient may cure the breach within 30 days of receipt of such
notice. 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 Mr. Klaus H. Jung 
 March 14, 2008 
 Page Three 
 Buyer hereby reissues, ratifies, and confirms the enforceability and validity of all consignment agreements and security agreements (whenever executed and as amended from time to time, the “Consignment and Security Agreements”)
between Buyer and C&C with respect to Moissanite, and agrees that all Consignment and Security Agreements constitute the legal, valid, and binding obligations of Buyer, enforceable in accordance with their respective terms. In addition, and
except as provided in the introductory paragraph of this Agreement, Buyer and C&C acknowledge and agree that neither the execution and delivery of any new manufacturing agreement or this Agreement nor any of the terms, provisions, covenants, or
agreements contained in any new manufacturing agreement or this Agreement shall in any manner release, impair, lessen, modify, waive, or otherwise affect the liability and obligations of Buyer under the terms of the Consignment and Security
Agreements. 
 If the forgoing meets with your understanding of our agreement, please sign two copies of this Agreement and return one fully executed copy
for our files. 
  

									
	Charles & Colvard, Ltd.	 		 	Agreed and Accepted by “Buyer”
					
	By:	 	 /s/ James R. Braun
	 		 	By:	 	 /s/ Klaus Jung

	Name:	 	James R. Braun	 		 	Name:	 	Klaus Jung
	Title:	 	VP of Finance & CFO	 		 	Title:	 	President/CEO
	Date:	 	3-17-08	 		 	Date:	 	3-14-08

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 TERMS AND CONDITIONS 
 1. ACCEPTANCE OF ORDERS. C&C’s acceptance of all orders for Charles & Colvard created Moissanite (the “Product”) and all offers and sales by
C&C are subject to and expressly conditioned upon Buyer’s acceptance of the terms and conditions of this Agreement, and Buyer’s acceptance of any offer by C&C must be made on such terms and conditions exactly as offered by C&C.
Any of Buyer’s terms and conditions which are different from or in addition to those contained in this Agreement are objected to by C&C and shall be of no effect unless specifically agreed to in writing by C&C. Shipment of the Product
shall not be construed as acceptance of any of Buyer’s terms and conditions which are different from or in addition to those contained herein. Buyer’s acceptance of the Product furnished by C&C pursuant hereto shall constitute
Buyer’s acceptance of the terms and conditions of this Agreement. 
 This Agreement shall be governed by and construed under the laws of the State of
North Carolina as if made and to be performed entirely within such state. 
 2. PRICES. The prices stated in this Agreement are F.O.B. C&C’s
manufacturing facilities and do not include transportation, insurance or any sales, use, excise or other taxes, duties, fees or assessments imposed by any jurisdiction. All applicable taxes shall be paid by Buyer, unless Buyer provides C&C with
appropriate tax exemption certificates. Buyer shall promptly reimburse C&C for any taxes paid by C&C which are the responsibility of Buyer hereunder. All prices and other terms are subject to correction for typographical or clerical errors.
Prices are subject to change annually at the sole discretion of C&C. 
 3. TERMS OF SALE & PAYMENT. C&C shall provide the Product in the
“very good” grade which includes slight possible color saturations and inclusions. Buyer shall pay for the Product in cash upon delivery, unless an earlier or later time for payment is specified in the Agreement (in which case payment
shall be due at the time so specified). Each shipment shall be considered a separate and independent transaction and payment for each shipment shall be due accordingly. 
 C&C may, at its option, elect to extend credit to Buyer. If C&C extends credit to Buyer, invoices will be issued upon shipment and payment shall be due in full within ***** from the invoice date. C&C
reserves the right to change the amount of or withdraw any credit extended to Buyer at any time without notice to Buyer. 
 Amounts not paid when due shall
be subject to interest at the rate of ***** per month or, if less, the maximum rate permitted by law. 
 In the event of the bankruptcy or insolvency of
Buyer, or the filing of any proceeding by or against Buyer under any bankruptcy, insolvency or receivership law, or in the event Buyer makes an assignment for the benefit of creditors, C&C may, at its election and without prejudice to any other
right or remedy, exercise all rights and remedies granted to C&C in Section 7 as in the case of a default by Buyer under this Agreement. 
 4.
DELIVERY, TITLE AND RISK OF LOSS. All sales hereunder shall be F.O.B. C&C’s manufacturing facilities, and the Product shall be deemed delivered to Buyer when delivered to the transportation company at the C&C’s manufacturing
facilities. Unless otherwise agreed in writing by C&C, all transportation charges and expenses shall be paid by Buyer, including the cost of any insurance against loss or damage in transit which C&C may obtain on Buyer’s behalf. C&C
reserves the right to ship the Product freight collect. 
 C&C hereby reserves, and Buyer hereby grants to C&C, a purchase money security interest in
all Product purchased under this Agreement, together with all proceeds thereof, including insurance proceeds. Such security interest secures all of Buyer’s obligations arising under this Agreement, and any other agreements between Buyer and
C&C, until all amounts due C&C hereunder have been paid in full. Buyer agrees to promptly execute and deliver appropriate financing statements evidencing C&C’s security interest upon C&C’s request. This purchase money
security interest shall be subordinate to Buyer’s senior Well Fargo Loan facility 
 Title and risk of loss and/or damage to the Product shall pass to
Buyer upon delivery of the Product to the transportation company at C&C’s manufacturing facilities. Confiscation or destruction of or damage to the Product shall not release, reduce or in any way affect the liability of Buyer hereunder. In
the event Buyer rejects or revokes acceptance of any Product for any reason, all risk of loss and/or damage to such Product shall nonetheless remain with Buyer unless and until the same are returned at Buyer’s expense to such place as C&C
may designate in writing. 
 Buyer shall inspect all Product promptly upon receipt and file claims with the transportation company in the event there is
evidence of shipping damage. 
 5. PERFORMANCE. C&C shall make a reasonable effort to observe the dates specified herein or such later dates as may be
agreed to by Buyer for delivery or other performance, but C&C shall not be liable for any delay in delivery or failure to perform due to acceptance of prior orders, strike, lockout, riot, war, fire, act of God, accident, delays caused by any
subcontractor or supplier or by Buyer, technical difficulties, failure or breakdown of machinery or components necessary to order completion, inability to obtain or substantial rises in the price of labor or materials or manufacturing facilities, or
compliance with any law, regulation, order or direction, whether valid or invalid, of any governmental authority or 

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THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 
instrumentality thereof, or due to any unforeseen circumstances or any causes beyond its control, whether similar or dissimilar to the foregoing and whether
or not foreseen. No penalty of any kind shall be effective against C&C for delay or failure; provided, however, that if the delay or failure extends beyond six (6) months from the originally scheduled date either party may, with written
notice to the other, terminate this Agreement without further liability. 
 6. ACCEPTANCE. All Product delivered hereunder shall be deemed accepted by Buyer
as conforming to this Agreement, and Buyer shall have no right to revoke any acceptance, unless written notice of the claimed nonconformity is received by C&C within twenty (20) days of delivery thereof. Notwithstanding the foregoing, any
use of the Product by Buyer, its agents, employees, contractors or licensees, for any purpose, after delivery thereof, shall constitute acceptance of that product by Buyer. 
 7. DEFAULT AND TERMINATION. Buyer may terminate this Agreement if C&C materially defaults in the performance of its obligations hereunder and fails to cure such default within sixty (60) days after written
notice thereof from Buyer. Such termination shall be Buyer’s sole remedy in the event of a default by C&C. 
 Buyer shall be deemed in material
default under this Agreement if Buyer fails to pay any amounts when due hereunder, cancels or attempts to cancel this Agreement prior to delivery or refuses delivery or otherwise fails to perform its obligations hereunder or fails to pay C&C any
sums due under any other agreement or otherwise. In the event of a material default by Buyer, C&C may, upon written notice to Buyer, (1) suspend its performance and withhold shipments, in whole or in part, (2) terminate this Agreement,
(3) declare all sums owing to C&C immediately due and payable and/or (4) recall Product in transit, retake same and repossess any Product held by C&C for Buyer’s account, without the necessity of any other proceedings, and
Buyer agrees that all Product so recalled, taken or repossessed shall be the property of C&C, provided that Buyer is given credit therefore. Exercise of any of the foregoing remedies shall not be construed as limiting, in any manner, any of the
rights or remedies available to C&C under the Uniform Commercial Code or other laws. 
 8. PATENTS AND OTHER INTELLECTUAL PROPERTY RIGHTS. The sale of
the Product hereunder does not convey any expressed or implied license under any patent, copyright, trademark or other proprietary rights owned or controlled by C&C, whether relating to the Product sold or any manufacturing process or other
matter. All rights under any such patent, copyright, trademark or other proprietary rights are expressly reserved by C&C. 
 9. MANUFACTURING PRACTICES.
When engaged in the design, production or distribution of any jewelry containing the Product, Buyer and its agents, sub-manufacturers, or contractors involved in the design, production, or distribution of jewelry containing the Product shall not
engage in the use of child labor, prison or any type of forced labor, or any other labor practices that may violate the sensibilities of the American public. Buyer shall certify to C&C from time to time, upon C&C’s demand, that it, as
well as its agents, sub-manufacturers, or contractors involved in the design, production, or distribution of the Product does not engage in such labor practices. Upon C&C’s demand, Buyer shall also certify that all rules and regulations, as
well as all measures of safety, health, and labor practices, recommended or requested by the relevant authorities of Buyer’s governing municipalities, as well as the governing municipalities of Buyer’s agents, sub-manufacturers, or
contractors involved in the design, production or distribution of the Product have been complied with. Buyer shall indemnify C&C for, and hold C&C harmless from, all claims, actions or demands arising from any action or omission that occurs
on Buyer’s, its agent’s, sub-manufacturer’s or contractor’s premises. Furthermore, C&C guarantees that no radioactive process has been utilized in the manufacturing process of the Product. 
 10. LIMITED WARRANTY. Other than as set out herein, C&C makes no warranty or other representation concerning the Product; and, other than as
specifically provided in this Agreement, C&C’s liability is limited to replacement of any Product not conforming to the specifications set out in Section 3 of this Agreement upon their return to C&C. Buyer reserves the right to
return any Product not conforming to the specifications set out herein to C&C. C&C shall pay return shipping, handling and insurance on the replacements for the Product that does not meet the specifications in Section 3. All returned
Product must be accompanied by a return authorization number that should be displayed prominently on the outside of the package. All other shipping, handling and insurance for returns shall be paid by Buyer. The warranty set forth in this
Section 10 is intended solely for the benefit of Buyer. All claims hereunder shall be made by Buyer and may not be made by Buyer’s customers. THE WARRANTY SET FORTH ABOVE IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED,
WHICH ARE HEREBY DISCLAIMED AND EXCLUDED BY C&C, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OF FITNESS FOR A PARTICULAR PURPOSE OF USE. 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 LICENSING AGREEMENT 
 This Agreement is by and between Charles & Colvard, Ltd., having its principal office at 300 Perimeter Park Drive, Suite A, Morrisville, North Carolina 27560
(“Licensor”) and Reeves Park, Inc. having its principal office at 5050 Lincoln Drive, Suite 470, Edina, MN 55436 (“Licensee”): 
 A.
Licensor desires to license certain of its trademarks, which are set forth on the attached the Brand Identity Guidelines. 
 B. The Trademarks and Copyright
Works are valuable rights of the Licensor. Licensor desires to and Licensee agrees to protect the integrity of the Trademarks and Copyright Works so as to avoid consumer confusion and to distinguish Licensor’s products from those of its
competitors. Licensee shall exercise this protection by conforming to certain guidelines concerning the use of the Trademarks and Copyright Works, as described in the Brand Identity Guidelines. 
 C. Licensee wishes to use the Trademarks and Copyright Works in connection with the advertising, promotion and sale of Licensee’s products which incorporate
Charles & Colvard created Moissanite jewels. 
 Now, therefore, in consideration of the mutual promises of the Agreement, the parties agree as
follows: 
  

	1.	GRANT OF LICENSE 

 Licensor grants to Licensee, subject to the terms
and conditions of this Agreement, the non-exclusive right to use the Trademarks and Copyright Works listed in the Brand Identity Guidelines, in connection with Licensee’s advertisement, promotion and sale of Licensee’s products which
incorporate Charles & Colvard created Moissanite jewels. Licensee may use the Trademarks and Copyright Works: (i) only in the United States of America without reasonable prior written notice to Licensor; (ii) only in connection
with Licensee’s advertisements, promotional and sales materials (including but not limited to online advertising and promotion) (collectively “Advertisements”); and (iii) only as permitted by this Agreement. Licensee may make no
other use of the Trademarks and Copyright Works and Licensor reserves any rights, benefits and opportunities not expressly granted to Licensee under this Agreement. 
  

	2.	TERM AND TERMINATION 

 The term of this Agreement shall begin on the
date of this Agreement and end simultaneously with the termination of the Manufacturing Agreement of even date hereof between Licensor and Licensee concerning manufacture of jewelry incorporating Charles & Colvard created Moissanite Jewels,
unless sooner terminated. Licensor may terminate this Agreement at any time and for any reason. 
  

	3.	ROYALTIES 

 Licensee is not obligated to pay Licensor any royalties
for the use of the Trademarks or Copyright Works under the terms of this agreement. 
  

	4.	QUALITY AND APPROVAL 

 (a) Purpose of Quality
Control. In order to maintain the quality and reputation of the Trademarks and the rights in the Copyright Works, all Advertisements must have Licensor’s prior approval. 
 (b) Pre-approved Materials. All advertising, promotional and sales material bearing or incorporating the Trademarks and/or Copyright Works which
are supplied to Licensee directly by Licensor, without change or alteration of any kind, shall be considered approved. 
 (c) Materials
Requiring Prior Approval. Licensor and Licensee shall cooperate in the development by Licensee of Advertisements containing the Trademarks and/or Copyright Works which are not pre-approved to facilitate the timely approval of such materials.
Licensee shall submit to Licensor for prior approval any and all Advertisements containing or bearing the Trademarks and/or Copyright Works which are not pre-approved. Licensee shall not use the Trademarks and/or Copyright Works in connection with
Advertisements before obtaining Licensor’s approval. Licensor may withhold its approval for any reason. If Licensor fails to approve a submittal within twenty (20) days after receipt of Licensee’s submission, such failure shall
constitute a disapproval of the submittal. 
 (d) Changes. If during the term of this Agreement there is to be any change to
Advertisements bearing or incorporating the Trademarks and/or Copyright Works (even if such changes do not relate to a change in the display of Trademarks and Copyright Works) after the initial approval, the changed Advertisements shall be
considered new proposed Advertisements and Licensee must comply with the provisions of Section 4(b) prior to using the changed Advertisements. 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  

	5.	TRADEMARK AND COPYRIGHT OWNERSHIP AND NOTICES 

 (a) Licensee’s use of the Trademarks shall, depending upon the directions provided by
Licensor, in every instance be combined with one of the following notices: (i) Reg. U.S. Pat. & TM. Off.; (ii) ®; (iii) Trademark of Charles & Colvard;
(iv) TM; or (v) such other similar language as shall have Licensor’s prior approval. 
 (b) Licensor and Licensee agree and
intend that all material, including without limitation all artwork and designs, created by Licensee or any other person or entity retained or employed by Licensee bearing, displaying or containing the Trademarks or Copyright Works (“Copyright
Materials”) are works made for hire within the meaning of the United States Copyright Act and shall be the property of Licensor, unencumbered by moral rights. As owner, Licensor shall be entitled to use and license others to use the Copyright
Materials. To the extent the Copyright Materials are not works made for hire, Licensee hereby irrevocably assigns to Licensor, its successors and assigns, the entire right, title and interest in perpetuity throughout the world in and to any and all
rights, including all copyrights and related rights in such Copyright Materials. Licensee warrants and represents that: (i) the Copyright Materials are completely original and are not based on or derived from the work or works of any third
party; (ii) only Licensee created or contributed to the Copyright Materials; (iii) the Copyright Materials are an original work of authorship, and no royalties, honorariums or fees were, are or will be payable to other persons by reason of
Licensor’s use of the Copyright Materials; and (iv) the Copyright Materials do not infringe the rights of others. If Licensee wishes to retain a third party to assist Licensee in the creation of the Copyright Materials, Licensee shall
obtain Licensor’s prior approval and shall obtain and provide to Licensor an original assignment from the third party to Licensor of the third party’s rights in the Copyright Materials. 
 (c) The following notice (or such other notice as shall have Licensor’s prior approval) shall
appear in connection with the Copyright Works and/or Copyright Materials at least once on Advertisements using Copyright Works and/or Copyright Materials: © (year of first publication)
Charles & Colvard® All Rights Reserved. 
 (d) Licensee shall not
use any language or display the Trademarks, Copyright Works and Copyright Materials in such a way as to create the impression that the Trademarks, Copyright Works and Copyright Materials belong to Licensee. Licensee shall not use any Trademark, any
trademark incorporating all or any part of the Trademarks, the Copyright Works or the Copyright Materials on any business sign, business cards, stationery or forms (except as licensed herein), or as the name of Licensee’s corporation or
business or any division thereof, unless otherwise agreed by Licensor in writing. Licensee waives all claims to any rights in materials bearing the Trademarks, Copyright Works and Copyright Materials beyond the limited permission to use the
Trademarks granted in this Agreement. 
 (e) Upon Licensor’s request and without further consideration, Licensee agrees to execute any
additional documents proposed by Licensor, or do or have done all things as may be requested by Licensor to vest and/or confirm the sole and exclusive ownership of all right, title and interest, including copyrights and related rights in and to the
Copyright Materials in favor of Licensor, its successors and assigns. 
 (f) Licensee hereby irrevocably assigns and transfers to Licensor,
or if applicable, Licensee agrees to obtain an appropriate assignment by an author to the Licensor, to the extent permissible in any jurisdiction, any and all moral rights in and to the Copyright Materials and, where non-assignable, Licensee hereby
irrevocably waives, or if applicable, Licensee agrees to obtain an appropriate waiver by any authors of, in favor of the Licensor, its successors, assigns, employees, agents, representatives and/or any persons acting under Licensor’s authority,
any and all moral rights in such Copyright Materials. 
 (g) The use of any word, name, symbol or device by Licensee to identify or
distinguish any of Licensor’s products shall inure to the benefit of Licensor. The use of any such word, name, symbol or device in connection with Advertisements shall be made only with Licensor’s prior approval. All trademark rights in
any such word, name, symbol or device shall belong to Licensor and shall be exercised by Licensee only pursuant to Licensor’s prior, written approval. At its sole discretion, Licensor may amend the Brand Identity Guidelines to include any such
word, name, symbol or device. 
  

	6.	RIGHTS IN THE TRADEMARKS AND COPYRIGHT WORKS 

 (a)
Licensee shall not make any unlicensed use, file any application for registration or claim any other proprietary right to any of the Trademarks, Copyright Works, Copyright Materials or derivations or adaptations thereof, or any marks or works
similar thereto. 

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 (b) Licensee acknowledges the validity of and Licensor’s title to the
Trademarks, Copyright Works and Copyright Materials and shall not do or suffer to be done any act or thing, which will impair the rights of Licensor in and to the Trademarks, Copyright Works or Copyright Materials. Licensee shall not acquire and
shall not claim any title or any other proprietary right to the Trademarks, Copyright Works, Copyright Materials or in any derivation, adaptation, variation or name thereof by virtue of this license or Licensee’s creation or usage. 

 

	7.	ELECTRONIC MATERIALS 

  

	 	(a)	CD ROM USE 

 Charles &
Colvard, Ltd. (“Licensor”) hereby grants to you (“Licensee”) a limited, non-exclusive, royalty-free license to use certain trademarks and certain copyrights in works as are made available by Licensor on specified CD Rom (the
“Licensed Materials”) solely in connection with the advertising, promotion, and sale of Licensee’s products which incorporate Charles & Colvard created Moissanite. Licensee is granted the right to use the Licensed Materials
only in conformity with the terms of this agreement and the guidelines concerning the use of Licensor’s trademarks and copyright works as described in the Brand Identity Guidelines, as may be amended from time to time. Licensee may make no
other use of the Licensed Materials, and Licensor reserves any rights, benefits, and opportunities not expressly granted to Licensee under this agreement. 
 The Licensee may not include the Licensed Materials in any electronic files to be distributed or used by others without first obtaining the specific written consent of Licensor. Furthermore, the Licensee shall have no
right to, nor shall it attempt to challenge, assign, sublicense, transfer, pledge, lease, rent, or share the rights granted under this License Agreement to or with any third party, in whole or in part, without the prior written consent of Licensor.
Licensee acknowledges and agrees that the Licensed Materials (and trademarks and copyrights therein) are proprietary to Licensor and protected under applicable U. S. and foreign laws. 
 Licensor may terminate this agreement at any time and for any reason. Upon termination, Licensee must destroy all copies, electronic or otherwise, of the
Licensed Materials and/or any materials incorporating parts thereof. Licensee may terminate this agreement at any time by destroying the Licensed Materials and/or any materials incorporating parts thereof in Licensee’s possession. 

Licensee agrees to comply with Licensor’s standards for controlling the quality of products sold under or in connection with the Licensed
Materials. 
 Licensee may not reverse engineer, modify, or create derivative works based upon the Licensed Materials or any part thereof,
except as is specifically permitted in the Brand Identity Guidelines. 
 The following
notice (or such other notice as shall have Licensor’s prior written approval) shall appear in connection with the Licensed Materials at least once on all documentation: “Used pursuant to license from Charles & Colvard, Ltd.”
License shall also use “© (year of first publication) Charles & Colvard, Ltd. All Rights Reserved” in connection with copyright works and TM or ®, as appropriate, in connection with trademarks. 
 Furthermore, upon notice from Licensor posted electronically that it has changed the appearance of the Licensed Materials (or any of the trademarks and/or copyright works therein), Licensee shall use only the changed version in any and all
materials produced by Licensee within four (4) weeks following Licensor’s initial notice. 
  

	 	(b)	WEBSITE 

 Charles & Colvard, Ltd.
(“Licensor”) hereby grants to you (“Licensee”) a limited, non-exclusive, royalty-free license to use certain trademarks and certain copyrights in works as are made available by Licensor for electronic download (the “Licensed
Materials”) solely in connection with the advertising, promotion, and sale of Licensee’s products which incorporate Charles & Colvard created Moissanite. Licensee is granted the right to use the Licensed Materials only in
conformity with the terms of this agreement and the guidelines concerning the use of Licensor’s trademarks and copyright works as described in the Brand Identity Guidelines, as may be amended from time to time. Licensee may make no other use of
the Licensed Materials, and Licensor reserves any rights, benefits, and opportunities not expressly granted to Licensee under this agreement. 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 The Licensee may not include the Licensed Materials in any electronic files
to be distributed or used by others without first obtaining the specific written consent of Licensor. Furthermore, the Licensee shall have no right to, nor shall it attempt to challenge, assign, sublicense, transfer, pledge, lease, rent, or share
the rights granted under this License Agreement to or with any third party, in whole or in part, without the prior written consent of Licensor. Licensee acknowledges and agrees that the Licensed Materials (and trademarks and copyrights therein) are
proprietary to Licensor and protected under applicable U. S. and foreign laws. 
 Licensor may terminate this agreement at any time and for
any reason. Upon termination, Licensee must destroy all copies, electronic or otherwise, of the Licensed Materials and/or any materials incorporating parts thereof. Licensee may terminate this agreement at any time by destroying the Licensed
Materials and/or any materials incorporating parts thereof in Licensee’s possession. 
 Licensee agrees to comply with Licensor’s
standards for controlling the quality of products sold under or in connection with the Licensed Materials. 
 Licensee may not reverse
engineer, modify, or create derivative works based upon the Licensed Materials or any part thereof, except as is specifically permitted in the Brand Identity Guidelines. 
 The following notice (or such other notice as shall have Licensor’s prior written approval)
shall appear in connection with the Licensed Materials at least once on all documentation: “Used pursuant to license from Charles & Colvard, Ltd.” License shall also use “© (year of first publication) Charles & Colvard, Ltd All Rights Reserved” in connection with copyright works and TM or ®, as appropriate, in connection with trademarks. 
 From time to time, Licensor may add
other articles, trademarks, or copyright works for electronic download, and the parties agree that by such action this agreement shall be amended to include such additions. Furthermore, upon notice from Licensor posted electronically that it has
changed the appearance of the Licensed Materials (or any of the trademarks and/or copyright works therein), Licensee shall use only the changed version in any and all materials produced by Licensee within four (4) weeks following
Licensor’s initial notice. 
  

	8.	COOPERATION WITH LICENSOR 

 If Licensee learns of any infringement
of the Trademarks, Copyright Works or Copyright Materials or of the existence, use or promotion of any mark or design similar to the Trademarks, Copyright Works or Copyright Materials, Licensee shall promptly notify Licensor. Licensor will, in its
discretion, decide whether to object to such existence, use or promotion. Licensee agrees to cooperate fully with Licensor in the prosecution of any trademark or copyright application that Licensor may desire to file or in the conduct of any
litigation relating to the Trademarks, Copyright Works or Copyright Materials, as may reasonably be required by Licensor. 
  

	9.	EXTENT AND AMENDMENT OF THE LICENSE 

 From time to time, Licensor
may add other articles, trademarks, or copyright works to the Brand Identity Guidelines and the parties agree that by such action this Agreement shall be amended to include such additions. Furthermore, upon notice from Licensor that it has changed
the appearance of any of the Trademarks or Copyright Works, Licensee shall incorporate the new version of the changed Trademark or Copyright Work into all Advertisements bearing the changed Trademark or Copyright Work within four (4) weeks
following Licensor’s initial notice. 
  

	10.	COMPLIANCE WITH GOVERNMENT STANDARDS 

 Licensee represents and
warrants that the Advertisements shall comply with, meet and/or exceed all Federal, State or Provincial, and local laws, ordinances, standards, regulations and guidelines, including, but not limited to, those pertaining to product, quality, labeling
and propriety. Licensee agrees that it will not publish material in its Advertisements or cause or permit any material to be published, in violation of any such Federal, State or Provincial, or local law, ordinance, standard, regulation or
guideline. 
  

	11.	POST-TERMINATION AND-EXPIRATION RIGHTS AND OBLIGATIONS 

 (a) At the expiration or termination of this Agreement, all rights granted to Licensee under this Agreement shall forthwith revert to Licensor, and Licensee shall refrain from further use of the Copyright Works, Copyright Materials and/or
the Trademarks, either directly or indirectly, or from use of any marks or designs similar to the Copyright Works, Copyright Materials or the Trademarks. 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
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Licensee will immediately cease all use of Advertisements bearing or including the Trademarks, Copyright Works and/or Copyright Materials. Licensee also
shall turn over to Licensor all photographs, codes and other materials, which reproduce the Copyright Works, Copyright Materials or the Trademarks or shall provide evidence satisfactory to Licensor of their destruction. Licensee shall be responsible
to Licensor for any damages caused by the unauthorized use by Licensee or by others of such photographs, codes and other materials, which are not turned over to Licensor. 
 (b) Licensee acknowledges that any breach or threatened breach of any of Licensee’s covenants in this Agreement relating to the Trademarks, Copyright Works and/or Copyright Materials, including without
limitation, Licensee’s failure to remove such materials from its Advertisements at the termination or expiration of this Agreement will result in immediate and irreparable damage to Licensor and to the rights of any subsequent license of
Licensor. Licensee acknowledges and admits that there is no adequate remedy at law for any such breach or threatened breach, and Licensee agrees that in the event of any such breach or threatened breach, Licensor shall be entitled to injunctive
relief and such other relief as any court with jurisdiction may deem just and proper, without the necessity of Licensor posting any bond. 
  

	12.	ASSIGNMENT AND SUBLICENSE 

 (a) Licensee shall not
assign or transfer any of its rights under this Agreement or delegate any of its obligations under this Agreement (whether voluntarily, by operation of law, change in control or otherwise) without Licensor’s prior approval. Any attempted
assignment, transfer, or delegation by Licensee without such approval shall be void and a material breach of this Agreement. A change in the majority ownership or a material change in the management of Licensee shall constitute an assignment of
rights under this Section requiring Licensor’s prior approval. 
 (b) Licensee may sublicense its rights hereunder to authorized jewelry
distributors or retailers engaged in the sale of Licensee’s products which incorporate Charles & Colvard created Moissanite jewels; provided Licensee shall first notify, in writing, Licensor of any such authorized jewelry distributor
or retailer to be sublicensed hereunder and each of which must agree to be bound by the terms of this Agreement. Each such sublicense shall be deemed automatically approved by Licensor. Any other proposed sublicense shall require Licensor’s
prior written approval. Licensee shall use all commercially reasonable efforts to insure the use of the rights granted by the sublicense are used in conformity with the terms of this Agreement, including but not limited to notification by Licensee
to Licensor of any misuse of the rights and full cooperation with Licensor in asserting Licensor’s rights to the full extent of the law. 
  

	13.	INDEPENDENT CONTRACTOR 

 Licensee is an independent contractor and
not an agent, partner, joint venture, affiliate or employee of Licensor. No fiduciary relationship exists between the parties. Neither party shall be liable for any debts, accounts, obligations or other liabilities of the other party, its agents or
employees, Licensee shall have no authority to obligate or bind Licensor in any manner. Licensor has no proprietary interest in Licensee and has no interest in the business of Licensee, except to the extent expressly set forth in this Agreement.

  

	14.	SEVERABILITY 

 If any provision of this Agreement shall be
determined to be illegal and unenforceable by any court of law or any competent government or other authority, the remaining provisions shall be severable and enforceable in accordance with their terms so long as this Agreement without such terms or
provisions does not fail of its essential purpose or purposes. The parties will negotiate in good faith to replace any such illegal or unenforceable provision or provisions with suitable substitute provisions which will maintain the economic
purposes and intentions of this Agreement. 
  

	15.	SURVIVAL 

 Licensee’s obligations and agreements under Sections
5, 6, 9 and 10 shall survive the termination or expiration of this Agreement. 
  

	16.	MISCELLANEOUS 

 (a) Captions. The captions
for each Section have been inserted for the sake of convenience and shall not be deemed to be binding upon the parties for the purpose of interpretation of this Agreement. 
 (b) Scope and Amendment of Agreement. This Agreement constitutes the entire agreement between the parties with respect to the use of
Licensor’s Trademarks, Copyright Works and Copyright Materials and supersedes any and all prior and 

 REDACTED – OMITTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND IS DENOTED HEREIN BY ***** 
  
 
contemporaneous negotiations, understandings or agreements in regard to such subject matter and is intended as a final expression of their Agreement. With
the exception of the addition of new Trademarks, Copyright Works, and Copyright Materials as provided for in Section 7, this Agreement may be amended only by written instrument expressly referring to this Agreement, setting forth such amendment
and signed by Licensor and Licensee. 
 (c) Governing Law and Interpretation. This Agreement will be deemed to have been executed in
the State of North Carolina, United States of America and will be construed and interpreted according to the laws of that State without regard to its conflicts of law principles or rules. The parties agree that each party and its counsel has
reviewed this Agreement and the normal rule of construction that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
 (d) Attorneys’ Fees. If Licensor brings any legal action or other preceding to interpret or enforce the terms of this Agreement, or if
Licensor retains a collection agent to collect any amounts due under this Agreement, then Licensor shall be entitled to recover reasonable attorneys’ fees and any other costs incurred, in addition to any other relief to which it is entitled.

 (e) Waiver. The failure of Licensor to insist in any one or more instances upon the performance of any term, obligation or
condition of this Agreement by Licensee or to exercise any right or privilege herein conferred upon Licensor shall not be construed as thereafter waiving such term, obligation, or condition or relinquishing such right or privilege, and the
acknowledged waiver or relinquishment by Licensor of any default or right shall not constitute waiver of any other default or right. No waiver shall be deemed to have been made unless expressed in writing and signed by the Chief Executive Officer.

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their authorized representatives on the dates indicated below. 
  

											
	 CHARLES & COLVARD, LTD.
	 	LICENSEE: REEVES PARK, INC.
						
	By:	 	 /s/ James R. Braun
	 	Date: 3-17-08	 	By:	 	 /s/ Klaus H. Jung
	 	Date: 3-14-08
		 	James R. Braun,	 		 		 	Klaus H. Jung	 	
		 	VP of Finance & CFO	 		 		 	PresidentPost-2004 Variable Deferred Compensation Plan for Executives

 Exhibit 10.48 
 Post-2004 Universal City Development Partners, Ltd. 
 Variable Deferred Compensation Plan

 for 
 Executives

 Plan Document 
 As
Amended and Restated 
 Effective January 1, 2007 
 (Effective for Deferrals after December 31, 2004) 
  

 ARTICLE 1. PURPOSE 
 The purpose of the Post-2004 Universal City Development Partners Variable Deferred Compensation Plan for Executives (the “Plan”) is to provide a means whereby Universal City Development Partners, Ltd. (the
“Company”) may afford increased financial security, on a tax-favored basis, to a select group of key management employees of the Company who have rendered and continue to render valuable services to the Company which constitute an
important contribution towards the Company’s continued growth and success, by providing for additional future compensation so that such employees may be retained and their productive efforts encouraged. 
 This document is applicable to deferrals of salary and bonus otherwise payable on and after January 1, 2005. Salary and bonus deferred prior to
January 1, 2004 is controlled by, and subject to, the terms of the Universal City Development Partners Variable Deferred Compensation Plan for Executives (the “Prior Plan”), as in effect on January 1, 2004 and as it may
subsequently be modified. Elections made by Participants under the terms of this Plan document shall not modify elections made under the terms of the Prior Plan and vice versa. 
 The Plan was amended and restated effective January 1, 2007, to revise the Distribution Options available to Plan participants, and to comply with
the requirements of Internal Revenue Code Section 409A. 
  

 ARTICLE 2. DEFINITIONS 
 Section 2.1. Affiliate. “Affiliate” means any firm, partnership, or corporation that directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with the Company, within the meaning of Code Sections 414(b) or 414(c); provided that for purposes of determining when a Participant has incurred a Separation from Service,
the phrase “at least 50 percent” shall be used in place of “at least 80 percent” in each place that phrase appears in the regulations thereunder. “Affiliate” also includes the Universal Studios, Inc., Blackstone Group
LP (and, for periods before purchase of its interest by Blackstone Group LP, Rank Organization PLC), their Affiliates and any other organization similarly related to the Company that is designated as an Affiliate by the Committee. 
 Section 2.2. Base Salary. “Base Salary” means, with respect to a Participant for any Plan Year, such Participant’s
annual base salary before deferral pursuant to this Plan or any agreement or any other plan of the Company whereby compensation is deferred, including, without limitation, a plan whereby compensation is deferred in accordance with Internal Revenue
Code Section 401(k) or reduced in accordance with Code Section 125. 
 Section 2.3. Base Salary Deferral.
“Base Salary Deferral” means, for Plan Years beginning on or after January 1, 2007, that portion of Base Salary which an Eligible Employee has made an annual irrevocable election to defer receipt of until the date specified under the
Flexible Distribution Option and/or the Retirement Distribution Option. For Plan Years ending on or before December 31, 2006, “Base Salary Deferral” meant that portion of the Base Salary which an Eligible Employee made an annual
irrevocable election to defer receipt of until the date specified under the In-Service Distribution Option and/or the Retirement Distribution Option. 
 Section 2.4. Beneficiary. “Beneficiary” means the person or persons designated as such in accordance with Section 11.4. 
 Section 2.5. Bonus Compensation. “Bonus Compensation” means, with respect to a Participant for any Plan Year, such
Participant’s bonus compensation before deferral pursuant to this Plan or any agreement or any other plan of the Company whereby compensation is deferred, including, without limitation, a plan whereby compensation is deferred in accordance with
Code Section 401(k) or reduced in accordance with Code Section 125. 
 Section 2.6. Bonus Compensation Deferral.
“Bonus Compensation Deferral” means, for Plan Years beginning on or after January 1, 2007, that portion of Bonus Compensation which an Eligible Employee has made an annual irrevocable election to defer receipt of until the date
specified under the Flexible Distribution Option and/or the Retirement Distribution Option. For Plan Years ending on or before December 31, 2006, “Bonus Compensation Deferral” meant that portion of Bonus Compensation to which an
Eligible Employee made an annual irrevocable election to defer receipt of until the date specified under the In-Service Distribution Option and/or the Retirement Distribution Option. 
  

 -2- 

 Section 2.7. Code. “Code” means the Internal Revenue Code of 1986, as
amended from time to time. 
 Section 2.8. Committee. “Committee” means the persons appointed by the Company to
administer the Plan. 
 Section 2.9. Company. “Company” means Universal City Development Partners, Ltd.

 Section 2.10. Disabled. “Disabled” means a mental or physical condition which qualifies a Participant for
benefits under the Company’s insured Long Term Disability Plan, which renders the Participant unable to engage in any substantial gainful activity and which is a medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than 12 months. 
 Section 2.11. Distribution
Option. “Distribution Option” means the distribution options which are available under the Plan, consisting of the Flexible Distribution Option, the Retirement Distribution Option and the In-Service Distribution Option. 
 Section 2.12. Distribution Option Account. “Distribution Option Account” or “Accounts” means, with respect to a
Participant, the Flexible Distribution Account, the Retirement Distribution Account and/or the In Service Distribution Account established on the books of account of the Company, pursuant to Section 5.1, for each Distribution Option Period.

 Section 2.13. Distribution Option Period. “Distribution Option Period” means, for Plan Years ending on or
before December 31, 2006, each period of not more than five (5), Plan Years, as were designated by the Committee from time to time, for which an Eligible Employee elected, in his Enrollment Agreement, the time and manner of payment of amounts
credited to his Distribution Option Accounts for such Plan Years. 
 Section 2.14. Earnings Crediting Options.
“Earnings Crediting Options” means the investment fund options selected by the Participant from time to time pursuant to which earnings are credited to the Participant’s Distribution Option Accounts. 
 Section 2.15. Effective Date. “Effective Date” means the original effective date of the Plan, which is January 1, 2005.

 Section 2.16. Eligible Employee. “Eligible Employee” means an Employee who is a member of the group of
selected management and/or highly compensated employees of the Company designated by the Committee as eligible to participate in the Plan. 
 Section 2.17. Employee. “Employee” means any person employed by the Company on a regular full-time salaried basis or who is an officer of the Company. 
  

 -3- 

 Section 2.18. End Termination Date. “End Termination Date” means the date of
a Participant’s Separation from Service with the Company and its Affiliates. 
 Section 2.19. Enrollment Agreement.
“Enrollment Agreement” means the authorization form which an Eligible Employee files with the Company to participate in the Plan. 
 Section 2.20. Flexible Distribution Account. “Flexible Distribution Account” means the Account maintained for a Participant with respect to any particular Plan Year beginning on or after January 1, 2007, to
which Base Salary and/or Bonus Compensation and Company Matching Contributions deferred by a Participant pursuant to the Flexible Distribution Option are credited. 
 Section 2.21. Flexible Distribution Option. “Flexible Distribution Option” means the Distribution Option pursuant to which benefits are payable in accordance with Section 7.2.

 Section 2.22. In-Service Distribution Account. “In-Service Distribution Account” means the Account maintained
for a Participant during Distribution Option Periods commencing prior to December 31, 2006, to which Base Salary and/or Bonus Compensation and Company Matching Contributions deferred by a Participant pursuant to the In-Service Distribution
Option were credited. 
 Section 2.23. In-Service Distribution Option. “In-Service Distribution Option” means
the Distribution Option pursuant to which benefits were payable in accordance with Section 7.3 during Distribution Option Periods commencing prior to December 31, 2006. 
 Section 2.24. Key Employee. “Key Employee” means, in the event the
Company becomes a publicly-traded company the stock of which is traded on an established securities market, a Participant who is a key employee (as defined in Code Section 416(i), but without regard to Code Section 416(i)(5)). In such
event, a Participant shall be a Key Employee under Code Section 416(i) if he meets the requirements of Code Sections 416(i)(1)(A)(i), (ii) or (iii), applied in accordance with the regulations issued under Code Section 416, but
disregarding Code Section 416(i)(5), at any time during the 12-month period ending on an identification date. If a Participant is a key employee under Code Section 416 as of an identification date, the Participant shall be treated as a Key
Employee for the 12-month period beginning on the first day of the fourth (4th) month following the identification date. The identification
date for the Plan shall be September 30 of each calendar year. A Participant who satisfies the foregoing requirements for key employee status under Code Section 416 as of September 30 of a calendar year shall be treated as a Key
Employee of the Plan for the following Plan Year. 
 Section 2.25. Matching Contributions. “Matching
Contributions” are, for Plan Years ending on or before December 31, 2006, those contributions credited to the Participant’s In-Service Distribution Account and Retirement Distribution Account by the Company in accordance with
Section 4.4. For such Plan Years, Matching Contributions were to be 

  

 -4- 

 
allocated between the Participant’s In-Service Distribution Account and Retirement Distribution Account in proportion to the Participant’s
deferrals to those accounts. For Plan Years beginning on or after January 1, 2007, “Matching Contributions” are those contributions credited to the Participant’s Flexible Distribution Account and Retirement Distribution Account
by the Company in accordance with Section 4.4. For these Plan Years, Matching Contributions are to be allocated between the Participant’s Flexible Distribution Account and Retirement Distribution Account in proportion to the
Participant’s deferrals to those accounts. 
 Section 2.26. Participant. “Participant” means an Eligible
Employee who has filed a completed and executed Enrollment Agreement with the Committee or its designee and is participating in the Plan in accordance with the provisions of Article 4. 
 Section 2.27. Plan. “Plan” means this plan, called the Post-2004 Universal City Development Partners Ltd. Variable Deferred
Compensation Plan for Executives, as amended from time to time. 
 Section 2.28. Plan Year. “Plan Year” means
the 12 month period beginning on each January 1 and ending on the following December 31. The first Plan Year begins January 1, 2005. 
 Section 2.29. Qualified Plan. “Qualified Plan” means the S.T.A.R.S. (Save to Achieve Retirement Success) (formerly known as the Universal Studios Florida Retirement Plan Plus) or any successor plan which allows
for compensation deferrals in accordance with Internal Revenue Code Section 401(k). 
 Section 2.30. Retirement.
“Retirement” means the Participant’s Separation from Service with the Company (for reasons other than death or becoming Disabled) at or after age 65, or, if the Participant has 10 or more years of Service, at or after age 55.

 Section 2.31. Retirement Distribution Account. “Retirement Distribution Account” means, for Plan Years ending
on or before December 31, 2006, the Account maintained for a Participant for each Distribution Option Period commencing prior to December 31, 2006, to which the Company Matching Contributions, Base Salary and/or Bonus Compensation deferred
by a Participant pursuant to the Retirement Distribution Option are credited. For Plan Years beginning on or after January 1, 2007, “Retirement Distribution Account” means the Account maintained for a Participant for each Plan Year to
which the Company Matching Contributions, Base Salary and/or Bonus Compensation deferred by a Participant pursuant to the Retirement Distribution Option are credited. 
 Section 2.32. Retirement Distribution Option. “Retirement Distribution Option” means the Distribution Option pursuant to which benefits are payable in accordance with Section 7.1.

 Section 2.33. Separation from Service. “Separation from Service” means a Participant’s termination of
employment from the Company, provided that the facts and circumstances indicate that, as of the Participant’s End Termination Date, the Company and 

  

 -5- 

 
the Participant reasonably believed that the Participant would perform no further services for the Company after the Participant’s End Termination Date,
or believed that the level of services the Participant would perform for the Company after such date (either as an employee or an independent contractor) would permanently decrease below the default levels set forth in Regulations issued under Code
Section 409A. 
 Section 2.34. Service. “Service” means the period of time during which an employment
relationship exists between an Employee and the Company, including any period during which the Employee is on an approved leave of absence, whether paid or unpaid. “Service” also includes an Employee’s employment with an Affiliate if
the Employee transfers directly between the Company and the Affiliate. 
  

 -6- 

 ARTICLE 3. ADMINISTRATION OF THE PLAN 
 The Committee is hereby authorized to administer the Plan and establish, adopt, or revise such rules and regulations as it may deem necessary or
advisable for the administration of the Plan. The Committee shall have discretionary authority to construe and interpret the Plan and to determine the rights, if any, of Participants and Beneficiaries under the Plan. The Committee’s resolution
of any matter concerning the Plan shall be final and binding upon any Participant and Beneficiary affected thereby. Members of the Committee shall be eligible to participate in the Plan while serving as members of the Committee, but a member of the
Committee shall not vote or act upon any matter which relates solely to such member’s interest in the Plan as a Participant. 
  

 -7- 

 ARTICLE 4. PARTICIPATION 
 Section 4.1. Election to Participate. Annually, all Eligible Employees will be offered the opportunity to defer Base Salary and/or
Bonus Compensation payable for services performed in the following Plan Year. Any Eligible Employee may enroll in the Plan effective as of the first day of a Plan Year by filing a completed and fully executed Enrollment Agreement with the Committee
prior to the beginning of such Plan Year. Pursuant to said Enrollment Agreement, the Eligible Employee shall elect (a) the percentage, in a whole percentage up to 80%, of Base Salary and/or up to 100% of Bonus Compensation (in each case after
required payroll tax deductions and prior to deferral hereunder) which may be taken from subsequent payments of Base Salary and/or Bonus Compensation payable for services performed during the Plan Year and deferred hereunder; and (b) the
Distribution Option Accounts to which such amounts will be credited. In addition, the Eligible Employee shall (x) designate the time and form in which the Participant’s deferrals under the Plan, together with any Matching Contributions
made for such Plan Year and all notional earnings on such combined deferrals, shall be distributed; and (y) shall provide such other information as the Committee shall require. The Committee may, but is not required to, permit separate deferral
elections with respect to Base Salary up to the Social Security Wage Base (as described in 42 U.S.C. § 415(e)) for the year; Base Salary between the Social Security Wage Base and that calendar year’s Code section 401(a)(17) limit; and
Base Salary in excess of that calendar year’s Code section 401(a)(17) limit. Notwithstanding anything in this Plan to the contrary, any election by a Participant to defer Base Salary or Bonus Compensation for any Plan Year by less than 2%, or
such other amount as the Committee may determine from time to time, shall not be given effect. 
 Section 4.2. Enrollment
Agreements. Each Enrollment Agreement filed by an Eligible Employee must provide for the distribution of the Distribution Option Accounts selected by the Eligible Employee at a time and in a form consistent with the distribution options made
available to Participants under the Plan and permitted under applicable law, including, without limitation, Code Section 409A. Except as expressly provided in Article 7 herein, an Eligible Employee’s election as to the time and form of
distribution of his Distribution Option Accounts is irrevocable. 
 Section 4.3. New Eligible Employees. The Committee
may, in its discretion, permit Employees who first become Eligible Employees after the beginning of a Plan Year to enroll in the Plan for that Plan Year by filing a completed and fully executed Enrollment Agreement, in accordance with
Section 4.1, provided that the Employee’s election to participate in the Plan is made no later than 30 days following the date the Employee becomes an Eligible Employee. Notwithstanding the foregoing, however, any election by an Eligible
Employee, pursuant to this section, to defer Base Salary and/or Bonus Compensation shall apply only to such amounts as are earned for services performed by the Eligible Employee after the date on which such Enrollment Agreement is filed. This
Section 4.3 shall also apply to any Employee who first becomes an Eligible Employee after the beginning of a Plan Year as a result of a promotion. 
  

 -8- 

 Section 4.4. Matching Contributions. An Eligible Employee who elects to participate in
the Plan pursuant to Section 4.1 and/or Section 4.3 shall be eligible to receive Matching Contributions from the Company. The amount of such Matching Contributions for a Plan Year shall be (i) 100% of the amount deferred under this
Plan, but not to exceed 3% of the excess of the Participant’s Base Salary for the Plan Year plus Bonus Compensation paid during the Plan Year over $170,000 (or such other amount specified in Internal Revenue Code Section 401(a)(17)); plus
(ii) 50% of additional deferrals not to exceed an additional 2% of the excess of the Participant’s Base Salary for the Plan Year plus Bonus Compensation paid during the Plan Year over $170,000 (or such other amount specified in 401(a)(17);
plus (iii) 4% of the amount deferred under this Plan to the extent that such deferral reduces the Participant’s considered compensation for purposes of the Qualified Plan; but (iv) during the period, if any, in which the Participant
is not eligible for the Company’s 401(k) plan, Matching Contributions of the Company will be 100% of the Eligible Employee’s deferral under this Plan, not to exceed 3% of his Compensation for the Period plus 50% of additional deferrals for
the period not to exceed an additional 2% of his Compensation for that period. 
 Notwithstanding the foregoing, Matching Contributions will
only be made if the Company has sufficient current operating or accumulated net income to permit such contributions. Matching Contributions will be credited to the Distribution Option Account of the Participant to which the matched Base Salary or
Bonus Compensation deferrals are credited. Matching Contributions will be credited as frequently as determined by the Committee but in any event at least once per year. Matching Contributions will be credited as soon as practicable in the
Participant’s final year of participation in the Plan. 
 Section 4.5. Vesting. All contributions to the Plan,
whether Base Salary Deferrals, Bonus Compensation Deferrals or Matching Contributions, as well as all earnings thereon, will always be immediately 100% vested, and not subject to forfeiture for any reason. (Negative earnings is not considered a
forfeiture.) 
  

 -9- 

 ARTICLE 5. DISTRIBUTION OPTION ACCOUNTS 
 Section 5.1. Distribution Option Accounts. The Committee shall establish and maintain one or more Distribution Option Accounts with
respect to each Participant. For Plan Years beginning on or after January 1, 2007, a Participant’s Distribution Option Accounts shall consist of a Retirement Distribution Account and/or up to five (5) separate Flexible Distribution
Accounts, and may also include one or more In-Service Distribution Accounts, if the Participant selected the In-Service Distribution Option in Plan Years ending on or before December 31, 2006, and if any benefits payable under the In-Service
Distribution Accounts related to that selection have not yet been distributed to the Participant. The Company shall credit a Participant’s Distribution Option Accounts with the amount of Base Salary and/or Bonus Compensation deferred by the
Participant pursuant to Section 4.1 or Section 4.3 in accordance with the Distribution Options irrevocably elected by the Participant in the Enrollment Agreement, and as soon as reasonably practicable following the close of the applicable
payroll period or bonus payment date of such Base Salary and/or Bonus Compensation. The Company shall in no case credit a Participant’s Distribution Option Accounts for such deferred amounts later than the first day of the month next following
the month in which the Base Salary and/or Bonus Compensation would have otherwise been paid. Any amount once taken into account as Base Salary and/or Bonus Compensation for purposes of this Plan shall not be taken into account thereafter. Matching
Contributions, to the extent available to a Participant, shall be credited to the Participant’s Distribution Option Accounts in the same proportion as the deferred Base Salary and/or Bonus Compensation they match. The Participant’s
Distribution Option Accounts shall be reduced by the amount of payments made by the Company to the Participant or the Participant’s Beneficiary pursuant to this Plan. 
 Section 5.2. Earnings on Distribution Option Accounts. A Participant’s Distribution Option Accounts shall be credited with
earnings in accordance with the Earnings Crediting Options elected by the Participant from time to time. Participants may allocate each of their Retirement Distribution Accounts, Flexible Distribution Accounts and/or In-Service Distribution Accounts
among the Earnings Crediting Options available under the Plan in any whole percentage. The rate of return, positive or negative, credited to each Earnings Crediting Option is based upon the actual investment performance of the investment funds
underlying each Earnings Crediting Option, and shall equal the total return of such Earnings Crediting Option net of asset based charges, including, without limitation, money management fees, fund expenses and mortality and expense risk insurance
contract charges. The Company reserves the right, on a prospective basis, to add or delete Earnings Crediting Options. 
 Section 5.3. No Actual Investment Required. Notwithstanding that the rates of return credited to Participants’ Distribution Option Accounts under the Earnings Crediting Options are based upon the actual performance
of the investment funds underlying such Earnings Crediting Options, the Company shall not be obligated to invest any Base Salary and/or Bonus Compensation deferred by Participants under this Plan, Matching Contributions, or any other amounts, in the
investment funds underlying such Earnings Crediting Options. 
  

 -10- 

 Section 5.4. Changes in Earnings Crediting Options. A Participant may change the
Earnings Crediting Options to which his Distribution Option Accounts are allocated not more frequently than four (4) times per Plan Year. Each such change may include (a) reallocation of the Participant’s existing Accounts in any
whole percentage, and/or (b) change in investment allocation of amounts to be credited to the Participant’s Accounts in the future, as the Participant may elect. Notwithstanding the foregoing, however, in the event the Company deletes an
Earnings Crediting Option, a Participant whose Accounts are allocated to such Earnings Crediting Option, in whole or in part, shall be entitled to reallocate his Distribution Option Accounts and/or any amounts to be credited in the future to such
Distribution Option Accounts among the remaining Earnings Crediting Options, at the time of such deletion, without regard to the annual limit of four (4) such changes described above. 
 Section 5.5. Valuation of Accounts. The value of a Participant’s Distribution Option Accounts as of any particular valuation date
shall equal the amounts previously credited to such Accounts, including any earnings (positive or negative) deemed to be earned on such accounts in accordance with Section 5.2 through the day preceding such valuation date, less the amounts
previously deducted from such Accounts. 
 Section 5.6. Statement of Accounts. The Committee shall provide to each
Participant, not less frequently than quarterly, a statement, in such form as the Committee deems desirable, setting forth the Participant’s balance in each of his Distribution Option Accounts. 
 Section 5.7. Distributions from Accounts. Any distribution made to or on behalf of a Participant from one or more of his Distribution
Option Accounts in an amount which is less than the entire balance of such Account shall be made pro rata from each of the Earnings Crediting Options to which such Account is then allocated. 
  

 -11- 

 ARTICLE 6. DISTRIBUTION OPTIONS 
 Section 6.1. Election of Distribution Option. In the Enrollment Agreement filed with the Committee prior to the beginning of each Plan
Year or Distribution Option Period, an Eligible Employee shall irrevocably allocate his deferrals and Matching Contributions between the Retirement Distribution Option and the Flexible Distribution Option in increments of ten (10) percent;
provided, however that an Eligible Employee may allocate 100 percent of his deferrals and Matching Contributions to one or the other of the two Distribution Options. 
 Section 6.2. Retirement Distribution Option. Subject to Section 7.1, distribution of the Participant’s Retirement Distribution Account for any Distribution Option Period or Plan Year shall
commence upon (a) the Participant’s Retirement, or (b) if later, the Participant’s attainment of age 65, as elected by the Participant in the Enrollment Agreement pursuant to which such Retirement Distribution Account was
established. Once a Retirement Distribution Option election is made, it may be modified by filing a subsequent written election, but any modification will be effective only: 
 (a) if it has been on file for at least twelve (12) months prior to the January 1 of the calendar year in which the original initial payment was
to have been made; and 
 (b) it does not permit the acceleration of the time or schedule of any payment under the Plan; and 
 (c) except in the case of payments contingent upon death, being Disabled or due to an Unforeseeable Financial Emergency (as described in
Section 10.1), the first payment with respect to which the subsequent election is made must be made at least five (5) years later than the date such first payment would otherwise have been made under the Participant’s original
Retirement Distribution Option election. 
 Section 6.3. Flexible Distribution Option. Subject to Section 7.2, the
Participant’s Flexible Distribution Account for any Plan Year shall be distributed commencing in the year elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established. Once a
Flexible Distribution Option election is made, it may be modified by filing a subsequent written election, but any modification will be effective only: 
 (a) if it has been on file for at least twelve (12) months prior to the January 1 of the calendar year in which the original initial payment was to have been made; and 
 (b) it does not permit the acceleration of the time or schedule of any payment under the Plan; and 
 (c) except in the case of payments contingent upon death, being Disabled or due to an Unforeseeable Financial Emergency (as described in
Section 10.1), the first payment 

  

 -12- 

 
with respect to which the subsequent election is made must be made at least five (5) years later than the date such first payment would otherwise have
been made under the Participant’s original Flexible Distribution Option election. 
 Section 6.4. In-Service Distribution
Option. Subject to Section 7.3, if a Participant elected to make deferrals under the In-Service Distribution Option with respect to a Distribution Option Period commencing on or before December 31, 2006, the Participant’s
In-Service Distribution Account for such Distribution Option Period shall be distributed commencing in the year elected by the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution Account was established. Once an
In-Service Distribution Option election is made, it may be modified by filing a subsequent written election, but any modification will be effective only: 
 (a) if it has been on file for at least twelve (12) months prior to the January 1 of the calendar year in which the original initial payment was to have been made; and 
 (b) it does not permit the acceleration of the time or schedule of any payment under the Plan; and 
 (c) except in the case of payments contingent upon death, being Disabled or due to an Unforeseeable Financial Emergency (as described in
Section 10.1), the first payment with respect to which the subsequent election is made must be made at least five (5) years later than the date such first payment would otherwise have been made under the Participant’s original
In-Service Distribution Option election. 
  

 -13- 

 ARTICLE 7. BENEFITS TO PARTICIPANTS 
 Section 7.1. Benefits Under the Retirement Distribution Option. Benefits under the Retirement Distribution Option shall be paid to a
Participant as follows: 
 (a) Benefits Upon Retirement. In the case of a Participant who incurs a Separation from Service with the
Company on account of his Retirement, the Participant’s Retirement Distribution Account with respect to any Distribution Option Period or Plan Year shall be distributed (i) in a lump sum, or (ii) in five (5), ten (10), or fifteen
(15) annual installments, or any other mathematically derived formula acceptable to the Committee as elected by the Participant in the Enrollment Agreement pursuant to which such Retirement Distribution Account was established. Any lump-sum
benefit payable in accordance with this paragraph shall be paid not later than January 31 of the Plan Year following the Plan Year in which occurs the Participant’s Retirement or, if later, the Participant’s attainment of age 65, as
elected by the Participant in accordance with Section 6.2, in an amount equal to the value of such Retirement Distribution Account as of the last business day of the Plan Year preceding the date of payment. Annual installment payments, if any,
shall commence not later than January 31 of the Plan Year following the Plan Year in which occurs the Participant’s Retirement or, if later, the Participant’s attainment of age 65, as elected by the Participant in accordance with
Section 6.2, in an amount equal to (i) the value of such Retirement Distribution Account as of the last business day of the Plan Year preceding the date of payment, divided by (ii) the number of annual installment payments irrevocably
elected by the Participant in the Enrollment Agreement pursuant to which such Retirement distribution Account was established. The remaining annual installments shall be paid not later than January 31 of each succeeding year in an amount equal
to (i) the value of such Retirement Distribution Account as of the last business day of the immediately preceding Plan Year divided by (ii) the number of installments remaining. Unless otherwise elected in accordance with Section 6.2,
the default form of payment of a Participant’s Retirement Distribution Account shall be a lump sum. 
 (b) Benefits Upon Separation
From Service. In the case of a Participant who Separates from Service with the Company prior to the earliest date on which he is eligible for Retirement, for reasons other than his becoming Disabled or his death, such Participant’s
Retirement Distribution Account with respect to any Distribution Option Period or Plan Year shall be distributed in a lump sum within 90 days following the Participant’s End Termination Date or attainment of age 65; or in 5, 10 or 15 year
installments, or any other mathematically derived formula acceptable to the Committee, as elected by the Participant in accordance with Section 6.2, such installments commencing not later than January 31 of the Plan Year following the Plan
Year in which occurs such Separation from Service. 
 Section 7.2. Benefits Under the Flexible Distribution Option.
Benefits under the Flexible Distribution Option shall be paid to a Participant as follows: 
  

 -14- 

 (a) Flexible Distributions. In the case of a Participant who continues in Service of the Company,
the Participant’s Flexible Distribution Account shall be paid or commence to be paid to the Participant by January 31 of the Plan Year following the payment date elected by the Participant in the Enrollment Agreement pursuant to which such
Flexible Distribution Account was established (which payment date may be no earlier than two (2) years after the date such Flexible Distribution Account was established), in a lump sum or in up to fifteen (15) annual installments, as
elected by the Participant in accordance with Section 6.3. Any lump-sum benefit payable in accordance with this paragraph shall be paid not later than January 31 of the year elected by the Participant in accordance with Section 6.3,
in an amount equal to the value of such Flexible Distribution Account as of the last business day of the Plan Year preceding the date of payment. Annual installment payments, if any, shall commence not later than January 31 of the Plan Year
elected by the Participant in accordance with Section 6.3, in an amount equal to (i) the value of such Flexible Distribution Account as of the last business day of the Plan Year preceding the date of payment, divided by (ii) the
number of annual installment payments elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established. The remaining annual installments shall be paid not later than January 31 of each
succeeding year in an amount equal to (i) the value of such Flexible Distribution Account as of the last business day of the immediately preceding Plan Year divided by (ii) the number of installments remaining. Unless otherwise elected in
accordance with Section 6.3, the default form of payment of a Participant’s Flexible Distribution Account shall be a lump sum. 
 (b) Benefits Upon Separation From Service. In the case of a Participant who Separates from Service with the Company prior to the date on which the Participant’s Flexible Distribution Account with respect to any Distribution
Option Period would otherwise be distributed, for reasons other than his becoming Disabled or his death, such Participant’s Flexible Distribution Account shall be distributed either (i) in a lump sum within 90 days following the
Participant’s End Termination Date; (ii) in annual installments commencing on the date such Flexible Distribution Account would otherwise have been distributed; or (iii) in a lump sum payable on the date that is thirteen
(13) months following the Participant’s End Termination Date, as elected by the Participant in accordance with Section 6.3. 
 Section 7.3. Benefits Under the In-Service Distribution Option. Benefits under the In-Service Distribution Option shall be paid to a Participant as follows: 
 (a) In-Service Distributions. In the case of a Participant who continues in Service with the Company, the Participant’s In-Service
Distribution Account for any Distribution Option Period shall be paid to the Participant commencing no later than January 31 of the year elected by the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution
Account was established, in one lump sum or in annual installments payable over 2, 3, 4, or 5 years. Any lump-sum benefit payable in accordance with this paragraph shall be paid not later than January 31 of the year elected by the Participant
in accordance with Section 6.4, in an amount equal to the value of such In-Service Distribution Account as of the last business day of the Plan Year preceding the date of payment. Annual installment payments, if any, shall commence not later
than January 31 of the Plan Year 

  

 -15- 

 
elected by the Participant in accordance with Section 6.4, in an amount equal to (i) the value of such In-Service Distribution Account as of the
last business day of the Plan Year preceding the date of payment, divided by (ii) the number of annual installment payments elected by the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution Account was
established. The remaining annual installments shall be paid not later than January 31 of each succeeding year in an amount equal to (i) the value of such In-Service Distribution Account as of the last business day of the immediately
preceding Plan Year divided by (ii) the number of installments remaining. Unless otherwise elected in accordance with Section 6.4, the default form of payment of a Participant’s In-Service Distribution Account shall be a lump sum.

 (b) Benefits Upon Separation From Service. In the case of a Participant who Separates from Service with the Company prior to the
date on which the Participant’s In-Service Distribution Account with respect to any Distribution Option Period would otherwise be distributed, for reasons other than his becoming Disabled or his death, such Participant’s In-Service
Distribution Account shall be distributed either (i) in a lump sum within 90 days following the Participant’s End Termination Date; (ii) in annual installments commencing on the date such In-Service Distribution Account would
otherwise have been distributed; or (iii) in a lump sum on the date such In-Service Distribution Account would otherwise have been distributed, as elected by the Participant in accordance with Section 6.4. 
  

 -16- 

 ARTICLE 8. DISABILITY 
 In the event a Participant becomes Disabled, the Participant’s right to make any further deferrals under this Plan shall terminate as of the date
which the Participant first receives benefits under the Company’s Long-Term Disability Benefit Plan, as amended from time to time. The Participant’s Distribution Option Accounts shall continue to be credited with earnings in accordance
with Section 5.2 until such Accounts are fully distributed. For purposes of this Plan, a Disabled Participant will not be treated as having Separated from Service. The Participant’s Retirement Distribution Accounts, if any, shall be
distributed to the Participant in accordance with Section 7.1(a), provided, however, that distribution of the Participant’s Retirement Distribution Accounts, if any, shall commence not later than January 31 of the Plan Year
immediately following the later of (a) the Plan Year in which the Participant first becomes eligible for Retirement, or (b) the Plan Year in which the Participant first received benefits under the Company’s Long-Term Disability Plan,
as amended from time to time. The Participant’s Flexible Distribution Accounts and In-Service Distribution Accounts, if any, will be distributed to the Participant in accordance with Section 7.2(a) and 7.3(a). 
  

 -17- 

 ARTICLE 9. SURVIVOR BENEFITS 
 Section 9.1. Death of Participant Prior to the Commencement of Benefits. In the event of a Participant’s death prior to the
commencement of benefits in accordance with Article 7, benefits shall be paid to the Participant’s Beneficiary, as determined under Section 11.4, pursuant to Section 9.2, 9.3 or 9.4, whichever is applicable, in lieu of any benefits
otherwise payable under the Plan to or on behalf of such Participant. 
 Section 9.2. Survivor Benefits Under the Retirement
Distribution Option. In the case of a Participant with respect to whom the Company has established one or more Retirement Distribution Accounts, and who dies prior to the commencement of benefits under such Retirement Distribution Accounts
pursuant to Section 7.1, distribution of such Retirement Distribution Accounts shall be made (a) in a lump sum within 90 days following the Participant’s death, or (b) in 5, 10 or 15 year installments or any other mathematically
derived formula acceptable to the Committee and beginning as elected by the Participant in accordance with section 6.2. The amount of any lump sum benefit payable in accordance with this Section shall equal the value of such Retirement Distribution
Accounts as of the last business day of the calendar month immediately preceding the date on which such benefit is paid. The amount of any annual installment benefit payable in accordance with this Section shall equal (a) the value of such
Retirement Distribution Accounts as of the last business day of the calendar month immediately preceding the date on which such installment is paid, divided by (b) the number of annual installments remaining to be paid pursuant to the
irrevocable election of the Participant in the Enrollment Agreement pursuant to which such Retirement Distribution Accounts were established. 
 Section 9.3. Survivor Benefits Under the Flexible Distribution Option. In the case of a Participant with respect to whom the Company has established one or more Flexible Distribution Accounts, and who dies prior to the
date on which such Flexible Distribution Accounts are to be paid pursuant to Section 7.2, distribution of such Flexible Distribution Accounts shall be made (a) in a lump sum within 90 days following the Participant’s death, or
(b) at such time and in such form as such Flexible Distribution Accounts would otherwise have been distributed in accordance with Section 7.2 had the Participant lived, as irrevocably elected by the Participant in the Enrollment Agreement
pursuant to which such Flexible Distribution Accounts were established. The amount of any lump sum benefit payable in accordance with this Section shall equal the value of such Flexible Distribution Accounts as of the last business day of the
calendar month immediately preceding the date on which such benefit is paid. 
 Section 9.4. Survivor Benefits Under the
In-Service Distribution Option. In the case of a Participant with respect to whom the Company has established one or more In-Service Distribution Accounts, and who dies prior to the date on which such In-Service Distribution Accounts are to be
paid pursuant to Section 7.3, distribution of such In-Service Distribution Accounts shall be made (a) in a lump sum within 90 days following the Participant’s death, or (b) at such time and in such form as such In-Service
Distribution Accounts would otherwise have been distributed in accordance with Section 7.3 had the 

  

 -18- 

 
Participant lived, as irrevocably elected by the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution Accounts were
established. The amount of any lump sum benefit payable in accordance with this Section shall equal the value of such In-Service Distribution Accounts as of the last business day of the calendar month immediately preceding the date on which such
benefit is paid. 
 Section 9.5. Death of Participant After Benefits Have Commenced. In the event a Participant who
elected to make deferrals under any of the Distribution Options offered by the Plan dies after annual installment benefits payable under Article 7 from one or more of the Participant’s Distribution Option Accounts have commenced, but before the
entire balance of such Distribution Option Accounts has been paid, any remaining installments shall continue to be paid to the Participant’s Beneficiary, as determined under Section 11.4, at such times and in such amounts as they would
have been paid to the Participant had he survived. 
  

 -19- 

 ARTICLE 10. EARLY DISTRIBUTIONS 
 Section 10.1. Acceleration of Payment Under the Plan. 
 (a) Separation From Service. The Distribution Account(s) of a Participant who Separates from Service with the Company shall be distributed as elected by the Participant in accordance with Article 6; provided,
however, that the Distribution Account(s) of Participants who are Key Employees shall not be distributed prior to six (6) months from the date of the Participant’s Separation from Service, as determined by the Committee in its sole
discretion. Prior to distribution of the Participant’s Distribution Account(s), such Account(s) shall continue to be credited with earnings and/or losses in accordance with Section 5.2 until fully distributed. 
 (b) Disability or Death. In the case of a Participant who becomes Disabled or dies, the Participant’s Distribution Account(s) shall be
distributed as elected by the Participant in accordance with Article 6. Prior to distribution, such Participant’s Distribution Account(s) shall continue to be credited with earnings and/or losses in accordance with Section 5.2 until fully
distributed. 
 (c) Unforeseeable Financial Emergency. In the event that the Committee, upon written request of a Participant,
determines, in its sole discretion, that the Participant has suffered an Unforeseeable Financial Emergency, the Company shall pay to the Participant from his or her Distribution Account(s), as soon as practicable following such determination, an
amount necessary to meet such Unforeseeable Financial Emergency, in a manner consistent with Code Section 409A and the regulations and Internal Revenue Service guidance issued thereunder, after deduction of any and all taxes as may be required
pursuant to Section 11.10 (the “Emergency Benefit”). For purposes of this Plan, an “Unforeseeable Financial Emergency” is a severe financial hardship to the Participant arising from an illness or accident of the Participant,
the Participant’s spouse or the Participant’s dependent (within the meaning of Code section 152(a)), or the loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as
a result of circumstances beyond the control of the Participant. Cash needs arising from foreseeable events such as the purchase of a house or education expenses for children shall not be considered to be the result of an Unforeseeable Financial
Emergency. The amount necessary to relieve the Unforeseeable Financial Emergency is determined after taking into account any reimbursement or compensation by insurance or otherwise and by liquidation of the Participant’s assets to the extent
that the liquidation of assets would not itself cause financial hardship. Emergency Benefits shall be paid first from the Participant’s Flexible Distribution Account(s), if any, to the extent the balance of one or more of such Flexible
Distribution Accounts is sufficient to meet the Unforeseeable Emergency, in the order of which such Accounts would otherwise be distributed to the Participant. If the distribution exhausts the Participant’s Flexible Distribution Account(s), the
Participant’s In-Service Distribution Account(s), if any, may next be accessed in a similar manner to pay for Emergency Benefits. Finally, if both the Participant’s Flexible Distribution Account(s) and In-Service Distribution Account(s),
if any, are exhausted in paying 

  

 -20- 

 
Emergency Benefits to the Participant, the Participant’s Retirement Distribution Account may be accessed to pay for such benefits. With respect to that
portion of any Distribution Option Account which is distributed to a Participant as an Emergency Benefit, in accordance with this Article 10, no further benefit shall be payable to the Participant under this Plan. Notwithstanding anything in this
Plan to the contrary, a Participant who receives an Emergency Benefit in any Plan Year shall not be entitled to make any further deferrals for the remainder of such Plan Year. 
 (d) Change of Control. To the extent permitted by the regulations and other Internal Revenue Service guidance issued under Code Section 409A,
within the thirty (30) days preceding or the twelve (12) months following a “Change of Control” (as defined by Code Section 409A), the Company may exercise its authority to terminate this Plan and, notwithstanding any other
provision of the Plan or the terms of any Enrollment Agreement to the contrary, distribute to or with respect to each Participant his entire Distribution Account. 
 (e) Other Acceleration Events. To the extent permitted by Code Section 409A and the regulations and Internal Revenue Service guidance issued thereunder, and notwithstanding the terms of an Enrollment
Agreement, distribution of all or a part of a Participant’s Distribution Account(s) may be made: 
 (1) to the extent necessary to
fulfill a domestic relations order (as defined in Code Section 414(p)(1)(B)); or 
 (2) to the extent necessary to pay the amount
included in income by the Participant as a result of the Plan failing to meet the requirements of Code Section 409A and the regulations issued thereunder. 
  

 -21- 

 ARTICLE 11. MISCELLANEOUS 
 Section 11.1. Amendment. The Company, or any other entity authorized by the Company, may amend this Plan at any time, provided that no
such amendment shall accelerate, reduce or in any manner adversely affect the rights of any Participant with respect to benefits that are payable or may become payable under the Plan based upon the balance of the Participant’s Distribution
Option Accounts as of the effective date of such amendment. 
 Section 11.2. Termination. The Company, or any other entity
authorized by the Company, may at any time terminate this Plan when, in the sole opinion of the Company or such authorized entity, termination is advisable, in accordance with and subject to the following rules: 
 (a) The Company or such authorized entity may at any time irrevocably terminate the Plan and require that all benefits accrued under the Plan be
distributed to Participants or their Beneficiaries, as applicable, in a single lump sum. The amount of any lump sum benefit payable in accordance with this Section shall equal the value of the Participant’s Distribution Accounts as determined
within thirty (30) days of the Plan’s termination date, without regard to a Participant’s prior Enrollment Agreement elections, if (1) the Plan’s termination does not occur proximate to a downturn in the Company’s
financial health; (2) the Company terminates and liquidates all arrangements it sponsors that would be aggregated with any terminated and liquidated arrangements under regulations issued under Code Section 409A if Participants in this Plan
also had deferrals of compensation under those arrangements; (3) no payments in liquidation of the Plan are made within twelve (12) months of the date on which the Company takes all necessary corporate action to irrevocably terminate and
liquidate the Plan, other than those payments that would payable under the pre-existing terms of the Plan; (4) all payments are completed within 24 months of the date of the Company’s irrevocable corporate action to terminate and liquidate
the Plan; and (5) the Company does not, for the three (3) years following the date of its irrevocable corporate action to terminate and liquidate the Plan, adopt a new arrangement covering those Participants that would be aggregated with
any terminated and liquidated arrangements under regulations issued under Code Section 409A. 
 (b) The Plan shall terminate and all
benefits accrued thereunder will be distributed to Participants or their Beneficiaries, as applicable, in a lump sum benefit equal to the value of the Participant’s Distribution Accounts as determined within thirty (30) days of the
Plan’s termination date without regard to a Participant’s prior Enrollment Agreement elections, if (1) payment is made upon a complete dissolution that is taxed under Code Section 331 or upon approval of a bankruptcy court
pursuant to Section 503(b)(1)(A) of Title 11 of the United States Code, and (2) the amounts deferred under the Plan are included in the gross income of Participants and their Beneficiaries by the latest of (i) the calendar year in
which the Plan termination occurs, (ii) the calendar year in which the amounts are no longer subject to a substantial risk of forfeiture, or (iii) the first calendar year in which the payment is administratively practicable. 
  

 -22- 

 (c) Except as provided in this Section 11.2, above or as otherwise permitted in regulations issued
under Code Section 409A, any action that purports to terminate the Plan shall instead be construed as an amendment to discontinue further Base Salary and Bonus Compensation Deferrals, but the Plan will continue to operate, in accordance with
its terms as from time to time amended and in accordance with the applicable Participant Distribution Options, with respect to the Participant’s Distribution Option Accounts through the date of termination, and in no event shall any such action
purporting to terminate the Plan form the basis for accelerating distributions to Participants and their Beneficiaries. 
 (d) Termination of
the Plan as described above shall not adversely affect a Participant’s Distribution Option Accounts without the Participant’s prior written consent. 
 Section 11.3. Claims Procedure. 
  

	 	a.	Claim 

 A person who believes that he is being
denied payment of a benefit to which he is entitled under the Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Benefits Department of the Company, setting forth his claim within 90 days of
the latest date upon which such payment could have been timely made in accordance with the terms of the Plan or regulations issued under Code Section 409A. 
  

	 	b.	Claim Decision 

 Upon receipt of a claim, the
Benefits Department of the Company shall advise the Claimant that a reply will be forthcoming, and within 135 days of the latest date upon which such payment could have been timely made in accordance with the terms of the Plan or regulations issued
under Code Section 409A, shall deliver such reply to the Claimant. 
 If the claim is denied in whole or in part, the Claimant shall be
provided a written opinion, using language calculated to be understood by the Claimant, setting forth: 
 (a) The specific reason or reasons
for such denial 
 (b) The specific reference to pertinent provisions of this Agreement on which such denial is based; 
 (c) A description of any additional material or information necessary for the Claimant to perfect his claim and an explanation why such material or such
information is necessary; 
 (d) Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review;
and 
 (e) The time limits for requesting a review under subsection (c) and for review under subsection (d) hereof. 
  

 -23- 

 If the Benefits Department of the Company fails to furnish the Claimant with such written notice within
the 135-day period specified above, the Claimant’s claim shall be deemed to be denied. 
  

	 	c.	Request for Review 

 Within 180 days of the latest
date upon which such payment could have been timely made in accordance with the terms of the Plan or regulations issued under Code Section 409A, the Claimant may request in writing that the Committee review the determination of the Company. The
Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comment in writing for consideration by the Committee. If the Claimant does not request a review of the initial determination
within such period, he shall be barred and estopped from challenging the Committee’s determination. 
  

	 	d.	Review of Decision 

 Within sixty (60) days
after the Committee’s receipt of a request for review, it will review the initial determination. After considering all materials presented by the Claimant, the Committee will render a written opinion, written in a manner calculated to be
understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty
(60) day time period be extended, the Committee will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. 
 Section 11.4. Designation of Beneficiary. Each Participant may designate a Beneficiary or Beneficiaries (which Beneficiary may be an
entity other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such Beneficiary. Any such designation, change
or cancellation must be made in a form approved by the Committee and shall not be effective until received by the Committee, or its designee. If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the
Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid in equal shares, unless the Participant has specifically designated
otherwise. 
 Section 11.5. Limitation of Participant’s Right. Nothing in this Plan shall be construed as conferring
upon any Participant any right to continue in the employment of the Company, nor shall it interfere with the rights of the Company to terminate the employment of any Participant and/or to take any personnel action affecting any Participant without
regard to the effect which such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan. 
 Section 11.6. No Limitation on Company Actions. Nothing contained in the Plan shall be construed to prevent the Company from taking any action which is deemed by it to be appropriate or in its best interest. No
Participant, Beneficiary, or other person shall have any claim against the Company as a result of such action. 
  

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 Section 11.7. Obligations to Company. If a Participant becomes entitled to a
distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other liability representing an amount owing to the Company, then the Company may offset such amount owed to it against the amount
of benefits otherwise distributable. Such determination shall be made by the Committee. 
 Section 11.8. Nonalienation of
Benefits. Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer (otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant’s
interest under the Plan. The Company’s obligations under this Plan are not assignable or transferable except to (a) any corporation or partnership which acquires all or substantially all of the Company’s assets or (b) any
corporation or partnership into which the Company may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s Beneficiaries, heirs, executors, administrators or successors in
interest. 
 Section 11.9. Protective Provisions. Each Participant shall cooperate with the Company by furnishing any and
all information requested by the Company in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Company may deem necessary and taking such other relevant action as may be requested by the Company. If a
Participant refuses to cooperate, the Company shall have no further obligation to the Participant under the Plan, other than payment to such Participant of the then current balance of the Participant’s Distribution Option Accounts in accordance
with his prior elections. 
 Section 11.10. Withholding Taxes. The Company may make such provisions and take such action
as it may deem necessary or appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any benefits under the
Plan, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Participant (or his Beneficiary). Each Participant, however, shall be responsible for the payment of all individual tax liabilities
relating to any such benefits. 
 Section 11.11. Unfunded Status of Plan. The Plan is intended to constitute an
“unfunded” plan of deferred compensation for Participants. Benefits payable hereunder shall be payable out of the general assets of the Company, and no segregation of any assets whatsoever for such benefits shall be made. Notwithstanding
any segregation of assets or transfer to a grantor trust, with respect to any payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a general creditor of
the Company. 
 Section 11.12. Lump Sum Cash-Out. Upon a Participant’s Separation from Service, if the actuarial
equivalent value of a Participant’s Distribution Accounts hereunder is 

  

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equal to or less than the limit imposed by Code Section 402(g) for the calendar year in which the Participant’s Separation from Service occurs, the
Committee may, in its sole discretion and without regard to any request filed by the Participant, direct that the balance of the Participant’s Distribution Accounts be paid to the Participant. 
 Section 11.13. Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full
force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 
 Section 11.14. Governing Law. The Plan shall be construed in accordance with and governed by the laws of the State of Florida, without reference to the principles of conflict of laws. 
 Section 11.15. Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in the
construction of the provisions of the Plan. 
 Section 11.16. Gender. Singular and Plural. All pronouns and any variations
thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural as the singular. 
 Section 11.17. Notice. Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if
in writing and hand delivered, or sent by registered or certified mail, to the Benefits Department, or to such other entity as the Committee may designate from time to time. Such notice shall be deemed given as to the date of delivery, or, if
delivery is made by mail, as of the date shown on the postmark on the receipt for registration or Certification. 
  

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 ARTICLE 12. SIGNATURE 
 This Amended and Restated Plan is hereby adopted and approved, to be effective as of the 1st day of January, 2007. 
  

			
	UNIVERSAL CITY DEVELOPMENT PARTNERS Ltd.
		
	By:	 	John R. Sprouls
		
	Its:	 	Chief Executive Officer

  

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