SEC Contract Filing

Filing Date: 2019-12-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>3
<FILENAME>tm1926613d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIBERTY BROADBAND CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2019 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE-BASED RESTRICTED STOCK UNITS
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>THIS PERFORMANCE-BASED
RESTRICTED STOCK UNITS AGREEMENT</B> (this &ldquo;Agreement&rdquo;) is entered into effective as of [Date], 2020 by and between
LIBERTY BROADBAND CORPORATION, a Delaware corporation (the &ldquo;Company&rdquo;), and Gregory B. Maffei (the &ldquo;Grantee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Grantee is employed
as of the Grant Date as the President and Chief Executive Officer of Liberty Media Corporation (&ldquo;LMC&rdquo;) and the Company
pursuant to the terms of an employment agreement between LMC and the Grantee dated effective as of December 13, 2019 (as amended
and/or amended and restated from time to time, the &ldquo;Employment Agreement&rdquo;) and a Services Agreement between LMC and
the Company dates as of November 4, 2014 (as amended and/or amended and restated from time to time, the &ldquo;Services Agreement&rdquo;).
The Company has adopted the Liberty Broadband Corporation 2019 Omnibus Incentive Plan (as may be amended prior to or after the
Grant Date, the &ldquo;Plan&rdquo;), a copy of which as in effect on the Grant Date is attached via a link at the end of this online
Agreement as Exhibit A and by this reference made a part hereof, for the benefit of eligible employees and independent contractors
of the Company and its Subsidiaries. Capitalized terms used and not otherwise defined herein or in the Employment Agreement will
have the meaning given thereto in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company and the Grantee
therefore agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Definitions</B>.
All capitalized terms not defined in this Agreement that are defined in the Employment Agreement will have the meanings ascribed
to them in the Employment Agreement. The following terms, when used in this Agreement, have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;2020 Performance
Equity Program&rdquo; means the 2020 Performance Equity Program approved by the Committee on March __, 2020, which established
performance criteria with respect to vesting of the Restricted Stock Units, a copy of which has been provided to the Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Cause&rdquo; has
the meaning specified in the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Close of Business&rdquo;
means, on any day, 5:00 p.m., Denver, Colorado time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Committee&rdquo;
means the Compensation Committee of the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Committee Certification
Date&rdquo; has the meaning specified in Section 3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Common Stock&rdquo;
means the Company&rsquo;s LBRDK Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; te