David M. Zaslav Dear David,Special Stock Appreciation Rights Agreement • January 3rd, 2014 • Discovery Communications, Inc. • Cable & other pay television services • Delaware
Congratulations, you have been given a special stock appreciation right (or “Special SAR”) in recognition of your contributions to the success of Discovery Communications, Inc. (the “Company”) and in connection with your entering into a new employment agreement with the Company dated as of January 2, 2014, as such agreement may be amended from time to time (the “2014 Employment Agreement”). A stock appreciation right gives you the right to receive cash and shares (“Shares”) of Discovery Communications, Inc. Series A Common Stock based on the increase in value, if any, between the value of the Company’s Series A Common Stock when we grant the Special SAR (the base price) and the value when the Special SAR is exercised (the “Appreciation Value”), assuming you satisfy the conditions of the Plan and the implementing agreement. We would like you to have an opportunity to share in the continued success of the Company through this stock appreciation rights grant under the Discovery Communicat
