Exhibit 2.3
SUPPORT AGREEMENT
SUPPORT AGREEMENT (this "AGREEMENT") dated as of December 19, 2001
among AT&T Corp., a New York corporation ("AT&T"), Comcast Corporation, a
Pennsylvania corporation ("COMCAST"), AT&T Comcast Corporation , a Pennsylvania
corporation ("PARENT"), Sural LLC, a Delaware limited liability company
("COMCAST STOCKHOLDER"), and Brian L. Roberts, a Pennsylvania resident and a
holder of units of membership interests in Comcast Stockholder.
WHEREAS, Comcast Stockholder owns 136,912 shares of Comcast Class A
Common Stock and 9,444,375 shares of Comcast Class B Common Stock (all shares of
Comcast Common Stock (other than Comcast Class A Special Common Stock) and
Parent Common Stock (other than Parent Class A Special Common Stock) owned as of
the date hereof and which may hereafter be acquired by Comcast Stockholder prior
to the termination of this Agreement shall be referred to herein as the "COMCAST
SHARES");
WHEREAS, Comcast, AT&T, Parent and certain other related parties
propose to enter into an Agreement and Plan of Merger dated as of the date
hereof (as amended from time to time, the "MERGER AGREEMENT"), which provides,
among other things, that at the Effective Time Comcast will merge (the "MERGER")
with a wholly owned Subsidiary of Parent (capitalized terms used and not defined
herein shall have the meanings given to such terms in the Merger Agreement); and
WHEREAS, it is a condition to the willingness of AT&T to enter into the
Merger Agreement that Comcast Stockholder, Brian L. Roberts and Parent agree,
and in order to induce AT&T to enter into the Merger Agreement, Comcast
Stockholder, Brian L. Roberts and Parent have agreed, to enter into this
Agreement;
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements contained herein, and intending to be legally bound
hereby, the parties hereto hereby agree as follows:
ARTICLE 1
VOTING OF COMCAST SHARES
Section 1.01. Voting Agreement. Comcast Stockholder hereby agrees that
during the time this Agreement is in effect, at any meeting of the stockholders
of Comcast, however called, and in any action by consent of the stockholders of
Comcast, Comcast Stockholder shall vote its Comcast Shares: (i) in favor of
adoption of the Merger Agreement and approval of the transactions contemplated
by the Merger Agreement, in favor of the Comcast Parent Charter Approval (as
defined in the Merger Agreement) and in favor of the Preferred Structure
Approval (as defined in the Merger Agreement), (ii) against any action or
agreement that would reasonably be expected to result in a breach of any
covenant, representation or warranty or any other obligation or agreement of
Comcast under the Merger Agreement or that would reasonably be expected to
result in any of the conditions to the obligations of the parties under the
Merger Agreement not being fulfilled, (iii) in favor of any other matter
relating to the consummation of the transactions contemplated by the Merger
Agreement with respect to which Comcast Stockholder may be entitled to vote and
(iv) against any other matter that would reasonably be expected to prevent,
interfere with or delay consummation of the transactions contemplated by the
Merger Agreement, including any transaction that would result in a breach of the
Merger Agreement by Comcast. Comcast Stockholder acknowledges receipt and review
of a copy of the Merger Agreement.
Article 2
REPRESENTATIONS AND WARRANTIES OF COMCAST STOCKHOLDER
Comcast Stockholder hereby represents and warrants to AT&T as follows:
Section 2.01. Authority Relative to this Agreement. Comcast Stockholder
has all necessary power, authority and legal capacity to execute and deliver
this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement
by Comcast Stockholder and the consummation by Comcast Stockholder of the
transactions contemplated hereby have been duly and validly authorized by
Comcast Stockholder, and no other proceedings on the part of Comcast Stockholder
or the holders of units of membership interests in Comcast Stockholder are
necessary to authorize the execution and delivery of this Agreement or to
consummate such transactions. This Agreement has been duly and validly executed
and delivered by Comcast Stockholder and constitutes a legal, valid and binding
obligation of Comcast Stockholder, enforceable against Comcast Stockholder in
accordance with its terms. Comcast Stockholder has made available to AT&T
complete copies of its certificate of formation and limited liability company
operating agreement.
Section 2.02. No Conflict. (a) The execution and delivery of this
Agreement by Comcast Stockholder do not, and the performance of this
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Agreement by Comcast Stockholder will not, (i) conflict with or violate the
certificate of formation or limited liability company operating agreement of
Comcast Stockholder, (ii) conflict with or violate any law, rule, regulation,
order, judgment or decree applicable to Comcast Stockholder or by which Comcast
Stockholder's Comcast Shares or any other assets of the Comcast Stockholder are
bound or affected or (iii) result in any breach of or constitute a default (or
an event that, with notice or lapse of time or both, would become a default)
under, or give to others any rights of termination, amendment, acceleration or
cancellation of, or result in the creation of a Lien on any of the Comcast
Shares pursuant to, any note, bond, mortgage, indenture, contract, agreement,
lease, license, permit, franchise or other instrument or obligation to which
Comcast Stockholder is a party or by which Comcast Stockholder or the Comcast
Shares or any other assets of the Comcast Stockholder are bound or affected,
except, in the case of clauses (ii) and (iii), for any such conflicts,
violations, breaches, defaults or other occurrences that would not reasonably be
expected to prevent or delay the performance by Comcast Stockholder of its
obligations under this Agreement.
(b) The execution and delivery of this Agreement by Comcast Stockholder
do not, and the performance of this Agreement by Comcast Stockholder will not,
require any consent, approval, authorization or permit of, or filing with or
notification to, any federal, state, local or foreign regulatory body, except
(i) filings with the SEC under the 1934 Act and (ii) where the failure to obtain
such consents, approvals, authorizations or permits, or to make such filings or
notifications, would not reasonably be expected to prevent or delay the
performance by Comcast Stockholder of its obligations under this Agreement.
Section 2.03. Title to the Comcast Shares. Comcast Stockholder is the
owner, beneficially and of record, of the Comcast Shares, free and clear of all
security interests, liens, claims, pledges, options, rights of first refusal,
agreements, limitations on voting rights, charges and other encumbrances
(collectively, "LIENS") of any nature whatsoever. Other than the Comcast Shares,
Comcast Stockholder does not own, either of record or beneficially, any (i)
shares of capital stock or voting securities of Comcast, (ii) securities
convertible into or exchangeable for capital stock or voting securities of
Comcast or (iii) options or other rights to acquire from Comcast any capital
stock, voting securities or securities convertible into or exchangeable for
capital stock or voting securities of Comcast. None of the Comcast Shares is
subject to any voting trust, proxy or other agreement with respect to the voting
of such Comcast Shares. Comcast Stockholder has sole voting power with respect
to the Comcast Shares and Comcast Stockholder has the sole power to direct the
voting of such shares.
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Article 3
REPRESENTATIONS AND WARRANTIES OF BRIAN L. ROBERTS
Brian L. Roberts hereby represents and warrants to AT&T as follows:
Section 3.01. Authority Relative to this Agreement. Brian L. Roberts
has all necessary power, authority and legal capacity to execute and deliver
this Agreement, to perform his obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement
by Brian L. Roberts and the consummation by Brian L. Roberts of the transactions
contemplated hereby have been duly and validly authorized by Brian L. Roberts.
This Agreement has been duly and validly executed and delivered by Brian L.
Roberts and constitutes a legal, valid and binding obligation of Brian L.
Roberts, enforceable against Brian L. Roberts in accordance with its terms.
Section 3.02. No Conflict. (a) The execution and delivery of this
Agreement by Brian L. Roberts do not, and the performance of this Agreement by
Brian L. Roberts will not, (i) conflict with or violate any law, rule,
regulation, order, judgment or decree applicable to Brian L. Roberts or by which
Brian L. Roberts's units of membership interests in Comcast Stockholder or other
assets of Brian L. Roberts are bound or affected or (ii) result in any breach of
or constitute a default (or an event that, with or without notice or lapse of
time or both, would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, or result in the
creation of a Lien on any of Brian L Roberts's units of membership interests in
Comcast Stockholder pursuant to, any note, bond, mortgage, indenture, contract,
agreement, lease, license, permit, franchise or other instrument or obligation
to which Brian L. Roberts is a party or by which Brian L. Roberts or Brian L.
Roberts's units of membership interests in Comcast Stockholder or other assets
of Brian L. Roberts are bound or affected, except, in the case of clauses (i)
and (ii), for any such conflicts, violations, breaches, defaults or other
occurrences that would not reasonably be expected to prevent or delay the
performance by Brian L. Roberts of his obligations under this Agreement.
(b) The execution and delivery of this Agreement by Brian L. Roberts do
not, and the performance of this Agreement by Brian L. Roberts will not, require
any consent, approval, authorization or permit of, or filing with or
notification to, any federal, state, local or foreign regulatory body, except
(i) filings with the SEC under the 1934 Act and (ii) where the failure to obtain
such consents, approvals, authorizations or permits, or to make such filings or
notifications, would not reasonably be expected to prevent or delay the
performance by Brian L. Roberts of his obligations under this Agreement.
Section 3.03. Title to the Comcast Stockholder Interests. Brian L.
Roberts is the owner, free and clear of all Liens, of units of membership
interests in
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Comcast Stockholder (which represent approximately 72% of the outstanding units
of membership interests in Comcast Stockholder) entitled to cast a majority of
the votes entitled to be cast by the holders of the units of membership
interests in Comcast Stockholder in the election of the managing member or
members of Comcast Stockholder.
Article 4
COVENANTS
Section 4.01. No Inconsistent Agreement. Comcast Stockholder hereby
covenants and agrees that it shall not enter into any voting agreement or grant
a proxy or power of attorney or take any other action with respect to the
Comcast Shares which is inconsistent with this Agreement. Brian L. Roberts
hereby covenants and agrees that he shall not enter into any voting agreement or
grant a proxy or power of attorney or take any other action with respect to any
units of membership interests in Comcast Stockholder which is inconsistent with
this Agreement.
Section 4.02. Transfer of Title. Comcast Stockholder hereby covenants
and agrees that, prior to the Effective Time, Comcast Stockholder shall not,
directly or indirectly, sell, assign, transfer, encumber or otherwise dispose
of, or enter into any contract, option or other arrangement or understanding
with respect to the direct or indirect sale, assignment, transfer, encumbrance
or other disposition of, any Comcast Shares, except (i) in the case of shares of
Comcast Class A Common Stock, for transfers after the Comcast Stockholders'
Meeting to a transferee that agrees in writing to be bound by the terms and
conditions of this Agreement and (ii) for transfers pursuant to any transaction
expressly contemplated by Section 4.01(e) of the Merger Agreement; provided that
the condition to such transaction specified in Section 4.03(c) has been
satisfied. Nothing else contained in this Agreement shall be construed to
prohibit any transfer permitted by this Section 4.02.
Section 4.03. Post-closing Dispositions. (a) Comcast Stockholder hereby
covenants and agrees that, after the Effective Time and until the tenth
anniversary of the Effective Time, whether such anniversary occurs before or
after the death or disability of Brian L. Roberts, Comcast Stockholder shall
not, directly or indirectly, transfer ownership of any of its shares of Parent
Class B Common Stock except (i) for transfers to one or more Permitted Holders
(as defined below); provided that such transferee or transferees agree to be
bound by the provisions of Sections 4.03(d) and 4.06, or (ii) in connection with
any transaction that (x) provides an opportunity for Parent's other stockholders
to dispose of all of
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their shares of Parent Common Stock for the same per share consideration as
Comcast Stockholder receives for each of its shares of Parent Class B Common
Stock (or, if higher, any of its shares of any other class of Parent Common
Stock) in connection with such transaction and (y) is approved by holders of a
majority of the votes cast by the holders of all of the classes of Parent's
capital stock entitled to vote (other than the Parent Class B Common Stock and
any other voting shares of Parent owned by Brian L. Roberts, Comcast Stockholder
or any Permitted Holder) or, in the case of a tender or exchange offer, accepted
by holders of shares representing a majority of the combined voting power of all
of the classes of Parent's capital stock (other than the Parent Class B Common
Stock and any other voting shares of Parent owned by Brian L. Roberts, Comcast
Stockholder or any Permitted Holder).
(b) Subject to the following sentence, Brian L. Roberts hereby
covenants and agrees that, after the date hereof and until the tenth anniversary
of the Effective Time, he shall not, directly or indirectly, transfer ownership
of any of his securities or other equity interests in Comcast Stockholder except
(i) for transfers to his spouse, parents, siblings, lineal descendants, aunts,
uncles, cousins, other close relatives and their respective spouses (Brian L.
Roberts and each other such other individual, a "PERMITTED INDIVIDUAL"), or any
trust which is established primarily for the benefit of Permitted Individuals,
or any partnership, corporation, limited liability company or other entity, all
of the equity interests of which are owned by Permitted Individuals and/or by
any trust which is established primarily for the benefit of Permitted
Individuals (such Permitted Individuals, trusts, partnerships, corporations,
limited liability companies and other entities, "PERMITTED HOLDERS"); provided
that such transferee or transferees agree in writing to be bound by the
provisions of this Section 4.03(b), (ii) for transfers in connection with any
transaction that (x) provides an opportunity for the stockholders of Parent
(other than Comcast Stockholder) to dispose of all of their shares of Parent
Common Stock for the same per share consideration as the effective per share
consideration that Brian L. Roberts receives (as a result of his ownership
interest in Comcast Stockholder) for each of the shares of Parent Class B Common
Stock held by Comcast Stockholder (or, if higher, any of the shares of any other
class of Parent Common Stock) in connection with such transaction and (y) is
approved by holders of a majority of the votes cast by the holders of all of the
classes of Parent's capital stock entitled to vote (other than the Parent Class
B Common Stock and any other voting shares of Parent owned by Brian L. Roberts,
Comcast Stockholder or any Permitted Holder) or, in the case of a tender or
exchange offer, accepted by holders of shares representing a majority of the
combined voting power of all of the classes of Parent's capital stock (other
than the Parent Class B Common Stock and any other voting shares of Parent owned
by Brian L. Roberts, Comcast Stockholder or any Permitted Holder), (iii) for any
transfers by operation of family laws or inheritance laws; provided that such
voting securities shall be subject to the terms of this Section 4.03(b) in the
hands
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of any such transferee and (iv) for transfers pursuant to any transaction
expressly contemplated by Section 4.01(e) of the Merger Agreement. Brian L.
Roberts hereby covenants and agrees that he shall cause the Comcast Stockholder
(or any successor entity holding shares of Parent Common Stock) to perform its
obligations hereunder; provided that if Brian L. Roberts no longer owns a
majority of the outstanding membership units (or other equity interests) of the
Comcast Stockholder (or successor entity) due to transfers of equity interests
in the Comcast Stockholder (or successor entity) to Permitted Holders in
accordance with the provisions hereof, he shall use his reasonable best efforts
to cause the Comcast Stockholder (or successor entity) to perform its
obligations hereunder and provided that any such transfer which results in Brian
L. Roberts no longer owning a majority of the outstanding membership units (or
other equity interests) of the Comcast Stockholder (or successor entity) shall
be conditioned on those Permitted Holders who, together with or without Brian L.
Roberts, would own a majority of the outstanding membership units (or other
equity interests) of the Comcast Stockholder (or successor entity) agreeing in
writing to cause the Comcast Stockholder (or successor entity) to perform its
obligations hereunder.
(c) Comcast Stockholder hereby covenants and agrees that consummation
of any transaction expressly contemplated by Section 4.01(e) of the Merger
Agreement shall be conditioned on prior execution by each of the holders of
units of membership interests in Comcast Stockholder that will receive Parent
Class B Common Stock as a result of such transaction of an agreement to be bound
by Sections 4.03(d) and 4.06 with respect to the shares of Parent Class B Common
Stock such holder receives in such transaction.
(d) Each Person who receives Parent Class B Common Stock pursuant to
Section 4.03(a) or 4.03(c) shall, as a condition to such transfer, agree in
writing that until the tenth anniversary of the Effective Time, such Person
shall not, directly or indirectly, transfer ownership of any of such Person's
Parent Class B Common Stock except (i) for transfers to one or more Permitted
Holders; provided that such transferee or transferees agrees to be bound by the
provisions of this Section 4.03(d) and Section 4.06, (ii) for transfers in
connection with any transaction that (x) provides an opportunity for the
stockholders of Parent to dispose of all of their shares of Parent Common Stock
for the same per share consideration as such holder of Parent Class B Common
Stock receives for each of such holder's shares of Parent Class B Common Stock
(or, if higher, any of such holder's shares of any other class of Parent Common
Stock) in connection with such transaction and (y) is approved by holders of a
majority of the votes cast by the holders of all of the classes of Parent's
capital stock entitled to vote (other than the Parent Class B Common Stock and
any other voting shares of Parent owned by Brian L. Roberts, Comcast Stockholder
or any Permitted Holder) or, in the case of a tender or exchange offer, accepted
by holders of shares representing a majority of the combined voting power of all
of the classes of Parent's capital
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stock (other than the Parent Class B Common Stock and any other voting shares of
Parent owned by Brian L. Roberts, Comcast Stockholder or any Permitted Holder)
and (iii) for any transfers by operation of family laws or inheritance laws;
provided that such voting securities shall be subject to the terms of this
Section 4.03(d) and Section 4.06 in the hands of any such transferee.
Section 4.04. Interested Party Transactions. Parent hereby covenants
and agrees that from and after the Effective Time, neither it nor any of its
Subsidiaries shall enter into any material transaction with Brian L. Roberts or
any of his associates (as defined in Rule 12b-2 under the 1934 Act)
("ASSOCIATES") or any other person who would qualify as a Permitted Holder
unless such transaction is approved at a meeting of the Parent Board of
Directors at which a quorum is present by a majority of the Parent directors who
are not Associates of Brian L. Roberts and are not otherwise persons who would
qualify as Permitted Holders or, in the case of any compensation arrangements
between Brian L. Roberts or any of his Associates, on the one hand, and Parent
or any of its Subsidiaries, on the other hand, by the Compensation Committee of
the Parent Board of Directors; provided that no member of such committee who is
an Associate of Brian L. Roberts or who would otherwise qualify as a Permitted
Holder may vote on the approval of any such compensation arrangement.
Section 4.05. Pre-Closing Transfer. Notwithstanding anything herein to
the contrary, prior to the Effective Time Comcast Stockholder may merge with and
into a Delaware limited liability company ("COMCAST STOCKHOLDER II") that has
the same ownership and in all material respects the same governance arrangements
as Comcast Stockholder; provided that at the time of such merger, (i) Comcast
Stockholder II shall enter into this Agreement and be substituted for Comcast
Stockholder (including for purposes of Sections 4.03(a), 4.03(b) and 4.06) and
(ii) the representations and warranties set forth in Articles 2 and 3 shall be
true after giving effect to such merger.
Section 4.06. Additional Voting Agreements. Comcast Stockholder (and
each transferee of shares of Parent Class B Common Stock who has agreed to be
bound by this Section 4.06) hereby covenants and agrees that, after the
Effective Time and until the expiration of the 2004 Term (as such term will be
defined in the Articles of Incorporation of Parent after the Effective Time), at
any meeting of the stockholders of Parent, however called, and in any action by
consent of the stockholders of Parent, Comcast Stockholder (and such transferee)
shall vote its shares of Parent Class B Common Stock against any proposed
amendment to Article SIXTH of the Articles of Incorporation of Parent. Comcast
Stockholder (and each transferee of shares of Parent Class B Common Stock who
has agreed to be bound by this Section 4.06) hereby covenants and agrees that it
shall vote its shares of Parent Class B Common Stock in favor of the nominees
selected by the Directors Nominating Committee (as such term will be defined in
the Articles of Incorporation of Parent after the Effective Time) or otherwise
nominated by Parent for election as directors at Parent's 2004 annual meeting of
stockholders in accordance with Article SIXTH of the Articles of Incorporation
of Parent after the Effective Time; provided that if a Parent stockholder (other
than Brian L. Roberts, any Parent stockholder that is an Associate of Brian L.
Roberts or who would otherwise qualify as a Permitted Holder or any Parent
stockholder acting on behalf of or in concert with Brian L. Roberts, any
Associate of Brian L. Roberts or any person who would otherwise qualify as a
Permitted Holder) nominates individuals who are Independent Persons (as such
term will be defined in the Articles of Incorporation of Parent after the
Effective Time) for election as directors at Parent's 2004 annual meeting of
stockholders, Comcast Stockholder (and such transferee) may instead elect to
vote its shares of Parent Class B Common Stock in such election of directors in
the same proportion as the holders of shares of Parent Common Stock (other than
Parent Class B Common Stock and any other voting shares of Parent owned by Brian
L. Roberts, Comcast Stockholder or any Permitted Holder) vote in such election
of directors. Comcast Stockholder (and each transferee of shares of Parent Class
B Common Stock who has agreed to be bound by this Section 4.06) hereby covenants
and agrees that if Brian L. Roberts dies or is unable to perform his duties
prior to the fifth anniversary of the Effective Time, then, unless Ralph J.
Roberts has sole voting power in respect of
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the election of directors with respect to all outstanding shares of Parent Class
B Common Stock, from the date of his death or inability to perform his duties
until the fifth anniversary of the Effective Time, Comcast Stockholder (and such
transferee) shall vote its shares of Parent Class B Common Stock in any election
of directors in the same proportion as the holders of shares of Parent Common
Stock (other than Parent Class B Common Stock and any other voting shares of
Parent owned by Brian L. Roberts, Comcast Stockholder or any Permitted Holder)
vote in such election of directors.
Article 5
MISCELLANEOUS
Section 5.01. Termination. This Agreement shall terminate on the
earlier to occur of (i) one day after the tenth anniversary of the Effective
Time and (ii) the date of the termination of the Merger Agreement.
Notwithstanding the foregoing, none of the representations and warranties
included in this Agreement shall survive the Effective Time. The termination of
this Agreement shall not relieve any party hereto from any liability due to a
breach under this Agreement by such party.
Section 5.02. Specific Performance. The parties hereto agree that
irreparable damage would occur in the event any provision of this Agreement was
not performed in accordance with the terms hereof and that AT&T shall be
entitled to specific performance of the terms hereof, in addition to any other
remedy at law or in equity.
Section 5.03. Enforcement. Any determination with respect to Comcast
Stockholder's, Brian L. Roberts's or Parent's compliance with this Agreement or
otherwise with respect to Sections 4.01, 4.03, 4.04 or 4.06, in each case after
the Effective Time, including, without limitation, any determination as to the
enforcement action or actions to be taken by Parent in connection with such
determination, shall be made for Parent by the majority vote of the
disinterested, independent persons on the Parent Board of Directors; provided
that a\ny Comcast Director (as defined in Article Sixth of Parent's Articles of
Incorporation) or any director who was a Comcast Director (as defined in Article
Sixth of Parent's Articles of Incorporation) or any spouse, parent, sibling,
lineal descendent, aunt, uncle, cousin, other close relative of Brian L. Roberts
or their respective spouses shall not be considered a disinterested, independent
person.
Section 5.04. Entire Agreement. This Agreement and the Merger Agreement
constitutes the entire agreement among the parties, and supersedes all
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prior written and oral and all contemporaneous oral agreements and
understandings, with respect to the subject matter hereof.
Section 5.05. Amendments. Any provision of this Agreement may be
amended if, but only if, such amendment is in writing and is signed by each of
the parties hereto; provided that no amendment of any provision of Article 4 or
Section 5.03 or this Section 5.05 shall be effective without the approval of (i)
a majority of the disinterested, independent persons on the Parent Board of
Directors; provided that any Comcast Director (as defined in Article Sixth of
Parent's Articles of Incorporation) or any director who was a Comcast Director
(as defined in Article Sixth of Parent's Articles of Incorporation) or any
spouse, parent, sibling, lineal descendent, aunt, uncle, cousin, other close
relative of Brian L. Roberts or their respective spouses shall not be considered
disinterested, independent persons and (ii) holders of a majority of the votes
cast by the holders of all of the classes of Parent's capital stock entitled to
vote (other than the Parent Class B Common Stock and any other voting shares of
Parent owned by Brian L. Roberts, Comcast Stockholder or any Permitted Holder).
Section 5.06. Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law
or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner to
the end that the transactions contemplated hereby are fulfilled to the extent
possible.
Section 5.07. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania,
regardless of the laws that might otherwise govern under principles of conflicts
of law applicable hereto.
Section 5.08. Descriptive Headings. The descriptive headings herein are
inserted for convenience of reference only and are not intended to be part of or
to affect the meaning or interpretation of this Agreement.
Section 5.09. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same agreement.
Section 5.10. Assignments. This Agreement shall not be assigned by any
party hereto.
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Section 5.11. Parties in Interest. This Agreement shall be binding upon
and inure solely to the benefit of each party hereto, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any person
other than the parties hereto any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. It is understood that AT&T
will have no rights or obligations under this Agreement after the Effective
Time with respect to acts or omissions occurring after the Effective Time.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first written above.
AT&T CORP.
By: /s/ Marilyn J. Wasser
--------------------------------
Name: Marilyn J. Wasser
Title: Vice President - Law and
Secretary
COMCAST CORPORATION
By: /s/ Brian L. Roberts
--------------------------------
Name: Brian L. Roberts
Title: President
AT&T COMCAST CORPORATION
By: /s/ Brian L. Roberts
--------------------------------
Name: Brian L. Roberts
Title: President
SURAL LLC
By: /s/ Brian L. Roberts
--------------------------------
Name: Brian L. Roberts
Title: Manager
/s/ Brian L. Roberts
------------------------------------
Brian L. Roberts
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