Viacom Inc. 2016 Long-Term Management Incentive Plan: 2019 Terms and Conditions to the Performance Share Units Certificate

Section 1.1    Grant of Performance Share Units. The Performance Share Units (the “Performance Share Units” or “PSUs”) awarded to a Participant are subject to (i) the Performance Share Units Certificate (the “Certificate”), (ii) the terms and conditions contained herein and (iii) the 2016 Long-Term Management Incentive Plan (the “Plan”), the provisions of which are hereby incorporated by reference. A copy of the Plan and the Prospectus dated November 30, 2018 are being provided simultaneously on-line or attached hereto. Capitalized terms that are not otherwise defined herein have the meanings assigned to them in the Certificate or the Plan. Performance Share Units are notional units of measurement and represent the right to receive a number of shares of Class B Common Stock depending on the Company’s performance against specific pre-determined goals. The number of PSUs issued to a Participant will be determined as follows: (a) twenty-five percent (25%) of the value of the award set forth in the Certificate will be issued in PSUs subject to the TSR performance of the Class B Common Stock in comparison to the TSR performance of the common stock of companies comprising the Reference Group, with the target number of PSUs subject to TSR performance determined by dividing such portion of the value by the Date of Grant fair value determined by FAS 123 Solutions using a Monte Carlo valuation model (“Target TSR Shares”), and (b) seventy-five percent (75%) of the value of the award set forth in the Certificate will be issued in PSUs subject to the Company’s Adjusted Diluted EPS from Continuing Operations against target, with the target number of PSUs subject to such Adjusted Diluted EPS from Continuing Operations performance determined by dividing such portion of the value by the closing price of a share of Class B Common Stock on the Date of Grant (“Target EPS Shares”), each as set forth in the Certificate.

(1)    TSR Shares. As of the Determination Date, the TSR of the Class B Common Stock over the relevant Measurement Period will be measured against the TSR of the common stock of the companies comprising the Reference Group over the relevant Measurement Period. The percentile ranking of the TSR of the Class B Common Stock as compared to the TSR of the common stock of the companies comprising the Reference Group will be used to calculate the number of shares of Class B Common Stock that the Participant will receive pursuant to this Section 1.2(a)(1), in accordance with the following schedule:

For Company achievement at an intermediate point between the 25th and 50th percentile, or between the 50th percentile and the 100th percentile, the percentage of the Target TSR Shares to be delivered will be interpolated between the respective percentages at such percentiles. For example, if the Company were to achieve the 70th percentile TSR, 140% of the Target TSR Shares would be delivered pursuant to this Section 1.2(a)(1).

(2)    EPS Shares. As of the Determination Date, the Adjusted Diluted EPS from Continuing Operations for the FY19 Period will be measured against the Target Adjusted Diluted EPS from Continuing Operations for the FY19 Period, which will be used to calculate the number of shares of Class B Common Stock that the Participant will receive pursuant to this Section 1.2(a)(2), in accordance with the following schedule:

For Company achievement at an intermediate point between 80% and 100% of the Target Adjusted Diluted EPS from Continuing Operations for the FY19 Period, or between 100% and 120% of the Target Adjusted Diluted EPS from Continuing Operations for the FY19 Period, the percentage of the Target EPS Shares to be delivered pursuant to this Section 1.2(a)(2) will be interpolated

between the respective percentages at such percentiles. For example, if the Company were to achieve 90% of the Target Adjusted Diluted EPS from Continuing Operations for the FY19 Period, a number of shares of Class B Common Stock equal to 75% of the Target EPS Shares would be delivered under the award pursuant to this Section 1.2(a)(2).

(b)    Settlement and Delivery of Shares. Shares delivered in settlement of the Performance Share Units will be delivered, net of any shares withheld for Taxes pursuant to Section 4.3, no later than four (4) weeks following the Determination Date; provided, however, in the event that the Participant would be subject to federal income tax on the shares of Class B Common Stock payable under the valuation criteria under Section 1.2(a)(2) before the Determination Date, then to the extent permissible under Section 409A, such shares of Class B Common Stock, net of any Shares withheld for Taxes pursuant to Section 4.3, and as adjusted pursuant to Section 1.2(d) if applicable, shall be delivered in settlement of that portion of the Performance Share Units no later than four (4) weeks following the date on which the Participant became subject to federal income tax on the shares of Class B Common Stock payable under the valuation criteria under Section 1.2(a)(2).

(c)    Transfer Restriction on Delivered Shares. Shares delivered in settlement of the Performance Share Units, net of any shares withheld for Taxes pursuant to Section 4.3, shall not be transferable by the Participant, except by will, the laws of descent and distribution or beneficiary designation for a 6-month period beginning on the Determination Date; provided that the Committee may permit other transferability, subject to any conditions and limitations that it may, in its sole discretion, impose.

(d)    Termination of Employment.

(1)    In the event the Participant’s employment with the Company or a Subsidiary terminates in a Qualifying Termination prior to September 30, 2021, the number of shares of Class B Common Stock that the Participant will receive for the applicable Measurement Period will be determined by multiplying the shares of Class B Common Stock determined under the valuation criteria under Section 1.2(a) as of the Determination Date by a fraction, the numerator of which is the number of days starting with and inclusive of October 1, 2018 and ending on the last day of the Measurement Period and the denominator of which is the number of days starting with and inclusive of October 1, 2018 and ending on the Determination Date.

(2)    In the event the Participant’s employment with the Company or a Subsidiary terminates for any reason other than a Qualifying Termination, the Participant shall forfeit all unvested Performance Share Units as of the date of such event.

In the event of a merger, consolidation, stock split, reverse stock split, dividend, distribution, combination, reclassification, reorganization, split-up, spin-off or recapitalization that changes the character or amount of the Class B Common Stock or any other changes in the

corporate structure, equity securities or capital structure of the Company, the Committee shall make such adjustments, if any, to the number and kind of securities subject to the Performance Share Units, as it deems appropriate. The Committee may, in its sole discretion, also make such other adjustments as it deems appropriate in order to preserve the benefits or potential benefits intended to be made available hereunder. Such determinations by the Committee shall be conclusive and binding on all persons for all purposes.

As used herein, the following terms shall have the following meanings:

(a)    “Adjusted Diluted EPS from Continuing Operations” for a given fiscal year means the adjusted diluted EPS from continuing operations, as reportable by the Company on Form 10-K, subject to adjustment by the Committee for any recapitalization, reorganization, merger, acquisition, divestiture, consolidation, spin-off, combination, liquidation, dissolution, sale of assets, or other similar corporate transaction or event or any other extraordinary event occurs, or any other event or circumstance occurs which has the effect, as determined by the Committee, of distorting the applicable diluted EPS from continuing operations, including, without limitation, changes in accounting standards, to the extent necessary to prevent reduction or enlargement of the Participants’ EPS Shares attributable to such transaction, circumstance or event. Adjusted Diluted EPS from Continuing Operations for a period of more than one fiscal year, shall mean the Adjusted Diluted EPS from Continuing Operations for each fiscal year (or portion thereof) in such period on a cumulative basis

(c)    “Cause” shall (i) have the meaning provided in a Company or a Subsidiary employment agreement that is in effect and applicable to the Participant, or (ii) mean, if there is no such employment agreement or if such employment agreement contains no such term, unless the Committee determines otherwise, (A) conduct constituting embezzlement, material misappropriation or fraud, whether or not related to the Participant’s employment with the Company or a Subsidiary; (B) conduct constituting a felony, whether or not related to the Participant’s employment with the Company or a Subsidiary; (C) conduct constituting a financial crime, material act of dishonesty or material unethical business conduct, involving the Company or a Subsidiary; (D) willful unauthorized disclosure or use of Company or Subsidiary confidential information; (E) the failure to substantially obey a material lawful directive that is appropriate to the Participant’s position from a superior in his or her reporting line or the Board; (F) the failure or refusal to substantially perform the Participant’s material employment obligations (other than any such failure or refusal resulting from the Participant’s disability); (G) the willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, whether or not related to employment with the Company or a Subsidiary, after being instructed by the Company or a Subsidiary to cooperate; (H) the willful destruction of or failure to preserve documents or other material known to be relevant to any investigation referred to in subparagraph (G) above; or (I) the willful inducement of others to engage in the conduct described in subparagraphs (A) – (H).

(d)    “Certificate” shall mean the meaning set forth in Section 1.1 hereof.

(e)    “Class B Common Stock” shall mean shares of Class B Common Stock, par value $0.001 per share, of the Company.

(f)    “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended, including any successor law thereto and the rules, regulations and guidance promulgated thereunder.

(g)    “Committee” shall mean the Compensation Committee of the Board (or such other Committee(s) as may be appointed or designated by the Board to administer the Plan).

(h)    “Company” shall mean Viacom Inc., a Delaware corporation.

(i)    “Date of Grant” shall be the date set forth on the Certificate.

(j)    “Determination Date” means September 30, 2021.

(k)    “EPS” means earnings per share.

(l)    “EPS Shares” means the number of Performance Share Units subject to Section 1.2(a)(2) hereof.

(m)    “Fair Market Value” of a share of Class B Common Stock on a given date shall be the 4:00 p.m. (New York time) closing price on such date on the NASDAQ Stock Exchange or other principal stock exchange on which the Class B Common Stock is then listed.

(n)    “FY19 Period” means the Company’s 2019 fiscal year.

(o)    “Good Reason” has the meaning assigned to such term in the Participant’s employment agreement with the Company or a Subsidiary.

(p)    “Measurement Period” means the period beginning on October 1, 2018 and ending September 30, 2021; provided, however, that if the Participant’s employment with the Company terminates in a Qualifying Termination, the Measurement Period will be the period beginning October 1, 2018 and ending on the effective date of the Participant’s termination of employment.

(q)    “Participant” shall mean the employee named on the Certificate.

(r)    “Performance Share Units” shall mean notional units of measurement representing the contractual right granted to the Participant to receive shares of Class B Common Stock and consisting of the Target TSR Shares and the Target EPS Shares set forth in Section 1.2(a) hereof.

(s)    “Permanent Disability” shall have the same meaning as such term or a similar term has in the long-term disability policy maintained by the Company or a Subsidiary thereof for the Participant and that is in effect on the date of the onset of the Participant’s Permanent Disability unless the Committee determines otherwise.

(t)    “Plan” shall mean the Viacom Inc. 2016 Long-Term Management Incentive Plan, and as may be amended from time to time.

(u)    “Qualifying Termination” means (i) the termination of the Participant’s employment by the Company or a Subsidiary other than in a termination of employment for Cause; (ii) in the event the Participant has an employment agreement with the Company or a Subsidiary that contains a Good Reason provision, such Participant’s resignation of employment for Good Reason; (iii) the termination of the Participant’s employment with the Company or a Subsidiary by reason of the Participant’s death or Permanent Disability; or (iv) in the event the Participant has an employment agreement with the Company or a Subsidiary, the non-renewal of such employment agreement at the Company’s or Subsidiary’s election followed by termination of the Participant’s employment with the Company and any Subsidiary within six months of such contract expiration for any reason other than for Cause.

(v)    “Reference Group” means all companies whose common stock is included in the S&P 500 at the start of the Measurement Period (other than (i) companies that cease to be included in the S&P 500 during the Measurement Period solely due to merger, acquisition, liquidation or similar events fundamentally changing the identity and nature of the company and (ii) companies that cease to be included in the S&P 500 other than on account of events described in the preceding clause (i) and which also cease to have common stock publicly traded on an exchange or on a recognized market system or the over-the-counter market).

(w)    “S&P 500” means the Standard & Poor’s 500 Composite Index.

(x)    “Section 409A” shall mean Section 409A of the Code and the rules, regulations and guidance promulgated thereunder from time to time.

(y)    “Target Adjusted Diluted EPS from Continuing Operations for the FY19 Period” means the target adjusted diluted EPS from continuing operations for the Company’s 2019 fiscal year, as determined by the Committee.

(z)    “Target EPS Shares” means the number of EPS Shares determined in Section 1.1 hereof and indicated on the Participant’s PSUs Certificate.

(aa)     “Target TSR Shares” means the number of TSR Shares determined in Section 1.1 hereof and indicated on the Participant’s PSUs Certificate.

(bb)    “Subsidiary” shall mean a corporation (or a partnership or other enterprise) in which the Company owns or controls, directly or indirectly, 50% or more of the outstanding shares of stock normally entitled to vote for the election of directors (or comparable equity participation and voting power).

(cc)    “TSR” means for the Class B Common Stock and for the common stock of each company in the Reference Group, the percentage change in value (positive or negative) over the Measurement Period as measured by dividing (i) the sum of (A) each company’s cumulative value of dividends and other distributions in respect of its common stock for the Measurement Period, assuming dividend reinvestment, and (B) the difference (positive or negative) between each company’s common stock price on the first and last day of the

Measurement Period, calculated based on the average closing prices over the 20-day trading period immediately prior to the first day of the Measurement Period and the average closing prices over the 20-day trading period immediately prior to the last day of the Measurement Period, in each case, as reported by Bloomberg L.P. (or such other reporting service that the Committee may designate from time to time); by (ii) the common stock price on the first day of the Measurement Period, calculated on the basis described above. TSR shall reflect (i) reinvestment of dividends and other distributions and (ii) appropriate and equitable treatment of any reorganizations affecting the corporate structure of the companies in the reference group, in addition to the adjustments for stock splits and reverse stock splits. TSR will be determined by the Committee in a manner consistent with this definition. For purposes of computing TSR, if a company has more than one class of common stock outstanding then only the class that is included in the S&P 500 shall be taken into account, and if there is more than one such class the company’s TSR shall be computed using the aggregate values of and distributions on all such classes.

(dd)    “TSR Shares” means the number of Performance Share Units subject to Section 1.2(a)(1) hereof.

Section 4.1    No Rights to Awards or Continued Employment. Neither the Certificate, the Plan nor any action taken in accordance with such documents shall confer upon the Participant any right to be employed by or to continue in the employment of the Company or any Subsidiary, nor to be entitled to any remuneration or benefits not set forth in the Plan or the Certificate, including the right to receive any future awards under the Plan or any other plan of the Company or any Subsidiary or interfere with or limit the right of the Company or any Subsidiary to modify the terms of or terminate the Participant’s employment at any time for any reason.

Section 4.2    Restriction on Transfer. The rights of the Participant with respect to the Performance Share Units shall not be transferable by the Participant, except by will, the laws of descent and distribution or beneficiary designation; provided that the Committee may permit other transferability, subject to any conditions and limitations that it may, in its sole discretion, impose.

Section 4.3    Taxes. The Company or a Subsidiary, as appropriate, shall be entitled to withhold from any payment made to the Participant, a Participant’s estate or any permitted transferee or beneficiary an amount sufficient to satisfy any federal, state, local and/or other tax withholding requirement or satisfy required tax withholding in respect of the delivery of shares of Class B Common Stock upon settlement of Performance Shares Units by having the Company withhold from such delivery shares of Class B Common Stock having a Fair Market Value equal to the amount of such required withholding.

Section 4.4    Stockholder Rights. The grant of Performance Share Units under the Certificate shall not entitle the Participant or a Participant’s estate, any permitted transferee or beneficiary to any rights of a holder of shares of Class B Common Stock, other than when and until the Participant, the Participant’s estate, the permitted transferee or beneficiary is

registered on the books and records of the Company as a stockholder and shares are delivered to such party upon settlement of the Performance Share Units. Unless otherwise determined by the Committee in its discretion, no adjustment shall be made for dividends or distributions or other rights in respect of any shares of Class B Common Stock for which the record date is prior to the date on which the Participant, a Participant’s estate or any permitted transferee shall become the holder of such shares of Class B Common Stock.

Section 4.5    No Restriction on Right of Company to Effect Corporate Changes. Neither the Plan nor the Certificate shall affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Class B Common Stock or the rights thereof or which are convertible into or exchangeable for Class B Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

Section 4.6    Section 409A. If any provision of the Certificate contravenes any regulations or Treasury guidance promulgated under Section 409A or could cause the Participant to be required to recognize income for United States federal income tax purposes with respect to any Performance Share Units before such Performance Share Units are settled or to be subject to any additional tax or interest under Section 409A, such provision of the Certificate may be modified to maintain, to the maximum extent practicable, the original intent of the applicable provision without the imposition of any additional tax or interest under Section 409A. Moreover, any discretionary authority that the Board or the Committee may have pursuant to the Certificate shall not be applicable to Performance Share Units that are subject to Section 409A to the extent such discretionary authority will contravene Section 409A.

Section 4.7    Amendment. The Committee shall have broad authority to amend the Certificate without approval of the Participant to the extent necessary or desirable (i) to comply with, or take into account changes in, applicable tax laws, securities laws, accounting rules and other applicable laws, rules and regulations or (ii) to ensure that the Participant is not required to recognize income for United States federal income tax purposes with respect to any Performance Share Units before such Performance Share Units are settled and is not subject to additional tax and interest under Section 409A with respect to any Performance Share Units.

Section 4.8    Interpretation. In the event of any conflict between the provisions of the Certificate (including the definitions set forth herein) and those of the Plan, the provisions of the Plan will control. Additionally, in the event of a conflict or ambiguity between the provisions of the Certificate or the Plan and the provisions of any employment agreement that is in effect and applicable to the Participant with respect to the Performance Share Units, the provisions of such employment agreement shall be deemed controlling to the extent such provisions are consistent with the provisions of the Plan and are more favorable to the Participant than the provisions of the Certificate.

Section 4.9    Breach of Covenants. In the event that the Committee makes a good faith determination that the Participant committed a material breach of the restrictive covenants relating to non-competition, non-solicitation, confidential information or proprietary property in any employment or other agreement applicable to the Participant during the Participant’s employment or the one year period after termination of the Participant’s employment with the Company or a Subsidiary for any reason, (i) the Participant shall be required to return the shares of Class B Common Stock received by him or her in settlement of the Performance Share Units during the one year period prior to such breach or any time after such breach occurs, or, if the shares of Class B Common Stock received in settlement of the Performance Share Units within the one year period prior to such breach were sold by the Participant, return any proceeds realized on the sale of such shares of Class B Common Stock prior to such breach or any time after such breach occurs and (ii) any unvested Performance Share Units shall be forfeited.

Section 4.10    Governmental Regulations. The Performance Share Units shall be subject to all applicable rules and regulations of governmental or other authorities.

Section 4.11    Headings. The headings of articles and sections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of the Certificate.

Section 4.12    Governing Law. The Certificate and all rights hereunder shall be construed in accordance with and governed by the laws of the State of Delaware.