THE LIBERTY CORPORATION SUPPLEMENTAL EXECUTIVE SAVINGS PLAN

Exhibit 10.3

THE LIBERTY CORPORATION
SUPPLEMENTAL EXECUTIVE SAVINGS PLAN
as Amended and Restated
Effective December 31, 2004

     The Liberty Corporation (“Liberty”) and the participating affiliates and subsidiaries of Liberty identified on Schedule A (the “Affiliates”) hereby adopt The Liberty Corporation Supplemental Executive Savings Plan as amended and restated (the “Plan”) effective as of December 31, 2004. For periods commencing on or after January 1, 2005, and until the Plan can be formally amended, the Plan shall be operated and administered in accordance with a good faith interpretation of new Section 409A of the Internal Revenue Code.

Article 1

     A. Purpose: The primary purpose of the Plan is to provide supplemental retirement benefits for a select group of Liberty’s management or highly compensated employees, by among other things, allowing eligible employees to defer a portion of their compensation otherwise payable for services rendered to Liberty.

     B. Effective Date: This Plan is amended and restated as of Closing Date.

Article 2

Eligibility and Enrollment

     Any employee of Liberty or an Affiliate who is (i) a Highly Compensated Employee as defined in Section 414(q) of the Internal Revenue Code of 1986, as amended (the “Code”); and (ii) eligible to participate in The Liberty Corporation Retirement and Savings Plan (the “RSP”), may be nominated for participation in the Plan. The Chief Executive Officer and the President of Liberty, each in his or her sole discretion, shall nominate employees for eligibility to participate in the Plan. The Compensation Committee of the Board of Directors, in its sole discretion, shall designate the nominated employees who are eligible to enroll in the Plan.

     An eligible employee may enroll as a Participant in the Plan by completing an enrollment form made available by Liberty. No eligible employee shall be entitled to any benefit or contribution under the Plan until he or she has completed an enrollment form.

Article 3

     A. Elective Deferral Contributions: An eligible employee may make either or both of the following elections:

     (i) an eligible employee may elect to defer the receipt of a portion of his or her income for each calendar year, or for a portion of the calendar year, beginning on and after the employee’s election date; and

     (ii) an eligible employee may elect to defer the receipt of all or any portion of salary reduction, after-tax or matching contributions originally contributed on behalf of the employee to the RSP but which would be distributed to the employee under the terms of the RSP by reason of the application of (a) the limitation on elective deferrals under Code section 402(g), (b) the average deferral percentage (“ADP”) test under Code section 401(k); (c) the actual contribution percentage (“ACP”) test under Code section 401(m); or (d) the limitations on annual additions under Code Section 415.

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     The amount of the deferrals shall be credited to a Deferred Compensation Account in accordance with Paragraph C hereof.

     Initial elections by employees first eligible to participate in the Plan after the Effective Date may be made and become effective as of the date the employee first meets the eligibility requirements set forth in Article 2. Modifications to Participants’ existing deferral elections must be made prior to January 1 of any year and will become effective as of the next following January 1. Once an election to defer income under this Plan has become effective, that election will remain in effect until such further time as the election may be modified in accordance with the preceding sentence or revoked.

     During the course of any calendar year, a Participant may revoke his or her deferral election with respect to any future deferrals of his or her income for such year. However, in the event that a Participant revokes his or her deferral election, that employee will not be eligible to again defer the receipt of any portion of his or her income under this Plan until the following calendar year. Except as provided in this section, no other changes to any deferral election shall be permitted under this Plan.

     Any election to defer amounts described in clause (ii) above must include an assignment to Liberty of the payment of such amounts to be distributed from the RSP, in accordance with Treas. Reg. Section 1.401(a)-13(e), and such assignment may be revoked at any time prior to the date such amounts become distributable. Any such revocation shall apply only to the next following distribution from the RSP, unless otherwise specified.

     B. Additional Contributions:

     (i) Profit. Sharing Contributions. Each Participant under this Plan shall receive a credit to his or her Deferred Compensation Account in an amount equal to the difference, if any, between (a) the allocation the Participant would have received under the terms of the RSP, if compensation under the RSP was determined without regard to the limit imposed by Code Section 401(a)(17), provided that in no event shall such compensation exceed $235,840 or such higher amount as may be established by Liberty from time to time in its sole discretion prior to the commencement of any calendar year; and (b) the actual allocation credited to the Participant’s account under the terms of the RSP:

     (ii) Matching Contributions.

     (a) Each Participant whose compensation under the RSP is greater than the dollar limit applicable under Code Section 401(a)(17) for any calendar year shall have his or her Deferred Compensation Account credited with a contribution for each such calendar year equal to the greater of:

     (1) the amount of salary reduction contributions made to this Plan in accordance with Section 3.A.(i), but the amount shall not exceed 3% of the amount of the Participant’s compensation (as determined under the RSP) which is greater than the applicable limit under Code Section 401(a)(17) but less than $235,840 or such higher amount as may be established by Liberty from time to time in its sole discretion; or

     (2) 3% of the amount of the Participant’s compensation (as determined under the RSP) which is greater than the applicable limit under Code Section 401(a)(17) but less than $235,840 or such higher amount as may be established by Liberty from time to time in its sole discretion, provided the Participant has made Employee Before-Tax Contributions (as defined in the RSP) to the RSP in an amount equal to either (a) the applicable limit under Code Section 402(g) or (b) the limit on such contributions established under the terms of the RSP.

     (b) Each Participant who (1) forfeits any portion of a matching contribution under the RSP by reason of the application of the limitations of the ACP test under Code section 401(m) and (2) has elected to contribute to this Plan under Section 3.A(ii)(c) the amount which was contributed under the RSP but would be distributed to him or her because it exceeds the amount allowable under the ACP test, shall have his or her Deferred Compensation Account credited with an amount equivalent to the matching contribution which was forfeited under the RSP.

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     (iii) Excess Section 415 Contributions. Each Participant under this Plan shall have his or her Deferred Compensation Account credited with an amount equal to any “excess amount’’ (as determined under Section 4.10 of the RSP in any calendar year). Notwithstanding the foregoing, no amount shall be credited under this Section 3.B.(iii) if such amount is distributed to the Participant in accordance with Treas. Reg. Section 1.415-6(b)(6)(iv), whether or not such amount is contributed to this Plan pursuant to Section 3.A.(ii)(d).

     (iv) Other Contributions. Liberty, in its sole discretion, may make additional contributions on behalf of any Participant in this Plan.

     C. Deferred Compensation Accounts: A separate bookkeeping account shall be established and maintained for each Participant to reflect all amounts deferred under this Plan. Each Participant’s account will be credited with earnings, pursuant to Paragraph D hereof, until distribution of his or her account in accordance with Article 4. Each Participant, shall be 100% vested in the elective deferrals credited to his or her account. In the event any matching contribution is credited to a Participant’s Deferred Compensation Account, the Participant’s rights to such amount and any earnings attributable to such amount shall be subject to the same vesting schedule as if the matching contribution had been made to the RSP. Similarly, in the event any profit sharing contribution is credited to a Participant’s Deferred Compensation Account, the Participant’s rights to such amount and any earnings attributable to such amount shall be subject to the same vesting schedule as if the profit sharing contribution had been made to the Participant’s account under the RSP.

     D. Earnings Credit. Each Participant shall be entitled to designate target investments for amounts credited to his or her Deferred Compensation Account. The purpose of the target investment is to allocate earnings and losses to a Participant’s account as if his or her account were actually invested in the selected target investments. Liberty shall designate, in its sole discretion, the target investment options from which a Participant may chose, the rules for allocating portions of a Participant’s account among the target investments, and the rules for a Participant to change the allocation of the Participant