<PAGE>

                                                                   EXHIBIT 10.24

                                                                  EXECUTION COPY

                               SEVERANCE AGREEMENT

         This Severance Agreement ("Agreement") is entered into between Richard
J. Lubasch (the "Executive") and NTL Incorporated (the "Company") as of June
___, 2003.

                               W I T N E S S E T H

         WHEREAS, the Executive is currently employed by the Company pursuant to
an employment agreement, dated November 7, 2002, that is attached hereto as
Exhibit A (the "Employment Agreement");

         WHEREAS, the Company and the Executive agree that the Executive's
employment will terminate on August 15, 2003 (the "Termination Date");

         WHEREAS, the Executive and the Company wish to outline the terms and
conditions of a termination of the Executive's employment on the Termination
Date, so that the Executive and the Company can settle, fully and finally, all
matters between them; and

         NOW THEREFORE, the Executive and the Company, intending to be legally
bound, hereby agree as follows:

         1.       EFFECTIVENESS. This Agreement will become effective as of the
date hereof; provided that if the Executive either does not sign the release
attached hereto as Exhibit B (the "Release") on, or within the eight calendar
days prior to, the Termination Date, or revokes the Executive's consent to the
Release under Paragraph 4(b) of the Release within the seven calendar days
following the signing of the Release, the Company shall not be obligated to make
the payments sets forth in Paragraphs 2(b), 2(d) and 2(e) of this Agreement.
Provided that the Executive does not revoke the Executive's consent to the
Release, the term "Payment Date" will mean the eighth calendar day after the
date on which the Executive signs the Release.

         2.       TERMINATION OF EMPLOYMENT; SEVERANCE.

                  (a)      The Company agrees that, unless earlier terminated as
provided herein, the Company shall continue to employ the Executive at the
Executive's current location, to pay the Executive's "Base Salary" (as defined
in the Employment Agreement) at the rate in effect as of the date of this
Agreement, to reimburse the Executive for all reasonable business expenses,
incurred in connection with the Executive's duties, pursuant to the Company's
policies, and to allow the Executive to participate in the Company's benefit
programs until the Termination Date, upon which date the Executive's employment
with the Company and its affiliates shall cease; provided, however, that nothing
herein shall impair the Company's right to terminate the Executive's employment
for "Cause" (as defined in the Employment Agreement and modified herein) prior
to the Termination Date or the Executive's right to terminate the Executive's
employment for a "Constructive Termination Without Cause" (as defined in the
Employment Agreement and modified herein). As of the date of this Agreement, the
Company is not aware of any events, omissions or circumstances, individually or
in the aggregate, constituting Cause under the Employment Agreement with respect
to the Executive. The

                                       1

<PAGE>

Executive acknowledges and agrees that (i) the Executive is not aware of any
events, omissions or circumstances that have occurred on or prior to the date of
this Agreement which, individually or in the aggregate, constitute a
"Constructive Termination Without Cause" under the Employment Agreement and (ii)
no diminution of the Executive's title, position, duties or authorities which
may occur following the date of this Agreement shall, individually or in the
aggregate, constitute a Constructive Termination Without Cause if such
diminution occurs as a result of the transitioning of the Executive's title,
position, duties or authorities to a successor. Further, the Executive's failure
to perform duties which are inconsistent with the Executive's title, position,
duties or authorities as set forth in the Employment Agreement shall not
constitute Cause; provided, however, that the Executive acknowledges and agrees
that the transitioning of the Executive's title, position, duties or authorities
to a successor is not inconsistent with the Executive's title, position, duties
or authorities as set forth in the Employment Agreement.

                  (b)      The Company acknowledges that the Executive is a
participant in the Company's annual bonus program (the "Bonus Plan"). Exhibit C
hereto sets forth the performance goals under the Bonus Plan applicable to the
period commencing January 1, 2003 and ending June 30, 2003 and the potential
amounts that may become payable to the Executive based on the extent to which
such performance goals are achieved. The Company shall use commercially
reasonable efforts to determine, prior to the Payment Date, the extent to which
the Company has achieved such performance goals. In the event that such efforts
fail, the Company will make such determination as soon thereafter as
practicable. The date upon which the Company makes such determination is the
"Bonus Determination Date." In the event that, pursuant to the terns of the
Bonus Plan, the Executive becomes entitled to a payment in respect of the
six-month period ending June 30, 2003, the Company shall pay such amount to the
Executive on the "Bonus Payment Date." The Bonus Payment Date shall be the later
of the Payment Date or ten business days following the Bonus Determination Date.
The Executive hereby waives any right to a bonus of any kind relating to the
period between July 1, 2003 and the Termination Date. Such bonus shall be paid
as follows: (i) one-half in cash and (ii) one-half in shares of Company common
stock having a "Fair Market Value" (as defined below) equal to one-half of such
bonus. The Company shall issue, on the Bonus Payment Date, an instruction to the
Company's transfer agent, authorizing such transfer agent to deliver immediately
such shares to the Executive. For purposes of the foregoing, "Fair Market Value"
shall mean the closing price of the Company's common stock as quoted on the
NASDAQ Stock Market quotation system on the last business day prior to the Bonus
Payment Date.

                  (c)      Upon any termination of the Executive's employment
with the Company and its affiliates, the Company shall pay to the Executive (or
the Executive's estate, if applicable) any earned but unpaid portion of the
Executive's Base Salary, any unpaid business expenses incurred prior to the
termination of employment in accordance with Company policy, vacation pay as
determined and calculated by Paragraph 8 of this Agreement, and any benefits
that may be due to the Executive (or the Executive's estate, if applicable)
under any employee benefit plans of the Company including benefits which may
become payable upon a termination of the Executive's employment by reason of the
Executive's death or because the Executive has become "Disabled" (as defined in
the Employment Agreement).

                                       2

<PAGE>

                  (d)      If the Executive is employed through the Termination
Date or if, prior to the Termination Date, the Company terminates the
Executive's employment other than for "Cause" (as defined in the Employment
Agreement and modified herein) or a "Constructive Termination Without Cause" (as
defined in the Employment Agreement and modified herein) occurs, the Company
shall (i) pay to the Executive on the Payment Date any Base Salary earned, or
which would have been earned, through the Termination Date; (ii) pay to the
Executive on the Payment Date a lump sum cash payment equal to three times the
Executive's Base Salary; (iii) at the Executive's election (which the Executive
must make on or prior to August l, 2003), and in satisfaction of the Company's
obligations, if any, under the statutory scheme commonly known as "COBRA,"
either (x) provide continued medical benefits covering the Executive and the
Executive's qualifying dependents under the Company's Group health plan
currently covering employees resident in the Company's New York office (the
"Group Health Plan"), with the Company to pay for such coverage for the period
commencing August 16, 2003 through August 15, 2004 and the Executive to pay for
such coverage from August 16, 2004 through February 15, 2005; provided, however,
that in the event that the Company's insurance carrier terminates such coverage,
the Company agrees to pay to the Executive a pro rata portion of the Cash
Payment Option (as defined below) from the date upon which the insurance carrier
terminates such coverage through August 15, 2004; or (y) pay on the Payment Date
an amount in cash equal to the sum of (1) the total annual premium, as in effect
on the date of execution of this Agreement, payable with respect to the
Executive's current medical benefits coverage (including coverage with respect
to the Executive's qualifying dependents) under the Group Health Plan plus (2)
an amount equal to fifty percent (50%) of the amount described under clause (1)
above (the "Cash Payment Option"); and (iv) furnish to the escrow agent
specified in that certain escrow agreement, dated January 20, 2003, among the
Company and certain Company executives, including the Executive (the "Escrow
Agreement"), an instruction in the form attached hereto as Exhibit D on the
Payment Date; provided, however, that, in the event of the Executive's death
prior to the date on which such shares are released, such shares shall be issued
to the Executive's beneficiary or estate, as applicable.

                  (e)      In the event that, prior to the Termination Date, the
Executive terminates the Executive's employment with the Company and its
affiliates for any reason, in addition to any other payments or benefits to
which the Executive is entitled under Company benefit plans or otherwise, the
Executive and the Executive's qualified dependants shall be entitled to the
benefits set forth in Paragraph 2(d)(iii) of this Agreement. In the event that,
prior to the Termination Date, the Executive's employment with the Company is
terminated due to the Executive's death, in addition to any other payments or
benefits to which the Executive is entitled under Company benefit plans or
otherwise, the Executive and the Executive's qualified beneficiaries or estate,
as applicable, shall be entitled to the benefits set forth in Paragraphs
2(d)(i), (iii) and (iv) and in Paragraph 2(d)(ii) less any amounts received by
the Executive's estate pursuant to any death benefits under any plans, programs,
policies and arrangements of the Company as are then in effect. In the event
that the Executive dies, the legal representative of the Executive's estate
shall execute the Release on behalf of the Executive's estate.

                  (f)      Contemporaneously with the execution of this
Agreement, the Executive shall execute and deliver a letter in the form attached
hereto as Exhibit E, resigning as of the Termination Date from any and all
boards and office or director positions, if any, with the

                                       3

<PAGE>

Company and any of its parents, subsidiaries or affiliates, and any other
documents necessary to effectuate such resignation.

         3.       EXECUTIVE'S COVENANTS; CONFIDENTIALITY.

                  (a)      The Executive reaffirms, and agrees to comply with,
all of the Executive's obligations in Section 7(h) and Section 9 of the
Employment Agreement. Notwithstanding the foregoing, nothing in Section 9 of the
Employment Agreement or Paragraph 3(b) of this Agreement shall prohibit the
Executive from disclosing the conditions of the Executive's separation from the
Company.

                  (b)      The Executive also agrees to keep confidential the
terms and conditions of this Agreement, except that the Executive may disclose
such information (i) as maybe required in the course of obtaining legal advice
with respect to the rights and obligations created hereby, (ii) as may be
required in the preparation of foreign, federal, state or local tax returns,
(iii) as may be needed to explain the circumstances of the Executive's
separation from the Company, (iv) as may be required in the enforcement or
implementation of this Agreement, or (v) as may be required to respond to a
subpoena, court order or similar legal process; provided, however, that prior to
making any such disclosure, the Executive shall provide the Company with written
notice of the subpoena, court order or similar legal process sufficiently in
advance of such disclosure to afford the Company a reasonable opportunity to
challenge the subpoena, court order or similar legal process.

         4.       NO ADMISSION OF WRONGDOING. Nothing herein is to be deemed to
constitute an admission of wrongdoing by the Company or any of the other Company
Releasees (as defined in Exhibit B) or the Executive.

         5.       CONSULTATION WITH ATTORNEY/VOLUNTARY AGREEMENT. The Executive
acknowledges that (i) the Company has advised the Executive of the Executive's
right to consult with an attorney of the Executive's choosing prior to signing
this Agreement, (ii) the Executive has consulted with an attorney regarding the
terms of this Agreement prior to executing it, (iii) the Executive has carefully
read and fully understands all of the provisions of this Agreement and (iv) the
Executive is entering into this Agreement knowingly, freely and voluntarily in
exchange for good and valuable consideration.

         6.       STOCK OPTIONS. The Executive acknowledges that the Executive
has received the Non-Qualified and Incentive Stock Option Notice, dated April
11, 2003, attached hereto as Exhibit F (the "Stock Option Notice") and there are
no other option grants to which the Executive is entitled.

         7.       FORM S-8; OPINIONS OF COUNSEL.

                  (a)      The Company agrees that, if it has not already done
so, as soon as possible following the date hereof, it will file a Form S-8,
pursuant to the Securities Act of 1933, as amended, to register the shares of
the Company's common stock that (1) have been issued pursuant to payment of the
Consummation Bonus (within the meaning of Section 4(a) of the Employment
Agreement) and currently held in escrow pursuant to the Escrow Agreement, (ii)
may be issued as partial payment of the Executive's bonus pursuant to Section
2(b) hereof and

                                       4

<PAGE>

(iii) may be issued upon the exercise of the option evidenced by
the Stock Option Notice (subparagraphs (a)(i)-(iii) of this Paragraph 7 being
collectively, the "Company Shares").

                  (b)      Prior to the Termination Date, the Company shall
obtain, at the Company's sole expense, an opinion from the Company's counsel to
the effect that the Company Shares are, or will be when issued, (i) validly
issued, fully paid and non-assessable and (ii) not "restricted securities"
within the meaning of Rule l44(a)(3) under the Securities Act of 1933, as
amended.

         8.       UNUSED VACATION. As of June 20, 2003, the Executive is
entitled to twenty-five (25) vacation days through the Termination Date. The
Company with the mutual consent of the Executive, which consent shall not be
unreasonably withheld, shall schedule the Executive for a minimum of nine (9)
vacation days between June 20, 2003 and the Termination Date; provided, however,
that in the event that the Executive unreasonably withholds the Executive's
consent, the Company will schedule such days for the Executive at the Company's
sole discretion. As part of the Company's final paycheck to the Executive on the
Termination Date, the Company shall pay up to sixteen (16) vacation days, less
the number of vacation days taken by the Executive following June 20, 2003 in
excess of nine vacation days, at a rate equal to the product of the Executive's
Base Salary divided by 250 days.

         9.       WITHHOLDING. The Company shall be entitled to withhold from
amounts to be paid to the Executive hereunder any foreign, federal, state or
local withholding or other taxes which it is from time to time required by law
to withhold.

         10.      NO ORAL MODIFICATION; NO WAIVERS. This Agreement may not be
changed orally, but may be changed only in a writing signed by the Executive and
a duly authorized representative of the Company. The failure of the Executive or
the Company to enforce any of the terms, provisions or covenants of this
Agreement will not be construed as a waiver of the same or of the right of such
party to enforce the same. Waiver by either the Executive or the Company of any
breach or default by the other party of any term or provision of this Agreement
will not operate as a waiver of any other breach or default.

         11.      ASSIGNMENT. This Agreement is personal to the Executive and
may not be assigned by the Executive, and is binding on and shall inure to the
benefit of the Company and the other Company Releasees.

         12.      DESCRIPTIVE HEADINGS. The paragraph headings contained herein
are for reference purposes only and will not in any way affect the meaning or
interpretation of this Agreement.

         13.      ENFORCEABILITY. In the event that any one or more of the
provisions of this Agreement is held to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remainder hereof will not in
any way be affected or impaired thereby and any such provision or provisions
will be enforced to the fullest extent permitted by law.

         14.      MODIFICATION OF EMPLOYMENT AGREEMENT. Sections 2, 3, 4, 5 and
6 in their entirety and Subsections (a)-(g) of Section 7 of the Employment
Agreement are hereby null and void. The remaining provisions of the Employment
Agreement shall remain in full force and

                                       5

<PAGE>

effect according to their terms, as such terms have been modified herein. For
the sake of clarity, for purposes of this Agreement, the definition of
"Disabled" shall be the definition contained in Section 7(a) of the Employment
Agreement, the definition of "Constructive Termination Without Cause" shall be
the definition contained in Section 7(e)(i) of the Employment Agreement (as
modified by this Agreement) and the definition of "Cause" shall be the
definition contained in Section 7(e)(iii) of the Employment Agreement (as
modified by this Agreement).

         15.      ENTIRE AGREEMENT. This Agreement, the Employment Agreement (as
modified by this Agreement) and the Release set forth the entire understanding
between the Executive and the Company and supersede all prior agreements,
representations, discussions, and understandings concerning the subject matter
hereof. The Executive represents that, in executing this Agreement, the
Executive has not relied upon any representation or statement made by the
Company or any other Company Releasees, other than those set forth herein, with
regard to the subject matter, basis or effect of this Agreement or otherwise.

         16.      GOVERNING LAW. This Agreement shall be construed and enforced
according to the laws of the State of New York, without giving effect to its
principles of conflicts of law.

         17.      ATTORNEYS' FEES. In the event that the Executive brings an
action to enforce the Executive's rights under this Agreement and the Executive
prevails in any such action, the Company will reimburse the Executive for all
reasonable attorneys' fees and costs incurred by the Executive in any such
action for the claims in which the Executive prevails.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       6

<PAGE>

         IN WITNESS WHEREOF, the Executive and a duly authorized representative
of the Company have executed this Agreement on the dates indicated below.

EXECUTIVE                            NTL INCORPORATED

/s/ Richard J. Lubasch           By: /s/ J. Barclay Knapp               6/18/03
----------------------  -------      --------------------------------   --------
Richard J. Lubasch      Date         J. Barclay Knapp                   Date
                                     President - Chief Executive
                                      Officer
                                     NTL Incorporated

<PAGE>

                                    EXHIBIT A

  EMPLOYMENT AGREEMENT, DATED AS OF NOVEMBER 7, 2002 BETWEEN NTL COMMUNICATIONS
 CORP. AND RICHARD J. LUBASCH (INCORPORATED BY REFERENCE TO EXHIBIT 10.12 OF NTL
  INCORPORATED'S REGISTRATION STATEMENT ON FORM S-1 (FILE NO. 333-103135) FILED
               ON FEBRUARY 12, 2003, AS AMENDED ON JUNE 25, 2003)

<PAGE>

                                   EXHIBIT B

                                    RELEASE

         This Release ("Release") is entered into between Richard J. Lubasch
(the "Executive") and NTL Incorporated (the "Company") on the dates indicated
below.

         1.       EXECUTIVE RELEASE.

                  (a)      The Executive, on behalf of the Executive, the
Executive's heirs, executors, administrators, successors and assigns, hereby
irrevocably, unconditionally, voluntarily, knowingly and willingly releases and
forever discharges the Company, its parents, their subsidiaries, divisions and
affiliates, together with their respective officers, directors, partners,
shareholders, employees, agents, attorneys and representatives, and any of their
predecessors and successors and each of their estates, heirs and assigns
(collectively, the "Company Releasees"), from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, rights,
costs, losses, causes of action and demands, debts or expenses of any nature
whatsoever, known or unknown, that the Executive or the Executive's heirs,
executors, administrators, successors or assigns ever had, now have or hereafter
can, will or may have against the Company or the Company Releasees by reason of
any matter, cause or thing whatsoever from the beginning of time to the date of
this Release, except as set forth in Paragraph 1(b) below, including, but not
limited to, any rights or claims relating in any way to (i) the Executive's
employment relationship with the Company or the Company's decision to terminate
the Executive's employment, (ii) all claims for attorneys' fees, punitive or
consequential damages and (iii) all claims arising under any federal, state and
local labor, employment and/or anti-discrimination laws including, without
limitation, the federal Age Discrimination in Employment Act of 1967, Title VII
of the Civil Rights Act of 1964, the Civil Rights Act of 1990, the Americans
with Disabilities Act of 1990, the Employee Retirement Income Security Act of
1974, the Family and Medical Leave Act of 1993, the New York State and City
Human Rights Law, each as amended, and any other federal, state, local or
foreign law or judicial decision. The Executive further agrees that the Company
does not owe the Executive any further wages, compensation or benefits, except
the wages, compensation and benefits specifically enumerated in the severance
agreement to which this Release is attached (the "Severance Agreement").

                  (b)      Nothing in this Release shall be deemed to release
(i) the Executive's right to indemnification under Section 10 of the Employment
Agreement, or any other indemnification rights that may exist under Delaware law
or pursuant to the Company's certificate of incorporation or by-laws, (ii) the
Executive's right to any vested benefit under the Company's 401 (k) plan and any
options granted pursuant to the 2003 NTL Incorporated Stock Option Plan or (iii)
the Executive's rights as set forth under the Severance Agreement.

                  (c)      The Executive acknowledges and agrees that the
Company has fully satisfied any and all obligations owed to the Executive
arising out of the Executive's employment with the Company, and no further sums
are owed to the Executive by the Company or any of the other Company Releasees,
except as expressly provided in the Severance Agreement.

<PAGE>

                  (d)      The Executive represents that the Executive has no
complaints, charges or lawsuits pending against the Company or any of the other
Company Releasees. The Executive acknowledges and agrees that the Executive and
the Executive's heirs, executors, administrators, successors or assigns shall
not, directly or indirectly, be entitled to any personal recovery in any lawsuit
or other claim against the Company or any other Company Releasees based on any
event arising out of the matters released in this Paragraph 1.

         2.       COMPANY RELEASE. The Company knowingly and willingly releases
and forever discharges the Executive from any and all charges, complaints,
claims, promises, agreements, controversies, causes of action and demands of any
nature whatsoever that the Company now has or hereafter can, shall or may have
against the Executive by reason of any matter, cause or thing whatsoever arising
from the beginning of time to the date of this Release, provided, however, that
nothing herein is intended to release any claim the Company may have against the
Executive for any illegal conduct. Notwithstanding the foregoing, the release
set forth in this paragraph shall not release the Executive from the Executive's
obligations in the Severance Agreement or any of Executive's continuing
obligations in the Employment Agreement.

         3.       CONSULTATION WITH ATTORNEY/VOLUNTARY AGREEMENT. The Executive
acknowledges that (i) the Company has advised the Executive of the Executive's
right to consult with an attorney of the Executive's choosing prior to signing
this Release, (ii) the Executive has consulted with an attorney regarding the
terms of this Release prior to executing it, (iii) the Executive has carefully
read and fully understands all of the provisions of this Release and (iv) the
Executive is entering into this Release, including the releases set forth in
Paragraph 1 above, knowingly, freely and voluntarily in exchange for good and
valuable consideration.

         4.       CONSIDERATION & REVOCATION PERIOD.

                  (a)      The Executive acknowledges that the Executive has
been given at least forty-five (45) calendar days to consider the terms of this
Release, as well as the information attached hereto.

                  (b)      The Executive will have seven (7) calendar days from
the date on which the Executive signs this Release to revoke the Executive's
consent to this Release. The Executive shall make such revocation in writing and
shall send such writing to J. Barclay Knapp, NTL Incorporated, 110 East 59th
Street, 26th Floor, New York, New York 10022, fax number: (212) 752-1157. The
Company must receive such notice of revocation within the seven (7) calendar
days referenced above. Provided that the Executive does not revoke this Release,
this Release shall become effective on the eighth calendar day after the date on
which the Executive signs this Release.

                  (c)      In the event of a revocation under Paragraph 4(b) of
this Release by the Executive, Paragraphs 2(b), 2(d) and 2(e) of the Severance
Agreement and this Release in its entirety shall become null and void. In the
event the Company fails to execute this Release, the provisions of Paragraph 1
of this Release shall become null and void.

                                       2

<PAGE>

         5.       NO ADMISSION OF WRONGDOING. Nothing herein is to be deemed to
constitute an admission of wrongdoing by the Company or any of the other Company
Releasees or the Executive.

         6.       NO ORAL MODIFICATION; NO WAIVERS. This Release may not be
changed orally, but may be changed only in a writing signed by the Executive and
a duly authorized representative of the Company. The failure of the Executive or
the Company to enforce any of the terms, provisions or covenants of this Release
will not be construed as a waiver of the same or of the right of such party to
enforce the same. Waiver by either the Executive or the Company of any breach or
default by the other party of any term or provision of this Release will not
operate as a waiver of any other breach or default.

         7.       ASSIGNMENT. This Release is personal to the Executive and may
not be assigned by the Executive, and is binding on and shall inure to the
benefit of the Company and the other Company Releasees.

         8.       DESCRIPTIVE HEADINGS. The paragraph headings contained herein
are for reference purposes only and will not in any way affect the meaning or
interpretation of this Release.

         9.       ENFORCEABILITY. In the event that any one or more of the
provisions of this Release is held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remainder hereof will not in any
way be affected or impaired thereby and any such provision or provisions will be
enforced to the fullest extent permitted by law.

         10.      ENTIRE AGREEMENT. This Release, the Severance Agreement and
the Employment Agreement (as modified by the Severance Agreement) set forth the
entire understanding between the Executive and the Company and supersede all
prior agreements, representations, discussions, and understandings concerning
the subject matter hereof. The Executive represents that, in executing this
Release, the Executive has not relied upon any representation or statement made
by the Company or any other Company Releasees, other than those set forth
herein, with regard to the subject matter, basis or effect of this Release or
otherwise.

         11.      GOVERNING LAW. This Release shall be construed and enforced
according to the laws of the State of New York, without giving effect to its
principles of conflicts of law.

                                       3

<PAGE>

         IN WITNESS WHEREOF, Executive and a duly authorized representative of
the Company have executed this Release on the dates indicated below.

EXECUTIVE                    NTL INCORPORATED

___________________  _____   By:  ____________________________________   _______
Richard J. Lubasch   Date         J. Barclay Knapp                       Date
                                  President - Chief Executive Officer
                                  NTL Incorporated

                                       4

<PAGE>

                              ATTACHMENT TO RELEASE

         1.       The decisional unit is all employees who work out of, or are
affiliated with, the New York office of the Company.

         2.       In connection with transferring certain functions to its
United Kingdom office, the Company has decided to reduce its New York workforce
on August 15, 2003 (the "Termination Date").

         3.       All full-time employees of the Company, other than employees
with individual severance agreements or employment agreements in effect or whose
employment is covered by a collective bargaining agreement, are eligible for
certain severance benefits under the NTL Incorporated Severance Plan (the
"Plan-Based Severance") upon a termination without "Cause" (as defined in the
Plan).

         4.       Employees with employment agreements are eligible for certain
severance benefits upon a termination without "Cause" (as defined in each
individual employment agreement) under the terms of their individual employment
agreements (the "Agreement-Based Severance").

         5.       All employees will have forty-five (45) calendar days to
consider the terms of the Release. All employees must sign the release on, or
within the eight calendar days prior to, August 15, 2003. Once an employee signs
the Release, such employee will have seven (7) calendar days to revoke the
Release.

         6.       The following is a list of all employees, who work out of or
are affiliated with the New York office, by title, age and whether they are
eligible for the Plan-Based Severance, Agreement-Based Severance or not
presently eligible for either:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                                          PLAN-BASED    AGREEMENT-BASED    NOT PRESENTLY
         JOB TITLE                 AGE    SEVERANCE        SEVERANCE          ELIGIBLE
----------------------------------------------------------------------------------------
<S>                                <C>    <C>           <C>                <C>
Accounting Clerk                   23         X
----------------------------------------------------------------------------------------
Administrative Assistant           29         X
----------------------------------------------------------------------------------------
Administrative Assistant           37         X
----------------------------------------------------------------------------------------
Administrative Assistant           38         X
----------------------------------------------------------------------------------------
Administrative Assistant           50         X
----------------------------------------------------------------------------------------
Administrative Assistant,          55         X
Assistant Secretary
----------------------------------------------------------------------------------------
Administrative Assistant,          60         X
Office Manager
----------------------------------------------------------------------------------------
Assistant General Counsel          33                          X
----------------------------------------------------------------------------------------
Chief Executive Officer            46                                            X
----------------------------------------------------------------------------------------
Deputy General Counsel             41                          X
----------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                                          PLAN-BASED    AGREEMENT-BASED    NOT PRESENTLY
            JOB TITLE              AGE    SEVERANCE        SEVERANCE          ELIGIBLE
----------------------------------------------------------------------------------------
<S>                                <C>    <C>           <C>                <C>
Director - Corporate Finance       30         X
& Development
----------------------------------------------------------------------------------------
Executive Vice President-          56                          X
General Counsel
----------------------------------------------------------------------------------------
Human Resources                    39         X
----------------------------------------------------------------------------------------
IT Development                     51         X
----------------------------------------------------------------------------------------
Legal Assistant                    53         X
----------------------------------------------------------------------------------------
Manager IT                         36         X
----------------------------------------------------------------------------------------
Manager, Accounting                38         X
----------------------------------------------------------------------------------------
Manager, Accounting                40         X
----------------------------------------------------------------------------------------
Manager, Accounting                41         X
----------------------------------------------------------------------------------------
Manager, Corporate                 30         X
Development
----------------------------------------------------------------------------------------
Manager, Investor Relations        32         X
----------------------------------------------------------------------------------------
Manager, Telecom                   30         X
----------------------------------------------------------------------------------------
Managing Director -Legal           38         X
----------------------------------------------------------------------------------------
Receptionist                       28         X
----------------------------------------------------------------------------------------
Receptionist                       50         X
----------------------------------------------------------------------------------------
Vice President, Controller         44                          X
----------------------------------------------------------------------------------------
Senior Vice President-Finance,     33                          X
----------------------------------------------------------------------------------------
</TABLE>

                                       2

<PAGE>

                                   EXHIBIT C

Bonus for Richard Lubasch = $477,000 x 0.5 x Relevant Percentage

The Relevant Percentage will be defined by the following table:

<TABLE>
<CAPTION>
            H1 UFCF                       RELEVANT
         (in millions)                   PERCENTAGE
<S>                                      <C>
< L108.1                                     0.0%
> or = to L108.1 but < L113.6               50.0%
> or = to L113.6 but < L117.2               75.0%
> or = to L117.2 but < L122.4              100.0%
> or = to L122.4 but < L127.7              125.0%
> or = to L127.7 but < L132.9              150.0%
> or = to L132.9 but < L138.1              175.0%
> or = to L138.1                           200.0%
</TABLE>

Therefore, by way of example, if an employee's target bonus was $100,000 and the
Company's H1 UFCF was L120.0 million, then the employee's Bonus would be equal
to $100,000 x 0.5 x 100.0% or $50,000.

H1 is defined as the accounting period from January 1, 2003 to June 30, 2003.

UFCF is defined as unlevered free cash flow of the NTL Group as a whole and
shall be calculated for purposes of this Agreement on the same basis as it is
calculated for the relevant period under the Company's 2003 Bonus Scheme, for
the employees of the NTL Group generally.

<PAGE>

                                   EXHIBIT D

                              [COMPANY LETTERHEAD]

                                                              August _____, 2003

BY HAND DELIVERY & FACSIMILE

Continental Stock Transfer & Trust Company
Attention: Steven Nelson
17 Battery Place, 8th Floor
New York, New York 10004-1102
Facsimile: (212) 509-5150

Dear Mr. Nelson:

         NTL Incorporated ("NTL") hereby authorizes and directs Continental
Stock Transfer & Trust Company, pursuant to Paragraph 4 of the Escrow Agreement,
dated January 20, 2003, among the Company and certain of its executives,
including Richard J. Lubasch, to release immediately 22,220 shares of NTL to
Richard J. Lubasch. Such shares should be delivered to Richard J. Lubasch, 4
Beech Tree Lane, Brookville, New York 11545.

                                         Sincerely,

                                         J. Barclay Knapp
                                         President - Chief Executive Officer
                                         NTL Incorporated

<PAGE>

                                   EXHIBIT E

                               Richard J. Lubasch
                                4 Beech Tree Lane
                           Brookville, New York 11545

                                                                  June ___, 2003

BY HAND

NTL Incorporated
Attention: J. Barclay Knapp
l10 East 59th Street, 26th Floor
New York, New York 10022

                 Re:   Resignation

To J. Barclay Knapp:

         Effective August 15, 2003, I hereby resign from any and all boards and
office or director positions, if any, with the Company and any of its parents,
subsidiaries or affiliates. I also agree to execute any other documents
necessary to effectuate such resignation.

                                         Sincerely,

                                         Richard J. Lubasch

<PAGE>

                 NON-QUALIFIED AND INCENTIVE STOCK OPTION NOTICE

Dear Richard Lubasch

This Option Notice (the "Notice") dated as of April 11, 2003 (the "Grant Date")
is being sent to you by NTL Incorporated including any successor company, (the
"Company"). As you are presently serving as an employee of NTL Incorporated or
one of its Subsidiary Corporations, in recognition of your services and pursuant
to the 2003 NTL Incorporated Stock Option Plan (the "Plan"), the Company has
granted you the Option provided for in this Notice. The Option is subject to the
terms and conditions set forth in the Plan, which is incorporated herein by
reference, and defined terms used but not defined in this Notice shall have the
meaning set forth in the Plan.

1.       GRANT OF OPTION. The Company hereby irrevocably grants to you, as of
the Grant Date, an Option to purchase up to 40,000 shares of the Company's
Common Stock at a price of $9 per share (the "First Tranche") and an Option to
purchase up to 40,000 shares of the Company's Common Stock at a price of $15 per
share (the "Second Tranche") and collectively with the First Tranche (the
"Option"). The First Tranche is not intended to qualify as an Incentive Stock
Option under U.S. tax laws or as an "approved option" under UK tax laws. The
Second Tranche is intended to qualify as an Incentive Stock Option under U.S.
tax laws and the Company will treat it as such to the extent permitted by
applicable law.

2.       VESTING. Each of the First Tranche and the Second Tranche shall vest
with respect to 20% of the shares covered thereby on April 11, 2004 and each
such Tranche shall vest with respect to an additional 20% of such shares on each
April 11th thereafter until fully vested, provided that you are employed by the
Company or one of its Subsidiary Corporations on each such vesting date.
Notwithstanding the foregoing, in the event of a termination of your employment
other than a termination by the Company for Cause, each of the First Tranche and
the Second Tranche shall become vested as to 25% of the shares covered thereby,
which vesting shall be in addition to vesting, if any, that may have occurred
prior to termination, provided that neither of the Tranches shall in any event
vest with respect to more than 100% of the shares covered thereby.

3.       EXERCISE PERIOD. Except as set forth above in paragraph 2, the Option
shall stop vesting immediately upon the termination of your employment and any
portion of the Option that is not vested at the time of termination of your
employment shall immediately be forfeited and cancelled. Your right to exercise
that portion of the Option that is vested at the time of your termination shall
terminate on the earlier of the following dates: (a) three months after the
Severance Period (as defined below) ends in connection with your termination
other than for Cause; (b) one year after your termination resulting from your
retirement, Disability or death (c) the date on which your employment is
terminated for Cause; or (d) April 10, 2013. For purposes of this Agreement
"Severance Period" shall mean the number of years equal to the number multiplied
by your base salary to determine the amount of severance payable to you under
your severance agreement.

<PAGE>

4.       MANNER OF EXERCISE. The Option may be exercised by delivery to NTL
Incorporated, Attn: Robert Mackenzie/Stock Options at its office (NTL House, 10
Bartley Way, Bartley Wood, Hook, Hampshire RG24 9XA) of a notice in the form
attached signed by the person entitled to exercise the Option, specifying the
number of shares which such person wishes to purchase, together with a certified
or bank check or cash (or such other manner of payment as permitted by the Plan)
for the aggregate option price for that number of shares and any required
withholding (including a payment sufficient to indemnify the Company or any
Subsidiary of the Company in full against any and all liability to account for
any tax or duty payable and arising by reason of the exercise of the Option).

5.       TRANSFERABILITY. Neither this Option nor any interest in this Option
may be transferred other than by will or the laws of descent or distribution,
and this Option may be exercised during your lifetime only by you or your
guardian or legal representative.

                                         NTL INCORPORATED

                                         By: /s/ J. Barclay Knapp
                                             --------------------
                                             Name:
                                             Title:

                                       2

<PAGE>

                                                                  EXECUTION COPY

                                     RELEASE

         This Release ("Release") is entered into between Richard J. Lubasch
(the "Executive") and NTL Incorporated (the "Company") on the dates indicated
below.

         1.       EXECUTIVE RELEASE.

                  (a)      The Executive, on behalf of the Executive, the
Executive's heirs, executors, administrators, successors and assigns, hereby
irrevocably, unconditionally, voluntarily, knowingly and willingly releases and
forever discharges the Company, its parents, their subsidiaries, divisions and
affiliates, together with their respective officers, directors, partners,
shareholders, employees, agents, attorneys and representatives, and any of their
predecessors and successors and each of their estates, heirs and assigns
(collectively, the "Company Releasees"), from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, rights,
costs, losses, causes of action and demands, debts or expenses of any nature
whatsoever, known or unknown, that the Executive or the Executive's heirs,
executors, administrators, successors or assigns ever had, now have or hereafter
can, will or may have against the Company or the Company Releasees by reason of
any matter, cause or thing whatsoever from the beginning of time to the date of
this Release, except as set forth in Paragraph 1(b) below, including, but not
limited to, any rights or claims relating in any way to (i) the Executive's
employment relationship with the Company or the Company's decision to terminate
the Executive's employment, (ii) all claims for attorneys' fees, punitive or
consequential damages and (iii) all claims arising under any federal, state and
local labor, employment and/or anti-discrimination laws including, without
limitation, the federal Age Discrimination in Employment Act of 1967, Title VII
of the Civil Rights Act of 1964, the Civil Rights Act of 1990, the Americans
with Disabilities Act of 1990, the Employee Retirement Income Security Act of
1974, the Family and Medical Leave Act of 1993, the New York State and City
Human Rights Law, each as amended, and any other federal, state, local or
foreign law or judicial decision. The Executive further agrees that the Company
does not owe the Executive any further wages, compensation or benefits, except
the wages, compensation and benefits specifically enumerated in the severance
agreement to which this Release is attached (the "Severance Agreement").

                  (b)      Nothing in this Release shall be deemed to release
(i) the Executive's right to indemnification under Section 10 of the Employment
Agreement, or any other indemnification rights that may exist under Delaware law
or pursuant to the Company's certificate of incorporation or by-laws, (ii) the
Executive's right to any vested benefit under the Company's 401(k) plan and any
options granted pursuant to the 2003 NTL Incorporated Stock Option Plan or (iii)
the Executive's rights as set forth under the Severance Agreement.

                  (c)      The Executive acknowledges and agrees that the
Company has fully satisfied any and all obligations owed to the Executive
arising out of the Executive's employment with the Company, and no further sums
are owed to the Executive by the Company or any of the other Company Releasees,
except as expressly provided in the Severance Agreement.

<PAGE>

                  (d)      The Executive represents that the Executive has no
complaints, charges or lawsuits pending against the Company or any of the other
Company Releasees. The Executive acknowledges and agrees that the Executive and
the Executive's heirs, executors, administrators, successors or assigns shall
not, directly or indirectly, be entitled to any personal recovery in any lawsuit
or other claim against the Company or any other Company Releasees based on any
event arising out of the matters released in this Paragraph 1.

         2.       COMPANY RELEASE. The Company knowingly and willingly releases
and forever discharges the Executive from any and all charges, complaints,
claims, promises, agreements, controversies, causes of action and demands of any
nature whatsoever that the Company now has or hereafter can, shall or may have
against the Executive by reason of any matter, cause or thing whatsoever arising
from the beginning of time to the date of this Release, provided, however, that
nothing herein is intended to release any claim the Company may have against the
Executive for any illegal conduct. Notwithstanding the foregoing, the release
set forth in this paragraph shall not release the Executive from the Executive's
obligations in the Severance Agreement or any of Executive's continuing
obligations in the Employment Agreement.

         3.       CONSULTATION WITH ATTORNEY/VOLUNTARY AGREEMENT. The Executive
acknowledges that (i) the Company has advised the Executive of the Executive's
right to consult with an attorney of the Executive's choosing prior to signing
this Release, (ii) the Executive has consulted with an attorney regarding the
terms of this Release prior to executing it, (iii) the Executive has carefully
read and fully understands all of the provisions of this Release and (iv) the
Executive is entering into this Release, including the releases set forth in
Paragraph 1 above, knowingly, freely and voluntarily in exchange for good and
valuable consideration.

         4.       CONSIDERATION & REVOCATION PERIOD.

                  (a)      The Executive acknowledges that the Executive has
been given at least forty-five (45) calendar days to consider the terms of this
Release, as well as the information attached hereto.

                  (b)      The Executive will have seven (7) calendar days from
the date on which the Executive signs this Release to revoke the Executive's
consent to this Release. The Executive shall make such revocation in writing and
shall send such writing to J. Barclay Knapp, NTL Incorporated, 110 East 59th
Street, 26th Floor, New York, New York 10022, fax number: (212) 752-1157. The
Company must receive such notice of revocation within the seven (7) calendar
days referenced above. Provided that the Executive does not revoke this Release,
this Release shall become effective on the eighth calendar day after the date on
which the Executive signs this Release.

                  (c)      In the event of a revocation under Paragraph 4(b) of
this Release by the Executive, Paragraphs 2(b), 2(d) and 2(e) of the Severance
Agreement and this Release in its entirety shall become null and void. In the
event the Company fails to execute this Release, the provisions of Paragraph 1
of this Release shall become null and void.

                                       2

<PAGE>

         5.       NO ADMISSION OF WRONGDOING. Nothing herein is to be deemed to
constitute an admission of wrongdoing by the Company or any of the other Company
Releasees or the Executive.

         6.       NO ORAL MODIFICATION; NO WAIVERS. This Release may not be
changed orally, but may be changed only in a writing signed by the Executive and
a duly authorized representative of the Company. The failure of the Executive or
the Company to enforce any of the terms, provisions or covenants of this Release
will not be construed as a waiver of the same or of the right of such party to
enforce the same. Waiver by either the Executive or the Company of any breach or
default by the other party of any term or provision of this Release will not
operate as a waiver of any other breach or default.

         7.       ASSIGNMENT. This Release is personal to the Executive and may
not be assigned by the Executive, and is binding on and shall inure to the
benefit of the Company and the other Company Releasees.

         8.       DESCRIPTIVE HEADINGS. The paragraph headings contained herein
are for reference purposes only and will not in any way affect the meaning or
interpretation of this Release.

         9.       ENFORCEABILITY. In the event that any one or more of the
provisions of this Release is held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remainder hereof will not in any
way be affected or impaired thereby and any such provision or provisions will be
enforced to the fullest extent permitted by law.

         10.      ENTIRE AGREEMENT. This Release, the Severance Agreement and
the Employment Agreement (as modified by the Severance Agreement) set forth the
entire understanding between the Executive and the Company and supersede all
prior agreements, representations, discussions, and understandings concerning
the subject matter hereof. The Executive represents that, in executing this
Release, the Executive has not relied upon any representation or statement made
by the Company or any other Company Releasees, other than those set forth
herein, with regard to the subject matter, basis or effect of this Release or
otherwise.

         11.      GOVERNING LAW. This Release shall be construed and enforced
according to the laws of the State of New York, without giving effect to its
principles of conflicts of law.

                                       3
<PAGE>

         IN WITNESS WHEREOF, Executive and a duly authorized representative of
the Company have executed this Release on the dates indicated below.

EXECUTIVE                              NTL INCORPORATED

/s/ Richard J. Lubasch    8-7-03   By: /s/ J. Barclay Knapp              8-7-03
-----------------------   ------       -------------------------------   -------
Richard J. Lubasch        Date         J. Barclay Knapp                  Date
                                       President - Chief Executive
                                        Officer
                                       NTL Incorporated

                                       4
<PAGE>

                              ATTACHMENT TO RELEASE

1.       The decisional unit is all employees who work out of, or are affiliated
with, the New York office of the Company.

2.       In connection with transferring certain functions to its United Kingdom
office, the company has decided to reduce its New York workforce on August 15,
2003 (the "Termination Date").

3.       All full-time employees of the Company, other than employees with
individual severance agreements or employment agreements in effect or whose
employment is covered by a collective bargaining agreement, are eligible for
certain severance benefits under the NTL Incorporated Severance Plan (the
"Plan-Based Severance") upon a termination without "Cause" (as defined in the
Plan).

4.       Employees with employment agreements are eligible for certain severance
benefits upon a termination without "Cause" (as defined in each individual
employment agreement) under the terms of their individual employment agreements
(the "Agreement-Based Severance").

5.       All employees will have forty-five (45) calendar days to consider the
terms of the Release. All employees must sign the release on, or within the
eight calendar days prior to, August 15, 2003. Once an employee signs the
Release, such employee will have seven (7) calendar days to revoke the Release.

6.       The following is a list of all employees, who work out of or are
affiliated with the New York office, by title, age and whether they are eligible
for the Plan-Based Severance, Agreement-Based Severance or not presently
eligible for either:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                                           PLAN-BASED   AGREEMENT-BASED    NOT PRESENTLY
         JOB TITLE                 AGE     SEVERANCE       SEVERANCE         ELIGIBLE
----------------------------------------------------------------------------------------
<S>                                <C>     <C>          <C>                <C>
Accounting Clerk                    23         X
----------------------------------------------------------------------------------------
Administrative Assistant            29         X
----------------------------------------------------------------------------------------
Administrative Assistant            37
----------------------------------------------------------------------------------------
Administrative Assistant            38         X
----------------------------------------------------------------------------------------
Administrative Assistant            50         X
----------------------------------------------------------------------------------------
Administrative Assistant,           55         X
Assistant Secretary
----------------------------------------------------------------------------------------
Administrative Assistant,           60         X
Office Manager
----------------------------------------------------------------------------------------
Assistant General Counsel           33                         X
----------------------------------------------------------------------------------------
Chief Executive Officer             46                                           X
----------------------------------------------------------------------------------------
Deputy General Counsel              41                         X
----------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
----------------------------------------------------------------------------------------
<S>                                 <C>        <C>             <C>         <C>
Director - Corporate Finance        30         X
& Development
----------------------------------------------------------------------------------------
Executive Vice President -          56                         X
General Counsel
----------------------------------------------------------------------------------------
Human Resources                     39         X
----------------------------------------------------------------------------------------
IT Development                      51         X
----------------------------------------------------------------------------------------
Legal Assistant                     53         X
----------------------------------------------------------------------------------------
Manager IT                          36         X
----------------------------------------------------------------------------------------
Manager, Accounting                 38         X
----------------------------------------------------------------------------------------
Manager, Accounting                 40         X
----------------------------------------------------------------------------------------
Manager, Accounting                 41         X
----------------------------------------------------------------------------------------
Manager, Corporate Development      30         X
----------------------------------------------------------------------------------------
Manager, Investor Relations         32         X
----------------------------------------------------------------------------------------
Manager, Telecom                    30         X
----------------------------------------------------------------------------------------
Managing Director- Legal            38         X
----------------------------------------------------------------------------------------
Receptionist                        28         X
----------------------------------------------------------------------------------------
Receptionist                        50         X
----------------------------------------------------------------------------------------
Vice President, Controller          44                         X
----------------------------------------------------------------------------------------
Senior Vice President-Finance       33                         X
----------------------------------------------------------------------------------------
</TABLE>

                                       2