Exhibit 10.9


 


NTL INCORPORATED


 


RESTRICTED
STOCK AGREEMENT


 


RESTRICTED STOCK AGREEMENT,
dated as of May 26, 2006, between NTL Incorporated, a Delaware corporation (the
“Company”), and Malcolm Wall (the ”Executive”).


 


WHEREAS, the Company
wishes to grant to the Executive, and the Executive wishes to accept from the
Company, shares of common stock of the Company, par value $0.01 per share (the
“Restricted Stock”), to be granted pursuant to the NTL Incorporated 2006 Stock
Incentive Plan (the “Plan”);


 


NOW, THEREFORE, the
parties hereto agree as follows:


 


1.                                       Grant
of Restricted Stock.


 


The Company hereby grants to the Executive, and the
Executive hereby accepts from the Company, 125,000 shares of Restricted Stock
on the terms and conditions set forth in this Agreement. This Agreement is also
subject to the terms and conditions set forth in the Plan. Capitalized terms
used but not defined herein shall have the meanings set forth in the Plan.


 


2.                                       Rights of Executive.


 


Except as otherwise provided in this Agreement, the
Executive shall be entitled, at all times on and after the date that the shares
of Restricted Stock are issued, to exercise all the rights of a stockholder
with respect to the shares of Restricted Stock (whether or not the Transfer
Restrictions thereon shall have lapsed), including the right to vote the shares
of Restricted Stock and the right, subject to Section 6 hereof, to receive
dividends thereon. Notwithstanding the foregoing, prior to the Lapse Date (as
defined below), the Executive shall not be entitled to transfer, sell, pledge,
hypothecate, assign, or otherwise dispose of or encumber, the shares of
Restricted Stock (collectively, the “Transfer Restrictions”). The Executive
hereby acknowledges that the Company may set policies from time to time on
minimum stock holdings of its key executives and such policies, as in effect
from time to time, may restrict transfers of vested shares by the Executive. The
Executive agrees to comply with these policies and the Company’s insider
trading policy as in effect from time to time.


 


3.                                       Vesting
and Lapse of Transfer Restrictions.


 


3.1                                 The Transfer Restrictions on the
Restricted Stock shall lapse and the Restricted Stock granted hereunder shall
vest as follows:


 


(i)                                     as to 41,666 shares if performance
conditions established by the Company in respect of the Company’s content
division for the 2006 fiscal year have been met, so long as the Executive has
remained continuously employed by the Company from the date of commencement of
his employment through December 31, 2006;


 


(ii)                                  as
to 41,667 shares if the performance conditions established by the Company in
respect of the Company’s content division for the 2007 fiscal year have been
met, so long as the Executive has remained continuously employed by the Company
from the date of commencement of his employment through December 31, 2007; and


 


(iii)                               as
to 41,667 shares if the performance conditions established by the Company in
respect of the Company’s content division for the 2008 fiscal year have been
met, so long as the Executive has remained continuously employed by the Company
from the date of commencement of his employment through December 31, 2008.


 

















 


The Committee shall meet
to determine whether such performance conditions have been met promptly after
the completion by the Company of the financial reports or other information in
respect of an applicable fiscal year necessary to make such determination. The
restrictions on the shares of Restricted Stock subject to this Section 3.1
shall lapse on the date that the Committee determines that the applicable
performance conditions have been met in respect of an applicable fiscal year
(such date, the “Lapse Date”), and the shares of Restricted Stock shall be
forfeited if the Committee determines that such performance conditions have not
been met. In no event shall the date of such determination occur later than the
fiscal year immediately following the fiscal year to which the performance
conditions relate. The date of determination is expected to occur by April 30
of each year, but extenuating or other circumstances may apply which may result
in an extended date.


 


3.2                                 Notwithstanding Section 3.1, upon the
occurrence of an Acceleration Event, the Transfer Restrictions on all of the
shares of Restricted Stock granted hereunder and then outstanding shall lapse
and such shares of Restricted Stock shall vest.


 


4.                                       Escrow
and Delivery of Shares.


 


4.1                                 Certificates
representing the shares of Restricted Stock shall be issued and held by the
Company in escrow and shall remain in the custody of the Company until their
delivery to the Executive or the Executive’s estate as set forth in Section 4.2
hereof, subject to the Executive’s delivery of any documents which the Company
in its discretion may require as a condition to the issuance of shares and the
delivery of shares to the Executive or the Executive’s estate.


 


4.2                                 Certificates
representing those shares of Restricted Stock in respect of which the Transfer
Restrictions have lapsed pursuant to Section 3 hereof shall be delivered to the
Executive as soon as practicable following the Lapse Date, provided that the
Executive has satisfied all applicable Withholding Tax requirements with
respect to the Restricted Stock.


 


4.3                                 The
Executive may receive, hold, sell, or otherwise dispose of those shares
delivered to the Executive pursuant to Section 4.2 free and clear of the
Transfer Restrictions, but subject to compliance with all federal and state
securities laws.


 


4.4                                 Prior
to the Lapse Date, each stock certificate evidencing shares of Restricted Stock
shall bear a legend in substantially the following form:


 


“This certificate and the shares of stock
represented hereby are subject to the terms and conditions (including
forfeiture, restrictions against transfer and rights of repurchase, if applicable)
contained in the Restricted Stock Agreement (the “Agreement”) between the
registered owner of the shares represented hereby and the Company. Release from
such terms and conditions shall be made only in accordance with the provisions
of the Agreement, a copy of which is on file in the office of the Secretary of
NTL Incorporated.”


 


4.5                                 As
soon as practicable following the Lapse Date, the Company shall issue new
certificates in respect of the shares that have vested as of the Lapse Date
which shall not bear the legend set forth in Section 4.4, which certificates
shall be delivered in accordance with Section 4.2 hereof.


 


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5.                                       Effect
of Termination of Employment for any Reason.


 


Upon termination of the Executive’s employment with
the Company and its Affiliates, if applicable, for any reason, the Executive
shall forfeit the shares of Restricted Stock which are then subject to the
Transfer Restrictions, and, from and after such forfeiture, such shares of Restricted
Stock shall cease to be outstanding and the Executive shall have no rights with
respect thereto; provided, that, if the Executive’s employment shall terminate
after the end of a fiscal year of the Company and prior to the date of the
determination as to whether the performance conditions applicable to such
fiscal year have been met, the shares of Restricted Stock subject to vesting in
respect of such fiscal year shall remain outstanding following the termination
of the Executive’s employment and shall vest or be forfeited when such
determination is made, in either case based on such determination.


 


6.                                       Voting
and Dividend Rights.


 


All dividends declared and paid by the Company on
shares of Restricted Stock shall be deferred until the lapsing of the Transfer
Restrictions pursuant to Section 3 hereof (and shall be subject to forfeiture
upon forfeiture of the shares of Restricted Stock as to which such deferred
dividends relate). The deferred dividends shall be held by the Company for the
account of the Executive. Upon the Lapse Date, the dividends allocable to the
shares of Restricted Stock as to which the Transfer Restrictions have lapsed
shall be paid to the Executive (without interest). The Company may require that
the Executive invest any cash dividends received in additional Restricted Stock
which shall be subject to the same conditions and restrictions as the
Restricted Stock granted under this Agreement.


 


7.                                       No Right to Continued Employment.


 


Nothing in this Agreement shall be interpreted or
construed to confer upon the Executive any right with respect to continuance of
employment by the Company or any of its Affiliates, nor shall this Agreement
interfere in any way with the right of the Company or any such Affiliate to
terminate the Executive’s employment at any time.


 


8.                                       Withholding of Taxes.


 


The Executive shall pay
to the Company, or the Company and the Executive shall agree on such other
arrangements necessary for the Executive to pay, the applicable federal, state
and local income taxes required by law to be withheld (the “Withholding
Taxes”), if any, upon the vesting and delivery of the shares. The Company shall
have the right to deduct from any payment of cash to the Executive an amount
equal to the Withholding Taxes in satisfaction of the Executive’s obligation to
pay Withholding Taxes.


 


9.                                       Modification
of Agreement.


 


This Agreement may be
modified, amended, suspended or terminated, and any terms or conditions may be
waived, but only by a written instrument executed by the parties hereto.


 


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10.                                 Severability.


 


Should any provision of
this Agreement be held by a court of competent jurisdiction to be unenforceable
or invalid for any reason, the remaining provisions of this Agreement shall not
be affected by such holding and shall continue in full force and effect in
accordance with their terms.


 


11.                                 Governing
Law.


 


The validity,
interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of New York without giving effect to the
conflicts of laws principles thereof which might result in the application of
the laws of any other jurisdiction.


 


12.                                 Successors in Interest;
Transfer.


 


This Agreement shall
inure to the benefit of and be binding upon any successor to the Company. This
Agreement shall inure to the benefit of the Executive’s heirs, executors,
administrators and successors. All obligations imposed upon the Executive and
all rights granted to the Company under this Agreement shall be binding upon
the Executive’s heirs, executors, administrators and successors. This Agreement
is not assignable by the Executive.


 


 


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  NTL INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bryan H. Hall

  	
   

  
	
   

  	
  Name:

  	
  Bryan H Hall

  
	
   

  	
  Title:

  	
  Secretary and General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED AND AGREED

  	
   

  
	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Malcolm Wall

  	
   

  	
   

  
	
  Name:

  	
  Malcolm Wall

  	
   

  	
   

  
							



 


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