Document:

Exhibit 10.5

 

Description
of

the
2008-2010 Virgin Media Inc. Long Term Incentive Plan

 

On April 7, 2008, the compensation
committee (the “Compensation Committee”) of the board of Virgin Media Inc. (the
“Company”) approved the Company’s 2008-2010 long-term incentive plan (“2008
LTIP”), which includes the grant of stock options and restricted stock units to
its executive officers and other key employees of the Company and its
subsidiaries. The options and restricted stock units are each set at a level
such that the fair value of the awards at the grant date is equal to 50% of the
recipient’s annual base salary, giving a total fair value of 100% of base
salary.

 

Stock options

 

The fair value of the options awarded under the 2008
LTIP is determined using the Black-Scholes valuation method, and the exercise
price is equal to the stock price on the date of grant.  The options have a ten-year term and will
vest, subject to continued employment, in twenty percent increments on each of January 1,
2009, 2010, 2011, 2012 and 2013, subject to accelerated vesting in the event of
a change in control of the Company.

 

Restricted stock units

 

The fair value of the restricted stock units awarded
under the 2008 LTIP is based on the market value of the Company’s common stock
as of the date of grant. The restricted stock units will vest if (1) the
Company meets certain performance criteria (see below) in respect of the period
from January 1, 2008 through December 31, 2010 and (2) the award
recipient remains continuously employed by the Company or any of its
subsidiaries through the payment date, which will be not later than April 30,
2011.

 

The performance criteria for the restricted stock
units are based on cumulative group simple cash flow in respect of the period
from January 1, 2008 through December 31, 2010, being group operating
profit before depreciation, amortization and other charges less fixed assets
additions on an accrual basis. The performance criteria include minimum,
on-target and maximum performance thresholds. Upon achievement of the minimum
level of performance, 50% of the on-target number of restricted stock units
will vest; upon achievement of the on-target level of performance, 100% of the
on-target number of restricted stock units will vest; and upon achievement of
the maximum level of performance, 200% of the on-target number of restricted
stock units will vest.   Between these
thresholds, vesting will be extrapolated on a linear basis.  If the performance is below the minimum
threshold, all of the restricted stock units will lapse.

 

Equivalent payments may be made in cash rather than
common stock at the Compensation Committee’s discretion. If the award recipient’s
employment terminates prior to the payment date, the restricted stock units
will be forfeited.  The vesting of the
restricted stock units will not accelerate in the event of a change in control
of the Company.

 

 

Awards under the 2008 LTIP

 

On April 14, 2008, options to purchase an
aggregate of 4,613,645 shares of common stock, and an aggregate of 2,816,454
restricted stock units (based on the maximum threshold of 200% being achieved)
were awarded to approximately 121 award recipients.  If the on-target threshold is achieved,
1,408,227 restricted stock units will vest. 
The exercise price of the options is $12.51 per share, being the
mid-market stock price (the average of the highest and lowest stock prices) on
the grant date of April 14, 2008. 
Additional awards under the 2008 LTIP may be made in the future, but
these awards are not expected to be material (individually or in the
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Exhibit 10.1  

 
 

Form of Non-employee Director Restricted Stock Agreement

RESTRICTED STOCK AGREEMENT  

        THIS RESTRICTED STOCK AGREEMENT (this "Agreement") is made as of
the                        day
of                        ,
20        , between Forest Oil Corporation, a New York corporation (the "Company"),
and                                    (the "Director"). 

        1.     Award.    Pursuant to the Forest Oil Corporation 2007 Stock Incentive Plan (the "Plan"), as of the date of this
Agreement,                                    shares of the Company's
common stock, par value $.10 per share (the "Restricted Stock"), shall be issued as hereinafter provided in the Director's name subject to certain
restrictions thereon, in consideration for the services that the Director has performed for the Company and, or services that will be provided in the future. The Restricted Stock shall be issued upon
acceptance of this Agreement by the Director and upon satisfaction of the conditions of this Agreement. The Director acknowledges receipt of a copy of the Plan, and agrees that this award of
Restricted Stock shall be subject to all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant to the terms thereof. 

        2.     Definitions.    Capitalized terms used in this Agreement that are not defined below or in the body of this
Agreement shall have the meanings given to them in the Plan. In addition to the terms defined in the body of this Agreement, the following capitalized words and terms shall have the meanings indicated
below: 

        (a)   "Corporate
Change" shall mean the occurrence of any one or more of the following events: 

        (i)    the
Company shall not be the surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary of an entity other than a previously
wholly-owned subsidiary of the Company); (ii) the Company sells, leases or exchanges all or substantially all of its assets to any other person or entity (other than a wholly-owned subsidiary
of the Company); 

        (ii)   the
Company is to be dissolved and liquidated; 

        (iii)  any
person or entity, including a "group" as contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, acquires or gains ownership or
control (including, without limitation, power to vote) of more than 50% of the outstanding shares of the Company's voting stock (based on voting power); or 

        (iv)  as
a result of or in connection with a contested election of directors, the persons who were directors of the Company before such election shall cease to constitute a
majority of the Board. 

Notwithstanding
the foregoing, the term "Corporate Change" shall not include any reorganization, merger or consolidation involving solely the Company and one or more previously wholly-owned
subsidiaries of the Company. 

        (b)   "Disability"
shall mean that, in the determination of the Board in its discretion, the Director is permanently and totally unable to serve as a member of the Board as a
result of any medically determinable physical or mental impairment as supported by a written medical opinion to the foregoing effect by a physician selected by the Board (unless the Board determines
that such medical opinion is not necessary). 

        (c)   "Earned
Shares" means the Restricted Stock after the lapse of the Forfeiture Restrictions without forfeiture. 

        (d)   "Forfeiture
Restrictions" shall have the meaning specified in Section 3(a) hereof. 

 

        3.     Restricted Stock.    The Director hereby accepts the Restricted Stock when issued and agrees with respect
thereto as follows: 

        (a)   Forfeiture Restrictions.    The Restricted Stock may not be sold, assigned, pledged, exchanged, hypothecated or
otherwise transferred, encumbered or disposed of to the extent then subject to the Forfeiture Restrictions, and in the event of termination of the Director's membership on the Board for any reason
other than death or Disability, the Director shall, for no consideration, forfeit to the Company all Restricted Stock to the extent then subject to the Forfeiture Restrictions. The prohibition against
transfer and the obligation to forfeit and surrender Restricted Stock to the Company upon termination of membership on the Board as provided in the preceding sentence are herein referred to as the
"Forfeiture Restrictions." The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Stock. 

        (b)   Lapse of Forfeiture Restrictions.    Provided that the Director has continuously served as a member of the
Board from the date of this Agreement through the lapse date described in this sentence, the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares on the earlier of
(i)                                     ,
20            , (ii) the date upon which a Corporate Change occurs, or (iii) the date upon which the Director's membership on the Board is terminated by
reason of death or Disability. 

        (c)   Certificates.    A physical stock certificate evidencing the Restricted Stock shall be issued by the Company in
the Director's name, pursuant to which the Director shall have all of the rights of a shareholder of the Company with respect to the Restricted Stock, including, without limitation, voting rights and
the right to receive dividends (provided, however, that dividends paid in shares of the Company's stock shall be subject to the Forfeiture Restrictions and further provided that dividends that are
paid other than in shares of the Company's stock shall be paid no later than the end of the calendar year in which the dividend for such class of stock is paid to stockholders of such class or, if
later, the 15th day of the third month following the date the dividend is paid to stockholders of such class of stock). The Director may not sell, transfer, pledge, exchange, hypothecate or
otherwise dispose of the stock until the Forfeiture Restrictions have expired, and a breach of the terms of this Agreement shall cause a forfeiture of the Restricted Stock. Instead of issuing physical
stock certificates, the Company, in its sole discretion, may elect to evidence and complete the delivery of the Restricted Stock by means of electronic, book-entry statement in the records
of the Company's stock transfer agent. 

        Certificates,
if any, shall be delivered upon issuance to the Secretary of the Company or to such other depository as may be designated by the Committee as a depository for safekeeping
until the forfeiture of such Restricted Stock occurs or the Forfeiture Restrictions lapse pursuant to the terms of the Plan and this Agreement. Upon the lapse of the Forfeiture Restrictions without
forfeiture, the Company shall cause a new certificate or certificates to be issued without legend (except for any legend required pursuant to applicable securities laws or any other agreement to which
the Director is a party) in the name of the Director in exchange for the certificate evidencing the Restricted Stock, or, as may be the case, the Company shall issue appropriate instructions to the
transfer agent if the electronic, book-entry method is utilized. In any event, the Company, in its discretion, may elect to deliver the shares in certificated or electronic form to a
brokerage account established for the
Director's account at a brokerage or financial institution selected by the Company. Upon request, concurrent with completion and return of this Agreement, the Director shall deliver to the Company a
stock power, endorsed in blank, relating to the Restricted Stock to enable it to deliver the Restricted Stock on the Director's behalf. 

        (d)   Corporate Acts.    The existence of the Restricted Stock shall not affect in any way the right or power of the
Board or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, 

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any
merger or consolidation of the Company, any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part
of its assets or business or any other corporate act or proceeding. The prohibitions of Section 3(a) hereof shall not apply to the transfer of Restricted Stock pursuant to a plan of
reorganization of the Company, but the stock, securities or other property received in exchange therefor shall also become subject to the Forfeiture Restrictions and provisions governing the lapsing
of such Forfeiture Restrictions applicable to the original Restricted Stock for all purposes of this Agreement, and the certificates representing such stock, securities or other property shall be
legended to show such restrictions. 

        4.     Withholding of Tax.    To the extent that the receipt of the Restricted Stock or the lapse of any Forfeiture
Restrictions results in compensation income or wages to the Director for federal, state or local tax purposes, the Director shall deliver to the Company at the time of such receipt or lapse, as the
case may be, such amount of money as the Company may require to meet its minimum obligation under applicable tax laws or regulations, and if the Director fails to do so, the Company is authorized to
withhold from any cash or stock remuneration (including withholding any shares of Restricted Stock or Earned Shares distributable to the Director under this Agreement) then or thereafter payable to
the Director any tax required to be withheld by reason of such resulting compensation income or wages. The Director acknowledges and agrees that the Company is making no representation or warranty as
to the tax consequences to the Director as a result of the receipt of the Restricted Stock, the lapse of any Forfeiture Restrictions or the forfeiture of any Restricted Stock pursuant to the
Forfeiture Restrictions. 

        5.     Status of Stock.    The Director agrees that the Restricted Stock and Earned Shares issued under this Agreement
will not be sold or otherwise disposed of in any manner which would constitute a violation of any applicable federal or state securities laws. The Director also agrees that (a) the certificates
(or uncertificated book-entry shares as the case may be) representing the Restricted Shares and Earned Shares may bear such legend or legends as the Committee deems appropriate in order to
reflect the Forfeiture Restrictions and to assure compliance with the terms and provisions of this Agreement and applicable securities laws, (b) the Company may refuse to register the transfer
of the Restricted Stock or Earned Shares on the stock transfer records of the Company if such proposed transfer would constitute a violation of the Forfeiture Restrictions or, in the opinion of
counsel satisfactory to the Company, of any applicable securities law, and (c) the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of
the Restricted Stock or Earned Shares. 

        6.     Membership on the Board.    Nothing in the adoption of the Plan, nor the award of the Restricted Stock
thereunder pursuant to this Agreement, shall confer upon the Director the right to continued membership on the Board or affect in any way the right of the Company to terminate such membership at any
time. Any question as to whether and when there has been a termination of the Director's membership on the Board, and the cause of such termination, shall be determined by the Board or its delegate,
and its determination shall be final. 

        7.     Notices.    Any notices or other communications provided for in this Agreement shall be sufficient if in
writing. In the case of the Director, such notices or communications shall be effectively delivered if hand delivered to the Director or if sent by registered or certified mail to the Director at the
last address the Director has filed with the Company. In the case of the Company, such notices or communications shall be effectively delivered if sent by registered or certified mail to the Company
at its principal executive offices. 

        8.     Entire Agreement; Amendment.    This Agreement replaces and merges all previous agreements and discussions
relating to the same or similar subject matters between the Director and the Company and constitutes the entire agreement between the Director and the Company with respect to the subject matter of
this Agreement. This Agreement may not be modified in any respect by any verbal 

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statement,
representation or agreement made by any employee, officer, or representative of the Company or by any written agreement unless signed by an officer of the Company who is expressly
authorized by the Company to execute such document. 

        9.     Binding Effect; Survival.    This Agreement shall be binding upon and inure to the benefit of any successors to
the Company and all persons lawfully claiming under the Director. The provisions of Section 5 shall survive the lapse of the Forfeiture Restrictions without forfeiture. 

        10.   Controlling Law.    This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.

        IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Director
has executed this Agreement, all as of the date first above written. 

	

 	
 	
FOREST OIL CORPORATION
	

 	
 	
By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

	

 	
 	

 DIRECTOR
 

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Form of Non-employee Director Restricted Stock Agreement

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