Document:

Exhibit
10(b)

TENET

EXECUTIVE SEVERANCE PLAN

 

TABLE
OF CONTENTS

 

TENET EXECUTIVE SEVERANCE PLAN

	
  ARTICLE I PREAMBLE AND
  PURPOSE

  	
  1

  
	
  1.1

  	
  Preamble

  	
  1

  
	
  1.2

  	
  Purpose

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  DEFINITIONS AND CONSTRUCTION

  	
  3

  
	
  2.1

  	
  Definitions

  	
  3

  
	
  2.2

  	
  Construction

  	
  11

  
	
  2.3

  	
  409A Compliance

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE III
  SEVERANCE BENEFITS

  	
  12

  
	
  3.1

  	
  Severance
  Benefits not related to a Change of Control

  	
  12

  
	
  3.2

  	
  Severance
  Benefits on and after a Change of Control

  	
  14

  
	
  3.3

  	
  Termination
  Distributions to Key Employees

  	
  17

  
	
  3.4

  	
  Distributions on
  Account of Death of the Covered Executive During the Severance Period

  	
  17

  
	
  3.5

  	
  Section 409A
  Gross-Up Payment

  	
  18

  
	
  3.6

  	
  Alternate Plan
  Terms

  	
  18

  
	
  3.7

  	
  Conditions to
  Payment of Severance Benefits

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV
  ADMINISTRATION

  	
  21

  
	
  4.1

  	
  The PAC

  	
  21

  
	
  4.2

  	
  Powers of PAC

  	
  21

  
	
  4.3

  	
  Appointment of Plan
  Administrator

  	
  21

  
	
  4.4

  	
  Duties of Plan
  Administrator

  	
  21

  
	
  4.5

  	
  Indemnification
  of PAC and Plan Administrator

  	
  23

  
	
  4.6

  	
  Claims for
  Benefits

  	
  23

  
	
  4.7

  	
  Arbitration

  	
  24

  
	
  4.8

  	
  Receipt and
  Release of Necessary Information

  	
  25

  
	
  4.9

  	
  Overpayment and
  Underpayment of Benefits

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE V OTHER
  BENEFIT PLANS OF THE COMPANY

  	
  26

  
	
  5.1

  	
  Other Plans

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI
  AMENDMENT AND TERMINATION OF THE ESP

  	
  27

  
	
  6.1

  	
  Continuation

  	
  27

  
	
  6.2

  	
  Amendment of ESP

  	
  27

  
	
  6.3

  	
  Termination of
  ESP

  	
  27

  
	
  6.4

  	
  Termination of
  Affiliate’s Participation

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII
  MISCELLANEOUS

  	
  29

  
	
  7.1

  	
  No Reduction of
  Employer Rights

  	
  29

  
	
  7.2

  	
  Successor to the
  Company

  	
  29

  
	
  7.3

  	
  Provisions
  Binding

  	
  29

  

 

 i

 

TENET
EXECUTIVE SEVERANCE PLAN

 

ARTICLE I

PREAMBLE AND PURPOSE

1.1                               Preamble. In January 2003, Tenet Healthcare
Corporation (the “Company”) adopted the Tenet Executive Severance Protection
Plan (the “TESPP”) to provide Covered Executives of the Company and its
affiliates with certain cash severance payments and/or other benefits in the
event of a termination of the executive’s employment as a result of a “qualifying
termination,” as defined in the TESPP, or under certain other circumstances
following a “change of control,” as defined in the TESPP. By this instrument
the Company desires to amend and restate the TESPP to:

(a)                                  expand
the classification of employees eligible to participate in such plan;

(b)                                 modify
(and in the case of a change of control expand) the severance payments and
other benefits payable under such plan on account of a qualifying termination;

(c)                                  amend,
restate and replace the associated individual TESPP agreements, the change of
control agreements, and the severance provisions of any employment agreements
that cover eligible executives with a severance plan agreement, a copy of which
is attached hereto as Appendix B,

(d)                                 revise
the definition of change of control,

(e)                                  modify
the administration and claims review procedures under the plan,

(f)                                    comply
with the requirements of section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and

(g)                                 change
the name of the plan to the “Tenet Executive Severance Plan (the “ESP”).

The Company intends that the ESP and Tenet Executive
Severance Plan Agreement attached hereto as Appendix B serve as an amendment
and restatement of the TESPP, the associated individual TESPP agreements, the
change of control agreements and the severance provisions of any employment
agreement that covers an eligible executive, as applicable, to comply with the
requirements of section 409A of the Code, effective as of January 1, 2005, or,
in the case of an individual TESPP agreement, change of control agreement or
employment agreement, the effective date of such agreement, if later.

The Company may adopt one or more trusts to serve as a
possible source of funds for the payment of benefits under the ESP.

1.2                               Purpose. Through the ESP, the Company intends to
permit the deferral of compensation and to provide additional benefits to a
select group of management or highly compensated employees of the Company and
its affiliates. Accordingly, it is intended that the ESP will not constitute a “qualified
plan” subject to the limitations of section 401(a) of the Code, nor will it
constitute a “funded plan,” for purposes of such requirements. It also is
intended that the ESP will qualify as a pension plan within the meaning of
section 3(2) of the Employee Retirement Income Security Act of 1974, as 

 1
 

 

amended (“ERISA”) that
is  exempt from the participation and
vesting requirements of Part 2 of Title I of ERISA, the funding requirements of
Part 3 of Title I of ERISA, and the fiduciary requirements of Part 4 of Title I
of ERISA by reason of the exclusions afforded plans that are unfunded and
maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees.

 

End of Article I

 2
 

 

ARTICLE
II

DEFINITIONS AND CONSTRUCTION

2.1                               Definitions. When a word or phrase appears in this ESP
with the initial letter capitalized, and the word or phrase does not commence a
sentence, the word or phrase will generally be a term defined in this Section
2.1. The following words and phrases with the initial letter capitalized will
have the meaning set forth in this Section 2.1, unless a different meaning is
required by the context in which the word or phrase is used.

(a)                                  “Affiliate” means a corporation that is a
member of a controlled group of corporations (as defined in section 414(b) of
the Code) that includes the Company, any trade or business (whether or not
incorporated) that is in common control (as defined in section 414(c) of the
Code) with the Company, or any entity that is a member of the same affiliated
service group (as defined in section 414(m) of the Code) as the Company.

(b)                                 “AIP” means the Company’s Annual Incentive
Plan, as the same may be amended, restated, modified, renewed or replaced from
time to time.

(c)                                  “Base Salary” means the Covered Executive’s
annual gross rate of pay including amounts reduced from the Employee’s
compensation and contributed on the Employee’s behalf as deferrals under any
qualified or non-qualified employee benefit plans sponsored by the Employer in
effect immediately prior to a Qualifying Termination. Base Salary excludes bonuses, hardship withdrawal
allowances, Annual Incentive Plan Awards, automobile allowances, housing
allowances, relocation payments, deemed income, income payable under the SIP or
other stock incentive plans, Christmas gifts, insurance premiums and other
imputed income, pensions, and retirement benefits.

(d)                                 “Board” means the Board of Directors of the
Company.

(e)                                  “Bonus” means the amount payable to a
Covered Executive, if any, under the AIP.

(f)                                    “Cause” means a Covered Executive’s:

(i)                                     dishonesty,

(ii)                                  fraud,

(iii)                               willful misconduct,

(iv)                              breach of fiduciary duty,

(v)                                 conflict of interest,

(vi)                              commission of a felony,

(vii)                           material failure or refusal to perform his
job duties in accordance with Company policies,

 3
 

 

(viii)                        a material violation of Company
policy that causes harm to the Company or an Affiliate, or

(ix)                                other wrongful conduct of a similar nature
and degree.

A failure to meet or achieve business objectives, as
defined by the Company, will not be considered Cause so long as the Covered
Executive has devoted his best efforts and attention to the achievement of
those objectives.

A Covered Executive will not be deemed to have been
terminated for Cause unless and until there has been delivered to the Covered
Executive written notice that the Covered Executive has engaged in conduct
constituting Cause. The determination of Cause will be made by the Compensation
Committee with respect to any Covered Executive who is employed as the Chief
Executive Officer of Tenet (“CEO”), by the CEO (or an individual acting in such
capacity or possessing such authority on an interim basis) with respect to any
Covered Executive who is employed as the Chief Operating Officer of the Company
(the “COO”), the Chief Financial Officer of the Company (the “CFO”), the
General Counsel of the Company (“GC”), an Executive Vice President (“EVP”) of
the Company, a Senior Vice President or the equivalent thereof of the Company
(collectively “SVP”) or a Vice President of the Company (“VP”) and by the COO
(or an individual acting in such capacity or possessing such authority on an
interim basis) with respect to any Covered Executive who is employed as a
Hospital Chief Executive Officer (“Hospital CEO”). A Covered Executive who
receives written notice that he has engaged in conduct constituting Cause, will
be given the opportunity to be heard (either in person or in writing as
mutually agreed to by the Covered Executive and the Compensation Committee, CEO
or COO, as applicable) for the purpose of considering whether Cause exists. If
it is determined either at or following such hearing that Cause exists, the
Covered Executive will be notified in writing of such determination within five
(5) business days. If the Covered Executive disagrees with such determination,
the Covered Executive may file a claim contesting such determination pursuant
to Article IV within thirty (30) days after his receipt of such written
determination finding that Cause exists.

(g)           “Change of Control” means the occurrence of
one of the following:

(i)                                     A
“change in the ownership of the Company” which will occur on the date that any
one person, or more than one person acting as a group within the meaning of
section 409A of the Code, acquires ownership of stock in the Company that,
together with stock held by such person or group, constitutes more than fifty
percent (50%) of the total fair market value or total voting power of the stock
of the Company. However, if any one person or more than one person acting as a
group, is considered to own more than fifty percent (50%) of the total fair
market value or total voting power of the stock of the Company, the acquisition
of additional stock by the same person or persons will not be considered a “change
in the ownership of the Company” (or to cause a “change in the effective
control of the Company” within the meaning of Section 2.1(g)(ii) below).
Further, an increase of the effective percentage of stock owned by any one
person, or persons acting as a group, as a result of a transaction in which 

 4
 

 

the Company
acquires its stock in exchange for property will be treated as an acquisition
of stock for purposes of this paragraph; provided, that for purposes of this
Section 2.1(g)(i), the following acquisitions of Company stock will not
constitute a Change of Control:  (A) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or an Affiliate, (B) any acquisition  directly from the Company or (C) any
acquisition by the Company. This Section 2.1(g)(i) applies only when there is a
transfer of the stock of the Company (or issuance of stock) and stock in the
Company remains outstanding after the transaction.

 

(ii)                                  A
“change in the effective control of the Company” which will occur on the date
that either:

(A)                              any one person, or more than one person
acting as a group within the meaning of section 409A of the Code, acquires (or
has acquired during the twelve (12) month period ending on the date of the most
recent acquisition by such person or persons) ownership of stock of the Company
possessing thirty five percent (35%) or more of the total voting power of the
stock of the Company (not considering stock owned by such person or group prior
to such twelve (12) month period)(i.e., such person or group must acquire within a
twelve (12) month period stock possessing thirty-five percent (35%) of the
total voting power of the stock of the Company) except for (1) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the
Company or an Affiliate, (2) any acquisition directly from the Company or (3)
any acquisition by the Company; or

(B)                                a majority of the members of the Board are
replaced during any twelve (12) month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board prior to the
date of the appointment or election.

For purposes of a “change in the effective control of
the Company,” if any one person, or more than one person acting as a group, is
considered to effectively control the Company within the meaning of this
Section 2.1(g)(ii), the acquisition of additional control of the Company by the
same person or persons is not considered a “change in the effective control of
the Company,” or to cause a “change in the ownership of the Company” within the
meaning of Section 2.1(g)(i) above.

(iii)                               A “change
in the ownership of a substantial portion of the Company’s assets” which will
occur on the date that any one person, or more than one person acting as a
group, acquires (or has acquired during the twelve (12) month period ending on
the date of the most recent acquisition by such person or persons) assets of
the Company that have a total gross fair market value equal to or more than
forty percent (40%) of the total gross fair market value of all the assets of
the Company immediately prior to such acquisition or acquisitions. For this
purpose, gross fair market value means the value of the assets of the Company,
or the value of the 

 5
 

 

assets being
disposed of, determined without regard to any liabilities associated with such
assets. Any transfer of assets to an entity that is controlled by the
shareholders of the Company immediately after the transfer, as provided in
guidance issued pursuant to section 409A of the Code, will not constitute a Change
in Control.

 

(ii)                                  A liquidation or dissolution of the Company
that is approved by a majority of the Company’s stockholders.

For purposes of this Section 2.1(g), the provisions of
section 318(a) of the Code regarding the constructive ownership of stock will
apply to determine stock ownership; provided, that, stock underlying unvested
options (including options exercisable for stock that is not substantially
vested) will not be treated as owned by the individual who holds the option.

(h)                                 “COBRA” means the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended.

(i)                                     “Code” means the Internal Revenue Code of
1986, as amended from time to time.

(j)                                     “Company” means Tenet Healthcare
Corporation.

(k)                                  “Compensation Committee” means the
Compensation Committee of the Board, which has the authority to amend and
terminate the ESP as provided in Article VI.

(l)                                     “Covered Executive” means:

(i)                                     the Chief Executive Officer (“CEO”) of the
Company,

(ii)                                  the Chief Operating Officer (“COO”) of the
Company,

(iii)                               the Chief Financial Officer (“CFO”) of the
Company,

(iv)                              the General Counsel (“GC”) of the Company,

(v)                                 an Executive Vice President (“EVP”) of the
Company,

(vi)                              a Senior Vice President or the equivalent
thereof (collectively “SVP”) of the Company,

(vii)                           a Vice President (“VP”) of the Company, or

(viii)                        a Hospital Chief Executive Officer (“Hospital
CEO”).

The term Covered Executive will also include any
Employee who is designated as a Covered Executive by the Compensation Committee
with any such designation being reflected in an Appendix A attached hereto.
Such Appendix A may be modified by the Compensation Committee from time to time
without the need for a formal amendment to the ESP, in which case an updated
Appendix A 

 6
 

 

will be attached hereto.
To the extent permitted by applicable law, an individual will cease to be a
Covered Executive as of the date he attains age sixty-five (65).

 

(m)                               “DCP” means the Tenet 2001 Deferred
Compensation Plan, the Tenet 2006 Deferred Compensation Plan and any other
deferred compensation plan maintained by the Employer that covers Covered
Executives.

(n)                                 “Effective Date” means May 11, 2006, except
that those provisions of the ESP and the associated ESP Agreement required by
section 409A of the Code (e.g.,
the six (6) month delay specified in Section 3.3) will be effective as of
January 1, 2005.

(o)                                 “Employee” means each select member of
management or highly compensated employee receiving remuneration, or who is
entitled to remuneration, for services rendered to the Employer, in the legal
relationship of employer and employee. The term “Employee” does not include a
consultant, independent contractor or leased employee even if such consultant,
leased employee or independent contractor is subsequently determined by the
Employer, the Internal Revenue Service, the Department of Labor or a court of
competent jurisdiction to be a common law employee of the Employer. Further,
the term “Employee” does not include a person who is receiving severance pay
from the Employer.

(p)                                 “Employer” means the Company and each
Affiliate that has adopted the ESP as a participating employer. Unless provided
otherwise by the Compensation Committee or the Board, all Affiliates will be
participating employers in the ESP. Each such Affiliate may evidence its adoption
of the ESP either by a formal action of its governing body or taking
administrative actions with respect to the ESP on behalf of its Covered
Executives (e.g., communicating
the terms of the ESP, etc.). An entity will cease to be a participating
employer as of the date such entity ceases to be an Affiliate.

(q)                                 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time.

(r)                                    “ESP” means the Tenet Executive Severance
Plan as set forth herein and as the same may be amended from time to time.
Prior to the Effective Date, the ESP was known as the TESPP.

(s)                                  “ESP Agreement” means the written agreement
between a Covered Executive and the Plan Administrator, on behalf of the
Employer substantially in the form attached hereto in Appendix B. This form ESP
Agreement may differ with respect to a Covered Executive who was covered by the
TESPP prior to the Effective Date or as determined by the Compensation
Committee in its sole and absolute discretion as provided in Section 3.6. Each ESP
Agreement will form a part of the ESP with respect to the affected Covered
Executive.

(t)                                    “Equity Plan” means any equity plan,
agreement or arrangement maintained or sponsored by the Employer other than the
SIP (e.g., the 1999 broad-based
stock option plan and the 1995 stock incentive plan).

(u)                                 “Five Percent Owner” means any person who
owns (or is considered as owning within the meaning of section 318 of the Code)
more than five percent (5%) of 

 7
 

 

the outstanding stock of
the Company or an Affiliate or stock possessing more than five percent (5%) of
the total combined voting power of all stock of the Company or an Affiliate.
The rules of sections 414(b), (c) and (m) of the Code will not apply for
purposes of applying these ownership rules. Thus, this ownership test will be
applied separately with respect to the Company and each Affiliate.

 

(v)                                 “401(k) Plan” means the Tenet Healthcare
Corporation 401(k) Retirement Savings Plan or any other qualified retirement
plan with a cash or deferred arrangement that is maintained or sponsored by the
Employer.

(w)                               “Good Reason” means:

(i)                                     a material reduction in the Covered Executive’s
job duties;

(ii)                                  not related to a Change of Control, a
reduction of ten percent (10%) or more in the Covered Executive’s combined Base
Salary and Target Bonus;

(iii)                               not related to a Change of Control, a
material reduction in the Covered Executive’s retirement or supplemental
retirement plan benefits;

(iv)                              an involuntary relocation of the Executive’s
primary workplace by fifty (50) miles or more; or

(v)                                 a failure of a successor entity to assume the
obligations under the ESP.

In the case of (ii) and (iii) above, not related to a
Change of Control, such reduction will not constitute good reason if it results
from a general across-the-board reduction for executives at a similar job level
within the Employer. Once a Change of Control has occurred during the two (2)
year period following such Change of Control, no adverse modifications may be
made to the Covered Executive’s Base Salary, Target Bonus or any other benefits
provided to the Covered Executive by the Employer and any such modification to
such Base Salary, Target Bonus or benefits will constitute Good Reason for
purposes of the ESP.

If the Covered Executive believes that an event constituting
Good Reason has occurred, the Covered Executive must notify the Plan
Administrator of that belief, which notice will set forth the basis for that
belief. The Plan Administrator will have ten (10) business days after receipt
of such notice in which to either rectify such event, determine that an event
constituting Good Reason does not exist, or determine that an event
constituting Good Reason exists. If the Plan Administrator does not take any of
such actions within such ten (10)-day period, the Covered Executive may
terminate his employment with the Employer for Good Reason immediately at the
end of the ten (10)-day period by giving written notice to the Employer, which
termination will be a Qualifying Termination effective on the date the event
constituting Good Reason occurred. If the Plan Administrator determines that
Good Reason does or does not exist, then the Plan Administrator will provide
written notice of such determination to the Covered Executive within five (5)
business days after the Plan Administrator determination. If the Plan
Administrator determines that Good Reason does not 

 8
 

 

 

exist, then (A) the Covered Executive will not be
entitled to rely on or assert such event as constituting Good Reason, and (B)
the Covered Executive may file a claim pursuant to Article IV within thirty
(30) days after the Covered Executive’s receipt or written notice of the Plan
Administrator’s determination.

(x)                                   “Key Employee” means any employee or former
employee of the Employer (including any deceased employee) who at any time
during the Plan Year was:

(i)                                     an officer of the Company or an Affiliate
having compensation within the meaning of section 415(c) of the Code of greater
than one hundred thirty thousand dollars ($130,000) (as adjusted under section
416(i)(1) of the Code for Plan Years beginning after December 31, 2002) (such
limit is $140,000 for 2006);

(ii)                                  a Five Percent Owner; or

(iii)                               a One Percent Owner having compensation
within the meaning of section 415(c) of the Code of more than one hundred fifty
thousand dollars ($150,000).

The determination of Key Employees will be based upon
a twelve (12) month period ending on December 31 of each year (i.e., the identification date). Employees
that are Key Employees during such twelve (12) month period will be treated as
Key Employees for the twelve (12) month period beginning on the first day of
the fourth month following the end of the twelve (12) month period (i.e., since
the identification date is December 31, then the twelve (12) month period to
which it applies begins on the next following April 1).

The determination of who is a Key Employee will be
made in accordance with section 416(i)(1) of the Code and other guidance of
general applicability issued thereunder. For purposes of determining whether an
employee or former employee is an officer, a Five Percent Owner or a One
Percent Owner, the Company and each Affiliate will be treated as a separate
employer (i.e., the controlled group rules of sections 414(b), (c), (m) and (o)
of the Code will not apply). Conversely, for purposes of determining whether
the one hundred thirty thousand dollar ($130,000) adjusted limit on
compensation is met under the officer test described in Section 2.1(w)(i),
compensation from the Company and all Affiliates will be taken into account (i.e., the controlled group rules of
sections 414(b), (c), (m) and (o) of the Code will apply). Further, in
determining who is an officer under the officer test described in Section
2.1(w)(i), no more than fifty (50) employees of the Company or its Affiliates (i.e., the controlled group rules of
sections 414(b), (c), (m) and (o) of the Code will apply) will be treated as
officers. If the number of officers exceeds fifty (50), the determination of
which employees or former Employees are officers will be determined based on
who had the largest annual compensation from the Company and Affiliates for the
Plan Year.

(y)                                 “One Percent Owner” means any person who
would be described as a Five Percent Owner if “one percent (1%)” were
substituted for “five percent (5%)” each place where it appears therein.

 9
 

 

 

(z)                                   “PAC” means the individual or committee
appointed by the Compensation Committee to administer the ESP. If the
Compensation Committee does not appoint a PAC, the Compensation Committee will
serve as the PAC.

(aa)                            “Plan Administrator” means the individual or
committee appointed by the PAC to handle the day-to-day administration of the
ESP. If the PAC does not appoint an individual or committee to serve as the
Plan Administrator, the PAC will be the Plan Administrator.

(bb)                          “Plan Year” means the fiscal year of the
ESP, which will commence on January 1 each year and end on December 31 of
such year.

(cc)                            “Potential Change of Control” means the
earliest to occur of:

(i)                                     the Company enters into an agreement the
consummation of which, or the approval by the stockholders of which, would
constitute a Change of Control,

(ii)                                  proxies for the election of members of the
Board are solicited by any person other than the Company;

(iii)                               any person publicly announces an intention to
take or to consider taking actions which, if consummated would constitute a
Change of Control, or

(iv)                              any other event occurs which is deemed to be
a potential change of control by the Board and the Board adopts a resolution to
the effect that a Potential Change of Control has occurred.

(dd)                          “Protection Period” means the period
beginning on the date that is six (6) months prior to the occurrence of a
Change of Control and ending twenty-four (24) months following the occurrence
of a Change of Control.

(ee)                            “SERP” means the Tenet Healthcare
Corporation Supplemental Executive Retirement Plan or any other supplemental
executive retirement plan maintained by the Employer in which Covered
Executives participate.

(ff)                                “Severance Pay” means, except as provided
otherwise in the Covered Executive’s ESP Agreement, the sum of the Covered
Executive’s Base Salary and Target Bonus as of the date of a Qualifying
Termination.

(gg)                          “Severance Period” means, except as provided
otherwise in the Covered Executive’s ESP Agreement:

(i)                                     the period specified in Section 3.1(a) with
respect to Severance Pay payable on account of a Qualifying Termination not
related to a Change of control, and

(ii)                                  the period specified in Section 3.2(a) on
account of a Qualifying Termination in connection with a Change of Control.

(hh)                          “SIP” means the Third Amended and Restated
Tenet Healthcare Corporation 2001 Stock Incentive Plan.

 10
 

 

 

(ii)                                  “Target Bonus” means the target bonus
percent applicable to the Covered Executive under the AIP multiplied by his
Base Salary at the time of a Qualifying Termination. For example, if the
Covered Executive earns one hundred and fifty thousand dollars ($150,000) and
has a Target Bonus of fifty percent (50%), his Target Bonus equals seventy five
thousand dollars ($75,000).

(jj)                                  “Qualifying Termination” means:

(i)                                     the involuntary termination of a Covered
Executive’s employment by the Employer without Cause, or

(ii)                                  the Covered Executive’s resignation from the
employment of the Employer for Good Reason;

provided, however, that a Qualifying Termination will
not occur by reason of the divestiture of an Affiliate with respect to a
Covered Executive employed by such Affiliate who is offered a comparable
position with the purchaser and either declines or accepts such position as
provided in Section 6.4.

(kk)                            “TESPP” means the ESP as in effect
immediately prior to the Effective Date

2.2                               Construction. If any provision of the ESP is determined
to be for any reason invalid or unenforceable, the remaining provisions of the
ESP will continue in full force and effect. All of the provisions of the ESP
will be construed and enforced in accordance with the laws of the State of
Texas and will be administered according to the laws of such state, except as
otherwise required by ERISA, the Code or other applicable federal law.
When  delivery to the PAC, Plan
Administrator or the Covered Executive is required under this ESP, such
delivery requirement will be satisfied by delivery to a person or persons
designated by the PAC, Plan Administrator or the Covered Executive, as
applicable. Delivery will be deemed to have occurred only when the form or
other communication is actually received. Headings and subheadings are for the
purpose of reference only and are not to be considered in the construction of
the ESP. The pronouns “he,” “him” and “his” used in the ESP will also refer to
similar pronouns of the female gender unless otherwise qualified by the
context.

2.3                               409A Compliance. The ESP is intended to comply with the
requirements of section 409A of the Code. The provisions of the ESP will be
construed and administered in a manner that enables the ESP to comply with the
provisions of section 409A of the Code.

End of Article II

 11

 

ARTICLE III

SEVERANCE BENEFITS

3.1                               Severance
Benefits not related to a Change of Control. Except as
provided otherwise in a Covered Executive’s ESP Agreement, a Covered Executive
who incurs a Qualifying Termination not related to a Change of Control will, subject
to the limitations contained in the ESP, receive the following severance
benefits.

(a)                                  Severance
Period. The Covered Executive will be entitled to the
payment of Severance Pay over the Severance Period set forth below:

	
  COVERED EXECUTIVE

  	
   

  	
  SEVERANCE PERIOD

  
	
  CEO

  	
   

  	
  Three (3) years

  
	
  COO, CFO and GC

  	
   

  	
  Two and one-half (2.5) years

  
	
  SVPs and EVPs

  	
   

  	
  One and one-half (1.5) years

  
	
  VPs and Hospital CEOs

  	
   

  	
  One (1) year

  

Such
Severance Pay will be paid on a bi-weekly basis commencing as of the date of
the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule
for the duration of the Severance Period, subject to the six (6) month delay
applicable to Key Employees described in Section 3.3. All distributions from
the ESP will be taxable as ordinary income when received and subject to
appropriate withholding of income taxes and reported on Form W-2. Except as
otherwise provided herein, a Covered Executive who incurs a Qualifying
Termination will have formally terminated his employment relationship with the
Employer as of the date of such Qualifying Termination and will not be deemed
to be an Employee at any time during the Severance Period or thereafter.

(b)                                  Other Accrued
Obligations. The Covered Executive will be entitled to
payment of all accrued Base Salary, accrued time off and any other accrued and
unpaid obligations as of the date of the Qualifying Termination. Such accrued
obligations will be included and paid as part of the Covered Executive’s final
paycheck from the Employer.

(c)                                  Bonus.
The Covered Executive will be entitled to payment of the Bonus earned in
accordance with the terms of the AIP as acted on by the Compensation Committee
during the calendar year of the Qualifying Termination. Such Bonus will be pro
rated as a fraction of twelve (12) for full months worked by the Covered
Executive for the Employer or an Affiliate during such calendar year and will
be paid to the Covered Executive, at the time and in the same manner specified
in the AIP.

(d)                                  Continued
Welfare Benefits. During the Severance Period, the
Covered Executive and his dependents will be entitled to continue to
participate in any medical, dental, vision, life and long-term care benefit
programs maintained by the Employer in which such persons were participating
immediately prior to the date of the Qualifying Termination; provided, that,
the continued participation of such persons is possible under the general terms
and provisions of such benefit programs. If such continued participation is
barred, then the Employer will arrange to provide such persons with
substantially similar coverage to that which such persons would have otherwise
been entitled to receive under such benefit 

 12
 

 

programs from which such
continued participation is barred. In either case, however, the Covered
Executive will be required to continue to pay, on a pre-tax or after-tax basis,
as applicable, his portion of the cost of such coverages as in effect at the
time of the Qualifying Termination, and the Employer will continue to pay its portion
of such costs, as in effect at the time of the Qualifying Termination. Any
coverage provided pursuant to this Section 3.1(d) will be limited and reduced
to the extent equivalent coverage is otherwise provided by (or available from
or under) any other employer of the Covered Executive. The Covered Executive
must advise the Plan Administrator of the attainment of any such subsequent
employer benefit coverages within thirty (30) days following such attainment.

 

The pre-tax or after-tax
payroll deductions for the continued medical, dental, vision life and long-term
care benefits described above will be taken from the Covered Executive’s
Severance Pay pursuant to the Employer’s normal payroll practices;  provided, however, that effective as of
January 1, 2005, if the commencement of the Covered Executive’s Severance Pay
is delayed for six (6) months as described in Section 3.3, the Covered
Executive will not be required to pay the cost of the continued benefits during
such period and instead the Employer will include the cost of such coverage in
the Covered Executive’s income and report it as wages on Form W-2. Any
continued medical, dental or vision benefits provided to the Covered Executive
and his dependents pursuant to this

Section 3.1(d) is in addition to any rights the Covered Executive and such
dependents may have to continue such coverages under COBRA. The provisions of
this Section 3.1(d) will not prohibit the Company from changing the terms of
such medical, dental, life vision or long-term care benefit programs provided
that any such changes apply to all executives of the Company and its Affiliates
(e.g., the Company may switch insurance carriers or preferred provider
organizations).

(e)                                  Outplacement
Services. During the Severance Period, the Covered
Executive will be entitled to receive outplacement services in an amount equal
to the lesser of ten percent (10%) of his Base Salary or twenty five thousand
dollars ($25,000). Effective as of January 1, 2005, in order to comply with
section 409A of the Code, the expenses for such outplacement services and the
ESP’s reimbursement of such expenses pursuant to this

Section 3.1(e) must be made by the last day of the second calendar year in
which the Covered Executive incurs a Qualifying Termination.

(f)                                    Car Allowance.
During the Severance Period, the Covered Executive will receive a car allowance
in the same amount as was provided the Executive at the time of the Qualifying
Termination. Such car allowance will be paid as part of the Covered Executive’s
Severance Pay, subject to the six (6) month rule in Section 3.3 applicable to
Key Employees.

(g)                                 Payment of
Legal Expenses. The Covered Executive will be entitled
to reimbursement of any legal expenses reasonably incurred by him in order to
obtain the benefits provided pursuant to the ESP. Effective as of January 1,
2005 in order to comply with section 409A of the Code, the reimbursement of
such legal fees pursuant to this Section 3.1(g) must be made by the last day of

 13
 

 

the second calendar year
in which the Covered Executive incurs a Qualifying Termination.

 

(h)                                 Equity
Compensation Adjustments. Except as provided otherwise
in the Covered Executive’s ESP Agreement, upon a Qualifying Termination, any
equity-based compensation awards granted to the Covered Executive by the
Employer under the SIP or an Equity Plan prior to such termination that are
outstanding and vested as of the date of the Qualifying Termination will be
exercisable or settled pursuant to the terms of the SIP or the Equity Plan, as
applicable. All unvested equity-based compensation awards held by the Covered
Executive as of the date of the Qualifying Termination will expire and be of no
effect. No Covered Executive will be entitled to any new-equity based
compensation awards following the date of his Qualifying Termination or during
the Severance Period.

(i)                                    SERP.
Except as provided otherwise in the Covered Executive’s ESP Agreement, a
Covered Executive who is also a participant in the SERP will be entitled to age
and service credit for the duration of the Severance Period under the SERP. Benefits
under the SERP will be payable to the Covered Executive pursuant to the terms
of the SERP; provided, however, that if the Covered Executive is entitled to
commence SERP benefits during the Severance Period pursuant to the terms of the
SERP; the amount of Severance Pay payable to Executive pursuant to the ESP will
be offset (i.e., reduced) by the
amount of the SERP benefits payable during the Severance Period. For purposes
of determining the amount of the Covered Executive’s SERP benefits, any
actuarial reduction that would otherwise apply under the SERP due to the
commencement of SERP benefits during the Severance Period will be disregarded (i.e., the SERP benefits will only be actuarially reduced for
early commencement beginning with the last day of the Severance Period). Further,
at the end of the Severance Period, the Covered Executive’s SERP benefits will
be recalculated to take into account the additional age and service credit
provided under the ESP during the Severance Period. A Covered Executive’s
Severance Pay will not be considered in calculating the Covered Executive’s “Final
Average Earnings” under the SERP.

(j)                                    DCP.
The Covered Executive will incur a termination of employment for purposes of
the DCP at the time of a Qualifying Termination and accordingly will not be
entitled to defer any portion of his Severance Pay to the DCP during the
Severance Period. The Covered Executive’s DCP benefits will be paid to him
pursuant to the terms of the DCP and the Covered Executive’s distribution
election under the DCP in a manner that complies with section 409A of the Code.

(k)                                401(k).
The Covered Executive will incur a severance from employment for purposes of
the 401(k) Plan on the date of the Qualifying Termination and accordingly will
not be entitled to defer any portion of his Severance Pay to the 401(k) Plan
during the Severance Period. The Covered Executive’s 401(k) Plan benefits will
be payable to him under the 401(k) Plan pursuant to the terms of the 401(k)
Plan.

3.2                               Severance
Benefits on and after a Change of Control. Except as
provided otherwise in a Covered Executive’s ESP Agreement, a Covered Executive
who incurs a Qualifying 

 14
 

 

Termination during the Protection Period with respect to a Change of
Control will, subject to the limitations contained in the ESP, receive the
severance benefits described in Section 3.1, plus the additional severance
benefits provided in this Section 3.2. Such severance benefits will be paid in
the time and manner and subject to the same conditions specified in Section
3.1, except that such benefits will be paid for the Severance Period specified
in Section 3.2(a) instead of the Severance Period provided for in Section
3.1(a). Further, within five (5) business days following the occurrence of such
Change of Control, the Company must contribute to a rabbi trust an amount
sufficient to fully fund the severance benefits accrued as of the date of the
Change of Control pursuant to this Section 3.2. Such funding obligation will
continue for each calendar quarter during the twenty-four (24) month period
following such Change of Control, with such funding to be made within five (5)
business days following the end of each such calendar quarter. Finally, in the
event that the final regulations issued under section 409A of the Code permit a
lump sum payment of Severance Pay on account of a Qualifying Termination with
respect to a change of control within the meaning of section 409A of the Code,
then in the event of a Change of Control described in

Section 2.1(g)(i), Section 2.1(g)(ii) or Section 2.1(g)(iii), such
Severance Pay, in the amount determined pursuant to Section 3.2(a), will be
paid to the Covered Executive in a lump sum cash payment, subject to the six (6)
month delay set forth in Section 3.3.

(a)                                  Severance
Period. The Severance Period following a Qualifying
Termination that occurs during the Protection Period will be as follows: 

	
  COVERED EXECUTIVE

  	
   

  	
  SEVERANCE PERIOD

  
	
  CEO

  	
   

  	
  Three (3) years

  
	
  COO, CFO and GC

  	
   

  	
  Three (3) years

  
	
  SVPs and EVPs

  	
   

  	
  Two (2) years

  
	
  VPs and Hospital
  CEOs

  	
   

  	
  One and one-half (1.5) years

  

(b)                                  Equity
Compensation Adjustments. Except as provided otherwise
in the Covered Executive’s ESP Agreement, in the event of a Change of Control,
if the successor to the Company does not assume the SIP or the applicable
Equity Plan or grant comparable awards in substitution of the outstanding
awards under the SIP or applicable Equity Plan as of the date of the Change of
Control, then any equity-based compensation awards granted to the Covered
Executive by the Employer under the SIP or Equity Plan and outstanding as of
the date of the Change of Control will become immediately fully vested and/or
exercisable and will no longer be subject to a substantial risk of forfeiture
or restrictions on transferability, other than those imposed by applicable
legislative or regulatory requirements. Conversely, except as provided
otherwise in the Covered Executive’s ESP Agreement, if the successor to the
Company assumes the SIP or the applicable Equity Plan or substitutes the awards
under the SIP or applicable Equity Plan with comparable awards; then any
equity-based compensation awards granted to the Covered Executive by the
Employer under the SIP or Equity Plan prior to such termination and outstanding
as of the date of the Change of Control or any substituted awards given with
respect to such outstanding awards will continue to be maintained pursuant to
their terms; provided, however, that upon a Covered Executive’s Qualifying
Termination in connection with such Change of Control, any such equity
compensation awards outstanding as of the date of the Qualifying Termination
will become immediately fully vested and/or exercisable and will no longer be
subject to a substantial risk 

 15
 

 

of forfeiture or restrictions on transferability, other than those
imposed by applicable legislative or regulatory requirements. No Covered
Executive will be entitled to any new-equity based compensation awards
following the date of his Qualifying Termination or during the Severance
Period.

(c)                                  280G Gross Up.
In the event that payments to a Covered Executive pursuant to the ESP (when
considered with all other payments made to the Covered Executive as a result of
the termination of the Executive’s employment with the Employer that are
subject to section 280G of the Code) (the amount of all such payments,
collectively, the “Parachute Payment”) results in the Covered Executive
becoming liable for the payment of any excise taxes pursuant to section 4999 of
the Code (“280G Excise Tax”) and reduces on an after-tax basis the value of
benefits payable to the Covered Executive under the ESP by more than ten
percent (10%), the Covered Executive will be entitled to an additional payment
equal to the amount of any 280G Excise Tax payable by the Covered Executive
pursuant to section 4999 of the Code as a result of such payments plus all
federal, state and local taxes applicable to the Employer’s payment of such
280G Excise Tax, including any additional taxes due under section 4999 of the
Code with respect to payments made pursuant to this provision. Calculations for
these purposes will assume the highest marginal rate applicable at the time of
calculation. The intent of this Section 3.2(c) is to provide that the Employer
will pay the Covered Executive an additional amount (the “280G Gross-Up Payment”)
such that the net amount retained by the Covered Executive after deduction (i)
of any 280G Excise Tax imposed on the Parachute Payment, and (ii) of any 280G
Excise Tax, federal, state or local income, payroll, and/or other taxes imposed
on the Gross-Up Payment will equal the Parachute Payment.

If the Covered Executive
determines that the Covered Executive is liable for a 280G Excise Tax with
respect to amounts received under the ESP or otherwise in connection with a
Change of Control, the Covered Executive must promptly so notify the Plan
Administrator in writing. Upon receipt of such notice from the Covered
Executive, the Plan Administrator must, within twenty (20) days thereafter,
either:

(A)                              notify the Covered
Executive, in writing, that the Plan Administrator agrees with the Covered
Executive’s determination of 280G Excise Tax liability, in which case the
Employer will become obligated to immediately pay to the Covered Executive the
280G Gross-Up Payment, or

(B)                                submit to the Covered
Executive an opinion, prepared by counsel of the Plan Administrator’s choice
which counsel is reasonably satisfactory to the Covered Executive, that the
Covered Executive is not liable for the 280G Excise Tax (the “Tax Opinion”).

If notwithstanding such
Tax Opinion, the IRS assesses the 280G Excise Tax against the Covered
Executive, the Covered Executive may choose to either:

(1)                                  not contest the
assessment, in which case the Employer will be relieved of its obligation to
make the 280G Gross-Up Payment specified in this Section 3.2(c), or

 16
 

 

(2)                                  contest the
assessment, with counsel of the Covered Executive’s choice that is reasonably
satisfactory to the Employer.

Regardless of whether
the Covered Executive elects option (1) or (2) above, for the seven (7) year
period following the date of the Qualifying Termination, he will be entitled to
a monthly payments equal to the lesser of a) the reasonable legal fees and
expenses incurred by the Covered Executive in contesting the IRS assessment of
the 280G Excise Tax or b) twenty thousand dollars ($20,000). Such monthly
payments will be subject to the six (6) month delay applicable to Key Employees
under Section 3.3.

If the Excise Tax is
contested, with counsel reasonably satisfactory to the Employer, then the
Employer will pay to the Covered Executive the 280G Gross-Up Payment (including
any interest or penalties attributable thereto) upon the earlier of ten (10)
days after 1) the entry of a final judgment, decree, or other order by a court
of competent jurisdiction that the Covered Executive is liable for the 280G
Excise Tax, or 2) a mutual determination of the Covered Executive and the
Employer not to proceed further with the contest. If the Covered Executive is a
Key Employee, payment of the 280G Excise Tax will be subject to a six (6) month
delay as provided in Section 3.3.

3.3                               Termination
Distributions to Key Employees. Distributions under
the ESP that are payable to a Covered Executive who is a Key Employee on and
after January 1, 2005, on account of a Qualifying Termination will be delayed
for a period of six (6) months following such Covered Executive’s Qualifying
Termination. Upon the expiration of such six (6) month period, amounts that
would have been paid to the Covered Executive during such six (6) month period,
will be paid to him in the form of a lump sum payment and the remaining amounts
payable to the Covered Executive under the ESP will be paid with respect to the
remainder of the Severance Period pursuant to the terms of this Article III (i.e., in the case of Severance Pay pursuant to Section
3.1(a), such Severance Pay will be paid on a bi-weekly basis for the remainder
of the Severance Period). This six (6) month restriction will not apply, or
will cease to apply, with respect to distributions by reason of the death of
the Covered Executive pursuant to Section 3.4.

3.4                               Distributions
on Account of Death of the Covered Executive During the Severance Period.
Except as provided otherwise in the Covered Executive’s ESP Agreement, if a
Covered Executive dies during the Severance Period specified in

Section 3.1(a) or Section 3.2(a), the following benefits will be payable:

(a)                                  Severance Pay.
Any remaining Severance Pay payable to the Covered Executive as of the date of
his death will continue to be paid to the Covered Executive’s estate pursuant
to Section 3.1(a) or 3.2(a), as applicable.

(b)                                  Other Accrued
Obligations. Any unpaid Base Salary, time off and any
other accrued and unpaid obligations that remain outstanding as of the date of
the Covered Executive’s death will be paid to the Covered Executive’s estate
pursuant to Section 3.1(b).

(c)                                  Bonus.
Any unpaid Bonus described under Section 3.1(c) that remains outstanding as of
the date of the Covered Executive’s death will be paid to his estate pursuant
to Section 3.1(c).

 17
 

 

(d)                                  Continued
Welfare Benefits. The Covered Executive’s dependents
will be entitled to continue to participate in any medical, dental, vision,
life and long-term care benefit programs maintained by the Employer in which
such persons were participating immediately prior to the date of the Covered
Executive’s death for the remainder of the Severance Period, subject to the
provisions of Section 3.1(d). At the end of the Severance Period such
dependents will be eligible to elect to continue their medical, dental or
vision coverage pursuant to COBRA.

(e)                                  Outplacement
Services. Any outplacement service benefits payable to
the Covered Executive pursuant to Section 3.1(e) will cease as of the date of
the Covered Executive’s death; provided, that any eligible outplacement
expenses incurred prior to the Covered Executive’s death will be reimbursable
to the Covered Executive’s estate pursuant to Section 3.1(e).

(f)                                    Car Allowance.
The car allowance payable to the Covered Executive pursuant to Section 3.1(f)
will cease as of the date of the Covered Executive’s death; provided, that the
amount of such car allowance payable for the period prior to the Covered
Executive’s death will be paid to the Covered Executive’s estate pursuant to
Section 3.1(f).

(g)                                 Payment of
Legal Expenses or 280G Excise Tax Amount. The
obligation to reimburse the Covered Executive for any legal fees or the 280G
Excise Tax  pursuant to Section 3.2(c)
will continue pursuant to the terms of the ESP following his death, except that
such legal fees or excise tax reimbursement will be payable to the Covered
Executive’s estate.

(h)                                 Equity
Compensation Adjustments. Any outstanding equity-based
compensation awards granted to the Covered Executive that are outstanding as of
the date of his death will be exercisable or settled pursuant to the terms of
the SIP or the Equity Plan, as applicable.

3.5                               Section 409A
Gross-Up Payment. In the event that a Covered Executive
(or his estate) becomes liable for the payment of any excise taxes pursuant to
section 409A of the Code (“409A Excise Tax”) with respect to the benefits
payable under the ESP, the Covered Executive (or his estate) will be entitled
to an additional payment equal to the amount of any 409A Excise Tax payable by
the Covered Executive (or his estate) pursuant to section 409A of the Code plus
all federal, state and local taxes applicable to the Employer’s payment of such
409A Excise Tax, including any additional taxes due under section 409A of the
Code with respect to payments made pursuant to this provision.

3.6                               Alternate Plan Terms. The Compensation Committee reserves
the right to modify the terms of this ESP with respect to any Covered Executive
(e.g., to provide different benefits than
those set forth herein). Such modified terms will be set forth in the Covered
Executive’s ESP Agreement or in such other form as may be determined by the
Compensation Committee, in its sole and absolute discretion.

3.7                               Conditions to
Payment of Severance Benefits. As a condition of
obtaining benefits under the ESP, the Covered Executive will be required to
execute a Severance Agreement and General Release. Such Severance Agreement and
General Release will contain the restrictive covenants set forth below
regarding non-competition, 

 18
 

 

confidentiality, non-disparagement and non-solicitation as well as a
general release of claims against the Company and its Affiliates.

(a)                                  Non-Competition.
Payment of any and all severance benefits provided under the ESP will cease if,
at any time during the Severance Period described in Section 3.1(a), the
Covered Executive directly or indirectly, carries on or conducts, in
competition with the Company and its Affiliates, any business of the nature in
which the Company or its Affiliates are then engaged in any geographical area
in which the Company or its Affiliates engage in business at the time of the
Covered Executive’s Qualifying Termination or in which any of them, prior to
such Qualifying Termination, evidenced in writing, at any time during the six
(6) month period prior to such termination, an intention to engage in such
business. This prohibition extends to the Covered Executive’s conducting or
engaging in any such business either as an individual on his own account or as
a partner or joint venturer or as an executive, agent, consultant or salesman
for any other person or entity, or as an officer or director of a corporation
or as a shareholder in a corporation of which he will then own ten percent
(10%) or more of any class of stock. The provisions of this Section 3.7(a) will
not apply during the Severance Period described in Section 3.2(a).

(b)                                  Confidential
Information. Payment of any and all severance benefits
will cease if, at any time during the Severance Period described in either
Section 3.1(a) of 3.2(a), the Covered Executive directly or indirectly reveals,
divulges or makes known to any person or entity, or uses for the Covered
Executive’s personal benefit (including without limitation for the purpose of
soliciting business, whether or not competitive with any business of the
Company or any of its Affiliates), any information acquired during the Covered
Executive’s employment with the Company or its Affiliates with regard to the
financial, business or other affairs of the Company or any of its Affiliates
(including without limitation any list or record of persons or entities with
which the Company or any of its Affiliates has any dealings), other than:

(i)                                     information
already in the public domain,

(ii)                                  information of a type
not considered confidential by persons engaged in the same business or a
business similar to that conducted by the Company or its Affiliates, or

(iii)                               information that the
Covered Executive is required to disclose under the following circumstances:

(A)                              at the express direction
of any authorized governmental entity;

(B)                                pursuant to a subpoena
or other court process;

(C)                                as otherwise required
by law or the rules, regulations, or orders of any applicable regulatory body;
or

(D)                               as otherwise necessary,
in the opinion of counsel for the Covered Executive, to be disclosed by the
Covered Executive in connection with any legal action or proceeding involving
the Covered 

 19
 

 

Executive and the Company
or any Affiliate in his capacity as an employee, officer, director, or
stockholder of the Company or any Affiliate.

 

Executive will, at any
time requested by the Company (either during his employment with the Company
and its Affiliates or during the Severance Period), promptly deliver to the
Company all memoranda, notes, reports, lists and other documents (and all
copies thereof) relating to the business of the Company or any of its
Affiliates which he may then possess or have under his control.

(c)                                  Agreement Not
To Solicit Employees. Payment of any and all severance
benefits will cease if, at any time during the Severance Period described in
either Section 3.1(a) of 3.2(a), the Covered Executive directly or indirectly
solicits or induces, or in any manner attempts to solicit or induce, any person
employed by, or any agent of, the Company or any of its Affiliates to terminate
such employee’s employment or agency, as the case may be, with the Company or
any Affiliate.

(d)                                  Nondisparagement.
Payment of any and all severance benefits will cease if, at any time during the
Severance Period described in either Section 3.1(a) of 3.2(a), the Covered
Executive disparages the Company or its Affiliates and their respective boards
of directors or other governing body, executives, employees and products or
services. The Company will not disparage the Covered Executive during the
Covered Executive’s period of employment with the Company and its Affiliates or
thereafter. For purposes of this Section 3.7(d), disparagement does not
include:

(i)                                     compliance with legal
process or subpoenas to the extent only truthful statements are rendered in
such compliance attempt,

(ii)                                  statements in
response to an inquiry from a court or regulatory body, or

(iii)                               statements or comments
in rebuttal of media stories or alleged media stories.

The
violation of this Section 3.7 by Covered Executive will entitle the Company to
complete relief from such violation including, but not limited to, injunctive
relief and damages as determined by an arbitrator, the cessation of severance
benefits and a return of all severance benefits paid to the Covered Executive
pursuant to the terms of the ESP. Such relief will apply regardless of whether
such violation is discovered after the expiration of the Severance Period. The
violation of

Section 3.7(d) by the Company will entitle the Covered Executive to
complete relief from such violation including, but not limited to, injunctive
relief and damages as determined by an arbitrator.

End of Article III

 20

 

ARTICLE IV

ADMINISTRATION

4.1                               The PAC.
The overall administration of the ESP will be the responsibility of the PAC.

4.2                               Powers of PAC.
The PAC will have sole and absolute discretion regarding the exercise of its
powers and duties under the ESP. In order to effectuate the purposes of the
ESP, the PAC will have the following powers and duties:

(a)                                  To
appoint the Plan Administrator;

(b)                                 To
review and render decisions respecting a denial of a claim for benefits under
the ESP;

(c)                                  To
construe the ESP and to make equitable adjustments for any mistakes or errors
made in the administration of the ESP; and

(d)                                 To
determine and resolve, in its sole and absolute discretion, all questions
relating to the administration of the ESP and any trust established to secure
the assets of the ESP:

(i)                                     when differences
of opinion arise between the Company, an Affiliate, the Plan Administrator, the
trustee, a Covered Executive, or any of them, and

(ii)                                  whenever it is deemed
advisable to determine such questions in order to promote the uniform and
nondiscriminatory administration of the ESP for the greatest benefit of all
parties concerned.

The foregoing list of
express powers is not intended to be either complete or conclusive, and the PAC
will, in addition, have such powers as it may reasonably determine to be
necessary or appropriate in the performance of its powers and duties under the
ESP.

4.3                               Appointment of
Plan Administrator. The PAC will appoint the Plan
Administrator, who will have the responsibility and duty to administer the ESP
on a daily basis. The PAC may remove the Plan Administrator with or without
cause at any time. The Plan Administrator may resign upon written notice to the
PAC.

4.4                               Duties of Plan
Administrator. The Plan Administrator will have sole
and absolute discretion regarding the exercise of its powers and duties under
the ESP. The Plan Administrator will have the following powers and duties:

(a)                                  To
enter into, on behalf of the Employer, an ESP Agreement with an Employee who is
deemed a Covered Executive pursuant to Section 2.1(l);

(b)                                 To
direct the administration of the ESP in accordance with the provisions herein
set forth;

(c)                                  To
adopt rules of procedure and regulations necessary for the administration of
the ESP, provided such rules are not in consistent with the terms of the ESP;

 21
 

 

(d)                                 To
determine all questions with regard to rights of Covered Executives and
Beneficiaries under the ESP including, but not limited to, questions involving
eligibility of an Employee to participate in the ESP and the amount of a Covered
Executive’s benefits;

 

(e)                                  to
make all final determinations and computations concerning the benefits to which
the Covered Executive or his estate is entitled under the ESP;

(f)                                    To
enforce the terms of the ESP and any rules and regulations adopted by the PAC;

(g)                                 To
review and render decisions respecting a claim for a benefit under the ESP;

(h)                                 To
furnish the Employer with information that the Employer may require for tax or
other purposes;

(i)                                     To
engage the service of counsel (who may, if appropriate, be counsel for the
Employer), actuaries, and agents whom it may deem advisable to assist it with
the performance of its duties;

(j)                                     To
prescribe procedures to be followed by Covered Executives in obtaining
benefits;

(k)                                  To
receive from the Employer and from Covered Executives such information as is
necessary for the proper administration of the ESP;

(l)                                     To
create and maintain such records and forms as are required for the efficient
administration of the ESP;

(m)                               To
make all initial determinations and computations concerning the benefits to
which any Covered Executive is entitled under the ESP;

(n)                                 To
give the trustee of any trust established to serve as a source of funds under
the ESP specific directions in writing with respect to:

(i)                                     making
distribution payments, giving the names of the payees, specifying the amounts
to be paid and the time or times when payments will be made; and

(ii)                                  making any other
payments which the trustee is not by the terms of the trust agreement
authorized to make without a direction in writing by the Plan Administrator;

(o)                                 To
comply with all applicable lawful reporting and disclosure requirements of
ERISA;

(p)                                 To
comply (or transfer responsibility for compliance to the trustee) with all
applicable federal income tax withholding requirements for benefit
distributions; and

(q)                                 To
construe the ESP, in its sole and absolute discretion, and make equitable
adjustments for any errors made in the administration of the ESP.

 22
 

 

The foregoing list of
express duties is not intended to be either complete or conclusive, and the
Plan Administrator will, in addition, exercise such other powers and perform
such other duties as it may deem necessary, desirable, advisable or proper for
the supervision and administration of the ESP.

 

4.5                               Indemnification
of PAC and Plan Administrator. To the extent not
covered by insurance, or if there is a failure to provide full insurance
coverage for any reason, and to the extent permissible under corporate by-laws
and other applicable laws and regulations, the Employer agrees to hold harmless
and indemnify the PAC and Plan Administrator against any and all claims and
causes of action by or on behalf of any and all parties whomsoever, and all
losses therefrom, including, without limitation, costs of defense and reasonable
attorneys’ fees, based upon or arising out of any act or omission relating to
or in connection with the ESP other than losses resulting from the PAC’s, or
any such person’s commission of fraud or willful misconduct.

4.6                               Claims for
Benefits.

(a)                                  Initial Claim.
In the event that a Covered Executive or his estate claims (a “claimant”) to be
eligible for benefits, or claims any rights under the ESP or seeks to challenge
the validity or terms of the Severance Agreement and General Release described
in Section 3.5, such claimant must complete and submit such claim forms and
supporting documentation as will be required by the Plan Administrator, in its
sole and absolute discretion. Likewise, any claimant who feels unfairly treated
as a result of the administration of the ESP, must file a written claim,
setting forth the basis of the claim, with the Plan Administrator. In
connection with the determination of a claim, or in connection with review of a
denied claim, the claimant may examine the ESP, and any other pertinent
documents generally available to Covered Executives that are specifically
related to the claim.

A written notice of the
disposition of any such claim will be furnished to the claimant within ninety
(90) days after the claim is filed with the Plan Administrator. Such notice
will refer, if appropriate, to pertinent provisions of the ESP, will set forth
in writing the reasons for denial of the claim if a claim is denied (including
references to any pertinent provisions of the ESP) and, where appropriate, will
describe any additional material or information necessary for the claimant to
perfect the claim and an explanation of why such material or information is
necessary. If the claim is denied, in whole or in part, the claimant will also
be notified of the ESP’s claim review procedure and the time limits applicable
to such procedure, including the claimant’s right to arbitration following an
adverse benefit determination on review as provided below. All benefits
provided in the ESP as a result of the disposition of a claim will be paid as
soon as practicable following receipt of proof of entitlement, if requested.

(b)                                  Request for
Review. Within ninety (90) days after receiving
written notice of the Plan Administrator’s disposition of the claim, the claimant
may file with the PAC a written request for review of his claim. In connection
with the request for review, the claimant will be entitled to be represented by
counsel and will be given, upon request and free of charge, reasonable access
to all pertinent documents for the preparation of his claim. If the claimant
does not file a written request for review within ninety (90) days after
receiving written notice of the Plan Administrator’s 

 23
 

 

disposition of the claim,
the claimant will be deemed to have accepted the Plan Administrator’s written
disposition, unless the claimant was physically or mentally incapacitated so as
to be unable to request review within the ninety (90) day period.

 

(c)                                  Decision on
Review. After receipt by the PAC of a written
application for review of his claim, the PAC will review the claim taking into
account all comments, documents, records and other information submitted by the
claimant regarding the claim without regard to whether such information was
considered in the initial benefit determination. The PAC will notify the
claimant of its decision by delivery or by certified or registered mail to his
last known address.

A decision on review of
the claim will be made by the PAC at its next meeting following receipt of the
written request for review. If no meeting of the PAC is scheduled within
forty-five (45) days of receipt of the written request for review, then the PAC
will hold a special meeting to review such written request for review within
such forty-five (45) day period. If special circumstances require an extension
of the forty-five (45) day period, the PAC will so notify the claimant and a
decision will be rendered within ninety (90) days of receipt of the request for
review. In any event, if a claim is not determined by the PAC within ninety
(90) days of receipt of written submission for review, it will be deemed to be
denied.

The decision of the PAC
will be provided to the claimant as soon as possible but no later than five (5)
days after the benefit determination is made The decision will be in writing
and will include the specific reasons for the decision presented in a manner
calculated to be understood by the claimant and will contain references to all
relevant ESP provisions on which the decision was based. Such decision will
also advise the claimant that he may receive upon request, and free of charge,
reasonable access to and copies of all documents, records and other information
relevant to his claim and will inform the claimant of his right to arbitration
in the case of an adverse decision regarding his appeal. The decision of the
PAC will be final and conclusive.

4.7                               Arbitration.
In the event the claims review procedure described in Section 4.6 of the ESP
does not result in an outcome thought by the claimant to be in accordance with
the ESP document, he may appeal to a third party neutral arbitrator. The
claimant must appeal to an arbitrator within sixty (60) days after receiving
the PAC’s denial or deemed denial of his request for review and before bringing
suit in court. The arbitration will be conducted pursuant to the American
Arbitration Association (“AAA”) Rules on Employee Benefit Claims.

The arbitrator will be
mutually selected by the claimant and the PAC from a list of arbitrators who
are experienced in nonqualified deferred compensation plan benefit matters that
is provided by the AAA. If the parties are unable to agree on the selection of
an arbitrator within ten (10) days of receiving the list from the AAA, the AAA
will appoint an arbitrator. The arbitrator’s review will be limited to
interpretation of the ESP document in the context of the particular facts
involved. The claimant, the PAC and the Employer agree to accept the award of
the arbitrator as binding, and all exercises of power by the arbitrator hereunder
will be final, conclusive and binding on all interested parties, unless found
by a court of competent jurisdiction, in a final judgment that is no longer
subject to review or appeal, to be arbitrary and capricious. The claimant, PAC 

 24
 

 

and the Employer agree
that the venue for the arbitration will be in Dallas Texas. The costs of
arbitration will be paid by the Employer; the costs of legal representation for
the claimant or witness costs for the claimant will be borne by the claimant;
provided, that, as part of his award, the arbitrator may require the Employer
to reimburse the claimant for all or a portion of such amounts.

 

The following discovery
may be conducted by the parties: interrogatories, demands to produce documents,
requests for admissions and oral depositions. The arbitrator will resolve any
discovery disputes by such pre-hearing conferences as may be needed. The
Employer, PAC and claimant agree that the arbitrator will have the power of
subpoena process as provided by law.  Disagreements concerning the scope
of depositions or document production, its reasonableness and enforcement of
discovery requests will be subject to agreement by the Employer and the
claimant or will be resolved by the arbitrator.  All discovery requests
will be subject to the proprietary rights and rights of privilege and other
protections granted by applicable law to the Employer and the claimant and the
arbitrator will adopt procedures to protect such rights.  With respect to
any dispute, the Employer, PAC and the claimant agree that all discovery
activities will be expressly limited to matters directly relevant to the
dispute and the arbitrator will be required to fully enforce this requirement.

The arbitrator will have
no power to add to, subtract from, or modify any of the terms of the ESP, or to
change or add to any benefits provided by the ESP, or to waive or fail to apply
any requirements of eligibility for a benefit under the ESP. Nonetheless, the
arbitrator will have absolute discretion in the exercise of its powers in the
ESP. Arbitration decisions will not establish binding precedent with respect to
the administration or operation of the ESP.

4.8                               Receipt and
Release of Necessary Information. In implementing the
terms of the ESP, the PAC and Plan Administrator, as applicable, may, without
the consent of or notice to any person, release to or obtain from any other
insuring entity or other organization or person any information, with respect
to any person, which the PAC or Plan Administrator deems to be necessary for
such purposes. Any Covered Executive or estate claiming benefits under the ESP
will furnish to the PAC or Plan Administrator, as applicable, such information
as may be necessary to determine eligibility for and amount of benefit, as a
condition of claiming and receiving such benefit.

4.9                               Overpayment and
Underpayment of Benefits. The Plan Administrator may
adopt, in its sole and absolute discretion, whatever rules, procedures and
accounting practices are appropriate in providing for the collection of any overpayment
of benefits. If a Covered Executive or his estate receives an underpayment of
benefits, the Plan Administrator will direct that payment be made as soon as
practicable to make up for the underpayment. If an overpayment is made to a
Covered Executive or his estate, for whatever reason, the Plan Administrator
may, in its sole and absolute discretion, withhold payment of any further
benefits under the ESP until the overpayment has been collected or may require
repayment of benefits paid under the ESP without regard to further benefits to
which the Covered Executive or his estate may be entitled.

End of Article IV

 25
 

 

ARTICLE V

OTHER BENEFIT PLANS OF THE COMPANY

5.1                               Other Plans.
Nothing contained in the ESP will prevent a Covered Executive prior to his death,
or a Covered Executive’s spouse or other beneficiary after such Covered
Executive’s death, from receiving, in addition to any payments provided for
under the ESP, any payments provided for under any other plan or benefit
program of the Employer, or which would otherwise be payable or distributable
to him, his surviving spouse or beneficiary under any plan or policy of the
Employer or otherwise. Nothing in the ESP will be construed as preventing the
Company or any of its Affiliates from establishing any other or different plans
providing for current or deferred compensation for employees and/or members of
the Board.

End of Article V

 26
 

 

ARTICLE VI

AMENDMENT AND TERMINATION OF THE ESP

6.1                               Continuation.
The Company intends to continue the ESP indefinitely, but nevertheless assumes
no contractual obligation beyond the promise to pay the benefits described in
the ESP.

6.2                               Amendment of
ESP. The Company, through an action of the
Compensation Committee, reserves the right in its sole and absolute discretion
to amend the ESP in any respect at any time; provided, however, that except as
required to comply with section 409A of the Code or other applicable law, no
amendment to the ESP will be made that reduces or diminishes the rights of any
Covered Executive to the benefits described herein for the five (5) year period
following the Effective Date of this ESP. Following the expiration of the five
(5) year period described in this Section 6.2, the Company may amend the ESP in
its sole and absolute discretion, in any respect and at any time; provided,
that no amendment may be made that reduces or diminishes the rights of any
Covered Executive to the benefits described herein unless the affected Covered
Executive receives at least one (1) year’s advance notice of such amendment. Further,
such advance notice to the Covered Executive will not be effective to enable
the amendment of the ESP in either of the following two scenarios (a) if a
Potential Change of Control occurs during the one (1) year notice period, or
(b) within twenty four (24) months following a Change of Control.

6.3                               Termination of
ESP. Following the expiration of the five (5) year
period described in Section 6.2, the Company, through an action of the
Compensation Committee, may terminate or suspend the ESP in whole or in part at
any time subject to the rules regarding the amendment of the ESP in Section 6.2
(i.e., that one (1) year’s
advance notice is required and no such notice will be effective to enable the
termination of the ESP if a Potential Change of Control occurs during the one
(1) year notice period or within twenty four (24) months following a Change of
Control). Notwithstanding any provision of the ESP to the contrary, upon the
complete termination of the ESP pursuant to the provisions of this Section 6.3,
the Compensation Committee, in its sole and absolute discretion, may direct
that the Plan Administrator treat each Eligible Executive as having incurred a
Qualifying Termination and to commence the distribution of the benefits
described in Article III to each such Eligible Executive or his estate, as
applicable, to the extent that the commencement of such distribution comports
with the requirements of section 409A of the Code.

6.4                               Termination of
Affiliate’s Participation. Subject to the five (5)
year period described in Section 6.2, the Company may terminate an Affiliate’s
participation in the ESP at any time by an action of the Compensation Committee
and providing written notice to the Affiliate. The effective date of any such
termination will be the later of the date specified in the notice of the
termination of participation or the date on which the Plan Administrator can
administratively implement such termination. If an Affiliate is disposed of by
the Company pursuant to a stock or asset sale and a Covered Executive employed
by such Affiliate is offered a comparable position with the purchaser of such
stock or assets and refuses such position, the Covered Executive will not have
incurred a Qualifying Termination for purposes of the ESP. Similarly, if an
Affiliate is disposed of by the Company pursuant to a stock or asset sale and a
Covered Executive employed by such Affiliate is offered a comparable position
with the purchaser of such stock or assets 

 27
 

 

and accepts such
position, the Covered Executive will not have incurred a Qualifying Termination
for purposes of the ESP.

 

End of Article VI

 28
 

 

ARTICLE VII

MISCELLANEOUS

 

7.1                               No Reduction of
Employer Rights. Nothing contained in the ESP will be
construed as a contract of employment between the Employer and a Covered
Executive, or as a right of any Covered Executive to continue in the employment
of the Employer, or as a limitation of the right of the Employer to discharge
any of its Covered Executives, with or without cause.

7.2                               Successor to
the Company. The Company will require any successor or
assign (whether direct or indirect, by purchase, exchange, lease, merger,
consolidation, or otherwise) to all or substantially all of the property and
assets of the Company and its Affiliates taken as a whole, to expressly assume
the ESP and to agree to perform under this ESP in the same manner and to the
same extent that the Company and its Affiliates would be required to perform it
if no such succession had taken place. This Section 7.2 will not require any
successor or assign of an Affiliate (whether direct or indirect, by purchase,
exchange, lease, merger, consolidation or otherwise) to all or substantially
all of the property and assets of such Affiliate to continue the ESP.

7.3                               Provisions
Binding. All of the provisions of the ESP will be
binding upon the Company and its Affiliates and any successor to the Company or
any such Affiliate. Likewise, the provisions of the ESP will be binding upon
all persons who will be entitled to any benefit hereunder, their heirs and
personal representatives.

End of Article VII

 29
 

 

IN
WITNESS WHEREOF, this amended and restated ESP has been
executed on this 20th day of June 2006, effective as of May 11, 2006, except as
specifically provided otherwise herein.

	
   

  	
   

  
	
   

  	
  TENET HEALTHCARE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ A.P. King IV

  	
   

  
	
   

  	
   

  	
     A.P.
  King IV

  
	
   

  	
   

  	
     Director,
  Executive Compensation

  

 

 30

 

APPENDIX A(1)

COVERED EXECUTIVES

Section
2.1(l) of the Tenet Executive Severance Plan (the “ESP”) provides the
Compensation Committee with the authority to designate additional Employees of
Tenet Healthcare Corporation or its participating affiliates (collectively the “Employer”)
as eligible to participate in the ESP at any time and states that any such
designation will be set forth in this Appendix A.  The following additional Employees of the
Employer are eligible to participate in the ESP, as of the date specified
below:

 

 

 

 

 

 

 

 

 

 

 

 

(1)   This Appendix A may be
updated from time to time without the need for a formal amendment to the ESP.

 A-1

 

APPENDIX B

ESP AGREEMENTS

Section
2.1(s) of the Tenet Executive Severance Plan (the “ESP”) provides that each
Covered Executive will enter into an ESP Agreement which sets forth the terms
and conditions of his benefits under the ESP and a form copy of such agreement
will be attached to the ESP as Appendix B.

 B-1
 

 

TENET EXECUTIVE SEVERANCE PLAN
AGREEMENT

 

THIS
EXECUTIVE SEVERANCE PLAN AGREEMENT
is made as of          , 200  
by and between the Plan Administrator of the Tenet Executive Severance Plan
(the “ESP”) on behalf of                                                                          
(the “Employer”), and                                                                    
(the “Covered Executive”). Capitalized terms used in this Agreement that are not
defined herein will have the meaning set forth in the ESP.

1.                                       This
Agreement and the ESP amends, restates, and replaces any prior TESPP Agreement,
change of control agreement or the severance provisions of the Covered
Executive’s CEO Employment Agreement, if any, and serves as an amendment of
such agreement to comply with the provisions of section 409A of the Code,
effective as of January 1, 2005, or if later, the effective date of such
agreement. By execution of this Agreement, the Covered Executive acknowledges
and agrees to such amendment, restatement and replacement of his prior
agreement or the severance provisions thereof, as applicable.

2.                                       As
a condition of obtaining benefits under the ESP the Covered Executive agrees to
comply with the restrictive covenants set forth in Section 3.7 of the ESP.

3.                                       Any
dispute or claim for benefits under the ESP must be resolved through the claims
procedure set forth in Article IV of the ESP which procedure culminates in
binding arbitration.  By accepting the
benefits provided under the ESP, the Covered Executive hereby agrees to binding
arbitration as the final means of dispute resolution with respect to the ESP.

4.                                       The
ESP is hereby incorporated into and made a part of this Agreement as though set
forth in full herein.  The parties will
be bound by and have the benefit of each and every provision of the ESP, as
amended from time to time.

IN WITNESS WHEREOF,
the parties hereto have entered into this Agreement on                       ,
200    .

 

 

	
  COVERED EXECUTIVE

  	
  EMPLOYER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Plan
  Administrator

  
							

 

 B-2Exhibit
10.1

 

INVESTMENT
AGREEMENT

 

INVESTMENT AGREEMENT
(this “Agreement”), dated as of April 3, 2006, between NTL Incorporated,
a Delaware corporation formerly known as Telewest Global, Inc. (the “Company”),
each of the parties from time to time specified on Exhibit A, including, for
the avoidance of doubt, each Permitted Transferee (each, a “Holder,” and
collectively, the “Holders”), and, for purposes of Article IV, Article
VII, and Article VIII only, Sir Richard Branson (“Branson”), who shall be
deemed to be a Holder for purposes of those Articles.

 

WHEREAS, pursuant to a
transaction with the Company (the “Transaction”), each Holder will
receive, among other consideration, the aggregate number of shares of common
stock, par value $.01 per share, of the Company (the “Common Stock”) set forth
next to a Holder’s name on Exhibit A;

 

WHEREAS, the parties have
determined to enter into this Agreement to govern their relationships
subsequent to the closing of the Transaction;

 

NOW, THEREFORE, in
consideration of the foregoing premises and of the covenants and agreements set
forth herein, and intending to be legally bound hereby, the parties agree as
follows:

 

ARTICLE I

Definitions

 

The following terms have
the following respective meanings:

 

“Agreement” has
the meaning set forth in the preamble.

 

“Affiliate” means,
(i) with respect to any Person, any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person, and (ii) with respect to any individual, shall also mean
the spouse, child, grandchild or other relative of such individual or any
relative of such spouse, or a trust established for the benefit of any of them.
For purposes of this definition, “control” means the power to direct or cause
the direction of the management and policies (including investment policies,
such as the voting, acquisition or disposition of securities) of such Person,
directly or indirectly, whether through the Beneficial Ownership of voting
securities, by contract or otherwise.

 

“Associate” means,
with respect to any Person: (A)(i) any corporation or organization of which
such Person is an officer or partner or is, directly or indirectly, the
beneficial owner of 10 percent or more of any class of equity securities, (ii)
any trust or other estate in which such Person has a beneficial interest or as
to which such Person serves as trustee or in a similar fiduciary capacity or,
if the Person is a trust or estate, any beneficiary of the trust or estate, and
(iii) any spouse, child, grandchild or other relative of such Person, or any
relative of such spouse, or a trust established for the benefit of any of them;
and (B) if any Person is an 

 

1

 

“Associate” under (A)
above and is an individual, “Associate” shall include any spouse, child,
grandchild or other relative of that individual or his or her spouse, or a
trust established for the benefit of any of them.

 

“Beneficially Own”
has the meaning set forth in Section 2.3. “Beneficial Owner” means a
person who Beneficially Owns securities. “Beneficial Ownership” refers
to a person’s status of being a Beneficial Owner of securities.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Combination
Transaction” means a tender offer for Voting Securities of, merger or
consolidation with, or sale of any significant business of, the Company, or any
similar transaction.

 

“Bylaws” means the
bylaws of the Company, as amended and in effect on the date of this Agreement.

 

“Certificate of
Incorporation” means the Certificate of Incorporation of the Company, as
amended and in effect on the date of this Agreement.

 

“Claims” has the
meaning set forth in Section 5.9.

 

“Closing Date”
means the closing date of the Transaction.

 

“Common Stock” has
the meaning set forth in the second recital.

 

“Common Stock
Equivalents” means all options, warrants and other securities convertible
into, or exchangeable or exercisable for (at any time or upon the occurrence of
any event or contingency and without regard to any vesting or other conditions
to which such securities may be subject) Common Stock.

 

“Company” has the
meaning set forth in the preamble;

 

“Demand Exercise
Notice” has the meaning set forth in Section 5.1.

 

“Demand Registration
Requests” has the meaning set forth in Section 5.1.

 

“Demand Registrations”
has the meaning set forth in Section 5.1.

 

“Disposal” means
(i) offer, sell, contract to sell, announce the intention to sell, pledge,
grant any option to purchase, lend, make any short sale or otherwise transfer
or dispose of, directly or indirectly, any Common Stock or rights therein
(including voting), other than in connection with a bona fide pledge to a
commercial bank to secure borrowings in the ordinary course of the Holder’s
business whereby the Holder retains all voting rights prior to default or (ii)
enter into any swap or other agreement that transfers, in whole or in part, any
of the incidents of Beneficial Ownership of Common Stock.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

2

 

“Expenses” means
any and all fees and expenses incurred in connection with the Company’s
performance of or compliance with Article 6, including, without limitation: (i)
SEC, stock exchange or NASD registration and filing fees and all listing fees
and fees with respect to the inclusion of securities on any securities market
on which the Common Stock is listed or quoted, (ii) fees and expenses of
compliance with state securities or “blue sky” laws and in connection with the
preparation of a “blue sky” survey, including without limitation, reasonable
fees and expenses of blue sky counsel, (iii) printing and copying expenses,
(iv) messenger and delivery expenses, (v) expenses incurred in connection with
any road show, (vi) fees and disbursements of counsel for the Company, (vii)
with respect to each registration, the fees and disbursements (which shall not
exceed $25,000) of one counsel for the selling Holder(s) (selected by the
Majority Participating Holders), (viii) fees and disbursements of all
independent public accountants (including the expenses of any audit and/or “cold
comfort” letter) and fees and expenses of other persons, including special
experts, retained by the Company, (ix) fees and expenses payable to a Qualified
Independent Underwriter (as such term is defined in Schedule E to the By-Laws
of the NASD) and (x) any other fees and disbursements of underwriters, if any,
customarily paid by issuers of securities.

 

“Holder” has the
meaning set forth in the preamble.

 

“Holder Controlling
Persons” has the meaning set forth in the preamble.

 

“Information Request”
has the meaning set forth in Section 8.4.

 

“Initial Holding”
means 34,260,959 shares of Common Stock (as the same may be adjusted from time
to time as a result of any stock dividend, stock split, reverse stock split or
other combination of shares or any reclassification, recapitalization, merger,
consolidation or other reorganization).

 

“Initiating Holders”
has the meaning set forth in Section 5.1.

 

“Licence Agreement
Side Letter” means that letter agreement dated the date hereof between
Virgin Enterprises Limited and the Company.

 

“Majority Holders”
means Holders holding more than 50% of the Registrable Securities at any time.

 

“Majority
Participating Holders” means Participating Holders holding more than 50% of
the Registrable Securities proposed to be included in any offering of
Registrable Securities by such Participating Holders pursuant to Article V.

 

“NASD” has the
meaning set forth in Section 5.4.

 

“Participating Holders”
has the meaning set forth in Section 5.1.

 

“Permitted Transferee”
has the meaning set forth in Section 8.2.

 

3

 

“Person” means any
individual, corporation, limited liability company, limited or general
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political
subdivisions thereof.

 

“Piggyback Rights”
has the meaning set forth in Section 5.1.

 

“Piggyback Shares”
has the meaning set forth in Section 5.3.

 

“Postponement Period”
has the meaning set forth in Section 5.1.

 

“Registrable
Securities” means any shares of Common Stock issued in the Transaction to
the Holders or acquired by any Holder in accordance with Section 4.1(a), or in
exchange for or with respect to such Common Stock by way of stock dividend,
stock split or combination of shares or in connection with a reclassification,
recapitalization, merger, consolidation or other reorganization. As to any
particular Registrable Securities, such securities shall cease to be
Registrable Securities when (A) a registration statement with respect to the
sale of such securities shall have been declared effective under the Securities
Act and such securities shall have been disposed of in accordance with such
registration statement, or (B) such securities shall be capable of being sold
without restriction in accordance with Rule 144(k) under the Securities Act or
shall have been sold pursuant to Rule 144 (or any successor provision).

 

“Related Person”
means with respect to any Person, its Affiliates and Associates.

 

“SEC” means the
Securities and Exchange Commission.

 

“Section 5.3(a) Sale
Number” has the meaning set forth in Section 5.3.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Shelf Registration”
has the meaning set forth in Section 6.2.

 

“Shelf Registration
Statement” has the meaning set forth in Section 6.2.

 

“Third Party”
means any Person other the Holders and their respective Affiliates.

 

“Third Party Offer”
means any bona fide offer to enter into a Business Combination Transaction by
any Third Party.

 

“Transaction” has
the meaning set forth in the first recital.

 

“Valid Business Reason”
has the meaning set forth in Section 6.1.

 

“Virgin Mobile”
means Virgin Mobile Holdings (UK) plc.

 

“Voting Securities”
means securities of the Company, including the Common Stock, with the power to
vote with respect to the elections of directors of the Company and all securities
convertible into or exchangeable for such securities.

 

4

 

“2008 Annual Meeting
Date” means the date in 2008 on which the Company’s regular annual meeting
(including any adjournment thereof) takes place, provided that, should such
date be later than June 30, 2008, references herein to the Annual Meeting Date
shall refer to June 30, 2008.

 

ARTICLE II

Representations

 

2.1           Representations
of the Company.

 

The Company represents to
each Holder as of the date hereof and as of the Closing Date that:

 

(i) the Company has
the full legal right, power and authority to enter into and perform this
Agreement;

 

(ii) the execution
and delivery of this Agreement by the Company has been duly authorized by the
Company;

 

(iii) this Agreement
constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, provided that the enforcement
of the rights and remedies created hereby may be limited by (a) bankruptcy,
insolvency,  reorganization, moratorium
and other laws of general application affecting the rights and remedies of
creditors and (b) general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law); and (iv) the
compliance by the Company with all of the provisions of this Agreement and the
consummation of the transactions herein contemplated will not conflict with or
result in a breach or violation of any of the terms or provisions of, or
constitute a default under, (A) any indenture, mortgage, dead of trust, loan
agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company or any of its
subsidiaries is subject, (B) the Certificate of Incorporation or Bylaws or (C)
any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Company or any of its Subsidiaries
or any of their respective properties or assets; and no consent, approval,
authorization, order, registration or qualification of or with any such court
or governmental agency or body is required for the consummation by the Company
of the transaction contemplated by this Agreement.

 

2.2.          Representations of the Holders.

 

Each Holder
represents to the Company, severally and not jointly, as of the date
hereof and as of the Closing Date that:

 

(a)           such Holder has the full legal right,
power and authority, and, if such Holder is an individual, the legal capacity,
to enter into and perform this Agreement;

 

(b)           the execution and delivery of this Agreement by such
Holder has been duly 

 

5

 

authorized by such
Holder;

 

(c)           this Agreement constitutes the legal, valid and
binding obligation of such Holder enforceable against such Holder in accordance
with its terms, provided that the enforcement of the rights and remedies
created hereby may be limited by (a) bankruptcy, insolvency,  reorganization, moratorium and other laws of
general application affecting the rights and remedies of creditors and (b)
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law);

 

(d)           such
Holder does not have any agreements, arrangements or understandings with any
person or entity regarding any of the matters prohibited by Articles 3 and 4
other than this Agreement, and compliance by such Holder with all of the provisions
of this Agreement and the consummation of the transactions herein contemplated
will not conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, (A) any indenture, mortgage,
dead of trust, loan agreement or other agreement or instrument to which such
Holder or any of its subsidiaries is a party or by which such Holder or any of
its subsidiaries is bound or to which any of the property or assets of such
Holder or any of its subsidiaries is subject, (B) if such Holder is an entity,
its constituent documents or agreements or (C) any statute or any order, rule
or regulation of any court or governmental agency or body having jurisdiction
over such Holder or any of its subsidiaries or any of their properties or
assets; and no consent, approval, authorization, order, registration or
qualification of or with any such court or governmental agency or body is
required for the consummation by such Holder of the transaction contemplated by
this Agreement.;

 

(e)           after
giving effect to the Transaction, such Holder will Beneficially Own (with “Beneficially
Own” having the meanings given to such term in Rule 13d-3 under, or Section
16(b) of, the Exchange Act (as such rule and section are currently in effect)),
as of the Closing Date, only those shares of Common Stock listed on Annex I
opposite such Holder’s name; and

 

(f)            neither
such Holder nor any Affiliate or Associate of such Holder Beneficially Owns
(nor does such Holder or any such Affiliate or Associate have any intention to
become the Beneficial Owner of) any Common Stock or rights or interests in
Common Stock other than as set forth in clause (e) above or as may be acquired
after the date hereof in accordance with 

Section 4.1 (a).

 

ARTICLE III

Lock-Up

 

3.1.          Lock-Up Provisions. Each Holder
agrees, subject to sections 4.1 and 8.2, with respect to the Common Stock
received pursuant to the Transaction (including for purposes of this Article
any securities received in exchange for or in respect of such Common Stock by
way of stock dividend, stock split or combination of shares or in connection
with a reclassification, recapitalization, merger, consolidation or other
reorganization):

 

(a)           from the Closing Date until the date that is three
months after the Closing Date, 

 

6

 

such Holder will
not make any Disposal;

 

(b)           from the date that is three months after
the Closing Date until the day prior to the date that is six months after the
Closing Date, such Holder will not make any Disposal, except for Disposals in
the aggregate that are equal to or less than 12.5% of the Initial Holding;

 

(c)           from the date that is six months after
the Closing Date until the day prior to the date that is nine months after the
Closing Date, such Holder will not make any Disposal, except for Disposals in
the aggregate (including cumulatively such Disposals as have been made under
subsection (b) above) that are equal to or less than 25% of the Initial
Holding;

 

(d)           from the date that is nine months after
the Closing Date until the day prior to the date that is twelve months after
the Closing Date, such Holder will not make any Disposal, except for Disposals
in the aggregate (including cumulatively such Disposals as have been made under
subsections (b) and (c) above) that are equal to or less than 37.5% of the
Initial Holding;

 

(e)           from the date that is twelve months after
the Closing Date until the day prior to the date that is fifteen months after
the Closing Date, such Holder will not make any Disposal, except for Disposals
in the aggregate (including cumulatively such Disposals as have been made under
subsections (b), (c) and (d) above) that are equal to or less than 50% of the
Initial Holding;

 

(f)            from the date that is fifteen months after
the Closing Date until the day prior to date that is eighteen months after the
Closing Date, such Holder will not make any Disposal, except for Disposals in
the aggregate (including cumulatively such Disposals as have been made under
subsections (b), (c), (d) and (e) above) that are equal to or less than 75% of
the Initial Holding;

 

(g)           from
the date that is eighteen months after the Closing Date, such Holder may make
any Disposals provided that such sales must be either (i) made pursuant to Rule
144 to the extent applicable, or (ii) pursuant to Article V hereof; and

 

(h)           to
make Disposals only in a manner consistent with the maintenance of an orderly
market for the Common Stock and seeking to avoid any adverse effect on the
trading price of the Common Stock.

 

For the avoidance
of doubt, to the extent a hedging transaction is a Disposal, once the hedge is
closed out the Disposal will be treated as if it had never taken place for
purposes of the cumulative Disposals permitted under this Section 3.1

 

3.2           Termination.
The provisions of Section 3.1 shall not apply in respect of Disposals made in
any Business Combination Transaction approved by the Board of Directors.

 

7

 

ARTICLE IV

Conduct

 

4.1.          Conduct
of Holders.  Until after the 2008
Annual Meeting Date, each Holder will not, and will cause each of its Related
Persons not to, either alone or as part of a “group” (as such term is used in
Section 13d-5 (as such rule is currently in effect) of the Exchange Act), directly
or indirectly:

 

(a)           acquire or seek to acquire, by purchase
or otherwise, Beneficial Ownership of, (A) any Voting Securities,
including, without limitation, any capital stock of the Company, or direct or
indirect rights (including convertible securities) or options to acquire such
ownership (collectively, “Securities”), other than Permitted Securities (as
defined below), if immediately after any such acquisition, the Holder and
Related Persons would Beneficially Own Voting Securities representing more than
15% of the then outstanding Voting Securities, or direct or indirect rights or
options to acquire such ownership. For purposes of this clause (a), “Permitted
Securities” shall mean (i) Securities received as a result of stock
dividends, stock reclassifications or other distributions or offerings made
available by the Company on a pro rata basis to the holders of its Common Stock
generally, and (ii) indirect investments in Securities by any Holder in the
ordinary course of business held in mutual funds or index funds in which the
Holder and Related Persons own or would own in the aggregate less than 10% of
the outstanding equity interest;

 

(b)           make any Disposal of Common Stock to any
person or “group” (as used in this Section 4.1) that, at the time of such
Disposal or immediately following it, Beneficially Owns Voting Securities of
the Company representing 1% or more of the outstanding Voting Securities of the
Company; provided, however, that this provision shall not prevent (i)
regular-way trades on a recognized securities exchange where purchases are
unsolicited and the identity of the purchaser is unknown or (ii) the Disposal
of Common Stock to a global investment bank with annual total revenues in
excess of $10 billion (as measured for fiscal year 2005) for the purpose of
resale so long as such investment bank agrees: (x) that it will not knowingly
(after informal inquiry as to whether the proposed purchaser is affiliated
with, or part of a “group” with, any other proposed purchaser but without any
obligation to seek any formal confirmation or representation) sell shares
representing more than 1% of the outstanding Common Stock to any person or “group”
(as used in this Section 4.1); and (y) that, for so long as it and its
Affiliates Beneficially Own 3% or more of the outstanding Common Stock, it will
vote the Common Stock so acquired in accordance with the requirements of
Section 4.2 hereof as if it were a Holder;

 

(c)           offer,
seek or propose to enter into any Business Combination Transaction, or including,
without limitation, acquisition (in whole or in part) of the business carried
on by Virgin Mobile or any successor to that business; provided,
however, that if the Board of Directors of the Company determines to explore a
sale (in whole or in part) of the business carried on by Virgin Mobile, the
Holder or any Related Person may participate in the sale process if: (i) the
Holder and the Related Persons agree with the Company to comply with the
restrictions generally applicable to participants and if the Board, in its
reasonable discretion, considers such 

 

8

 

participation to be
consistent with its fiduciary duties, and (ii) the Business Combination
Transaction is limited to the business of Virgin Mobile or any successor to
that business;

 

(d)           make,
or in any way participate, directly or indirectly, in any “solicitation” of “proxies”
(as such terms are defined or used in Regulation 14A under the Exchange
Act), including involving the election of directors, or seek to advise or
influence any person or entity with respect to the voting of, any securities of
the Company or indebtedness of the Company; provided, however, that,
subject to the restrictions set forth in Section 4.2, the Holder or any Related
Person may enter into an agreement or arrangement with respect to the voting of
its Voting Securities, but not otherwise engage in any of the activities
restricted by this subparagraph (d);

 

(e)           initiate
or propose any stockholder proposals for submission to a vote of stockholders,
whether by action at a stockholder meeting or by written consent, with respect
to the Company, or, except as provided in the Licence Agreement Side Letter,
propose any person for election to the Board of Directors, or propose the removal
of any member of the Board of Directors;

 

(f)            disclose
to any third party, or make any filing under the Exchange Act, including under
Section 13(d) and Schedule 13D, disclosing any intention, plan or
arrangement inconsistent with the foregoing;

 

(g)           publicly
oppose any duly authorized action or recommendation of the Board of Directors
(including nominees to the Board of Directors), provided that this
subparagraph (g) shall not restrict the ability of the Holder or any Related
Person to vote Voting Securities owned by it as permitted under Section 4.2 and
to make only those disclosures, if any, in respect of this voting required by
the Exchange Act;

 

(h)           enter
into any discussions or understandings with any third party with respect to any
of the foregoing;

 

(i)            advise,
assist or encourage others with respect to any of the foregoing;

 

(j)            make
any public announcement with respect to any of the foregoing except as required
by the Exchange Act, in
respect of actions permitted under this Article IV; or

 

(k)           request
a waiver of any of the provisions of this Article IV from the Board of
Directors,

 

unless in each case
specifically authorized in writing in advance by the Company, which written
authorization shall be duly authorized by the Board of Directors (it being
agreed that each such Holder will not, and will cause its Related Persons not
to, seek to have the Company or any of the Company’s officers, directors,
representatives, trustees, employees, attorneys, advisors, agents, and Related
Persons make any request for a waiver of any of the foregoing).

 

9

 

For purposes of this
Section 4.1, references to the “Company” shall be construed to include
subsidiaries and other persons directly or indirectly controlled by the
Company.

 

4.2.          Voting. Until after
the 2008 Annual Meeting Date, with respect to each matter submitted to the
stockholders of the Company for a vote, whether at a meeting or pursuant to any
consent of stockholders of the Company, where such matter relates to: (a) any
proposed amendment to the Articles or Bylaws of the Company, (b) any proposal
that relates to, or could facilitate, a change of control of the Company,
including a Business Combination Transaction, as reasonably determined by the
Board of Directors, or (c) the election of Directors of the Company, each
Holder agrees to, and agrees to cause its Related Persons to vote (whether by
proxy or otherwise) all Voting Securities Beneficially Owned by such Holder, at
its option, either (i) pro rata in proportion to the votes cast by the other
stockholders or (ii) in support of actions recommended by the Board of
Directors or, when there is no such recommendation, in opposition to any action
proposed by other stockholders or debtholders, as the case may be; provided,
however, that nothing in this Article IV shall prohibit a Holder from
(A) voting any Voting Securities against a Business Combination Transaction or
(B) refusing to tender any Voting Securities in connection with a Business
Combination Transaction. Each Holder agrees to be present in person or by proxy
at all stockholder meetings of the Company so that its voting securities may be
counted for the purpose of determining the presence of a quorum at such
meetings.

 

ARTICLE V

Registration
Rights

 

5.1.          Demand Registrations.

 

(a) (i)       Subject
to Sections 5.1(b) and 5.2 below, at any time, the Holders shall have the right
at any time following the three month anniversary of the Closing Date and prior
to January 1, 2011 to require the Company to file a registration statement
under the Securities Act covering an aggregate number of Registrable Securities
of not less than 10% of the total position of Holders at closing (or, if less,
all remaining securities so held) (as such number may be adjusted for any stock
dividend, stock split or combination of shares or in connection with a
reclassification, recapitalization, merger, consolidation or other
reorganization), by delivering a written request therefor to the Company
specifying the number of Registrable Securities to be included in such
registration by such Holders and the intended method of distribution of such
Registrable Securities. All such requests by any Holder pursuant to this
Section 5.1(a)(i) are referred to as “Demand Registration Requests,” and
the registrations so requested are referred to as “Demand Registrations”
(with respect to any Demand Registration, the Holders making such demand for
registration being referred to as the “Initiating Holders”). As promptly
as practicable, but no later than five days after receipt of a Demand
Registration Request, the Company shall give written notice (the “Demand
Exercise Notice”) of such Demand Registration Request to all Holders of
record of Registrable Securities.

 

(ii)           The
Company, subject to Sections 5.3 and 5.6, shall include in a Demand 

 

10

 

Registration (x) the
Registrable Securities of the Initiating Holders and (y) the Registrable
Securities of any other Holder of Registrable Securities which shall have made
a written request to the Company for inclusion in such registration (together
with the Initiating Holders, the “Participating Holders”) (which request
shall specify the maximum number of Registrable Securities intended to be
disposed of by such Participating Holders) within 10 days after the receipt of
the Demand Exercise Notice.

 

(iii)          The Company shall, as expeditiously as
possible but subject to Section 5.1(b), use its commercially reasonable efforts
to (x) effect such registration under the Securities Act of the Registrable
Securities which the Company has been so requested to register, for
distribution in accordance with such intended method of distribution and (y) if
requested by the Majority Participating Holders, obtain acceleration of the effective
date of the registration statement relating to such registration as promptly as
practicable following such request.

 

(b)           Notwithstanding
anything to the contrary in Section 5.1(a), the Demand Registration rights
granted in Section 5.1(a) to the Holders are subject to the following
limitations: (i) the Company shall not be required to cause a registration
pursuant to Section 5.1(a)(i) to be declared effective within a period of 180
days after the effective date of any other registration statement of the
Company filed pursuant to the Securities Act; (ii) if the Board of Directors,
in its good faith judgment, determines that any registration of Registrable
Securities should not be made or continued because it would materially
interfere with any material financing, acquisition, corporate reorganization or
merger or other material transaction or event involving the Company or any of
its subsidiaries (a “Valid Business Reason”), the Company may postpone
filing a registration statement or withdraw a registration statement relating
to a Demand Registration Request until such Valid Business Reason no longer
exists, but in no event for more than 120 days in the aggregate in any
twelve-month period (such period of postponement or withdrawal under this
clause (ii), the “Postponement Period”); and the Company shall give
written notice of its determination to postpone or withdraw a registration
statement and of the fact that the Valid Business Reason for such postponement
or withdrawal no longer exists, in each case, promptly after the occurrence
thereof; (iii) the Company shall not be obligated to effect more than three
Demand Registrations under Section 5.1(a) for all Holders and each Demand
Registration Request shall have been made prior to January 1, 2011; and (iv) the
Company shall not be required to effect a Demand Registration unless the
Registrable Securities to be included in such registration have an aggregate
anticipated offering price of at least $125,000,000 (based on the then-current
market price of the Common Stock).

 

If the Company
shall give any notice of postponement or withdrawal of any registration
statement pursuant to clause (ii) above, the Company shall not, during the
period of postponement or withdrawal, register any equity security of the
Company, other than pursuant to a registration statement on Form S-4 or S-8 (or
an equivalent registration form then in effect). Each Holder of Registrable
Securities agrees that, upon receipt of any notice from the Company that the
Company has determined to withdraw any registration statement pursuant to
clause (ii) above, such Holder will discontinue its disposition of Registrable
Securities pursuant to such registration statement and, if so directed by the
Company, will deliver to the Company (at the Company’s expense) all copies,
other than permanent file copies, then in such Holder’s 

 

11

 

possession of the
prospectus covering such Registrable Securities that was in effect at the time
of receipt of such notice. If the Company shall have withdrawn or prematurely
terminated a registration statement filed under Section 5.1(a)(i) pursuant to
clause (ii) above or as a result of any stop order, injunction or other order
or requirement of the SEC or any other governmental agency or court for any
reason not attributable to the Participating Holders, the Company shall not be
considered to have effected an effective registration for the purposes of this
Agreement until the Company shall have filed a new registration statement
covering the Registrable Securities covered by the withdrawn registration
statement and such registration statement shall have been declared effective.
If the Company shall give any notice of withdrawal or postponement of a
registration statement, the Company shall, at such time as the Valid Business
Reason that caused such withdrawal or postponement no longer exists (but in no
event later than 120 days after the date of the postponement or withdrawal),
use its commercially reasonable best efforts to effect the registration under
the Securities Act of the Registrable Securities covered by the withdrawn or
postponed registration statement in accordance with this Section 5.1 (unless
the Initiating Holders shall have withdrawn such request, in which case the Company
shall not be considered to have effected an effective registration for the
purposes of this Agreement).

 

(c)           In
the event that a registration statement filed under Section 5.1(a)(i) is
abandoned or withdrawn at the request of the Majority Participating Holders,
the Initiating Holder’s request for registration pursuant to this Section 5.1
shall be counted for purposes of the Demand Registration Requests to which the
Holders are entitled pursuant to this Section 5.1.

 

(d)           The
Company, subject to Sections 5.2 and 5.6, shall be entitled to include in any
registration statement and offering made pursuant to Section 5.1(a)(i) any
shares of Common Stock that are entitled to be included in such registration
pursuant to the exercise of piggyback rights that are in existence on the date
of this Agreement or that predate, or are not inconsistent with the rights
granted in, or otherwise in conflict with the terms of, this Agreement (“Piggyback
Rights”); provided, however, that such inclusion shall be permitted only to
the extent that it is pursuant to and subject to the terms of the underwriting
agreement or arrangements, if any, entered into by the Participating Holders or
in accordance with the Company’s contractual obligations under existing
contracts.

 

(e)           In
connection with any Demand Registration, the Company shall have the right to
designate the lead managing underwriter in connection with such registration
and each other managing underwriter for such registration, provided that in
each case, each such underwriter is reasonably satisfactory to the Majority
Participating Holders, and such underwriter shall agree with the Company not to
knowingly sell securities in any underwritten offering that represent in excess
of 1% of the then outstanding Common Stock to any person or “group” (as such
term is used in Section 13d-5 of the Exchange Act, as currently in effect).

 

5.2.          Shelf Registration.

 

(a)           At its sole option, the Company may file
with the SEC a registration statement on Form S-3 (the “Shelf Registration
Statement”) relating to the offer and sale of all Registrable Securities
held by the Holders to the public, from time to time, on a delayed or
continuous basis 

 

12

 

pursuant to Rule 415 (or any successor provision) of
the Securities Act (the “Shelf Registration”). The Company will deliver
written notice to each Holder of its intent to file the Shelf Registration
Statement at least 20 days prior to the initial filing and will use its
commercially reasonable efforts to keep the Shelf Registration Statement
continuously effective and not to suspend use of the prospectus included
therein to be usable by the Holders until the earlier of (i) the date all
shares requested to be included therein are no longer Registrable Securities or
(ii) the date all Holders have disposed of all Registrable Securities included
therein.

 

(b)           If the Board of
Directors, in its good faith judgment, determines that the shelf registration
of Registrable Securities pursuant to the Shelf Registration Statement should
not be continued for any Valid Business Reason, the Company may suspend the
Shelf Registration Statement until such Valid Business Reason no longer exists,
but in no event for more than 120 days in any twelve-month period and the Company
shall give written notice of its determination to suspend the Shelf
Registration Statement and of the fact that the Valid Business Reason for such
postponement or withdrawal no longer exists, in each case, promptly after the
occurrence thereof. After the Valid Business Reason no longer exists and
without any further request from any Holder, the Company shall as promptly as
reasonably practicable prepare any required post-effective amendment or
supplement to the Shelf Registration Statement or the prospectus, or any
document incorporated therein by reference, or file any other required document
so that, as thereafter delivered to purchasers of the Registrable Securities
included therein, the prospectus will not include an untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

 

(c)           Any remaining Demand Registration rights
of the Holders pursuant to Section 5.1 shall be suspended while a Shelf
Registration Statement is either effective or suspended in accordance with
Section 5.2(b) above.

 

5.3.          Allocation of Securities Included
in Registration Statement.

 

(a)           If
any requested registration made pursuant to Section 5.1 involves an
underwritten offering and the lead managing underwriter of such offering, who
shall be selected by the Company in accordance with Section 5.1 (e) (the “Manager”),
shall advise the Company that, in its view, the number of securities requested
to be included in such registration by the Holders of Registrable Securities or
any other persons (including those shares of Common Stock requested by the
Company to be included in such registration) exceeds the largest number (the “Section
5.3(a) Sale Number”) that can be sold in an orderly manner in such offering
within a price range acceptable to the Majority Participating Holders, the
Company shall use its commercially reasonable efforts to include in such
registration:

 

(i)            first, all Registrable Securities requested
to be included in such registration by the holders thereof; provided, however,
that, if the number of such Registrable Securities exceeds the Section 5.3(a)
Sale Number, the number of such Registrable Securities (not to exceed the
Section 5.3(a) Sale Number) to be included in such registration shall be
allocated on a pro rata basis among all holders requesting that Registrable
Securities be included in such registration, based 

 

13

 

on the number of Registrable
Securities then owned by each such holder requesting inclusion in relation to
the number of Registrable Securities owned by all holders requesting inclusion;
and

 

(ii)           second, to the extent that the number
of securities to be included pursuant to clause (i) of this Section 5.3(a) is
less than the Section 6.3(a) Sale Number, the remaining shares to be included
in such registration shall be allocated among all holders requesting that
securities be included in such registration pursuant to the exercise of
Piggyback Rights (“Piggyback Shares”), with such allocation among
holders requesting the registration of Piggyback Shares to be determined
pursuant to and in accordance with the registration rights agreements providing
for such Additional Piggyback Rights, up to the Section 6.3(a) Sale Number; and

 

(iii)          third, to the extent that the number
of securities to be included pursuant to clauses (i) and (ii) of this Section
5.3(a) is less than the Section 5.3(a) Sale Number, any securities that the
Company proposes to register, up to the Section 5.3(a) Sale Number.

 

If, as a result of the
proration provisions of this Section 5.3(a), any Holder shall not be entitled
to include all Registrable Securities in a registration that such Holder has
requested be included, such Holder may elect to withdraw its request to include
Registrable Securities in such registration or may reduce the number requested
to be included; provided, however, that (x) such request must be made in
writing prior to the earlier of the execution of the underwriting agreement or
the execution of the custody agreement with respect to such registration and
(y) such withdrawal shall be irrevocable and, after making such withdrawal,
such Holder shall no longer have any right to include Registrable Securities in
the registration as to which such withdrawal was made.

 

5.4.          Registration
Procedures. If and whenever the Company is required by the provisions of
this Agreement to use its commercially reasonable efforts to effect or cause
the registration of any Registrable Securities under the Securities Act as
provided in this Agreement, the Company shall, as expeditiously as possible:

 

(a)           prepare
and file with the SEC a registration statement on an appropriate registration
form of the SEC for the disposition of such Registrable Securities in
accordance with the intended method of disposition of such Registrable
Securities, which form shall be selected by the Company and shall comply as to
form in all material respects with the requirements of the applicable form and
include all financial statements required by the SEC to be filed therewith, and
the Company shall use its commercially reasonable efforts to cause such
registration statement to become and remain effective (provided, however, that
before filing a registration statement or prospectus or any amendments or
supplements thereto, or comparable statements under securities or blue sky laws
of any jurisdiction, or any free writing prospectus related thereto, the
Company will furnish to one counsel for the Holders (selected by the Majority
Participating Holders) and the lead managing underwriter, if any, copies of all
such documents proposed to be filed (including all exhibits thereto), which
documents will be subject to the reasonable review and reasonable comment of
such counsel and the Company shall not file any registration statement or
amendment thereto or any prospectus or supplement thereto to which the holders
of a majority of the Registrable Securities covered by such registration
statement or 

 

14

 

the underwriters, if any,
shall reasonably object;

 

(b)           prepare
and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for such period as any seller of
Registrable Securities pursuant to such registration statement shall request,
provided that, in the case of a Demand Registration, the Company shall be
obligated to keep such a registration statement effective only for 90 days or
until all of the Registrable Securities registered on such registration
statement have been disposed of (if earlier), and to comply with the provisions
of the Securities Act with respect to the sale or other disposition of all
Registrable Securities covered by such registration statement in accordance
with the intended methods of disposition by the seller or sellers thereof set
forth in such registration statement;

 

(c)           furnish,
without charge, to each seller of such Registrable Securities and each
underwriter, if any, of the securities covered by such registration statement
such number of copies (if any) of such registration statement, each amendment
and supplement thereto (in each case including all exhibits), and the
prospectus included in such registration statement (including each preliminary
prospectus) in conformity with the requirements of the Securities Act, and
other documents, as such seller and underwriter may reasonably request in order
to facilitate the public sale or other disposition of the Registrable
Securities owned by such seller (the Company hereby consenting to the use in
accordance with all applicable law of each such registration statement (or
amendment or post-effective amendment thereto) and each such prospectus (or
preliminary prospectus or supplement thereto) by each such seller of
Registrable Securities and the underwriters, if any, in connection with the
offering and sale of the Registrable Securities covered by such registration
statement or prospectus):

 

(d)           use
its commercially reasonable efforts to register or qualify the Registrable
Securities covered by such registration statement under such other securities
or “blue sky” laws of such jurisdictions as any sellers of Registrable
Securities or any managing underwriter, if any, shall reasonably request in
writing, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such sellers or underwriter, if any, to
consummate the disposition of the Registrable Securities in such jurisdictions,
except that in no event shall the Company be required to qualify to do business
as a foreign corporation in any jurisdiction where it would not, but for the
requirements of this paragraph (c), be required to be so qualified, to subject
itself to taxation in any such jurisdiction or to consent to general service of
process in any such jurisdiction;

 

(e)           promptly
notify each Holder selling Registrable Securities covered by such registration
statement and each managing underwriter, if any: (i) when the registration
statement, any pre-effective amendment, the prospectus or any prospectus
supplement related thereto, any post-effective amendment to the registration
statement or any free writing prospectus has been filed and/or used and, with
respect to the registration statement or any post-effective amendment, when the
same has become effective; (ii) of any request by the SEC or state securities
authority for amendments or supplements to the registration statement or the
prospectus related thereto or for additional information; (iii) of the issuance
by the SEC of any stop order suspending the 

 

15

 

effectiveness of the
registration statement or the initiation of any proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification of any Registrable Securities for sale under
the securities or blue sky laws of any jurisdiction or the initiation of any
proceeding for such purpose; (v) of the existence of any fact of which the
Company becomes aware which results in the registration statement, the
prospectus related thereto, any document incorporated therein by reference, any
free writing prospectus or the information conveyed to any purchaser at the
time of sale to such purchaser containing an untrue statement of a material
fact or omitting to state a material fact required to be stated therein or
necessary to make any statement therein not misleading; and (vi) if at any time
the representations and warranties contemplated by any underwriting agreement,
securities sale agreement, or other similar agreement, relating to the offering
shall cease to be true and correct in all material respects; and, if the
notification relates to an event described in clause (v), the Company shall
promptly prepare and furnish to each such seller and each underwriter, if any,
a reasonable number of copies of a prospectus supplemented or amended so that,
as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein in the light of the circumstances under which they were made
not misleading;

 

(f)            (i)
cause all such Registrable Securities covered by such registration statement to
be listed on the principal securities exchange on which similar securities
issued by the Company are then listed (if any), if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or
(ii) if no similar securities are then so listed, to either cause all such
Registrable Securities to be listed on a national securities exchange or to
secure designation of all such Registrable Securities as a Nasdaq National
Market “national market system security” within the meaning of Rule 11Aa2-1 of
the Exchange Act or, failing that, secure Nasdaq National Market authorization
for such shares and, without limiting the generality of the foregoing, take all
actions that may be required by the Company as the issuer of such Registrable
Securities in order to facilitate the managing underwriter’s arranging for the
registration of at least two market makers as such with respect to such shares
with the National Association of Securities Dealers, Inc. (the “NASD”);

 

(g)           provide
and cause to be maintained a transfer agent and registrar for all such
Registrable Securities covered by such registration statement not later than
the effective date of such registration statement;

 

(h)           enter
into such customary agreements (including, if applicable, an underwriting
agreement) and take such other actions as the Majority Participating Holders
shall reasonably request in order to expedite or facilitate the disposition of
such Registrable Securities (it being understood that the Holders of the
Registrable Securities which are to be distributed by any underwriters shall be
parties to any such underwriting agreement and may, at their option, require
that the Company make to and for the benefit of such Holders the
representations, warranties and covenants of the Company which are being made
to and for the benefit of such underwriters);

 

(i)            in
the case of any underwritten offering of Registrable Securities, use its 

 

16

 

commercially reasonable
efforts to obtain an opinion from the Company’s counsel and a “cold comfort”
letter from the Company’s independent public accountants in customary form and
covering such matters as are customarily covered by such opinions and “cold
comfort” letters delivered to underwriters in underwritten public offerings,
which opinion and letter shall be reasonably satisfactory to the underwriter
and furnish to each Holder participating in the offering and to each
underwriter a copy of such opinion and letter addressed to such Holder or
underwriter;

 

(j)            deliver
promptly to each Holder participating in the offering and each underwriter, if
any, copies of all correspondence between the SEC and the Company, its counsel
or auditors and all memoranda relating to discussions with the SEC or its staff
with respect to the registration statement, other than those portions of any
such memoranda which contain information subject to attorney-client privilege
with respect to the Company, and, upon receipt of such confidentiality
agreements as the Company may reasonably request, make reasonably available for
inspection by any seller of such Registrable Securities covered by such
registration statement, by any underwriter, if any, participating in any
disposition to be effected pursuant to such registration statement and by any
attorney, accountant or other agent retained by any such seller or any such
underwriter, all pertinent financial and other records, pertinent corporate
documents and properties of the Company, and cause all of the Company’s
officers, directors and employees to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in
connection with such registration statement;

 

(k)           use
its commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of the registration statement;

 

(l)            provide
a CUSIP number for all Registrable Securities, not later than the effective
date of the registration statement;

 

(m)          cooperate
with the sellers of Registrable Securities and the managing underwriter, if
any, to facilitate the timely preparation and delivery of certificates not bearing
any restrictive legends representing the Registrable Securities to be sold and
cause such Registrable Securities to be issued in such denominations and
registered in such names in accordance with the underwriting agreement prior to
any sale of Registrable Securities to the underwriters or, if not an
underwritten offering, in accordance with the instructions of the sellers of
Registrable Securities at least three business days prior to any sale of
Registrable Securities and instruct any transfer agent and registrar of
Registrable Securities to release any stop transfer orders in respect thereof;

 

(n)           take
all such other commercially reasonable actions as are necessary or advisable in
order to expedite or facilitate the disposition of such Registrable Securities;

 

(o)           take
all commercially reasonable action to ensure that any free writing prospectus
utilized in connection with any registration covered by Section 5.1 complies in
all material respects with the Securities Act, is filed in accordance with the
Securities Act to the extent required thereby, is retained in accordance with
the Securities Act to the extent required thereby and, when taken together with
the related prospectus, prospectus supplement and related 

 

17

 

documents, will not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading;

 

(p)           in
connection with any underwritten offering, if at any time the information
conveyed to a purchaser at the time of sale includes any untrue statement of a
material fact or omits to state any material fact necessary in order to make
the statements therein, in light of the circumstances under which they were
made, not misleading, promptly file with the SEC such amendments or supplements
to such information as may be necessary so that the statements as so amended or
supplemented will not, in light of the circumstances, be misleading.

 

It is a condition
precedent to the Company’s obligations under this Section 5.4 that each seller
of Registrable Securities as to which any registration is being effected
furnish the Company such information in writing regarding such seller and the
distribution of such Registrable Securities as the Company may from time to
time reasonably request.

 

Each seller of
Registrable Securities agrees that upon receipt of any notice from the Company
of the happening of any event of the kind described in clause (v) of paragraph
(e) of this Section 5.4, such seller will discontinue such seller’s disposition
of Registrable Securities pursuant to the registration statement covering such
Registrable Securities until such seller’s receipt of the copies of the supplemented
or amended prospectus contemplated by paragraph (e) of this Section 5.4 and, if
so directed by the Company, will deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies, then in such seller’s
possession of the prospectus covering such Registrable Securities that was in
effect at the time of receipt of such notice. In the event the Company shall
give any such notice, the applicable period mentioned in paragraph (b) of this
Section 5.4 shall be extended by the number of days during such period from and
including the date of the giving of such notice to and including the date when
each seller of any Registrable Securities covered by such registration
statement shall have received the copies of the supplemented or amended
prospectus contemplated by paragraph (e) of this Section 5.4.

 

If any such registration
statement or comparable statement under “blue sky” laws refers to any Holder by
name or otherwise as the holder of any securities of the Company, then such
Holder shall have the right to require (i) the insertion therein of language,
in form and substance reasonably satisfactory to such Holder and the Company,
to the effect that the holding by such Holder of such securities is not to be
construed as a recommendation by such Holder of the investment quality of the
Company’s securities covered thereby and that such holding does not imply that
such Holder will assist in meeting any future financial requirements of the
Company, or (ii) in the event that such reference to such Holder by name or
otherwise is not in the judgment of the Company, as advised by counsel,
required by the Securities Act or any similar federal statute or any state “blue
sky” or securities law then in force, the deletion of the reference to such Holder.

 

18

 

5.5           Registration
Expenses.

 

(a)           Subject
to Section 5.1(c), the Company shall pay all Expenses with respect to any
Demand Registration whether or not it becomes effective or remains effective
for the period contemplated by Section 5.4(b). The Company shall also pay all
Expenses with respect to any shelf registration pursuant to Section 5.2.

 

(b)           Notwithstanding
the foregoing, (x) the provisions of this Section 5.5 shall be deemed amended
to the extent necessary to cause these expense provisions to comply with “blue
sky” laws of each state in which the offering is made and (y) in connection
with any registration hereunder, each Holder of Registrable Securities being
registered shall pay all underwriting discounts and commissions and any
transfer taxes, if any, attributable to the sale of such Registrable
Securities, pro rata with respect to payments of discounts and commissions in
accordance with the number of shares sold in the offering by such Holder, and
(z) the Company shall, in the case of all registrations under this Article 5,
be responsible for all its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties).

 

5.6.          Certain
Limitations on Registration Rights. In the case of any registration under
Section 5.1 pursuant to an underwritten offering, all securities to be included
in such registration shall be subject to an underwriting agreement and no
Person may participate in such registration unless such Person agrees to sell
such Person’s securities on the basis provided therein and, subject to Section
5.1, completes and executes all reasonable questionnaires, and other documents
(including custody agreements and powers of attorney) which must be executed in
connection therewith, and provides such other information to the Company or the
underwriter as may be necessary to register such Person’s securities.

 

5.7.          Limitations
on Sale or Distribution of Other Securities.

 

(a)           Each
seller of Registrable Securities agrees that, to the extent requested in
writing by a managing underwriter, if any, of any registration effected
pursuant to Section 5.1, not to sell, transfer or otherwise dispose of,
including any sale pursuant to Rule 144 under the Securities Act, any Common
Stock, or any other equity security of the Company or any security convertible
into or exchangeable or exercisable for any equity security of the Company
(other than as part of such underwritten public offering) during the time
period reasonably requested by the managing underwriter, not to exceed 180
days, and the Company hereby (i) also so agrees (except that the Company may
effect any sale or distribution of any such securities pursuant to a registration
on Form S-4 or Form S-8, or any successor or similar form which is then in
effect or upon the conversion, exchange or exercise of any then outstanding
Common Stock Equivalent) and (ii) agrees to use its commercially reasonable
efforts to cause each holder of any equity security or any security convertible
into or exchangeable or exercisable for any equity security of the Company
purchased from the Company at any time other than in a public offering so to
agree. Each seller of Registrable Securities also agrees that, to the extent
requested in writing by a managing underwriter of any underwritten public offering
effected by the Company for its own account, it will not sell any Common Stock
(other than as part of such underwritten public

 

19

 

offering) during the time
period reasonably requested by the managing underwriter, which period shall not
exceed 30 days.

 

(b)           The
Company hereby agrees that, to the extent requested in writing by a managing
underwriter, if any, of any registration effected pursuant to Section 5.1, if
it shall previously have received a request for registration pursuant to
Section 5.1, and if such previous registration shall not have been withdrawn or
abandoned, the Company shall not sell, transfer, or otherwise dispose of, any
Common Stock, or any other equity security of the Company or any security
convertible into or exchangeable or exercisable for any equity security of the
Company (other than as part of such underwritten public offering, a
registration on Form S-4 or Form S-8 or any successor or similar form which is
then in effect or upon the conversion, exchange or exercise of any then
outstanding Common Stock Equivalent), until a period of 90 days shall have
elapsed from the effective date of such previous registration.

 

5.8.          No
Required Sale. Nothing in this Agreement shall be deemed to create an
independent obligation on the part of any Holder to sell any Registrable
Securities pursuant to any effective registration statement.

 

5.9.          Indemnification.

 

(a)           In
the event of any registration of any securities of the Company under the
Securities Act pursuant to this Article 5, the Company will, and hereby agrees
to, indemnify and hold harmless, to the fullest extent permitted by law, each Holder
of Registrable Securities, its directors, officers, fiduciaries, employees,
stockholders, members or general and limited partners (and the directors,
officers, employees and stockholders thereof), each other Person who
participates as an underwriter or a Qualified Independent Underwriter, if any,
in the offering or sale of such securities, each officer, director, employee,
stockholder, fiduciary, managing director, agent, affiliates, consultants,
representatives, successors, assigns or partner of such underwriter or
Qualified Independent Underwriter, and each other Person, if any, who controls
such Holder or any such underwriter within the meaning of the Securities Act,
from and against any and all losses, claims, damages or liabilities, joint or
several, actions or proceedings (whether commenced or threatened) and expenses
(including reasonable fees of counsel and any amounts paid in any settlement
effected with the Company’s consent, which consent shall not be unreasonably
withheld or delayed) to which each such indemnified party may become subject
under the Securities Act or otherwise in respect thereof (collectively, “Claims”),
insofar as such Claims arise out of or are based upon (i) any untrue statement
or alleged untrue statement of a material fact contained in any registration
statement under which such securities were registered under the Securities Act
or the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not
misleading, (ii) any untrue statement or alleged untrue statement of a material
fact contained in any preliminary, final or summary prospectus or any amendment
or supplement thereto, together with the documents incorporated by reference
therein, or any free writing prospectus utilized in connection therewith, or
the omission or alleged omission to state therein a material fact required to
be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, (iii)
any untrue statement or alleged untrue statement of a 

 

20

 

material fact in the
information conveyed to any purchaser at the time of the sale to such
purchaser, or the omission or alleged omission to state therein a material fact
required to be stated therein, or (iv) any violation by the Company of any
federal, state or common law rule or regulation applicable to the Company and
relating to action required of or inaction by the Company in connection with
any such registration, and the Company will reimburse any such indemnified
party for any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such Claim as such
expenses are incurred; provided, however, that (notwithstanding Section 6.1
hereof) the Company shall not be liable to any such indemnified party in any
such case to the extent such Claim arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact or omission or alleged
omission of a material fact made in such registration statement or amendment
thereof or supplement thereto or in any such prospectus or any preliminary,
final or summary prospectus or free writing prospectus in reliance upon and in
conformity with (i) written information furnished to the Company by or on
behalf of such indemnified party specifically for use therein and (ii)
information relating to Virgin Mobile and its subsidiaries for the period prior
to its acquisition by the Company. Such indemnity and reimbursement of expenses
shall remain in full force and effect regardless of any investigation made by
as on behalf of such indemnified party and shall survive the transfer of such
securities by such Holder.

 

(b)           Each
Holder of Registrable Securities that are included in the securities as to
which any registration under Section 5.1 is being effected shall, severally and
not jointly, indemnify and hold harmless (in the same manner and to the same extent
as set forth in paragraph (a) of this Section 5.9) to the extent permitted by
law the Company, its officers and directors, each Person controlling the
Company within the meaning of the Securities Act and all other prospective
sellers and their respective directors, officers, fiduciaries, managing
directors, employees, agents, affiliates, consultants, representatives,
successors, assigns, general and limited partners, stockholders and respective
controlling Persons with respect to any untrue statement or alleged untrue
statement of any material fact in, or omission or alleged omission of any
material fact from, such registration statement, any preliminary, final or
summary prospectus contained therein, or any amendment or supplement thereto,
or any free writing prospectus utilized in connection therewith, if such
statement or alleged statement or omission or alleged omission was made in
reliance upon and in conformity with written information furnished to the
Company or its representatives by or on behalf of such Holder specifically for
use therein, and shall reimburse such indemnified party for any legal or other
expenses reasonably incurred in connection with investigating or defending any
such Claim as such expenses are incurred; provided, however, that the liability
of any Holder pursuant to this subsection (b) shall not exceed the product of
(i) the number of shares sold by such Holder in such registration and (ii) the
public offering price of such shares as set forth in the applicable prospectus.
Such indemnity and reimbursement of expenses shall remain in full force and
effect regardless of any investigation made by or on behalf of such indemnified
party and shall survive the transfer of such securities by such Holder.

 

(c)           Indemnification
similar to that specified in the preceding paragraphs (a) and (b) of this
Section 5.9 (with appropriate modifications) shall be given by the Company and
each seller of Registrable Securities with respect to any required registration
or other qualification of 

 

21

 

securities under any
state securities and “blue sky” laws.

 

(d)           Any
Person entitled to indemnification under this Agreement shall notify promptly
the indemnifying party in writing of the commencement of any action or
proceeding with respect to which a claim for indemnification may be made
pursuant to this Section 5.9, but the failure of any such Person to provide
such notice shall not relieve the indemnifying party of its obligations under
the preceding paragraphs of this Section 5.9, except to the extent the
indemnifying party is materially prejudiced thereby and shall not relieve the
indemnifying party from any liability which it may have to any such Person
otherwise than under this Article 5. In case any action or proceeding is
brought against an indemnified party and it shall notify the indemnifying party
of the commencement thereof, the indemnifying party shall be entitled to
participate therein and, unless in the reasonable opinion of outside counsel to
the indemnified party a conflict of interest between such indemnified and
indemnifying parties may exist in respect of such claim, to assume the defense
thereof jointly with any other indemnifying party similarly notified, to the
extent that it chooses, with counsel reasonably satisfactory to such
indemnified party, and after notice from the indemnifying party to such
indemnified party that it so chooses, the indemnifying party shall not be
liable to such indemnified party for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that (i) if the
indemnifying party fails to take reasonable steps necessary to defend
diligently the action or proceeding within 20 days after receiving notice from
such indemnified party; or (ii) if such indemnified party who is a defendant in
any action or proceeding which is also brought against the indemnifying party
reasonably shall have concluded that there may be one or more legal defenses
available to such indemnified party which are not available to the indemnifying
party; or (iii) if representation of both parties by the same counsel is
otherwise inappropriate under applicable standards of professional conduct,
then, in any such case, the indemnified party shall have the right to assume or
continue its own defense as set forth above (but with no more than one firm of
counsel for all indemnified parties in each jurisdiction, except to the extent
any indemnified party or parties reasonably shall have concluded that there may
be legal defenses available to such party or parties which are not available to
the other indemnified parties or to the extent representation of all
indemnified parties by the same counsel is otherwise inappropriate under
applicable standards of professional conduct) and the indemnifying party shall
be liable for any expenses therefor. No indemnifying party shall, without the
written consent of the indemnified party, which consent shall not be
unreasonably withheld, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (A)
includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (B) does not include a statement as to
or an admission of fault, culpability or a failure to act, by or on behalf of
any indemnified party.

 

(e)           To the
extent the foregoing indemnity is held by a court to be unavailable for reasons
of public policy in the United States to hold harmless an indemnified party
under Sections 5.9(a), (b) or (c), then each indemnifying party shall
contribute to the amount paid or 

 

22

 

payable by such indemnified party as a result of any Claim in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and the indemnified party, on the other hand, with
respect to such offering of securities. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party or the
indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. If, however, the allocation provided in the second preceding sentence
is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative faults but also
the relative benefits of the indemnifying party and the indemnified party as
well as any other relevant equitable considerations. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this
Section 5.9(e) were to be determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable
considerations referred to in the preceding sentences of this Section 5.9(e).
The amount paid or payable in respect of any Claim shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such Claim. No Person guilty of fraudulent
misrepresentation (within the meaning of section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. Each Holder’s obligation to contribute pursuant
to this subsection (e) shall not exceed the product of (i) the number of shares
sold by such Holder in such registration and (ii) the public offering price of
such shares as set forth in the applicable prospectus.

 

(f)            The
indemnity and contribution agreements contained herein shall be in addition to
any other rights to indemnification or contribution which any indemnified party
may have pursuant to law or contract and shall remain operative and in full
force and effect regardless of any investigation made or omitted by or on
behalf of any indemnified party and shall survive the transfer of the
Registrable Securities by any such party.

 

(g)           The
indemnification and contribution required by this Section 5.9 shall be made by
periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or expense, loss, damage or
liability is incurred.

 

5.10.        Free
Writing Prospectuses.

 

Each Holder represents
and agrees that, unless it obtains the prior consent of the Company, it has not
made and will not make any offer relating to the Registrable Securities that
would constitute a “free writing prospectus,” as defined in Rule 405 under the
Securities Act, required to be filed with the Commission.

 

5.11.        Termination
of Registration Rights.

 

The rights of any Holder under Article 5 of this
Agreement shall terminate (and such person shall cease to be a Holder for the
purposes of Article 5 of this Agreement) on the date that 

 

23

 

such Holder (and persons
included within such Holder pursuant to Rule 144(a)(2) under the Securities
Act) Beneficially Owns Registrable Securities that constitute less than 1% of
the total number of outstanding shares of Common Stock; provided, that
no such termination shall affect any previously accrued rights under Article 5.

 

ARTICLE VI

Underwritten
Offerings

 

6.1.          Requested
Underwritten Offerings. If requested by the underwriters for any
underwritten offering by the Holders pursuant to a registration requested under
Section 6.1, the Company shall enter into a customary underwriting agreement
with the Participating Holders and the underwriters. Such underwriting
agreement shall be satisfactory in form and substance to the Majority
Participating Holders and the Company and shall contain such representations
and warranties by, and such other agreements on the part of, the Company and
such other terms as are generally prevailing in agreements of that type,
including, without limitation, indemnities and contribution agreements on
substantially the same terms as those contained herein. Any Holder
participating in the offering shall be a party to such underwriting agreement
and may, at its option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters shall also be made to and for the benefit of
such Holder and that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement be conditions precedent
to the obligations of such Holder; provided, however, that the Company shall
not be required to make any representations or warranties with respect to
written information specifically provided in writing by a selling Holder for
inclusion in the registration statement and shall not be required to indemnify
any Holder except on the basis provided in Section 5.9 hereof. No Holder shall
be required to make any representations or warranties to or agreements with the
Company or the underwriters other than representations, warranties or
agreements regarding such Holder, its ownership of and title to the Registrable
Securities, and its intended method of distribution; and any liability of such
Holder to any underwriter or other Person under such underwriting agreement
shall be limited to liability arising from breach of its representations and
warranties and shall be limited to an amount equal to the proceeds (net of
expenses and underwriting discounts and commissions) that it derives from such
registration.

 

ARTICLE VII

General

 

7.1.          Rule
144. The Company covenants that (i) so long as it remains subject to the
reporting provisions of the Exchange Act, it will timely file the reports
required to be filed by it under the Securities Act or the Exchange Act
(including, but not limited to, the reports under Sections 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities
Act), to the extent required from time to time to enable such Holder to sell
Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (A) Rule 144 under the Securities Act,
as such Rule may be amended 

 

24

 

from time to time, or (B)
any similar rule or regulation hereafter adopted by the SEC.

 

7.2.          Nominees
for Beneficial Owners. If Registrable Securities are held by a nominee for
the Beneficial Owner thereof, the Beneficial Owner thereof may, at its option,
be treated as the Holder of such Registrable Securities for purposes of any
request or other action by any Holder or Holders of Registrable Securities
contemplated by this Agreement (provided that the Company shall have received
assurances reasonably satisfactory to it of such Beneficial Ownership).

 

7.3           NASDAQ
Listing. The Company shall use its commercially reasonable efforts to cause
the shares of Common Stock to be issued in the Transaction to be approved for
quotation on the NASDAQ National Market, subject to official notice of
issuance, prior to the Closing Date.

 

ARTICLE VIII

Miscellaneous

 

8.1.          Effectiveness;
Termination.

 

This Agreement shall
become effective on the Closing Date and shall terminate on January 1, 2012,
except for those provisions which by their terms terminate earlier; provided,
that no such termination shall affect any previously accrued rights.

 

8.2.          Assignment;
Joinder; Third Party Beneficiaries.

 

(a)           This Agreement shall be binding on and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors and permitted assigns.

 

(b)           Notwithstanding
Article III or Section 4.1(b) of this Agreement, each Holder may make a
Disposal of all or any portion of such Holder’s Common Stock to one or more of
its Affiliates (a “Permitted Transferee”), provided that if such
Permitted Transferee is not already a party to this Agreement it shall deliver
to the Company on or before the date of such Disposal a duly executed Joinder
Agreement in the Form attached as Exhibit B. Upon receipt of such duly executed
Joinder Agreement, the Company shall update Exhibit A to this Agreement to
include such Permitted Transferee, which will become a party to this Agreement
and a Holder and have all rights and obligations as a Holder hereunder.

 

(d)           Branson
agrees that he shall be deemed a Holder for purposes of Article IV, Article VII
and Article VIII of this Agreement.

 

(e)           Except
as expressly provided in this Section 8.2, a person who is not a party to this
Agreement (or a successor of a party to this agreement) shall not have any
rights hereunder.

 

8.3.          Fees
and Expenses.  Each party hereto shall pay the fees and expenses
of its investment banking advisors, attorneys, accountants and other advisors,
if any, and all other 

 

25

 

expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement other than with respect to the expenses
contemplated by Section 5.5.

 

8.4.          Confidentiality.

 

(a)           Each
Holder agrees to treat information received from the Company pursuant to the
Company’s obligations under this Agreement as confidential; provided, however
that (a) such Holder shall not be restricted from making disclosure of such
information if and to the extent that such disclosure is required by law or
administrative regulation or by the regulation of any stock exchange, and (b)
if such Holder is required by a court or administrative agency to disclose any
of such information with respect to this Agreement (an “Information Request”),
such Holder shall promptly notify the Company of such requirement so that the
Company may at its own expense oppose such requirement or seek a protective
order and request confidential treatment of such information. It is agreed
that, if the party receiving the Information Request is nonetheless compelled
to disclose the information, such party may disclose such portion of the
information which is legally required without liability hereunder.

 

(b)           A
Holder will not be required to treat information received from the Company
pursuant to this Agreement as confidential under Section 8.4(a) above if such
information (i) was already available to, or in the possession of, such Holder
prior to its disclosure by, or at the direction of, the Company pursuant to
this Agreement, (ii) is or becomes available in the public domain on or after
the date of this Agreement (other than as a result of disclosure by such
Holder), or (iii) is acquired from a person who is not known by the Company to
be in breach of an obligation of confidentiality to the Company.

 

(c)           Each
Holder further acknowledges that it is aware of its obligations pursuant to the
U.S. securities laws not to trade on the basis of any material, non-public
information that it may receive from the Company pursuant to this Agreement.

 

(d)           Each
Holder and its Related Persons will not issue any press release or make any
public statement whatsoever concerning this Agreement and the matters addressed
in Article IV hereof except as permitted under Section 4.1(j).

 

8.5.          Severability.  If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect.

 

8.6.          Specific
Enforcement; No Right to Terminate.

 

(a)           The
parties hereto acknowledge and agree that irreparable damage would occur in the
event that any provision of this Agreement were not performed in accordance
with its specific terms or were otherwise breached, and further acknowledge and
agree that money damages are an inadequate remedy for the breach of this
Agreement because of the difficulty of ascertaining the amount of damage that
would be suffered in the event of such breach. Each party accordingly 

 

26

 

agrees that each of the
other parties shall be entitled to obtain specific performance of any provision
of this Agreement and injunctive or other equitable relief to prevent or cure
breaches of any provision of this Agreement, this being in addition to any
other remedy to which they may be entitled by law or equity. Each party further
agrees that no bond shall be required as a condition to the granting of any
such relief.

 

(b)           The
parties hereto further agree that they shall not be permitted or have the right
to terminate or suspend performance of any provision of this Agreement, it
being agreed that all provisions of this Agreement shall continue and be
specifically enforceable in all events and under all circumstances regardless
of any events, occurrences, actions or omissions before or after the date of
this Agreement. In furtherance of the foregoing, the parties hereto agree that
they shall not be permitted to, and shall not, bring any claim seeking to
terminate or suspend performance of any provision of this Agreement or seeking
any determination that any provision of this Agreement (including, without
limitation, this Section 8.6) is invalid, inapplicable or unenforceable.

 

8.7.          Consent
to Jurisdiction; Appointment of Agent for Service of Process.

 

(a)           This
Agreement shall be construed and enforced in accordance with, and the rights
and obligations of the parties hereto shall be governed by, the laws of the
State of Delaware, without giving effect to the conflicts of law principles
thereof.

 

(b)           Each
of the parties hereto hereby irrevocably and unconditionally consents to submit
to the exclusive jurisdiction of the courts of the State of Delaware and the
United States of America located in the County of New Castle for any action or
proceeding arising out of or relating to this Agreement and the transactions
contemplated hereby (and agrees not to commence any action or proceeding
relating thereto except in such courts), and further agrees that service of any
process, summons, notice or document by U.S. registered mail to its respective
address set forth in Section 8.9 shall be effective service of process for
any action or proceeding brought against it in any such court. Each of the
parties hereto hereby irrevocably and unconditionally waives any objection to
the laying of venue of any action or proceeding arising out of this Agreement
or the transactions contemplated hereby in the courts of the State of Delaware
or the United States of America located in the County of New Castle, and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such action or proceeding brought in any such court
has been brought in an inconvenient forum.

 

(c)           Not
later than five days after the date hereof, each Holder shall provide notice to
the other parties of a person or entity reasonably satisfactory to the Company
who or which has been designated, appointed and empowered by such Holder as its
designee, appointee and agent to receive and accept for and on its behalf, and
its properties, assets and revenues, service of any and all legal process,
summons, notices and documents that may be served in any action, suit or
proceeding brought against such Holder in any such United States federal or
state court with respect to its obligations, liabilities or any other matter
arising out of or in connection with this Agreement and that may be made on
such designee, appointee and agent in accordance with legal procedures
prescribed for such courts. Each Holder futher agrees that, if it fails to give
such 

 

27

 

notice timely, then unless and until such notice is
provided, service on Corporation Trust Company, with offices currently at
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 shall
be sufficient for all purposes hereunder. If for any reason such designee,
appointee and agent hereunder shall thereafter cease to be available to act as
such, such Holder agrees to designate a new designee, appointee and agent in
the State of Delaware on the terms and for the purposes of this Section 8.7
reasonably satisfactory to the Company. Each Holder further hereby irrevocably
consents and agrees to the service of any and all legal process, summons,
notices and documents in any such action, suit or proceeding against the
Company by serving a copy thereof upon the relevant agent for service of
process referred to in this Section 8.7 (whether or not the appointment of such
agent shall for any reason prove to be ineffective or such agent shall accept
or acknowledge such service). Each Holder agrees that the failure of any such
designee, appointee and agent to give any notice of such service to them shall
not impair or affect in any way the validity of such service or any judgment
rendered in any action or proceeding based thereon.

 

8.8.          Entire
Agreement.  This Agreement contains the entire understanding of
the parties hereto with respect to the matters covered hereby and this
Agreement may be amended only by an agreement in writing executed by the
parties hereto or their respective successors or assigns.

 

8.9.          Notices.  Any
notice or other communication required or permitted to be given hereunder shall
be in writing and shall be effective (i) when personally delivered or
delivered by telex (with correct answer-back received) or telecopy on a
business day during normal business hours with confirmation postmarked the same
day, at the address or number designated below or (ii) on the business day
following the date of mailing by overnight courier, fully prepaid, addressed to
such address, whichever shall first occur. The addresses for such
communications shall be:

 

If to the Company:

 

NTL Incorporated

909 Third Avenue, Suite
2863

New York, New York 10022

Attention:  General Counsel

Facsimile: 212 752-1157

 

with copies (which shall
not constitute notice) to:

 

Fried, Frank, Harris,
Shriver & Jacobson LLP

One New York Plaza

New York, New York  10004

Attn.:  Arthur Fleischer

Attn:  Robert Mollen

Facsimile:  (212) 859-4000

 

28

 

and

 

NTL Incorporated

Bartley Wood Business
Park

Bartley Way, Hook

Hampshire RG27 9UP

Attn. :  General Counsel

Facsimile:  (44) 1256 754 501

 

If to any Holder, the
address specified next to such Holder’s name on Exhibit A hereto with a copy
(which shall not constitute notice) to:

 

Herbert Smith LLP

Exchange House

Primrose Street

London EC2A 2HS

Attn. :  Gareth Roberts

Attn. :  Jim Wickenden

Facsimile:  (44) 20 7374 0888

 

Any party hereto may from
time to time change its address for notices under this Section 8.9 by
giving at least 10 days notice of such changed address to the other parties
hereto.

 

8.10.        Waivers.

 

(a)           This
Agreement may be amended, waived, modified as supplemented only by written
agreement of the Company and the Majority Holders.

 

(b)           No
waiver by either party of any breach of any provision of this Agreement shall
be deemed to be a continuing waiver in the future thereof or a waiver of any
other provision hereof; nor shall any delay or omission of any party to
exercise any right hereunder in any manner impair the exercise of any such
right accruing to it thereafter.

 

8.11.        Headings.  The
headings herein are for convenience only, do not constitute a part of this
Agreement, and shall not be deemed to limit or affect any of the provisions
hereof.

 

8.12.        Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original and all of which, when taken together, shall constitute one and the
same instrument. This Agreement shall become effective when original counterparts
of this Agreement shall have been duly executed and delivered by all parties.

 

29

 

IN WITNESS WHEREOF, the
parties have executed this Agreement or have caused this Agreement to be duly
executed by their respective authorized officers as of the date first set forth
above.

 

	
   

  	
  NTL Incorporated

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bryan H. Hall

  	
   

  
	
   

  	
   

  	
  Name: Bryan H. Hall

  	
   

  
	
   

  	
   

  	
  Title: Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Virgin Entertainment
  Investment

  	
   

  
	
   

  	
   Holdings Limited

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Niall
  MacGregor Ritchie

  	
   

  
	
   

  	
   

  	
  Name: Niall MacGregor
  Ritchie

  	
   

  
	
   

  	
   

  	
  Title: Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Paul Jauvel

  	
   

  
	
   

  	
   

  	
  Name: Abacus
  Secretaries (Jersey) Limited

  	
   

  
	
   

  	
   

  	
  Title: Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sir Richard Branson

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Sir Richard Branson

  	
   

  
	
   

  	
   

  	
  Sir Richard Branson

  	
   

  

 

30

 

EXHIBIT A

 

	
  Holder

  	
   

  	
  Holder’s
  Initial Holding

  	
   

  	
  Address
  for Notice Pursuant to

  Section 8.9

  	
   

  
	
  Virgin Entertainment Investment

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Holdings Limited

  	
   

  	
  34,260,959

  	
   

  	
  120 Campden Hill Road

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  London W8 7AR

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Attention: General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fax: +44 (0)20 7313 2085

  	
   

  

 

31

 

EXHIBIT B

 

[Form of]

JOINDER AGREEMENT

 

The undersigned is
executing and delivering this Joinder Agreement pursuant to the Investment Agreement
dated April 3, 2006 (the “Investment Agreement”), among NTL Incorporated
(the “Company”), the Holders named therein and, for certain purposes,
Richard Branson.

 

By executing and
delivering this Joinder Agreement to the Company, the undersigned hereby agrees
to become a party to, to have the benefits of, to be bound by, and to comply
with the provisions of the Investment Agreement as a Holder in the same manner
as if the undersigned were an original signatory to such agreement.

 

Notices pursuant to Section
8.9 of the Investment Agreement may be given to the undersigned at the address
and facsimile number below, or otherwise as the undersigned may notify to the
other Parties pursuant to Section 8.9.

 

This Agreement is
governed by Delaware law. The parties agree that the court of the State of
Delaware and the United States of America located in the County of New Castle,
is to have jurisdiction to settle any disputes which may arise out of, or in
connection with this Agreement and irrevocably submit to the jurisdiction of
this court.

 

Accordingly, the
undersigned has executed and delivered this Joinder Agreement as of the         
day of                 ,
200[  ].

 

	
   

  	
  [SIGNATORY]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  
	
   

  	
  Telephone: (   )
            -          

  
	
   

  	
  Telecopy: (   )
            -          

  
					

 

32

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