Document:

Exhibit 10.1

 

ImmunoGen, Inc.

 

	
  Named Executive Officer

  	
   

  	
  2006 Base Salary ($)

  	
   

  	
  2006 Target Bonus

  (% of Base Salary)

  	
   

  	
  2005 Bonus($)

  	
   

  	
  2005 Stock

  Option Award (1)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mitchel
  Sayare, Ph.D.

  Chairman of the Board,

  Chief Executive Officer and President

  	
   

  	
  420,570

  	
   

  	
  40

  	
  %

  	
  145,000

  	
   

  	
  75,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Walter A.
  Blättler, Ph.D.

  Director and Executive Vice President,

  Science and Technology

  	
   

  	
  304,290

  	
   

  	
  35

  	
  %

  	
  95,000

  	
   

  	
  65,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John M.
  Lambert, Ph.D.

  Senior Vice President,

  Pharmaceutical Development

  	
   

  	
  255,450

  	
   

  	
  30

  	
  %

  	
  65,688

  	
   

  	
  35,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pauline Jen
  Ryan

  Senior Vice President,

  Corporate Development and Operations

  	
   

  	
  231,570

  	
   

  	
  30

  	
  %

  	
  59,546

  	
   

  	
  35,000

  	
   

  

 

(1)   2005 stock awards vest in three equal installments on each of the
first three anniversaries of the date of the grant.EXHIBIT 10.1

 

EXECUTION VERSION

 

 

 

LIBERTY GLOBAL, INC.,

UNITEDGLOBALCOM, INC.

AND

THE BANK OF NEW YORK

as
Trustee

 

 

SECOND SUPPLEMENTAL INDENTURE

 

Dated as of June 15, 2005

 

to

 

INDENTURE

 

Dated as of April 6, 2004

 

13⁄4% Convertible Senior Notes Due April 15,
2024

 

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I DEFINED TERMS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II AMENDMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Concerning Definitions

  	
   

  
	
  Section 2.2

  	
  Concerning Conversion

  	
   

  
	
  Section 2.3

  	
  Concerning Option to Require Purchase

  	
   

  
	
  Section 2.4

  	
  Concerning Form of Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III CONCERNING UGC MERGER

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Representations Concerning the UGC Merger

  	
   

  
	
  Section 3.2

  	
  Officers’ Certificate and Opinion of
  Counsel

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV CONCERNING THE TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Terms and Conditions

  	
   

  
	
  Section 4.2

  	
  No Responsibility

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V EFFECTIVE TIME; EFFECT OF
  EXECUTION AND DELIVERY

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI OBLIGATIONS UNDER THE INDENTURE

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII MISCELLANEOUS PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.1

  	
  Headings Descriptive

  	
   

  
	
  Section 7.2

  	
  Rights and Obligations of the Trustee

  	
   

  
	
  Section 7.3

  	
  Successors and Assigns

  	
   

  
	
  Section 7.4

  	
  Separability Clause

  	
   

  
	
  Section 7.5

  	
  Counterparts

  	
   

  
	
  Section 7.6

  	
  Governing Law

  	
   

  
	
  Section 7.7

  	
  Conflict with Trust Indenture Act

  	
   

  

 

i

 

SECOND SUPPLEMENTAL INDENTURE, dated as of
June 15, 2005 (this “Second Supplemental Indenture”), among LIBERTY GLOBAL,
INC., a Delaware corporation (“Liberty Global”), having its principal office at
12300 Liberty Boulevard, Englewood, Colorado 80112, UNITEDGLOBALCOM, INC., a
Delaware corporation (herein called the “Company”), having its principal office
at 4643 South Ulster Street, Suite 1300, Denver, Colorado 80237, and THE BANK
OF NEW YORK, a New York banking corporation, as Trustee (herein called the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the Company has executed and
delivered to the Trustee that certain Indenture, dated as of April 6, 2004
(the “Original Indenture”), pursuant to which the Company’s 13⁄4%
Convertible Senior Notes due April 15, 2024 in the principal amount of
€500,000,000 were issued;

 

WHEREAS, the Company has executed and
delivered to the Trustee that certain First Supplemental Indenture, dated as of
May 24, 2005 (the “First Supplemental Indenture”), pursuant to which, among
other things, the Original Indenture was amended and supplemented in accordance
with the terms thereof (such Original Indenture as amended and supplemented by
the First Supplemental Indenture is herein called the “First Amended Indenture”);

 

WHEREAS, subject to and in compliance with
the terms of the First Amended Indenture, a Holder of a Security, at such
Holder’s option during the periods specified in the First Amended Indenture and
the Securities, could convert the principal amount of such Holder’s Security
into, at the Company’s option, either (i) shares of Class A Common
Stock of the Company, (ii) cash in euro or (iii) a combination of
cash and such shares;

 

WHEREAS, at the Second Supplemental Indenture
Effective Time (as such term is defined in Article V hereof), pursuant to
an Agreement and Plan of Merger, dated January 17, 2005 (the “Merger
Agreement”), among Liberty Global (f/k/a New Cheetah, Inc.), Liberty Media
International, Inc., a Delaware corporation (“LMI”), the Company, Cheetah
Acquisition Corp. and Tiger Global Acquisition Corp., a Delaware corporation (“UGC
Merger Sub”), among other things, UGC Merger Sub will be merged with and into
the Company (the “UGC Merger”), with the Company to be the surviving
corporation, and in connection with and at the Effective Time (as such term is
defined in the Merger Agreement) of the UGC Merger, the Company will become a
wholly-owned subsidiary of Liberty Global, and the separate existence of UGC
Merger Sub will cease;

 

WHEREAS, under the Merger Agreement, holders
of shares of Class A Common Stock, other than LMI and its wholly owned
subsidiaries, are being provided the right to elect to receive in the UGC
Merger, in exchange for each of their shares of Class A Common Stock, either
(i) 0.2155 of a share of Series A common stock, par value $.01 per share
(the “Series A Common Stock”), of Liberty Global (plus cash in lieu of any
fractional share interest) or (ii) U.S. $9.58 in cash, without interest
(subject to proration on the terms set forth in the Merger Agreement), with
each non-electing stockholder (a “Non-Electing Stockholder”) receiving 0.2155
of a share of Series A Common Stock (plus cash for any fractional share
interest) for each share of Class A

 

 

Common Stock held by them at the Effective
Time (as such term is defined in the Merger Agreement);

 

WHEREAS, Section 12.12 of the First Amended
Indenture provides that in the case of any merger pursuant to which the Class A
Common Stock is to be converted to cash, securities or other property which
includes cash, securities or other property of another Entity, the Company and
such other Entity shall execute with the Trustee a supplemental indenture which
shall contain (i) provisions providing for each Security to be convertible
into the kind and amount of cash, securities or other property receivable upon
such merger by the holder of a number of shares of Class A Common Stock
issuable upon conversion of such Security immediately prior to such merger,
assuming such holder of Class A Common Stock was a Non-Electing Holder and
(ii) such additional provisions to protect the interests of the Holders of
the Securities as the Board of Directors of the Company shall reasonably
consider necessary; and

 

WHEREAS, the Company and Liberty Global are
entering into this Second Supplemental Indenture with the Trustee in compliance
with Sections 9.1 and 12.12 of the First Amended Indenture;

 

NOW, THEREFORE, each
party agrees as follows for the benefit of each of the other parties to this
Second Supplemental Indenture and for the equal and ratable benefit of the
Holders of the Securities:

 

ARTICLE I

DEFINED TERMS

 

All capitalized terms that are defined in
this Second Supplemental Indenture shall have the meanings assigned to them
herein.  All capitalized terms used in
this Second Supplemental Indenture that are not otherwise defined in this
Second Supplemental Indenture have the meanings assigned thereto in the First
Amended Indenture.

 

ARTICLE II

AMENDMENTS

 

Section 2.1             Concerning
Definitions.

 

(a)           For all purposes of the Indenture,
this Second Supplemental Indenture and the Securities, the definitions of the
following terms set forth in Section 1.1 of the First Amended Indenture
are amended and restated to read in full as follows:

 

“Conversion
Price” has the meaning specified in the Securities, as adjusted from time to
time in accordance with this Indenture. 
As of the Second Supplemental Indenture Effective Time, the Conversion
Price specified in the Securities is adjusted to €45.2719 per share in
accordance with Section 12.12, and shall remain €45.2719 per share until
adjusted in accordance with this Indenture.

 

2

 

“Event Record
Date,” for purposes of Article Twelve, means, with respect to any dividend,
distribution, issuance or other transaction or event in which the holders of
Series A Common Stock have the right to receive any cash, securities or
other property or in which the Series A Common Stock (or other applicable
security) is exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of stockholders
entitled to receive such cash, securities or other property (whether such date
is fixed by the Board of Directors of Liberty Global or by statute, contract or
otherwise).

 

“Indenture”
means this instrument as originally executed, as supplemented and amended by the
First Supplemental Indenture and the Second Supplemental Indenture, and as it
may from time to time be supplemented or amended by one or more other
indentures supplemental hereto entered into pursuant to the applicable provisions
hereof.

 

“Trading Day”
means a day during which trading in securities generally occurs on the Nasdaq
National Market (or, if the Series A Common Stock is not quoted on the
Nasdaq National Market, on the principal other market on which the Series A
Common Stock is then traded), other than a day on which a material suspension
of or limitation on trading is imposed that affects either the Nasdaq National
Market (or, if applicable, such other market) in its entirety or only the
shares of Series A Common Stock (by reason of movements in price exceeding
limits permitted by the relevant market on which the shares are traded or
otherwise) or on which the Nasdaq National Market (or, if applicable, such
other market) cannot clear the transfer of shares of Series A Common Stock
due to an event beyond Liberty Global’s control.

 

“Volume
Weighted Average Price” of one share of Series A Common Stock on any Trading
Day means the volume weighted average price of one share of Series A Common
Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg Page LBTYA
<equity> AQR in respect of the period from 9:30 a.m. to 4:00 p.m. (New
York City time) on that Trading Day (or if such volume weighted average price
is not available, the market value of one share of Series A Common Stock on
such Trading Day as the Company determines in good faith using a volume
weighted method).

 

3

 

(b)           For all purposes of the
Indenture and the Securities, Section 1.1 of the First Amended Indenture is
amended by adding the following defined terms:

 

“First
Supplemental Indenture” means the First Supplemental Indenture, dated as of May
24, 2005, between the Company and the Trustee.

 

“Liberty
Global” means Liberty Global, Inc., a Delaware corporation, until a successor
Person shall have become such whether by consolidation or merger of Liberty
Global, Inc. with, or sale, lease, conveyance or transfer of all or
substantially all of Liberty Global, Inc.’s assets to, another Person, and
thereafter “Liberty Global” shall mean such successor Person.

 

“Second
Supplemental Indenture” means the Second Supplemental Indenture, dated as of
June 15, 2005, among Liberty Global, the Company and the Trustee.

 

“Second
Supplemental Indenture Effective Time” means the Second Supplemental Indenture Effective
Time as such term is defined in Article V of the Second Supplemental
Indenture.

 

“Series A
Common Stock” means the Series A common stock, par value $.01 per share, of
Liberty Global, as it exists on the date of the Second Supplemental Indenture
and any shares of any class or classes of capital stock of Liberty Global
resulting from any reclassification or reclassifications thereof and which have
no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding-up of Liberty
Global and which are not subject to redemption by Liberty Global; provided,
however, that if at any time there shall be more than one such
resulting class, the shares of each such class then so issuable on conversion
or purchase of Securities shall be substantially in the proportion which the
total number of shares of such class resulting from all such reclassifications
bears to the total number of shares of all such classes resulting from all such
reclassifications.

 

(c)           Except for the reference to
Class A Common Stock in Section 12.5(a)(5)(A)(ii) of the First
Amended Indenture, all references to “Class A Common Stock” in the First
Amended Indenture, including all exhibits attached thereto, which in accordance
with Section 1.14 of the First Amended Indenture are part thereof, shall
be deemed to be deleted and the term “Series A Common Stock” shall be deemed to
be substituted therefor.

 

(d)           For avoidance of doubt, the terms
“Company” and “Trustee” as set forth in Section 1.1 of the First Amended
Indenture are not amended by this Second Supplemental Indenture.

 

4

 

Section 2.2             Concerning
Conversion.

 

(a)           Liberty Global hereby expressly agrees to become a
co-obligor with the Company with respect to the Conversion Obligation under the
Indenture; provided, that Liberty Global shall not
have any responsibilities or obligations as to the Conversion Obligation, or
have any other obligations or responsibilities under the Indenture, except to
the extent expressly set forth in this Second Supplemental Indenture.

 

(b)           Article Twelve of the First Amended Indenture is
amended as follows:

 

(1)           Section 12.1(a)(4) of
the First Amended Indenture is amended by deleting the first two references
therein to the term “the Company” and substituting therefor the term “Liberty
Global.”

 

(2)           Section 12.1(a)(5) of
the First Amended Indenture is amended and restated to read in full as follows:

 

(5)(A)(i) on
or prior to January 16, 2005 and on or after the Second Supplemental
Indenture Effective Time, Liberty Global became or becomes a party to a
consolidation, merger, binding share exchange or sale of all or substantially
all of its assets, in each case, pursuant to which the Series A Common
Stock would be converted into cash, securities or other property unless at
least 90% of the consideration (excluding cash payments for fractional share
interests and cash payments pursuant to dissenters’ rights) in such transaction
consists of Common Stock, American Depositary Shares or other certificates
representing Equity Interests traded on a United States national securities
exchange or quoted on the Nasdaq Stock Market, or will be so traded or quoted
when issued or exchanged in connection with such transaction, and as a result
of such transaction or transactions the Securities become convertible into such
publicly traded securities or (ii) on or after January 17, 2005 and
on or prior to June 29, 2005, the Company became or becomes a party to a
consolidation, merger, binding share exchange or sale of all or substantially
all of its assets, in each case, pursuant to which the Class A Common
Stock could be converted into cash, securities or other property and (B) the
Holder has surrendered the Holder’s Securities for conversion within the time
period specified in Section 12.1(b)(4).

 

(3)           The
first two sentences of Section 12.1(b)(3) of the First Amended
Indenture are amended and restated to read in full as follows:

 

In the case of
a distribution described under Section 12.1(a)(4),
Liberty Global or the Company shall notify Holders of Securities at least
20 days prior to the earlier of the Event Record Date and the Ex-Dividend
Date for such distribution (the “Distribution

 

5

 

Notice”). After Liberty Global or the Company has given the
Distribution Notice, Holders may surrender their Securities for conversion, in
whole or in part, at any time until the close of business on the earlier of the
Business Day immediately prior to the Event Record Date and the date of Liberty
Global’s announcement that such distribution will not take place.

 

(4)           The
first two sentences of Section 12.1(b)(4) of the First Amended
Indenture are amended and restated to read in full as follows:

 

In the case of a transaction described under Section 12.1(a)(5),
Liberty Global or the Company will notify Holders at least 20 days prior
to the anticipated effective date of such transaction (the “Merger Notice”).
After Liberty Global or the Company has given the Merger Notice, Holders may
surrender Securities for conversion at any time from and after the open of
business on the day 15 days prior to the anticipated effective date of the
transaction until the close of business on the earlier of the effective date of
the transaction and the date of Liberty Global’s announcement that the
transaction will not take place.

 

(5)           The
first sentence of Section 12.2(a) of the First Amended Indenture is
amended and restated to read in full as follows:

 

In order to exercise the conversion right with respect to any interest
in Securities represented by Global Securities, Participants of the Clearing
Systems shall complete the appropriate instruction form for conversion pursuant
to the Common Depositary’s book-entry conversion program, furnish appropriate
endorsements and transfer documents if required by Liberty Global, the Company,
the Trustee or the Conversion Agent, and pay the funds, if any, required by
this Section 12.2 and any transfer taxes if required pursuant to Section 12.7.

 

(6)           Section 12.2(a)(3) of
the First Amended Indenture is amended and restated to read in full as follows:

 

(3)           furnish appropriate
endorsement and transfer documents if required by Liberty Global or the Company;

 

(7)           The
second sentence of the paragraph next following clause (4) of Section 12.2(a) of
the First Amended Indenture is amended and restated to read in full as follows:

 

All such Securities surrendered for conversion shall, unless the shares
issuable on conversion are to be issued in the same name as the Holder of such
Securities, be duly endorsed by, or be accompanied by instruments of transfer
in form satisfactory to

 

6

 

Liberty Global or the Company duly executed by, the Holder or the
Holder’s duly authorized attorney.

 

(8)           Section 12.3(a)(1) of
the First Amended Indenture is amended and restated to read in full as follows:

 

If the Company elects to satisfy the Conversion Obligation entirely in
shares of Series A Common Stock, then Liberty Global shall issue and the
Company shall deliver to the Holder a number of shares of Series A Common
Stock equal to the aggregate principal amount of the Securities to which the
Holder has exercised the Holder’s conversion privilege pursuant to this Article divided
by the Conversion Price on the Conversion Date (“Share Settlement”).

 

(9)           The
first sentence of Section 12.3(c) of the First Amended Indenture is
amended and restated to read in full as follows:

 

Subject to compliance with any restrictions on transfer, if shares of Series A
Common Stock are issuable on conversion and are to be issued in a name other
than that of the Holder (as if such transfer were a transfer of the Securities
(or portion thereof) so converted), Liberty Global shall issue and the Company
shall deliver to such Holder at the office of the Conversion Agent, a
certificate or certificates for the number of full shares of Series A
Common Stock issuable upon the conversion of such Securities or portion thereof
in accordance with the provisions of this Article (unless the Holder holds
Securities in book-entry form with the Clearing Systems, then the shares of Series A
Common Stock shall be delivered in accordance with the customary practices of
the Clearing Systems) and the Company shall deliver a check or cash in respect
of any fractional interest in respect of a share of Series A Common Stock
arising upon such conversion, as provided in Section 12.4.

 

(10)         The
second paragraph of Section 12.3(c) of the First Amended Indenture is
amended by deleting all references therein to the term “the Company” and
substituting therefor the term “Liberty Global.”

 

(11)         Section 12.3(d) of
the First Amended Indenture is amended and restated to read in full as follows:

 

(d)           Except as otherwise
provided in Section 12.5, neither Liberty Global nor the Company shall
make any payment or other adjustment for dividends on any Series A Common
Stock issued upon conversion of the Securities.

 

7

 

(12)         The
first sentence of Section 12.4 of the First Amended Indenture is amended
and restated to read in full as follows:

 

Liberty Global will not issue, and the Company will not deliver,
fractional shares of Series A Common Stock upon conversion of Securities.

 

(13)         Sections
12.5(a) and 12.5(b) and the first paragraph of Section 12.5(c) of
the First Amended Indenture are amended by deleting all references therein to
the term “the Company” and substituting therefor the term “Liberty Global.”

 

(14)         The
first sentence of Section 12.5(d)(1) (but not clause (A) thereof)
and the first sentence of Section 12.5(d)(2) of the First Amended
Indenture are amended by deleting all references therein to the term “the
Company” and substituting therefor the term “Liberty Global.”

 

(15)         The
first sentence of Section 12.5(f) of the First Amended Indenture is
amended by deleting the first reference therein to the term “the Company” and
substituting therefor the term “Liberty Global,” and the third sentence of Section 12.5(f) of
the First Amended Indenture is amended by deleting all references therein to
the term “the Company” and substituting therefor the term “Liberty Global.”

 

(16)         Section 12.5(g)(4) of
the First Amended Indenture is amended and restated to read in full as follows:

 

(4)           In any case in which
this Section 12.5 provides that an adjustment shall become effective
immediately after an Event Record Date for an event, the Company may defer
until the occurrence of such event (A) Liberty Global issuing and the
Company delivering to the Holder of any Securities converted after such Event
Record Date and before the occurrence of such event the additional shares of Series A
Common Stock issuable upon such conversion by reason of the adjustment required
by such event over and above the Series A Common Stock issuable upon such
conversion before giving effect to such adjustment and (B) the Company
paying to such Holder any amount in cash in lieu of any fraction pursuant to Section 12.4.

 

(17)         Sections
12.5(g)(5), 12.6(c) and 12.8 of the First Amended Indenture are amended by
deleting all references therein to the term “the Company” and substituting
therefor the term “Liberty Global.”  The section heading
for Section 12.8 and the corresponding reference in the Table of Contents
of the First Amended Indenture are amended by deleting the references therein
to the term “Company” and substituting therefor the term “Liberty Global.”

 

(18)         Section 12.10
of the First Amended Indenture is amended by deleting the term “Company’s”
(immediately preceding the term “Conversion Obligation”) therefrom.

 

8

 

(19)         Clauses
(a), (b), (c) and (d) of Section 12.11 (but not the paragraph
immediately succeeding clause (d)) of the First Amended Indenture are amended
by deleting all references therein to the term “the Company” and substituting
therefor the term “Liberty Global.”

 

(20)         Section 12.12
of the First Amended Indenture is amended and restated to read in full as
follows:

 

Section 12.12 Effect of Reclassification, Consolidation, Merger
or Sale on Conversion Right.  In case
of:

 

(a)           any
reclassification or change of shares of Series A Common Stock issuable
upon conversion of the Securities (other than a change in par value, or from
par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination, or any other change for which an adjustment is
provided in Section 12.5(b));

 

(b)           any
consolidation, merger or binding share exchange to which Liberty Global is a
party other than a merger in which Liberty Global is the continuing Entity and
which does not result in any reclassification of, or change (other than in par
value, or from par value to no par value, or from no par value to par value, or
as a result of a subdivision or combination, or any other change for which an
adjustment is provided in Section 12.5(b)) in outstanding shares of Series A
Common Stock; or

 

(c)           any
sale or conveyance of all or substantially all of the assets of Liberty Global,

 

in each case, pursuant to which the Series A Common Stock is
converted to cash, securities or other property; then (1) from and after
the effective time of such reclassification, change, consolidation, merger,
binding share exchange or sale, the right to convert the Securities into Series A
Common Stock shall be changed into the right to convert the Securities into the
kind and amount of cash, securities or other property that the Holders would
have received if they had converted their Securities immediately prior to such
reclassification, change, consolidation, merger, binding share exchange or sale
and (2) the Company and Liberty Global or the successor or purchasing
Entity, as the case may be, shall execute with the Trustee a supplemental
indenture providing that such Securities shall be convertible into the kind and
amount of cash, securities or other property receivable upon such
reclassification, change, consolidation, merger, binding share exchange or sale
by holders of a number of shares of Series A Common Stock issuable upon
conversion of their Securities

 

9

 

immediately prior to such reclassification, change, consolidation,
merger, binding share exchange or sale, assuming such holder of Series A
Common Stock did not exercise his rights of election, if any, as to the kind or
amount of cash, securities or other property receivable upon such
reclassification, change, consolidation, merger, binding share exchange or sale
(provided, that if the kind or amount of
cash, securities or other property receivable upon such reclassification,
change, consolidation, merger, binding share exchange or sale is not the same
for each share of Series A Common Stock in respect of which such rights of
election shall not have been exercised (“nonelecting share”), then for the
purposes of this Section 12.12, the kind and amount of cash, securities or
other property receivable upon such reclassification, change, consolidation,
merger, binding share exchange or sale for each non-electing share shall be
deemed to be the kind and amount so receivable per share by a plurality of
non-electing shares). Such supplemental indenture shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article.  If, in the case of
any such reclassification, change, consolidation, merger, binding share
exchange or sale, the cash, securities or other property receivable thereupon
by a holder of Series A Common Stock includes cash, securities or other
property of an Entity other than the successor or purchasing Entity, as the
case may be, in such reclassification, change, consolidation, merger, binding
share exchange or sale, then such supplemental indenture shall also be executed
by such other Entity and shall contain such additional provisions to protect
the interests of the Holders of the Securities as the Board of Directors of the
Company shall reasonably consider necessary by reason of the foregoing.

 

In the event a supplemental indenture shall
be executed pursuant to this Section 12.12, the Company shall promptly
file with the Trustee (1) an Officers’ Certificate briefly stating the
reasons therefor, the kind or amount of cash, securities or other property
receivable by Holders of the Securities upon the conversion of their Securities
after any such reclassification, change, consolidation, merger, binding share
exchange or sale, any adjustment to be made with respect thereto and that all
conditions precedent have been complied with and (2) an Opinion of Counsel
that all conditions precedent in respect thereto have been complied with.  The Company shall cause notice of the
execution of such supplemental indenture to be mailed to each Holder, in the
manner provided in Section 1.5, within 20 days after execution
thereof. Failure to deliver such notice shall not affect the legality or
validity of such supplemental indenture. The above provisions of this Section 12.12
shall similarly apply to successive reclassifications,

 

10

 

changes, consolidations, mergers, binding share exchanges and sales. If
this Section 12.12 applies to any event or occurrence, Section 12.5
shall not apply.

 

(21)         The
first sentence of the first paragraph of Section 12.13 of the First
Amended Indenture is amended and restated to read in full as follows:

 

The Trustee or any other Conversion Agent shall have no duty to
determine when an adjustment under this Article should be made, how it
should be made or what such adjustment should be, but may accept as conclusive
evidence of that fact or the correctness of any such adjustment, and shall be
protected in relying upon, an Officers’ Certificate including the Officers’
Certificate with respect thereto which the Company is obligated to file with
the Trustee and the Conversion Agent pursuant to Section 12.12.

 

Section 2.3             Concerning
Option to Require Purchase.

 

(a)           The first sentence of Section 13.3(d) of the First
Amended Indenture is amended and restated to read in full as follows:

 

Subject to compliance with any restrictions on transfer, if shares of Series A
Common Stock are issued in respect of the payment of the Change of Control
Purchase Price and are to be issued in a name other than that of the Holder (as
if such transfer were a transfer of the Securities (or portion thereof) so
purchased), Liberty Global shall issue and the Company shall deliver to such
Holder at the office of the Paying Agent or the office or agency referred to in
Section 10.2, a certificate or certificates for the number of full shares
of Series A Common Stock issuable upon the purchase of such Securities or
portion thereof in accordance with the provisions of this Article (unless
the Holder holds Securities in book-entry form with the Clearing Systems, then
the shares of Series A Common Stock shall be delivered in accordance with
the customary practices of the Clearing Systems) and the Company shall deliver
a check or cash in respect of any fractional interest in respect of a share of Series A
Common Stock arising upon such purchase, as provided in Section 13.6.

 

(b)           The second paragraph of Section 13.3(d) of the
First Amended Indenture is amended by deleting the second and third references
therein to the term “the Company” and substituting therefor the term “Liberty
Global.”

 

(c)           The first sentence of Section 13.3(f)(2) of the
First Amended Indenture is amended by deleting the term “The Company” therein
and substituting therefor the term “Liberty Global.”

 

11

 

(d)           The first sentence of Section 13.6 of the First Amended
Indenture is amended and restated to read in full as follows:

 

Liberty Global will not issue and the Company will not deliver
fractional shares of Series A Common Stock in payment of the Change of Control
Purchase Price.

 

Section 2.4             Concerning
Form of Securities.

 

The first
sentence of paragraph 4 of the Form of Securities attached as Exhibit A
to the First Amended Indenture is amended and restated to read in full as
follows:

 

The Company issued the Securities under an Indenture, dated as of April 6,
2004, between the Company and the Trustee (such Indenture as it may from time
to time be supplemented or amended, including without limitation pursuant to
the First Supplemental Indenture and the Second Supplemental Indenture, the “Indenture”).

 

ARTICLE III

CONCERNING UGC MERGER

 

Section 3.1             Representations
Concerning the UGC Merger.

 

The Company
hereby represents that it is the continuing entity and that no Default or Event
of Default exists or shall occur immediately after giving effect to the UGC
Merger.

 

Section 3.2             Officers’
Certificate and Opinion of Counsel.

 

Concurrently
with the execution and delivery of this Second Supplemental Indenture, the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel as required by Sections 8.1, 9.3 and 12.12 of the First Amended
Indenture.

 

ARTICLE IV

CONCERNING THE TRUSTEE

 

Section 4.1             Terms and
Conditions.

 

The Trustee
accepts this Second Supplemental Indenture and agrees to perform the duties of
the Trustee upon the terms and conditions set forth herein and in the First
Amended Indenture, as modified by this Second Supplemental Indenture.

 

Section 4.2             No Responsibility.

 

The Trustee
makes no undertaking or representations in respect of, and shall not be
responsible in any manner whatsoever for and in respect of, the validity or
sufficiency of this Second Supplemental Indenture or the proper authorization
or the due execution hereof by

 

12

 

Liberty Global or the Company
or for or in respect of the recitals and statements contained herein, all of
which recitals and statements are made solely by the Company, as the case may
be.

 

ARTICLE V

EFFECTIVE TIME; EFFECT OF EXECUTION AND DELIVERY

 

Notwithstanding
the execution and delivery of this Second Supplemental Indenture on the date
hereof, the amendments to the First Amended Indenture set forth in Article II
of this Second Supplemental Indenture shall not become effective unless and
until the Effective Time (as such term is defined in the Merger Agreement) of
the UGC Merger occurs (the date and time of such Effective Time is herein
called the “Second Supplemental Indenture Effective Time”).  From and after the Second Supplemental
Indenture Effective Time and without any further notice or action on the part
of Liberty Global, the Company, the Trustee, any Holder or any other Person, (i) the
First Amended Indenture shall be deemed to be modified in accordance with the
amendments set forth in Article II of this Second Supplemental Indenture, (ii) this
Second Supplemental Indenture shall form a part of the Indenture for all
purposes, (iii) except as expressly modified by this Second Supplemental
Indenture, the First Amended Indenture shall continue in full force and effect,
(iv) the Securities shall continue to be governed by the First Amended
Indenture, as modified by this Second Supplemental Indenture and (v) every
Holder of Securities heretofore or hereafter authenticated and delivered shall
be bound by the First Amended Indenture, as modified by this Second
Supplemental Indenture.  Without limiting
the generality of the foregoing, each outstanding Security shall be deemed
modified and amended as set forth in the First Amended Indenture, as modified
by this Second Supplemental Indenture.

 

ARTICLE VI

OBLIGATIONS UNDER THE INDENTURE

 

Notwithstanding
anything to the contrary in the First Amended Indenture, this Second
Supplemental Indenture or the First Amended Indenture, as modified by this
Second Supplemental Indenture, (i) all obligations for payment of
principal of, or premium, if any, interest, Liquidated Damages, if any, Change
of Control Purchase Price, Conversion Obligation, Put Price or Redemption Price
due to be paid on, the Securities shall remain solely the obligations of the
Company and (ii) any requirement to provide notices, make announcements or
file documents with the Trustee in Article Twelve or Thirteen of the First
Amended Indenture, as modified by this Second Supplemental Indenture, shall
remain the responsibility of the Company, and Liberty Global shall not be
responsible for such notices, announcements or filings.  Liberty Global has executed this Second
Supplemental Indenture only for the purpose of confirming its obligation to
issue Series A Common Stock upon the conversion of Securities as set forth
herein, and Liberty Global neither has nor assumes any obligations for payment
of principal of, or premium, if any, interest, Liquidated Damages, if any,
Change of Control Purchase Price, Conversion Obligation, Put Price or
Redemption Price due to be paid on, the Securities or any other obligations
under the Indenture, this Second Supplemental Indenture or the First Amended
Indenture, as modified by this Second Supplemental Indenture.

 

13

 

ARTICLE VII

MISCELLANEOUS PROVISIONS

 

Section 7.1             Headings
Descriptive.

 

The Article and
Section headings in this Second Supplemental Indenture are for convenience
only and shall not affect the construction of this Second Supplemental
Indenture.

 

Section 7.2             Rights
and Obligations of the Trustee.

 

All of the
provisions of the First Amended Indenture with respect to the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in
respect of this Second Supplemental Indenture as fully and with the same effect
as if set forth herein in full.

 

Section 7.3             Successors
and Assigns.

 

All covenants
and agreements in this Second Supplemental Indenture by the Company or Liberty
Global shall bind its respective successors and assigns, whether so expressed
or not.

 

Section 7.4             Separability
Clause.

 

In case any
provision in this Second Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 7.5             Counterparts.

 

This Second
Supplemental Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together constitute but
one and the same instrument.

 

Section 7.6             Governing Law.

 

THIS SECOND
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION,
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B), AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES.

 

Section 7.7             Conflict
with Trust Indenture Act.

 

If any provision of this Second
Supplemental Indenture limits, qualifies or conflicts with any provision which
is required or deemed to be included in this Second Supplemental Indenture by
any of the provisions of the Trust Indenture Act, such provision or requirement
of the Trust Indenture Act shall control. 
If any provision of this Second

 

14

 

Supplemental Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the latter provision shall be deemed to apply to this Second
Supplemental Indenture as so modified or excluded, as the case may be.

 

15

 

IN WITNESS WHEREOF, the parties hereto have
caused this Second Supplemental Indenture to be duly executed all as of the day
and year first above written.

 

	
   

  	
  LIBERTY GLOBAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elizabeth M. Markowski

  	
   

  
	
   

  	
  Name:

  	
  Elizabeth M. Markowski

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNITEDGLOBALCOM, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael T. Fries

  	
   

  
	
   

  	
  Name:

  	
  Michael T. Fries

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Pitfick

  	
   

  
	
   

  	
  Name:

  	
  Michael Pitfick

  
	
   

  	
  Title:

  	
  Vice President

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