Document:

Exhibit 10.2

 

FORM OF
NON-QUALIFIED STOCK OPTION NOTICE

 

[NAME]

[ADDRESS]

 

This Option Notice (the “Notice”)  dated as of June 12, 2009 (the “Grant Date”) is being
sent to you by Virgin Media Inc. (including any successor company, the “Company”).  As you are presently serving as an employee
of Virgin Media Inc. or one of its subsidiary corporations, in recognition of
your services and pursuant to the Virgin Media Inc. 2006 Stock Incentive Plan
(the “Plan”) the Company has granted you the Option provided for in this
Notice. This Option is subject to the terms and conditions set forth in the
Plan, which is incorporated herein by reference, and defined terms used but not
defined in this Notice shall have the meaning set forth in the Plan.

 

1.  Grant of Option.  The Company hereby irrevocably grants to you,
as of the Grant Date, an option to purchase up to [Number] shares of the
Company’s Common Stock at a price of $8.73  per share (the
“Option”).  This Option is not intended
to qualify as an Incentive Stock Option under U.S. tax laws and it is not
intended to qualify as an approved Option under U.K. tax laws.

 

2.  Vesting.   This Option shall vest as to 20% of the shares
on January 1, 2010 and as to an additional 20% of the shares on each January 1
thereafter, until fully vested.  Upon an
Acceleration Event this Option, to the extent not yet vested, shall become 100%
vested.  This Option shall stop vesting
immediately upon the termination of your employment.

 

3.  Exercise Period.   This Option shall be exercisable as to any
or all the shares as to which this Option has become exercisable for a period
of 10 years from the date of grant.  Your
right to exercise this Option, to the extent vested, shall terminate on the
earlier of the following dates: (a) three months after your termination
other than for Cause; (b) one year after your termination resulting from
your retirement, disability or death; (c) the date on which your
employment is terminated for Cause; or (d) June 11, 2019.

 

4.  Condition to Exercise.  This Option may not be exercised in any
circumstances unless and until the Company is satisfied that: (a) you have
entered into a binding election in the form prescribed by the Company (the “Election”)
pursuant to which you assume liability for the whole of the employers’ National
Insurance contributions due in respect of share option gains arising from this
Option; (b) you are at the time of exercise an employee of the Company, a
Subsidiary Company, Parent Company or Affiliated Entity; (c) you have
remained continuously so employed since the Grant Date; and (d) you have
entered into new terms and conditions of employment with the Company (or a
Subsidiary Company, Parent Company or Affiliated Entity) on terms satisfactory
to the Company on or before July 31, 2009. 
If the exercise condition described in paragraph 4(d) above is not
satisfied, this Option will terminate in full on August 1, 2009 unless
otherwise agreed by the Company.

 

5.  Manner of Exercise.  This Option may be
exercised by delivery to the Company of a written notice signed by the person
entitled to exercise the Option, specifying the number of shares which such
person wishes to purchase, together with a certified bank cheque or cash (or
such other manner of payment as permitted by the Plan) for the aggregate option
price for that number of shares and any required withholding (including a
payment sufficient to indemnify the Company or any subsidiary of the Company in
full against any and all liability to account for any tax, employee’s National
Insurance contributions, or duty payable and arising by reason of the exercise
of the Option) and the amount necessary to meet the employers’ National
Insurance liability referred to in paragraph 4(a) of this Notice.

 

6.  Transferability.  Neither this Option nor any interest in this
Option may be transferred other than by will or the laws of descent or
distribution.

 

	
   

  	
  VIRGIN
  MEDIA INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:  

  	
   

  
	
   

  	
  Title:Exhibit 10.3

 

FORM OF
INCENTIVE STOCK OPTION NOTICE

 

[NAME]

[ADDRESS]

 

This Option Notice (the “Notice”)  dated as of June 12, 2009 (the “Grant Date”) is being
sent to you by Virgin Media Inc. (including any successor company, the “Company”).  As you are presently serving as an employee
of Virgin Media Inc. or one of its subsidiary corporations, in recognition of
your services and pursuant to the Virgin Media Inc. 2006 Stock Incentive Plan
(the “Plan”) the Company has granted you the Option provided for in this
Notice. This Option is subject to the terms and conditions set forth in the
Plan, which is incorporated herein by reference, and defined terms used but not
defined in this Notice shall have the meaning set forth in the Plan.

 

1.  Grant of Option.  Subject to the provisions of this Notice, the
Company hereby irrevocably grants to you, as of the Grant Date, an option to
purchase up to [Number] shares of the Company’s Common Stock at a price of $8.73  per share (the “Option”). 
This Option is intended to qualify as an Incentive Stock Option under
U.S. tax laws and the Company will treat it as such to the extent permitted by
applicable law.

 

2.  Vesting.   This Option shall vest as to 20% of the shares
on January 1, 2010 and as to an additional 20% of the shares on each January 1
thereafter, until fully vested.  Upon an
Acceleration Event this Option, to the extent not yet vested, shall become 100%
vested.  This Option shall stop vesting
immediately upon the termination of your employment.

 

3.  Exercise Period.   This Option shall be exercisable as to any
or all the shares as to which this Option has become exercisable for a period
of 10 years from the date of grant.  Your
right to exercise this Option, to the extent vested, shall terminate on the
earlier of the following dates: (a) three months after your termination
other than for Cause; (b) one year after your termination resulting from
your retirement, disability or death; (c) the date on which your
employment is terminated for Cause; or (d) June 11, 2019.

 

4.  Condition to Exercise.  This Option may not be exercised in any
circumstances unless and until the Company is satisfied that: (a) you are
at the time of exercise an employee of the Company, a Subsidiary Company,
Parent Company or Affiliated Entity; (b) you have remained continuously so
employed since the Grant Date; and (c) you have entered into new terms and
conditions of employment with the Company (or a Subsidiary Company, Parent
Company or Affiliated Entity) on terms satisfactory to the Company on or before
July 31, 2009.  If the exercise
condition described in paragraph 4(c) above is not satisfied, this Option
will terminate in full on August 1, 2009 unless otherwise agreed by the
Company.

 

4.  Manner of Exercise.  This Option may be
exercised by delivery to the Company of a written notice signed by the person
entitled to exercise the Option, specifying the number of shares which such
person wishes to purchase, together with a certified bank check or cash (or
such other manner of payment as permitted by the Plan) for the aggregate option
price for that number of shares and any required withholding (including a
payment sufficient to indemnify the Company or any subsidiary of the Company in
full against any and all liability to account for any tax or duty payable and
arising by reason of the exercise of the Option).

 

5.  Transferability.  Neither this Option nor any interest in this
Option may be transferred other than by will or the laws of descent or
distribution.

 

 

	
   

  	
  VIRGIN
  MEDIA INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:  

  	
   

  
	
   

  	
  Title:Exhibit 4.5

 

FIRST AMENDMENT TO THE

ASSURED GUARANTY LTD. SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2009)

 

WHEREAS, Assured Guaranty Ltd. (the “Company”)
maintains the Assured Guaranty Ltd. Supplemental Employee Retirement Plan, as
amended and restated effective January 1, 2009 (the “Plan”);

 

WHEREAS, the Company desires to add an
employer stock fund as an Investment Return Rate (as defined in the Plan);

 

WHEREAS, no Company stock will be held in
such employer stock fund or issued pursuant to the Plan; and

 

NOW, THEREFORE, the Plan is hereby amended
with respect to the Investment Return Rates available on and after May 7,
2009, as follows:

 

1.  By substituting the following for subsection
3.3 of the Plan:

 

“3.3.  Investment
Return Rates.  The “Investment Return
Rate(s)” with respect to the Account(s), or portions of the Supplemental
Account(s), of any Participant for any period shall be the Investment Return
Rate(s) elected by the individual in accordance with subsection 3.4 from
among such investment alternatives (if any) for that period which, in the
discretion of the Committee, are offered from time to time under this
subsection 3.3, including the Employer Stock Fund (as defined in Exhibit B)
subject to the rules and regulations set forth in Exhibit B.”

 

2.  By substituting the following for subsection
3.4 of the Plan:

 

“3.4.  Participant
Selection of Investment Return Rate. 
The Investment Return Rate alternatives under the Plan, and a
Participant’s ability to choose among Investment Return Rate alternatives,
shall be determined in accordance with rules established by the Committee
from time to time; provided, however, that the Company may not modify the
Investment Return Rate with respect to periods prior to the adoption of such
modification; and provided further that the Participant’s selection of the
Employer Stock Fund as an Investment Return Rate is subject to the rules and
regulations set forth in Exhibit B.”

 

3.  By adding the following as a new Exhibit B
to the Plan:

 

“Exhibit B

 

ASSURED GUARANTY LTD.
SUPPLEMENTAL

EMPLOYEE RETIREMENT PLAN

 

Employer Stock Fund Rules and
Regulations

 

Subject to the following restrictions and
limitations, a Participant may elect the Employer Stock Fund as an Investment
Return Rate alternative for all or a portion of their Accounts.  To the extent that the “Employer Stock Fund”
is chosen as a Participant’s Investment Return Rate for all or a portion of an
Account, the Account will be credited with Units, with each such Unit 

 

 

representing the right to
receive the value in cash of one share of common stock of the Company (“Shares”).  No Shares will be held or issued by reason of
the inclusion of the Employer Stock Fund in this Plan.  The number of Units credited to such
Participant’s Account will be equal to the number of Shares which could have
been purchased with the value of the Account deemed invested in the Employer
Stock Fund based on the fair market value of a Share at the time of such deemed
purchase.

 

B-1.  Eligibility.  Participants are eligible to invest all or a
portion of their Accounts in the Employer Stock Fund.

 

B-2.  Allocations
to and from Employer Stock Fund.  A
Participant may elect to have the Investment Return Rate allocated to the
Employer Stock Fund with respect to amounts which are first credited to the
Participant’s Account under the Plan (“Initial Contributions”).  A Participant (i) may elect to have the
Investment Return Rate allocated to the Employer Stock Fund with respect to
amounts that were credited to the Participant’s Account but were not initially
allocated to the Employer Stock Fund, and (ii) may elect to have the
Investment Return Rate with respect to amounts previously allocated to the
Employer Stock Fund allocated to a different Investment Return Rate.  Changes in the Investment Return Rate in
accordance with the preceding sentence are sometimes referred to as “Fund
Transfers”.  Any such election under this
subsection B-2 will be effective not earlier than the date the election is
filed with the Committee or its delegate. 
Initial Contributions into the Employer Stock Fund and Fund Transfers
into or out of the Employer Stock Fund will be subject to the following
restrictions:

 

(a)                                  Elections relating to Initial
Contributions or Fund Transfers that would constitute a purchase or sale of
Shares, if each Unit was a Share, may only be made, changed or cancelled at a
time when a Participant would be permitted to purchase or sell actual Shares in
accordance with the Policy on Trading in Securities Related to Assured Guaranty
Ltd. or any of its Subsidiaries, as from time to time in effect, or any
replacement policy relating to trading in the Company’s securities (the “Insider
Trading Policy”).

 

(b)                                 Elections to allocate Initial
Contributions to the Employer Stock Fund with respect to contributions for any
Plan Year may only be made prior to the beginning of the applicable Plan Year
to the extent required for compliance with SEC Rule 16b-3.

 

B-3.  Dividends.  A Participant’s Account will be credited with
additional Units to reflect dividends payable with respect to Shares during the
period in which the Account is allocated to the Employer Stock Fund, with the
increase in the number of Units equal to the number of Shares which could be
purchased with the dividends assuming each Unit allocated to the Participant’s
Account was a Share (the “Deemed Dividends”), based on the value of such Shares
at the time such dividends are paid. 
Notwithstanding the foregoing, in the discretion of the Committee, a
Participant may elect to have the Deemed Dividends credited to an Investment
Return Rate other than the Employer Stock Fund. 
Any such election shall be effective not earlier than the date the
election is filed with the Committee or its delegate.”

 

2

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