Document:

md8kex10_6.htm

 

Exhibit 10.6

 

INCENTIVE STOCK OPTION NOTICE

Bryan H Hall

[INTENTIONALLY OMITTED]

This Option Notice (the "Notice”) dated as of September 15, 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. The 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 100,000 shares of the Company’s Common Stock at a price
of $12.79 per share (the “Option”).  The Option is intended to qualify as an Incentive Stock Option under US tax laws and the Company will treat it as such to the extent permitted by applicable law.

2.  Vesting.  The Option shall vest in full on December 31, 2010 provided that you are employed by the Company or one of its subsidiary corporations on each such vesting date.

3.  Acceleration Event.  In the event you are subject to a termination of employment by the Company without Cause or you terminate
your employment for Good Reason in either case within twelve (12) months following an Acceleration Event, the Option shall vest and become exercisable as to all of the shares subject to the Option.  For purposes of this Section 3, Good Reason shall mean a termination of your employment by you following the occurrence of any of the following events without your consent: (i) a material breach by the Company of any of the covenants in the employment agreement between you and Virgin Media Limited dated
as of September 15, 2009 (the “Employment Agreement”), (ii) any material reduction in your base salary under Section 3(a) of the Employment Agreement, or (iii) any material and adverse change in your position, title or status or any change in your job duties, authority or responsibilities to those of lesser status.  You shall give the Company ten (10) days notice of your intention to terminate your employment for Good Reason (as defined in (i) through (iii) above) has occurred, and such
notice shall describe the facts and circumstances in support of such claim in reasonable detail.  The Company shall have ten (10) days thereafter to cure such facts and circumstances if possible.

4.  Exercise Period. Except as set forth in paragraph 2, the Option shall stop vesting immediately upon the termination of your employment and any portion of the Option that is not vested
at the time of termination of your employment shall immediately be forfeited and cancelled.  Your right to exercise that portion of the Option that is vested at the time of your termination shall terminate on the earlier of the following dates: (a) three months after the termination of your employment 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) September 14, 2019.

5.  Manner of Exercise.  The 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 or 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).

6.  Transferability.  Neither the Option nor any interest in the Option may be transferred other than by will or the laws of descent or distribution, and this Option may be exercised
during your lifetime only by you or your guardian or legal representative.

	  	
VIRGIN MEDIA INC.

 

 

 

	  	
/s/ Neil Berkett

	  	
Name:   Neil Berkett

	  	
Title      Chief Executive OfficerFramework for Awards
of Performance Shares 

                   The
following is the framework adopted by the Human Resources Committee (the
“Committee”) of the Board of Directors of Oshkosh Corporation (the
“Company”) for approving Awards of Performance Shares under the Oshkosh
Corporation 2009 Incentive Stock and Awards Plan (the “Plan”) (capitalized terms
used but not defined herein are used as defined in the Plan): 

           1.      Participants; Performance
Shares. As to each specific Award of           Performance Shares, the Committee
shall approve a list of Participants who will           receive the number of Performance
Shares listed opposite their names on such           list.  

           2.      Award Calculation Schedule.
The Committee will approve a schedule as to           each specific Award of Performance
Shares that will set forth different           percentiles representing the extent to
which the Performance Goal applicable to           the Award is achieved and a
corresponding percentage of Award shares earned at           each percentile. Each
Performance Share represents the right to receive a number           of Shares equal to
the decimal equivalent of the percentage of Award shares           earned as reflected on
such schedule based upon to the extent to which the           Performance Goal is
achieved as reflected on such schedule, except that cash           will be paid in lieu
of any fractional Share.  

           3.      Performance Goal. The
Performance Goal applicable to the Awards is total           shareholder return, which is
the annualized rate of return reflecting stock           price appreciation plus cash
equivalent distributions and reinvestment of           dividends as and when paid and the
compounded effect of dividends paid on           reinvested dividends (“TSR”),
for Shares, on the one hand, and for the           group of comparator companies
reflected on a schedule to be approved by the           Committee as to each specific
Award of Performance Shares (the “Benchmark           Companies”), on the other
hand, for a performance period of approximately           three years to be designated by
the Committee as to each specific Award of           Performance Shares (the “Performance
Period”), assuming that $100 was           invested in Shares and in the stock of
each of the Benchmark Companies at the           beginning of the Performance Period.  

	 	      a.      To
determine TSR, the average of the closing market prices for the Shares and           the
Benchmark Companies, respectively, for the first ten trading days of the
          Performance Period and the average of the closing market prices for the Shares
          and the Benchmark Companies, respectively, for the last ten trading days of the
          Performance Period will be used.  

	 	      b.                The
extent to which the Performance Goal is achieved will be determined by
          computing TSR for each of the Benchmark Companies, ordering the Benchmark
          Companies from lowest to highest based upon their respective TSR and
determining           how TSR for the Shares compares on a percentile basis. For this
purpose, TSR for           the Shares will equal or exceed a percentile only if it equals
or exceeds the           lowest TSR for a Benchmark Company that falls at or above the
percentile. How           TSR for the Shares compares on a percentile basis will then be
applied to the           award calculation schedule that the Committee approved to
determine the number           of Shares earned. Determinations will be made in a manner
acceptable to the           Committee and certified in writing in a manner that complies
with Code           Section 162(m). The Company will deliver the Shares earned to
the           Participant promptly after the determination of the number of Shares
earned.  

           4.      Termination of Employment;
Change in Control.  

	 	      a.                If
the employment of a Participant terminates due to Retirement, death or
          Disability after the tenth trading day of the Performance Period and prior to
          the end of the Performance Period and such termination occurs prior to a Change
          in Control, then the Participant will receive a number of Shares in respect of
          the Award equal to the product of (i) the number of Shares the Participant
would           have received had the Performance Period ended on the date of termination
          multiplied by (ii) a fraction the numerator of which is the number of days
          elapsed in the Performance Period prior to such termination and the denominator
          of which is the number of days in the full Performance Period. Such amount will
          be calculated and paid promptly following the date of termination.  

	 	      b.                The
Participant will forfeit any rights under the Award in each of the following
          cases: (i) if the employment of a Participant terminates at any time prior to
          the commencement of the Performance Period; (ii) if the employment of a
          Participant terminates for reasons other than Retirement, death or Disability
          prior to the end of the Performance Period and such termination occurs prior to
          a Change in Control; or (iii) if the employment of a Participant terminates due
          to Retirement, death or Disability during the first ten trading days of the
          Performance Period and such termination occurs prior to a Change in Control.  

	 	      c.                In
the event of a Change in Control after the commencement and prior to the end           of
the Performance Period (and prior to a termination to which 4.a or 4.b
          applies), a Participant will receive a number of Shares in respect of the Award
          calculated as if the Performance Period ended on the date of the Change in
          Control. Further, to determine TSR, (i) if the first public announcement of the
          event giving rise to the Change in Control occurs on or prior to the tenth
          trading day of the Performance Period, then the average of the closing market
          prices for the Shares and the Benchmark Companies, respectively, for the ten
          trading days preceding the first public announcement of the event giving rise
to           the Change in Control will be used in lieu of the average of the closing
market           prices for the Shares and the Benchmark Companies, respectively, for the
first           ten trading days of the Performance Period, but in no event will trading
days           prior to the date the Award is approved be used and (ii) the Change in
Control           Price will be used in lieu of the average of the closing market prices
for the           Shares for the last ten trading days of the Performance Period. The
amount           earned will be calculated and paid promptly following the date of the
Change in           Control.  

	 	      d.                In
the event of a Change in Control after the end of the Performance Period and
          prior to the delivery of any Shares earned in respect of the Award, a
          Participant shall have the right to receive an amount of cash equal to the
          product of the number of Shares earned and the Change in Control Price.  

           5.      No Dividends. Performance
Shares as such will not entitle a Participant           to receive dividend payments or
dividend equivalent payments with respect to any           Shares. However, at such time
as the Company delivers Shares earned to a           Participant, the Company will also
deliver a number of Shares equal to the           quotient obtained by dividing (a) the
aggregate amount of cash dividends that           the Company would have paid on the
Shares earned over the course of the period           commencing at the start of the
Performance Period and ending on the date of           delivery of the Shares earned had
the Shares earned been outstanding on record           dates for dividends during such
period by (b) the Fair Market Value of the           Shares on the date five business
days prior to the date the Company delivers           Shares earned to a Participant.  

           6.      Tax Matters.  

	 	      a.                A
Participant may defer the delivery of Shares that are issuable in respect of           an
Award pursuant to the Oshkosh Corporation Deferred Compensation Plan for
          Directors and Officers by delivering an election prior to the date the Award is
          approved.  

	 	      b.                To
satisfy the federal, state and local withholding tax obligations of a
          Participant arising in connection with an Award, the Company will withhold
          Shares otherwise issuable under the Award having a Fair Market Value equal to
          the amount to be withheld. However, the amount to be withheld will not exceed
          the total minimum federal, state and local tax withholding obligations
          associated with the transaction. If the number of Shares to be withheld shall
          include a fractional share, then the number of Shares withheld shall be
          increased to the next higher whole number, and the Company shall deliver to the
          Participant cash in lieu of such fractional share representing such increase.  

	 	      c.                The
Awards are intended to qualify as “performance-based compensation”          under
Code Section 162(m).  

           7.      Beneficiary. A Participant
may from time to time designate in           writing, in a manner acceptable to the
Company, a beneficiary to receive payment           under the Award after the Participant’s
death.  

           8.      Award Agreement. This
framework constitutes an award agreement relating           to the Awards for purposes of
the Plan.  

3

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