Document:

Exhibit 10.39

 

NTL INCORPORATED

 

RESTRICTED STOCK AGREEMENT

 

 

RESTRICTED
STOCK AGREEMENT, dated as of September 11, 2006, between NTL
Incorporated, a Delaware corporation (the “Company”), and John Howard Watson
(the “Executive”).

 

WHEREAS,
the Company wishes to grant to the Executive, and the Executive wishes to
accept from the Company, shares of common stock of the Company, par value $0.01
per share (the “Restricted Stock”), to be granted pursuant to the NTL
Incorporated 2006 Stock Incentive Plan (the “Plan”);

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.                                       Grant of
Restricted Stock.

 

The Company hereby grants to
the Executive, and the Executive hereby accepts from the Company, 25,000 shares
of Restricted Stock on the terms and conditions set forth in this
Agreement.  This Agreement is also
subject to the terms and conditions set forth in the Plan.  Capitalized terms used but not defined herein
shall have the meanings set forth in the Plan.

 

2.                                       Rights of Executive.

 

Except as otherwise provided
in this Agreement, the Executive shall be entitled, at all times on and after
the date that the shares of Restricted Stock are issued, to exercise all the
rights of a stockholder with respect to the shares of Restricted Stock (whether
or not the Transfer Restrictions thereon shall have lapsed), including the
right to vote the shares of Restricted Stock and the right, subject to Section 6
hereof, to receive dividends thereon. 
Notwithstanding the foregoing, prior to the Lapse Date (as defined
below), the Executive shall not be entitled to transfer, sell, pledge,
hypothecate, assign, or otherwise dispose of or encumber, the shares of
Restricted Stock (collectively, the “Transfer Restrictions”).  The Executive hereby acknowledges that the
Company may set policies from time to time on minimum stock holdings of its key
executives and such policies, as in effect from time to time, may restrict
transfers of vested shares by the Executive. 
The Executive agrees to comply with these policies and the Company’s
insider trading policy as in effect from time to time.

 

3.                                       Vesting and
Lapse of Transfer Restrictions.

 

3.1                                 The Transfer Restrictions on
the Restricted Stock shall lapse and the Restricted Stock granted hereunder
shall vest on March 1, 2008, if the performance conditions set forth on Exhibit A
hereto have been met.

 

3.2                                 Notwithstanding
Section 3.1, upon the occurrence of an Acceleration Event, the Transfer
Restrictions on all of the shares of Restricted Stock granted hereunder and
then outstanding shall lapse and such shares of Restricted Stock shall vest.

 

 

 

4.                                       Escrow and
Delivery of Shares.

 

4.1                                 Certificates
representing the shares of Restricted Stock shall be issued and held by the
Company in escrow and shall remain in the custody of the Company until their
delivery to the Executive or the Executive’s estate as set forth in Section 4.2
hereof, subject to the Executive’s delivery of any documents which the Company
in its discretion may require as a condition to the issuance of shares and the
delivery of shares to the Executive or the Executive’s estate.

 

4.2                                 Certificates
representing those shares of Restricted Stock in respect of which the Transfer
Restrictions have lapsed pursuant to Section 3 hereof shall be delivered
to the Executive as soon as practicable following the Lapse Date, provided that
the Executive has satisfied all applicable Withholding Tax requirements with
respect to the Restricted Stock.

 

4.3                                 The Executive may receive,
hold, sell, or otherwise dispose of those shares delivered to the Executive
pursuant to Section 4.2 free and clear of the Transfer Restrictions, but
subject to compliance with all federal and state securities laws.

 

4.4                                 Prior to the Lapse Date,
each stock certificate evidencing shares of Restricted Stock shall bear a
legend in substantially the following form:

 

“This certificate and the shares
of stock represented hereby are subject to the terms and conditions (including
forfeiture, restrictions against transfer and rights of repurchase, if
applicable) contained in the Restricted Stock Agreement (the “Agreement”)
between the registered owner of the shares represented hereby and the
Company.  Release from such terms and
conditions shall be made only in accordance with the provisions of the
Agreement, a copy of which is on file in the office of the Secretary of NTL
Incorporated.”

 

4.5                                 As soon as practicable
following the Lapse Date, the Company shall issue new certificates in respect
of the shares that have vested as of the Lapse Date which shall not bear the
legend set forth in Section 4.4, which certificates shall be delivered in
accordance with Section 4.2 hereof.

 

5.                                       Effect of
Termination of Employment for any Reason.

 

Upon termination of the
Executive’s employment with the Company and its Affiliates, if applicable, for
any reason, the Executive shall forfeit the shares of Restricted Stock which
are then subject to the Transfer Restrictions, and, from and after such
forfeiture, such shares of Restricted Stock shall cease to be outstanding and
the Executive shall have no rights with respect thereto; provided, that, if the
Executive’s employment shall terminate after the end of a fiscal year of the
Company and prior to the date of the determination as to whether the
performance conditions applicable to such fiscal year have been met, the shares
of Restricted Stock subject to vesting in respect of such fiscal year shall
remain outstanding following the termination of the Executive’s employment and
shall vest or be forfeited when such determination is made, in either case
based on such determination.

 

2

 

6.                                       Voting and
Dividend Rights.

 

All dividends declared and
paid by the Company on shares of Restricted Stock shall be deferred until the
lapsing of the Transfer Restrictions pursuant to Section 3 hereof (and
shall be subject to forfeiture upon forfeiture of the shares of Restricted
Stock as to which such deferred dividends relate).  The deferred dividends shall be held by the
Company for the account of the Executive. 
Upon the Lapse Date, the dividends allocable to the shares of Restricted
Stock as to which the Transfer Restrictions have lapsed shall be paid to the
Executive (without interest).  The
Company may require that the Executive invest any cash dividends received in
additional Restricted Stock which shall be subject to the same conditions and
restrictions as the Restricted Stock granted under this Agreement.

 

7.                                       No Right to Continued Employment.

 

Nothing in this Agreement
shall be interpreted or construed to confer upon the Executive any right with
respect to continuance of employment by the Company or any of its Affiliates,
nor shall this Agreement interfere in any way with the right of the Company or
any such Affiliate to terminate the Executive’s employment at any time.

 

8.                                       Withholding of Taxes.

 

The
Executive shall pay to the Company, or the Company and the Executive shall
agree on such other arrangements necessary for the Executive to pay, the
applicable federal, state and local income taxes required by law to be withheld
(the “Withholding Taxes”), if any, upon the vesting and delivery of the
shares.  The Company shall have the right
to deduct from any payment of cash to the Executive an amount equal to the
Withholding Taxes in satisfaction of the Executive’s obligation to pay
Withholding Taxes.

 

9.                                       Modification
of Agreement.

 

This
Agreement may be modified, amended, suspended or terminated, and any terms or
conditions may be waived, but only by a written instrument executed by the
parties hereto.

 

10.                                 Severability.

 

Should
any provision of this Agreement be held by a court of competent jurisdiction to
be unenforceable or invalid for any reason, the remaining provisions of this
Agreement shall not be affected by such holding and shall continue in full
force and effect in accordance with their terms.

 

11.                                 Governing Law.

 

The
validity, interpretation, construction and performance of this Agreement shall
be governed by the laws of the State of New York without giving effect to the
conflicts of laws principles thereof which might result in the application of
the laws of any other jurisdiction.

 

3

 

12.                                 Successors in Interest;
Transfer.

 

This
Agreement shall inure to the benefit of and be binding upon any successor to
the Company.  This Agreement shall inure
to the benefit of the Executive’s heirs, executors, administrators and
successors.  All obligations imposed upon
the Executive and all rights granted to the Company under this Agreement shall
be binding upon the Executive’s heirs, executors, administrators and
successors.  This Agreement is not
assignable by the Executive.

 

 

 

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  NTL INCORPORATED

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Stephen A. Burch

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Stephen A. Burch

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President & Chief Executive
  Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ACCEPTED
  AND AGREED

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  John Howard Watson

  	
   

  	
   

  	
   

  
	
  Name:

  	
  John
  Howard Watson

  	
   

  	
   

  	
   

  
						

 

5

 

Exhibit A

 

 

Performance Conditions

 

 

The
satisfactory performance of the Executive in his role as Chief Technology &
Information Officer, as determined by the Chief Executive Officer and the
Compensation Committee.  This includes
specific delivery of Vanilla-related projects and the successful delivery of
KPI’s as determined in the Operating Scorecard.

 

6Exhibit 10.47

 

NTL INCORPORATED

 

RESTRICTED STOCK
AGREEMENT

 

 

THIS
AGREEMENT, made as of the 6th day of May, 2004 (the “Grant Date”), between NTL
Incorporated, a Delaware corporation (the “Company”), and Robert Gale (the “Grantee”).

 

WHEREAS,
the Company wishes to grant to the Grantee, and the Grantee wishes to accept
from the Company, shares of common stock of the Company, par value $0.01 per
share (the “Restricted Stock”), to be granted under and subject to the Amended
and Restated NTL 2004 Stock Incentive Plan (the “Plan”);

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.             Grant
of Stock.

 

The Company hereby grants to the Grantee, and the Grantee hereby
accepts from the Company, 11,500 shares of Restricted Stock on the terms and
conditions set forth in this Agreement. 
This Agreement is also subject to the terms and conditions set forth in
the Plan.  Captialized terms used but not
defined herein shall have the meanings set forth in the Plan.

 

2.             Rights of Grantee.

 

Except as otherwise provided in this Agreement, the Grantee shall be
entitled, at all times on and after the Grant Date, to exercise all the rights
of a stockholder with respect to the shares of Restricted Stock (whether or not
the restrictions thereon shall have lapsed), including the right to vote the
shares of Restricted Stock and the right, subject to Section 6 hereof, to
receive dividends thereon. 
Notwithstanding the foregoing, prior to an applicable Lapse Date (as
defined below), the Grantee shall not be entitled to transfer, sell, pledge,
hypothecate, assign, or otherwise dispose of or encumber, the shares of
Restricted Stock subject to such Lapse Date (collectively, the “Transfer
Restrictions”).

 

3.             Vesting
and Lapse of Transfer Restrictions.

 

The Transfer Restrictions on the Restricted Stock shall lapse and the
Restricted Stock granted hereunder shall vest as follows:

 

(i)                                     as to 2,300 shares on the Grant Date;

 

(ii)                                  as to an additional 2,300 shares on the first anniversary of
the Grant Date;

 

 

 

(iii)                               as to an additional 2,300 shares on the second anniversary
of the Grant Date;

 

(iv)                              as to an additional 2,300 shares on the third anniversary of
the Grant Date; and

 

(v)                                 as to an additional 2,300 shares on the fourth anniversary
of the Grant Date (each such vesting date, a “Lapse Date”).

 

4.             Escrow
and Delivery of Shares.

 

4.1.                              Certificates representing the shares of
Restricted Stock shall be issued and held by the Company in escrow and shall
remain in the custody of the Company until their delivery to the Grantee or the
Grantee’s estate as set forth in Section 4.2 hereof, subject to the
Grantee’s delivery of any documents which the Company in its discretion may
require as a condition to the issuance of shares and the delivery of shares to
the Grantee or the Grantee’s estate.

 

4.2.                              (a)           Certificates
representing those shares of Restricted Stock in respect of which the Transfer
Restrictions have lapsed pursuant to Section 3 hereof shall be delivered
to the Grantee as soon as practicable following the applicable Lapse Date,
provided that the Grantee has satisfied all applicable withholding requirements
with respect to the Restricted Stock.

 

(b)           The Grantee may receive, hold, sell,
or otherwise dispose of those shares delivered to the Grantee pursuant to
paragraph (a) of this Section 4.2 free and clear of the Transfer
Restrictions, but subject to compliance with all federal and state securities
laws.

 

4.3.                              (a)           Prior
to the applicable Lapse Date, each stock certificate evidencing shares of
Restricted Stock as to which the Transfer Restrictions have not lapsed shall
bear a legend in substantially the following form:

 

“This
certificate and the shares of stock represented hereby are subject to the terms
and conditions (including forfeiture, restrictions against transfer and rights
of repurchase, if applicable) contained in the Restricted Stock Agreement (the “Agreement”)
between the registered owner of the shares represented hereby and the
Company.  Release from such terms and
conditions shall be made only in accordance with the provisions of the Agreement,
a copy of which is on file in the office of the Secretary of NTL Incorporated.”

 

2

 

(b)           As soon as practicable following each
applicable Lapse Date, the Company shall issue new certificates in respect of
the shares that have vested as of such Lapse Date which shall not bear the
legend set forth in paragraph (a) of this Section 4.3, which
certificates shall be delivered in accordance with Section 4.2 hereof.

 

5.             Effect
of Termination of Employment for any Reason.

 

Upon termination of the Grantee’s employment with the Company and its
Affiliates, if applicable, for any reason, the Grantee shall forfeit the shares
of Restricted Stock which are subject to the Transfer Restrictions, and, from
and after such forfeiture, the Executive shall have no rights with respect
thereto.

 

6.             Voting
and Dividend Rights.

 

All dividends declared and paid by the Company on shares of Restricted
Stock shall be deferred until the lapsing of the Transfer Restrictions pursuant
to Section 3 hereof (and shall be subject to forfeiture upon forfeiture of
the shares of Restricted Stock as to which such deferred dividends
relate).  The deferred dividends shall be
held by the Company for the account of the Grantee.  Upon each applicable Lapse Date, the
dividends allocable to the shares of Restricted Stock as to which the Transfer
Restrictions have lapsed shall be paid to the Grantee (without interest).  The Company may require that the Grantee invest
any cash dividends received in additional Restricted Stock which shall be
subject to the same conditions and restrictions as the Restricted Stock granted
under this Agreement.

 

7.             No Right to Continued Employment.

 

Nothing in this Agreement shall be interpreted or construed to confer
upon the Grantee any right with respect to continuance of employment by the
Company or any of its Affiliates, nor shall this Agreement interfere in any way
with the right of the Company or any such Affiliate to terminate the Grantee’s
employment at any time.

 

8.             Withholding of Taxes.

 

The Grantee shall pay to the Company the applicable federal, state and
local income taxes required by law to be withheld (the “Withholding Taxes”), if
any, upon the vesting and delivery of the Stock.  The Company shall have the right to deduct
from any payment of cash to the Grantee an amount equal to the Withholding
Taxes in satisfaction of the Grantee’s obligation to pay Withholding Taxes.

 

3

 

9.             Modification
of Agreement.

 

This Agreement may be modified, amended, suspended or terminated, and
any terms or conditions may be waived, but only by a written instrument
executed by the parties hereto.

 

10.           Severability.

 

Should any provision of this Agreement be held by a court of competent
jurisdiction to be unenforceable or invalid for any reason, the remaining
provisions of this Agreement shall not be affected by such holding and shall
continue in full force and effect in accordance with their terms.

 

11.           Governing
Law.

 

The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Delaware without giving
effect to the conflicts of laws principles thereof.

 

12.           Successors in Interest;
Transfer.

 

This Agreement shall inure to the benefit of and be binding upon any
successor to the Company.  This Agreement
shall inure to the benefit of the Grantee’s heirs, executors, administrators
and successors.  All obligations imposed
upon the Grantee and all rights granted to the Company under this Agreement
shall be binding upon the Grantee’s heirs, executors, administrators and
successors.  This Agreement is not
assignable by the Grantee.

 

[signature page follows]

 

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  NTL INCORPORATED

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ Scott E. Schubert

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Scott E. Schubert

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ACCEPTED AND AGREED

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert Gale

  	
   

  	
   

  	
   

  	
   

  
	
  Grantee

  	
   

  	
   

  	
   

  	
   

  
								

 

5

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