Document:

Exhibit 10.1

 

FOURTH AMENDMENT TO THE
CREDIT AGREEMENT

 

FOURTH AMENDMENT TO THE CREDIT AGREEMENT (this “Amendment”),
dated as of March 28, 2008, among GENERAL MARITIME CORPORATION, a Marshall
Islands corporation (the “Borrower”), the Lenders party from time to
time to the Credit Agreement referred to below (the “Lenders”) and
NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent (in such
capacity, the “Administrative Agent”) and as Collateral Agent.  Unless otherwise defined herein, capitalized terms
used herein and defined in the Credit Agreement are used herein as therein
defined.

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent have
entered into a Credit Agreement, dated as of October 26, 2005 (the “Credit
Agreement”);

 

WHEREAS, subject to the terms and conditions set forth below, the
parties hereto wish to amend certain provisions of the Credit Agreement as
provided herein;

 

NOW, THEREFORE, it is agreed;

 

A.            Amendments to the Credit Agreement

 

1.             Section 7.08(b) of
the Credit Agreement is hereby amended by adding the following text at the end
of the first sentence thereof:

 

 “except to purchase or carry or extend credit
for the purpose of purchasing or carrying such Margin Stock as may be permitted
to be purchased or carried pursuant to the terms of Section 9.05(vi) and
(viii).”

 

2.             Section 9.02 of
the Credit Agreement is hereby amended by adding the following sentence at the
end thereof:

 

“Notwithstanding
anything to the contrary contained above, the foregoing covenant shall not be
violated as a result of sales of Margin Stock for cash at fair market value (as
determined in good faith by the Borrower at the time of the respective sale).”

 

3.             Section 9.03(iv) of
the Credit Agreement is hereby amended by deleting the text “$50,000,000”
appearing therein and inserting “$150,000,000” in lieu thereof.

 

4.             Section 9.05
of the Credit Agreement is hereby amended by (x) deleting the text “and”
appearing at the end of clause (vi) therein, (y) deleting the period “.”
appearing at the end of clause (vii) therein and inserting the text “; and”
in lieu thereof and (z) adding the following new clause (viii) at the
end thereof:

 

 

“(viii) the Borrower
and its Subsidiaries (other than the Subsidiary Guarantors) may make Investments
in non-Subsidiaries; provided that (x) no Default or Event of
Default has occurred and is continuing or would result following such
Investment and (y) such Investments shall only be made in entities engaged
in (A) the businesses permitted by Section 9.14 and (B) other
maritime related businesses reasonably satisfactory to the Administrative
Agent.”

 

5.             Section 10.04 of
the Credit Agreement is hereby amended by (a) adding the text “(x)”
immediately following the text “provided that” appearing therein and (b) inserting
the following text immediately following the text “$10,000,000” appearing
therein:

 

“and (y) in
determining whether there is any Default or Event of Default pursuant to
preceding clauses (ii) and (iii), there shall be excluded any condition
described in said clauses (ii) and/or (iii) solely to the extent that
the respective violation, occurrence or acceleration occurred as a result of
violations of restrictions contained in any Indebtedness owing to Lender or
Affiliate thereof on the creation of non-permitted Liens on Margin Stock or any
non-permitted disposition thereof”.

 

B.            Miscellaneous
Provisions

 

1.             In order to induce
the Lenders to enter into this Amendment, the Borrower hereby represents and
warrants to each of the Lenders that (i) all of the representations and
warranties contained in the Credit Agreement and in the other Credit Documents
are true and correct in all material respects on and as of the Amendment
Effective Date (as defined below) both immediately before and immediately after
giving effect thereto (unless such representations and warranties relate to a
specific earlier date, in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date) and (ii) there
exists no Default or Event of Default on the Amendment Effective Date (as
defined below) both immediately before and immediately after giving effect
thereto .

 

2.             This Amendment is
limited as specified and shall not constitute a modification, acceptance or
Amendment of any other provision of the Credit Agreement or any other Credit
Document.

 

3.             This Amendment may be
executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which counterparts when executed and delivered
shall be an original, but all of which shall together constitute one and the
same instrument.  A complete set of
counterparts executed by all the parties hereto shall be lodged with the
Borrower and the Administrative Agent.

 

4.             THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.

 

5.             This Amendment shall
become effective on the date (the “Amendment Effective Date”) when:

 

2

 

(i)            the Borrower, each
Subsidiary Guarantor and the Required Lenders shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered
(including by way of facsimile (or other electronic) transmission) the same to
the Administrative Agent; and

 

(ii)           the Administrative
Agent shall have received from Kramer Levin Naftalis & Frankel LLP,
special New York counsel to the Borrower and its Subsidiaries reasonably
satisfactory to the Administrative Agent, an opinion addressed to the
Administrative Agent and each of the Lenders and dated the Amendment Effective
Date, in form and substance reasonably acceptable to the Administrative Agent,
and covering such matters incident to this Amendment as the Administrative
Agent may reasonably request.

 

6.             From and after the
Amendment Effective Date, all references in the Credit Agreement and in the
other Credit Documents to the Credit Agreement shall be deemed to be referenced
to the Credit Agreement as modified hereby.

 

*              *              *

 

[SIGNATURE PAGES TO
FOLLOW]

 

3

 

IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized officers
to execute and deliver this Amendment as of the date first above written.

 

	
   

  	
  GENERAL MARITIME CORPORATION 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Georgiopoulos

  
	
   

  	
   

  	
  Name:

  	
  John C. Georgiopoulos

  
	
   

  	
   

  	
  Title:

  	
  General Maritime Corporation

  
	
   

  	
   

  	
   

  	
  Executive Vice President

  

 

 

	
   

  	
  NORDEA
  BANK FINLAND PLC, NEW

  YORK BRANCH, Individually and as

  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Colleen Durkin

  
	
   

  	
   

  	
  Name: Colleen Durkin

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Hans Kjelsrud

  
	
   

  	
   

  	
  Name: Hans Kjelsrud

  
	
   

  	
   

  	
  Title: Executive Vice President

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  BAYERISCHE HYPO-UND

  
	
   

  	
  VEREINSBANK AG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Martin Borchert

  
	
   

  	
   

  	
  Name: Martin Borchert

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Ayuitt Euici

  
	
   

  	
   

  	
  Name: Ayuitt Euici

  
	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  Alliance & Leicester Plc

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark McCarthy

  
	
   

  	
   

  	
  Name:

  	
  Mark McCarthy

  
	
   

  	
   

  	
  Title:

  	
  Head of Shipping

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ian Lawrence

  
	
   

  	
   

  	
  Name:

  	
  Ian Lawrence

  
	
   

  	
   

  	
  Title:

  	
  Head of Infrastructure, Project & Rail

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  CITIGROUP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Malleck

  
	
   

  	
   

  	
  Name:

  	
  Robert Malleck

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  The Royal Bank of Scotland

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ C. Manchester

  
	
   

  	
   

  	
  Name:

  	
  C. Manchester

  
	
   

  	
   

  	
  Title:

  	
  Senior Director Americas & Nordic Region

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  CREDIT INDUSTRIEL ET COMMERCIAL, NEW

  
	
   

  	
  YORK BRANCH, as Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adrienne Molloy

  
	
   

  	
   

  	
  Name:

  	
  Adrienne Molloy

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bernard Laleuf

  
	
   

  	
   

  	
  Name:

  	
  Bernard Laleuf

  
	
   

  	
   

  	
  Title:

  	
  SVP and Deputy General Manager

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  BANK OF SCOTLAND plc

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan Boothby

  
	
   

  	
   

  	
  Name: Alan Boothby

  
	
   

  	
   

  	
  Title:  
  Director, Marine Finance

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  Dresdner Bank AG in Hamburg

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jons von Have

  
	
   

  	
   

  	
  Name:

  	
  Jons von Have

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara Sorge

  
	
   

  	
   

  	
  Name:

  	
  Barbara Sorge

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  DnB NOR Bank ASA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nikolai A. Nachamkin

  
	
   

  	
   

  	
  Name:

  	
  Nikolai A. Nachamkin

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sanjiv Nayar

  
	
   

  	
   

  	
  Name:

  	
  Sanjiv Nayar

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  HSH Nordbank AG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frauke Hay

  
	
   

  	
   

  	
  Name:

  	
  Frauke Hay

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Helga Becklas

  
	
   

  	
   

  	
  Name:

  	
  Helga Becklas

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  Skandinaviska Enskilda Banken AB (publ.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott Lewallen

  
	
   

  	
   

  	
  Name:

  	
  Scott Lewallen

  
	
   

  	
   

  	
  Title:

  	
  Global Head of Shipping Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Egil Aaarrestad

  
	
   

  	
   

  	
  Name:

  	
  Egil Aaarrestad

  
	
   

  	
   

  	
  Title:

  	
  Shipping Finance Executive

  

 

 

	
   

  	
  SIGNATURE PAGE TO THE FOURTH AMENDMENT, DATED AS OF
  THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT AMONG GENERAL MARITIME
  CORPORATION, THE LENDERS PARTY THERETO AND NORDEA BANK FINLAND PLC, NEW YORK
  BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT

  
	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  
	
   

  	
   

  
	
   

  	
  NATIXIS

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Antoine Saint Olive

  
	
   

  	
   

  	
  Name:

  	
  Antoine Saint Olive

  
	
   

  	
   

  	
  Title:

  	
  Regional Head of Shipping-Americas

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Amelie Zucchi

  
	
   

  	
   

  	
  Name:

  	
  Amelie Zucchi

  
	
   

  	
   

  	
  Title:

  	
  Middle Officer

  
							

 

 

	
   

  	
  Acknowledged and Agreed by:

  
	
   

  	
   

  
	
   

  	
  GMR AGAMEMNON LLC,

  
	
   

  	
  GMR AJAX LLC,

  
	
   

  	
  GMR ALEXANDRA LLC,

  
	
   

  	
  GMR ARGUS LLC,

  
	
   

  	
  GMR CHALLENGER LLC,

  
	
   

  	
  GMR CHAMP LLC,

  
	
   

  	
  GMR COMMANDER LLC,

  
	
   

  	
  GMR CONSTANTINE LLC,

  
	
   

  	
  GMR DEFIANCE LLC,

  
	
   

  	
  GMR ENDURANCE LLC,

  
	
   

  	
  GMR GULF LLC,

  
	
   

  	
  GMR HARRIET G LLC,

  
	
   

  	
  GMR HECTOR LLC,

  
	
   

  	
  GMR HONOUR LLC,

  
	
   

  	
  GMR HOPE LLC,

  
	
   

  	
  GMR HORN LLC,

  
	
   

  	
  GMR KESTREL LLC,

  
	
   

  	
  GMR LEONIDAS LLC,

  
	
   

  	
  GMR MINOTAUR LLC,

  
	
   

  	
  GMR ORION LLC,

  
	
   

  	
  GMR PERICLES LLC,

  
	
   

  	
  GMR PHOENIX LLC,

  
	
   

  	
  GMR PRINCESS LLC,

  
	
   

  	
  GMR PROGRESS LLC,

  
	
   

  	
  GMR REVENGE LLC,

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Georgiopoulos

  
	
   

  	
   

  	
  Name:

  	
  John C. Georgiopoulos

  
	
   

  	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Kerr

  
	
   

  	
   

  	
  Name:

  	
  Brian Kerr

  
	
   

  	
   

  	
  Title:

  	
  Manager

  

 

 

	
   

  	
  GMR SPARTIATE LLC,

  
	
   

  	
  GMR SPYRIDON LLC,

  
	
   

  	
  GMR STAR LLC,

  
	
   

  	
  GMR STRENGTH LLC,

  
	
   

  	
  GMR SUN LLC,

  
	
   

  	
  GMR TRADER LLC,

  
	
   

  	
  GMR TRUST LLC,

  
	
   

  	
  GMR KARA G LLC,

  
	
   

  	
  GMR GEORGE T LLC,

  
	
   

  	
  GMR ST. NIKOLAS LLC,

  
	
   

  	
  as Guarantors

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Georgiopoulos

  
	
   

  	
   

  	
  Name:

  	
  John C. Georgiopoulos

  
	
   

  	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Kerr

  
	
   

  	
   

  	
  Name:

  	
  Brian Kerr

  
	
   

  	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GENERAL MARITIME MANAGEMENT LLC,

  
	
   

  	
  as a Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Tavlarios

  
	
   

  	
   

  	
  Name:

  	
  John Tavlarios

  
	
   

  	
   

  	
  Title:

  	
  CEO & President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GMR ADMINISTRATION CORP.,

  
	
   

  	
  as a Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey D. Pribor

  
	
   

  	
   

  	
  Name:

  	
  Jeffrey D. Pribor

  
	
   

  	
   

  	
  Title:

  	
  VP

  
					

 

 

	
   

  	
  GMR NEWBUILDING 1, LLC,

  
	
   

  	
  GMR NEWBUILDING 2, LLC,

  
	
   

  	
  GMR NEWBUILDING 3, LLC,

  
	
   

  	
  GMR NEWBUILDING 4, LLC,

  
	
   

  	
  as Guarantors

  
	
   

  	
   

  
	
   

  	
  By:

  	
  General Maritime Corporation, Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Georgiopoulos

  
	
   

  	
   

  	
  Name:

  	
  John C. Georgiopoulos

  
	
   

  	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GMR Administration Corp., Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey D. Pribor

  
	
   

  	
   

  	
  Name:

  	
  Jeffrey D. Pribor

  
	
   

  	
   

  	
  Title:

  	
  VPExhibit 4.14

 

RULES OF THE VIRGIN MEDIA
SHARESAVE PLAN

 

(Approved by the HM Revenue &
Customs under Schedule 3, Income Tax (Earnings and Pensions) Act 2003 on 28 March
2008 under HM Revenue & Customs reference: SRS 102712)

 

1.  DEFINITIONS AND INTERPRETATION

 

1.1  The words and expressions set out below shall
have the meanings specified against them:-

 

	
  “Associated Company”

  	
   

  	
  shall mean an associated company as defined in
  Section 416(1) of the Taxes Act with the omission of the words “or
  at any time within one year previously”;

  
	
   

  	
   

  	
   

  
	
  “the Auditors”

  	
   

  	
  the auditors for the time being of the Company or if
  there are joint auditors such one as the Board shall select acting as experts
  and not as arbitrators;

  
	
   

  	
   

  	
   

  
	
  “the Board”

  	
   

  	
  the board of directors of the Company for the time
  being or a duly authorised committee thereof;

  
	
   

  	
   

  	
   

  
	
  “the Bonus Date”

  	
   

  	
  (i) the earliest date on which the maximum bonus
  is payable (where pursuant to Rules 2 and 3 the repayment under the
  Relevant Savings Contract is taken as including the maximum bonus) or
  (ii) in any other case the earliest date on which a bonus (“the Standard
  Bonus”) is payable under the Relevant Savings Contract;

  
	
   

  	
   

  	
   

  
	
  “the Company”

  	
   

  	
  Virgin Media Incorporated;

  
	
   

  	
   

  	
   

  
	
  “control”

  	
   

  	
  control as defined in Section 840 of the Taxes
  Act;

  
	
   

  	
   

  	
   

  
	
  “Date of Adoption”

  	
   

  	
  21 February 2008;

  

 

 

	
  “Date of Grant”

  	
   

  	
  in relation to an Option means the date on which the
  Option is granted;

  
	
   

  	
   

  	
   

  
	
  “the due date”

  	
   

  	
  the due date referred to in Rule 5.1 for repayment
  to be made under a Relevant Savings Contract;

  
	
   

  	
   

  	
   

  
	
  “Employee”

  	
   

  	
  an individual who is a full-time director or an
  employee of any company within the Group;

  
	
   

  	
   

  	
   

  
	
  “Eligible Employee”

  	
   

  	
  (a)  an Employee:-

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)  who has been in the continuous service of a
  company (currently within the Group) for not less than such period of time
  (not exceeding five years) as may be determined by the Board prior to the
  relevant date of grant in accordance with Rule 2); and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)  whose remuneration is subject to United
  Kingdom income tax under Part 2 of ITEPA;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)  any other Employee whom the Board shall have
  determined shall be eligible to participate in the Plan;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Provided that no person shall be an Eligible Employee
  in any year of assessment if he is ineligible to participate in the Plan by
  virtue of paragraph 11 of Schedule 3 to ITEPA;

  
	
   

  	
   

  	
   

  
	
  “Exercise Price”

  	
   

  	
  the amount payable per Share on the exercise of an
  Option which amount shall be determined by the Board but shall not be less
  than the greater of:-

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)  80% of the Market Price on the day on which
  the Board makes the relevant invitation under Rule 2.1; and

  

 

2

 

	
   

  	
   

  	
  (b) (in the case of an Option to Subscribe) the
  nominal value of a Share;

  
	
   

  	
   

  	
   

  
	
  “Financial Services Authority”

  	
   

  	
  the Financial Services Authority or any body with
  responsibility under legislation replacing the Financial Services and Markets
  Act 2000 for carrying out regulatory action;

  
	
   

  	
   

  	
   

  
	
  “Form of Application”

  	
   

  	
  a form of application for the grant of an Option in
  such form as the Company may from time to time require;

  
	
   

  	
   

  	
   

  
	
  “the Group”

  	
   

  	
  the Company and any Subsidiary which the Board
  determines from time to time shall participate in the Plan and the term
  “Group Company” shall be construed accordingly;

  
	
   

  	
   

  	
   

  
	
  “ITEPA”

  	
   

  	
  Income Tax (Earnings and Pensions) Act 2003;

  
	
   

  	
   

  	
   

  
	
  “London Stock Exchange”

  	
   

  	
  the London Stock Exchange plc;

  
	
   

  	
   

  	
   

  
	
  “Market Price”

  	
   

  	
  on any day where the Shares are not listed on the
  London Stock Exchange or dealings in the Shares have been suspended for any
  reason the market value of a Share determined in accordance with
  Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in
  advance for the purposes of the Plan HM Revenue & Customs Shares and
  Assets Valuation; and on any day when the Shares are listed on the London
  Stock Exchange and dealings in the Shares are not suspended the middle market
  quotation of a Share derived from the London Stock Exchange Daily Official
  List;

  
	
   

  	
   

  	
   

  
	
  “Official List”

  	
   

  	
  the list maintained by the UK Listing Authority in
  accordance with section 74(5) of the Financial Services and Markets Act
  2000 (The Official List) for the purposes of Part VI of the Financial
  Services and Markets Act 2000 (Official Listing);

  

 

3

 

	
  “Option”

  	
   

  	
  an option to acquire Shares granted pursuant to the
  Plan;

  
	
   

  	
   

  	
   

  
	
  “Option Certificate”

  	
   

  	
  the certificate issued pursuant to Rule 2.5;

  
	
   

  	
   

  	
   

  
	
  “Option Holder”

  	
   

  	
  a person to whom an Option has been granted under the
  Plan or, where appropriate, the personal representatives of such a person;

  
	
   

  	
   

  	
   

  
	
  “Option to Subscribe”

  	
   

  	
  means an Option that confers a right to subscribe for
  new Shares pursuant to the Plan;

  
	
   

  	
   

  	
   

  
	
  “the Plan”

  	
   

  	
  the Virgin Media Sharesave Plan;

  
	
   

  	
   

  	
   

  
	
  “Relevant Savings Contract”

  	
   

  	
  a certified contractual savings scheme within the
  meaning of Section 326 of the Taxes Act and approved by the Board of HM
  Revenue & Customs for the purposes of Schedule 3 to ITEPA which has
  been entered into in connection with the granting of options to acquire
  shares under any share option scheme approved under Schedule 3 to ITEPA
  (including the Plan);

  
	
   

  	
   

  	
   

  
	
  “Shares”

  	
   

  	
  means fully paid ordinary non-redeemable shares of
  common stock in the capital of the Company which satisfy the conditions
  specified in paragraphs 18-22 (inclusive) of Schedule 3 to ITEPA;

  
	
   

  	
   

  	
   

  
	
  “Subsidiary”

  	
   

  	
  a company wheresoever incorporated which is for the
  time being under the control of the Company provided always that such company
  would fall within the definition of a subsidiary under section 736 of the
  Companies Act 1985; and

  
	
   

  	
   

  	
   

  
	
  “Taxes Act”

  	
   

  	
  Income and Corporation Taxes Act 1988.

  

 

1.2  References in the Plan to a statute or a
statutory provision shall include any modification re-enactment or extension
thereof.

 

4

 

1.3  References to the masculine will include the
feminine (and vice versa) and words denoting the singular shall include the
plural (and vice versa).

 

2.  GRANT OF
OPTIONS

 

2.1  The Board having determined the number of
Shares (if any) over which it is prepared to grant Options may invite each and
every Eligible Employee to apply for an Option to acquire at the Exercise Price
up to such number of Shares as the Board may specify in the invitation and as
may be permitted in accordance with Rules 3 and 4.  Invitations may be issued at any time provided
that invitations may only be issued on or after the date on which the Plan is
first approved by the HM Revenue & Customs.

 

2.2  An invitation shall lapse unless within such
period as the Board may specify in the invitation (such period being not less than
14 days after the date on which the invitation is made):-

 

2.2.1  the Company shall have
received a duly completed Form of Application from the Employee which
shall (subject to Rule 3.1) state, inter alia, whether for the purpose of
determining the number of Shares over which an Option is to be granted the
repayment under the Relevant Savings Contract is to be taken as including the
maximum bonus or the Standard Bonus; and

 

2.2.2  the Employee shall have
applied to enter into a Relevant Savings Contract complying with Rule 3.1
and shall have lodged such application with the Company.

 

2.3 The Board shall in
respect of each occasion when invitations to apply for Options are made appoint
a date to be the Date of Grant for that occasion which shall not be later than
30 days following the first day by reference to which the Market Price for the
relevant invitations was determined except where applications are scaled down
in accordance with Rule 4.3 when it shall not be later than 42 days
following such day.

 

2.4 Subject to Rules 3
and 4, on each Date of Grant the Board shall accept the applications of, and
thereby grant Options to, those Eligible Employees who have satisfied the
requirements of Rule 2.2 and who are Eligible Employees on that date.  Unless the Board determines otherwise, each
application shall be deemed to be for an Option over the largest whole number
of Shares that can be bought at the US dollar Exercise Price with the expected
repayment under the related Relevant Savings Contract at the appropriate Bonus
Date following the conversion of the repayment into US dollars.

 

5

 

2.5 As soon as
practicable following the Date of Grant the Board shall issue to each Option
Holder an Option Certificate in such form as the Board shall prescribe but
stating:-

 

2.5.1 the Date of Grant of the Option;

 

2.5.2 the expected number of Shares subject to Option being (unless the
Board determines otherwise) such number of Shares as the repayment under the
Relevant Savings Contract can acquire following conversion of the repayment
into US dollars;

 

2.5.3 the Exercise Price in respect of those Shares;

 

2.5.4 the earliest date of exercise in normal circumstances; and

 

2.5.5 a statement stating that the Option is personal to the Option
Holder and unless specifically provided in the Plan rules, cannot be
transferred, assigned, mortgaged, charged or otherwise disposed of and shall
immediately become void and be of no effect in the event of the bankruptcy of
the Option Holder.

 

3.  CONDITIONS ATTACHING TO THE GRANT OF OPTIONS

 

3.1  Each Eligible Employee who wishes to apply
for an Option shall first complete an application to enter into a Relevant
Savings Contract under which the amount of the repayments (which at the
discretion of the Company include the Standard Bonus, or the maximum bonus as
the Company may permit and the Eligible Employee shall have chosen) shall on
the due date as nearly as practicable equal but not exceed the aggregate of the
Exercise Price for the Shares comprised in the Option.

 

3.2  An Option shall be personal to the Option
Holder and may not, save as herein otherwise specifically provided, be
transferred, assigned, mortgaged, charged or otherwise disposed of and shall
immediately become void and of no effect in the event of the bankruptcy of the
Option Holder.

 

3.3  The Company shall have the power from time to
time to determine with which savings institution Eligible Employees may enter
into Relevant Savings Contracts for the purpose of accumulating funds to pay
the exercise price of Options.

 

4.  LIMIT ON
OPTIONS

 

4.1  No Option may be granted to an Eligible
Employee which would result in the aggregate Exercise Prices of Shares
comprised in outstanding Options granted to him under the Plan 

 

6

 

exceeding the maximum
amount repayable (inclusive of any Standard Bonus applied under the Plan) on
the respective due dates to the Employee under all his Relevant Savings
Contracts.

 

4.2  No Employee shall make monthly contributions
under Relevant Savings Contracts exceeding, in aggregate, £250 or such lesser
amount as the Board may decide.  The
monthly savings contributions shall not be less than £5 (or such greater amount
as the Board may specify not to exceed £10 per month) and shall be a multiple
of £1 per month.

 

4.3  If pursuant to any invitation made under Rule 2.1
valid applications are received for Options over more Shares than the aggregate
number for which applications were invited (or the limits referred to above are
exceeded) the Board shall scale down applications by carrying out any of the
following steps in the order that they deem appropriate to the extent necessary
to eliminate the excess:-

 

4.3.1  each application where the
applicant has elected to apply the maximum bonus under the Relevant Savings
Contract shall be treated as an application to apply the Standard Bonus;

 

4.3.2  each application shall be
treated as exclusive of any bonus;

 

4.3.3  the contributions which
each applicant has applied to make under the Relevant Savings Contract (and the
number of Shares comprised in the Option) shall be scaled down above whatever
figure the Board may determine, as nearly as possible proportionately
(contributions rounded to the nearest multiple of £1 per month), provided that
in no case shall the monthly contributions be reduced below £5 per month;

 

4.3.4  each application where the
applicant has applied for one type of Relevant Savings Contract shall be
treated as an application for a Relevant Savings Contract of shorter duration;
and

 

4.3.5  applications will be
selected by lot each based on monthly contributions of £5 and exclusive of any
bonus.

 

4.4  Each application shall be deemed to be
modified or withdrawn in accordance with the foregoing and the Board shall
grant Options accordingly.

 

7

 

5.  EXERCISE
OF OPTIONS

 

5.1  Subject to the provisions of Rules 6, 7
and 8 an Option may only be exercised within the six months commencing on the
due date for repayment under the Option Holder’s Relevant Savings
Contract.  Where an Option Holder has
elected to receive the maximum bonus (and Rule 4.3.1 has not been applied
to reduce such bonus to the Standard Bonus) the due date shall be the earliest
date on which the maximum bonus is payable. 
Where an Option Holder has elected to receive the Standard Bonus the due
date shall be the earliest date on which the Standard Bonus is payable.

 

5.2  An Option shall be exercised by notice in
writing (in the form prescribed by the Company provided, however, that the
Board may at its discretion accept a notice of exercise in any other form which
is unambiguous and substantially equivalent thereto) given by the Option Holder
to the Board in respect of all or some of the Shares comprised in the Option
and such notice shall be accompanied by the relevant Option Certificate and a
remittance for the aggregate of the Exercise Prices payable, such payment to be
made only out of the proceeds of the Relevant Savings Contract.  No Option may be exercised in respect of a
number of Shares the aggregate of the Exercise Prices for which exceeds the
amount (including any bonus and/or interest) repaid under the Relevant Savings
Contract.  Any repayment under the Relevant
Savings Contract shall exclude the repayment of any contribution the due date
for payment of which falls more than one month after the date on which
repayment is made.

 

5.3  As soon as reasonably practicable and within
30 days of the receipt of notice of exercise of an Option and of the Option
Certificate and the appropriate payment the Board shall procure that the Option
Holder acquires the Shares in respect of which the Option has been validly
exercised by either (i) allotting or procuring the allotment of Shares or (ii) transferring
or procuring the transfer of Shares to the Option Holder and the Board shall
issue a definitive certificate in respect of the Shares allotted or transferred
(or such other evidence of allotment or issue as may be prescribed by the Board
where such allotment and issue is by means of a relevant system, as defined in
Regulation 2(1) of the Uncertificated Securities Regulations 1995).  Save for any rights determined by reference
to a date preceding the date of allotment, any Shares issued on the exercise of
an Option shall rank equally with the other fully-paid Shares in issue at the
date of allotment.  When an Option is
exercised only in part it shall lapse to the extent of the unexercised balance.

 

5.4  If an Option Holder obtains repayment of his
contributions under a Relevant Savings Contract prior to the due date, the
relevant Option shall thereupon lapse unless such Option is exercisable at the
time of such repayment under Rule 6 or 7.

 

8

 

6.  RIGHTS
TO EXERCISE OPTIONS

 

6.1  Save as provided in this Rule 6 an
Option shall lapse if the participant misses more than six monthly
contributions under the Relevant Savings Contract or forthwith upon the Option
Holder ceasing to be an Employee or, on the date of receipt by the body
administering the Relevant Savings Contract of a repayment notice requesting
repayment prior to the due date provided that such Option is not then capable
of being exercised.  No Option may be
exercised by any person who is (or by the personal representatives of a person
who at the date of his death was) precluded from participating in the Plan by
paragraph 11 of Schedule 3 to ITEPA.

 

6.2  For the purposes of these Rules, where an
Option Holder ceases to be an Employee because his employment is terminated by
his employer without notice or where he terminates his employment with or
without notice, his employment shall be deemed to cease on the date on which
the termination takes effect or, if earlier, the date of giving such
notice.  If the Option Holder’s
employment is terminated by his employer with notice his employment shall be
deemed to cease on the date when such notice expires and where the employer
makes a payment which is expressed to be in lieu of such notice the Option
Holder’s employment shall be deemed to cease when such payment is made.

 

6.3  Where the holder of an unexercised Option
ceases to be an Employee by reason of his death prior to the due date, the
Option may be exercised by his personal representatives within twelve months of
the date of death but shall lapse if it has not been exercised at the end of
such period.  Where the holder of an
unexercised Option dies on or within 6 months after the due date the Option must
be exercised (if at all) by his personal representatives within 12 months of
the said due date.

 

6.4  Where the holder of an unexercised Option
ceases to be an Employee by reason of:-

 

6.4.1  injury, disability, or redundancy (within the
meaning of the Employment Rights Act 1996 or the Employment Rights (Northern
Ireland) Order 1996); or

 

6.4.2  retirement either on reaching 65 years of age
(which shall be the specified age for the purposes of paragraph 31 of Schedule
3 to ITEPA) or at any other age at which he is bound to retire in accordance
with the terms of his contract of employment; or

 

6.4.3  a company ceasing to be under the control of
the Company, or a business or a part of a business being transferred to a
person who is neither an Associated Company of the Company nor a company of which
the Company has control

 

9

 

any such Option must
be exercised (if at all) within six months of his so ceasing or, if earlier,
within six months after the due date, but (subject to Rule 6.7) shall
lapse if it has not been exercised at the end of such period.

 

6.5  Where the holder of an unexercised Option
ceases to be an Employee after the expiry of a period of three years from the
relevant Date of Grant by reason of retirement with the consent of the Company
before the age at which he is bound to retire in accordance with the terms of
his contract of employment he may exercise any such Option within six months of
the date of his so ceasing or, if earlier, within six months after the due
date.

 

6.6  An Option Holder who continues to hold the
office or employment by virtue of which he is eligible to participate in the
Plan after the date on which he reaches 65 years of age may exercise his Option
or Options within six months after that date or, if earlier, within six months
after the due date.

 

6.7  If at the due date the holder of an
unexercised Option has ceased to be an Employee but holds an office or
employment in a company which is at the due date:-

 

6.7.1  an Associated Company; or

 

6.7.2  a company which is
controlled by the Company,

 

then any such Option
may be exercised (if at all) within six months of the due date, but shall lapse
if it has not been exercised at the end of the such period.

 

6.8  No person shall be treated for the purposes
of this Rule 6 as ceasing to be an Employee until he ceases to hold an
office or employment in the Company or in any Associated Company or company of
which the Company has control.

 

7.  CHANGES
IN CONTROL

 

7.1  Subject to Rule 7.2 if in connection
with or as a result of a general offer to shareholders in the Company (or any
of them) to acquire the whole of the issued ordinary share capital of the
Company which is made on a condition such that if it is satisfied the person
making the offer will have control of the Company or to acquire all the Shares,
the Company shall come under the control of another person any Option may be
exercised at any time within the period of six months from such change of
control taking place and, if it is not so exercised during this period it shall
cease to be exercisable at the expiration thereof and if it is not capable of
being exchanged pursuant to Rule 8 it shall lapse at the expiration
thereof.

 

10

 

7.2  If under Sections 428 to 430F of the
Companies Act 1985 or Articles 421 to 423 of the Companies (Northern Ireland)
Order 1986, or (where relevant) legislation that HM Revenue & Customs
agrees is the overseas equivalent thereof any person becomes bound or entitled
to acquire shares of a class over which the Options have been granted the Board
shall forthwith notify every Option Holder and Options may be exercised within
one month of such notification, but to the extent than any Option is not so
exercised within such period it shall cease to be exercisable at the expiration
thereof and if it is not capable of being exchanged pursuant to Rule 8 it
shall lapse on the expiration thereof.

 

7.3  If under Section 425 of the Companies
Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986 or
(where relevant) legislation that HM Revenue & Customs agrees is the
overseas equivalent thereof the Court sanctions a compromise or arrangement
proposed for the purposes of or in connection with a scheme for the
reconstruction of the Company or its amalgamation with any other company or
companies, any Option may be exercised between the date on which the Court
sanctions such a compromise or arrangement (the “Sanction Date”) and the record
date to determine the Shares in respect of which such compromise or arrangement
becomes effective (or if such date would be on or before the Sanction Date the
record date in relation to which such compromise or arrangement becomes
effective) or within the period of six months of the Court sanctioning the
compromise or arrangement, if this period expires earlier.  Options shall not be exercisable after the
said record date and if not capable of being exchanged pursuant to Rule 8
shall lapse on the expiration thereof.

 

7.4  If notice is duly given to members of a resolution
for the voluntary winding-up of the Company Options granted under the Plan may
be exercised within six months of the passing of the resolution.  Subject thereto all Options shall lapse on
the passing of a resolution to wind-up the Company.

 

7.5  Except as provided in Rule 6.3 no Option
shall be capable of being exercised later than six months after the due date.

 

7.6  For the purposes of this Rule 7 and Rule 8,
a person shall be deemed to have control of a company if he and others acting
in concert with him have together obtained control of it.

 

7.7  Where an Option is capable of being exchanged
pursuant to Rule 8 but is not exchanged pursuant to Rule 8 the Option
shall lapse at the end of the relevant period specified in Rule 8.2.

 

8.  OPTIONS
EXCHANGE

 

8.1  If any company (hereafter “the Acquiring
Company”):-

 

11

 

8.1.1  obtains control of the
Company as a result of either:-

 

	
  8.1.1.1

  	
   

  	
  a general offer to acquire the whole of the ordinary
  share capital (other than the shares which the Acquiring Company already
  holds) which is made on condition such that if it is satisfied the person
  making the Offer will have control of the Company; or

  
	
   

  	
   

  	
   

  
	
  8.1.1.2

  	
   

  	
  a general offer to acquire all the shares in the
  Company of the same class of the shares (other than Shares which the
  Acquiring Company already holds); or

  

 

8.1.2  becomes bound or entitled
to acquire shares in the Company under Sections 428 to 430F of the Companies
Act 1985 or Articles 421 to 423 of the Companies (Northern Ireland) Order 1986
or (where relevant) legislation that HM Revenue & Customs agrees is
the overseas equivalent thereof; or

 

8.1.3  obtains control of the
Company in pursuance of a compromise or arrangement sanctioned by the court
under Section 425 of the Companies Act 1985 or Articles 421 to 423 of the
Companies (Northern Ireland) Order 1986 or (where relevant) legislation that HM
Revenue & Customs agrees is the overseas equivalent thereof,

 

the Option Holder may,
by agreement with the Acquiring Company, within the periods set out in Rule 8.2
below (and where more than one of such periods shall apply to the same
circumstances, within such one of the said periods as the Acquiring Company
shall stipulate) release (the “Release”) his Options (the “Old Options”) in
consideration of the grant to him of options over shares in the Acquiring
Company or in another company within paragraph 38 of Schedule 3 to ITEPA (“New
Options”).

 

8.2  The periods referred to in Rule 8.1 are
as follows:-

 

8.2.1  in a case falling within Rule 8.1.1, the
period of six months beginning with the time when the Acquiring Company has
obtained control of the Company and any condition subject to which the offer is
made is satisfied or waived; and

 

8.2.2  in a case falling within Rule 8.1.2, the
period during which the Acquiring Company remains bound or entitled as
mentioned in Rule 8.1.2; and

 

8.2.3  in a case falling within Rule 8.1.3, the
period of six months beginning with the time when the court sanctions the
compromise or arrangement.

 

12

 

8.3  The grant of New Options may only take place
on the following conditions:-

 

8.3.1  the shares over which the New Options are
granted (the “New Scheme Shares”) comply with the provisions relating to scheme
shares contained in paragraphs 18 to 22 inclusive of Schedule 3 of ITEPA;

 

8.3.2  the total market value, immediately before
the Release, of the Shares which were subject to the Old Options is equal to
the total market value, immediately after the grant of the New Scheme Shares in
respect of which the New Options are granted to the Option Holder;

 

8.3.3  the total amount payable by the Option Holder
for the acquisition of New Scheme Shares on complete exercise of the New
Options is equal to the total amount that would have been payable for the
acquisition of shares on complete exercise of the Old Options; and

 

8.3.4  the New Options are otherwise identical in
terms to the Old Options.

 

8.4  The New Options shall, for all the other
purposes of this Plan be treated as having been acquired at the same time as
the Old Options were or were treated as acquired and “Date of Grant” shall be
construed accordingly.

 

8.5  Any agreement between the Acquiring Company
and the Option Holder relating to the Release will be on terms that HM Revenue &
Customs shall have previously approved and that the conditions set out in Rule 8.3
above shall have been satisfied in relation thereto with the result that the
New Options are treated in accordance with paragraph 39(5) of Schedule 3
to ITEPA, this Plan, and the subsequent application of the provisions of this
Plan to the New Options, as if such New Options had been granted at the same
time as the Old Options.

 

8.6  Where the Option Holder releases his Options
under Rule 8.1, the New Options granted to him on that Release shall not
lapse, and nor shall the Option Holder be entitled to exercise the New Options
early under Rule 7, solely by virtue of the circumstances which entitled
the Option Holder to effect the Release.

 

8.7  Where any New
Options are granted pursuant to Rule 8.1 the provisions of this Plan shall
be read and construed as if:-

 

8.7.1  references to ‘the Company’
in Rules 5, 6, 7, 8, 9 and 10 were references to the company in respect of
whose shares the new rights are granted;

 

13

 

8.7.2  references to ‘Shares’ in Rules 4,
5, 6, 7, 8, 9 and 10 were references to the New Scheme Shares;

 

8.7.3  references to ‘Option
Holder’ in Rules 5, 6, 7, 8, 9 and 10 were references to the persons to
whom such rights are granted; and

 

8.7.4  references to ‘ordinary
share capital’ in Rules 7, 8 and 9 were references to the ordinary share
capital of such company.

 

9. 
ADJUSTMENT OF OPTION TERMS

 

9.1  With the prior approval of HM Revenue &
Customs (while the Plan is to remain approved) the number of Shares that are
the subject of an Option and/or the Exercise Price in respect thereof may be
adjusted in such manner as the Auditors confirm in writing to be in their
opinion fair and reasonable upon the occurrence of any capitalisation issue or
offer by way of rights (including an open offer) or upon any sub-division,
reduction or consolidation or other variation of the capital of the Company
after the date on which the Option is granted provided that the Exercise Price
payable on the exercise of an Option to subscribe for Shares shall not be less
than a sum equal to the nominal value of a Share.

 

9.2  If as a result of any issue the Exercise
Price under any Option to subscribe for Shares would (but for the proviso
contained in Rule 9.1) fall below the nominal value of a Share the Company
may, to the extent it is lawful so to do, upon exercise of such Option
capitalise reserves to be applied in paying up additional Shares to be allotted
to the Option Holder to bring about a full equitable adjustment hereunder.

 

10.  GENERAL

 

10.1  The Company shall keep available a sufficient
number of unissued Shares and/or have the agreement of other shareholders of
the Company to transfer sufficient numbers of the Shares held by them to
satisfy the exercise in full of all Options which the Company is liable to
satisfy and which for the time being remain capable of being exercised.

 

10.2  By
participating in the Plan the Option Holder accepts that the rights and
obligations under the Plan do not form part of the Option Holder’s terms and
conditions of employment with the Company or any Subsidiary and the rights and
obligations which the Option Holder and the Company or any Subsidiary owe to
each other in relation to the Option Holder’s employment will not be affected
by participation in the Plan.

 

14

 

10.3  In particular
(but without limiting the generality of the Rule 10.2 ) any Option Holder
whose employment contract is terminated for whatever reason (including, for the
avoidance of doubt, where the contract is terminated by the Company or any
Subsidiary in breach of contract) shall not be entitled to any compensation for
loss of any right or benefit or prospective right or benefit under this Plan
which he might otherwise have enjoyed or for the lapse of any right to an
Option whether such compensation is claimed by way of damages for wrongful
dismissal or other breach of contract or by way of compensation for loss of
office or otherwise howsoever and by participating in the Plan, the Option
Holder irrevocably waives any such right.

 

10.4  Any Options will not count as pay or
remuneration when calculating salary related benefits (including pension).

 

10.5  No term in this Agreement is enforceable
under the Contract (Rights of Third Parties) Act 1999 but this does not affect
any rights or remedy of a third party which exists or is available apart from
the Act.

 

10.6  Any notice in writing to be given to any
Option Holder under the Plan shall be sufficiently given if sent through the
post in a prepaid cover addressed to him at his address last known to the
Company.  An Option Holder shall notify
the Company in writing of any change of address.  Any notice in writing to be given to the
Company shall be properly given if sent to or left at the registered office of
the Company, addressed for the attention of the Company Secretary.

 

10.7  If any matter arises in connection with the
Plan or its operation for which provision is not made in these Rules such
matter shall be resolved, dealt with or provided for in such manner as the
Board shall in its absolute discretion think fit.

 

10.8  The Plan and the rights and obligations of
the Company shall be governed by and construed in accordance with the laws of
the State of Delaware provided that nothing contained in this Rule shall
be taken to have limited the right of the Company to proceed in the courts of
any competent jurisdiction.

 

11. 
MODIFICATIONS TO PLAN

 

11.1  The Board may from time to time make
alterations to these Rules provided always that:

 

11.1.1  no alteration of a key feature shall have
effect until approved by the Board of HM Revenue & Customs (where the
Plan is to remain approved) provided that HM Revenue & Customs
approval shall not be required in respect of any alteration to any 

 

15

 

schedule attached hereto.  (For
this purpose a key feature is one which relates to a provision that is
necessary in order to meet the requirements of Schedule 3 to ITEPA); and

 

11.2.2  no alteration shall be effective which would
materially prejudice the interests of Option Holders in relation to Options
already granted to them unless the written consent of such Option Holder has
been obtained.

 

11.2  The Board may at any time (without prejudice
to the rights of Option Holders under subsisting Options) suspend or terminate
the operation of this Plan.

 

11.3  The Board’s decision on any matter concerning
the Plan shall (subject as expressly provided to the contrary in these Rules)
be final and binding.

 

12. 
INTERNATIONAL

 

12.1  Notwithstanding any other provision of this
Plan, the Board may from time to time amend or alter the provisions of the Plan
and the terms of Options as they may in their absolute discretion consider
necessary or desirable to comply with or take account of relevant overseas
legal, taxation or securities laws provided that such alterations or amendments
shall be made in accordance with the provisions of Rule 11.1.

 

12.2  Any alteration or amendment to this Plan made
in pursuance of Rule 12.1 in relation to the operation of the Plan in a
particular jurisdiction shall be contained in a separate Schedule in respect of
the operation of the Plan in that jurisdiction to be attached hereto.

 

16

 

 

VIRGIN MEDIA

 

SHARESAVE PLAN

 

 

(Approved by HM Revenue &
Customs under

Income Tax (Earnings and
Pensions) ACT 2003

on

(Reference: SRS 102712))

 

as adopted on 21 February 2008

and

as amended by resolution of the

compensation committee on 7 April 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]